Categories
Investor Education
  • நிதி கல்வியறிவு (Financial Literacy)

    Source: Ravi Abeysuriya, CFA
    Date Submitted: 04 Aug 2019
    Views: 46
    Downloads: 4
    A guide for the general public helps develop a better understanding of personal finances. It details topics such as financial independence and wealth, personal financial planning and others. (In Tamil)
  • TalkingPoints: The S&P/ASX 300 Shareholder Yield Index

    Source: Izzy Wang, Tianyin Cheng
    Date Submitted: 04 Aug 2019
    Views: 49
    Downloads: 0
    The S&P/ASX 300 Shareholder Yield Index seeks to measure the performance of 40 stocks from the S&P/ASX 300 with the highest shareholder yield, which is a combination of common dividend and common share buybacks. 
  • VIDEO: Exploring the low volatility anomaly

    Source: Tim Edwards, Craig Lazzara
    Date Submitted: 02 Aug 2019
    Views: 423
    Downloads: 0
    What’s driving the rise of low volatility strategies globally? S&P DJI’s Tim Edwards and Craig Lazzara challenge conventional wisdom about risk and return while discussing latest research on the low volatility anomaly. (Video: 8 min.)
  • FTSE Russell China Bond Research Report - July 2019

    Source: FTSE Russell
    Date Submitted: 02 Aug 2019
    Views: 49
    Downloads: 8
    A quarterly report by FTSE Russell provides insights into the China bond market, including performance of the FTSE Russell China Bond Indexes.
  • Smart Sustainability: Examining regional appeal  

    Source: FTSE Russell
    Date Submitted: 25 Jul 2019
    Views: 932
    Downloads: 29
    Analysis of investors’ motivations for applying ESG considerations to smart beta, the factors that are causing  regional differences in demand, and the outlook for smart sustainability, based on FTSE Russell's annual smart beta survey.
     
  • Easing-cycle optimism outweighs macro worries

    Source: Philip Lawlor, managing director, head of global markets research, FTSE Russell
    Date Submitted: 25 Jul 2019
    Views: 412
    Downloads: 0
    Equity markets have been rallying on the decisively dovish turn in Fed's and ECB's positioning and the optimism about the macro rewards it can bring. But a mismatch between market expectations and incoming economic signals persists.
  • Risk-adjusted SPIVA® US Scorecard

    Source: Berlinda Liu, Aye Soe, Hamish Preston
    Date Submitted: 25 Jul 2019
    Views: 50
    Downloads: 1
    The SPIVA U.S. Scorecard reports on the performance of actively managed U.S. mutual funds against their respective benchmark indices, evaluating managers’ performance through a risk lens.
  • VIDEO: Powering ESG with Data: S&P DJI ESG Scores

    Source: Mona Naqvi, Manjit Jus
    Date Submitted: 25 Jul 2019
    Views: 505
    Downloads: 0
    A powerful new data set is redefining the ESG toolkit. S&P DJI’s Mona Naqvi and RobecoSAM’s Manjit Jus discuss what’s captured by S&P DJI ESG Scores, and how investors can use this data to inform their ESG decisions. (Video: 10 min.)
  • TalkingPoints: The S&P Listed Private Equity Index

    Source: Mahavir Kaswa, Tianyin Cheng
    Date Submitted: 25 Jul 2019
    Views: 551
    Downloads: 22
    The S&P Listed Private Equity Index follows the performance of the leading publicly listed private equity companies that meet specific size, liquidity, exposure, and activity requirements.
  • The size exposure spectrum and factor tilts

    Source: FTSE Russell Applied Research Team
    Date Submitted: 17 Jul 2019
    Views: 603
    Downloads: 26
    Capitalization weighting, equal weighting and inverse market-capitalization weighting schemes are special cases of a more general class of factor tilt indexes that embed specific and explicit levels of size exposure. 
  • Are the Eurozone and the ECB turning Japanese?

    Source: Philip Lawlor, managing director, global markets research, Robin Marshall, director, fixed income research FTSE Russell
    Date Submitted: 17 Jul 2019
    Views: 624
    Downloads: 0
    As ECB President Mario Draghi expresses concerns about the slowdown in the Eurozone, what lessons can the ECB learn from Japan's experience and what scope is there for further quantitative easing?
  • Linking CAPEX and human capital to investment opportunity

    Source: Izzy Wang
    Date Submitted: 17 Jul 2019
    Views: 722
    Downloads: 0
    Human capital, physical capital, and technology have been widely recognized as a fundamental source of economic growth. Companies investing in CAPEX, R&D and human capital are more likely to generate long-term growth.
  • A case for dividend growth strategies

    Source: Tianyin Cheng, Izzy Wang, Vinit Srivastava
    Date Submitted: 17 Jul 2019
    Views: 667
    Downloads: 27
    Stocks with a history of dividend growth present a compelling investment opportunity in an environment of potential volatility and rising rates. Such companies provide exposure to high-quality and greater income over time.
  • The case for dividend futures contracts

    Source: Tianyin Cheng
    Date Submitted: 13 Jul 2019
    Views: 472
    Downloads: 0
    The S&P 500 Dividend Points Index tracks dividend payments of S&P 500 constituents, based on a fixed initial market capitalization, independent of equity price changes.
  • VIDEO: Potential of passive investing in India

    Source: Akash Jain
    Date Submitted: 10 Jul 2019
    Views: 416
    Downloads: 0
    What's the potential of passive investing in India? S&P DJI’s Akash Jain discusses the forces driving the adoption of passive investment in India through the lens of U.S. market trends. (Video: 4 min.)
  • How does factor-based investing work in the China A-market?

    Source: Liyu Zeng
    Date Submitted: 09 Jul 2019
    Views: 590
    Downloads: 0
    Factor-based investing has gained popularity in the global investment community, especially in developed equity markets. However, some believe that inefficiencies in emerging markets could create even better opportunities.
  • Three risks to the "Powell Put" feel-good movement

    Source: Philip Lawlor, managing director, head of global markets research, FTSE Russell
    Date Submitted: 17 Jul 2019
    Views: 45
    Downloads: 0
    As risk appetite swings from concern about slowing global growth to optimism that aggressive Fed easing is just around the corner, a review of global equity conditions highlights several potential risks that could catch equity markets off guard. 
  • PropNex extends market lead on steady demand

    Source: SGX Research, Jennifer LH Tan
    Date Submitted: 10 Jul 2019
    Views: 46
    Downloads: 0
    PropNex is Singapore's largest listed real estate agency with more than 7,900 sales professionals. Its key business segments include real estate brokerage, training, property management, as well as real estate consultancy.
  • Singapore Equities Monthly Digest: Jun 2019

    Source: SGX Research
    Date Submitted: 09 Jul 2019
    Views: 72
    Downloads: 6
    Asian equity markets gained in June on improved market sentiments, and MSCI Singapore Free Index (SIMCSI) was the top performer. Private home prices in Singapore have reached a 5-year high. 
  • SGX-listed manufacturing stocks

    Source: SGX Research, Geoff Howie
    Date Submitted: 17 Jul 2019
    Views: 53
    Downloads: 2
    In 1H19, Singapore’s 30 most actively traded manufacturers (non-food) produced 20% average total returns, outpacing STI gains. Their total returns stocks were more consistent than in recent years.
  • SGX’s US-focused REITs & stapled trusts

    Source: SGX Research, Jennifer LH Tan
    Date Submitted: 17 Jul 2019
    Views: 25
    Downloads: 0
    SGX lists 34 REITs, seven stapled trusts and three property trusts with a combined market cap of more than S$100 billion. S-REITs was the top net buy sector in 6M2019, drawing net institutional inflows of S$396.3 million.
     
  • Australia's ST Group Food Industries lists on SGX

    Source: SGX Research,
    Date Submitted: 17 Jul 2019
    Views: 51
    Downloads: 2
    The food and beverage (F&B) industry is generally correlated with the general economic outlook and the increasing affluence in a country. Rising popularity of online food ordering and delivery services is a new factor shaping the industry.
     
  • Smart sustainability: 2019 global survey findings from asset owners

    Source: FTSE Russell
    Date Submitted: 10 Jul 2019
    Views: 629
    Downloads: 14
    FTSE Russell's survey of global asset owners explores the emerging investment trend of smart sustainability – the integration of ESG considerations into smart beta strategies.
  • Smart beta 2019 global survey: Findings from asset owners

    Source: FTSE Russell
    Date Submitted: 04 Jul 2019
    Views: 833
    Downloads: 46
    FTSE Russell's sixth annual survey of global institutional investors on their use of smart beta reveals a shift in perception. Smart beta allocations are viewed more like active rather than passive investments, as they entail taking on additional risk. 
  • Practical considerations for listed infrastructure

    Source: FTSE Russell
    Date Submitted: 04 Jul 2019
    Views: 5846
    Downloads: 56

    Infrastructure assets have shown the ability to generate a steady income stream—a valuable feature in an environment dominated by low interest rates. They have historically offered higher risk-adjusted return and a more resilient income profile.
     

  • Persistence of Australian funds: End of 2018

    Source: Priscilla Luk
    Date Submitted: 04 Jul 2019
    Views: 3927
    Downloads: 36
    A semi-annual report measuring the performance persistence of Australian active funds that outperformed their peers and benchmarks over consecutive three- and five-year periods.
  • VIDEO: Key takeaways from SPIVA® India

    Source: Mahavir Kaswa, Akash Jain
    Date Submitted: 04 Jul 2019
    Views: 731
    Downloads: 0
    How do active managers stack up to their benchmarks in India? Join Mahavir Kaswa and Akash Jain from S&P Dow Jones Indices as they dive into the latest SPIVA data. (Video: 3 min.)
  • AEM Holdings: Powering 5G manufacturing

    Source: SGX Research
    Date Submitted: 04 Jul 2019
    Views: 93
    Downloads: 8
    AEM Holdings is one of Singapore’s most established global provider of telecommunication equipment systems solutions and manufacturing services. It aims to tap the growth to be brought about by the new era of 5G networks.
  • VIDEO: How can SPIVA inform active manager selection?

    Source: Aye Soe, Ed Ware, Ben Lavine
    Date Submitted: 27 Jun 2019
    Views: 638
    Downloads: 0
    S&P DJI’s Aye Soe and Ed Ware join 3D Asset Management’s CIO Ben Lavine to discuss how financial advisors and institutional investors are using SPIVA® research as an evaluation tool for active manager selection. (Video: 8 min.)
  • China A Shares inclusion: The end of the beginning

    Source: Sandrine Soubeyran, director, research and analytics, FTSE Russell
    Date Submitted: 04 Jul 2019
    Views: 73
    Downloads: 0
    FTSE Russell's inclusion of China A Shares in the Global Equity Index Series (FTSE GEIS) is only the beginning of the long term process. In time, China's listed equity markets are likely to dwarf the rest of the emerging markets.
  • Clearbridge Health: Redefining Asian healthcare

    Source: SGX Research
    Date Submitted: 04 Jul 2019
    Views: 64
    Downloads: 5
    Clearbridge Health is a pan-Asian integrated healthcare company with a focus on precision medicine. Its approach combines data-driven clinical initiatives, collaborations with best-in-class technology providers, and direct access to consumers.
  • S&P/ASX 200 ESG Index: Mainstreaming ESG in Australia

    Source: Narottama Bowden
    Date Submitted: 27 Jun 2019
    Views: 112
    Downloads: 0
    The S&P/ASX 200 ESG Index provides an ESG alternative to mainstream listed equities investing in the Australian market. It provides an improved index ESG score allowing investors to easily put their investment beliefs into action.
  • Excelpoint Technology: Empowering future technology

    Source: SGX Research
    Date Submitted: 04 Jul 2019
    Views: 69
    Downloads: 5
    SGX-listed Excelpoint Technology is a leading regional distributor of electronics components with presence in over 40 cities, in more than 10 countries. The company believes that "internet of things" and other innovations will drive its growth. 
     
  • What have you done with my small-cap premium?

    Source: Rolf Agather, managing director, US research, FTSE Russell
    Date Submitted: 26 Jun 2019
    Views: 100
    Downloads: 0
    Evidence for the small-cap premium has been around for 30 years. Many investors take it as given that small-cap stocks outperform medium- and large-caps. However, an analysis of long term returns of US stocks tells a different story.
  • China-focused ETFs on SGX

    Source: SGX Research
    Date Submitted: 26 Jun 2019
    Views: 60
    Downloads: 2
    China’s economy has slowed in the wake of the China-US trade war, as industrial output and manufacturing activity declined. The government has unveiled measures to boost spending and investment, but the sentiment in Chinese equities has been hit.
  • VIDEO: Factor performance in different economic regimes in China

    Source: Priscilla Luk, Byani Cruz
    Date Submitted: 20 Jun 2019
    Views: 110
    Downloads: 0
    Can smart beta strategies be used to implement active views of China's equity market? The Asset’s Byani Cruz joins S&P DJI’s Priscilla Luk to discuss factor performance in China. (Video: 4 min.)
  • Risk and reward: The advantage of passive investment

    Source: Koel Ghosh
    Date Submitted: 26 Jun 2019
    Views: 94
    Downloads: 0
    Active mutual fund managers have a hard time outperforming stock market indices. The S&P Dow Jones Indices SPIVA® Around the World Report provides an update for the end of 2018, highlighting performance of India mutual funds.
  • Fallen angels in the US credit market

    Source: FTSE Russell, Global Market Research
    Date Submitted: 15 Jul 2019
    Views: 1032
    Downloads: 47

    Fallen angels are issuers whose bonds have been downgraded from investment-grade to high-yield. This paper looks into their characteristics, historical performance and differences between the current credit cycle and earlier regimes.

    This report qualifies for 0.5 CE credit under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to log in to the CE tracking tool to self-document these credits.
     

  • The carry concept in fixed income

    Source: FTSE Russell Global Market Research
    Date Submitted: 15 Jul 2019
    Views: 1024
    Downloads: 65
    The “carry trade” originally gained its popularity in the foreign exchange market. This paper presents an in-depth analysis of "carry and roll-down", a comparable concept in the bond market.

    This report qualifies for 1 CE credit under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to log in to the CE tracking tool to self-document these credits.
     
  • Smart beta survey of asset owners

    Source: Rolf Agather, managing director of research, North America, FTSE Russell
    Date Submitted: 20 Jun 2019
    Views: 116
    Downloads: 0
    A summary of key findings from FTSE Russell's latest annual global survey of smart beta usage by asset owners with a collective AUM of over $5 trillion suggests that smart beta is now a standard tool in investors’ armories.
  • Benchmarking corporate effectiveness

    Source: Kelly Tang, Zach First, Rick Wartzman
    Date Submitted: 19 Jun 2019
    Views: 1583
    Downloads: 13
    The Drucker Institute's intangibles-focused model combines with S&P DJI's quality factor to create the S&P Drucker Institute Corportate Effectiveness Index, offering a differentiated approach to capturing companies that reinvest in stakeholders.
  • S&P/JPX JGB VIX update - May 2019

    Source: Applied Academics, S&P Dow Jones Indices
    Date Submitted: 14 Jun 2019
    Views: 109
    Downloads: 5
    The S&P/JPX JGB VIX made a U-turn in May, as the index started near intra-month highs to kick off the Reiwa era. 
  • Bangladesh: A land of growth and opportunity

    Source: EBLSL Research Team
    Date Submitted: 11 Jun 2019
    Views: 855
    Downloads: 65
    EBL Securities' report on the economy of Bangladesh highlights the country's continuing growth, strong demographics, sustainable development and opportunities for investors. 
     
  • S&P China 500: Capturing the complete China story

    Source: Liyu Zeng, Priscilla Luk
    Date Submitted: 15 Jul 2019
    Views: 805
    Downloads: 29
    The S&P China 500 captures a more complete picture of the Chinese economy than other segmented China equity indices. This paper reviews the index's construction, characteristics, and historical performance.

    This report qualifies for 0.5 CE credit under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to log in to the CE tracking tool to self-document these credits.
     
  • Predicting prepayment risk of China’s RMBS

    Source: Ke Chen, Ph.D., Shiyu Wang, Ph.D.
    Date Submitted: 15 Jul 2019
    Views: 584
    Downloads: 20
    A new semi-parametric prepayment prediction model of China's residential mortgage-backed securities (RMBS) incorporates the country's market and mortgage characteristics. Many factors have highly non-linear effects on the prepayment rates.

    This report qualifies for 1 CE credit under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to log in to the CE tracking tool to self-document these credits.
     
  • The fourth industrial revolution: Are we ready?

    Source: John van Moyland
    Date Submitted: 11 Jun 2019
    Views: 656
    Downloads: 0
    The Spring 2019 edition of SPDJI's Indexology magazine focuses on the fourth industrial revolution - the next industrial era when the characteristics of man and machine begin to merge and human capabilities are enhanced.
  • VIDEO: Examining the effectiveness of six risk factors in China

    Source: Bayani Cruz, Priscilla Luk
    Date Submitted: 10 Jun 2019
    Views: 453
    Downloads: 0
    What’s behind China’s growing interest in smart beta strategies? The Asset’s Bayani Cruz joins S&P DJI’s Priscilla Luk to discuss how and when factor strategies work in China’s equity market. (Video: 4 min.)
  • Commodities markets and the state of the global economy

    Source: Fiona Boal
    Date Submitted: 10 Jun 2019
    Views: 131
    Downloads: 0
    A strong start to the year for global equity and commodities markets suggests a strong macroeconomic backdrop and a high risk appetite among investors. However, the situation is much more nuanced.
  • VIDEO: How can flex options mitigate risk?

    Source: Raghu Ramachandran, Bill O’Keefe
    Date Submitted: 04 Jun 2019
    Views: 136
    Downloads: 0
    How can insurers use flex options to hedge annuity risk? S&P DJI’s Raghu Ramachandran and XFA’s Bill O’Keefe discuss the index-based toolkit for insurers.
  • VIDEO: A closer look at S&P 500 ESG Index

    Source: Mona Naqvi
    Date Submitted: 03 Jun 2019
    Views: 125
    Downloads: 0
    Explore a new path to core with S&P DJI’s Mona Naqvi and discover how the design and data behind the new S&P ESG Indices can help investors fulfill ESG objectives and values, without compromising investment objectives. (Video: 6 min.)
  • Understanding the S&P Managed Risk 2.0 Indices

    Source: Joe Becker, Tianyin Cheng, Vinit Srivastava
    Date Submitted: 28 Jun 2019
    Views: 697
    Downloads: 15
    The S&P Managed Risk Indices provide a way for investors to gain exposure to a particular equity market while controlling the level of risk using a two-step risk management overlay.

    This report qualifies for 0.5 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits
     
  • Excelpoint builds on nexus role in electronics distribution

    Source: SGX Research
    Date Submitted: 04 Jun 2019
    Views: 81
    Downloads: 1
    SGX-listed Excelpoint is a business-to-business platform that provides components, engineering and supply chain management services to electronics manufacturers in Asia Pacific.
     
  • China Jinjiang Environment tackles growing garbage crisis

    Source: SGX Research
    Date Submitted: 03 Jun 2019
    Views: 91
    Downloads: 1
    SGX-listed Jinjiang Environment is the first private waste-to-energy operator in the People's Republic of China, with the largest waste treatment capacity in operation. It operates 20 WTE facilities with the total capacity of 28,280 tonnes/day. 
  • MindChamps spurs education revolution for tomorrow's world

    Source: SGX Research
    Date Submitted: 03 Jun 2019
    Views: 79
    Downloads: 3
    MindChamps PreSchool holds the top position in the premium range preschools market in Singapore, with a market share of 38.5%. It also runs premium preschools and enrichment centres in Australia, Abu Dhabi, Dubai, and Philippines.
  • China Everbright Water taps buoyant industry prospects

    Source: SGX Research
    Date Submitted: 03 Jun 2019
    Views: 58
    Downloads: 3
    SGX-listed Everbright Water is an environmental protection company focusing on water environment management. Its direct controlling shareholder is HKEx-listed China Everbright International Ltd. 

     
  • China Sunsine Chemical rides steady tyre demand

    Source: SGX Research
    Date Submitted: 30 May 2019
    Views: 91
    Downloads: 3
    China Sunsine is a key player in the natural rubber industry supply chain. The specialty chemicals company is the world's largest producer of rubber accelerators used in production of tyres. With 20% market share, it is China's biggest producer of insoluble sulphur.
     
  • SLB Development builds on property market upswing

    Source: SGX Research
    Date Submitted: 30 May 2019
    Views: 66
    Downloads: 1
    SLB develops and sells residential, mixed-use, industrial and commercial properties, mostly in Singapore. Its portfolio includes five residential and mixed-use developments and three industrial properties.
  • Unit Investment Trust Funds and investors' preferences

    Source: Dr. Robert B. Ramos, CFA, CAIA, CIPM
    Date Submitted: 29 May 2019
    Views: 64
    Downloads: 2
    This paper examines the characteristics and investor preferences of current and potential Unit Investment Trust Fund (UITF) investors in the Philippines, by conducting a survey and using factor analysis. 
     
  • VIDEO: Accessing green real estate with indices

    Source: Michael Orzano, Dan Winters
    Date Submitted: 29 May 2019
    Views: 456
    Downloads: 0
    Explore how a new measure of Green REITs is bringing transparency to ESG in the Real Estate sector with S&P DJI’s Michael Orzano and GRESB’s Dan Winters. (Video: 9 min)
  • Sabana REIT: Strategies to reshape the future

    Source: SGX Research
    Date Submitted: 27 May 2019
    Views: 85
    Downloads: 2
    SGX-listed Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (REIT) has a market capitalisation of S$430 million. Its property portfolio comprises 18 assets in strategic locations across Singapore.
  • Market volatility: When defense can be the best offense  

    Source: Catherine Yoshimoto, director, product management, FTSE Russell
    Date Submitted: 27 May 2019
    Views: 140
    Downloads: 0
    As market turbulence increases due to geopolitical and trade war concerns, investors look to low-volatility indices for protection. How do such defensive strategies stack up against broad market indices?
  • TalkingPoints: Introducing the S&P Global SmallCap Select Index Series

    Source: Michael Orzano
    Date Submitted: 27 May 2019
    Views: 130
    Downloads: 0
    S&P Dow Jones Indices' new series of small cap indices aims to improve risk-adjusted returns in global small caps by excluding companies without a track record of positive earnings.
  • Passive investing is a good place to start for Indian investors

    Source: Koel Ghosh,
    Date Submitted: 23 May 2019
    Views: 170
    Downloads: 0
    Passive investment by individual Indian investors was negligible a few years back, but now constitutes over USD 12 billion. Their performance is a compelling reason to consider passive investing as the first preference in an investment strategy.
  • VIDEO: Does patience pay?

    Source: Nili Gilbert, Michael Mell
    Date Submitted: 22 May 2019
    Views: 698
    Downloads: 0
    Explore a custom index solution designed to unlock the patience premium with S&P DJI’s Michael Mell and Matarin Capital Management’s Nili Gilbert. (Video: 8 min.)
  • Yield-seekers embrace emerging market real estate  

    Source: Catherine Yoshimoto, director, product management, FTSE Russell
    Date Submitted: 22 May 2019
    Views: 142
    Downloads: 0

    Investors seeking yield turn to the real estate equities around the globe for their income-generating potential. Initially focused on developed countries, they have recently been showing interest in emerging markets.

  • ChiNext: Inclusion of rising stars in FTSE Russell's China A-shares indices

    Source: Penny Ning Pan, Director, Product Management, FTSE Russell
    Date Submitted: 22 May 2019
    Views: 146
    Downloads: 0
    ChiNext stocks have been part of FTSE Russell's China A Shares inclusion process. Penny Ning Pan, Director of Product Managment, FSE Russell, explains why.
     
  • Quarterly China Bond Research Report: Q1 2019  

    Source: FTSE Russell
    Date Submitted: 30 May 2019
    Views: 1347
    Downloads: 23
    A quarterly report by FTSE Russell provides insights into the China bond market, including performance of the FTSE Russell China Bond Indexes.

