Singapore Exchange (SGX)
26-11-2015, 05:00 PM
(26-11-2015, 04:49 PM)Temperament Wrote: May I know your 2014 5.7% dividend was Total dividend / ? Hi Uncle Temp, The calculation was (Total dividend received in 2014) / (NAV @ 1 Jan 2014) It is a very simplified approach. I don't know how STI has derived the yield, but it should be an more elaborated approach.
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
28-11-2015, 06:57 AM
[Image: 1426202869651.png] by Tony Featherstone Floats and backdoor listings are booming in a flat sharemarket. More initial public offerings (IPOs) are leaping on debut and an unusually large number are delivering strong returns. Several IPOs in November and October have soared. Motoring products provider PWR Holdings is up 80 per cent on its issue price. Skincare products group BWX has rallied 87 per cent. Baby Bunting Group is up 64 per cent. These and other extraordinary gains have prompted fund managers to liken this year's IPO activity to the late stages of a bull market. "We are seeing top-of-the-market valuations for IPOs," says Celeste Funds Management's chief investment officer, Frank Villante. "The amount of IPO euphoria is extreme." Smart Investor Weekend analysis shows 74 IPOs this year have delivered an average share-price gain of 22 per cent relative to their issue price. With the S&P/ASX 200 index down slightly this calendar year, the IPO performance defies expectation. In a depressed sharemarket, IPOs volumes should slow and price gains after listing should, in theory, be conservative. But there has been a frenzy for stock in the best IPOs. EARNINGS CERTAINTY Poor returns from the top 200 stocks are forcing more fund managers to buy small and mid-cap stocks. IPOs have been one of this year's better ways to add "alpha" (a return above the market return) to portfolios, at least in the short term, albeit with higher risk. Further, in an uncertain economy, IPOs, strangely, have offered greater earnings certainty, for six months or a year after listing. "Perversely, the market has taken the view that IPOs are a safer place to hide or hibernate," says Villante. "This is the time to be selling IPOs, not buying them. A time will come when the music stops and the number of chairs available in the room is limited." Floats are normally hostage to investor sentiment. A bull market unleashes a wave of floats and speculative activity, and a bear market stops IPOs in their tracks. But investors have chased floats higher this year despite greater sharemarket volatility. "The IPO market has become incredibly contested," says Microequities Asset Management's chief investment officer, Carlos Gil. "Stagnant sharemarket returns are forcing more fund managers to look down the market for higher returns. Managers who usually focus on large-cap stocks are increasingly seeking stock allocations in small floats." Differences between this year's IPO market and last year's are stark. The 2014 market broke records with $18.6 billion raised, led by the blockbuster Medibank Private float. However, the average share price gain for IPOs last year was only 8 per cent. This year's IPO market has raised $7.3 billion, ASX data shows. Although a quieter market for corporate advisers, the 2015 crop of IPOs has been a beauty for investors who secured stock in the best floats or bought upon listing. First-day gains have featured. Remarkably, the opening price for IPOs this year on average has been 12 per cent higher than the issue price, Smart Investor Weekend analysis shows. Simply, more floats have spiked on debut because of pent-up investor demand. MORE STARS THAN USUAL On cue, fund managers have grumbled about allocations in the best IPOs being heavily scaled back or unavailable. Still, investors who bought all IPOs this year at their opening price, when stock was readily available, are up an average 8 per cent. Averages, of course, can deceive. But this year's IPO market has more stars than usual. Winning IPOs so far outnumber losers by about two to one, the highest ratio since the 2006 bull market in equities. A better sign is larger IPOs rewarding investors. The retirement village provider Gateway Lifestyle Group and the salary packager Eclipx Group are up about 50 per cent on their issue prices. Vet practice consolidator National Veterinary Care is up 35 per cent. Vitamins manufacturer Vitaco Holdings has risen 36 per cent and the non-bank lender Pepper Group and the telco Amaysim Holdings have rallied. The keenly sought intellectual property company Xenith IP Group has rallied 20 per cent in less than two weeks after listing this month. And the year's largest float, the share registry Link Administration Holdings, is up 16 per cent in a few months. There are several theories for the stronger-than-expected price gains. John Campbell, managing director of Avoca Investment Management, believes IPO standards have improved. "The quality of this year's IPO pipeline has generally been pretty good. That said, valuations have been very full and it's been hard to find genuine value." ANNUITY-STYLE EARNINGS Campbell says pent-up