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>Earnings Focus Reduces Buybacks & Director Acquisition Filings The Hour Glass led the buyback consideration tally, buying back 795,000 shares at an average price of S$1.55 per share over two sessions.</li><li>Directors or CEOs filed eight acquisitions and one disposal while substantial shareholders filed three acquisitions and two disposals.</li></ul>

Earnings Focus Reduces Buybacks & Director Acquisition Filings The Hour Glass led the buyback consideration tally, buying back 795,000 shares at an average price of S$1.55 per share over two sessions.Directors or CEOs filed eight acquisitions and one disposal while substantial shareholders filed three acquisitions and two disposals.

Earnings Focus Reduces Buybacks & Director Acquisition Filings

<ul><li>Energy stocks have led the global stock market over the past three weeks, while Telecommunication stocks have led the APAC region.</li><li>In Singapore, the trio of most traded energy stocks Rex Int, Geo Energy Resources and RH Petrogas have generated median gains of 8.2%, with a skew to their average gain given Rex International’s 357% gain from 31 Aug through to 22 Sep.</li><li>These two Sectors have recently been in play, with the past three weeks have seeing energy stocks lead the global stock market, while telecommunication stocks have led the region.</li></ul>

Energy stocks have led the global stock market over the past three weeks, while Telecommunication stocks have led the APAC region.In Singapore, the trio of most traded energy stocks Rex Int, Geo Energy Resources and RH Petrogas have generated median gains of 8.2%, with a skew to their average gain given Rex International’s 357% gain from 31 Aug through to 22 Sep.These two Sectors have recently been in play, with the past three weeks have seeing energy stocks lead the global stock market, while telecommunication stocks have led the region.

Global Energy Stocks on the Move in Sep, while Telcos Lead Region

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Driven by higher revenue contributions across most business segments, NetLink's FY23 net profit (+19.7% y-o-y) came in within our expectations, forming 101% of our full-year forecasts.</li><li>The next regulatory review, which we believe may be on an uptrend, is expected to be completed by 2QFY24 (Sep 2023) and implemented by 4QFY24 (Mar 2024).</li><li>For FY23, NetLink NBN Trust (SGX:CJLU) reported higher revenue (+6.8% y-o-y) and net profit (+19.7% y-o-y), both forming 101% of our full-year forecasts and in line with expectations.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Driven by higher revenue contributions across most business segments, NetLink's FY23 net profit (+19.7% y-o-y) came in within our expectations, forming 101% of our full-year forecasts.The next regulatory review, which we believe may be on an uptrend, is expected to be completed by 2QFY24 (Sep 2023) and implemented by 4QFY24 (Mar 2024).For FY23, NetLink NBN Trust (SGX:CJLU) reported higher revenue (+6.8% y-o-y) and net profit (+19.7% y-o-y), both forming 101% of our full-year forecasts and in line with expectations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetLink NBN Trust - FY23 Results In Line, Upcoming IMDA Review Expected By 2QFY24

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Singapore Telecommunications / Equity Bottom-Up

<ul>
<li>S&amp;P revises its outlook for <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> following a series of divestments. </li>
<li>Preceding my comments on Singtel are the current setup/unwind tables for Asia-Pacific Holdcos. </li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


S&amp;P revises its outlook for Singtel (ST SP) following a series of divestments. 
Preceding my comments on Singtel are the current setup/unwind tables for Asia-Pacific Holdcos. 
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Singtel Coming Up "Cheap" As Divestments Continue Apace

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

Singapore Telecommunications / Event-Driven

<ul>
<li>Various recent media reports have indicated that Singtel aims to sell 2-4% of its stake in Bharti Airtel. Singtel has officially dismissed the reports as media speculation.</li>
<li>There have been subsequent reports in the Indian media about the founder, Sunil Mittal, looking to raise around US$2bn in debt, to finance an increase in his stake in Airtel.</li>
<li>In this note, we talk about the possible deal and its implications.</li>
</ul>


Various recent media reports have indicated that Singtel aims to sell 2-4% of its stake in Bharti Airtel. Singtel has officially dismissed the reports as media speculation.
There have been subsequent reports in the Indian media about the founder, Sunil Mittal, looking to raise around US$2bn in debt, to finance an increase in his stake in Airtel.
In this note, we talk about the possible deal and its implications.


Bharti Singtel Possible Selldown/Holdco Trade - Singtel Appears to Be Ready for Cashing in US$1-2bn

Singapore

NetLink NBN Trust designs, builds, owns, and operates Singapore's passive fibre network infrastructure, forming the foundation of the nation's Next Generation Nationwide Broadband Network. This infrastructure, comprising ducts, manholes, fibre cables, and central offices, is leased to telecommunication service providers for nationwide internet access. Headquartered in Singapore, the company was listed on the Singapore Exchange in 2017.

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NetLink NBN (NETLINK SP)

Earnings Focus Reduces Buybacks & Director Acquisition Filings

Earnings Focus Reduces Buybacks & Director Acquisition Filings The Hour Glass led the buyback consideration tally, buying back 795,000 shares...

Singapore Exchange Ltd (SGX)

Global Energy Stocks on the Move in Sep, while Telcos Lead Region

Energy stocks have led the global stock market over the past three weeks, while Telecommunication stocks have led the APAC region. In Singapore,...

Singapore Exchange Ltd (SGX)

NetLink NBN Trust - FY23 Results In Line, Upcoming IMDA Review Expected By 2QFY24

Driven by higher revenue contributions across most business segments, NetLink's FY23 net profit (+19.7% y-o-y) came in within our expectations,...

UOB Kay Hian

StubWorld: Singtel Coming Up "Cheap" As Divestments Continue Apace

Amid improving earnings, the market is assigning S$6.9bn less for the unlisted ops since the beginning of Covid. Plus Singtel is monetising non...

David Blennerhassett

Bharti Singtel Possible Selldown/Holdco Trade - Singtel Appears to Be Ready for Cashing in US$1-2bn

Various recent media reports have indicated that Singtel aims to sell 2-4% of its stake in Bharti Airtel. In this note, we talk about the possible...

Sumeet Singh

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