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

<div><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.</strong>&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></div>
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<h2>The Hour Glass Limited</h2>
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<h3>It’s About Time!</h3>
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<p>Record FY22F earnings anticipated, due to strong consumer sentiment amid the 2021 bull market</p>
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<p>Frontloading of consumer spending ahead of GST hikes to support FY23F sales</p>
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<p>Healthy long-term industry outlook with four-year CAGR of 6%, driven by Asia’s growing wealthy</p>
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<p>Initiate coverage with BUY with TP of S$2.62, implying potential upside of 30%</p>
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<p><strong>Initiate with a BUY and TP of S$2.62, offering a potential upside of 30%.</strong> We anticipate record earnings in FY22F, driven by the V- shaped recovery in the luxury goods industry in 2021. Over the longer term, we estimate the Group to add six retail boutiques, which should drive a firm earnings growth of 12% by FY25F.</p>
<p><strong>Record-level sales anticipated in FY22F.</strong> The Group witnessed record earnings in 1H22 (six mths ending 30 Sept 21), with revenue and net profit rising 63% and 110% y-o-y, respectively. Webelievethisissupportedbythebullishstockmarketin2021, which drove consumer sentiment, and the shift in domestic spending from travel towards luxury goods. We anticipate this trend to continue in 2H22 on the back of seasonal demand and as consumption on luxury goods stays firm.</p>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.






The Hour Glass Limited




It’s About Time!






Record FY22F earnings anticipated, due to strong consumer sentiment amid the 2021 bull market


Frontloading of consumer spending ahead of GST hikes to support FY23F sales


Healthy long-term industry outlook with four-year CAGR of 6%, driven by Asia’s growing wealthy


Initiate coverage with BUY with TP of S$2.62, implying potential upside of 30%






Initiate with a BUY and TP of S$2.62, offering a potential upside of 30%. We anticipate record earnings in FY22F, driven by the V- shaped recovery in the luxury goods industry in 2021. Over the longer term, we estimate the Group to add six retail boutiques, which should drive a firm earnings growth of 12% by FY25F.
Record-level sales anticipated in FY22F. The Group witnessed record earnings in 1H22 (six mths ending 30 Sept 21), with revenue and net profit rising 63% and 110% y-o-y, respectively. Webelievethisissupportedbythebullishstockmarketin2021, which drove consumer sentiment, and the shift in domestic spending from travel towards luxury goods. We anticipate this trend to continue in 2H22 on the back of seasonal demand and as consumption on luxury goods stays firm.


















(SGX 보고서 제외) The Hour Glass Limited - 이제 때가 왔습니다!