Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*Limited Impact: Singapore Exchange (SGX.SG) [SGX] announced that it was acquiring MaxxTrader from FlexTrade Systems for USD 125mn plus. This is SGX's third acquisition after BidFX and Scientific Beta in 2020. This deal is expected to provide SGX with the ability to leverage this franchise to set up an ECN FX marketplace as targeted under its medium-term plan; and*Distractions:As SGX needs to contend with a greater than expected impact from Hong Hong Exchanges &amp; Clearing (388.HK) competitive pressures for derivatives volumes, and the earlier-than-expected launch of HKEX's MSCI China A index futures – on top of weaker equity volumes and fees, it continues to do numerous tiny bolt-on deals which appear to be more of a distraction than their worth.

*Limited Impact: Singapore Exchange (SGX.SG) [SGX] announced that it was acquiring MaxxTrader from FlexTrade Systems for USD 125mn plus. This is SGX's third acquisition after BidFX and Scientific Beta in 2020. This deal is expected to provide SGX with the ability to leverage this franchise to set up an ECN FX marketplace as targeted under its medium-term plan; and*Distractions:As SGX needs to contend with a greater than expected impact from Hong Hong Exchanges &amp; Clearing (388.HK) competitive pressures for derivatives volumes, and the earlier-than-expected launch of HKEX's MSCI China A index futures – on top of weaker equity volumes and fees, it continues to do numerous tiny bolt-on deals which appear to be more of a distraction than their worth.

Singapore Exchange - Another Deal, Another Distraction

Thematic (Sector/Industry)

*Screws Tighten:The Financial Industry Regulatory Authority (FINRA) is seeking to put forth regulatory reforms on Special Purpose Acquisition Companies (SPAC) and the conflicts of interests which occur; and*Long Line Of Unintended Consequences: The majority of the 145 US-listed SPACs between 2015-19 remain below their USD 10 per share offering price and only seven have actually returned capital to investors. As the world heads toward a zero interest rate environment coupled with the giant vortex of skittish liquidity backstopped by central banks, the SPAC frenzy looks to be just the latest in a long line of unintended consequences of risk taking.

*Screws Tighten:The Financial Industry Regulatory Authority (FINRA) is seeking to put forth regulatory reforms on Special Purpose Acquisition Companies (SPAC) and the conflicts of interests which occur; and*Long Line Of Unintended Consequences: The majority of the 145 US-listed SPACs between 2015-19 remain below their USD 10 per share offering price and only seven have actually returned capital to investors. As the world heads toward a zero interest rate environment coupled with the giant vortex of skittish liquidity backstopped by central banks, the SPAC frenzy looks to be just the latest in a long line of unintended consequences of risk taking. 

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

For our next Smartkarma Webinar, we are thrilled to welcome back Insight Provider <a href="https://www.smartkarma.com/profiles/kyle-rudden" target="_blank" data-smartkarma-citation="accounts:4495" rel="noopener">Kyle Rudden</a> , who will be sharing insights on the trending issue of Environmental, Social, and Governance Investing. ESG investing is widely seen as a way of investing “sustainably” where investments are made with consideration of the environment and human well-being, as well as the economy. Kyle believes global sustainability is imperative and views private-sector capital as its cornerstone. As such, he supports the various impact-oriented strategies typically associated with ESG investing. However, his views on ESG and investing lean more pragmatic than idealistic, and his research focuses on applying ESG analysis to general investing rather than to "ESG investing" per se. Kyle subscribes to the Triple Bottom Line view of sustainability, where economic and financial metrics are deemed as important as ESG factors.This webinar is organised jointly by Smartkarma and SGX.<h3>The webinar will be hosted on Wednesday, 14 July 2021, 17:00 SGT/HKT.</h3><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=86937019742" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div>Kyle Rudden is an ESG (Environmental, Social, Governance) analyst with an alpha-centric approach to ESG research. After all, ESG investing is, first and foremost, investing. "Alpha-centric" does not mean apathetic, however. Quite the contrary. Kyle believes global sustainability – i.e., environmental stewardship, social equality, and economic prosperity – is imperative, and private-sector capital is its cornerstone. Private-sector capital still has fiduciary responsibilities. Profitability is necessary for sustained impact. The Triple Bottom Line. People, Planet, AND Profit.

For our next Smartkarma Webinar, we are thrilled to welcome back Insight Provider Kyle Rudden , who will be sharing insights on the trending issue of Environmental, Social, and Governance Investing. ESG investing is widely seen as a way of investing “sustainably” where investments are made with consideration of the environment and human well-being, as well as the economy. Kyle believes global sustainability is imperative and views private-sector capital as its cornerstone. As such, he supports the various impact-oriented strategies typically associated with ESG investing. However, his views on ESG and investing lean more pragmatic than idealistic, and his research focuses on applying ESG analysis to general investing rather than to "ESG investing" per se. Kyle subscribes to the Triple Bottom Line view of sustainability, where economic and financial metrics are deemed as important as ESG factors.This webinar is organised jointly by Smartkarma and SGX.The webinar will be hosted on Wednesday, 14 July 2021, 17:00 SGT/HKT.Register for the Webinar hereKyle Rudden is an ESG (Environmental, Social, Governance) analyst with an alpha-centric approach to ESG research. After all, ESG investing is, first and foremost, investing. "Alpha-centric" does not mean apathetic, however. Quite the contrary. Kyle believes global sustainability – i.e., environmental stewardship, social equality, and economic prosperity – is imperative, and private-sector capital is its cornerstone. Private-sector capital still has fiduciary responsibilities. Profitability is necessary for sustained impact. The Triple Bottom Line. People, Planet, AND Profit.

