SGX
14 Sep 2023
Circular No. GEN - 22 of 2023
News Release: SGX Group announces new structure to scale multi-asset business
Michael Syn, in his new role as President and Head of Global Markets Division, will oversee all asset classes
New structure will harness the strengths of our multi-asset offering to capture growth opportunities in Asia and beyond
Singapore Exchange (SGX Group) today announced a new structure to capitalise on the strengths of its multi-asset offering, and further scale the business across products and platforms.
To seize the increase in growth opportunities globally, the following key changes will take effect from 1 October 2023:
All our business lines, except for Indices, will be under the purview of Michael Syn in his new role as President and Head of Global Markets Division. The Global Markets Division will cover all our asset classes – Equities, Fixed Income, Currencies and Commodities. Lee Beng Hong will head newly formed Wholesale Markets & Platforms, building on the leadership position of SGX FX which has expanded substantially beyond FX futures to include FX technology and workflow solutions. This will allow us to achieve the twin objectives of developing our multi-asset offering and further scaling our geographical and client coverage.
Indices will be led by Chief Financial Officer Ng Yao Loong, who will oversee the strategic development of our Indices business, focusing on partnerships to augment our offering. SGX Indices will continue to build on Scientific Beta’s differentiated strengths in thought leadership, research and intellectual property (IP) creation, as well as iEdge’s proposition in driving AUM growth in structured products and ETFs.
We will leverage both our technological resilience and operational capabilities under Tinku Gupta who will be appointed as Chief Information Officer overseeing Technology and Operations. She will work with our Head of Operations and Market Services, Nico Torchetti, to enhance service delivery for existing customers and co-create new solutions to meet evolving expectations of retail consumers and institutional clients.
Loh Boon Chye, Chief Executive Officer, SGX Group, said, “As an exchange built on a strong foundation in securities and derivatives, SGX Group has over the years transformed to become a highly-valued multi-asset business for customers and partners around the world. More and more global investors are turning to our trusted international marketplaces to invest and manage portfolio risk across asset classes. Our new structure will enable us to capitalise on the immense growth opportunities from rising capital flows into Asia.”
Phillip Capital Market Reports:
Daily Morning Note https://mailchi.mp/phillip/phillip-morning-note-256199?e=ffecca3682
US Market
OCBC
DBS
US Consumer Price Index (CPI) rises to 3.7% in Aug (vs 3.6% estimate and 3.2% in Jul), mainly on higher oil prices
Softbank’s chip design company Arm secures US$54.5bn valuation in IPO
Citi plans layoffs amid its biggest restructuring; Google plans to cut jobs in its global recruiting organisation
Latest changes: DBS Equity Picks
DBS Equity Picks have consistently outperformed market benchmarks since inception.
NEW REMOVAL(S)
Remove CapitaLand Ascendas REIT from Dividend category (Singapore)
Global Pharmaceutical Sector
Riding on the breakthrough of Alzheimer’s disease treatment
With 39m patients globally and no drug to tackle the major cause, Alzheimer’s disease (AD) is an area with largely unmet demand
Breakthrough seen in 2023, as Eli Lilly (LLY US) and Eisai (4523 JP) are launching drugs to tackle major cause of AD – beta-amyloid
In slowing down onset of AD, Eli Lilly is more effective than Eisai (35% vs. 27%). It is pending US FDA approval – a potential share price driver
Which counter could be a potential beneficiary?
Click here to read our views
Thai Beverage (THBEV SP)
Cheers to visa waiver for Chinese tourists
The return of Chinese tourists could provide another leg of growth to consumption demand for Thai Bev’s spirits and beer segment
Thailand’s visa waiver for Chinese tourists should help offset the seasonal lull Chinese tourist arrivals from Sept-Nov, and provides a lift to overall tourist arrivals from October heading into the overall high season months for tourist arrivals from Nov-Feb
Do we see gradual upside bias for Thai Bev shares?
Click here to read our views
Microport Scientific (853 HK)
Path to narrowing losses as R&D bears fruit
1H23 net loss narrowed by 18% y-o-y to US$163m, in line
Widened FY23F-24F net loss by 23%-64% to factor in potential price cuts, yet still expect 2H23 loss to narrow by 46% y-o-y on contribution from new products and overseas expansion
Share price fell 17% in one month; current FY24F EV to Sales at 3.5x, substantially below 5-yr avg of 6.6x
Are the negatives priced in?
Click here to read our views
DBS Group Research | Equity Picks
Singapore Equity Picks: Read more
Hong Kong Equity Picks: Read more
UOB
UOBKH: Country Dailies: Thursday, September 14, 2023
Click on the link for Greater China Daily.
Click on the link for Indonesia Daily.
Click on the link for Malaysia Daily.
Click on the link for Singapore Daily.
Click on the link for Thailand Daily.
UOBKH: Retail Market Monitor: Thursday, September 14, 2023
Click on the link for details.
UOBKH: Regional Morning Meeting Notes: Thursday, September 14, 2023
Click on the link for details.
