Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

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

Thematic (Sector/Industry)

<ul>
<li>2021's vintage of my 5 High Convictions Ideas did extremely well</li>
<li>
<a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a> was up 543%, <a href="https://www.smartkarma.com/entities/rex-international-holding" target="_blank" data-smartkarma-citation="entities:17074:1" rel="noopener">Rex International Holding (REXI SP)</a> was up 80%, <a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745:1" rel="noopener">Straits Trading (STRTR SP)</a> was up almost 74% and Shougang Fushan just under 40%.</li>
<li>The underperformer award goes to HK restaurant operator <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet Group Ltd (8371 HK)</a> as it declined 25%. Below the fold we'll give our 5 High Conviction Ideas for 2022.</li>
</ul>


2021's vintage of my 5 High Convictions Ideas did extremely well

PC Partner (1263 HK) was up 543%, Rex International Holding (REXI SP) was up 80%, Straits Trading (STRTR SP) was up almost 74% and Shougang Fushan just under 40%.
The underperformer award goes to HK restaurant operator Taste Gourmet Group Ltd (8371 HK) as it declined 25%. Below the fold we'll give our 5 High Conviction Ideas for 2022.


Overview of My Winners and Losers in 2021... And 5 High Conviction Ideas Going Into 2022

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

STI Trades at Fresh 2021 Highs, Extends YTD Total Return to 18%

Rex International Holding / Equity Bottom-Up

<figure class="editor-figure mceNonEditable"><img src="https://api2.sgx.com/sites/default/files/2021-11/Rex-CEO.JPG" class="editor-image img-responsive"></figure>
<div class="content-caption">Rex CEO</div>