    This article qualifies for 0.5 CE credits under the guidelines of the CFA Institute Continuing Education Program.
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits.
     
  • Leading global capital markets towards a new era

    Source: Stephen Wong, Alvin Cheung, Johnson Kong, Gloria Luo, Serena Chow, Natalie Lau
    Date Submitted: 28 Jun 2019
    Views: 584
    Downloads: 10
    This policy review on ESG reporting for corporates and investors in Hong Kong highlights the city's potential for channelling global capital into ESG assets and leveraging finance to catalyse sustainable development.

    This report qualifies for 1.0 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits
     
  • SGX 10 in 10: Koufu Group brings good feasting overseas

    Source: SGX Research
    Date Submitted: 21 May 2019
    Views: 72
    Downloads: 1
    Established in 2002, Koufu is one of Singapore’s most established and largest operators and managers of food courts and coffee shops, with a presence in Macau. 
  • S&P/JPX JGB VIX Update - April 2019

    Source: S&P Dow Jones Indices, Applied Academics
    Date Submitted: 21 May 2019
    Views: 127
    Downloads: 1
    The Bank of Japan surprised market participants in April with a sudden reduction of JGB purchases, temporarily spiking market anxiety. Meanwhile, regional geopolitical tensions are set to take center stage again.
  • BlueOrchard Impact Report 2019/2020

    Source: Nadina Stodiek, Impact Manager at BlueOrchard, Maria Teresa Zappia, Chief Investment Officer at BlueOrchard
    Date Submitted: 16 May 2019
    Views: 1586
    Downloads: 18

    BlueOrchard, an impact investment management firm, explains how it measures the impact of its investments and how it demonstrates their effectiveness in achieving the Sustainable Development Goals.

  • The S&P 500® ESG Index: Integrating values into the core

    Source: Reid Steadman, Daniel Perrone
    Date Submitted: 16 May 2019
    Views: 157
    Downloads: 5
    The S&P 500 ESG Index is designed for investors wishing to integrate ESG factors into their core investments, while not straying far from the overall profile of the S&P 500.
  • Changes to the S&P BSE SENSEX

    Source: Mahavir Kaswa
    Date Submitted: 16 May 2019
    Views: 150
    Downloads: 0
    The methodology of the S&P BSE SENSEX has seen many changes over the last 30 years. In October 2018, it was again modified after an extensive market consultation.
  • Is the low volatility-anomaly universal?

    Source: Fei Mei Chan, Craig J. Lazzara
    Date Submitted: 16 May 2019
    Views: 23794
    Downloads: 61
    The low-volatility anomaly challenges the conventional wisdom about risk and return. Low-volatility stocks, by definition, exhibit lower risk, but they have also outperformed their benchmarks over time around the globe.
  • S&P Shariah Indices Scorecard - Q1 2019

    Source: John Welling, Michael Orzano
    Date Submitted: 16 May 2019
    Views: 140
    Downloads: 2
    S&P Dow Jones presents a quarterly update on Shariah and Islamic Market Indices as of 29 March 2019.
  • SGX pharma stocks

    Source: SGX Research
    Date Submitted: 16 May 2019
    Views: 98
    Downloads: 6
    SGX lists eight pharmaceutical stocks, all of which are constituents of the iEdge SG All Healthcare Index. Typically viewed as a defensive segment, the healthcare sector is poised for multi-year growth. 
  • Professionalising Financial Advice

    Source: David McDonald, CFA, CIPM, Mary Leung, CFA, Lisa Carroll, Piotr Zembrowski, CFA, Kurt N. Schacht, JD, CFA
    Date Submitted: 13 May 2019
    Views: 20745
    Downloads: 97
    Following the Hayne Royal Commission, CFA Institute and CFA Societies Australia present policy recommendations on best interest duty, conflicted remuneration, independence of financial advice and the industry culture.

    This publication qualifies for 1.25 CE credits under the guidelines of the CFA Institute Continuing Education Program.
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits.
  • Green bond pricing in the primary market H2 2018

    Source: Caroline Harrison
    Date Submitted: 09 May 2019
    Views: 944
    Downloads: 15
    The 7th edition of the report features a special EM section looking at China and guest commentary by Jason Mortimer of Nomura Investment Management in Tokyo, discussing the concepts around ‘greenium.’
  • ARA US Hospitality Trust

    Source: SGX Research
    Date Submitted: 16 May 2019
    Views: 74
    Downloads: 2
    ARA US Hospitality Trust, SGX’s first pure-play US upscale, select-service hospitality trust, made its debut on the SGX Mainboard today. The trust holds an initial portfolio of 38 hotels located across 21 states in the US.
     
  • SGX 10 in 10: Sunpower Group Limited – Going Full Steam

    Source: SGX Research
    Date Submitted: 16 May 2019
    Views: 103
    Downloads: 3
    Sunpower Group, an environmental protection solutions specialist in China, stakes its future on smog-free centralised steam and electricity plants that are used to replace inefficient coal-fired plants in industrial parks.
     
  • Singapore Equities – Monthly Digest April 2019

    Source: SGX Research
    Date Submitted: 14 May 2019
    Views: 94
    Downloads: 4
    STI peaked at 3,400 and was April’s top performing benchmark globally, fuelled by Singapore banks. Top performing sectors in April were banks, utilities and communication services, while IT and health care declined.
  • SGX 10 in 10: Hong Lai Huat Group Limited – Foray Into Cambodia

    Source: SGX Research
    Date Submitted: 10 May 2019
    Views: 91
    Downloads: 0
    Hong Lai Huat Group, a 30-year-old real estate development firm, believes the group's value proposition is its first mover advantage in Cambodia’s real estate market. It will be completing its first overseas mixed development (D’Seaview) in 2019.
  • SGX 10 in 10: The Straits Trading Company Limited – Growth Through Diversification

    Source: SGX Research
    Date Submitted: 09 May 2019
    Views: 93
    Downloads: 0
    Incorporated in 1887, Straits Trading holds stakes in real estate, hospitality, resources and investments across the Asia Pacific region. It aims to be an efficient capital allocator with the ability to invest across a range of asset classes. 
  • The blooming of passive investing in India

    Source: Koel Ghosh
    Date Submitted: 09 May 2019
    Views: 195
    Downloads: 0
    While the debate of active versus passive is ongoing, the belief that both styles can be encompassed to achieve various investment objectives is changing the horizon in Indian financial markets. Passive investing is not only here to stay but to grow.
  • FA Talks: How can indexing and ETFs change adviser practice management?

    Source: Jon Reilly, Terence O’Sullivan, Andrew Wielandt
    Date Submitted: 02 May 2019
    Views: 824
    Downloads: 18
    Using indexing and ETFs allows financial advisers to focus on asset allocation, reduce fund manager risk and lower portfolio costs. Australia's financial advisers talk about how ETFs change adviser practice management. 
  • Can indices protect against market volatility?

    Source: Rupert Watts
    Date Submitted: 30 May 2019
    Views: 1257
    Downloads: 43
    S&P Dow Jones Indices has an array of indices specifically designed to help smooth out equity market drawdowns and improve risk-adjusted return.

    This article qualifies for 0.5 CE credits under the guidelines of the CFA Institute Continuing Education Program.
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits.
     
  • Financial advisers’ view on the Australian ETF market

    Source: Stuart Magrath
    Date Submitted: 02 May 2019
    Views: 605
    Downloads: 0
    At the recent Australian Indexing & ETF Masterclass series held in Melbourne and Sydney the audience, most of whom were financial advisers, were asked a number of questions using a mobile-enabled polling tool. Here are their answers.
  • Singapore’s Consumer Stocks

    Source: SGX Research
    Date Submitted: 09 May 2019
    Views: 82
    Downloads: 2
    The 20 largest capitalised Consumer Staples stocks on SGX have a combined market cap of more than S$80 billion, and are well-diversified – both in terms of product range as well as geographical spread. 
  • SGX-listed best-performing IT stocks

    Source: SGX Research
    Date Submitted: 02 May 2019
    Views: 132
    Downloads: 3
    In 1Q19, information technology was the best-performing sector on SGX with a total return of 28.6%, after registering a total return of -16.3% in calendar year 2018. It was also among the top net buy sectors for the quarter.
  • SGX stocks with China exposure

    Source: SGX Research
    Date Submitted: 02 May 2019
    Views: 115
    Downloads: 0
    Singapore’s 10 largest-capitalised stocks that report majority revenue to China have all gained in 2019 YTD, following China’s recent economic reports noting that China’s economy in 1Q19 has been steady with some positive changes.
  • SGX-listed industrials with ASEAN exposure

    Source: SGX Research
    Date Submitted: 02 May 2019
    Views: 97
    Downloads: 1
    SGX lists more than 200 stocks in the industrials sector. The 20 largest capitalised Industrial plays on SGX that report more than half their group revenues to the ASEAN region have a combined market cap of more than S$150 billion.
     
  • SGX-listed property development companies

    Source: SGX Research
    Date Submitted: 29 Apr 2019
    Views: 119
    Downloads: 3
    SGX-listed real estate developers (excluding REITs) was the third best-performing sector in March, with a total return of +2.7%. March was also the third straight month of positive returns for the sector.
     
  • Gold grabs the spotlight

    Source: SGX Research
    Date Submitted: 25 Apr 2019
    Views: 632
    Downloads: 4
    The World Gold Council said in January that increased market uncertainty, expansion of protectionist policies, and the Fed's more neutral monetary policy stance will make gold increasingly attractive to investors.
  • WEBINAR: Career Insights - Structured Finance

    Source: Ashwin Narang, CFA, Shreenivas Kunte, CFA,CIPM
    Date Submitted: 25 Apr 2019
    Views: 2108
    Downloads: 0

    Growing interest in structured finance in India is creating career opportunities for finance professionals, especially in mezzanine financing. (Video: 1 hr 5 min.)

    This webinar qualifies for 1 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to log in to the CE tracking tool to self-document these credits.

  • Sector Primer Series: Information Technology

    Source: Louis Bellucci, Jodie Gunzberg
    Date Submitted: 25 Apr 2019
    Views: 740
    Downloads: 30
    The information technology sector comprises companies primarily engaged in software and services, technology hardware and equipment, and semiconductors and semiconductor equipment. It is the largest of the 11 GICS sectors in the US market.
  • Do Indian equity mutual funds generate alpha?

    Source: Akash Jain
    Date Submitted: 24 Apr 2019
    Views: 193
    Downloads: 0
    This analysis seeks to establish whether actively managed India funds are able to generate higher risk-adjusted returns than their corresponding benchmarks over long-term investment horizons.
  • Are you ready for China A-share inclusion?

    Source: Michael Orzano
    Date Submitted: 17 Apr 2019
    Views: 185
    Downloads: 0
    S&P Dow Jones Indices will be starting the process of adding China A-shares to S&P DJI global benchmarks in September 2019 at a partial inclusion factor of 25%. Only shares available to foreign investors via Stock Connect schemes will be included.
  • S&P/JPX JGB VIX® update - March 2019

    Source: Applied Academics, S&P Dow Jones Indices
    Date Submitted: 17 Apr 2019
    Views: 177
    Downloads: 1
    The S&P/JPX JGB VIX trended sideways in March, as JGB 10-year yields continued to slide deeper into negative territory. 
  • Key takeaways from 2019 Australian indexing and ETF masterclass

    Source: Stuart Magrath
    Date Submitted: 16 Apr 2019
    Views: 174
    Downloads: 0
    In early March over 265 financial advisers came together in Melbourne and Sydney for S&P Dow Jones Indices’ 9th Annual Indexing and ETF Masterclass. Here are the key takeaways. 
  • SGX small-cap stocks on the move

    Source: SGX Research
    Date Submitted: 24 Apr 2019
    Views: 101
    Downloads: 7
    Over the first 12 weeks of 2019, key regional SGX small cap indices have outperformed large cap indices, a significant contrast to their less competitive performance between 2016 and 2018.  
  • SGX stocks set to gain from China’s Belt & Road Initiative

    Source: SGX Research
    Date Submitted: 17 Apr 2019
    Views: 91
    Downloads: 2
    Singapore has significant roles to play in China’s Belt and Road Initiative (BRI) through its status as a financial hub for Southeast Asia. Several SGX-listed companies have cited BRI as a growth impetus in their latest annual reports. 
     
  • No Signboard tickles taste buds with new flavours

    Source: SGX Research
    Date Submitted: 17 Apr 2019
    Views: 184
    Downloads: 0
    No Signboard Holdings operates a chain of seafood restaurants, a beer distribution arm and a ready meals business. The group was listed on the Catalist board of Singapore Exchange on 30 November 2017.
  • NetLink NBN Trust threads through digital Singapore

    Source: SGX Research
    Date Submitted: 17 Apr 2019
    Views: 162
    Downloads: 1
    NetLink NBN Trust designs, builds, owns and operates the passive fibre network infrastructure of Next Generation Nationwide Broadband Network, which delivers ultra-high-speed internet access in Singapore and connected islands.
  • Memories Group bets on tourist boom in Myanmar

    Source: SGX Research
    Date Submitted: 16 Apr 2019
    Views: 96
    Downloads: 1
    SGX-listed Memories Group is a leading tourism company in Myanmar providing customized travel experiences. It operates boutique hotels and resorts, luxury yachts and a hot air baloon business.
     
  • March 2019 buy-backs on SGX

    Source: SGX Research
    Date Submitted: 16 Apr 2019
    Views: 101
    Downloads: 1
    In March 2019, 27 SGX primary-listed stocks repurchased as many as 50 million shares with a total consideration of S$54 million. This was up from S$32 million in Feb 2019 and down year-on-year from S$222 million in March 2018.
     
  • Fortress Minerals - Malaysian iron ore producer

    Source: SGX Research
    Date Submitted: 16 Apr 2019
    Views: 99
    Downloads: 1
    Fortress Minerals is a producer of high grade mineral ore in Malaysia. Strong iron ore demand in China, coupled with growth policies such as the “One Belt One Road” initiative will continue to fuel iron ore demand. 
  • Japan Foods engineers a thousand tastes of home

    Source: SGX Research
    Date Submitted: 11 Apr 2019
    Views: 113
    Downloads: 3
    Established in Singapore in 1997 and listed on the Catalist Board in February 2009, Japan Foods is one of Singapore's leading Japanese restaurant chains. The group has expanded to Malaysia, Vietnam, Indonesia, Hong Kong, and China.
  • IREIT expands footprint, builds the future

    Source: SGX Research
    Date Submitted: 11 Apr 2019
    Views: 131
    Downloads: 4
    Listed on SGX in August 2014, IREIT Global invests principally in a portfolio of income-producing real estate assets in Europe, used primarily for office, retail and industrial purposes.
  • Singapore’s largest ASEAN value stocks

    Source: SGX Research
    Date Submitted: 11 Apr 2019
    Views: 127
    Downloads: 3
    The FTSE Value-Stocks ASEAN Index consists of 50 quality value stocks of ASEAN companies listed in Indonesia, Malaysia, the Philippines, Singapore, and the Thailand. Ten of them are listed on SGX.
  • SPIVA® India 2018 year-end scorecard

    Source: Akash Jain, Arpit Gupta
    Date Submitted: 09 Apr 2019
    Views: 210
    Downloads: 4
    The SPIVA India Scorecard reports on the performance of actively managed Indian mutual funds compared with their respective benchmark indices over 1-, 3-, 5-, and 10-year investment horizons.
  • Offshore supply vessel stocks listed on SGX

    Source: SGX Research
    Date Submitted: 10 Apr 2019
    Views: 106
    Downloads: 2
    Singapore Exchange lists 35 offshore supply vessel (OSV) players. These companies provide support services to offshore drilling rigs, pipe laying and other oil-producing assets. As the crude oil prices rise, the stocks follow.
     
  • Interest in S-REITs picks up in 2019

    Source: SGX Research
    Date Submitted: 09 Apr 2019
    Views: 578
    Downloads: 16
    Analysts have noted revived investor interest in S-REITs since late last year, driven by a flight to safety amidst the uncertain outlook for US-China trade negotiations, the hunt for higher yields, and as global equity markets remained volatile. 
  • Cache Logistics Trust: Balancing risks, pursuing growth

    Source: SGX Research
    Date Submitted: 09 Apr 2019
    Views: 116
    Downloads: 1
    Listed on Singapore Exchange since 2010, Cache Logistics Trust is a real estate investment trust (REIT) that invests in quality income-producing industrial real estate used for logistics purposes, as well as real estate-related assets in Asia-Pacific.
  • SGX 10 in 10: NetLink NBN Trust

    Source: SGX Research
    Date Submitted: 09 Apr 2019
    Views: 105
    Downloads: 1
    NetLink NBN Trust designs, builds, owns, and operates Singapore’s nationwide Next Gen NBN passive fibre network infrastructure, over which ultra-high-speed internet access is delivered to homes and non-residential premises.
  • SGX 10 in 10: Hyphens Pharma International

    Source: SGX Research
    Date Submitted: 09 Apr 2019
    Views: 121
    Downloads: 0
    Hyphens Pharma International is a Singapore-based specialty pharmaceutical and consumer healthcare group with a strong presence across 5 ASEAN countries and distribution networks in Asia and Middle East.
  • Financing low-carbon buildings and energy efficiency in the green bond market

    Source: Climate Bonds Initiative
    Date Submitted: 03 Apr 2019
    Views: 1070
    Downloads: 14
    This report explores how the green bond market can be accessed to finance low-carbon buildings and energy efficiency upgrades, through issuance from property companies, financial institutions, local governments, and securitisation. 
  • SPIVA® Japan 2018 year-end scorecard

    Source: Priscilla Luk
    Date Submitted: 09 Apr 2019
    Views: 167
    Downloads: 0
    The SPIVA® Japan Scorecard reports on the performance of actively managed Japanese mutual funds against their respective benchmark indices over 1-, 3-, 5-, and 10-year investment horizons. 
  • Understanding the investment fundamentals of the education sector

    Source: Alan Lok, CFA, Eunice Chu, ACCA, Guruprasad Jambunathan
    Date Submitted: 15 Apr 2019
    Views: 331
    Downloads: 59
    A part of the series "Sector Analysis: A Framework for Investors", generated to help investors undertake proper due diligence on companies in the private education industry.

    This publication qualifies for 1.0 CE credits under the guidelines of the CFA Institute Continuing Education Program.

    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits.
  • Understanding the investment fundamentals of the gaming sector

    Source: Alan Lok, CFA, Eunice Chu, ACCA, Guruprasad Jambunathan
    Date Submitted: 15 Apr 2019
    Views: 1899
    Downloads: 150
    A part of the series "Sector Analysis: A Framework for Investors", generated to help investors undertake proper due diligence on companies operating in the highly regulated, heavily taxed and competitive gaming industry.

    This publication qualifies for 1.0 CE credits under the guidelines of the CFA Institute Continuing Education Program.

    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits.
  • VIDEO: Maintaining equal-weight sector discipline

    Source: Sam Stovall, Sean McCaffrey, Shaun Wurzbach
    Date Submitted: 03 Apr 2019
    Views: 221
    Downloads: 0
    How does equally weighting S&P 500® sectors influence risk/return? CFRA's Sam Stovall, and Swan Global's Sean McCaffrey join S&P DJI's Shaun Wurzbach to discuss rules-based approached to equal-weight sector strategies. (Video: 9 min.)
  • S&P DJI introduces GCC factor indices

    Source: Karina Tjin
    Date Submitted: 02 Apr 2019
    Views: 184
    Downloads: 0
    S&P Dow Jones Indices introduces single- and multi-factor indices for the Gulf Cooperation Council (GCC) region.They include low volatility, momentum, enhanced value, and quality factors.
  • Active management for volatile times?

    Source: Craig Lazzara
    Date Submitted: 28 Mar 2019
    Views: 200
    Downloads: 0
    A majority of active fund managers tend to underperform their benchmarks in rising and falling markets.
    S&P Dow Jones Indices' SPIVA reports have tracked the relative out- and under-performance of actively-managed mutual funds since 2001. 
  • VIDEO: Core implications for S&P 500® sectors

    Source: Sean McCaffrey, Shaun Wurzbach, Anu Ganti
    Date Submitted: 27 Mar 2019
    Views: 186
    Downloads: 0
    Swan Global's Sean McCaffrey joins S&P DJI's Shaun Wurzbach and Anu Ganti to discuss how sector and industry data is informing strategic applications of S&P 500 sectors. (Video: 7 min.)
  • Low volatility index shows its utility

    Source: Fei Mei Chan
    Date Submitted: 21 Mar 2019
    Views: 191
    Downloads: 0
    The S&P 500 Low Volatility Index® made a valiant comeback in late 2018 after trailing for most of the year
  • SGX-listed maritime and offshore companies

    Source: SGX Research
    Date Submitted: 27 Mar 2019
    Views: 123
    Downloads: 1
    The iEdge SG MOE Index consists of 12 companies: shipyard operators, shipping companies, and providers of port and offshore services. The industry has been battered by a slump in oil prices over the past few years.
     
  • Trading surges for four REITs in the STI Reserve List

    Source: SGX Research
    Date Submitted: 25 Mar 2019
    Views: 150
    Downloads: 3
    Trading of SGX-listed REITs surged in the first two months of 2019, with the STI Reserve List components delivering solid returns. 
     
  • Water utility companies listed on SGX

    Source: SGX Research
    Date Submitted: 25 Mar 2019
    Views: 122
    Downloads: 2
    SGX lists 10 stocks that provide infrastructure for water, wastewater treatment and supply services. They have a combined market capitalisation of nearly S$10 billion. Utilities was the second-best performing sector on SGX in February. 
  • SGX-listed oil and gas stocks

    Source: SGX Research
    Date Submitted: 22 Mar 2019
    Views: 139
    Downloads: 7
    In the early 2019, the three largest capitalised, best-performing constituents of the iEdge SG Oil&Gas Index were averaged a total return of +21.1%, having recovered in line with recent crude gains.
  • Reclaims Global – eco-friendly construction service provider

    Source: SGX Research
    Date Submitted: 22 Mar 2019
    Views: 139
    Downloads: 0
    Reclaims Global, a Singapore-based eco-friendly integrated services provider, made its debut on SGX Catalist on March 11, 2019. How does it stack up against other construction and engineering companies on SGX?
     
  • SGX's mid-cap stocks gain in 2019

    Source: SGX Research
    Date Submitted: 21 Mar 2019
    Views: 114
    Downloads: 1
    Two technology stocks, Hi-P Int and Silverlake Axis were the strongest among mid-cap stocks with capitalisation between S$1bn and S$2bn in the early 2019.
     
  • New single stock DLCs expand SGX trading opportunities

    Source: SGX Research
    Date Submitted: 21 Mar 2019
    Views: 108
    Downloads: 1
    A look at the performance of single stock daily leverage certificates (DLCs) traded on the Singapore Exchange. Ten new ones were launched in February and have already seen substantial trading activity.
     
  • S&P/JPX JGB VIX® update - February 2019

    Source: Applied Academics, S&P Dow Jones Indices
    Date Submitted: 18 Mar 2019
    Views: 568
    Downloads: 5
    The S&P/JPX JGB VIX settled into a tight range in February (with a high of 1.52 and a low of 1.36), though absolute levels were generally higher than the quiet period witnessed from September through mid-November 2018.
  • An unexpected outcome for stock pickers?

    Source: Fei Mei Chan,
    Date Submitted: 13 Mar 2019
    Views: 202
    Downloads: 0
    Most active managers underperformed their benchmarks in 2018. While this is common, it is easier for active managers to outperform when certain factors are in play. Historical data help identify these factors. 
     
