SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>S-REITs increase exposure to data centre assets Recently, CapitaLand Investment (CLI) also announced the establishment of a China data centre development fund, which has committed to invest in two hyperscale data centre development projects in Greater Beijing.</li><li>Its data centre exposure increased from 41.2 per cent of AUM back in March 2021, to 53.5 per cent as at Dec 31, 2022.</li></ul>

S-REITs increase exposure to data centre assets Recently, CapitaLand Investment (CLI) also announced the establishment of a China data centre development fund, which has committed to invest in two hyperscale data centre development projects in Greater Beijing.Its data centre exposure increased from 41.2 per cent of AUM back in March 2021, to 53.5 per cent as at Dec 31, 2022.

REIT Watch - S-REITs increase exposure to data centre assets

<ul><li>5 S-Reits among top 10 institutional net buy stocks for the week Five Singapore Reits took up spots among the 10 stocks which recorded the largest institutional net inflows for most of last week.</li><li>The five S-Reits were CapitaLand Ascendas Reit, Keppel DC Reit, Mapletree Logistics Trust, Mapletree Industrial Trust, and Keppel Reit.</li></ul>

5 S-Reits among top 10 institutional net buy stocks for the week Five Singapore Reits took up spots among the 10 stocks which recorded the largest institutional net inflows for most of last week.The five S-Reits were CapitaLand Ascendas Reit, Keppel DC Reit, Mapletree Logistics Trust, Mapletree Industrial Trust, and Keppel Reit.

REIT Watch - 5 S-Reits among top 10 institutional net buy stocks for the week

Frasers Logistics & Commercial Trust / Equity Bottom-Up

Frasers Logistics & Commercial Trust (FLT SP)

<ul><li>In January, S-Reits posted 7.1 per cent in total returns (based on the iEdge S-Reit Index) and booked net institutional fund inflows of S$3.2 million, outpacing STI’s 3.5 per cent total returns.</li><li>Within the STI, all seven S-Reits in the index outperformed the STI’s 3.5 per cent total returns for January.</li><li>The top five performing S-Reits were Keppel DC Reit (+15.3 per cent), Mapletree Pan Asia Commercial Trust (+9.0 per cent), Frasers Logistics & Commercial Trust (+8.6 per cent), Mapletree Logistics Trust (+7.7 per cent), and Mapletree Industrial Trust (+7.2 per cent).</li></ul>

In January, S-Reits posted 7.1 per cent in total returns (based on the iEdge S-Reit Index) and booked net institutional fund inflows of S$3.2 million, outpacing STI’s 3.5 per cent total returns.Within the STI, all seven S-Reits in the index outperformed the STI’s 3.5 per cent total returns for January.The top five performing S-Reits were Keppel DC Reit (+15.3 per cent), Mapletree Pan Asia Commercial Trust (+9.0 per cent), Frasers Logistics & Commercial Trust (+8.6 per cent), Mapletree Logistics Trust (+7.7 per cent), and Mapletree Industrial Trust (+7.2 per cent).

REIT Watch - S-Reits report 7 per cent gains in January

<ul><li>REIT Watch - Industrial S-Reits see resilience despite macro challenges All eight of Singapore’s industrial S-Reits have reported their respective Q3 financial results or business updates.</li><li>Four out of the eight industrial S-Reits published financial results for the latest quarter – Aims Apac Reit, EC World Reit, Mapletree Industrial Trust and Mapletree Logistics Trust – while the rest reported interim business updates.</li></ul>

REIT Watch - Industrial S-Reits see resilience despite macro challenges All eight of Singapore’s industrial S-Reits have reported their respective Q3 financial results or business updates.Four out of the eight industrial S-Reits published financial results for the latest quarter – Aims Apac Reit, EC World Reit, Mapletree Industrial Trust and Mapletree Logistics Trust – while the rest reported interim business updates.

REIT Watch - Industrial S-Reits see resilience despite macro challenges

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FOR the 5 trading sessions that spanned Jul 22 to 28, the Straits Times Index (STI) gained 2.2 per cent, with the FTSE China A50 Index declining 0.8 per cent, the Hang Seng Index declining 0.6 per cent and the FTSE Bursa Malaysia KLCI gaining 2.3 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$111 million of net outflows, following on from S$65 million of net inflow for the preceding 5 sessions. Singapore Telecommunications, CapitaLand Integrated Commercial Trust, Oversea-Chinese Banking Corporation, Yangzijiang Financial Holding and Wilmar International led the net institutional outflows for the 5 sessions through to Jul 28.  Meanwhile, Yangzijiang Shipbuilding (Holdings), Mapletree Industrial Trust, AEM Holdings, Genting Singapore and Frasers Logistic &amp; Commercial Trust led the net institutional inflows for the 5 sessions through to Jul 28.