IPO supply and demand since the 2008-09 GFC is another factor. "Private equity vendors, to their credit, quickly recognised the market would pay more for quality industrial companies with annuity-style earnings and above-average growth prospects. We haven't seen the lower-quality cyclical floats in resources or mining services that characterised the IPO market before and after the GFC." Microequities' Gil says intensifying competition in small-cap and micro-cap investing is boosting IPO demand. "A plethora of new investment managers has moved into that space in the past five years. The market is so tough at the large-cap end that it is hard to get an edge. As institutional investors focus more on smaller stocks, there is increasing appetite and competition for stock allocations in the better-quality IPOs." Gil says favourable valuations for industrial companies and relatively stable financial markets are encouraging private companies to list. "The IPO market is being renewed and rejuvenated through the number and diversity of companies coming to market. Private companies are being enticed to go public, such is the demand for new offerings." Technology is another factor. More IPOs and backdoor listings this year have been for tech companies or industrial enterprises that benefit from new technology. Gil likens the interest in tech stocks to the early stages of the 2000 dot-com boom. "The family offices of high-net-worth investors are showing a lot more interest in investing directly in technology stocks and IPOs, or in venture capital funds that invest in them. There's a whole new class of investors looking at tech stocks and IPOs much closer." Tech companies are driving the backdoor listings boom on the ASX. These listings typically involve a dormant ASX-listed company acquiring the shares or assets of an unlisted company, usually in exchange for shares in the listed company, after shareholder approval. A struggling junior explorer, for example, might acquire the assets of a private tech company and change its name, focus, assets, control, management and board. At least 40 backdoor listings have occurred on the ASX this year and dozens more are in the pipeline. That compares with 28 backdoor listings in 2014 and 19 in 2013. The end of the mining investment boom and the resurgence in tech stocks has created ideal conditions for backdoor listings. Soaring price gains in the human resources platform 1-Page, Asia-focused social-media provider Migme, and the technology provider Rhipe have sparked greater investor interest in backdoor listings and encouraged emerging tech firms to favour this structure over an IPO to raise capital and list on the ASX.
30-11-2015, 08:03 AM
So much talk about making bonds available to retailers and yet SGX simply don't care about retailers... they are too small to be bothered with....
GX's bond trading platform for institutional and accredited investors Published 2 hours ago We thank Mr Denis Distant for his feedback ("Is dark pool trading really the way to go?"; last Tuesday), which was in response to the article, "SGX to open dark pool in bond trading push" (Nov 19). The article was referring to the Singapore Exchange's (SGX) platform that facilitates trading of wholesale Asian bonds, SGX Bond Pro. This is for bonds, not for equities, and is available to institutional and accredited investors such as global asset managers, private banks and investment banks. Such bonds are typically traded bilaterally (or over the counter), unlike equities. SGX Bond Pro was developed in collaboration with an industry steering committee comprising wholesale participants in the corporate bond market. They told us of the need to trade in a centralised venue that does not disclose their interest to others, so that they can place large orders without adversely affecting the bond's price. This is because participants are likely to change the price if they see a lot of demand or supply in the market. SGX Bond Pro provides this assurance of privacy and reduces search costs for participants. The SGX closely monitors global regulations, and we are aware of regulatory scrutiny of dark pools, particularly in the United States. The scrutiny relates primarily to equity liquidity pools operated by non-exchange affiliated entities, for instance, financial institutions with proprietary trading desks. These raise concerns of undisclosed conflicts of interest, unequal access and failures to protect client information. SGX Bond Pro addresses conflict-of-interest concerns by operating as a neutral and licensed market infrastructure provider, which does not have any proprietary trading or affiliates that trade bonds. We have procedures in place to ensure equal access and market monitoring, to identify and address irregular activity. We also apply strict standards of protection around confidential client information. These are all part of SGX's commitment towards ensuring fair and orderly markets. Tsai Li Renn Head of Fixed Income Trading Singapore Exchange
30-11-2015, 10:20 AM
basically due to low liquidity and high compliance costs...
