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.

Thematic (Sector/Industry)

<ul>
<li>Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.</li>
<li>The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/19714" target="_blank" data-smartkarma-citation="entities:19714:1">Delfi Ltd (DELFI SP)</a>, <a href="https://www.smartkarma.com/entities/15597" target="_blank" data-smartkarma-citation="entities:15597:1">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/20972" target="_blank" data-smartkarma-citation="entities:20972:1">Super Group Ltd (SUPER SP)</a>, <a href="https://www.smartkarma.com/entities/9051" target="_blank" data-smartkarma-citation="entities:9051:1">Yeo Hiap Seng Ltd</a>…</li>
</ul>


Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.
The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.

Delfi Ltd (DELFI SP), Japfa Ltd (JAP SP), Super Group Ltd (SUPER SP), Yeo Hiap Seng Ltd…


Key Drivers of the Packaged Food Industry

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

While the ongoing slowdown in China and concerns about the global economy are expected to continue to weigh on Indonesia’s exports, gradually improving domestic demand is likely to see non-oil imports growth move back into positive territory. The four rate cuts that Bank Indonesia has undertaken since the start of 2016 is expected to provide a lift to domestic demand in the economy.On a 3 month moving average (3mma) basis, exports declined 8.8% y-o-y in June compared to a decline of 11.9% in…

While the ongoing slowdown in China and concerns about the global economy are expected to continue to weigh on Indonesia’s exports, gradually improving domestic demand is likely to see non-oil imports growth move back into positive territory. The four rate cuts that Bank Indonesia has undertaken since the start of 2016 is expected to provide a lift to domestic demand in the economy.On a 3 month moving average (3mma) basis, exports declined 8.8% y-o-y in June compared to a decline of 11.9% in…

Indonesia: Non-Oil Imports Growth Likely to Turn Positive on Gradually Improving Domestic Demand

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Nippon Indosari Corpindo / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a> booked a strong set of numbers for 1H2024 as it benefitted from a pick up outside Java plus a good showing from modern trade. </li>
<li>ROTI launched several new products in IH2024 both at the premium as well as at the more affordable level. It is also targeting a younger demographic with revamped packaging. </li>
<li>Management points towards a more positive 2H2024 with stronger growth outside Java and a lower return rate as new products gain traction with lower costs. Valuations are attractive versus history. </li>
</ul>



PT Nippon Indosari Corpindo (ROTI IJ) booked a strong set of numbers for 1H2024 as it benefitted from a pick up outside Java plus a good showing from modern trade. 
ROTI launched several new products in IH2024 both at the premium as well as at the more affordable level. It is also targeting a younger demographic with revamped packaging. 
Management points towards a more positive 2H2024 with stronger growth outside Java and a lower return rate as new products gain traction with lower costs. Valuations are attractive versus history. 


PT Nippon Indosari Corpindo (ROTI IJ) - New Products Gaining Traction

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a> saw a relatively slow finish to the year with a slight decline in sales but the key drag came from a higher return rate.</li>
<li>4Q2023 did not see the usual seasonal spike but 2024 has started well and the return rate has come down, which will boost profitability as new products gain traction. </li>
<li>
<a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">ROTI</a> has launched several more affordable products to help drive its push into general trade whilst raw material prices remain under control. Valuations are attractive with recovery ahead.</li>
</ul>



PT Nippon Indosari Corpindo (ROTI IJ) saw a relatively slow finish to the year with a slight decline in sales but the key drag came from a higher return rate.
4Q2023 did not see the usual seasonal spike but 2024 has started well and the return rate has come down, which will boost profitability as new products gain traction. 

ROTI has launched several more affordable products to help drive its push into general trade whilst raw material prices remain under control. Valuations are attractive with recovery ahead.


PT Nippon Indosari Corpindo (ROTI IJ) - Headwinds Dissipating

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a> saw a strong QoQ recovery in sales in 3Q2023 but its return rate also increased as it adjusted to distributing new products.</li>
<li>Raw material &amp; packaging costs have abated and A&amp;P spending stabilised, giving the company a strong base for recovery, as it expands its distribution in modern and general trade.</li>
<li>The outlook for ROTI in 4Q and into FY2024 looks positive given a wider footprint and the potential for improvements in its return rate. Valuations are well below historical averages.</li>
</ul>



PT Nippon Indosari Corpindo (ROTI IJ) saw a strong QoQ recovery in sales in 3Q2023 but its return rate also increased as it adjusted to distributing new products.
Raw material &amp; packaging costs have abated and A&amp;P spending stabilised, giving the company a strong base for recovery, as it expands its distribution in modern and general trade.
The outlook for ROTI in 4Q and into FY2024 looks positive given a wider footprint and the potential for improvements in its return rate. Valuations are well below historical averages.


PT Nippon Indosari Corpindo (ROTI IJ) - Baking in Rising Expectations

Indonesia

PT Nippon Indosari Corpindo Tbk is Indonesia's largest producer and distributor of bread products, operating in Indonesia and the Philippines. The company offers a variety of products including white bread, sweet/filled breads, cakes, chocolates, milk, and jam under the Sari Roti, Sari Kue, and Sari Choco brands. The company was founded in 1995 and is headquartered in Bekasi, Indonesia.

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Nippon Indosari Corpindo (ROTI IJ)

Key Drivers of the Packaged Food Industry

Industry Associations see ongoing transformation of Singapore’s F&B industry as manufacturers look towards innovation, growth, and...

Singapore Exchange Ltd (SGX)

Indonesia: Non-Oil Imports Growth Likely to Turn Positive on Gradually Improving Domestic Demand

While the ongoing slowdown in China and concerns about the global economy are expected to continue to weigh on Indonesia’s exports, gradually...

Rajan Govil

PT Nippon Indosari Corpindo (ROTI IJ) - New Products Gaining Traction

Management points towards a more positive 2H2024 with stronger growth outside Java and a lower return rate as new products gain traction with lower...

Angus Mackintosh

PT Nippon Indosari Corpindo (ROTI IJ) - Headwinds Dissipating

ROTI has launched several more affordable products to help drive its push into general trade whilst raw material prices remain under control....

Angus Mackintosh

PT Nippon Indosari Corpindo (ROTI IJ) - Baking in Rising Expectations

The outlook for ROTI in 4Q and into FY2024 looks positive given a wider footprint and the potential for improvements in its return rate. Valuations...

Angus Mackintosh

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