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

Sumber Alfaria Trijaya / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya (Alfamart)</a> booked a solid set of 1Q2024 results, a testament to its resilience during an election period, with the seasonal impact of Lebaran. </li>
<li>Minimarkets continue to be the winning format in Indonesia and Alfamart continued to gain share during 1Q2024, neck and neck with Salim-backed Indomaret if you include Alfamidi, Lawson, and Dan+Dan. </li>
<li>Alfamart will slow store openings to 1,300 stores this year after adding more than 1,800 outlets in 2023, with growth prospects remaining positive and profitability intact with a 25% ROE. </li>
</ul>



Sumber Alfaria Trijaya (Alfamart) booked a solid set of 1Q2024 results, a testament to its resilience during an election period, with the seasonal impact of Lebaran. 
Minimarkets continue to be the winning format in Indonesia and Alfamart continued to gain share during 1Q2024, neck and neck with Salim-backed Indomaret if you include Alfamidi, Lawson, and Dan+Dan. 
Alfamart will slow store openings to 1,300 stores this year after adding more than 1,800 outlets in 2023, with growth prospects remaining positive and profitability intact with a 25% ROE. 


Sumber Alfaria Trijaya (AMRT IJ) - Solidifying Growth Prospects

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> released a Newsletter for May which reiterated its progress toward profitability as well as some key initiatives including increasing service fees and expanding use cases for GoPay Coins rewards.   </li>
<li>The newsletter also highlighted the release of the Annual Report and its Sustainability report, which are both important documents for longer-term and increasingly ESG-focused investors. </li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> also highlights a report from the University of Indonesia regarding the company's socioeconomic impact in the country, which remains huge given its socio-economic reach through ODS and Tokopedia. </li>
</ul>



GoTo released a Newsletter for May which reiterated its progress toward profitability as well as some key initiatives including increasing service fees and expanding use cases for GoPay Coins rewards.   
The newsletter also highlighted the release of the Annual Report and its Sustainability report, which are both important documents for longer-term and increasingly ESG-focused investors. 

GoTo also highlights a report from the University of Indonesia regarding the company's socioeconomic impact in the country, which remains huge given its socio-economic reach through ODS and Tokopedia. 


GoTo (GOTO IJ) - Key Initiatives and Foundations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> is rapidly broadening its exposure to a greater range of services, with the latest move increasing its exposure to gaming, a potential future cash cow. </li>
<li>We have already seen <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> making bold moves into digital banking through <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia</a> and a direct commitment to online groceries through AlloFresh with Trans Retail Indonesia.</li>
<li>We continue to focus on the improving fundamentals of <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> and its growing ecosystem and would use any short-term trading anomalies to accumulate the stock.</li>
</ul>



Bukalapak (BUKA IJ) is rapidly broadening its exposure to a greater range of services, with the latest move increasing its exposure to gaming, a potential future cash cow. 
We have already seen Bukalapak (BUKA IJ) making bold moves into digital banking through Allo Bank Indonesia and a direct commitment to online groceries through AlloFresh with Trans Retail Indonesia.
We continue to focus on the improving fundamentals of Bukalapak (BUKA IJ) and its growing ecosystem and would use any short-term trading anomalies to accumulate the stock.


Bukalapak (BUKA IJ) - Building a Warchest of Ecosystems

Indonesia

PT Matahari Putra Prima Tbk is an Indonesian retail company specializing in fast-moving consumer goods (FMCG). The company operates hypermarkets, supermarkets, minimarkets, and health & beauty outlets under brands such as Hypermart, Foodmart, Hyfresh, and Boston Health & Beauty. It focuses on providing food, beverages, and household items, as well as non-food items like clothing and pharmaceuticals, to middle- to upper-middle-class consumers. The company was founded on March 11, 1986, and is headquartered in Tangerang, Indonesia.

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Matahari Putra Prima (MPPA 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

Sumber Alfaria Trijaya (AMRT IJ) - Solidifying Growth Prospects

Alfamart will slow store openings to 1,300 stores this year after adding more than 1,800 outlets in 2023, with growth prospects remaining positive...

Angus Mackintosh

GoTo (GOTO IJ) - Key Initiatives and Foundations

GoTo released a Newsletter for May which reiterated its progress toward profitability as well as some key initiatives including increasing service...

Angus Mackintosh

Bukalapak (BUKA IJ) - Building a Warchest of Ecosystems

We continue to focus on the improving fundamentals of Bukalapak and its growing ecosystem and would use any short-term trading anomalies to...

Angus Mackintosh

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