For shipping-cum-oil-and-gas specialist Dan Broström, his diverse career journey - which spanned three continents and four industries - has taught him that success comes to those who dare, and act with integrity. “Fortune favours the bold - but only if you are honest,” quipped the Executive Chairman of SGX-listed oil and gas exploration and production company Rex International Holdings Ltd.&nbsp; “Trustworthiness and honesty are some of my most important values. In order to succeed, I believe that not only do you need determination and courage, you must have moral strength.” The 78-year-old Swede, who earned his Economics degree from Stanford University in the US and Bachelor of Arts in Economics degree from Gothenburg University in Sweden, has held senior roles in shipping, real estate, management consulting, and now, the oil and gas sector. “My work in various industries has taken me to different parts of the world, and I’ve lived for years in London, Australia, Hong Kong and Taiwan,” he recalled. Broström, who has been with the Group since 2011, was appointed Rex’s Chairman and Executive Director in January 2013. “Rex has a Scandinavian connection through its majority shareholders, who consider Asia an important market for the oil company. In 2013, I was already working in Singapore, and they asked me to join them to help Rex tap the regional markets,” he added. Rex International was founded by three Scandinavians - Dr Karl Lidgren, Hans Lidgren and Svein Kjellesvik. Since the Group’s listing on SGX Catalist eight years ago, it has achieved four offshore discoveries, one in Oman and three in Norway.&nbsp; Rex’s key differentiator from other exploration and production companies is its proprietary liquid hydrocarbon indicator Rex Virtual Drilling (RVD), which can pinpoint the location of oil reservoirs in the sub-surface using seismic data.&nbsp; The Group also offers RVD screening services to other exploration companies as an additional tool to increase the success rate of finding oil. Last year, Rex stepped up from oil exploration to the next level, becoming a full-fledged oil exploration and production company, as it achieved first oil in Oman with a low-cost structure. In the Singapore Corporate Transparency Index 2021, Rex ranked 38th among 519 Mainboard- and Catalist-listed companies, up from 55 out of 577 companies in 2020.&nbsp;It has been the highest ranked among Singapore-listed oil exploration and production companies for the&nbsp;sixth&nbsp;consecutive year. Boosting Output Looking ahead, the Group remains focused on raising its reserve and production levels, Broström said.&nbsp; “Production in Oman in the first half of 2021 is almost on par with the production for the entire 2020. Brent oil price has increased four-fold from about US$20 a barrel in April 2020 to above US$80 a barrel at present. With our production costs maintained at US$80,000 per day, the higher production levels translate into lower costs per barrel.” In June 2021, Rex announced that its 90% subsidiary Lime Petroleum would acquire a 33.84% stake in Norway’s producing Brage Field.&nbsp; Output from the Brage Field of an estimated 3,440 barrels of oil equivalent per day (net) is projected to add another leg to the Group’s current oil production in Oman of around 10,500 barrels of oil per day (gross), with effect from 1 January 2021, upon completion of the acquisition. The acquisition is expected to be completed in end-November 2021. “The investment in the Brage Field will&nbsp;give us a second production field, minimise production risks, as well as add to the Group’s reserves and contingent resources,” Broström pointed out.&nbsp; “Studies are already ongoing with regard to in-fill drilling for production and new exploration drilling of high value, near-field prospects in the Brage Field.” The three discovery assets in Norway - PL1125 Falk, PL433 Fogelberg and PL838 Shrek - are also slated to be further developed in the near future. In August 2021, Rex announced that, with its Malaysian partner, it had signed two Production Sharing Contracts (PSCs) awarded earlier by Petroliam Nasional Bhd (Petronas), Malaysia’s national oil corporation. These PSCs are related to the development and production of the Rhu-Ara and the Diwangsa Clusters located in offshore Peninsular Malaysia. The Rhu-Ara Cluster contains two discovered oil fields, while the Diwangsa Cluster contains four discovered oil fields. “Over the next two years, our focus will be on the pre-development phase of the Clusters. The anticipated production will further grow the Group’s production and reserves base,” Broström said. “We’ll leverage on our experience in Oman, where we’ve proven to be an effective operator, to make these assets a success.” Seeking Alternatives Even as it expands on its core operations, Rex is equally focused on business diversification. This can be seen from the July 2021 announcement of its plan to invest up to US$4 million in commercial drone company Xer Technologies.