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>The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%.</li><li>Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.</li><li>Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.</li></ul>

The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%.Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.

25 Most Net Sold Stocks by Retail in May Averaged 9% Total Returns

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Lone Star acquires Yokohama apartment block from Mapletree for hotel project, expanding their investment portfolio in the real estate sector.</li><li>Former executives from BlackRock and CapitaLand, including Simon Treacy, are taking on leadership roles in the energy startup PolarBlue.</li><li>It is important to stay positive and keep moving forward in the face of challenges, as success is attainable with perseverance and determination.</li></ul>

Lone Star acquires Yokohama apartment block from Mapletree for hotel project, expanding their investment portfolio in the real estate sector.Former executives from BlackRock and CapitaLand, including Simon Treacy, are taking on leadership roles in the energy startup PolarBlue.It is important to stay positive and keep moving forward in the face of challenges, as success is attainable with perseverance and determination.

Asia Real Estate Tracker (24-Apr-2025): Lone Star buys Yokohama block for hotel project.

<ul><li>Warburg Pincus partners with Eastgate to acquire Tokyo office as part of Life Sciences joint venture, expanding their investment portfolio.</li><li>Greystar purchases GIC-Wee Hur Aussie student housing for $1B, solidifying their presence in the Australian real estate market.</li><li>Iron Mountain makes strategic move by acquiring Web Werks, an Indian data center group, enhancing their capabilities in the data management sector.</li></ul>

Warburg Pincus partners with Eastgate to acquire Tokyo office as part of Life Sciences joint venture, expanding their investment portfolio.Greystar purchases GIC-Wee Hur Aussie student housing for $1B, solidifying their presence in the Australian real estate market.Iron Mountain makes strategic move by acquiring Web Werks, an Indian data center group, enhancing their capabilities in the data management sector.

Asia Real Estate Tracker (03-Apr-2025): Warburg Pincus buys Tokyo office in life sciences JV.

<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

Singapore

Wee Hur Holdings Ltd. is a Singapore-based investment holding company primarily engaged in construction, property development, fund management, and alternative investments. The company constructs residential, industrial, institutional, and commercial properties, and develops and sells residential and industrial properties in Singapore and mixed-use properties in Australia. It also operates workers' dormitories and purpose-built student accommodation. Wee Hur Holdings was founded in 1980 and is headquartered in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Wee Hur Holdings (WHUR SP)

25 Most Net Sold Stocks by Retail in May Averaged 9% Total Returns

The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%. Retail investors net sold S$280...

Singapore Exchange Ltd (SGX)

Asia Real Estate Tracker (24-Apr-2025): Lone Star buys Yokohama block for hotel project.

Lone Star acquires Yokohama property for hotel, Simon Treacy takes chair at PolarBlue. Keep moving forward!

Asia Real Estate Tracker

Asia Real Estate Tracker (03-Apr-2025): Warburg Pincus buys Tokyo office in life sciences JV.

Warburg Pincus makes multiple acquisitions in Japan and India, while Greystar acquires Australian student housing in billion-dollar deals.

Asia Real Estate Tracker

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)