KGI
Trendspotter of the day (SIN/HKG/MAL): 14th September 2023
SIN
Bullish upside in an early stage
Another corrective leg down for Keppel
Selling into exhaustion
HKG
Bullish continuation
MAL
Strong breakout
At 21-month high
kgi: Technical Analysis: 14 September 2023
Technical Analysis: 14 September 2023
🇸🇬 SG
Rex International (REXI SP)
Wilmar International Ltd. (WIL SP)
🇭🇰 HK
Yankuang Energy Group Co Ltd (1171 HK)
China Shenhua Energy Co Ltd (1088 HK)
Read More: https://www.kgieworld.sg/research/sep14ta23
Top Stories, 14 Sep 2023
1. Stock futures are little changed as Wall Street eyes another inflation report: Live updates
2. HKEX’s Hang Seng TECH Index Futures and Options are the first exchange-traded derivatives contracts to track the Index, providing investors with a new tool to manage risks in their exposures to Hong Kong-listed technology companies
Find out more: https://www.kgieworld.sg/futures/hkex-hang-seng-tech-index
3. Oil dips as surprise US crude stockbuild faces supply cuts
4. Chevron Australia LNG workers set to begin two-week total strikes
5. Beijing “Has Plenty Of Dry Powder,” Can Manage Economic Stresses: U.S-China Business Forum
6. Fitch forecasts US recession in H1 2024, another Fed rate hike is also expected
CIMB
ASEAN: CGS-CIMB ASEAN Daily - 14 September 2023
Equity Research Reports....
▍IDEA OF THE DAY (IOD)...
MAL: Malaysia Airports Holdings (ADD▲, tp:MYR7.76▲) - Exciting times to return (13/9)
We upgrade MAHB from Hold to Add, as we expect re-rating catalysts and potential upside surprises in 2H23F, plus dividend yield of 4.5% in FY24F. Commercial rentals in Malaysia are likely to rise strongly in FY24F, while the new OA and MAVCOM’s new tariffs may also surprise on the upside. We raise our SOP-based TP to RM7.76, as we roll-forward to end-CY24F, and factor in the government’s contribution to the Airport Development Fund.
▌ TARGET PRICE CHANGES
THB: Delta Electronics (Thailand) (REDUCE, tp:THB75.00▲) - Improved component supply to drive sales (13/9)
▌ SECTOR & COMPANY NOTES
MAL: Semiconductor (UNDERWEIGHT) - Added volatility to a challenging market (13/9)
▌ RECENT 'IDEAs OF THE DAY'...
THB: Oil & Gas Refinery (UNDERWEIGHT) - Diesel-led GRM recovery in 2H23F (12/9)
THB: Hospitals (OVERWEIGHT) - A race for medical tourism in Thailand (8/9)
THB: Travel & Leisure - Overall (OVERWEIGHT) - Visa requirement may be lifted for Chinese (5/9)
MAL: Semiconductor (UNDERWEIGHT) - Risk-reward not appealing (16/8)
IND: Astra International (ADD, tp:IDR7,925.00) - What the competitors are up to (14/8)
APAC: ASIA Pacific Daily - 14 September 2023
Equity Research Reports....
▍IDEA OF THE DAY (IOD)...
MAL: Malaysia Airports Holdings (ADD▲, tp:MYR7.76▲) - Exciting times to return (13/9)
We upgrade MAHB from Hold to Add, as we expect re-rating catalysts and potential upside surprises in 2H23F, plus dividend yield of 4.5% in FY24F. Commercial rentals in Malaysia are likely to rise strongly in FY24F, while the new OA and MAVCOM’s new tariffs may also surprise on the upside. We raise our SOP-based TP to RM7.76, as we roll-forward to end-CY24F, and factor in the government’s contribution to the Airport Development Fund.
▌ TARGET PRICE CHANGES...
CHN: M&G Stationery Inc (ADD, tp:CNY64.00▼) - Accelerating retail store recovery in 2H23F (13/9)
KR: LX Semicon (ADD, tp:KRW93,000.00▼) - Negatives are already priced in (13/9)
THB: Delta Electronics (Thailand) (REDUCE, tp:THB75.00▲) - Improved component supply to drive sales (13/9)
▌ SECTOR & COMPANY NOTES...
CHN: Consumer - Overall (OVERWEIGHT) - Better sales growth likely in 2H23F (13/9)
CHN: Property - Overall (OVERWEIGHT) - Key takeaways from visit to GZ projects (13/9)
MAL: Semiconductor (UNDERWEIGHT) - Added volatility to a challenging market (13/9)
▌ RECENT 'IDEAs OF THE DAY'...
THB: Oil & Gas Refinery (UNDERWEIGHT) - Diesel-led GRM recovery in 2H23F (12/9)
THB: Hospitals (OVERWEIGHT) - A race for medical tourism in Thailand (8/9)
THB: Travel & Leisure - Overall (OVERWEIGHT) - Visa requirement may be lifted for Chinese (5/9)
KR: Samsung Electronics (ADD, tp:KRW115,000.00▲) (HC) - Entering Nvidia’s AI GPU supply chain (1/9)
KR: Amorepacific Corp (ADD▲, tp:KRW160,000.00▲) - Strong travel retail recovery expected (22/8)
Lim&Tan
MayBank
HK: DIM SUM DAILY
MY: TRADERS’ ALMANAC TH: THAILAND REITS
My EG Services (MYEG MK)
CPN Retail Growth REIT (CPNREIT TB)
Frencken Group Ltd (FRKN SP)
Bermaz Auto Berhad (BAUTO MK)
Bloomberry Resorts (BLOOM PM)
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