&nbsp; This investment will allow Rex to take a stake in the fast-growing global commercial drone market, which is anticipated to reach US$501.4 billion by 2028, registering a compound annual growth rate (CAGR) of 57.5% between 2021 and 2028. “While we believe oil will be in demand for quite some time to come, mostly because of a lack of viable alternatives, it’s nevertheless clear that the long-term trend is&nbsp;towards clean and sustainable energy,&nbsp;and therefore,&nbsp; it’s prudent for Rex to cautiously engage in alternative investments,” Broström noted. “We believe the drone market has huge growth prospects, and this market is in an infancy stage in many countries, including Southeast Asia.” Xer’s unique heavy-duty drones will promote sustainable practices for corporations and government institutions by replacing larger and heavier modes of transport for a wide range of applications, minimising environmental impact and reducing carbon&nbsp;emissions.&nbsp; “The strategy is to develop alternative businesses that can grow rapidly and be part of the Group when the demand for oil subsides. In order to achieve that, we need to find early-stage investment opportunities that Rex can acquire and become the dominant shareholder in, so that we’re involved with operating and growing the business from the start,” Broström added. Prudent Management Although&nbsp;the market at large is turning&nbsp;away from&nbsp;fossil fuels, this change in the global energy industry will take time.&nbsp;“In particular,&nbsp;medium-sized oil companies with low production costs and overheads will do well in the next couple of decades,” Broström said.&nbsp; “The market has not yet reached peak demand, and with the multinational oil companies cutting back on investing in new wells, we should perform favourably with a stable oil price around today’s level. The oil is there, and so is the demand - it's just a question of price.” Nonetheless, the volatility of crude prices since 2014, exacerbated by the COVID-19 pandemic on oil demand in 2020, has been challenging, he admitted.&nbsp; “We’ve been very prudent with our cash management, and the Group has strived to maintain zero long-term debt since we listed in 2013. This is what saved us during the hard years of 2015 to 2020,” he added. As at 30 June 2021, the Group’s cash and cash equivalents and quoted investments totalled US$46.23 million. Meanwhile, in terms of its Environmental, Social and Governance (ESG) goals, Rex is focused on maintaining Health, Safety, Security &amp; Environment (HSSE) policies for its workers, as well as complying with various international environmental laws and regulations.&nbsp;The Group also aims to create value for stakeholders by managing a sustainable supply chain. While he remains proud of the fact that Rex is the only true international oil and gas company of size on SGX today, Broström worries about how this would impact the broader investment community. “Being the&nbsp;only oil and gas company of size on the Singapore bourse, there isn’t enough research capacity that tracks the oil exploration and production market. This makes it difficult for investors to understand us and our industry,” he pointed out.&nbsp; While confident of Rex’s prospects and worth, Broström is &nbsp;disappointed that the Group has been undervalued by the market, against peers listed in other jurisdictions. “For 1H FY2021, we posted robust revenue and&nbsp;profit after tax, up 420% and 220% year-on-year respectively. At the end of the day, these results speak for themselves, and are a testament to the Group’s true potential,” he added. “Rex hopes to attract, as shareholders, value investors who can see the Group is in a very strong position to achieve good EBITDA and profit going forward. To this end, we’re working on a dividend policy, as well as having ongoing discussions about moving to SGX Mainboard.” Rex International Ltd Rex International was founded by three Scandinavians - Dr Karl Lidgren, Hans Lidgren and Svein Kjellesvik. Since its listing on SGX Catalist in July 2013, the Group has achieved four offshore commercial discoveries, one in Oman and three in Norway. The Company de-risks its portfolio of exploration and development assets using its proprietary liquid hydrocarbon indicator Rex Virtual Drilling (RVD) technology to identify the location of oil reservoirs in the sub-surface through analysis of seismic data. The Group also offers RVD screening services to other oil exploration companies as an additional tool to increase the success rate of finding oil. The company website is: <a href="http://www.rexih.com" target="_blank" rel="noopener">www.rexih.com</a> Click&nbsp;<a href="https://www.sgx.com/securities/equities/5WH" target="_blank" rel="noopener">here&nbsp;</a>for the company's StockFacts page. For the half year ended 30 June 2021 financial results, click&nbsp;<a href="https://links.sgx.com/1.0.0/corporate-announcements/CJCV3IRNQMWFTDRU/678609_20210812_RIH_PressRelease_1HFY2021Results_Final.pdf" target="_blank" rel="noopener">here</a>. &nbsp;
About&nbsp;kopi-C: the Company brew
Text: Jennifer Tan-Stanisic Photo: Company file kopi-C&nbsp;is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. For previous editions of&nbsp;kopi-C: the Company brew,&nbsp;please click&nbsp;<a href="https://www.sgx.com/research-education/market-dialogues" target="_blank" rel="noopener">here</a>. &nbsp; For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to&nbsp;<a href="https://www.sgx.com/jennifer.t@sgx.com" target="_blank" rel="noopener">jennifer.t@sgx.com</a>.


