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.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

<ul><li>Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62.  </li><li>Non-REIT SMIDs with ROEs above 10% showed a median ROE of 29.8% and median P/B of 2.9x.  </li><li>S-REITs had lower ROEs, with Alpha Integrated REIT at 13.2%, influenced by distribution yields and asset quality.</li></ul>

Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62.  Non-REIT SMIDs with ROEs above 10% showed a median ROE of 29.8% and median P/B of 2.9x.  S-REITs had lower ROEs, with Alpha Integrated REIT at 13.2%, influenced by distribution yields and asset quality.

Capital Efficiency Continued to Support SGX SMID Valuations 

MoneyMax

Capital Efficiency Continued to Support SGX SMID Valuations