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>During the past 9 sessions, the broader Singapore stock market booked S$763 million of net institutional inflow, reversing over 50% of the net outflow for the year up to Aug 29.</li><li>Actively traded stocks that booked the highest net institutional inflow proportionate to market cap over the 9 sessions included Seatrium, Sembcorp Industries, SGX, Suntec REIT & ComfortDelGro.</li><li>Actively Traded Stocks with Highest NIF/ Mkt Cap ratio since Aug 29 Code Mkt Cap S$M 9 Session Px Chg % 9 Session NIF S$M 9 Session NIF/ Mkt Cap YTD ADT S$M YTD NIF S$M Sector.</li></ul>

During the past 9 sessions, the broader Singapore stock market booked S$763 million of net institutional inflow, reversing over 50% of the net outflow for the year up to Aug 29.Actively traded stocks that booked the highest net institutional inflow proportionate to market cap over the 9 sessions included Seatrium, Sembcorp Industries, SGX, Suntec REIT & ComfortDelGro.Actively Traded Stocks with Highest NIF/ Mkt Cap ratio since Aug 29 Code Mkt Cap S$M 9 Session Px Chg % 9 Session NIF S$M 9 Session NIF/ Mkt Cap YTD ADT S$M YTD NIF S$M Sector.

STI Return Above 3,400 Sees Stocks Draw S$760M Net Institutional Inflow

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Taiwan Stock Exchange Weighted Index / Technical Analysis

<ul>
<li>Rallies appear to be stalling-out near logical resistances in the largest global equity markets. That includes 5670-5783 on SPX, 2690-2700 on Japan's TOPIX, and 4884 on Europe's EURO STOXX 50.</li>
<li>We continue to believe these indexes will roll over near current or marginally higher levels, fitting with our ongoing belief that MSCI ACWI is going through a 1-to-4-month pullback/consolidation.</li>
<li>Long-Term uptrend violations on global indexes and continued outperformance from defensive Sectors are our top concerns for global equities, though recession indicators and a Fed cutting cycle are also concerns.</li>
</ul>


Rallies appear to be stalling-out near logical resistances in the largest global equity markets. That includes 5670-5783 on SPX, 2690-2700 on Japan's TOPIX, and 4884 on Europe's EURO STOXX 50.
We continue to believe these indexes will roll over near current or marginally higher levels, fitting with our ongoing belief that MSCI ACWI is going through a 1-to-4-month pullback/consolidation.
Long-Term uptrend violations on global indexes and continued outperformance from defensive Sectors are our top concerns for global equities, though recession indicators and a Fed cutting cycle are also concerns.


Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

<ul><li>Global focus on key economic indicators for a smooth US landing has led to four stable STI sessions with a 40-point range and 8% gain, as markets look to the US August unemployment report on 6 Sep and potential Fed Funds Rate cut on 18 Sep.</li><li>Institutions have also been net buyers over the 4 sessions, with S$171 million of net inflow, led by Financials, REITs, and SATS.</li><li>Beyond STI constituents, stocks that contributed to the net 4-session institutional inflow included Lendlease Global REIT, NetLink NBN Trust, iFAST Corp, Keppel DC REIT, CLINT, Suntec REIT & Nam Cheong.</li></ul>

Global focus on key economic indicators for a smooth US landing has led to four stable STI sessions with a 40-point range and 8% gain, as markets look to the US August unemployment report on 6 Sep and potential Fed Funds Rate cut on 18 Sep.Institutions have also been net buyers over the 4 sessions, with S$171 million of net inflow, led by Financials, REITs, and SATS.Beyond STI constituents, stocks that contributed to the net 4-session institutional inflow included Lendlease Global REIT, NetLink NBN Trust, iFAST Corp, Keppel DC REIT, CLINT, Suntec REIT & Nam Cheong.

Steady STI Trading Reflects Smooth Economic Landing Focus 

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

<ul><li>Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (Lendlease Reit), Mapletree Pan Asia Commercial Trust : N2IU (MPACT), Paragon Reit, Starhill Global Reit and Suntec Reit.</li><li>Suntec Reit’s retail portfolio reported a 3 per cent yoy growth in gross revenue and 1.3 per cent growth in NPI for Q1 2024.</li></ul>

Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (Lendlease Reit), Mapletree Pan Asia Commercial Trust : N2IU (MPACT), Paragon Reit, Starhill Global Reit and Suntec Reit.Suntec Reit’s retail portfolio reported a 3 per cent yoy growth in gross revenue and 1.3 per cent growth in NPI for Q1 2024.

REIT Watch - Singapore-based retail S-Reits record growth on higher sales, positive rent reversion

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> raised around US$391m in its India IPO in May 2023.</li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. Its portfolio covers retail malls, office assets, hospitality assets and a renewable power plant. </li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Nexus Select Trust (NST IN) raised around US$391m in its India IPO in May 2023.
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. Its portfolio covers retail malls, office assets, hospitality assets and a renewable power plant. 
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Nexus Select Trust IPO Lockup Expiry - US$1.5bn Stake Comes Free. Will Likely Be a Coordinated Exit

Singapore

Suntec Real Estate Investment Trust is a commercial real estate investment trust. The Trust invests in income-producing real estate that is primarily used for retail and/or office purposes.

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Suntec REIT (SUN SP)

STI Return Above 3,400 Sees Stocks Draw S$760M Net Institutional Inflow

During the past 9 sessions, the broader Singapore stock market booked S$763 million of net institutional inflow, reversing over 50% of the net...

Singapore Exchange Ltd (SGX)

Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

Expecting Downside Ahead $ACWI $SPX; Stick With Defensive Sectors; Downgrading Taiwan $EWT $TSM to Market Weight; Global Discretionary vs. Staples...

Vermilion Research

Steady STI Trading Reflects Smooth Economic Landing Focus

Global focus on key economic indicators for a smooth US landing has led to four stable STI sessions with a 40-point range and 8% gain, as markets...

Singapore Exchange Ltd (SGX)

REIT Watch - Singapore-based retail S-Reits record growth on higher sales, positive rent reversion

Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust...

Singapore Exchange Ltd (SGX)

Nexus Select Trust IPO Lockup Expiry - US$1.5bn Stake Comes Free. Will Likely Be a Coordinated Exit

Nexus Select Trust (NST IN) raised around US$391m in its India IPO in May 2023. The company's pre-IPO shareholders will be released from their...

Sumeet Singh

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