Rex CEO

For shipping-cum-oil-and-gas specialist Dan Broström, his diverse career journey - which spanned three continents and four industries - has taught him that success comes to those who dare, and act with integrity.  “Fortune favours the bold - but only if you are honest,” quipped the Executive Chairman of SGX-listed oil and gas exploration and production company Rex International Holdings Ltd.&nbsp;  “Trustworthiness and honesty are some of my most important values. In order to succeed, I believe that not only do you need determination and courage, you must have moral strength.”  The 78-year-old Swede, who earned his Economics degree from Stanford University in the US and Bachelor of Arts in Economics degree from Gothenburg University in Sweden, has held senior roles in shipping, real estate, management consulting, and now, the oil and gas sector.  “My work in various industries has taken me to different parts of the world, and I’ve lived for years in London, Australia, Hong Kong and Taiwan,” he recalled.  Broström, who has been with the Group since 2011, was appointed Rex’s Chairman and Executive Director in January 2013.  “Rex has a Scandinavian connection through its majority shareholders, who consider Asia an important market for the oil company. In 2013, I was already working in Singapore, and they asked me to join them to help Rex tap the regional markets,” he added.  Rex International was founded by three Scandinavians - Dr Karl Lidgren, Hans Lidgren and Svein Kjellesvik. Since the Group’s listing on SGX Catalist eight years ago, it has achieved four offshore discoveries, one in Oman and three in Norway.&nbsp;  Rex’s key differentiator from other exploration and production companies is its proprietary liquid hydrocarbon indicator Rex Virtual Drilling (RVD), which can pinpoint the location of oil reservoirs in the sub-surface using seismic data.&nbsp;  The Group also offers RVD screening services to other exploration companies as an additional tool to increase the success rate of finding oil.  Last year, Rex stepped up from oil exploration to the next level, becoming a full-fledged oil exploration and production company, as it achieved first oil in Oman with a low-cost structure.  In the Singapore Corporate Transparency Index 2021, Rex ranked 38th among 519 Mainboard- and Catalist-listed companies, up from 55 out of 577 companies in 2020.&nbsp;It has been the highest ranked among Singapore-listed oil exploration and production companies for the&nbsp;sixth&nbsp;consecutive year.  Boosting Output  Looking ahead, the Group remains focused on raising its reserve and production levels, Broström said.&nbsp;  “Production in Oman in the first half of 2021 is almost on par with the production for the entire 2020. Brent oil price has increased four-fold from about US$20 a barrel in April 2020 to above US$80 a barrel at present. With our production costs maintained at US$80,000 per day, the higher production levels translate into lower costs per barrel.”  In June 2021, Rex announced that its 90% subsidiary Lime Petroleum would acquire a 33.84% stake in Norway’s producing Brage Field.&nbsp;  Output from the Brage Field of an estimated 3,440 barrels of oil equivalent per day (net) is projected to add another leg to the Group’s current oil production in Oman of around 10,500 barrels of oil per day (gross), with effect from 1 January 2021, upon completion of the acquisition. The acquisition is expected to be completed in end-November 2021.  “The investment in the Brage Field will&nbsp;give us a second production field, minimise production risks, as well as add to the Group’s reserves and contingent resources,” Broström pointed out.&nbsp;  “Studies are already ongoing with regard to in-fill drilling for production and new exploration drilling of high value, near-field prospects in the Brage Field.”  The three discovery assets in Norway - PL1125 Falk, PL433 Fogelberg and PL838 Shrek - are also slated to be further developed in the near future.  In August 2021, Rex announced that, with its Malaysian partner, it had signed two Production Sharing Contracts (PSCs) awarded earlier by Petroliam Nasional Bhd (Petronas), Malaysia’s national oil corporation.  These PSCs are related to the development and production of the Rhu-Ara and the Diwangsa Clusters located in offshore Peninsular Malaysia. The Rhu-Ara Cluster contains two discovered oil fields, while the Diwangsa Cluster contains four discovered oil fields.  “Over the next two years, our focus will be on the pre-development phase of the Clusters. The anticipated production will further grow the Group’s production and reserves base,” Broström said. “We’ll leverage on our experience in Oman, where we’ve proven to be an effective operator, to make these assets a success.”  Seeking Alternatives  Even as it expands on its core operations, Rex is equally focused on business diversification. This can be seen from the July 2021 announcement of its plan to invest up to US$4 million in commercial drone company Xer Technologies.