  • VIDEO: ​Diversifying with quality

    Source: Shaun Wurzbach, Jason Giordano, Simeon Hyman
    Date Submitted: 13 Mar 2019
    Views: 690
    Downloads: 0
    What happens to risk/return when S&P Dividend Aristocrats® are combined with S&P 500® Bonds? S&P DJI’s Shaun Wurzbach and Jason Giordano join ProShares’ Simeon Hyman to discuss a quality approach to diversification. (Video: 7 min.)
  • SPIVA® Australia year-end 2018 scorecard

    Source: Priscilla Luk, Akash Jain,
    Date Submitted: 13 Mar 2019
    Views: 676
    Downloads: 13
    The SPIVA Australia Scorecard reports on the performance of Australian active funds against their respective benchmark indices over 1-, 3-, 5-, 10-, and 15-year periods. The 2018 scorecard evaluates returns of over 1,400 equity and bond funds.
  • Singapore’s healthcare services stocks

    Source: SGX Research
    Date Submitted: 18 Mar 2019
    Views: 118
    Downloads: 3
    The 18 healthcare service providers listed on SGX significantly outperformed, on average, the exchange's broad equity index in the early 2019. Which companies did best?
     
  • SGX share buybacks

    Source: SGX Research
    Date Submitted: 18 Mar 2019
    Views: 110
    Downloads: 0
    Share buybacks by SGX-listed companies have decreased in 2019, following high buyback volumes in 2018. Which companies are still buying back their shares?
     
  • Singapore's tech sector stocks gain in early 2019

    Source: SGX Research
    Date Submitted: 15 Mar 2019
    Views: 124
    Downloads: 2
    Singapore’s 10 largest technology stocks have made a strong start to 2019, with average total returns of 25.2% in the first two months of the year on a soaring combined trading turnover and large institutional inflows.
     
  • Sim Leisure Group lists on SGX Catalist

    Source: SGX Research
    Date Submitted: 14 Mar 2019
    Views: 124
    Downloads: 2
    Sim Leisure Group, owner of Malaysian ESCAPE theme parks, listed on SGX Catalist on 1 March. SGX provides a look at the company's business and valuation.
     
  • SGX's best Malaysia stocks

    Source: SGX Research
    Date Submitted: 14 Mar 2019
    Views: 129
    Downloads: 3
    There are more than 40 companies listed on SGX, which are headquartered in Malaysia or have core operations there. How did the best of them performed in early 2019?
     
  • SGX's best Indonesia stocks

    Source: SGX Research
    Date Submitted: 14 Mar 2019
    Views: 180
    Downloads: 2
    SGX lists over 20 companies headquartered or with core operations in Indonesia. How have the best of them performed so far in 2019?
     
  • Highlights of SGX’s 10 largest transport-linked stocks

    Source: SGX Research
    Date Submitted: 13 Mar 2019
    Views: 119
    Downloads: 1
    SGX's update on the ten largest transport-linked stocks listed in Singapore. They include airline, bus, subway and taxi operators, shipping companies and those that provide operations support. 
     
  • SGX liquidity-themed consumer sector index posts gains in 2019

    Source: SGX Research
    Date Submitted: 13 Mar 2019
    Views: 111
    Downloads: 0
    The FTSE ST Consumer Goods & Services Liquid 20 Index generated a 9.9% total return in the first month of 2019, a turnaround from its 9.2% decline in 2018.
     
  • Best SGX-listed F&B stocks

    Source: SGX Research
    Date Submitted: 13 Mar 2019
    Views: 123
    Downloads: 0
    Consumer staples and consumer discretionary stocks listed in Singapore saw high demand in the early 2019, second only to REITs. Which companies performed best?
     
  • SGX technology stocks start the year on a high note

    Source: SGX Research
    Date Submitted: 13 Mar 2019
    Views: 113
    Downloads: 0
    IT companies were the the second-best performing sector among Singapore stocks at the beginning of 2019. Which companies did best?
     
  • China-related S-REITs and developers

    Source: SGX Research
    Date Submitted: 12 Mar 2019
    Views: 126
    Downloads: 3
    China-related REITs and developers listed in Singapore delivered high returns in the beginning of 2019, following excellent performance of the sector at the end of 2018. Which companies did best?
  • SGX-listed China stocks performance in 2019

    Source: SGX Research
    Date Submitted: 12 Mar 2019
    Views: 113
    Downloads: 1
    Five best performing SGX-listed China stocks have delivered average returns of 18% in the first two months of 2019. Over the last three years, however, China stocks listed in Singapore underperformed the STI benchmark. 
     
  • Singapore's big utility stocks began 2019 with momentum

    Source: SGX Research
    Date Submitted: 12 Mar 2019
    Views: 106
    Downloads: 1
    Singapore's big utility stocks have made a firm start to 2019, with average total returns of 17%, rebounding from a decline of 31% in 2018. Utilities led other sectors in market cap weighted performance in December 2018 and January 2019. 
  • Mid-cap stocks strongest across APAC financial centres in January

    Source: SGX Research
    Date Submitted: 07 Mar 2019
    Views: 141
    Downloads: 0
    FTSE Mid Cap Indices outperformed their large-cap and small-cap peers in Singapore, Hong Kong and Sydney in January 2019. The report shows the performance of SGX-listed mid-cap stocks. 
  • SGX monthly share buybacks decelerated on 4% STI rebound

    Source: SGX Research
    Date Submitted: 07 Mar 2019
    Views: 146
    Downloads: 0
    Share buybacks by SGX-listed companies slowed down in early 2019, as the market rose. The report summarizes share buybacks in January 2019 and names new mandates.
     
  • Playing in the big leagues: Assessing China’s potential systemically important banks

    Source: Stanley Tsai, Ke Chen
    Date Submitted: 07 May 2019
    Views: 2063
    Downloads: 43
    The report assess the systemic importance of China’s banks by applying a fundamental multi-factor methodology to evaluate the risks any given bank might pose to the financial system.

    This article qualifies for 1.0 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 
     
  • Value investing: A practitioner’s guide

    Source: Joe Kairen, Vinit Srivastava, Karina Tjin
    Date Submitted: 05 Mar 2019
    Views: 2615
    Downloads: 142
    At the most basic level, the goal of investing in value stocks is to buy stocks that are trading at a discount relative to their peers (based on company financials) but have upside potential. How has this strategy performed over time?
  • VIDEO: Weathering the storm with sectors and industries

    Source: Brent Kopp, Anu Ganti, Todd Rosenbluth
    Date Submitted: 04 Mar 2019
    Views: 202
    Downloads: 0
    How are financial advisors using index-based sector and industry strategies to uncover alpha while keeping risk in check? S&P DJI's Brent Kopp and Anu Ganti join CFRA's Todd Rosenbluth to discuss implementing sector tools during periods of volatility. (Video: 6 min.)
  • A fundamental look at S&P 500 Dividend Aristocrats

    Source: Smita Chirputkar, Aye M. Soe
    Date Submitted: 18 Apr 2019
    Views: 1252
    Downloads: 48
    The S&P 500 Dividend Aristocrats measures the performance of high-quality companies that have increased their dividends for 25 consecutive years. The index has delivered higher returns and lower volatility than the broad-based, large-cap equity market.

    This article qualifies for 0.5 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 
     
  • 新报告:香港绿色债券市场简报2018:与汇丰银行合作,由香港金融管理局和香港绿色金融协会支持

    Source: CBI
    Date Submitted: 25 Feb 2019
    Views: 175
    Downloads: 4

    第三份中国绿色债券市场报告,对此全球第二大绿色债券市场2018年的关键发展进行了分析,聚焦绿色债券发行情况、相关政策制定和更广泛的市场增长。根据该报告,截至2018年底,中国发行的绿色债券总额达428亿美元(人民币2826亿元),同比增长12%,巩固了其全球第二大绿色债券市场的地位。

  • Hong Kong green bond market briefing 2018

    Source: CBI
    Date Submitted: 18 Apr 2019
    Views: 597
    Downloads: 10

    An overview of the booming green bond market in Hong Kong, which has been bolstered by policy support, incentives, and a growing momentum from the private sector. The report examines a range of green bond deals from domestic issuers.

    This article qualifies for 0.5 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 
     

  • China green bond market in 2018

    Source: CBI
    Date Submitted: 18 Apr 2019
    Views: 721
    Downloads: 22
    Key developments in green bond issuance, policy development and market growth in China, the second largest green bond market in the world.

    This article qualifies for 0.5 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 
     
  • Introducing the S&P/ASX Small Ordinaries Select Index

    Source: Michael Orzano
    Date Submitted: 03 Mar 2019
    Views: 206
    Downloads: 5
    S&P's new Australian small cap index focuses on companies with a track record of generating positive earnings.
  • VIDEO: Which equal-weight sectors have outperformed?

    Source: Sam Stovall , Brent Kopp, Anu Ganti
    Date Submitted: 26 Feb 2019
    Views: 237
    Downloads: 0
    How does equally weighting S&P 500® sectors influence risk/return? Sam Stovall of CFRA sits down with S&P DJI's Brent Kopp and Anu Ganti to explore a range of potential applications of equal-weight sector strategies. (Video: 5 min.)
  • 2018 global green bond market highlights

    Source: Climate Bonds Initiative
    Date Submitted: 23 Apr 2019
    Views: 783
    Downloads: 56
    The growth of green bond issuance slowed down in 2018, however new sustainability, SDG and social bonds increased the diversification of the asset class. Four new countries printed their first green bond issues.

    This article qualifies for 0.5 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 
     
  • S&P Risk Parity Indices in Q4 2018

    Source: Rupert Watts
    Date Submitted: 25 Feb 2019
    Views: 232
    Downloads: 0
    The primary goals of risk parity are to provide a smoother return profile and to minimize losses from equity market drawdowns like we saw in the fourth quarter of 2018. How did S&P Risk Parity Indices perform?
  • Creditworthiness of Chinese provincial governments

    Source: Liang Zhong
    Date Submitted: 18 Apr 2019
    Views: 533
    Downloads: 14
    Credit quality of Chinese provincial governments capturing their relative strength in multiple aspects appears to be converging to the average. Only a few provincial-level governments in China stand out for their stronger credit quality. 

    This article qualifies for 0.5 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 
     
  • WEBINAR: The Climate Bonds Taxonomy & Green Bond Database Methodology

    Source: Sean Kidney
    Date Submitted: 18 Feb 2019
    Views: 1070
    Downloads: 0
    Climate Bond Initiative's Climate Bonds Taxonomy identifies assets and projects needed to deliver a low carbon economy and provides screening criteria consistent with the climate goals of the Paris Agreement. (Video: 60 min.)
  • S&P Shariah Indices Scorecard Q4 2018

    Source: John Welling, Michael Orzano
    Date Submitted: 18 Feb 2019
    Views: 240
    Downloads: 4
    S&P Dow Jones presents a quarterly update on Shariah and Islamic Market Indices as of 31 December 2018.
  • Leading viewpoint: 2019's green investment picture

    Source: Sean Kidney
    Date Submitted: 18 Feb 2019
    Views: 322
    Downloads: 20
    Lack of standards is not hindering green bond issuance, while pressure on corporations to finance the energy transition intensifies, argues Sean Kidney, CEO of Climate Bonds Initiative.
  • S&P/JPX JGB VIX update - January 2019

    Source: Applied Academics, S&P Dow Jones Indices
    Date Submitted: 15 Feb 2019
    Views: 241
    Downloads: 1
    After a turbulent year-end panic that sent the S&P/JPX JGB VIX to highs not seen since last summer, global sentiment seemed to improve in the first month of 2019, indicated by the index's gradual retreat. 
  • Introducing the S&P Global SmallCap Select Index Series

    Source: Michael Orzano
    Date Submitted: 18 Feb 2019
    Views: 231
    Downloads: 1
    Small-cap companies without a track record of generating earnings tend to perform poorly relative to their profitable peers and be a drag on broad small-cap indices. S&P's new small-cap indices aim to address this problem.
  • S&P 500 has its hottest start since 2003

    Source: Jodie Gunzberg
    Date Submitted: 11 Feb 2019
    Views: 217
    Downloads: 0
    In the first seven trading days of 2019, the S&P 500 returned 3.6%, its 12th best start on record since 1928 and best since 2003.  Also, the S&P MidCap 400 and S&P SmallCap 600 surpassed large caps by posting their best gains ever to start a year.
  • VIDEO: Reclassifying alpha using factors

    Source: Mark Armbruster, Ed Ware, Aye Soe
    Date Submitted: 10 Feb 2019
    Views: 213
    Downloads: 0
    Take a strategic look at the risk/return impact of factor implementation in different market cycles with Armbruster Capital Management’s Mark Armbruster, CFA and S&P DJI’s Ed Ware and Aye Soe, CFA. (Video: 7 min.)
  • IPO note on Genex Infosys Limited

    Source: Asaduzzaman Ashik
    Date Submitted: 10 Feb 2019
    Views: 173
    Downloads: 9
    As Genex Infosys Limited makes a debut on the Dhaka Stock Exchange on 6 February 2019, after a successful IPO in the later part of 2018, EBL Securities Limited offers a detailed analysis of the company. 
  • SGX Tourism-related stocks ride growth in visitor arrivals

    Source: SGX Research
    Date Submitted: 12 Feb 2019
    Views: 145
    Downloads: 0
    Despite concerns over slowing global growth, Singapore’s tourism sector has enjoyed consistent growth in international arrivals over the past four years. Nevertheless, 15 largest SGX stocks with exposure to the tourist industries lost 10.7% on average in 2018.
  • SGX’s largest, best-performing healthcare services stocks

    Source: SGX Research
    Date Submitted: 12 Feb 2019
    Views: 152
    Downloads: 4
    Singapore’s healthcare service providers have pursued international expansion plans in recent years, with operations and assets spanning multiple geographies outside Singapore, allowing investors to participate in the structural Asian healthcare theme.
     
  • Early-year gains of Singapore-focused developers, REITs and construction stocks

    Source: SGX Research
    Date Submitted: 11 Feb 2019
    Views: 142
    Downloads: 4
    Singapore’s largest capitalised developers and REITs with a strong Singapore focus have made a firm start in the early 2019. The largest capitalised construction stocks have also performed similarly to the developers over the past two years.
  • Capturing and evaluating intentionality in funds

    Source: Kelly Tang
    Date Submitted: 11 Feb 2019
    Views: 221
    Downloads: 0
    In ESG terms, intentionality aims to evaluate whether a given fund or strategy has policies and procedures in place that demonstrate that the investment management process makes a concerted effort to address environmental, social, and governance issues.
  • VIDEO: Factors as goals-based tools

    Source: Ed Ware, Craig Lazzara, Mark Armbruster
    Date Submitted: 30 Jan 2019
    Views: 711
    Downloads: 0
    How are advisors implementing single- and multi-factor strategies as risk mitigators? S&P DJI’s Ed Ware and Craig Lazzara take a strategic look at factors with Mark Armbruster, president of Armbruster Capital Management. (Video: 6 min)
  • Understanding the investment fundamentals of the insurance sector.

    Source: Alan Lok, CFA, Eunice Chu, ACCA, Guruprasad Jambunathan
    Date Submitted: 15 Apr 2019
    Views: 55814
    Downloads: 353
    A part of the series "Sector analysis: A framework for investors", created to help investors undertake proper due diligence on insurance companies, a well-established sector which nevertheless does not escape forces of technological disruption.

    This publication qualifies for 1.0 CE credits under the guidelines of the CFA Institute Continuing Education Program.
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits.  
  • VIDEO: ​The return of value?

    Source: Shaun Wurzbach, Lindsey Bell, Todd Rosenbluth
    Date Submitted: 27 Jan 2019
    Views: 524
    Downloads: 0
    Could recent market activity signal a style shift? S&P DJI’s Shaun Wurzbach joins CFRA’s Lindsey Bell and Todd Rosenbluth to take a fundamental look at growth and value. (Video: 9 min.)
  • Improving university finance courses

    Source: Yoke Yue Kan
    Date Submitted: 27 Jan 2019
    Views: 194
    Downloads: 9
    Emerging markets exhibit unique political, economics, corporate and cultural features. They create distinct challenges which finance courses must approach. They can be improved by focusing on purpose, ethics, broad perspective and critical thinking.

     
  • Singapore's semiconductor equipment industry

    Source: SGX Research
    Date Submitted: 27 Jan 2019
    Views: 151
    Downloads: 7
    As Grand Venture Technology (GVT), a Singapore-based manufacturing and industrial service provider, makes its debut on SGX Catalist, the exchange provides a brief overview of the semiconductor equipment industry.

     
  • How index innovation is propelling further growth of Islamic markets

    Source: Michael Orzano, John Welling
    Date Submitted: 27 Jan 2019
    Views: 240
    Downloads: 3
    Shariah-compliant index solutions have expanded to encompass a range of asset classes, themes, and strategies in order to meet the diverse benchmarking needs of the Islamic investment community.
  • SGX-listed regional small cap stocks start 2019 on firmer tone

    Source: SGX Research
    Date Submitted: 27 Jan 2019
    Views: 165
    Downloads: 3
    Regional small cap indices were amongst the stock market’s worst performing segments in 2018 due to the rising US Dollar, trade tensions & decelerating growth outlooks. However, in the first three weeks of 2019, they regained a third of last year's loss.
     
  • S&P/JPX JGB VIX update - December 2018

    Source: Applied Academics, S&P Dow Jones Indices
    Date Submitted: 23 Jan 2019
    Views: 283
    Downloads: 1
    In December 2018, the S&P/JPX JGB VIX rose to levels not seen since July 2018, as global risk aversion gripped Japan’s bond markets. Investors rushed to safe haven assets, which sent global bond yields tumbling lower.
     
  • Why picking the right asset manager matters

    Source: Asif Khan, CFA
    Date Submitted: 20 Jan 2019
    Views: 1016
    Downloads: 0
    Bangladesh's capital markets is dominated by retail investors, but lacks ETFs and index funds that would make investing simple. What should an investor take into account when choosing among active mutual funds on offer?
     
  • Changes in India’s investment sphere – an overview of 2018

    Source: Koel Ghosh
    Date Submitted: 22 Jan 2019
    Views: 262
    Downloads: 0

    Record highs, volatility, growth of passive investing and SEBI's efforts to standardize India's mutual funds offering and make it more transparent are some of the themes India's financial markets saw in 2018.

  • The importance of China onshore bonds in a portfolio context

    Source: Hong Xie
    Date Submitted: 22 Jan 2019
    Views: 1050
    Downloads: 0
    China’s onshore bond market is the third-largest in the world, but only 2.5% of it is owned by foreign investors. As market access issues are resolved, the ownership share is expected to grow.
  • Singapore REITs outperform in late 2018

    Source: SGX Research
    Date Submitted: 17 Jan 2019
    Views: 623
    Downloads: 9
    In a challenging market environment, S-REITs were among the best-performing sectors on SGX in November and December 2018. The interest in S-REITs was driven by a flight to safety amidst rising risk-aversion. 
  • Understanding the investment fundamentals of the logistics sector

    Source: Alan Lok, CFA, Eunice Chu, ACCA, Guruprasad Jambunathan
    Date Submitted: 15 Apr 2019
    Views: 1986
    Downloads: 197
    A part of the series "Sector Analysis: A Framework for Investors", generated to help investors undertake proper due diligence on companies in the rapidly evolving logistics sector that is a back-bone of today's supply-chain system.

    This publication qualifies for 1.0 CE credits under the guidelines of the CFA Institute Continuing Education Program.
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits.
  • Equal-weight indexing: One-stop shopping for size and style

    Source: Louis Bellucci, Jodie Gunzberg
    Date Submitted: 14 Jan 2019
    Views: 239
    Downloads: 5
    Equal-weight indices include the same constituents as their respective market-cap-weighted indices, but each company is allocated a fixed equal weight in the index. They outperform traditional cap-weighted indices in the long term.
  • Does investor sentiment matter in New Zealand and Australian stock markets? [NZFC 2019]

    Source: Sazali Abidin, Azilawati Banchit
    Date Submitted: 13 Mar 2019
    Views: 1111
    Downloads: 36
    This event qualifies for 1 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 

    Investor sentiment is an important aspect of behavioral finance. While most research into its effects is based on American and European stock market data, this paper uses data from Australia and New Zealand to study the phenomenon.  

    This paper has been submitted for presentation at the 23rd Annual (2019) New Zealand Finance Colloquium.
  • The future of iron ore indices

    Source: Marya Alsati
    Date Submitted: 14 Jan 2019
    Views: 230
    Downloads: 0
    Iron ore is the second-largest commodity market by value after crude oil and is a major industrial component of the world’s second-largest economy, China. S&P DJI’s two new indices provide exposure to the commodity.
  • Big ASEAN value stocks a highlight of the past three years

    Source: SGX Research
    Date Submitted: 15 Jan 2019
    Views: 183
    Downloads: 7
    The FTSE Value-Stocks ASEAN Index was amongst the strongest FTSE regional indices over the three years ending 2018. Its total return of 42% in USD terms outpaced 37 other regional indices published by FTSE Russell.  
     
  • Singapore's healthcare sector’s growth prospects draw fund flows

    Source: SGX Research
    Date Submitted: 14 Jan 2019
    Views: 157
    Downloads: 6
    In the second half of 2018, Singapore's healthcare sector saw six consecutive months of net inflows by institutional investors, following increased risk aversion on the back of higher market volatility and persistent US-China trade tensions.
     
  • Singapore's food retailers extended gains in 2018

    Source: SGX Research
    Date Submitted: 14 Jan 2019
    Views: 164
    Downloads: 2
    Singapore's four food retailer companies delivered on average a 10% return in 2018, outperforming their sector peers in the Asia Pacific region.
     
  • Ten best-performing SGX industrials stocks deliver 13% return in 2018

    Source: SGX Research
    Date Submitted: 13 Jan 2019
    Views: 157
    Downloads: 2
    Last year, SGX’s industrials sector was the second best-performing segment with a market cap-weighted average total return of 1.0%, following the Materials Sector’s market cap-weighted average total return of 30.1%.
  • 100 SGX stocks bought back S$1.53 billion in shares in 2018

    Source: SGX Research
    Date Submitted: 13 Jan 2019
    Views: 157
    Downloads: 1
    In December 2018, 32 SGX stocks listed on SGX repurchased 97 million shares for a total consideration of S$78 million. Overall, 100 stocks conducted buybacks in 2018, and the value of the buybacks was triple that of 2017.
     
  • STI Clocks 9% Annualised Return Amidst 10 Years of Global Challenges

    Source: SGX Research
    Date Submitted: 13 Jan 2019
    Views: 141
    Downloads: 1
    In the past ten years, the STI generated average annualised total returns of 9.2%, one-fifth higher than the regional Asia Pacific benchmark, and in line with the FTSE ASEAN 40 Index. Which stocks delivered the highest returns?
  • Signing off 2018: India equity market performance

    Source: Mahavir Kaswa
    Date Submitted: 13 Jan 2019
    Views: 241
    Downloads: 0
    India's 2018 started with exuberance, as the S&P BSE SENSEX reached lifetime highs in January. It failed to sustain them, but still ended a volatile year on a the upside.
  • VIDEO: Can we measure the value of research?

    Source: Craig Lazzara, Hamish Preston
    Date Submitted: 07 Jan 2019
    Views: 707
    Downloads: 0
    How much should a portfolio manager be willing to pay for research? S&P DJI’s Craig Lazzara and Hamish Preston explore a framework for estimating relative research values across markets and constituents. (Video: 9 min.)
  • VIDEO: Applying factor views to global equities

    Source: Brent Kopp, Rusty Vanneman, Joe Smith
    Date Submitted: 06 Jan 2019
    Views: 247
    Downloads: 0
    As the factor toolkit continues to expand, knowing how and when to apply them becomes increasingly important. CLS Investment’s Rusty Vanneman and Joe Smith join S&P DJI’s Brent Kopp to discuss ideas for implementing index-based factor strategies to tailor global portfolios to meet client objectives. (Video: 8 min.)
  • Passive investing opportunities in India

    Source: Akash Jain
    Date Submitted: 04 Jan 2019
    Views: 301
    Downloads: 0
    While assets continue shifting from active to passive management globally, unique local factors contribute to the rapid growth of passive investments in India's mutual fund industry.
     
