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>Share buybacks by primary listed companies 11 - 17 Aug 2023 Institutions were net buyers of Singapore stocks over the five trading sessions through to Aug 17, with S$256 million of net institutional inflow, while 21 primary-listed companies conducting buybacks with a total consideration of S$36 million.</li><li>On Aug 15, QAF joint group managing director and executive director Lin Kejian acquired 450,000 shares at an average price of S$0.79 per share.</li></ul>

Share buybacks by primary listed companies 11 - 17 Aug 2023 Institutions were net buyers of Singapore stocks over the five trading sessions through to Aug 17, with S$256 million of net institutional inflow, while 21 primary-listed companies conducting buybacks with a total consideration of S$36 million.On Aug 15, QAF joint group managing director and executive director Lin Kejian acquired 450,000 shares at an average price of S$0.79 per share.

Wilmar’s Kuok Khoon Hong acquires 9 million shares

<ul><li>Share buybacks by primary listed companies 4 - 10 Aug 2023 Institutions were net buyers of Singapore stocks over the four trading sessions through to Aug 10, with S$136 million of net institutional inflow, with eight primary-listed companies conducting buybacks with a total consideration of S$7.7 million.</li><li>The previous mandate saw the company buy back 14,250,100 of its shares which represented 2.12 per cent of its total number of issued shares (excluding treasury shares).</li></ul>

Share buybacks by primary listed companies 4 - 10 Aug 2023 Institutions were net buyers of Singapore stocks over the four trading sessions through to Aug 10, with S$136 million of net institutional inflow, with eight primary-listed companies conducting buybacks with a total consideration of S$7.7 million.The previous mandate saw the company buy back 14,250,100 of its shares which represented 2.12 per cent of its total number of issued shares (excluding treasury shares).

Fortress Minerals’ CEO Ivan Chee raises his stake

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. 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.

Singapore Telecommunications / Equity Bottom-Up

<ul><li>SingTel reported higher FY23 underlying revenue (+2% y-o-y) and PATMI (+7% y-o-y), driven by NCS, higher data roaming revenue and regional associates.</li><li>Singapore consumer continues to experience ARPU uplift from the ongoing recovery in international travel and ongoing 5G migration.</li><li>Maintain BUY recommendation on SingTel with target price: S$3.15.</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.

SingTel reported higher FY23 underlying revenue (+2% y-o-y) and PATMI (+7% y-o-y), driven by NCS, higher data roaming revenue and regional associates.Singapore consumer continues to experience ARPU uplift from the ongoing recovery in international travel and ongoing 5G migration.Maintain BUY recommendation on SingTel with target price: S$3.15.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.

SingTel - Improving Core Business Dragged By Weaker Overseas Contributions In FY23

External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail 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.

<ul><li>SingTel (SGX:Z74)'s FY23 results missed on AUD weakness, albeit. with the highest dividend payout since FY19.</li><li>With FY23 return on invested capital (ROIC) rising to 8.3% (FY22: 7.3%), SingTel's management has set a new low double-digit target in the medium term.</li><li>4QFY23 core earnings of S$489m (-12.5% q-o-q, +4.4% y-o-y) brought SingTel's FY23 (Apr 2022 to Mar 2023) core earnings to S$2.05bn (+7% y-o-y), at 90% of our forecast (consensus: 93%) with the key deviation coming from the weaker AUD (-6% year-to-date).</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.

SingTel (SGX:Z74)'s FY23 results missed on AUD weakness, albeit. with the highest dividend payout since FY19.With FY23 return on invested capital (ROIC) rising to 8.3% (FY22: 7.3%), SingTel's management has set a new low double-digit target in the medium term.4QFY23 core earnings of S$489m (-12.5% q-o-q, +4.4% y-o-y) brought SingTel's FY23 (Apr 2022 to Mar 2023) core earnings to S$2.05bn (+7% y-o-y), at 90% of our forecast (consensus: 93%) with the key deviation coming from the weaker AUD (-6% year-to-date).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.

5 in 5 with Singtel - Empowering Every Generation

Singapore

Singapore Telecommunications is Asia's leading communications technology group, providing next-generation communication, 5G, technology services, and infotainment to consumers and businesses. It offers mobile, broadband, TV, fixed-line telephony, IT and network services, data centers, managed cloud, IoT, and cybersecurity solutions. The company is headquartered in Singapore and was founded in 1879.

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Singapore Telecommunications (ST SP)

Wilmar’s Kuok Khoon Hong acquires 9 million shares

Share buybacks by primary listed companies 11 - 17 Aug 2023 Institutions were net buyers of Singapore stocks over the five trading sessions...

Singapore Exchange Ltd (SGX)

Fortress Minerals’ CEO Ivan Chee raises his stake

Share buybacks by primary listed companies 4 - 10 Aug 2023 Institutions were net buyers of Singapore stocks over the four trading sessions through...

Singapore Exchange Ltd (SGX)

SingTel - Improving Core Business Dragged By Weaker Overseas Contributions In FY23

SingTel reported higher FY23 underlying revenue (+2% y-o-y) and PATMI (+7% y-o-y), driven by NCS, higher data roaming revenue and regional associates.

UOB Kay Hian

5 in 5 with Singtel - Empowering Every Generation

5 in 5 with Singtel - Empowering Every Generation

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wilmar’s Kuok Khoon Hong acquires 9 million shares

Share buybacks by primary listed companies 11 - 17 Aug 2023 Institutions were net buyers of Singapore stocks over the five trading sessions...

Singapore Exchange Ltd (SGX)

Fortress Minerals’ CEO Ivan Chee raises his stake

Share buybacks by primary listed companies 4 - 10 Aug 2023 Institutions were net buyers of Singapore stocks over the four trading sessions through...

Singapore Exchange Ltd (SGX)

SingTel - Improving Core Business Dragged By Weaker Overseas Contributions In FY23

SingTel reported higher FY23 underlying revenue (+2% y-o-y) and PATMI (+7% y-o-y), driven by NCS, higher data roaming revenue and regional associates.

UOB Kay Hian

SingTel - ROIC Trending Up; Keep BUY

With FY23 return on invested capital (ROIC) rising to 8.3% (FY22: 7.3%), SingTel's management has set a new low double-digit target in the medium...

RHB Invest

5 in 5 with Singtel - Empowering Every Generation

5 in 5 with Singtel - Empowering Every Generation

Singapore Exchange Ltd (SGX)