&nbsp;  This investment will allow Rex to take a stake in the fast-growing global commercial drone market, which is anticipated to reach US$501.4 billion by 2028, registering a compound annual growth rate (CAGR) of 57.5% between 2021 and 2028.  “While we believe oil will be in demand for quite some time to come, mostly because of a lack of viable alternatives, it’s nevertheless clear that the long-term trend is&nbsp;towards clean and sustainable energy,&nbsp;and therefore,&nbsp; it’s prudent for Rex to cautiously engage in alternative investments,” Broström noted.  “We believe the drone market has huge growth prospects, and this market is in an infancy stage in many countries, including Southeast Asia.”  Xer’s unique heavy-duty drones will promote sustainable practices for corporations and government institutions by replacing larger and heavier modes of transport for a wide range of applications, minimising environmental impact and reducing carbon&nbsp;emissions.&nbsp;  “The strategy is to develop alternative businesses that can grow rapidly and be part of the Group when the demand for oil subsides. In order to achieve that, we need to find early-stage investment opportunities that Rex can acquire and become the dominant shareholder in, so that we’re involved with operating and growing the business from the start,” Broström added.  Prudent Management  Although&nbsp;the market at large is turning&nbsp;away from&nbsp;fossil fuels, this change in the global energy industry will take time.&nbsp;“In particular,&nbsp;medium-sized oil companies with low production costs and overheads will do well in the next couple of decades,” Broström said.&nbsp;  “The market has not yet reached peak demand, and with the multinational oil companies cutting back on investing in new wells, we should perform favourably with a stable oil price around today’s level. The oil is there, and so is the demand - it's just a question of price.”  Nonetheless, the volatility of crude prices since 2014, exacerbated by the COVID-19 pandemic on oil demand in 2020, has been challenging, he admitted.&nbsp;  “We’ve been very prudent with our cash management, and the Group has strived to maintain zero long-term debt since we listed in 2013. This is what saved us during the hard years of 2015 to 2020,” he added.  As at 30 June 2021, the Group’s cash and cash equivalents and quoted investments totalled US$46.23 million.  Meanwhile, in terms of its Environmental, Social and Governance (ESG) goals, Rex is focused on maintaining Health, Safety, Security &amp; Environment (HSSE) policies for its workers, as well as complying with various international environmental laws and regulations.&nbsp;The Group also aims to create value for stakeholders by managing a sustainable supply chain.  While he remains proud of the fact that Rex is the only true international oil and gas company of size on SGX today, Broström worries about how this would impact the broader investment community.  “Being the&nbsp;only oil and gas company of size on the Singapore bourse, there isn’t enough research capacity that tracks the oil exploration and production market. This makes it difficult for investors to understand us and our industry,” he pointed out.&nbsp;  While confident of Rex’s prospects and worth, Broström is &nbsp;disappointed that the Group has been undervalued by the market, against peers listed in other jurisdictions.  “For 1H FY2021, we posted robust revenue and&nbsp;profit after tax, up 420% and 220% year-on-year respectively. At the end of the day, these results speak for themselves, and are a testament to the Group’s true potential,” he added.  “Rex hopes to attract, as shareholders, value investors who can see the Group is in a very strong position to achieve good EBITDA and profit going forward. To this end, we’re working on a dividend policy, as well as having ongoing discussions about moving to SGX Mainboard.”   Rex International Ltd  Rex International was founded by three Scandinavians - Dr Karl Lidgren, Hans Lidgren and Svein Kjellesvik. Since its listing on SGX Catalist in July 2013, the Group has achieved four offshore commercial discoveries, one in Oman and three in Norway. The Company de-risks its portfolio of exploration and development assets using its proprietary liquid hydrocarbon indicator Rex Virtual Drilling (RVD) technology to identify the location of oil reservoirs in the sub-surface through analysis of seismic data. The Group also offers RVD screening services to other oil exploration companies as an additional tool to increase the success rate of finding oil.  The company website is: www.rexih.com  Click&nbsp;here&nbsp;for the company's StockFacts page.  For the half year ended 30 June 2021 financial results, click&nbsp;here.  &nbsp;
About&nbsp;kopi-C: the Company brew
Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C&nbsp;is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  For previous editions of&nbsp;kopi-C: the Company brew,&nbsp;please click&nbsp;here. &nbsp;  For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to&nbsp;jennifer.t@sgx.com.