  • Constructing a systematic asset allocation strategy: The S&P Dynamic Tactical Allocation Index

    Source: Phillip Brzenk
    Date Submitted: 01 Jan 2019
    Views: 1024
    Downloads: 35
    The S&P Dynamic Tactical Allocation Index (DTAQ) uses a systematic approach to asset allocation by incorporating dynamic and tactical investment strategies into the index design. The index seeks to provide higher risk-adjusted returns than the broad market irrespective of the economic environment.
  • Royal Commission, Regulation, and Rocky Markets

    Source: Stuart Magrath
    Date Submitted: 26 Dec 2018
    Views: 251
    Downloads: 0
    Over the past few months, there has been a flurry of activity in the financial advisor segment of Australia. In mid-September 2018, S&P Dow Jones Indices (S&P DJI) hosted an exchange-traded fund (ETF) seminar in Perth, Western Australia. This was S&P DJI’s second foray in the West, and with Perth being one of the world’s most isolated cities, financial advisors were appreciative to have Easterners head to the West Coast.
  • The case for emerging market stocks

    Source: Philip Murphy
    Date Submitted: 01 Jan 2019
    Views: 248
    Downloads: 0
    Despite looming threats to global trade, emerging market stocks are a staple of diversified equity portfolios. In addition to being a growing proportion of the investment opportunity set, emerging equities may offer compelling growth and value.
  • STI stocks with biggest surge in trading turnover in 2018

    Source: SGX Research
    Date Submitted: 01 Jan 2019
    Views: 164
    Downloads: 1
    Venture, Dairy Farm and Genting are among stocks included in Singapore's Straits Times Index that have experienced the biggest increase in trading turnover in 2018. 
     
  • Biotech Brings Life Into Broad-Based Equities: The S&P Biotechnology Select Industry Index

    Source: Jodie Gunzberg, Louis Bellucci
    Date Submitted: 19 Dec 2018
    Views: 259
    Downloads: 7
    Biotech's low correlation to other industries and countries, as well as its historical outperformance, could make it a potentially beneficial strategy.
  • A glimpse of the future: India’s potential in passive investing

    Source: Anu Ganti, Akash Jain
    Date Submitted: 17 Dec 2018
    Views: 1150
    Downloads: 17
    While passive investments constitute a substantial share of assets in the US, the transition from mostly active to passive approach is only beginning in India. What lessons can India learn from the growth of the sector in the US?
  • S&P/JPX JGB VIX update - November 2018

    Source: Applied Academics, S&P Dow Jones Indices
    Date Submitted: 16 Dec 2018
    Views: 293
    Downloads: 2
    Anxiety around global markets provided a boost to S&P/JPX JGB VIX levels heading into the end of the month.
  • Singapore’s largest technology stocks going into 2019

    Source: SGX Research
    Date Submitted: 16 Dec 2018
    Views: 1123
    Downloads: 61
    While Singapore’s Electronics Sector PMI moved to a marginal contraction (49.9) in
    November, it came off the back of 27 consecutive months of expansion. 
  • Banks bought back S$88 million in shares in November

    Source: SGX Research
    Date Submitted: 16 Dec 2018
    Views: 192
    Downloads: 6
    In November, 29 SGX-listed stocks repurchased 40 million shares for a total consideration of S$109 million. This was up from S$60 million in buyback consideration in October, and S$39 million in November 2017.
     
  • Five best-performing STI constituents average 13% YTD total return

    Source: SGX Research
    Date Submitted: 16 Dec 2018
    Views: 184
    Downloads: 3
    In the 2018 YTD, the STI has generated a total return of -6.8%. This compares with YTD total returns of +0.2% for the Nikkei 225, -5.1% for the ASX 200, -6.7% for the Hang Seng Index, and -19.5% for the Shanghai Composite Index.
     
  • Shelter from the storm

    Source: Anu Ganti
    Date Submitted: 13 Dec 2018
    Views: 275
    Downloads: 0
    As we approach the final month of a rollercoaster year in the markets, adding a factor lens can provide perspective, especially when it comes to low volatility.
  • The virtue of slow and steady

    Source: Fei Mei Chan
    Date Submitted: 13 Dec 2018
    Views: 304
    Downloads: 0
    How does the performance of the S&P 500 Low Volatility Index compare with that of its parent, the S&P 500, in 2018?
     
  • Institutional carbon efficiency: Exploring the tools Japan’s GPIF is using to achieve green objectives

    Source: Hannah Skeates, Andrew Innes, Neil McIndoe
    Date Submitted: 10 Dec 2018
    Views: 905
    Downloads: 35
    How are S&P Carbon Efficient Indices constructed and how are they used by institutional investors, including Japan's GPIF to meet their sustainable investing goals.
  • Request for comment: Green evaluation criteria

    Source: Stanley Tsai, Cyrus Chan, Stanley Tsai
    Date Submitted: 16 Dec 2018
    Views: 756
    Downloads: 29

    Pengyuan International, a Hong Kong-based credit agency, publishes a draft of its evaluation criteria for green bonds, for public consultation. The framework aims to evaluate the potential contribution of debt instruments to low-carbon and climate-resilient society.
     

  • The value of research: Skill, capacity, and luck

    Source: Tim Edwards, Anu R. Ganti, Craig J. Lazzara, Hamish Preston
    Date Submitted: 13 Mar 2019
    Views: 3760
    Downloads: 272
    This event qualifies for 1 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 

    As the cost of research is unbundled from that of trading, as a result of MiFID II, the value of research comes to the fore. The authors present a framework for the estimation of relative research values across markets and constituents.
  • How can deep learning improve finance?

    Source: Larry Cao
    Date Submitted: 09 Dec 2018
    Views: 1077
    Downloads: 0
    Larry Cao, Director of Industry Research at CFA Institute, talks about the promises and challenges of deep learning, and how artificial intelligence finds application in the investment industry, in an interview for MioTech.
     
  • TalkingPoints: The S&P Access China Enterprises Enhance Value Index

    Source: Tianyin Cheng
    Date Submitted: 25 Nov 2018
    Views: 294
    Downloads: 4
    The S&P Access China Enterprises Enhanced Value Index seeks to measure the performance of 100 Chinese companies whose securities offer attractive valuations and are eligible for the Stock Connect programs.
  • Adding the “factor flavour” to indexing

    Source: Koel Ghosh
    Date Submitted: 22 Nov 2018
    Views: 323
    Downloads: 0
    Assets in the passive Indian landscape have witnessed a significant growth with a range of products that have also started expanding to factor-based strategies.
  • Five best-performing S-REITs average 6% total return in July-Oct

    Source: SGX Research
    Date Submitted: 21 Nov 2018
    Views: 205
    Downloads: 3
    Investor interest in Singapore REITs has revived recently, driven by a flight to safety amidst rising risk-aversion, as the US - China trade tensions continue to simmer. Sentiment has also been boosted by improving fundamentals in the domestic office and hotel property segments.
     
  • Singapore’s 10 largest developers rebound from 12-month troughs

    Source: SGX Research
    Date Submitted: 21 Nov 2018
    Views: 199
    Downloads: 5
    Ten largest listed real estate development companies in Singapore, with a combined market capitalisation of S$56 billion, have averaged a 6% price rebound from their 12-month minimum. 
  • STI overnight swings coincide with focus on US consumer data privacy

    Source: SGX Research
    Date Submitted: 21 Nov 2018
    Views: 212
    Downloads: 2
    For the second time in October, the STI has opened at least 1% lower from the previous day close, on the back of an overnight sell-offs in US equities. The overnight moves coincided with a significant focus on safeguards for consumer data privacy in the US.
  • Thermal coal demand underpinned by uptick in Asian consumption

    Source: SGX Research
    Date Submitted: 21 Nov 2018
    Views: 199
    Downloads: 5
    Statistics show that global coal consumption and production has picked up for the first time in 2017, after several years of declining growth, driven by increased consumption from Asian countries: India, Japan and China.
  • SGX industrial sector strengthened in September

    Source: SGX Research
    Date Submitted: 21 Nov 2018
    Views: 189
    Downloads: 4
    Industrials were amongst Singapore’s three best performing sectors in September 2018. The 10 largest capitalised industrial stocks averaged a 7.1% total return for the month, and followed with 1.2% average gains for the first two sessions of October.
  • SGX companies buy back shares in September, as STI rebounds 1.4%

    Source: SGX Research
    Date Submitted: 21 Nov 2018
    Views: 186
    Downloads: 3
    In September, 35 SGX companies repurchased 32 million shares for a total consideration of S$94 million. The buyback has brought the total consideration over the first nine months of 2018 to S$1.3 billion, which is three times the total in 2017.
  • China and Singapore retail REITs outperfom benchmark indices

    Source: SGX Research
    Date Submitted: 21 Nov 2018
    Views: 203
    Downloads: 5
    The four SGX-listed retail S-REITs have outperformed the STI benchmark index in the first three quarters of 2018. Despite growing risk-averse sentiment, investor expectations of a downside were fairly subdued, underpinned by the sector's strong earnings profile and its perceived defensive nature.
  • Five best-yielding SGX healthcare stocks averaged 5% dividend yield

    Source: SGX Research
    Date Submitted: 20 Nov 2018
    Views: 188
    Downloads: 5
    Singapore’s healthcare sector, typically viewed as a defensive segment and poised to enjoy multi-year growth prospects, has benefited from rotational fund flows recently, as investors took refuge in haven assets following a rise in risk-aversion. 
  • VIDEO: Harnessing emerging market growth: The Dow Jones Emerging ASEAN Titans 100 Index

    Source: David Lai, Sam Tsui, Utkarsh Agrawal
    Date Submitted: 19 Nov 2018
    Views: 278
    Downloads: 0
    The ASEAN nations’ investment landscape is changing and providing greater access for global investors. Premia Partners’ David Lai joins S&P DJI’s Sam Tsui and Utkarsh Agrawal to discuss the index solutions that help investors to capture the potential growth in these markets. (Video: 5 min)
  • Using trailing dividend yield versus indicated dividend yield

    Source: Qing Li
    Date Submitted: 18 Nov 2018
    Views: 300
    Downloads: 0
    Dividend yield is a significant consideration for income-focused investment strategies. As companies in different markets tend to pay dividends on different schedules, the calculation of dividend yields has to take into account these differences. 
  • CFA Society Bangladesh Career Guide

    Source: CFA Society Bangladesh
    Date Submitted: 20 Nov 2018
    Views: 952
    Downloads: 0
    CFA Society Bangladesh presents the professional experiences of 19 CFA charterholders based in or connected with Bangladesh. Each story tells how they have made the decision to pursue the charter and how they use their knowledge in their careers.
     
  • S&P/JPX JGB VIX update - October 2018

    Source: Applied Academics, S&P Dow Jones Indices
    Date Submitted: 15 Nov 2018
    Views: 297
    Downloads: 2
    Although the implied volatility of Japanese government bonds remained below the July and August highs, the JGB market was sensitive to rumors of possible changes to the Bank of Japan (BoJ) JGB purchases.
  • VIDEO: Passive investing trends in India

    Source: Akash Jain, Koel Ghosh
    Date Submitted: 12 Nov 2018
    Views: 329
    Downloads: 0
    What does the growth of passive investing mean for the Indian market? Watch as S&P BSE Indices’ Koel Ghosh and Akash Jain discuss the latest passive investing trends in India. (Video: 5 min.)
  • S&P Shariah Indices Scorecard Q3 2018

    Source: John Welling, Michael Orzano
    Date Submitted: 11 Nov 2018
    Views: 401
    Downloads: 5
    How did S&P Dow Jones Islamic Market Indices perform in the third quarter of 2018?
  • Digital Asset Management: A Newly Found Need

    Source: Federico Cristina, CFA, Marco Cora, CFA, Filippo Fanin, CFA
    Date Submitted: 08 Nov 2018
    Views: 873
    Downloads: 0
    Given the recent rise of interest in Blockchain technology and cryptocurrencies, it‘s quite clear that there is a growing unspoken need for professional portfolio management services and well-established investment techniques.

    The proliferation of investment opportunities and the increase in the sheer size of each investment in the cryptographic asset space requires the incorporation of concepts such as diversification, asset allocation and other basic and well-tested investment techniques. As the market grows, it’s obvious that there is a compelling need for both: professional portfolio management skills as well as a good understanding of the underlying information technology.
  • Persistence of Australian active funds

    Source: Priscilla Luk
    Date Submitted: 07 Nov 2018
    Views: 1626
    Downloads: 19
    In this report, we measure the performance persistence of active funds that outperformed their peers and benchmarks over consecutive three- and five-year periods. Persistence of outperformance is an additional test that reveals fund managers’ skills in different market environments.
  • SPIVA® Japan Mid-Year 2018 Scorecard

    Source: Priscilla Luk
    Date Submitted: 06 Nov 2018
    Views: 303
    Downloads: 3
    The SPIVA Japan Scorecard reports on the performance of actively managed Japanese mutual funds against their respective benchmark indices over 1-, 3-, 5-, and 10-year investment horizons.
  • VIDEO: The path of an institutional leader: How indices are fuelling GPIF’s green objectives

    Source: Sunjiv Mainie, Kana Kawasaki, Ryan Christianson
    Date Submitted: 31 Oct 2018
    Views: 1009
    Downloads: 0
    How is GPIF achieving its green objectives through indices? S&P DJI’s Sunjiv Mainie, Kana Kawasaki, and Ryan Christianson discuss how they partnered with GPIF on the new S&P Carbon Efficient Indices to power their commitment to ESG. (Video: 6 min.)
  • VIDEO: Getting to know the S&P BSE 500

    Source: Mahavir Kaswa, Neyaz Shaikh
    Date Submitted: 29 Oct 2018
    Views: 330
    Downloads: 0
    What’s inside this broad benchmark and how are market participants putting it to work? S&P BSE Indices’ Mahavir Kaswa and Neyaz Shaikh provide an in-depth look at the S&P BSE 500. (Video: 3 min.)
  • VIDEO: How important is global diversification?

    Source: James Garcelon, Randall O'Leary
    Date Submitted: 29 Oct 2018
    Views: 806
    Downloads: 0
    How are index-based strategies being used to eliminate home bias? Shaunessy Investment Counsel’s James Garcelon joins S&P DJI’s Randall O’Leary to discuss the role of indexing in building diverse global portfolios. (Video: 6 min)
  • SPIVA India Scorecard Mid-Year 2018

    Source: Akash Jain
    Date Submitted: 24 Oct 2018
    Views: 356
    Downloads: 8
    The SPIVA India Scorecard reports on the performance of actively managed Indian mutual funds compared with their respective benchmark indices over 1-, 3-, 5-, and 10-year investment horizons.
  • The growth of sidecar joint ventures in aviation

    Source: David Yu
    Date Submitted: 29 Oct 2018
    Views: 319
    Downloads: 13
    As new capital looks to enter the aircraft leasing business, sidecar arrangements allow investors to benefit from experience and expertise of established lessors, who in return gain access to more opportunities.
     
  • Drivers and policies affecting China's cross-border investment and financing in aviation

    Source: David Yu
    Date Submitted: 24 Oct 2018
    Views: 328
    Downloads: 20
    Chinese outbound M&A deals have grown exponentially over the past five years. 
    Aviation, including airports, leasing and technology, as well as tourism are favoured industries that are promoted because of policy considerations and strong underlying stability and economics. 
  • VIDEO: ​SPIVA India Year-End 2017 Scorecard

    Source: Neyaz Shaikh, Akash Jain
    Date Submitted: 22 Oct 2018
    Views: 332
    Downloads: 0
    How do active managers stack up to their benchmarks in India? Join Neyaz Shaikh and Akash Jain from S&P BSE Indices as they dive into the SPIVA data. (Video: 3 min.)
  • Changing geography of aviation finance funding

    Source: David Yu
    Date Submitted: 22 Oct 2018
    Views: 373
    Downloads: 24
    New players in the aircraft leasing business, such as commercial banks and insurance companies are adding to the geographic diversity of funding sources. This paper analyses new trends and the roles of the newcomers in the sector.
  • New Aviation Silk Road – trends, drivers, and lessons in cross-border investments and M&A in aviation

    Source: David Yu
    Date Submitted: 22 Oct 2018
    Views: 746
    Downloads: 21
    A review of cross-border investment and M&A activity in the aviation industry, highlighting a growing number of global outbound investments from Chinese investors. What are the drivers of their investment activity and lessons to be learned? 
  • Trade tensions will hurt all stock markets

    Source: Jodie Gunzberg
    Date Submitted: 04 Nov 2018
    Views: 1543
    Downloads: 0
    The International Monetary Fund (IMF) recently released the October 2018 World Economic Outlook, which estimated the impact of global trade tensions on GDP. Overall, the IMF states that the tariffs already in place will hurt GDP and that additional tariffs will weaken it further.
  • Uzbekistan: The som has been stable so far but how long can it last?

    Source: Firdavs Olimov, CFA, Kenneth Lai Kar Mun, CFA, Shawn Abdurakhimov , Hasan Khudoyorov
    Date Submitted: 18 Oct 2018
    Views: 227
    Downloads: 2
    Since one-off devaluation of the Uzbekistani som to 8,100 UZS/USD from 4,210 on 5 September 2017, the currency has been quite stable thanks to growing exports, increasing foreign investments, loans from international financial institutions (EBRD, ADB, etc.), decreasing use of US dollar within Uzbekistan, and a small intervention from Central Bank of Uzbekistan (CBU).
  • VIDEO: ASEAN markets - an emerging growth story

    Source: David Lai, Utkarsh Agrawal, Sam Tsui
    Date Submitted: 11 Oct 2018
    Views: 353
    Downloads: 0
    Premia Partners’ David Lai joins S&P DJI’s Sam Tsui and Utkarsh Agrawal to discuss what’s driving growth in the emerging ASEAN region. (Video: 6 min)
  • How Important Are Earnings Revisions Signals for Fundamental Factor Strategies in Asia?

    Source: Utkarsh Agrawal
    Date Submitted: 08 Oct 2018
    Views: 296
    Downloads: 0
    Since the Asian market is highly fragmented and the distribution of each underlying factor may be different, we examined the earnings revision screen overlay on each underlying factor for both value and quality in our new research paper, “Earnings Revision Overlay on Fundamental Factors in Asia.”
  • Rotation strategies and their role in the Australian market

    Source: Priscilla Luk, Utkarsh Agrawal
    Date Submitted: 07 Nov 2018
    Views: 1197
    Downloads: 35
    This article qualifies for 0.5 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 

    Can sector price momentum be successfully exploited in sector allocation to deliver excess returns? How does the performance of the cyclical sectors compare with defensive ones in the long term? 
    The authors use the S&P/ASX 200 GICS sector indices to answer these questions and to design a dynamic allocation strategy that produces a 5.2% excess return compared with the Australian market.
  • SGX retail stocks adapt to ride e-commerce wave

    Source: SGX Research Team
    Date Submitted: 04 Oct 2018
    Views: 1121
    Downloads: 6
    SGX looks at companies listed in Singapore whose primary business includes traditional and online retail as well as e-commerce operations. It examines which companies have best adapted to the growth of the e-commerce industry.
  • SGX healthcare stocks raised US$1 billion in last five years

    Source: SGX Research Team
    Date Submitted: 07 Oct 2018
    Views: 220
    Downloads: 4
    An overview of the capital-raising activities of healthcare companies listed on the Singapore Exchange between 2013 and 2018. The 31 companies constituting the SGX All-Healthcare Index raised US$1 billion during that period, through primary and secondary activities.
  • ​VIDEO: Institutional carbon efficiency: Japan’s GPIF looks to S&P DJI to achieve green objectives

    Source: Hannah Skeates, Andrew Innes, Neil McIndoe
    Date Submitted: 04 Oct 2018
    Views: 366
    Downloads: 0
    Institutional investors, including Japan’s GPIF, are increasingly integrating ESG into their strategies. S&P DJI's Hannah Skeates and Andrew Innes are joined by Trucost’s Neil McIndoe to talk about how the innovative S&P Carbon Efficient Indices are being used as institutional portfolio building blocks. (Video: 8 min)
  • “Counter-cyclical” adjustment factor resumed to anchor Chinese currency

    Source: Jack Jiang
    Date Submitted: 02 Oct 2018
    Views: 366
    Downloads: 0
    The People’s Bank of China (PBOC) announced on August 24 that China’s CNY fixing reporting banks have resumed the counter-cyclical adjustment (CCA) factor in the CNY official midpoint this month. 
  • ESG Preference and Market Efficiency: Evidence from Mispricing and Institutional Trading

    Source: Jie Cao, Sheridan Titman, Xintong Zhan, Weiming Zhang
    Date Submitted: 07 Nov 2018
    Views: 1618
    Downloads: 54
    This article qualifies for 1 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 

    Growing adoption of ESG investing after 2003 generates a new "friction" that affects the efficiency of stock markets. Socially responsible institutional investors tend to under-react to mispricing signals when they contradict the investors' preference for ESG performance. This leads to predictability of returns. 
     
  • Smart Beta, 'Smarter' Flows

    Source: Jie Cao, Jason Hsu, Zhanbing Xiao, Xintong Zhan
    Date Submitted: 29 Sep 2018
    Views: 1250
    Downloads: 82
    We examine the impact of smart beta equity exchange-traded funds (ETFs) on how investors evaluate active mutual fund performance. We find that when smart beta ETFs are actively traded, mutual fund flows become “smarter”, with a higher sensitivity to alphas from multi-factor models. The dominance of the CAPM alpha weakens and even disappears. Our findings highlight the importance of financial innovation in shaping investor behavior and are not explained by alternatives such as investor learning because the results are driven by sophisticated investors. We document consistent evidence using international data and a cross-country analysis.
  • Stewardship Code towards Capital Market Reform

    Source: Bruce Wonil Lee, CFA
    Date Submitted: 15 Oct 2018
    Views: 1504
    Downloads: 46
    Stewardship Code towards Capital Market Reform
  • Measuring volatility in Australia

    Source: Berlinda Liu
    Date Submitted: 04 Oct 2018
    Views: 370
    Downloads: 4
    Responding to the need for a VIX-type index reflecting Australian equity market uncertainty, S&P Dow Jones Indices launched the S&P/ASX 200 VIX in 2010. The index has proven to be a good gauge of the volatility of the Australian equity market and has shown a strong negative correlation with the local market.
  • SPIVA® Australia Mid-Year 2018 Scorecard 

    Source: Priscilla Luk
    Date Submitted: 02 Oct 2018
    Views: 346
    Downloads: 2
    The SPIVA Australia Scorecard reports on the performance of actively managed Australian mutual funds against their respective benchmark indices over 1-, 3-, 5-, 10-, and 15-year investment horizons.
  • Introducing the S&P Risk Parity Indices

    Source: Tianyin Cheng, Vinit Srivastava, Berlinda Liu
    Date Submitted: 29 Sep 2018
    Views: 356
    Downloads: 2
    The purpose of the S&P Risk Parity Indices is to provide appropriate benchmarks for risk parity and to provide an alternative to investors who are looking for a passive investable solution.
  • Mid-Cap Indexing in Australia

    Source: Michael Orzano, CFA, Senior Director, Global Equity Indices, S&P DJI, John Welling, Associate Director, Equity Indices, S&P DJI
    Date Submitted: 16 Sep 2018
    Views: 354
    Downloads: 0
    The mid-cap space has often been described as the “sweet spot” of equity investing—and with good reason. Mid caps tend to offer a balance between the high growth (and high risk) offered by small caps and the stability (but slower growth) of large caps. In addition, the Australian midcap segment has a more diverse sector representation than both large-cap and broad-market Australian benchmarks, which are dominated by banks. Over the long term, these unique characteristics have helped the Australian mid-cap segment outperform all other size categories on both an absolute and risk-adjusted basis.

