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>While Singapore's exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep drops.</li><li>External factors also affect the prospects of the iEdge SG Advanced Manufacturing Index's most traded stocks.</li><li>Some of the most traded index stocks, such as Yangzijiang Shipbuilding, Dyna-Mac and Food Empire, have high P/B ratios compared to their historical averages, indicating strong market valuation.</li></ul>

While Singapore's exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep drops.External factors also affect the prospects of the iEdge SG Advanced Manufacturing Index's most traded stocks.Some of the most traded index stocks, such as Yangzijiang Shipbuilding, Dyna-Mac and Food Empire, have high P/B ratios compared to their historical averages, indicating strong market valuation.

Taking Stock of Singapore’s Trade Contraction in 2023 

<ul><li>Wing Tai chairman Cheng Wai Keung continues building deemed interest Heavy lifting specialist Sin Heng Heavy Machinery also bought back 648,200 shares at an average price of S$0.49 per share.</li><li>Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares.</li></ul>

Wing Tai chairman Cheng Wai Keung continues building deemed interest Heavy lifting specialist Sin Heng Heavy Machinery also bought back 648,200 shares at an average price of S$0.49 per share.Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares.

Wing Tai Chair Cheng Wai Keung Continues Building Deemed Interest

<ul><li>Banks lead Q3 2023 net institutional inflow INSTITUTIONS were again net buyers of Singapore stocks over the five trading sessions through to Oct 5, with S$100 million of net institutional inflow, and 24 primary-listed companies conducting buybacks with a total consideration of S$38.5 million.</li><li>ComfortDelGro saw S$71 million of net institutional fund inflow in Q3 2023, after booking S$44 million of net institutional fund outflow in H1 2023.</li></ul>

Banks lead Q3 2023 net institutional inflow INSTITUTIONS were again net buyers of Singapore stocks over the five trading sessions through to Oct 5, with S$100 million of net institutional inflow, and 24 primary-listed companies conducting buybacks with a total consideration of S$38.5 million.ComfortDelGro saw S$71 million of net institutional fund inflow in Q3 2023, after booking S$44 million of net institutional fund outflow in H1 2023.

Banks lead Q3 2023 net institutional inflow

<ul><li>Wilmar chairman Kuok, QAF MD Lin Kejian continue to build interests OCBC led the share buyback consideration tally, buying back 2 million shares at an average price of S$12.67 per share, followed by Olam Group, which bought back 7 million shares at an average price of S$1.08 per share.</li><li>Between Sep 13 and Sep 15, QAF joint group managing director and executive director Lin Kejian acquired 945,600 shares at an average price of S$0.824 per share.</li></ul>

Wilmar chairman Kuok, QAF MD Lin Kejian continue to build interests OCBC led the share buyback consideration tally, buying back 2 million shares at an average price of S$12.67 per share, followed by Olam Group, which bought back 7 million shares at an average price of S$1.08 per share.Between Sep 13 and Sep 15, QAF joint group managing director and executive director Lin Kejian acquired 945,600 shares at an average price of S$0.824 per share.

Wilmar’s Chairman Kuok & QAF MD Lin Kejian Continue to Build Interests

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>Thailand has finally had Mr. Sretha Thavisin as the 30th Prime Minister (PM) of Thailand on 22-August.</li>
<li>The PTP decided to betray its voters to cross  the aisle to join the conservative side.</li>
<li>We believe the potential surge in the Thai stock performance should be the time to de-risk.</li>
</ul>


Thailand has finally had Mr. Sretha Thavisin as the 30th Prime Minister (PM) of Thailand on 22-August.
The PTP decided to betray its voters to cross  the aisle to join the conservative side.
We believe the potential surge in the Thai stock performance should be the time to de-risk.


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)

Taking Stock of Singapore’s Trade Contraction in 2023

While Singapore's exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep...

Singapore Exchange Ltd (SGX)

Wing Tai Chair Cheng Wai Keung Continues Building Deemed Interest

Wing Tai chairman Cheng Wai Keung continues building deemed interest Heavy lifting specialist Sin Heng Heavy Machinery also bought back 648,200...

Singapore Exchange Ltd (SGX)

Banks lead Q3 2023 net institutional inflow

Banks lead Q3 2023 net institutional inflow INSTITUTIONS were again net buyers of Singapore stocks over the five trading sessions through to Oct...

Singapore Exchange Ltd (SGX)

Wilmar’s Chairman Kuok & QAF MD Lin Kejian Continue to Build Interests

Wilmar chairman Kuok, QAF MD Lin Kejian continue to build interests OCBC led the share buyback consideration tally, buying back 2 million shares...

Singapore Exchange Ltd (SGX)

Thailand : The Empire Strikes Back

Thai politics entered an uncharted territory where many voters view the current coalition as a betrayal of their trust and we believe the surge in...

Bondcritic

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