Rex International Levels Up to Spur Growth

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in 3Q21

<a href="https://www.smartkarma.com/entities/rex-international-holding" target="_blank" data-smartkarma-citation="entities:17074:1" rel="noopener">Rex International Holding (REXI SP)</a> has fallen back from 0.25 SGD last month to below 0.19 SGD recently. This is despite oil prices staying around 70 USD/bbl and Rex reporting fantastic 1H21 results.Rex also announced that after Oman and Norway it is studying to develop some oil fields in Malaysia. Rex is looking to diversify its production base so they are less dependent on one country. Cash is literally gushing in from its Oman assets and will accelerate in 2H21 as its Norwegian purchase of the Brage field will be accounted for in 2H.Rex's stock is up 29% YTD but remains deep value on an absolute basis and relative to peers such as <a href="https://www.smartkarma.com/entities/hibiscus-petroleum-bhd" target="_blank" data-smartkarma-citation="entities:20775:1" rel="noopener">Hibiscus Petroleum (HIBI MK)</a>. We continue to believe Rex will at least double from current levels as at some point the growing cash flows can no longer be ignored by investors. The eventual end-game has not changed: given the age of the principal shareholders, we believe Rex will see a lot of corporate activity going forward. We are unsure of the timeframe and shape/form this takes (spin-off, partial divestments, partial return of capital, one-off dividends, large share buybacks, 100% sale to different owners, etc).

Rex International Holding (REXI SP) has fallen back from 0.25 SGD last month to below 0.19 SGD recently. This is despite oil prices staying around 70 USD/bbl and Rex reporting fantastic 1H21 results.Rex also announced that after Oman and Norway it is studying to develop some oil fields in Malaysia. Rex is looking to diversify its production base so they are less dependent on one country. Cash is literally gushing in from its Oman assets and will accelerate in 2H21 as its Norwegian purchase of the Brage field will be accounted for in 2H.Rex's stock is up 29% YTD but remains deep value on an absolute basis and relative to peers such as Hibiscus Petroleum (HIBI MK). We continue to believe Rex will at least double from current levels as at some point the growing cash flows can no longer be ignored by investors. The eventual end-game has not changed: given the age of the principal shareholders, we believe Rex will see a lot of corporate activity going forward. We are unsure of the timeframe and shape/form this takes (spin-off, partial divestments, partial return of capital, one-off dividends, large share buybacks, 100% sale to different owners, etc).  

Rex: Oman + Norway + Malaysia Is the New Trifecta; Stock Trades at 1.5x 2021 Earnings

Singapore

Rex International Holding Limited is a production and exploration oil company with concessions in Norway, UAE, Oman, and the US.

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Rex International Holding (REXI SP)

Overview of My Winners and Losers in 2021... And 5 High Conviction Ideas Going Into 2022

2021's vintage of 5 High Conviction Ideas did extremely well led by star performer Pc Partner. Our new selection for 2022 will hopefully have some...

Nicolas Van Broekhoven

STI Trades at Fresh 2021 Highs, Extends YTD Total Return to 18%

On 5 Nov, the STI surpassed the preceding 2021 year high made on 30 April, with further gains on the 8 Nov morning session taking the STI to a...

Singapore Exchange Ltd (SGX)

Rex International Levels Up to Spur Growth

For shipping-cum-oil-and-gas specialist Dan Broström, his diverse career journey - which spanned three continents and four industries - has...

Singapore Exchange Ltd (SGX)

Key Singapore Market Moves and Flows in 3Q21

In 3Q21, the STI saw its narrowest quarterly trading range since 3Q17, generating a 0.2% decline in total return, while the FTSE APAC Index...

Singapore Exchange Ltd (SGX)

Rex: Oman + Norway + Malaysia Is the New Trifecta; Stock Trades at 1.5x 2021 Earnings

Rex reported stellar 1H21 results and cash flow will accelerate significantly in 2H21. Rex trades at 1.5x FY21 PATMI which makes this an absolute...

Nicolas Van Broekhoven

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