    Despite these characteristics, the mid-cap segment of the Australian stock market is often overlooked and underappreciated. Pure mid-cap investing is not common, and often, mid- and small-cap companies are lumped together for investment purposes, diluting the unique characteristics of midsized companies. 
  • Proactive Fiscal Policy to Be More Proactive: Takeaways From China’s State Council Executive Meeting on July 23, 2018

    Source: Jack Jiang
    Date Submitted: 14 Sep 2018
    Views: 807
    Downloads: 0

    Takeaways From China’s State Council Executive Meeting on July 23, 2018

  • Personality Driven Portfolio How to invest right for your style

    Source: SAM PHOEN
    Date Submitted: 14 Sep 2018
    Views: 1374
    Downloads: 33
    Personality Driven Portfolio
    How to Invest Right for Your Style
    Published by Marshall Cavendish Business, 2018

    Have you ever thought about how YOUR Personality might affect your Portfolio?
    • Are you wondering why your investments don’t seem to do as well as others?  
    • Do you often own the right stocks, but find yourself either taking profit too early or not taking profit early enough and now sitting on losses?
    • You have been following the recommendations of top analysts and portfolio managers, why aren’t you making as much out of these investments? 
    • Is the performance of your investments keeping you awake at night? 
    You are not alone…
     
    Very often, we construct our investment portfolio by following the best research and recommendations out there.  However, the investment returns are rarely optimal. One of the main reasons is that these investments may not be suitable for you!
     
    Constructing an investment portfolio is not a one-size-fits-all exercise.  What works for other top investors may not necessarily work for you.  Following them blindly can lead to a disastrous mismatch with your own investing style.

    Successful investing starts with KNOWING YOURSELF.
    What investment personality are you?  Are you a Diligent Deer, an Egoistic Elephant, a Cagey Crab, or perhaps a Busy Bee?

    Understanding your investment personality would be the first step to constructing a bespoke portfolio for yourself - one that will suit your personality to a T, and put you in the best position to reap sustained results over the long term!

     
  • S&P/JPX JGB VIX Update - August 2018

    Source: Applied Academics, S&P Dow Jones Indices
    Date Submitted: 13 Sep 2018
    Views: 360
    Downloads: 3
    JGB VIX Drops as BoJ Tries to Regain Control
  • Understanding the Investment Fundamentals of Airlines. A part of the series "Sector Analysis: A Framework for Investors"

    Source: Alan Lok, CFA, Eunice Chu, ACCA, Guruprasad Jambunathan
    Date Submitted: 15 Apr 2019
    Views: 138998
    Downloads: 842
    INTRODUCTION TO AIRLINE SECTOR ANALYSIS: A FRAMEWORK FOR INVESTORS

    The key to a company’s success depends on how well it executes its business model. This calls for optimising the allocation of limited resources to generate sustainable cash flows, for investing in new products, technologies, and services in responding to the wider competitive landscape or societal changes and mega trends, as well as for devising appropriate responses in the face of an evolving macroeconomic, regulatory, and political environment.  

    Different industries often require very different business models; and even within the same industry, the model that does add value to the business may vary somewhat from company to company.  

    To help investors undertake proper due diligence on a company, we have generated a framework of analysis designed to tease out the following: (1) whether the pertinent factors favour the firm in question; and (2) whether management is effective in executing its business model or value-generating strategies, while responding appropriately to its external environment.

    This framework is customised to specific sectors and incorporates interviews with professionals within those sectors. 

    AIRLINE INDUSTRY

    Perhaps it’s the thrill of voyaging to a far-flung, unfamiliar place. Maybe it’s the teasing prospect of a seat or—even better—an earnings upgrade. Whatever our reasons, we remain seduced and frustrated by the airline industry.

    In a 2007 letter to shareholders, Warren Buffett observed that: The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, then earns little or no money—think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

    In the beginning, airlines were a must-have sovereign accessory, an essential strategic asset with monopoly powers that conferred national pride and international prestige. That said, packing a soft-power punch wasn’t cheap, and the industry was replete with loss-making state-owned companies.
    To the relief of investors (and taxpayers), economic sanity eventually prevailed and privatisation, together with the introduction of low-cost carriers (LCCs), helped to forge a
    more sensible trading environment.

    Old habits die hard, though, and aspects of a state-owned past haunt the airline industry. Intergovernmental deals dictate which airlines can fly and where they can land, and despite cheaper alternatives, national airlines still locate their hubs on their home turf. Industry pricing is also quixotic: a flight with two stopovers may be 40% cheaper than a shorter, more fuel-efficient, direct journey.
     
    To read more, download the full sector analysis for the airline industry with accompanying question bank below.

    This publication qualifies for 1.0 CE credits under the guidelines of the CFA Institute Continuing Education Program.
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits.  
  • Dynamic Index Tracking and Risk Exposure Control Using Derivatives

    Source: Tim Leung
    Date Submitted: 10 Sep 2018
    Views: 1511
    Downloads: 24
    We develop a methodology for index tracking and risk exposure control using financial derivatives. Under a continuous-time diffusion framework for price evolution, we present a pathwise approach to construct dynamic portfolios of derivatives in order to gain exposure to an index and/or market factors that may be not directly tradable. Among our results, we establish a general tracking condition that relates the portfolio drift to the desired exposure coefficients under any given model. We also derive a slippage process that reveals how the portfolio return deviates from the targeted return. In our multi-factor setting, the portfolio’s realized slippage depends not only on the realized variance of the index but also the realized covariance among the index and factors. We implement our trading strategies under a number of models, and compare the tracking strategies and performances when using different derivatives, such as futures and options.
  • OPTIMAL MEAN REVERSION TRADING WITH TRANSACTION COSTS AND STOP-LOSS EXIT

    Source: Tim Leung
    Date Submitted: 10 Sep 2018
    Views: 991
    Downloads: 24

    Optimal Mean Reversion Trading

    with Transaction Costs and Stop-Loss Exit

  • The S&P BSE 500: How Has it Performed?

    Source: Mahavir Kaswa
    Date Submitted: 25 Sep 2018
    Views: 776
    Downloads: 0
    In this post, we will review the historical performance of the S&P BSE 500.
  • Rotate Factors Tactically With the S&P Economic Cycle Factor Rotator Index

    Source: Ellen Law, Priscilla Luk, Tianyin Cheng
    Date Submitted: 07 Sep 2018
    Views: 1197
    Downloads: 0
    What tools are available in the market to capture factor returns and navigate the business cycle? S&P DJI’s Priscilla Luk, Tianyin Cheng, and Ellen Law discuss a new factor rotation strategy.
  • Earnings Revision Overlay on Fundamental Factors in Asia

    Source: Utkarsh Agrawal
    Date Submitted: 11 Sep 2018
    Views: 402
    Downloads: 0
    In this research paper, we explore the effect of implementing earnings revision strategies over traditional fundamental factor portfolios across seven Pan Asian markets—Australia, China, Hong Kong, India, Japan, South Korea, and Taiwan—between Mar. 31, 2006, and Mar. 31, 2018.
  • S&P 500 2017: Global Sales

    Source: Howard Silverblatt
    Date Submitted: 10 Sep 2018
    Views: 921
    Downloads: 10
    Get insight into where large-cap American companies are selling their goods and services.
  • Indexing With Large Caps at the Core

    Source: Koel Ghosh
    Date Submitted: 31 Aug 2018
    Views: 346
    Downloads: 0
    The support from the Indian government via the Employees’ Provident Fund Organisation and Department of Investment and Public Asset Management, which are promoting investment in ETFs, has helped with the acceptance and adoption of passive investing.
  • Singapore’s Billionaire Stocks with an Agriculture Focus

    Source: SGX My Gateway
    Date Submitted: 31 Aug 2018
    Views: 231
    Downloads: 4
    • Singapore lists six stocks with a market capitalisation above S$1 billion that maintain a significant Agriculture business. Swings of the six stocks in recent years have coincided with swings of international agriculture commodity prices.
    • Institutions have been net buyers of four of the six stocks over the first seven months of 2018. Overall the six stocks were together subject to net buy inflows totalling S$81 million, led by inflows into Wilmar International, Japfa and Olam International.
    • In the 2018 YTD, the six stocks averaged 4% gains compared to the global agriculture benchmarks generating marginal declines. Four of the six reported net profit growth in 2QFY18 & Japfa’s stock performance is the strongest of the six in the 2018 YTD.
  • Singapore’s Highest ROE Billionaire Plays

    Source: SGX My Gateway
    Date Submitted: 31 Aug 2018
    Views: 1039
    Downloads: 19
    Singapore’s Highest ROE Billionaire Plays
    • SGX lists close to 100 stocks with market cap above S$1 Billion and a ROE of above 10%. Over the last 12 months, Banks and Consumer stocks were the strongest play among the list of highest ROE billionaire stocks compared to the benchmark Straits Times Index (STI).
    • Amongst the list, seven are trusts (REITS, Stapled Trusts or Business Trusts) and the remaining 32 are companies spanning across multiple industries including Banks, Consumer, Technology and Property Developers.
    • The five companies with the highest ROE include StarHub (44.6%), Singapore Exchange (34.1%), M1 Limited (29.1%), Sheng Siong Group (26.8%) and Dairy Farm Int’l (25.7%).
    • Over the last 12 months, the five best performers were DBS (+30.9%), Sheng Siong Group (+24.4%), UOB (+19.4%), Venture Corp (+19.1%) and Dairy Farm Int’l (+17.1%). Collectively, these five stocks produced an average 1 year total return of +22.2%.
  • Strong Buyback Momentum Continued into Mid-August

    Source: SGX My Gateway
    Date Submitted: 31 Aug 2018
    Views: 231
    Downloads: 0
    Strong Buyback Momentum Continued into Mid-August
    • For the first 12 sessions of August 2018, share buyback consideration has exceeded S$100 million. This is the seventh successive month the S$100 million threshold has been crossed, with buyback consideration in excess of S$1 billion for the 2018 YTD.
    • The 23 stocks that have conducted share buybacks in the August MTD have bought back a total of 17.7 million shares for a consideration of S$116.5 million. The buyback consideration was led by DBS Group Holdings, United Overseas Bank and CapitaLand.
    • The August MTD has also seen fresh buyback mandates commence for City Developments, Hi-P International, Singapore Shipping Corporation, Ban Leong Technologies, Japan Foods Holding, Maxi-Cash Financial Services Corporation & Star Pharmaceutical.
  • Dual-Class Shares: The Good, The Bad, and The Ugly

    Source: Rocky Tung, Mary Leung
    Date Submitted: 19 Mar 2019
    Views: 39500
    Downloads: 306
    A Review of the Debate Surrounding Dual-Class Shares and Their Emergence in Asia Pacific
  • Considering the Risk From Future Carbon Prices: The S&P Carbon Price Risk Adjusted Index Series

    Source: Hannah Skeates, Andrew Innes
    Date Submitted: 23 Apr 2019
    Views: 1357
    Downloads: 12
    S&P Dow Jones Indices launched the S&P Carbon Price Risk Adjusted Indices to embed future carbon price risk into today’s index constituents, an example of the broader move toward incorporating ESG considerations in asset management.

    This article qualifies for 0.5 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 
  • Corporate Climate Competitiveness: Growing Your Business, Optimizing Investments, and Managing Costs

    Source: Christopher Baldock, Teri Mendelsohn
    Date Submitted: 26 Aug 2018
    Views: 359
    Downloads: 8
    Businesses that successfully decarbonize their operations in line with global energy transition commitments may be more likely to protect their license to grow and avoid increased costs from carbon pricing.
  • A Glance at the Performance of Emerging ASEAN Markets

    Source: Utkarsh Agrawal
    Date Submitted: 22 Aug 2018
    Views: 365
    Downloads: 0
    In this post, let’s take a deeper look at how the emerging ASEAN equity markets—consisting of Indonesia, Malaysia, Philippines, Thailand, and Vietnam—performed historically.
  • Measuring Indian Equities: The S&P BSE 500

    Source: Mahavir Kaswa
    Date Submitted: 26 Aug 2018
    Views: 439
    Downloads: 20
    This paper discusses the construction and attributes of the S&P BSE 500 and compares it with other popular equity indices in the Indian market.
  • Taking Stock of Singapore’s Recent Manufacturing Growth

    Source: SGX My Gateway
    Date Submitted: 19 Aug 2018
    Views: 800
    Downloads: 5
    Taking Stock of Singapore’s Recent Manufacturing Growth
    • Singapore’s Manufacturing sector grew by a robust 10.2% YoY in 2Q18, extending the 10.8% YoY growth in 1Q18 and 10.1% YoY expansion in 2017. Manufacturing has been a keen driver of Singapore’s GDP growth which has been on trending higher since the end of 2015.
    • ST Engineering, Yangzijiang Shipbuilding, Venture Corp, Sembcorp Marine and Haw Par Corp are amongst Singapore’s five biggest manufacturing plays excluding F&B manufacturing. Since the end of 2015, the five stocks have averaged a 51% total return.
    • The five stocks have also recently reported their 2QFY18 and 1HFY18 earnings, with four stocks reporting net profit growth. These four stocks averaged 2QFY18 net profit growth of 40% YoY and 1HFY18 net profit growth of 35% YoY.
  • Largest ASEAN Value Stocks Edged Ahead of Region Over Past 12M

    Source: SGX My Gateway
    Date Submitted: 19 Aug 2018
    Views: 249
    Downloads: 5
    Largest ASEAN Value Stocks Edged Ahead of Region Over Past 12M
    • The FTSE Value-Stocks ASEAN Index has generated a 12% total return in SGD terms over the past 12 months, outperforming both the FTSE/ASEAN 40 Index with a 10% total return and FTSE ASEAN All-Share Index with a 3% total return
    • The FTSE Value-Stocks ASEAN Index is comprised of the largest capitalised stocks of the FTSE Global All Cap Index that meet three sets of value-investing screening criteria, namely Contrarian, Quality & Valuation screenings which are then ranked by lowest P/E Ratios.
    • Singapore’s 10 constituents of the FTSE Value-Stocks ASEAN Index have averaged a 9% total return over the past 12M, ranging from -12% for Jardine C&C to 30% for DBS Group Holdings. In May 2018, two stocks, A-REIT and Venture, re-joined the Index.
  • The Growth of Emerging ASEAN

    Source: Utkarsh Agrawal
    Date Submitted: 30 Aug 2018
    Views: 989
    Downloads: 0
    The Association of Southeast Asian Nations (ASEAN) region is well known for its growth potential among market participants who seek to diversify their exposure within emerging markets.
  • Dividends Boost Average YTD Returns of Jardine Companies to 8%

    Source: SGX My Gateway
    Date Submitted: 13 Aug 2018
    Views: 817
    Downloads: 9
    Dividends Boost Average YTD Returns of Jardine Companies to 8%
    • SGX lists Jardine Matheson Holdings and Jardine Strategic Holdings, in addition to four companies held by Jardine Strategic Holdings – Hongkong Land, Dairy Farm International, Mandarin Oriental and Jardine Cycle & Carriage.
    • Four of the stocks represent approx. 13% of the STI and approx. 7% of the MSCI Hong Kong Index. Jardine Matheson, Jardine Strategic and Hongkong Land are in both indices, while Jardine Cycle & Carriage is in the STI and Dairy Farm International is in the MSCI Hong Kong.
    • The six stocks have averaged a 5.9% price gain in the 2018 YTD, with dividends boosting their SGD total return to 7.6% (both in SGD terms). Five of the six stocks are secondary listings and traded in USD, with the primary listed Jardine Cycle & Carriage traded in SGD.
  • S&P Dow Jones Indices Quarterly Islamic Market Review

    Source: Michael Orzano
    Date Submitted: 22 Sep 2018
    Views: 392
    Downloads: 0
    Most S&P and Dow Jones Islamic indices have outperformed conventional benchmarks through the first half of 2018 driven by underweight to financials.
  • Non-Monotonic NPV Function Leads to Spurious NPV and Multiple IRR Problems

    Source: Kannapiran C. Arjunan
    Date Submitted: 21 Aug 2018
    Views: 196
    Downloads: 5

    Non-Monotonic NPV Function Leads to Spurious NPV and Multiple IRR Problems: A Critical analysis using a modified capital amortization method that Resolves These Problems

    This analysis is conducted using some popular non-normal net cash flow (NNCF) investment data available in public domain and other hypothetical NNCF data. The methodology is mainly based on capital amortization schedule (CAS) and modified CAS (MCAS) methods along with a comparison of the results with the common DCF method. The findings are summarised here:

    a. The problem of multiple IRR is caused by reinvestment income and the resultant non-monotonic NPV function. The CAS methods clearly indicate whether there is any reinvestment. Non-monotonic NPV function of NNCF investment leads to multiple IRRs or spurious IRRs, NPVs and MIRRs. With non-monotonic NPV functions the DCF estimated criteria are all spurious.

    b. The MCAS method eliminates the reinvestment thereby leads to monotonic NPV function and resolves the problem of reinvestment, spurious NPVs, MIRRs, IRRs and or multiple IRR.

    c. Neither the NPV nor the MIRR could resolve the problem of multiple IRR. With normal NCFs and some of the NNCFs also, there are no reinvestment at IRR or at hurdle rate as wrongly asserted in many published works.

    d. It is normal for the estimated IRR to be either ‘nil or zero or negative’ when the sum of net benefits or NCF is zero or negative. Such IRRs are consistent with NCF or net benefit. IRR of ‘zero or negative or no’ is not a weakness or problem but it reveals the real or consistent return.

    e. MCAS is an appropriate method to estimate the rate of return (IRR and NPV) for both normal NCF and NNCF and resolves the multiple IRR problem and eliminates spurious NPVs and MIRRS. The estimated IRR and NPV by MCAS method are consistent with NCF.

    f. Ultimately, IRR and NPV, estimated by MCAS, are the best criteria available to investment, project and cost-benefit analysis.

    In summary, NPV and IRR estimated by MCAS method are equally appropriate and therefore one cannot be the best substitute for the other. The multilateral and bilateral organizations and corporate managements may wish to revisit their recommendation to use the NPV only and not the IRR while dealing with multiple IRRs associated with NNCF investments.

  • The Use of Index Derivatives in Portfolio Management

    Source: Alka Banerjee
    Date Submitted: 06 Aug 2018
    Views: 391
    Downloads: 0
    The ability to leverage by investing a small amount to gain exposure to a much larger investment is the key benefit of index derivatives.
  • Greater Bay Area Opportunities - Capitalising Hong Kong's Unique Edge

    Source: Eunice Chu,Sonia Khao
    Date Submitted: 06 Aug 2018
    Views: 1167
    Downloads: 16

    ACCA Hong Kong conducted a member survey in January 2018 to seek the views of professional accountants in Hong Kong on the GBA initiative.

    Four key recommendations 

    Through this careful study and consultation, ACCA Hong Kong lays out a series of recommendations in the report for consideration:

    1. Conduct thorough research and studies on the strengths and needs of each city, enabling member cities to understand what they offer and to who they can offer
    2. Take action to attract, retain and develop talent capable of meeting the growing workforce demnads in the GBA
    3. Set up a GBA committee to facilitate Hong Kong as the Super Connector between the mainland and the international community
    4. Offer the right tax incentives to increase the city'es competitiveness and spark new momentum,

     
  • Business models of the future: emerging value creation

    Source: Jimmy Greer
    Date Submitted: 09 Oct 2018
    Views: 455
    Downloads: 17
    This article qualifies for 0.75 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. 

    New business models can provide better blueprints for creating value, which economies and societies can use to tackle the challenges they face and flourish.

    From technology to demography, the global economy is entering a new era. Reappraisal of value proposition, value creation and value capture that make up the essence of business models can open up new opportunities for business to thrive.
     

    Not just technology

    The rise of platforms, the changing nature of work, the means by which services are provided and the digitisation of manufacturing are just some of the shifts that technology is making possible.

    But new business models are not just about technology. Around the world new markets are emerging and old ones are evolving. Unquestionable economic certainties are being challenged. What were intangible environmental impacts are now daily healthcare problems for millions. What people value is changing.

    Elevating the business model

    Factors that have elevated the business model include:

    1. tumbling tech costs bringing ideas to the fore
    2. the rise of start-up culture
    3. the rise of tools to meet growing interest
    4. networked capital
    5. a changing world that needs new models.

    The ‘Full Stack’

    The’ Full Stack’ is an end to end framework to help understanding and assessment of the value creation potential of new business models.

    It is made up of two sections:

    1. The back-end comprises five layers. Taken together they combine to create the foundations for future business models.

    2. The front-end comprises five layers. It brings together key socio-economic horizons faced by businesses today.

    Together the two ends provide a tool for exploring the potentials of business models and the context in which they will operate. 

    Swipe to view table

     
    Back-end Front-end
    Waves Growth
    Disruption Work
    Networks Deindustrialisation
    Limits Resources
    Socio-productivity Experience
  • Request for Comments - Industry Credit Guidelines: Chinese Homebuilders and Property Developers

    Source: Winnie Guo, Tony Tang
    Date Submitted: 05 Aug 2018
    Views: 883
    Downloads: 12

    HONG KONG, 3 August 2018. Pengyuan International (“PENGYUAN”) has today released its  Industry Credit Guidelines for the Chinese Homebuilders and Property Developers for public consultation.

     

    These criteria will be effective immediately on the date of final publication. We intend to complete a review of all affected ratings, if any, within the next six months. We expect no impacts on our current rating portfolio. We would appreciate comments on these draft criteria from investors and other market participants. The request-for-comment versions of these reports are available via the links below.

     

     

    Our Industry Credit Guidelines: Chinese Homebuilders and Property Developers describe our analytical approach to assessing the credit risks of companies that have more than 50% revenue generated from China homebuilder and property developer industry. These criteria are developed within the framework of PENGYUAN’s General Corporate Rating Criteria and are supplementary to our General Corporate Rating Criteria. In addition to the credit ratios that are used in the Corporate Rating Criteria, PENGYUAN considers specific credit factors that capture the risks from China homebuilder and property developer industry, which are assessed to derive a company’s indicative credit score. 

  • Request for Comments - Government-Related Entities Criteria

    Source: Stanley Tsai, CFA, Liang Zhong, Tony Tang
    Date Submitted: 05 Aug 2018
    Views: 1140
    Downloads: 7

    HONG KONG, 3 August 2018. Pengyuan International (“PENGYUAN”) has today released its Government-Related Entities (GRE) Rating Criteria for public consultation.

     

    These criteria will be effective immediately on the date of final publication. We intend to complete a review of all affected ratings, if any, within the next six months. We expect no impacts on our current rating portfolio. We would appreciate comments on these draft criteria from investors and other market participants. The request-for-comment versions of these reports are available via the links below.

     

    Our Government-Related Entities Rating Criteria set forth PENGYUAN’s approach to rating GREs in the corporate (including project finance), financial institution, insurance and public finance sectors globally. In our opinion, an issuer’s affiliation with the government may have a positive, negative or neutral impact on its overall creditworthiness. One of our primary considerations in analyzing a GRE is whether its credit profile may be enhanced by potential extraordinary support from the government in the event of financial distress, or conversely, impaired by potential extraordinary adverse interventions from the government should the government experience financial difficulties.