http://www.zaobao.com.sg/realtime/singap...130-554630 多家公司除牌和停牌
沈越 2015年11月30日 0901 [font=宋体, Arial, Helvetica, sans-serif]（联合早报网讯）西伯尔科技（Sinotel Technologies）和收购其80.5％股份的Advance Technology Holding今天宣布，将西伯尔科技从新加坡交易所退市除牌（delist），因为其交易流动性太低，而上市合规成本又高。 [font=宋体, Arial, Helvetica, sans-serif]西伯尔科技在今年3月纳入新交所的“观察名单”（Watchlist），即连续三个财年出现税前亏损且市值低于4000万元的上市公司行列。被列入观察名单后必须在24个月里改善情况，否则就会被新交所要求停牌及除牌。[/font] [font=宋体, Arial, Helvetica, sans-serif]中国纤科（China Fibretech）今天也宣布停牌。此外，主板挂牌公司中渔集团（China Fishery Group）宣告由临时清盘人接管，它和也在主板挂牌的母公司太平洋恩利资源发展（Pacific Andes Resources Development）的股票，即日起都从暂停交易转为停牌。[/font][/font]
09-12-2015, 06:37 PM
'Trade with Caution' alerts to be more detailed, targeted: SGX
The Singapore Exchange says it will be more selective when issuing "Trade With Caution" alerts. The new alerts could also include information gathered from its review of trading activities. SINGAPORE: The Singapore Exchange (SGX) said on Wednesday (Dec 9) that it will be more selective when issuing “Trade with Caution” (TWC) alerts. Currently, TWC alerts are generated automatically when a firm says that it is not aware of reasons that could explain the unusual trading in its shares. This follows a query from SGX. “SGX’s public query to a company on unusual share trading already serves as a red flag to investors. To make clearer our concerns about certain unusual activities, we will issue when necessary, the TWC announcements as a second-level heightened alert," SGX Chief Regulatory Officer Tan Boon Gin said in a statement. SGX will include, where warranted, information gathered from its review of trading activities, he added. The Singapore bourse operator said the changes follow feedback from investors, market participants and other stakeholders about the current high volume of TWC announcements with little new information. In the financial year ended Jun 30, 2015, SGX issued 85 public queries that were followed by 47 TWC announcements. TWC alerts were introduced in March 2014 to draw investors’ attention to unusual trading of a security as well as to remind them that the trading activities were not the result of publicly-known factors. http://www.channelnewsasia.com/news/busi...32612.html
Winston Churchill:-
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.” "The farther backward you can look, the farther forward you are likely to see."
28-12-2015, 08:31 PM
Today trade value S$420M , seems low due to holiday mood ?
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
28-12-2015, 11:55 PM
(28-12-2015, 08:31 PM)cfa Wrote: Today trade value S$420M , seems low due to holiday mood ? remisier sources indicated many went home without breaking the duck... It appears to be a fundamental issue of depth and quality of the listings in addition to the lacklustre holiday trading... Interestingly, mkt is not worth monitoring as prices hardly changed from trading starts to day end... Even on my core holdings, I oso give up monitoring... GG
29-12-2015, 12:26 PM
We boast to be World class regional financial centre , more delisting then listing in the pipeline , even resorting to junk bond listings .
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over. |
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