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)

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

<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

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. 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.

Equity Bottom-Up

<ul><li>SIDO booked revenue of IDR1.8 tn in 1H25 (-3.6% YoY), supported by a strong rebound in 2Q25 of +29.4% QoQ/+23.3% YoY to IDR1.0 tn, recovering from the early Lebaran impact and distribution shift that weighed on sales in 1Q25.</li><li>This 1H25 figure missed our/consensus FY25E estimates at 45.7%/45.6%.</li><li>By segment in 1H25, Herbal Medicine &amp; Supplement posted IDR1.1 tn (-3.1% YoY), yet on quarterly basis rebounding sharply in 2Q25 to IDR416.7 bn (+97.3% QoQ/+47.2% YoY) on the back of volume recovery and the extended rainy season (kemarau basah), which increased flu incidence and boosted demand for cold symptom remedies as well as essentials oil, Esemag, and Tolak Linu. </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.

SIDO booked revenue of IDR1.8 tn in 1H25 (-3.6% YoY), supported by a strong rebound in 2Q25 of +29.4% QoQ/+23.3% YoY to IDR1.0 tn, recovering from the early Lebaran impact and distribution shift that weighed on sales in 1Q25.This 1H25 figure missed our/consensus FY25E estimates at 45.7%/45.6%.By segment in 1H25, Herbal Medicine &amp; Supplement posted IDR1.1 tn (-3.1% YoY), yet on quarterly basis rebounding sharply in 2Q25 to IDR416.7 bn (+97.3% QoQ/+47.2% YoY) on the back of volume recovery and the extended rainy season (kemarau basah), which increased flu incidence and boosted demand for cold symptom remedies as well as essentials oil, Esemag, and Tolak Linu. 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.

SIDO Muncul (SIDO IJ) - 2Q25 Herbal Recovery Helped 1H25 Performance

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>SIDO’s 1H25 earnings beat was backed by controlled raw material and opex, offsetting weak top-line. We lifted our FY25F/26F NPAT by 7/8%.</li><li>Mgmt indicates a slight mom volume growth normalization in Jul25, yet remains confident on 2H25 outlook backed by higher seasonality.</li><li>Maintain Buy with a higher DCF-based TP of Rp600 (from Rp550 prev.); we see SIDO as an underappreciated stable FCF generator.</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.

SIDO’s 1H25 earnings beat was backed by controlled raw material and opex, offsetting weak top-line. We lifted our FY25F/26F NPAT by 7/8%.Mgmt indicates a slight mom volume growth normalization in Jul25, yet remains confident on 2H25 outlook backed by higher seasonality.Maintain Buy with a higher DCF-based TP of Rp600 (from Rp550 prev.); we see SIDO as an underappreciated stable FCF generator.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.

Sido Muncul (SIDO.IJ): Delivering Improvement in 2Q25...

Indonesia

Sido Muncul is an Indonesian company specializing in herbal medicine, pharmaceuticals, and food and beverage products. Its product categories include herbal medicine and supplements, such as the well-known Tolak Angin, along with food and beverages, and pharmaceutical items. The company is headquartered in Semarang, Central Java, Indonesia, and was established in 1940.

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Sido Muncul (SIDO IJ)

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

§ The 10 biggest SGX-listed F&B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August....

Singapore Exchange Ltd (SGX)

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