Share buybacks

There were 8 primary-listed stocks conducting share buybacks over the 5 sessions ending Jul 28, with a total consideration of S$1.2 million, a similar pace to the S$1.7 million filed for the preceding 5 sessions. iFAST Corporation, The Hour Glass and Valuetronics Holdings led the consideration tally. iFAST Corporation’s buyback of 106,900 shares on Jul 25 at an average price of S$3.75 per share was the company’s second filed buyback on the current mandate, with the preceding buyback of 400,000 shares on Apr 26. The previous buyback mandate saw iFAST Corporation buy back 0.22 per cent of its issued shares (excluding treasury shares). Meanwhile, The Hour Glass has bought back 3.49 per cent of its shares on the current buyback mandate through to Jul 28. Its buybacks between Jul 24 and 26 were conducted at an average price of S$2.15 per share. For its FY22 (ended Mar 31), The Hour Glass recorded a robust 39 per cent increase in sales to S$1.03 billion, which resulted in its after-tax profit rising by 86 per cent to S$157.0 million. The group believes that demand momentum will remain buoyant and continues its focus on organic development throughout the Asia-Pacific region.

Director and substantial shareholder transactions 

The 5 trading sessions saw over 80 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 6 company director acquisitions with no disposals filed, while substantial shareholders filed 9 acquisitions and 5 disposals.

iFAST Corporation

On Jul 26, iFAST Corporation chairman and chief executive officer Lim Chung Chun acquired 34,100 shares of the company for a consideration of S$129,474. At an average price of S$3.80 per share, the acquisition took his total interest from 20.30 per cent to 20.31 per cent. His preceding acquisitions included 60,000 shares at S$4.69 per share on Apr 27, and 50,000 shares at S$5.96 per share on Feb 15.

On Jul 23, iFAST Corporation reported its net revenue for Q2 2022 grew 13.3 per cent year on year to S$29.86 million, despite the group noting global financial markets had gone through a very difficult period. The Q2 2022 net revenue included an initial contribution of S$3.92 million from iFAST Global Bank in the UK. iFAST Corporation is a wealth management fintech platform, with assets under administration of S$17.68 billion as of 30 Jun, 2022. The main business divisions of the group include the business-to-consumer (B2C) division, the business-to-business (B2B) division, and the fintech solutions/business-to-business-to-consumer model. Lim co-founded the company with the launch of its B2C division Fundsupermart.com in Singapore in 2000, following which the B2B division iFAST Financial was launched in 2001. He subsequently led the company’s regional expansion efforts, extending iFAST Corporation’s presence beyond Singapore to Hong Kong, Malaysia, China and India, building a well-established fintech ecosystem across the 5 markets.

Tung Lok Restaurants (2000)

Between Jul 21 and 26, Tung Lok Restaurants (2000) non-executive director Sam Goi Seng Hui acquired 97,600 shares of the company at 11.5 cents per share. With a consideration of S$11,217, this took Goi’s total interest in the award-winning restaurateur from 19.77 per cent to 19.80 per cent.

Goi is also the executive chairman of Tee Yih Jia Food Manufacturing, mainboard-listed GSH Corporation, PSC Corporation and Tat Seng Packaging Group.  He is also the vice-chairman of mainboard-listed Envictus International Holdings and JB Foods.

Tung Lok Restaurants (2000) currently operates 34 outlets of which 25 are directly owned, 3 are held by its associates and 6 others are under license/franchise. These restaurants are spread across Singapore, Indonesia, Japan, Vietnam and the Philippines, with the group’s business predominantly based in Singapore. While consolidating its outlet portfolio, the group has also been focusing its efforts to accelerate its digital transformation initiatives to streamline and optimise internal operational processes to improve productivity. Some digital solutions adopted in its FY22 (ended Mar 31) included virtual queuing systems, robot waiters, mobile ordering systems and voucher management systems. 
 

Inside Insights is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/ifast-leads-buybacks-as-chairman-also-adds-to-stake">read</a> the original version
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    Share Buybacks


FOR the 5 trading sessions that spanned Jul 22 to 28, the Straits Times Index (STI) gained 2.2 per cent, with the FTSE China A50 Index declining 0.8 per cent, the Hang Seng Index declining 0.6 per cent and the FTSE Bursa Malaysia KLCI gaining 2.3 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$111 million of net outflows, following on from S$65 million of net inflow for the preceding 5 sessions. Singapore Telecommunications, CapitaLand Integrated Commercial Trust, Oversea-Chinese Banking Corporation, Yangzijiang Financial Holding and Wilmar International led the net institutional outflows for the 5 sessions through to Jul 28.  Meanwhile, Yangzijiang Shipbuilding (Holdings), Mapletree Industrial Trust, AEM Holdings, Genting Singapore and Frasers Logistic &amp; Commercial Trust led the net institutional inflows for the 5 sessions through to Jul 28.

