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>FOR the 5 trading sessions that spanned Sep 9 to Sep 15, the Straits Times Index (STI) gained 1 per cent, with the FTSE China A50 Index gaining 0.9 per cent, the Hang Seng Index gaining 0.4 per cent and the FTSE Bursa Malaysia KLCI declining 6 per cent.</li><li>Overall, institutions were net buyers of Singapore stocks for the 5 sessions ending Sep 15, with S$220 million of net inflows.</li><li>OCBC has bought back 0.32 per cent of its issued shares (excluding treasury shares) on the current mandate, as of Sep 15.</li></ul>

FOR the 5 trading sessions that spanned Sep 9 to Sep 15, the Straits Times Index (STI) gained 1 per cent, with the FTSE China A50 Index gaining 0.9 per cent, the Hang Seng Index gaining 0.4 per cent and the FTSE Bursa Malaysia KLCI declining 6 per cent.Overall, institutions were net buyers of Singapore stocks for the 5 sessions ending Sep 15, with S$220 million of net inflows.OCBC has bought back 0.32 per cent of its issued shares (excluding treasury shares) on the current mandate, as of Sep 15.

Ong Sek Chong & Sons adds to Lian Beng stake

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

<ul>
<li>PropertyGuru (PG) tried to raise around US$300m when it undertook a merger with Bridgetown 2 SPAC in Mar 2022.</li>
<li>The transaction valued PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn. It is now trading at less than half that valuation and with very limited liquidity.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


PropertyGuru (PG) tried to raise around US$300m when it undertook a merger with Bridgetown 2 SPAC in Mar 2022.
The transaction valued PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn. It is now trading at less than half that valuation and with very limited liquidity.
In this note, we will talk about the lock-up dynamics and updates since our last note.


PropertyGuru SPAC Lock-Up - Two PE’s with a US$450m Stake Are Stuck with a Liquidity Conundrum

<ul><li>Effective the 19 Sep market open, Emperador will join the STI with an indicative weight of 0.4%, taking the number of stocks representing the Consumer Non-cyclical Sector to four, with a combined indicative Sector weightage of 6%, based on Index weights as of 30 June.</li><li>The five stocks of the STI reserve list will comprise Olam Group, Suntec REIT, Keppel REIT, Frasers Centrepoint Trust, and Ascott Residence Trust.</li><li>Following the recent semi-annual rebalance https://research.ftserussell.com/Analytics/FactSheets/Home/DownloadSingleIssue?openfile=open&issueName=STIRCO&isManual=True, Emperador Inc. will join the STI effective the Monday 19 Sep, replacing ComfortDelGro Corporation.</li></ul>

Effective the 19 Sep market open, Emperador will join the STI with an indicative weight of 0.4%, taking the number of stocks representing the Consumer Non-cyclical Sector to four, with a combined indicative Sector weightage of 6%, based on Index weights as of 30 June.The five stocks of the STI reserve list will comprise Olam Group, Suntec REIT, Keppel REIT, Frasers Centrepoint Trust, and Ascott Residence Trust.Following the recent semi-annual rebalance https://research.ftserussell.com/Analytics/FactSheets/Home/DownloadSingleIssue?openfile=open&issueName=STIRCO&isManual=True, Emperador Inc. will join the STI effective the Monday 19 Sep, replacing ComfortDelGro Corporation.

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Singapore recently announced the pricing of its inaugural sovereign green bond issue marking Singapore's momentous entrée into the growing global sovereign green bond market.</li>
<li>Big deal, and big <em>impact</em>. Singapore's S$2.4 billion 50-year green bond ranks among the largest inaugural sovereign issuances and the proceeds are funding impactful "green projects."</li>
<li>Proceeds will fund two Clean Transportation projects (electric rail mass transit) and contribute to an 80% reduction in land transportation-related greenhouse gas emissions by 2050.</li>
</ul>


Singapore recently announced the pricing of its inaugural sovereign green bond issue marking Singapore's momentous entrée into the growing global sovereign green bond market.
Big deal, and big impact. Singapore's S$2.4 billion 50-year green bond ranks among the largest inaugural sovereign issuances and the proceeds are funding impactful "green projects."
Proceeds will fund two Clean Transportation projects (electric rail mass transit) and contribute to an 80% reduction in land transportation-related greenhouse gas emissions by 2050.


Singapore's Inaugural Green Bond: Big Deal, Big Impact

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Allocations in Singapore Financials continue their turnaround. From a low of 0.67% in early 2021, average weights have soared to 1.81%, closing in on the highs of 2%+ in 2018</li>
<li>Clear active rotation, with the percentage of managers exposed to the sector increasing from 45.2% in 2021 to 63.4% today.</li>
<li>Strong ownership growth seen in DBS and UOB, with +10.75% and +6.45% of managers opening positions over the last 6-months.  SGX also saw ownership rise.</li>
</ul>


Allocations in Singapore Financials continue their turnaround. From a low of 0.67% in early 2021, average weights have soared to 1.81%, closing in on the highs of 2%+ in 2018
Clear active rotation, with the percentage of managers exposed to the sector increasing from 45.2% in 2021 to 63.4% today.
Strong ownership growth seen in DBS and UOB, with +10.75% and +6.45% of managers opening positions over the last 6-months.  SGX also saw ownership rise.


Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

Ong Sek Chong & Sons adds to Lian Beng stake

FOR the 5 trading sessions that spanned Sep 9 to Sep 15, the Straits Times Index (STI) gained 1 per cent, with the FTSE China A50 Index gaining...

Singapore Exchange Ltd (SGX)

PropertyGuru SPAC Lock-Up - Two PE’s with a US$450m Stake Are Stuck with a Liquidity Conundrum

PropertyGuru mergered with Bridgetown 2 SPAC in Mar 2022. Its 180-days lockup will end soon freeing its two large PE shareholders.

Sumeet Singh

Emperador to Join STI on 19 Sep

Effective the 19 Sep market open, Emperador will join the STI with an indicative weight of 0.4%, taking the number of stocks representing the...

Singapore Exchange Ltd (SGX)

Singapore's Inaugural Green Bond: Big Deal, Big Impact

Singapore’s inaugural green bond is a big deal, in size and impact. It is one of the world’s largest debut issues and funds Clean Transportation...

Kyle Rudden

Singapore Financials: Surging Higher

Asia Ex-Japan funds ramp up Singapore Financial allocations . A key beneficiary in this year’s sector rotations, new positions have been added...

Steven Holden

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