  • Five Best-Performing Small-Cap China Plays Avg 82% YTD Return

    Source: SGX My Gateway
    Date Submitted: 02 Aug 2018
    Views: 271
    Downloads: 4
    • There are nearly 200 companies listed on SGX that have a market cap range of S$100 million to slightly above S$2 billion. Based on classifications by the FTSE ST Index series, these stocks fall into the small-cap category.
    • Within this universe of 200 small-cap stocks, more than 30 of them derive 50% and above of group revenues from China. They are categorised to the Real Estate, Consumer, Industrials, Materials, IT, Utilities, Energy, Health Care, and Financial sectors.
    • Among these small-cap China plays, the five best performers are: Techcomp (+143.9%), Delong (+115.1%), China Sunsine Chemical (+76.2%), Weiye (+40.2%), and Memtech International (+33.5%). They have averaged a total return of 81.8% in the YTD, bringing their 12-month and three-year average total returns to 122.9% and 252.5% respectively.
  • Five Best-Performing Healthcare Service Providers Avg 8% MTD Return

    Source: SGX My Gateway
    Date Submitted: 02 Aug 2018
    Views: 1306
    Downloads: 7
    • There are 18 healthcare service providers listed on SGX that operate patient care services and facilities in Singapore and globally. These facilities include laboratories, hospitals, and clinics that offer treatments ranging from family medicine, dentistry, endoscopy and TCM, to aesthetics, gynaecology, oncology, orthopaedics and ophthalmology.
    • In the July MTD, the five best-performing healthcare service providers were: Aoxin Q & M Dental (+11.6%), Raffles Medical (+10.8%), Q & M Dental (+7.8%), TalkMed (+4.9%), and Singapore O&G (+4.4%). These five healthcare plays have averaged a MTD total return of 7.9%, bringing their YTD and one-year total returns to -2.4% and -8.5% respectively.
    • Thomson Medical, one of the latest additions to the healthcare plays on SGX, is Singapore’s second-largest healthcare services provider with a market capitalisation of more than S$2 billion. Previously known as Rowsley Ltd, it began trading on SGX Mainboard under its new name on 30 April 2018.
  • Shariah Report 2018 Q2

    Source: John Welling, Michael Orzano
    Date Submitted: 30 Jul 2018
    Views: 371
    Downloads: 1
    Take a look at how the Shariah Indices performed in the 2018 Q2.
  • SGX’s 10 Largest Restaurants Stocks Offer Local & Overseas Exposure

    Source: Singapore Exchange
    Date Submitted: 25 Jul 2018
    Views: 280
    Downloads: 5
    SGX’s 10 Largest Restaurants Stocks Offer Local & Overseas Exposure
    • Of the 13 Restaurant stocks listed on SGX, the 10 largest have a combined market capitalisation of close to S$2.0 billion. Most of these companies have businesses outside of Singapore or overseas expansion plans.
    • These SGX-listed Restaurant stocks provide investors opportunities to invest in overseas F&B markets through their expansion plans. Stocks such as BreadTalk Group, Jumbo Group and Japan Foods have outlined notable international expansion plans.
    • The 10 largest Restaurants stocks have an average dividend payout ratio of 62.2% and average dividend yield of 2.5%. Recently listed Restaurant stocks in the past year have also indicated on their IPO prospectuses or offer documents intentions to distribute dividends to shareholders.
  • FTSE ST Small Cap Index Constituents With Highest ROE Levels

    Source: Singapore Exchange
    Date Submitted: 25 Jul 2018
    Views: 274
    Downloads: 4
    FTSE ST Small Cap Index Constituents With Highest ROE Levels
    • The FTSE ST Small Cap Index is a free float-adjusted, market capitalisation-weighted index, which represents the performance of small-capitalised companies that trade on SGX Mainboard. The Index comprises 65 constituents with an average market capitalisation of S$750 million.
    • The 10 constituents of the FTSE ST Small Cap Index with the highest ROE levels, based on their most recent full-year financial results, have averaged an ROE of 30%. These 10 stocks are categorised to the industrials, consumer, energy, materials, information technology, and healthcare sectors.
    • The five constituents among the 10 with the highest ROEs are: COSCO Shipping International (62.0%), Best World (50.6%), Sheng Siong Group (26.7%), Geo Energy Resources (26.4%), and UMS Holdings (25.7%).
  • How an Industry Reduced its Carbon Pricing Risk by 922%

    Source: Rochelle March
    Date Submitted: 06 Aug 2018
    Views: 1194
    Downloads: 0
    Companies that act now to invest in low carbon technologies have the chance to maintain their license to grow and avoid carbon pricing costs that would significantly reduce profits. 
  • ZSL finds lack of transparency regarding ESG issues in tropical forestry sector restricts monitoring of corporate commitments

    Source: Clara Melot
    Date Submitted: 20 Jul 2018
    Views: 748
    Downloads: 18

    SPOTT assesses 50 timber and pulp producers on the public disclosure of their policies, operations and commitments to environmental, social and governance (ESG) best practice. Results show that the tropical forestry sector has much more to do to improve the public disclosure of its policies, operations and commitments, with an average score of just 31%. Only five of the 50 companies assessed demonstrated higher levels of transparency (scoring more than 66%).

    Investors may not have sufficient access to publicly available information to assess land based risks such as deforestation and land-conflicts, as only eight companies were found to publish clear and comprehensive maps of their forestry operations, while 27 companies disclosed incomplete information. A further 15 companies do not provide any suitable maps of their operations, meaning the location of over 45,000 square kilometres – or over six million football pitches – of forestry operations remains unclear.

    To see the scorecard and individual company assessments: https://www.spott.org/timber-pulp/

    To see the interactive summary of findings:
    https://www.spott.org/timber-pulp-summary/

    For more information, contact:
    ​clara.melot@zsl.org / spott@zsl.org

  • TalkingPoints: Why is the S&P 500® Relevant Globally?

    Source: Jodie Gunzberg, Tim Edwards
    Date Submitted: 19 Jul 2018
    Views: 387
    Downloads: 1
    The S&P 500 is a renowned benchmark for large-cap U.S. equities and is widely referenced as the gauge of U.S. equity performance. But what is the relevance of the U.S. market and the S&P 500 internationally?
  • Small Cap Index’s Five Best-Performing Constituents Avg 36% YTD Return

    Source: SGX My Gateway
    Date Submitted: 24 Jul 2018
    Views: 266
    Downloads: 1
    Small Cap Index’s Five Best-Performing Constituents Avg 36% YTD Return
    • The FTSE ST Small Cap Index comprises 65 constituents that average a market cap of S$750 million, ranging from S$103 million to S$2.6 billion. Beyond the Index are nearly 200 stocks listed on SGX that fall within this market cap range.
    • The 10 largest constituents of the FTSE ST Small Cap Index account for about 40% of index weight, and represent the Real Estate sector. Nine of them are REITs, while one is a real estate developer. Given the significant Real Estate weighting, the Index maintains a relatively high dividend yield of 3.8%, almost on par with the STI’s 4.0% yield.
    • In the YTD, the five best-performing Index constituents were: China Sunsine Chemical (+69.4%), BreadTalk (+40.9%), Japfa (+27.8%), Tianjin Zhongxin Pharma (+20.1%), and HRnetGroup (+19.1%). These five stocks averaged a +35.5% total return in the YTD, bringing their average 12-month total return to +28.6%.
  • Half the STI Constituents Averaged 1.5%+ Daily Trading Ranges in 1H18

    Source: SGX My Gateway
    Date Submitted: 19 Jul 2018
    Views: 257
    Downloads: 0
    Half the STI Constituents Averaged 1.5%+ Daily Trading Ranges in 1H18
    • The non-weighted average 90 day volatility of the 30 STI constituents increased by a third over the first six months, rising to an annualised 22.5% at the end of June, up from 16.7% at the end of 2017.
    • As many as 15 STI stocks averaged daily trading ranges over 1.50% in the first six months of the year, ranging from UOL Group & Wilmar’s 1.52% to Yangzijiang Shipbuilding’s 3.24%. These 15 stocks averaged 21.4% intraday volatility over the six months.
    • The five STI stocks with the highest intraday volatility for the six months were YZJ Shipbuilding, HPH Trust, Genting Singapore, Venture & ComfortDelGro, averaging 27.5% intraday volatility. The STI stocks with the least intraday volatility were OCBC, SingTel, UOB, SGX and Hongkong Land.
  • Privatization in Uzbekistan

    Source: Kenneth Lai, , Veysal Usmanov, Shawn Abdurakhimov
    Date Submitted: 21 Jul 2018
    Views: 2320
    Downloads: 15
    In Uzbekistan, the important purpose of privatization is the attraction of foreign investments. The privatization improves modernization within the country. Moreover, technological advancement and re-equipment of the enterprises could also be accomplished due to privatization. Over the period of independence of the country, over 30 thousand state objects, including 6,500 large and medium-sized enterprises, were privatized. Today, the non-state sector accounts for more than 81% of gross domestic product, 94% of industrial production and more than 82% of the total employed population.
  • Overview of Uzbek Cement Sector

    Source: Kenneth Lai, Veysal Usmanov, Shawn Abdurakhimov
    Date Submitted: 21 Jul 2018
    Views: 963
    Downloads: 11
    Cement sector is concentrated with top 4 players producing 93% of the total cement (9.2 MT/year as of 2018) in Uzbekistan. Qizilqum Cement (3.6 mln MT/year as of 2017), Akhangarancement (owned by Russia's Eurocement; 2.2 mln MT/year as if 2017), Bekabad Cement (1.1 mln MT/year) and Almalyk (1.0 mln MT/year) are the top 4 cement companies in Uzbekistan. New entrants to the industry with smaller production capacity are Djizzakh Cement, Karakalpak (Titan) Cement and Turon Eco Cement. Very large portion of cement produced in the country serves the internal demand of Uzbekistan while small portion is exported to Central Asian countries and Afghanistan.
  • TalkingPoints: The Dow Jones Emerging ASEAN Titans 100 Index

    Source: Michael Orzano
    Date Submitted: 13 Jul 2018
    Views: 1003
    Downloads: 8
    Learn about accessing the growth of the ASEAN economies with the Dow Jones Emerging ASEAN Titans 100 Index.
  • Big Healthcare Plays a Key Market Highlight of 1H18

    Source: SGX My Gateway
    Date Submitted: 12 Jul 2018
    Views: 336
    Downloads: 9
    Big Healthcare Plays a Key Market Highlight of 1H18
    • Four of the five biggest weights of the SGX All Healthcare Index have gained in the 2018 YTD leading the Index to a 6% total return for the period. Top Glove Corp Bhd has been the strongest performer with a 56% total return.
    • The Healthcare Sector was also the strongest of the Sectors in Singapore in June. While the Sector saw net institutional outflow of S$0.4 million in June, it was one of just two Sectors that had booked inflow for each of the three preceding months of March through May.
    • With trailing supply & growing regional demand of healthcare services, expansion of quality healthcare services, operational scale and applications of frontline technologies provide potential growth drivers for healthcare that go beyond its defensive sector foundations.
  • Low Volatility: A Practitioner's Guide

    Source: Tim Edwards, Craig Lazzara, Hamish Preston
    Date Submitted: 12 Jul 2018
    Views: 1447
    Downloads: 22
    S&P Dow Jones Indices produces a range of low volatility indices, covering various single-country and international markets, which offer a perspective on the returns of lower volatility equities and provide a basis for index-linked products and benchmarks globally.
  • S&P/JPX JGB VIX Update - June 2018

    Source: Applied Academics, S&P Dow Jones Indices
    Date Submitted: 10 Jul 2018
    Views: 386
    Downloads: 4
    JGB VIX Finishes Month at Historic Lows
  • Assessing the Potential of Value Factors in the Indian Market

    Source: Akash Jain
    Date Submitted: 12 Jul 2018
    Views: 476
    Downloads: 0
    We investigated the performance of different commonly used valuation parameters by market participants during the period from September 2005 to March 2018 in the Indian market.
  • S&P GIVI® Japan and Major Single Factors Q2 2018

    Source: Tianyin Cheng
    Date Submitted: 06 Jul 2018
    Views: 434
    Downloads: 1
    The S&P GIVI (Global Intrinsic Value Index) Japan outperformed its benchmark index, the S&P Japan BMI, by 86 bps in Q2 2018.
  • Three Best-Performing, Indonesia-Focused Stocks Avg 29% YTD Return

    Source: SGX My Gateway
    Date Submitted: 03 Jul 2018
    Views: 276
    Downloads: 3
    Three Best-Performing, Indonesia-Focused Stocks Avg 29% YTD Return
    • SGX lists two trusts and more than 20 companies that derive more than half their group revenues from Indonesia.
    • Among them, three of the best performers in the 2018 year-to-date were: Samurai 2K Aerosol (+60.2%), Japfa (+22.8%) and Moya Holdings (+3.3%). The three, with a combined market capitalisation of S$1.59 billion, have averaged a total return of 28.8% in the YTD.
    • Indonesia’s 1Q 2018 GDP expanded 5.06% YoY, slower than the 5.19% growth seen in 4Q 2017, due to lower household spending, government expenditures and net exports. However, investment growth continued, rising to 7.95% in 1Q versus 7.27% in 4Q and 4.77% a year ago.
  • Key SGX Transportation Plays Cruised Through Recent Swings

    Source: SGX My Gateway
    Date Submitted: 03 Jul 2018
    Views: 266
    Downloads: 1
    Key SGX Transportation Plays Cruised Through Recent Swings
    • Singapore Airlines, ComfortDelGro & SBS Transit have all gained in the 2018 YTD, averaging 8.0% total returns, compared to a 3.1% decline for the FTSE ST All Share Index. Since the end of April, the trio averaged 1.6% total returns, compared to 8.2% declines for the benchmark.
    • Amidst fuel prices advances, the trio have been expanding their operational landscapes with SIA’s digital innovation blueprint and new fleet & product offerings, ComfortDelGro stepping up the pace of M&A activity and SBS Transit expanding rail and bus services.
    • The key transportation trio have averaged 9.5% annualised returns over a the past five years, led by SBS Transit which has also consistently increased its dividends per share over the period. The trio currently average an indicative dividend yield of 3.7%.
  • Integrating Carbon Risk With the Quality Factor

    Source: Bill Hao
    Date Submitted: 03 Jul 2018
    Views: 384
    Downloads: 0
    In this blog, we explore the integration of carbon risk in quality factor portfolios.
  • Trading Activity in Technology Stocks Soars

    Source: SGX My Gateway
    Date Submitted: 25 Jun 2018
    Views: 304
    Downloads: 1
    Trading Activity in Technology Stocks Soars
    • The 19 June trading session saw Venture as the fifth most actively traded company with S$91M in turnover. AEM Holdings, Hi-P International, UMS Holdings, Creative Technology & Valuetronics also ranked in the top 40 companies by turnover.
    • These stocks make up six of the 10 largest capitalised Technology stocks listed on SGX that generated a median decline of 8% in the 2018 YTD, following median gains of 93% over 2017. The SIPMM Electronics Cluster PMI is now at 52.3, down 0.9 from the end of 2017.
    • Technology is earmarked as a key driver of U.S. growth. The Trump Administration estimates 5G will potentially create up to 3 million new American jobs and generate US$500 billion a year in economic growth. This is akin to a 2.5 percentage point increase in U.S. GDP.
  • Supermarkets Generate 12% Defensive Performance in 2018 YTD

    Source: SGX My Gateway
    Date Submitted: 25 Jun 2018
    Views: 287
    Downloads: 1
    Supermarkets Generate 12% Defensive Performance in 2018 YTD
    • The two listed supermarket plays - Dairy Farm International and Sheng Siong Group - have averaged 2.9% gains since the end of April. This has taken their average 2018 year-to-date total return to 12.3%.
    • Dairy Farm International joined the MSCI Singapore Index effective 1 June. For the 2018 year through to 15 June, Dairy Farm International was the recipient of overall institutional net inflows totalling S$26.4 million while Sheng Siong Group was the recipient of net institution inflows of S$62.4 million.
    • The five largest capitalised Restaurant stocks - BreadTalk, Kimly, Jumbo Group, Old Chang Kee and Japan Food Holdings have averaged 1.7% gains between 30 April and 18 June, bringing their average year-to-date total return to 6.6%. Note this does not include ABR Holdings which has comparatively inactive trading.
  • TalkingPoints: The S&P/ASX Bank Bill Index - Measuring the Australian Bank Bill Market for Short-Term Cash Solutions

    Source: Heather McArdle
    Date Submitted: 22 Jun 2018
    Views: 422
    Downloads: 1
    The S&P/ASX Bank Bill Index seeks to measure the performance of the Australian bank bill market, with maturities of up to 91 days. The series is designed for use by institutional investment managers, mutual fund managers, professional advisors, insurance companies, and custodians.
  • Corporate Carbon Disclosure in Asia-Pacific

    Source: Erik Christianto, David McNeil
    Date Submitted: 20 Jun 2018
    Views: 1176
    Downloads: 5
    How do Asia-Pacific firms quantify supply chain risks, set science-based targets, and implement internal carbon pricing?
  • Five Stocks on the STI Bench Average 10% Gain over Past 12M

    Source: SGX My Gateway
    Date Submitted: 26 Jun 2018
    Views: 344
    Downloads: 6
    Five Stocks on the STI Bench Average 10% Gain over Past 12M
    • The STI benchmark consists of the 30 largest and most active stocks traded on SGX. The next five largest and most active stocks make up the STI Reserve List. This list is used in the event one or more STI constituents are deleted before the next quarterly review.
    • The current STI Reserve List stocks are Suntec REIT, Sembcorp Marine, Mapletree Commercial Trust, Keppel REIT & Mapletree Logistics Trust. The list has changed completely from the end of2013, with four of the five then STI Reserve stocks since joining the STI.
    • The current five STI Reserve stocks have averaged 10% total returns over the past 12 months, taking their average five year return to 29%. Four of the five stocks are REITS that currently maintain an average indicative dividend yield of 5.7%.
  • Five Stocks with Manufacturing Focus Amongst Biggest Intraday Movers

    Source: SGX My Gateway
    Date Submitted: 19 Jun 2018
    Views: 378
    Downloads: 1
    Five Stocks with Manufacturing Focus Amongst Biggest Intraday Movers
    • For the three months spanning March, April & May, non-STI stocks that consistently ranked amongst the biggest intraday tick ranges, with daily price ranges of more than 2.5%, included AEM Hldgs, Memtech Intl, Creative Technology, Best World Intl & Delong Holdings.
    • The five stocks averaged daily price ranges of 4% and together represent businesses with manufacturing-related activities. Manufacturing businesses span handling & test solutions, component solutions, consumer electronics, health products & HRC Steel.
    • Another manufacturing stock, Hi-P International ranked amongst the 10 non-STI stocks with the biggest intraday tick ranges for two of the months, while generating average daily price ranges of 5%.
  • Quality Part 1: Defining the Quality Factor

    Source: Aye Soe
    Date Submitted: 20 Jun 2018
    Views: 464
    Downloads: 0
    To demonstrate that higher-quality companies, regardless of the definition of quality, on average earn higher risk-adjusted returns than lower-quality companies, we used the S&P 500® Quality Index, which is a composite measure of ROE, accruals, and leverage, as an example. 
  • Capital Market Performance During the Four Years of Narendra Modi's Government

    Source: Ved Malla
    Date Submitted: 13 Jun 2018
    Views: 478
    Downloads: 0
    Over the past four years, the government of Narendra Modi, the 14th Prime Minister of India, has made several landmark policy decisions and initiatives that have had a major impact on the Indian economy.
  • Key Drivers of the Semiconductor Industry in 2018

    Source: SGX My Gateway
    Date Submitted: 13 Jun 2018
    Views: 346
    Downloads: 22
    Key Drivers of the Semiconductor Industry in 2018
    • Following comparatively strong performances in 2017, the 10 largest capitalised stocks that operate in, or maintain a service focus to semiconductor businesses have been more mixed in the 2018 YTD, averaging a 4% decline.
    • This has brought the average 12 month total return of the 10 stocks to 19%, which compares to a 12% gain for Bloomberg Asia Pacific Semiconductors Index. The strongest of the 10 stocks over the past 12 months were AEM Holdings and Micro-Mechanics.
    • Key drivers relevant to the industry include increased memory demand and proliferation of digital technologies. At the same time more complex application, increased industry competition and trends to cut costs provide industry challenges.
  • Five Stocks with Manufacturing Focus Amongst Biggest Intraday Movers

    Source: SGX My Gateway
    Date Submitted: 13 Jun 2018
    Views: 956
    Downloads: 2
    Five Stocks with Manufacturing Focus Amongst Biggest Intraday Movers
    • For the three months spanning March, April & May, non-STI stocks that consistently ranked amongst the biggest intraday tick ranges, with daily price ranges of more than 2.5%, included AEM Hldgs, Memtech Intl, Creative Technology, Best World Intl & Delong Holdings.
    • The five stocks averaged daily price ranges of 4% and together represent businesses with manufacturing-related activities. Manufacturing businesses span handling & test solutions, component solutions, consumer electronics, health products & HRC Steel.
    • Another manufacturing stock, Hi-P International ranked amongst the 10 non-STI stocks with the biggest intraday tick ranges for two of the months, while generating average daily price ranges of 5%.
  • Overview of Hong Kong Financial Services Industry

    Source: Financial Services Development Council (FSDC)
    Date Submitted: 12 Jun 2018
    Views: 1796
    Downloads: 109
    The Financial Services Development Council (FSDC) released an updated version of the “Overview of Hong Kong Financial Services Industry” in May 2018 which aims to facilitate industry practitioners and the wider public to understand and promote the strengths of Hong Kong as an international financial centre. The report covers the below sessions:

    Why Hong Kong?
    Being one of the world's most competitive and freest economy, Hong Kong possesses advantages like the strategic location and gateway to Mainland China, key conduit for investment and trade linked exchange rate system, bilingual legal system and simple tax regime, deep pool of talent and centre of expertise.

    Asset and Wealth Management 
    As the leading fund management centre in Asia Hong Kong has a diversified distribution of fund management and advisory business, an active ETF market and a sizable pension fund market. The soon-to-be-introduced open-ended fund companies structure will further promote Hong Kong as the Asian asset management centre for both conventional funds and PE funds.

    Banking
    Hong Kong has a robust banking industry by international standards and is regarded as the global offshore RMB hub. The Hong Kong Government is exploring with the Mainland authorities ways to open up more channels for two-way cross-border RMB fund flows.

    Capital Markets
    With HKEX being the leading stock exchange in fundraising (2015-2017) and diversified listed companies and investors, Hong Kong is looking to increase connectivity with Mainland investors and the Mainland market.

    Insurance
    Hong Kong ranks 1st in Asia in insurance density and 2nd in Asia in insurance penetration in 2016. Government has recently taken a number of initiatives to promote the insurance sector which includes the establishment of insurance authority, HK$100mn 3-year pilot programme for talent development and the adoption of FinTech on the development of personalized products.

    Fintech and Green Finance
    FinTech cooperation agreements signed with partners such as Australia, Dubai, Gibraltar, Singapore, Switzerland and the UK. On the other hand, HKMA, Cyberport in Hong Kong and the the Office of Financial Development Service of Shenzhen (OFDS) are exploring the feasibility of establishing cross-border soft-landing facilities in Shenzhen, encouraging Hong Kong FinTech firms to expand their businesses, and Mainland firms to establish themselves in Hong Kong.

    Professional Services & Financial Infrastructure
    Half of the Global 100 law firms and 1,400 regional headquarters of consultancy firms are set up in Hong Kong. With a well-established payment & settlement system and bilingual legal system, Hong Kong has the increasing prevalence of being the Alternative Dispute Resolution (ADR) forum. Meanwhile the Belt and Road Initiative will drive significant demand in Hong Kong’s world-class professional services.
     