Share buybacks

There were 8 primary-listed stocks conducting share buybacks over the 5 sessions ending Jul 28, with a total consideration of S$1.2 million, a similar pace to the S$1.7 million filed for the preceding 5 sessions. iFAST Corporation, The Hour Glass and Valuetronics Holdings led the consideration tally. iFAST Corporation’s buyback of 106,900 shares on Jul 25 at an average price of S$3.75 per share was the company’s second filed buyback on the current mandate, with the preceding buyback of 400,000 shares on Apr 26. The previous buyback mandate saw iFAST Corporation buy back 0.22 per cent of its issued shares (excluding treasury shares). Meanwhile, The Hour Glass has bought back 3.49 per cent of its shares on the current buyback mandate through to Jul 28. Its buybacks between Jul 24 and 26 were conducted at an average price of S$2.15 per share. For its FY22 (ended Mar 31), The Hour Glass recorded a robust 39 per cent increase in sales to S$1.03 billion, which resulted in its after-tax profit rising by 86 per cent to S$157.0 million. The group believes that demand momentum will remain buoyant and continues its focus on organic development throughout the Asia-Pacific region.

Director and substantial shareholder transactions 

The 5 trading sessions saw over 80 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 6 company director acquisitions with no disposals filed, while substantial shareholders filed 9 acquisitions and 5 disposals.

iFAST Corporation

On Jul 26, iFAST Corporation chairman and chief executive officer Lim Chung Chun acquired 34,100 shares of the company for a consideration of S$129,474. At an average price of S$3.80 per share, the acquisition took his total interest from 20.30 per cent to 20.31 per cent. His preceding acquisitions included 60,000 shares at S$4.69 per share on Apr 27, and 50,000 shares at S$5.96 per share on Feb 15.

On Jul 23, iFAST Corporation reported its net revenue for Q2 2022 grew 13.3 per cent year on year to S$29.86 million, despite the group noting global financial markets had gone through a very difficult period. The Q2 2022 net revenue included an initial contribution of S$3.92 million from iFAST Global Bank in the UK. iFAST Corporation is a wealth management fintech platform, with assets under administration of S$17.68 billion as of 30 Jun, 2022. The main business divisions of the group include the business-to-consumer (B2C) division, the business-to-business (B2B) division, and the fintech solutions/business-to-business-to-consumer model. Lim co-founded the company with the launch of its B2C division Fundsupermart.com in Singapore in 2000, following which the B2B division iFAST Financial was launched in 2001. He subsequently led the company’s regional expansion efforts, extending iFAST Corporation’s presence beyond Singapore to Hong Kong, Malaysia, China and India, building a well-established fintech ecosystem across the 5 markets.

Tung Lok Restaurants (2000)

Between Jul 21 and 26, Tung Lok Restaurants (2000) non-executive director Sam Goi Seng Hui acquired 97,600 shares of the company at 11.5 cents per share. With a consideration of S$11,217, this took Goi’s total interest in the award-winning restaurateur from 19.77 per cent to 19.80 per cent.

Goi is also the executive chairman of Tee Yih Jia Food Manufacturing, mainboard-listed GSH Corporation, PSC Corporation and Tat Seng Packaging Group.  He is also the vice-chairman of mainboard-listed Envictus International Holdings and JB Foods.

Tung Lok Restaurants (2000) currently operates 34 outlets of which 25 are directly owned, 3 are held by its associates and 6 others are under license/franchise. These restaurants are spread across Singapore, Indonesia, Japan, Vietnam and the Philippines, with the group’s business predominantly based in Singapore. While consolidating its outlet portfolio, the group has also been focusing its efforts to accelerate its digital transformation initiatives to streamline and optimise internal operational processes to improve productivity. Some digital solutions adopted in its FY22 (ended Mar 31) included virtual queuing systems, robot waiters, mobile ordering systems and voucher management systems. 
 

Inside Insights is a weekly column on The Business Times, read the original version



iFAST leads buybacks, as chairman also adds to stake 

Singapore

Mapletree Industrial Trust is a real estate investment trust that invests in a diversified portfolio of income-producing industrial properties and data centers. Its portfolio includes data centers, high-tech buildings, business parks, flatted factories, and light industrial buildings across Singapore, North America, and Japan. The company was founded in 2008 and is headquartered in Singapore.

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Mapletree Industrial Trust (MINT SP)

REIT Watch - S-REITs increase exposure to data centre assets

S-REITs increase exposure to data centre assets Recently, CapitaLand Investment (CLI) also announced the establishment of a China data centre...

Singapore Exchange Ltd (SGX)

REIT Watch - 5 S-Reits among top 10 institutional net buy stocks for the week

5 S-Reits among top 10 institutional net buy stocks for the week Five Singapore Reits took up spots among the 10 stocks which recorded the largest...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits report 7 per cent gains in January

In January, S-Reits posted 7.1 per cent in total returns (based on the iEdge S-Reit Index) and booked net institutional fund inflows of S$3.2...

Singapore Exchange Ltd (SGX)

REIT Watch - Industrial S-Reits see resilience despite macro challenges

REIT Watch - Industrial S-Reits see resilience despite macro challenges All eight of Singapore’s industrial S-Reits have reported their respective...

Singapore Exchange Ltd (SGX)

iFAST leads buybacks, as chairman also adds to stake

FOR the 5 trading sessions that spanned Jul 22 to 28, the Straits Times Index (STI) gained 2.2 per cent, with the FTSE China...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)