Smartkarma Webinar | Foundations of Sustainable/ESG Investing and Finance

*Recovery Continues: Oversea Chinese Banking Corp. (OCBC.SP) [OCBC] attended a competitor virtual conference last week, confirming that the positive trends in from 1Q21 are set to continue; and*Credit Improvement Re-Affirmed: We remain optimistic. According to management, credit quality trends remain quite favorable but still expects a gradual deterioration from loans under moratorium. Much of the anticipated deterioration in credit is likely to continue to come from Malaysia and Indonesia. For 1Q21, we calculated that net new NPL growth amounted to a very reasonable SGD 40 mn or 3.6% on an annualized basis for 1Q21 – which remains incredibly low.

*Recovery Continues: Oversea Chinese Banking Corp. (OCBC.SP) [OCBC] attended a competitor virtual conference last week, confirming that the positive trends in from 1Q21 are set to continue; and*Credit Improvement Re-Affirmed: We remain optimistic. According to management, credit quality trends remain quite favorable but still expects a gradual deterioration from loans under moratorium. Much of the anticipated deterioration in credit is likely to continue to come from Malaysia and Indonesia. For 1Q21, we calculated that net new NPL growth amounted to a very reasonable SGD 40 mn or 3.6% on an annualized basis for 1Q21 – which remains incredibly low.

Oversea Chinese Banking Corp. – Affirming Positive Trends

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

Founded in 1999 as a high-tech spin-off from the Nanyang Technological University Singapore (ranked #13th in QS Global World University Rankings 2021 – 6th year in a row) by Dr. Shi Xu, NanoFilm Technologies International Pte Ltd (NTI) offers coating solutions that provide functional and/or aesthetic improvements to its customers’ end-products.Its share price has a nice rally post IPO and left investors to wonder whether there will be anything left. There are many reasons why investors should be excited about <a href="https://www.smartkarma.com/entities/nanofilm-technologies-international" target="_blank" data-smartkarma-citation="entities:29700:1" rel="noopener">Nanofilm (NANO SP)</a> namely 1) blue-chip customers' stickiness in the tech sector including Microsoft as well as 2) the expanding Total Addressable Market for its coating business that will include EV sectors and 3) this could be an ESG stock from Environmental angle due to its exposure in EV that will mean less CO2 emission. I am still bullish on this.

Founded in 1999 as a high-tech spin-off from the Nanyang Technological University Singapore (ranked #13th in QS Global World University Rankings 2021 – 6th year in a row) by Dr. Shi Xu, NanoFilm Technologies International Pte Ltd (NTI) offers coating solutions that provide functional and/or aesthetic improvements to its customers’ end-products.Its share price has a nice rally post IPO and left investors to wonder whether there will be anything left. There are many reasons why investors should be excited about Nanofilm (NANO SP) namely 1) blue-chip customers' stickiness in the tech sector including Microsoft as well as 2) the expanding Total Addressable Market for its coating business that will include EV sectors and 3) this could be an ESG stock from Environmental angle due to its exposure in EV that will mean less CO2 emission. I am still bullish on this. 

Nanofilm (NANO): Don't Sell Yet, More to Come

Singapore

Singapore Exchange Limited owns and operates Singapore's Securities and derivatives exchange and their related clearing houses.  The Company also provides ancillary securities processing and information technology services to participants in the financial sector.

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SGX (SGX SP)

Singapore Exchange - Another Deal, Another Distraction

SINGAPORE EXCHANGE: SGX announced that it was acquiring MaxxTrader for USD 125mn plus, its third acquisition since 2020. Numerous bolt-on deals...

Thomas J. Monaco

SPAC-Tacle

SPECIAL PURPOSE ACQUISITION COMPANIES: FINRA is seeking to put forth regulatory reforms on SPACs and the conflicts of interests which occur.

Thomas J. Monaco

Smartkarma Webinar | Foundations of Sustainable/ESG Investing and Finance

On 14 July, 5pm SGT, join our webinar with Kyle Rudden, who will be sharing his insights on the trending issue of ESG Investing and the Triple...

Smartkarma Research

Oversea Chinese Banking Corp. – Affirming Positive Trends

Oversea Chinese Banking Corp: OCBC confirmed that the positive trends are set to continue, and that credit quality remains favorable but with...

Thomas J. Monaco

Nanofilm (NANO): Don't Sell Yet, More to Come

Many reasons investors should be excited about Nanofilm: customers' stickiness in the tech sector as well as expanding Total Addressable Market for...

Henry Soediarko

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