  • Why Indices Matter to SMSF Trustees

    Source: Stuart Magrath
    Date Submitted: 11 Jun 2018
    Views: 448
    Downloads: 0
    The SMSF Association hosted the first SMSF Expo in Australia, attracting over 1,500 people over the three-day Expo.
  • Fixed Income Liquidity and ETFs in India

    Source: Alka Banerjee
    Date Submitted: 06 Jun 2018
    Views: 1282
    Downloads: 0
    The fixed income market has historically been relatively illiquid in India, as well as globally. Bond ETFs may be able to solve these issues, which may be part of the reason bond ETFs have soared in popularity in developed markets recently.
  • Asia’s Largest Global REIT Hub

    Source: SGX My Gateway
    Date Submitted: 05 Jun 2018
    Views: 1027
    Downloads: 13
    Asia’s Largest Global REIT Hub
    • More than 75% of Singapore REITs & Property Trusts own and manage overseas assets across Asia Pacific, Europe and the United States. This growing trend within the REIT Sector has seen trusts with Singapore and overseas exposure rise from 18 in 2012 to 33 in 2018.
    • Of Singapore’s 10 most recent REIT Sector listings, nine are exclusively managing properties located outside of Singapore. These nine REITs maintain a combined market capitalisation of S$8.3 billion and have averaged 13.8% total returns since their IPO.
    • REITs with international property assets bring diversification benefits to investors, in addition to increased risks which include foreign exchange exposures. REITs generally seek to borrow in the same currency as the underlying assets, hence mitigating some of the currency risk.
  • The Carbon Scorecard May 2018

    Source: Jessica Taylor, Alex Lake, Christina Weiman
    Date Submitted: 04 Jun 2018
    Views: 607
    Downloads: 24
    S&P Dow Jones Indices is committed to providing index solutions that provide choices and reflect low-carbon options. When we compare almost all the indices with their carbon-focused counterparts, the low-carbon versions actually outperformed the benchmark over a five-year period.
  • A Closer Look at Indices Country Classifications

    Source: Alka Banerjee
    Date Submitted: 31 May 2018
    Views: 482
    Downloads: 0
    As large sums of global money flows now follow global indices, it is important to understand how global index providers decide on country classifications and country weightages.
  • The Merits and Methods of Multi-Factor Investing

    Source: Andrew Innes
    Date Submitted: 30 May 2018
    Views: 958
    Downloads: 14
    In this paper, we discuss the potential drawbacks of only adopting a single-factor equity strategy in an attempt to capture its risk premium, which could reward market participants over time.
  • SGX Real Estate Index’s Five Best Performers Average 7% YTD Gain

    Source: SGX My Gateway
    Date Submitted: 30 May 2018
    Views: 319
    Downloads: 0
    SGX Real Estate Index’s Five Best Performers Average 7% YTD Gain
    • In the 2018 YTD, the five best-performing constituents of SGX’s Real Estate Index were Yanlord Land (+11.1%), United Engineers (+8.4%), Ho Bee Land (+6.0%), Hongkong Land (+4.9%), and Ocean Sky (+4.3%).
    • The SGX Real Estate Developers & Operators Index comprises 25 constituents with a combined market cap of over S$70 billion. The component stocks with the five biggest weights are Hongkong Land (10.6%), UOL Group (9.8%), CapitaLand (9.8%), City Developments (9.2%) and Yanlord Land (9.0%).
    • This year, Singapore's property market is expected to extend its recovery. In 1Q18, private residential property prices jumped 3.9% QoQ, surging the most since 2010, and building on the previous quarter’s 0.8% rise, URA data showed. Analysts are forecasting a 5%-10% recovery in domestic home prices in 2018.
  • Singapore’s Insurance Trio Averages 9% YTD Return

    Source: SGX My Gateway
    Date Submitted: 30 May 2018
    Views: 650
    Downloads: 7
    Singapore’s Insurance Trio Averages 9% YTD Return
    • Singapore lists three stocks that make up the Insurance Sector - Great Eastern Holdings, United Overseas Insurance and Singapore Reinsurance Corp. The three stocks have a combined market value of S$15.5 billion.
    • Together the three stocks have averaged a 8.6% total return in the 2018 YTD, bringing their average 12M return to 31.4%. By comparison the MSCI World Insurance Index has gained 1.8% in the YTD, bringing its 12M total return to 10.5% in SGD terms.
    • While intensified competition and economic uncertainty provide challenges, the insurance industry is expected to further diversify distribution channels while exploring and engaging digital innovation.
  • CFA Institute and PRI survey on ESG integration in Asia

    Source: Justin Sloggett, CFA, Matt Orsagh, CFA
    Date Submitted: 24 May 2018
    Views: 1485
    Downloads: 0

    CFA Institute and PRI survey on ESG integration in Asia
     
    In 2017, CFA Institute and the PRI agreed to undertake an ESG investing study that entails a survey, a series of workshops and the release of four reports: one case study report and three regional reports. The aim of the study is: 

    1. to understand the current state of ESG investing in listed equity and fixed income across the AMER, EMEA and APAC regions; 
    2. to analyse the drivers, barriers and solutions of ESG investing.

    We would like you to help us by responding to the survey: https://start.yougov.com/refer/vXwDHpNl4ZBrY2

    The results of the study and the feedback from the workshops will be published in the regional reports. There will also be regional and country guidance and case studies on how investors are integrating ESG issues into their investment analysis and decisions. These reports will be readily available for all CFA members and PRI signatories.
     
    The survey contains two sets of questions that should take roughly 8 – 10 minutes to complete. It covers the impact of ESG investing at the financial market level and firm level. It is being completed by participants across seventeen countries.
     
    If you like to fill out the survey, please do so by 15 June. We appreciate your response.

    ______________________________________________________________________________


    ESG Integration Explained: An Alpha-Generating and Risk-Reducing Tool


    The term “ESG integration” is often used when talking about ESG investing. Practitioners new to ESG investing are sometimes uncertain what ESG integration is and how it is performed—so much so that they may not realize they are already performing integration techniques informally.

    One definition of ESG integration is “the explicit and systematic inclusion of ESG issues in investment analysis and investment decisions.” Put another way, ESG integration is the analysis of all material factors in investment analysis and investment decisions, including environmental, social, and governance (ESG) factors.

    What does that mean? It means that leading practitioners are:

    • analyzing financial information and ESG information;
    • identifying material financial factors and ESG factors;
    • assessing the potential impact of material financial factors and ESG factors on economic, country, sector, and company performance; and
    • making investment decisions that include considerations of all material factors, including ESG factors.

    What does that not mean? It does not mean that

    • certain sectors, countries, and companies are prohibited from investing;
    • traditional financial factors are ignored (e.g., interest risk is still a significant part of credit analysis);
    • every ESG issue for every company/issuer must be assessed and valued;
    • every investment decision is affected by ESG issues;
    • major changes to your investment process are necessary; and, finally and most importantly, 
    • portfolio returns are sacrificed to perform ESG integration techniques.
  • Shariah in a Fast-Changing

    Source: Alka Banerjee
    Date Submitted: 23 May 2018
    Views: 446
    Downloads: 6
    2017 was a strong year for equity markets globally, but we saw even stronger performance from Shariah equity markets.
  • Revenue Exposure of the S&P/ASX 200

    Source: Utkarsh Agrawal
    Date Submitted: 18 May 2018
    Views: 465
    Downloads: 0
    As of year-end 2017, only 60 companies in the S&P/ASX 200 derived their revenue solely from the domestic market, while the rest of the companies had exposure to foreign markets. Hence, it is worthwhile to review the global revenue exposure of the index.
  • Do Earnings Revision Matter in India?

    Source: Akash Jain, Bed Malla
    Date Submitted: 16 May 2018
    Views: 481
    Downloads: 0
    Akash Jain, Associate Director - Research & Design in conversation with Ved Malla, Associate Director at S&P BSE Indices on recent research paper.
  • Shariah Report 2018 Q1

    Source: John Welling, Michael Orzano
    Date Submitted: 11 May 2018
    Views: 497
    Downloads: 5
    Take a look at how the Shariah Indices performed in the 2018 Q1.
  • Distributed ledgers and ICOs 

    Source: Maggie McGhee, Director, Professional Insights, ACCA
    Date Submitted: 10 May 2018
    Views: 3761
    Downloads: 59
    Distributed ledgers and ICOs - presentation deck for ACCA - CFA Institute VIP Luncheon on 14 May 2018 which covers:

    - Using Distributed ledgers for the right reasons
    - Introduction of crytocurrencies and ICO activities over the past years
    - Risks for investors, regulators and the economies
    - Key considerations for the future



     
  • Safeguards against the Introduction of a Dual-Class Shares Structure

    Source: Rocky Tung, Mary Leung, CFA
    Date Submitted: 17 May 2018
    Views: 3965
    Downloads: 82

    Safeguards against the Introduction of a Dual-Class Shares Structure
     
    As revealed in a survey conducted in Asia Pacific by CFA Institute in March, a majority (60%) of the 450-plus respondents have not had any experience investing in firms with a DCS structure, which signalled the urgency for and need to educate investors and the general public on the implications of DCS structures.


    The survey, “Dual-Class Shares and the Demand for Safeguards,” revealed that respondents in the region were divided when asked whether DCS structures should be introduced to the market, with 53% opposing the introduction and 47% in favour. Regardless of their position on DCS, almost all (97%) respondents considered it necessary to enact additional safeguards if DCS structures are permitted.

    Among different possible safeguards, more than 90% of respondents considered it appropriate to implement enhanced mandatory corporate governance measures as well as time- and event-based sunset provisions, such as automatic conversion of shares with super voting rights to ordinary voting rights. Specifically, 94% of respondents considered it appropriate to introduce a time-based sunset provision; among which, 91% of such respondents considered it appropriate to convert shares with super voting rights to ordinary shares within 10 years. Separately, 93% of respondents considered introducing a maximum voting differential appropriate; 63% of these respondents found a 2:1 maximum voting differential optimal.
     

  • TOP 9 Mistakes in Valuation. #8 Choosing an unreasonable cost of equity - Video 8/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 284
    Downloads: 0
    Mistake #8: Choosing an unreasonable cost of equity

    A very common mistake made by analysts is discounting future cash flows at an unreasonable cost of equity (COE). Don’t get lost in the components of COE, focus on the end result. Too high or too low COE can significantly change your estimate of a firm’s fair value. Based on our study we consider COE ranging between 8% and 13% to be reasonable.

    Check out the video to learn more about Mistake #8 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #7 Valuing a stock using the calculated Beta - Video 7/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 2021
    Downloads: 0
    Mistake #7: Valuing a stock using the calculated Beta

    A common mistake is valuing a stock just using whatever historical beta you find in Bloomberg or your data provider. Also failing to realize that valuation is made to infinity, hence, your beta is a forecasted beta and that forecast is to infinity. Past betas tend to regress towards 1.00x. The Beta you use for valuation is to infinity. To avoid error we use three betas: High risk: 1.25x, Average risk: 1.00x, low risk: 0.75x. If you use a beta outside of this range you have a higher obligation to justify.

    Check out the video to learn more about Mistake #7 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #6 Underestimating working capital investment - Video 6/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 2172
    Downloads: 0
    Mistake #6: Underestimating working capital investment

    Net working capital (NWC) is difficult to forecast because it’s a result of five separate forecasts: accounts receivable; inventory; other current assets; accounts payable; and other current liabilities. Unlike in accounting, in valuation we exclude cash and short-term borrowing from net working capital. Changes in NWC are volatile because that change results from five separate forecasts. NWC is a small but volatile investment item. Large deviations from past trends usually are a mistake, so explain them carefully.

    Check out the video to learn more about Mistake #6 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #5 Forecasting drastic changes in cash conversion cycle - Video 5/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 1331
    Downloads: 0
    Mistake #5: Forecasting drastic changes in cash conversion cycle

    I've analyzed 17,414 companies across the world to try to understand how assets break down. Avoid huge changes in working capital items, except in rare cases of product mix or management policy. Focus much of your attention on inventory. If you forecast big changes, explain your reasons.

    Check out the video to learn more about Mistake #5 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #4 Confusing growth CAPEX with maintenance CAPEX - Video 4/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 1736
    Downloads: 0
    Mistake #4: Confusing growth CAPEX with maintenance CAPEX

    I've looked at the largest 500 companies in Asia and their CAPEX spending in their cash flow statement. CAPEX should be roughly the same as depreciation. The starting point for overall CAPEX forecasting is 100% of annual depreciation charge and that additional growth CAPEX depends on how fast you expect the firm to grow.

    Check out the video to learn more about Mistake #4 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #3 Growing fixed assets slower than revenue - Video 3/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 308
    Downloads: 0
    Mistake #3: Growing fixed assets slower than revenue

    Analysts often underestimate fixed asset growth. A rule of thumb is that fixed asset growth should roughly match revenue. Use the asset turnover ratio to prevent this error. It can help you see when you're unrealistic.

    Check out the video to learn more about Mistake #3 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #2 Underestimating expenses causing unrealistic profit - Video 2/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 25 May 2018
    Views: 1000
    Downloads: 0
    Mistake #2

    In this video, Dr. Andrew Stotz, CFA talks about how underestimating expenses, causing unrealistic profit as one of the most common valuation mistakes.

    It covers:
    - Analyzing and forecasting 17,000 companies around the world over a 15-year period.
    - Defining the value of the gross profit margin in forecasting.
    - Providing real examples based on his own coffee business, CoffeeWORKS, and IKEA, etc.
    - Giving other sound advice, including the idea from the fantastic book: Understanding Michael Porter.
    - The idea is that to forecast changes in gross profit margin, an analyst should study the supply chain.
    - Looking at some common valuation mistakes in the academic-style research.
    - ABC analysis and valuation.
    - Evaluating the accuracy of net profit and net profit margin forecast analysts in Asia, based on the result of 540 of the largest companies in Asia.
    - Presenting expenses with the highest variability in the net profit margin.


  • ​TOP 9 Mistakes in Valuation. #1 Overly optimistic revenue forecasts - Video 1/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 25 May 2018
    Views: 1602
    Downloads: 0

    In the first of a series of nine videos examining valuation mistakes, award-winning equity analyst and former President of CFA Society Thailand Dr. Andrew Stotz, CFA, looks at why investors should be wary of overly optimistic revenue forecasts. 

     

    From this video you will learn: 

     

    • Questions to ask when forecasting a company’srevenue, for example, can it increase both profit and growth margins over time?

     

    • How to understand a company’s marketing, branding, products, and services – in addition to its sales process, delivery, and after-sales service

     

    • That if revenue forecasts are wrong, valuations will be too 

     

    • How to curb your enthusiasm.

     

    Watch Andrew Stotz here:https://youtu.be/9jkfAPcDomY

     
  • Carbon Risk Integration: Interaction Between Carbon Risk and Traditional Risk Factors

    Source: Kelly Tang
    Date Submitted: 07 May 2018
    Views: 1180
    Downloads: 0
    We argue that a pure, unconstrained, carbon-efficient portfolio outperformed a carbon-inefficient portfolio, as well as the underlying benchmark, on an absolute return basis, but underperformed on a risk-adjusted basis due to the portfolio having higher volatility.
  • How Are International Trade Issues Influencing Global Markets?

    Source: Sam Tsui, Blu Putnam
    Date Submitted: 04 May 2018
    Views: 932
    Downloads: 0
    The fear of trade war has been intensified with announcement of import tariff by the U.S. S&P DJI’s Sam Tsui sits with CME Group’s Blu Putnam to discuss the international trade issues and the impacts on the economies.
  • The Next Generation of Trust - In India, Investors are Confident and Trusting

    Source: CFA Institute
    Date Submitted: 03 May 2018
    Views: 4307
    Downloads: 57
    While Indian investors are the most likely to say they trust financial services versus other markets surveyed, trust for the financial services sector declined in India since our 2016 survey.

    Indian investors surveyed were much more likely to have a financial adviser than those in other markets. Although trust is still the most important factor in choosing an adviser, retail investors are also strongly motivated by the desire for performance. They are also much more likely than the average investor around the world to recommend their adviser to others.

    The top two reasons Indian investors are likely to leave their financial adviser are underperformance and a lack of communication and responsiveness. Indian investors favor personalized products and technology, and they also place high importance on brand. In terms of building trust, adhering to a code of conduct has a great impact on trust in India. Professional credentials also play a significant role in increasing trust.
  • The Next Generation of Trust - Investor Trust in Financial Services in Singapore

    Source: CFA Institute
    Date Submitted: 03 May 2018
    Views: 1650
    Downloads: 12
    Singapore-based investors expect their advisers to be ethical and well-informed. Almost half of investors in Singapore “completely trust or trust” the financial services sector. Investors in Singapore tend to be significantly younger than those in many other markets. This may partially explain higher trust levels, as younger investors globally are also more trusting of financial services. A majority of investors surveyed in Singapore work with financial advisers, and few investors in Singapore report that they are very confident in their own ability to make investment decisions.

    Some investors in Singapore may question adviser competence. Their primary investment concerns are “My financial adviser making recommendations that result in losses” and “Hiring an unscrupulous financial adviser.” Trust is the most important for investors in Singapore when hiring an adviser. Communication is extremely important to investors in Singapore, and lack of communication is the primary reason they would discontinue a relationship with a financial adviser, although more than half also cite underperformance as a reason for leaving.

    Investors seem to prefer technology solutions over people as a majority say in three years it will be more important to have technology tools to execute their own strategy rather than human advisers. However, when selecting an investment firm, a majority of investors are split between the importance of a “Brand I can trust” and “People I can count on.”

    Read more in the full Market Report PDF below
  • The Next Generation of Trust - People are Trusted More Than Technology in Australia

    Source: CFA Institute
    Date Submitted: 03 May 2018
    Views: 2933
    Downloads: 24
    Retail investors in Australia are some of the most satisfied among those we surveyed. However, even though Australian investors feel the markets are fair, retail investors are much less likely to work with financial advisers than investors in other markets. Although investors are not very confident in their ability to make investment decisions, many still find little need for professional advice.

    By and large, Australian investors also think that advisory fee structures are fair. However, they have less interest in personalized products than investors in any other market included in the survey.

    As in most markets, trust is the most important factor in choosing an investment adviser. However, in Australia people are trusted more than technology. A firm’s brand is also less important than the competency of its employees, and Australians rely on brand less than investors globally.

    Surprisingly, given the overall level of satisfaction for their investment firms, trust is tested in times of crisis, and Australian retail investors are, on average, slightly less confident that their investment firms are prepared for another financial crisis.

    Read more in the full Market Report PDF below.
  • The Next Generation of Trust - Investor Trust in Financial Services in Hong Kong SAR, China

    Source: CFA Institute
    Date Submitted: 03 May 2018
    Views: 1869
    Downloads: 12
    Hong Kong is one of three markets in our survey where trust in the financial services sector is declining. Investors in Hong Kong are highly motivated by returns, and they prioritize performance over trust as a factor in choosing an adviser. Well over half of investors would also terminate an advisory relationship for underperformance.

    Hong Kong investors also appear to be less pleased with their advisers, and fewer than 10% believe that advisers put client interests first. However, few investors in Hong Kong are very confident of their investment decision making, which may indicate why many prefer to invest with the help of financial advisers. Many investors are indifferent to using a robo-adviser and human advisers and in three years believe it will be more important to have technology tools to execute their own strategy rather than a human adviser.

    Investors in Hong Kong also place a high value on professional credentials, ongoing professional development, and firms that adhere to a voluntary code of conduct. When selecting an investment firm, the majority of investors prefer a “Brand I can trust” over “People I can count on.”

    Read more in the full Market Report PDF below

     

  • How Equal Weight Avoided Japan's "Lost Decades"

    Source: Hamish Preston
    Date Submitted: 02 May 2018
    Views: 457
    Downloads: 0
    Over the 15-year period ending in February 2018, encompassing the latter part of Japan’s so-called “lost decades” of stagnant equity returns, the equal-weight index would have outperformed the cap-weighted Japanese equity benchmark by a stonking 7.41%, annualized.
  • The Importance of Understanding your Benchmark

    Source: Alka Banerjee
    Date Submitted: 27 Apr 2018
    Views: 1071
    Downloads: 0
    Recent SEBI guidelines have highlighted the issue of flawed benchmark usage in the Indian mutual fund industry.
  • How Do Single Factors Perform in Different Market Regimes in India?

    Source: Akash Jain, Ved Malla
    Date Submitted: 23 Apr 2018
    Views: 488
    Downloads: 0
    Akash Jain, Associate Director - Research & Design in conversation with Ved Malla, Associate Director at S&P BSE Indices on a recent research paper - Factor Performance Across Different Macroeconomic Regimes in India by S&P BSE Indices.
  • S&P GIVI® Japan and Major Single Factors Q1 2018

    Source: Tianyin Cheng
    Date Submitted: 20 Apr 2018
    Views: 480
    Downloads: 2
    The S&P GIVI (Global Intrinsic Value Index) Japan outperformed its benchmark index, the S&P Japan BMI, by 2 bps in Q1 2018. Since its launch in March 2012, the S&P GIVI Japan has outperformed its benchmark index by 0.65% per year, with a tracking error of 2.32%.
  • The Impact of the Global Economy on the S&P 500®

    Source: Phillip Brzenk
    Date Submitted: 18 Apr 2018
    Views: 933
    Downloads: 10
    In this paper, we examine the geographic revenue distribution of the S&P 500 and see what, if any, impact foreign economies and geographically driven market events may have on overall index performance. 
  • Takeaways From the SPIVA® India Year-End 2017 Scorecard 

    Source: Akash Jain
    Date Submitted: 13 Apr 2018
    Views: 478
    Downloads: 0
    The biannual SPIVA® India Scorecard attempts to capture the performance of active funds (both equity and bond funds) domiciled in India against the S&P BSE benchmarks over different time horizons. 
  • SPIVA® Japan Year-End 2017 

    Source: Priscilla Luk
    Date Submitted: 12 Apr 2018
    Views: 515
    Downloads: 1
    The SPIVA® Japan Scorecard reports on the performance of actively managed Japanese mutual funds against their respective benchmark indices over 1-, 3-, 5-, and 10-year investment horizons. 
  • The Evolution of Indian Indices

    Source: Alka Banerjee
    Date Submitted: 10 Apr 2018
    Views: 594
    Downloads: 0
    The world of indexing is constantly growing and evolving and the Indian index providers have geared up to match the global pace.
  • SGX-Listed Stocks & ETFs with Exposure to Fast-Growing Malaysia

    Source: SGX MY Gateway
    Date Submitted: 10 Apr 2018
    Views: 407
    Downloads: 20
    SGX-Listed Stocks & ETFs with Exposure to Fast-Growing Malaysia
    • Malaysia’s economy is expected to grow by 5.3% in 2018, with BNM citing favourable income and labour market conditions, spending on new and ongoing infrastructure projects and sustained capital investment by firms in manufacturing and services sectors.
    • Singapore’s 10 largest capitalised stocks that report the majority of their revenue to Malaysia have averaged a 4% gain in the 2018 YTD. The 10 stocks span six Sectors, with the 2018 YTD gains taking their average 12M average total return to 20%.
    • Over the past 12M, Sunright led the performances of the 10 stocks, with a 136% total return. As one of the world’s largest independent providers of burn-in and test services, it reported 1HFY18 (ending 31 Jan) PBT YoY growth of 25%, building on PBT YoY growth of 75% in FY17.
  • S&P/JPX JGB VIX® Update March 2018

    Source: Applied Academics, S&P Dow Jones Indices
    Date Submitted: 10 Apr 2018
    Views: 480
    Downloads: 1
    JGB VIX Spikes After BoJ Comments.
  • How Smart Beta Strategies Work in the Australian Market

    Source: Liyu Zeng, Priscilla Luk
    Date Submitted: 30 Jul 2018
    Views: 608
    Downloads: 25
    With increasing interest in smart beta strategies in the Australian equity market, we examined the effectiveness of six well-known risk factors, size, value, low volatility, momentum, quality, and dividends, in the Australian equity market from Dec. 31, 2004, to Dec. 29, 2017.

    This article qualifies for 0.5 CE under the guidelines of the CFA Institute Continuing Education Program.
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits.
     
  • How Did Australian Active Funds Perform in 2017?

    Source: Priscilla Luk
    Date Submitted: 09 Apr 2018
    Views: 538
    Downloads: 0
    This blog post examines the SPIVA® Australia Scorecard, which reports on the performance of actively managed Australian mutual funds against their respective benchmark indices over various investment horizons.
  • SPIVA® India Scorecard

    Source: Akash Jain
    Date Submitted: 28 Mar 2018
    Views: 523
    Downloads: 3
    The SPIVA India Scorecard compares the performance of actively managed Indian mutual funds with their respective benchmark indices over 1-, 3-, 5-, and 10-year investment horizons.
  • Persistence of Australian Funds

    Source: Priscilla Luk
    Date Submitted: 27 Mar 2018
    Views: 1128
    Downloads: 12
    In this report, we measure the performance persistence of Australian active funds that outperformed their peers and benchmarks over consecutive three- and five-year periods, and we analyze their transition matrices over subsequent periods.
  • Weekly Market Update (18 Feb-22 Feb 2018)

    Source: EBLSL Research
    Date Submitted: 26 Mar 2018
    Views: 359
    Downloads: 9
    The prime bourse of the country extended the losing streak for the fifth straight week as investors continued their selling binge amid pessimism. Investors remained cautious as political tension along with prevailing liquidity crisis and also uncertainty over the Dhaka bourse share sales to strategic partner and followed a see-saw strategy ahead of dividend declaration.
  • Global Applications of the S&P 500® Sectors

    Source: Tim Edwards, Craig J. Lazzara, Hamish Preston, Francesca Bruna Pipino
    Date Submitted: 21 Mar 2018
    Views: 531
    Downloads: 2
    This paper examines the applications of U.S. sector indices in a portfolio context, from the perspective of both international and domestic investors. 
  • SPIVA U.S. Year-End 2017 Scorecard

    Source: Aye Soe, Ryan Poirier
    Date Submitted: 20 Mar 2018
    Views: 545
    Downloads: 0
    Since its first publication 16 years ago, the SPIVA Scorecard has served as the de facto scorekeeper of the active versus passive debate.
  • Commodities Are Like a Box of Chocolates, if You Only Factor in Interest Rates and the U.S. Dollar

    Source: Marya Alsati
    Date Submitted: 16 Mar 2018
    Views: 1215
    Downloads: 0
    The Dow Jones Commodity Index (DJCI) was down 1.9% for the month and up 0.7% YTD, and the S&P GSCI was down 3.3% and flat YTD.
  • SPIVA Australia Year-End 2017 Scorecard

    Source: Priscilla Luk
    Date Submitted: 16 Mar 2018
    Views: 1162
    Downloads: 5
    The SPIVA Australia Scorecard reports on the performance of actively managed Australian mutual funds against their respective benchmark indices over 1-, 3-, 5-, 10-, and now 15-year investment horizons.
  • Asian Fixed Income: Mega 30 in China Versus U.S.

