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>Huationg Global CEO increases interest to 7.75% Olam Group bought back a total of three million shares at S$1.13 apiece over the four sessions.</li><li>Ng also maintained a 68.7 per cent deemed interest in Huationg Global by virtue of his 25 per cent shareholding interest in Dandelion Capital, which is the immediate and ultimate holding company of Huationg.</li></ul>

Huationg Global CEO increases interest to 7.75% Olam Group bought back a total of three million shares at S$1.13 apiece over the four sessions.Ng also maintained a 68.7 per cent deemed interest in Huationg Global by virtue of his 25 per cent shareholding interest in Dandelion Capital, which is the immediate and ultimate holding company of Huationg.

Huationg Global CEO increases interest to 7.75%

<ul><li>Share buybacks by primary-listed companies Institutions were net buyers of Singapore stocks over the five trading sessions through to Mar 21, with S$257 million of net institutional inflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$26.5 million.</li><li>This followed her acquisition of 13,900 shares at an average price of S$0.48 per share on Mar 7, and 191,500 shares at S$0.49 per share on Mar 11.</li></ul>

Share buybacks by primary-listed companies Institutions were net buyers of Singapore stocks over the five trading sessions through to Mar 21, with S$257 million of net institutional inflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$26.5 million.This followed her acquisition of 13,900 shares at an average price of S$0.48 per share on Mar 7, and 191,500 shares at S$0.49 per share on Mar 11.

Raffles Medical chair continues purchases; Sam Goi ups PSC stake

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Macroeconomics

<ul>
<li>Thai equities lack growth and innovation. Big corporations continue to have unfair advantages in terms of access to bank financing and business opportunities.</li>
<li>Thailand is an aging society with rising income disparity and a stalling education system. Hence, we have questioned how Thailand will escape the middle income trap in the near term.</li>
<li>We expect more disruptions and policy blunders which could impair Thai stock performance. We do not believe Thailand can correct its cause in the near term.</li>
</ul>


Thai equities lack growth and innovation. Big corporations continue to have unfair advantages in terms of access to bank financing and business opportunities.
Thailand is an aging society with rising income disparity and a stalling education system. Hence, we have questioned how Thailand will escape the middle income trap in the near term.
We expect more disruptions and policy blunders which could impair Thai stock performance. We do not believe Thailand can correct its cause in the near term.


<ul><li>Earnings Focus Reduces Buybacks & Director Acquisition Filings The Hour Glass led the buyback consideration tally, buying back 795,000 shares at an average price of S$1.55 per share over two sessions.</li><li>Directors or CEOs filed eight acquisitions and one disposal while substantial shareholders filed three acquisitions and two disposals.</li></ul>

Earnings Focus Reduces Buybacks & Director Acquisition Filings The Hour Glass led the buyback consideration tally, buying back 795,000 shares at an average price of S$1.55 per share over two sessions.Directors or CEOs filed eight acquisitions and one disposal while substantial shareholders filed three acquisitions and two disposals.

Earnings Focus Reduces Buybacks & Director Acquisition Filings

<ul><li>Cohen & Steers increases deemed interests in Parkway Life Reit and Digital Core Reit Stamford Land Corporation led the buyback consideration tally, buying back 325 million shares at an average price of S$0.40 per share over four sessions.</li><li>On Feb 1, Cohen & Steers Capital Management also increased its deemed interest in Digital Core Reit (DCReit) to above the 5 per cent substantial shareholder threshold.</li></ul>

Cohen & Steers increases deemed interests in Parkway Life Reit and Digital Core Reit Stamford Land Corporation led the buyback consideration tally, buying back 325 million shares at an average price of S$0.40 per share over four sessions.On Feb 1, Cohen & Steers Capital Management also increased its deemed interest in Digital Core Reit (DCReit) to above the 5 per cent substantial shareholder threshold.

Cohen & Steers increases deemed interests in Parkway Life Reit and Digital Core Reit

Singapore

Thai Beverage Public Company Limited produces a wide range of branded beer and spirits in Thailand.

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Thai Beverage (THBEV SP)

Huationg Global CEO increases interest to 7.75%

Huationg Global CEO increases interest to 7.75% Olam Group bought back a total of three million shares at S$1.13 apiece over the four sessions. Ng...

Singapore Exchange Ltd (SGX)

Raffles Medical chair continues purchases; Sam Goi ups PSC stake

Share buybacks by primary-listed companies Institutions were net buyers of Singapore stocks over the five trading sessions through to Mar 21, with...

Singapore Exchange Ltd (SGX)

Thailand: Aging Poor

The political uncertainty in the past 2 decades has not subsided, in our judgment. We then expect more unpredictable disruptions and policy...

Bondcritic

Earnings Focus Reduces Buybacks & Director Acquisition Filings

Earnings Focus Reduces Buybacks & Director Acquisition Filings The Hour Glass led the buyback consideration tally, buying back 795,000 shares...

Singapore Exchange Ltd (SGX)

Cohen & Steers increases deemed interests in Parkway Life Reit and Digital Core Reit

Cohen & Steers increases deemed interests in Parkway Life Reit and Digital Core Reit Stamford Land Corporation led the buyback consideration...

Singapore Exchange Ltd (SGX)

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