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>In Oct, the STI generated a 0.7% decline in total return, with the FTSE ASEAN All-Share Index declining in total return and FTSE Asia Pacific Index declining 8%.</li><li>The trio of STI Banks averaged a 0.7% total return while the iEdge SG Adv Manufacturing Index declined 7% and the iEdge S-REIT Index declined 5.4%.</li><li>As detailed in the table above, among the 20 stocks that booked the highest net institutional inflow in Oct, Hongkong Land, Singapore Post, Wee Hur Holdings, DFI Retail Group Holdings and SATS generated the strongest total returns on the month, averaging 15.4% total returns.</li></ul>

In Oct, the STI generated a 0.7% decline in total return, with the FTSE ASEAN All-Share Index declining in total return and FTSE Asia Pacific Index declining 8%.The trio of STI Banks averaged a 0.7% total return while the iEdge SG Adv Manufacturing Index declined 7% and the iEdge S-REIT Index declined 5.4%.As detailed in the table above, among the 20 stocks that booked the highest net institutional inflow in Oct, Hongkong Land, Singapore Post, Wee Hur Holdings, DFI Retail Group Holdings and SATS generated the strongest total returns on the month, averaging 15.4% total returns.

HKL, SingPost & Wee Hur Led Net Institutional Inflow & Gainers in October

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>/LBG disclosed a revised final voluntary unconditional offer from the Ong family at S$0.68 per share, a 9.7% premium to the previous offer of S$0.62 per share. </li>
<li>The final offer price remains unattractive in comparison to peer multiples and precedent transactions. The offer is open and closes on 26 May.</li>
<li>The Ong Family aims to privatise LBG. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of around 64%, which could prove to be a challenge.</li>
</ul>



Lian Beng (LBG SP)/LBG disclosed a revised final voluntary unconditional offer from the Ong family at S$0.68 per share, a 9.7% premium to the previous offer of S$0.62 per share. 
The final offer price remains unattractive in comparison to peer multiples and precedent transactions. The offer is open and closes on 26 May.
The Ong Family aims to privatise LBG. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of around 64%, which could prove to be a challenge.


Lian Beng (LBG SP): Ong Family’s Final, Unconditional and Derisory S$0.68 Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>/LBG has disclosed a voluntary unconditional offer from the Ong family at S$0.62 per share, an 8.8% premium to the undisturbed price (6 April).</li>
<li>The offer price is unattractive in comparison to peer multiples and precedent transactions. The price is not final. As the family aims to privatise LBG, a bump is likely. </li>
<li>The offer will likely follow the <a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a> playbook, where <a href="https://www.smartkarma.com/entities/boustead-singapore-ltd" target="_blank" data-smartkarma-citation="entities:14843:1" rel="noopener">Boustead Singapore Limited (BOCS SP)</a> tabled a take-it-or-leave-it derisory 5.6% bump to its low-balled offer.   </li>
</ul>



Lian Beng (LBG SP)/LBG has disclosed a voluntary unconditional offer from the Ong family at S$0.62 per share, an 8.8% premium to the undisturbed price (6 April).
The offer price is unattractive in comparison to peer multiples and precedent transactions. The price is not final. As the family aims to privatise LBG, a bump is likely. 
The offer will likely follow the Boustead Projects (BOCJ SP) playbook, where Boustead Singapore Limited (BOCS SP) tabled a take-it-or-leave-it derisory 5.6% bump to its low-balled offer.   


Lian Beng (LBG SP): Ong Family’s Derisory Unconditional Offer at S$0.62

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>/BPL has disclosed an improved final unconditional offer from <a href="https://www.smartkarma.com/entities/boustead-singapore-ltd" target="_blank" data-smartkarma-citation="entities:14843:1" rel="noopener">Boustead Singapore Limited (BOCS SP)</a> at $0.95 per share, a 5.6% premium to the previous S$0.90 offer.</li>
<li>In response to SIAS’ call to table a fairer offer closer to 1x P/NAV, Boustead Singapore has marginally increased its offer from 0.71x to 0.75x P/NAV.</li>
<li>Boustead Singapore’s approach is to call minorities bluff by tabling a "take it or leave it" proposal instead of a fair offer. The shares are currently trading 4.2% above terms. </li>
</ul>



Boustead Projects (BOCJ SP)/BPL has disclosed an improved final unconditional offer from Boustead Singapore Limited (BOCS SP) at $0.95 per share, a 5.6% premium to the previous S$0.90 offer.
In response to SIAS’ call to table a fairer offer closer to 1x P/NAV, Boustead Singapore has marginally increased its offer from 0.71x to 0.75x P/NAV.
Boustead Singapore’s approach is to call minorities bluff by tabling a "take it or leave it" proposal instead of a fair offer. The shares are currently trading 4.2% above terms. 


Boustead Projects (BOCJ SP): Boustead Singapore’s Final S$0.95 Offer to Call Minorities’ Bluff

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>/BPL has disclosed a voluntary unconditional offer from <a href="https://www.smartkarma.com/entities/boustead-singapore-ltd" target="_blank" data-smartkarma-citation="entities:14843:1" rel="noopener">Boustead Singapore Limited (BOCS SP)</a> at S$0.90 per share, a 7.8% premium to the undisturbed price (3 February).</li>
<li>The offer price is unattractive in comparison to peer multiples, historical trading ranges and precedent transactions. However, the offer price is not final.</li>
<li>As Boustead Singapore aims to privatise BPL there is a possibility of a bump. The offer document will be despatched and the offer opens by 27 February.</li>
</ul>



Boustead Projects (BOCJ SP)/BPL has disclosed a voluntary unconditional offer from Boustead Singapore Limited (BOCS SP) at S$0.90 per share, a 7.8% premium to the undisturbed price (3 February).
The offer price is unattractive in comparison to peer multiples, historical trading ranges and precedent transactions. However, the offer price is not final.
As Boustead Singapore aims to privatise BPL there is a possibility of a bump. The offer document will be despatched and the offer opens by 27 February.


Boustead Projects (BOCJ SP): Unconditional Offer at S$0.90 from Boustead Singapore

Singapore

Wee Hur Holdings Ltd provides building construction services and acts as the management or main contractor in construction projects for both private and public sectors. The Company's clients from the private sector include property owners and developers, and those from the public sector comprise government bodies and statutory boards.

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Wee Hur Holdings (WHUR SP)

HKL, SingPost & Wee Hur Led Net Institutional Inflow & Gainers in October

In Oct, the STI generated a 0.7% decline in total return, with the FTSE ASEAN All-Share Index declining in total return and FTSE Asia Pacific...

Singapore Exchange Ltd (SGX)

Lian Beng (LBG SP): Ong Family’s Final, Unconditional and Derisory S$0.68 Offer

The token bump is unlikely to appeal to minorities. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of around...

Arun George

Lian Beng (LBG SP): Ong Family’s Derisory Unconditional Offer at S$0.62

The offer price is unattractive in comparison to peer multiples and precedent transactions. The price is not final. As the family aims to privatise...

Arun George

Boustead Projects (BOCJ SP): Boustead Singapore’s Final S$0.95 Offer to Call Minorities’ Bluff

Boustead Singapore’s approach is to call minorities bluff by tabling a "take it or leave it" proposal instead of a fair offer. The shares are...

Arun George

Boustead Projects (BOCJ SP): Unconditional Offer at S$0.90 from Boustead Singapore

The offer is unremarkable. As Boustead Singapore aims to privatise BPL there is a possibility of a bump. The offer document will be despatched and...

Arun George

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