    Source: Michele Leung
    Date Submitted: 03 May 2018
    Views: 18232
    Downloads: 0
    Despite the lackluster performance of Chinese bonds in 2017, the market value tracked by the S&P China Bond Index continued to expand and reached CNY 56.9 trillion (USD 9 trillion).
  • S&P BSE Bharat 22 Index: A benchmark for “Bharat 22” disinvestment program of Government of India

    Source: Akash Jain, Mahavir Kaswa
    Date Submitted: 07 Mar 2018
    Views: 553
    Downloads: 4
    This paper highlights the salient features of S&P BSE Bharat 22 Index, its objective, and its
    characteristics.
  • China Bond Market Development: 2017 in Review

    Source: Michele Leung
    Date Submitted: 27 Feb 2018
    Views: 590
    Downloads: 9
    As represented by the S&P China Bond Index, the one-year total return was down by 0.29%, contrasting with the strong gains observed in previous years.
  • S&P/JPX JGB VIX® Update January 2018

    Source: S&P Dow Jones Indices, Applied Academics
    Date Submitted: 23 Feb 2018
    Views: 554
    Downloads: 1
    JGB VIX Gets a Boost From the BoJ
  • India ETFs Wrap-up: 2017

    Source: Mahavir Kaswa
    Date Submitted: 22 Feb 2018
    Views: 578
    Downloads: 0
    As of Dec 31, 2017, the total AUM of the ETF industry stood at INR 78,000 crores (USD 12 billion), with an annualized growth rate of 76.6% during the past four years.
  • Mapping Sustainable Finance in Hong Kong

    Source: RS Group
    Date Submitted: 21 Feb 2018
    Views: 2093
    Downloads: 0
    In this inaugural survey, RS Group sets out to understand the current state of play of sustainable finance in Hong Kong as viewed by six stakeholder groups. By identifying the key drivers, challenges and sentiment towards sustainable finance, the survey aims to spark conversations, motivate action, and ultimately inform and inspire readers to adopt sustainable finance. RS Group surveyed near 240 individuals representing asset owners, asset managers, financial institutions, corporates, thought leaders, government, and regulators, and among many findings note 90% of respondents believe Hong Kong is “behind” or “reactive” in terms of sustainable finance compared with other global jurisdiction. While 75% believe sustainable finance is critical in order to maintain the city’s primacy as a leading international financial centre.

    Download the Report here: http://www.rsgroup.asia/sfi/surveyreport/

    RS Group is a Hong Kong-based family office whose mission is to advance a paradigm shift in people’s values and priorities, so that economic growth will not jeopardise human development and environmental sustainability. Recognising the severity and urgency of global issues faced today, RS Group have chosen to apply its entire capital portfolio towards advancing its mission. To further support  sustainable finance in Hong Kong, RS Group began developing the "Sustainable Finance Initiative" (SFI) in 2017. SFI’s mission is to mobilise private capital for positive impact, and accelerate Hong Kong's transition towards a sustainable financial centre.

    Further information can be found here http://www.rsgroup.asia/sfi/ or please email the team at sfi@rsgroup.asia 
     
     
  • Understanding female investors - women using capital to change the world

    Source: Moxie Future
    Date Submitted: 21 Feb 2018
    Views: 2258
    Downloads: 0
    New research published by Moxie Future shows that women are leading the way when it comes to investing responsibly with almost two thirds of those surveyed expressing an interest in pursuing investments that have a beneficial impact on society.
    The report entitled, “Understanding Female Investors: Women Using Capital to Change the World” (#UFI18) was commissioned by Moxie Future to better understand the investment preferences, habits and motivations of women and their interest in responsible investing, which entails channelling funds into companies and industries that are creating positive social and environmental change.  
     “Our survey shows that female investors want more than just good financial returns,” says Moxie Future’s Founder Ms. Jessica Robinson. “In addition, increasing numbers of professional women want to make investment decisions that positively influence the world and are aligned with their values.”
     In total, 2,536 women aged 18 to 65 were surveyed across the five major markets of Australia, China, Germany, United Kingdom and the United States through online interviews conducted between March and April 2017.
    Findings from the research highlight how female investors in China show the greatest interest and concern when it comes to responsible investment. In total, 84% of women surveyed in China expressed that they are motivated to be a responsible investor.
    Among those surveyed, globally 69% of women indicated that they would be interested in investing responsibly if suitable products were available. Interest in responsible investment products is notably highest among women in China (91%) and the United States (74%). 
    Across all markets poverty, income equality, healthcare and climate change are causes that matter the most to women when it comes to investing their wealth.
    In addition, while the research found that women are motivated, there are a number of barriers to be addressed. Many women view their lack of time, knowledge, understanding and distrust of information regarding investment products as the key obstacles in the responsible investment process. Within China however, the leading concern is lack of tested products in the market.
    “The research shines a light on the mindset of today’s female investors from their priorities when making investment decisions to the concerns that may be deterring them from investing responsibly,” says Ms. Robinson.
    “While our study has found that women are generally positive about responsible investing, it has uncovered the practical difficulties that they face when committing their money, not least a perception among women that the financial services industry is failing to offer advice that aligns with their goals and interests.
    “What this tells us is, not only is there a disconnect between women and the financial services sector, but there are untapped opportunities for the industry to work more closely with female investors to deliver products and services specifically designed around them. This includes catering to the investment preferences of women and addressing their needs in a more meaningful way.”
    With regards to China, Ms. Robinson attributes the higher levels of interest in responsible investing to the fact that Chinese women are facing more visible challenges, particularly environmental threats which may explain why they are more motivated.  
    “This is not forgetting that in terms of financial confidence, our research has uncovered that Chinese women tend to be the most bullish in their own investment abilities,” she continues.
    Results from the research also point to how of the five markets surveyed, women in Germany appear to be the most lacking in confidence. Concludes Ms. Robinson, “When it comes to responsible investment opportunities, confidence matters because the higher the level, the more likely female investors are to be concerned and engaged.”
    To view a full copy of the report, please see “Understanding Female Investors: Women Using Capital to Change the World. HONG KONG, 30 January, 2018 – New research published today by Moxie Future shows that women are leading the way when it comes to investing responsibly with almost two thirds of those surveyed expressing an interest in pursuing investments that have a beneficial impact on society.
     
     
  • Impact of GICS Changes to Pan Asian Sectors: BAT Moving Away From Information Technology

    Source: Utkarsh Agrawal
    Date Submitted: 20 Feb 2018
    Views: 576
    Downloads: 0
    S&P Dow Jones Indices and MSCI have announced revisions to the GICS® structure, to be implemented in September 2018, that will affect the consumer discretionary, information technology, and telecommunication services sectors.
  • Why Revenue Exposure Indices Are Relevant in Today’s World

    Source: John Welling
    Date Submitted: 13 Feb 2018
    Views: 1121
    Downloads: 12
    The S&P Geographic Revenue Exposure Indices seek to capture the performance of companies with revenues centered on specific target regions or countries.
  • Sustainable Investment in the Global Space

    Source: Emily Ulrich
    Date Submitted: 09 Feb 2018
    Views: 1497
    Downloads: 22
    In recent years, sustainable investing has moved to the forefront of the global agenda.
  • Do Earnings Revisions Matter in Asia?

    Source: Utkarsh Agrawal, Priscilla Luk
    Date Submitted: 08 Feb 2018
    Views: 461
    Downloads: 3
    We explore the efficacy of earnings revision strategies in various Pan Asian equity markets including Australia, China, Hong Kong, India, Japan, South Korea, and Taiwan to shed light on whether earnings revisions can be an alternative source of return drivers for these markets.
  • Retail Investor Study

    Source: Investor Education Centre
    Date Submitted: 08 Feb 2018
    Views: 15519
    Downloads: 0
    The Investor Education Centre (IEC) conducted a research study in 2017 comprising both qualitative investigation and quantitative interviews to understand Hong Kong retail investors’ attitudes and behaviour towards investing, with a view to inform the formulation of future investor education initiatives.

    Key research findings are outlined below:
     
    Retail Investor Participation
    • Three out of five adults aged 18-70 had invested in financial products in the past year with close to half (48%) investing in stocks. Foreign exchange followed at a distant second of 27% while investment funds (excluding MPF/ORSO schemes) came at third (14%). Other products saw less than 10% incidence. Investors on average invested in 1.63 out of the eight types of financial products covered in the research.
    • Investors held HK$0.43 million of liquid asset on average and allocated 45% of it in the investment of financial products.
    • While majority had long-term capital growth in mind, a significant proportion (41%) of investors also aimed for quick profits.
    Perception of Investment Products
    • When asked to rate different investment products’ risk level on a three-point scale of high/medium/low risk level, a vast majority rated derivatives and structured products as high risk products (81% and 70% respectively). Stocks and funds were largely seen as being of medium risk (71% and 63% respectively), with 21% perceiving funds as low-risk and 7% for stocks. Bonds and forex were generally regarded as carrying low risks.
    • While risk level appeared to be a common concept among investors, the research also explored whether investors perceived different investment products by the level of complexity - and if they distinguished product complexity and risk level as two distinct concepts. From focus group discussions, it appeared that complexity of products was not a well-defined concept and investors generally equated complexity with risk level.
      In the survey, when asked to rate different investment products as “complex”, “simple” and “half and half”, majority rated derivatives and structured products as complex products (79% and 72% respectively). Bonds and forex sat at the other end of the spectrum with 51% and 79% categorising them as simple products respectively. Stocks and funds were again in the middle with slightly more investors seeing them as simple rather than complex products.
      Regression analysis revealed that the two variables were highly correlated with an R-squared as high as 0.97. Apparently there was a lack of understanding that complexity of a financial product is not necessarily related to its risk level.   
  • Shooting the Messenger

    Source: Anu R. Ganti, Craig J. Lazarra
    Date Submitted: 07 Feb 2018
    Views: 10119
    Downloads: 19
    The rise of passive management was the consequence of active performance shortfalls.
  • Demand-Supply Dynamics of Asia’s Healthcare Sector

    Source: SGX My Gateway, ,
    Date Submitted: 07 Feb 2018
    Views: 507
    Downloads: 23
    Demand-Supply Dynamics of Asia’s Healthcare Sector
    • Asia’s accelerated ageing rates and the rise of lifestyle diseases will likely boost the region’s healthcare spending outlook in coming decades, while in supply terms, the region’s medical facilities, equipment and manpower will continue to trail the per capita averages of the 34 OECD member countries. SGX-listed healthcare plays that derive significant revenues from markets beyond Singapore have exposure to these robust demand-supply dynamics.
       
    • Singapore’s listed healthcare sector, as tracked by the benchmark SGX All-Healthcare Index, consists of 30 companies and related trusts with a combined market capitalisation of more than S$34 billion. Seven of the 10 largest constituents of the Index report more than a third of group revenues to Asia Pacific ex-Singapore, namely Southeast Asia, North Asia and South Asia.
       
    • Healthcare stocks posted a mixed performance in 2017, as funds rotated out of defensives into cyclical plays. However, the tide has turned over the last few weeks, making Healthcare the best-performing sector on a market capitalisation-weighted basis in the month of December, and positive momentum continuing into the New Year.
  • Investing in the U.S. Corporate Bond Market From an Asian Perspective

    Source: Michele Leung
    Date Submitted: 06 Feb 2018
    Views: 545
    Downloads: 0
    As Asian market participants have become more aware of the importance of portfolio diversification, they have been paying more attention to the U.S. corporate bond market. 
  • Factor Performance Across Different Macroeconomic Regimes in India

    Source: Akash Jain, Priscilla Luk
    Date Submitted: 01 Feb 2018
    Views: 820
    Downloads: 8
    For this paper, we compared sector composition in factor portfolios and examine performance characteristics of factors in different macroeconomic regimes, including market cycles, business cycles, and investor sentiment regimes in India.
  • Rising Rate Implications for Japanese Investors

    Source: Michele Leung,
    Date Submitted: 29 Jan 2018
    Views: 583
    Downloads: 0
    The outperformance of U.S. Treasuries this year reversed the previous trend, wherein Japanese sovereign bonds delivered higher risk-adjusted return in three- and five-year timeframes due to the better returns and lower volatility.
  • Viewing the History of China A-Shares Through the Lens of the Dow Jones China 88 Index

    Source: John Welling
    Date Submitted: 28 Jan 2018
    Views: 582
    Downloads: 0
    Let’s revisit some of the recent history of the China A-shares market through the lens of the Dow Jones China 88 Index.
  • S&P GIVI® Japan and Major Single Factors 2017 Review

    Source: Tianyin Cheng
    Date Submitted: 26 Jan 2018
    Views: 561
    Downloads: 2
    The S&P GIVI (Global Intrinsic Value Index) Japan underperformed its benchmark index, the S&P Japan BMI, by 1.21% in Q4 2017 and 2.99% for the entire year.
  • Asian Fixed Income: 2017 Pan Asia Report Card

    Source: Michele Leung
    Date Submitted: 16 Jan 2018
    Views: 627
    Downloads: 0
    The S&P Pan Asia Bond Index, which seeks to track local currency bonds in 10 countries and is calculated in USD, reversed its loss in 2016 and delivered a total return of 7.86% in 2017. Meanwhile, its yield-to-maturity widened 123 bps to 4.64% YTD. The S&P Pan Asia Corporate Bond Indexoutperformed the S&P Pan Asia Government Bond Index and gained 8.30% over the same period. The size of Asia’s local currency bond markets, as measured by the S&P Pan Asia Bond Index, continued to expand and grew 17% to reach USD 12.1 trillion in 2017.
  • Asian Fixed Income: Indonesian Sovereign Bonds Were the Big Winners in 2017

    Source: Michele Leung
    Date Submitted: 11 Jan 2018
    Views: 1389
    Downloads: 0
    With the growing appetite for emerging market debt and in the hunt for better yields, Indonesian sovereign bonds have been popular this year.
  • 82 Companies Bought Back S$425M in Shares in 2017

    Source: SGX MY Gateway
    Date Submitted: 10 Jan 2018
    Views: 825
    Downloads: 3
    82 Companies Bought Back S$425M in Shares in 2017
    • In 2017, 82 SGX-listed companies conducted share buybacks, with a total consideration of S$425 million. This was just over half the S$826 million in consideration for 2016, coinciding with comparatively stronger STI price gains of 18.1% in 2017.  
    • OCBC buybacks accounted for 52% of the S$425 million consideration, with Keppel Corporation, Silverlake Axis, Yanlord Land Group, ST Engineering and SIA Engineering the next highest ranking by consideration.
    • For the month of Dec 2017, there were a total of 28.3 million shares repurchased by 27 companies, with a total consideration of S$42.9 million. Buyback consideration was up 9% from the S$39.4 million reported for Nov 2017 and up more than fourfold from Dec 2016. 
  • Venture Corporation Scheduled to Join STI on 5 January

    Source: SGX My Gateway
    Date Submitted: 03 Jan 2018
    Views: 739
    Downloads: 4
    Venture Corporation Scheduled to Join STI on 5 January
    • Venture Corporation is expected to join the STI effective Friday 5 Jan, with the last trading day of existing STI constituent, Global Logistic Properties, expected to be 4 Jan. Venture was selected as it maintained the highest market capitalisation of the STI Reserve on the 2 Jan close. 
    • Venture generated a 115.4% total return in 2017, with institutional net buying totaling S$133 million. The leading global provider of technology services, products and solutions reported its net profit grew 81.4% YoY for its 9MFY17 ending 30 Sep.          
    • Venture is expected to make up between 1.5% and 2.0% weightage in the STI, based on public free-float information and STI weights as of 29 Sep 2017. The IT Sector will then be represented within the STI and the Real Estate Sector is expected to reduce its weightage in the STI by 3.0% to 15.6%.  
  • Making the Case for International Small Caps

    Source: Michael Orzano, John Welling
    Date Submitted: 03 Jan 2018
    Views: 600
    Downloads: 8
    International small caps represent a meaningful portion of the global equity opportunity set, have historically generated strong absolute and risk-adjusted returns, have been less volatile than U.S. small caps, and have relatively low correlations to U.S. equities and other asset classes.
  • Reading VIX®: Does VIX Predict Future Volatility?

    Source: Tim Edwards, PhD, Hamish Preston
    Date Submitted: 29 Dec 2017
    Views: 2034
    Downloads: 35
    The purpose of this paper is to provide—without requiring a prior knowledge of the sophisticated mathematics involved in option pricing—a practitioner’s guide to interpreting what is, and what is not, indicated by VIX.
  • SGX’s Indonesia-Focused Coal Plays Average 50.7% Gain YTD

    Source: SGX My Gateway
    Date Submitted: 26 Dec 2017
    Views: 520
    Downloads: 1
    SGX’s Indonesia-Focused Coal Plays Average 50.7% Gain YTD
    • SGX’s three Indonesia-focused coal miners – Golden Energy and Resources, Geo Energy Resources and BlackGold Natural Resources – have averaged a price gain of 50.7% in the 2017 YTD, as Indonesia’s benchmark coal price surged to a 10-month high.
    • In October, Indonesia's reference coal price, known as Harga Batubara Acuan (HBA), jumped 2.1% month-on-month to US$93.99 per metric tonne, after soaring 9.6% month-on-month in September, according to data from the country's Ministry of Energy and Mineral Resources. HBA is now at its highest since December 2016. 
    • Coal is expected to remain a vital source in meeting Indonesia's growing domestic electrification needs. In 2015, Indonesian President Widodo unveiled an ambitious 35,000 MW program to boost the country's electrification ratio to 97% by 2019, with about 25,000 MW of capacity expected to come from coal-fired power plants.
  • Oil & Maritime Indices Veered on Global Growth

    Source: SGX My Gateway
    Date Submitted: 26 Dec 2017
    Views: 1082
    Downloads: 10
    Oil & Maritime Indices Veered on Global Growth
    • Two key factors currently driving the price of oil price include an upcoming decision by OPEC on whether to extend production cuts (30 Nov), in addition to continued production growth of shale in the US.
    • While price of WTI Crude Oil rallied +38% from 21 June to 8 Nov, this was largely a price recovery with the current price +3% higher than its end of 2016 level. This has coincided with downstream plays, more sensitive to global growth and trade, outperforming the oil & gas upstream plays.
    • Since 30 June, the more-downstream SGX Maritime Index has gained +24%, led by performances of Cosco Shipping International (+110.9%) and Yangzijiang Shipbuilding (+42.0%), whilst the more-upstream SGX Oil & Gas Index generated a marginal gain.
  • Longer Term Drivers of SGX Agricultural Plays

    Source: SGX My Gateway
    Date Submitted: 26 Dec 2017
    Views: 490
    Downloads: 7
    Longer Term Drivers of SGX Agricultural Plays
    • SGX lists eight Agricultural Products stocks with a combined market capitalisation of S$29 billion. In the 2017 YTD, these stocks averaged a -13.7% price change, compared to +16.7% in 2016. Global Palm Resources Holdings, which registered a price change of +15.4% in the YTD, was the best-performing stock in the sector.
    • Zion Market Research has forecast the global palm oil market to grow at a CAGR of 7.2% between 2016 and 2021. Growth drivers include higher living standards, changing eating habits, growing demand for vegetable oil as a feedstock for biodiesel production as well as low prices compared to soybean and other vegetable oils.
    • Palm oil prices for the rest of 2017 are projected to remain firm, given the seasonally strong fourth quarter, according to Bloomberg Intelligence. A further boost could come from weaker-than-expected output, as well as an anticipated cut in Europe's import tariffs for Indonesia's biodiesel.
  • Highlights of Gold Opportunities on SGX

    Source: SGX My Gateway
    Date Submitted: 26 Dec 2017
    Views: 512
    Downloads: 6
    Highlights of Gold Opportunities on SGX
    • SGX offers investors opportunities to participate in the gold sector through three mining stocks – Wilton Resources, CNMC Goldmine and Anchor Resources – and one Exchange Traded Fund, the SPDR Gold Shares ETF.
    • Spot gold has fallen over 4% since hitting a one-year high of US$1,349.22 on 7 September 2017, which reduces its YTD gain to 12%. Bullion's performance has been impacted by flagging investor interest after the recent surge in US equity markets, the focus on cryptocurrencies like Bitcoin, and as central banks began paring their stimulus policies.
    • The World Gold Council has consistently flagged the diversification role of gold, noting that the commodity fulfils a classic role as a haven asset. A key motivation for including bullion in a portfolio has been the metal’s history of maintaining low correlations to most other asset classes, which helps to reduce overall portfolio risk.
  • Socially Responsible Investing in India

    Source: Ved Malla
    Date Submitted: 26 Dec 2017
    Views: 606
    Downloads: 0

    Socially responsible investing in India is at a nascent stage, but it is evolving and is expected to gain momentum in coming years. 

  • Carbon Pricing: The Business Case for Low-Carbon Innovation

    Source: Rochelle March
    Date Submitted: 22 Dec 2017
    Views: 620
    Downloads: 0
    The belief that economic growth is possible without lowering carbon emissions is becoming harder to sell by the minute.
  • Moving Forward With SDGs: Metrics for Action

    Source: Bridget Realmuto LaPerla, Caroline Bartlett, Rick Lord
    Date Submitted: 18 Dec 2017
    Views: 625
    Downloads: 3
    Financial institutions are voicing their support and creating investment opportunities, companies are identifying business value and reporting their contributions, and a multitude of frameworks are emerging to fill the gap between ambition and attainment.
  • Performance of Capital Markets in India Since Demonetization

    Source: Ved Malla
    Date Submitted: 15 Dec 2017
    Views: 621
    Downloads: 0
    Wherever the debate on demonetization goes, it’s easy to see that capital markets in India have been on a roll over the past year and have given exponential returns across size, segments, and sectors.
  • Korea Corporate Governance Symposium – ARX O2O Event, Korea, Seoul

    Source: Bruce Lee, CFA, Alan Lok, CFA
    Date Submitted: 26 Mar 2018
    Views: 2115
    Downloads: 26

    Last autumn, leveraging on the iconic article by Dr Bruce Lee, CFA on Korea’s corporate governance (CG) scene:

    “Corporate Governance Revolution Ahead?” https://www.arx.cfa/post/Corporate-Governance-Revolution-Ahead-3751.html

    CFA Institute, in collaboration with CFA Society Korea, hosted a CG panel discussion with Dr Bruce Lee and three other practising experts.

    The panel discussion was a full-house event with more than 80 participants from the local CFA community.

  • A Comparative Analysis on Listed IT Companies of Bangladesh

    Source: Asaduzzaman Ashik
    Date Submitted: 09 Dec 2017
    Views: 539
    Downloads: 23
    IT Industry has been professed as a thrust sector assessing the ability and interests of young populace of the country. In Bangladesh, there are more than 100 software houses, 35 data entry centers, thousands of formal and informal IT Training centers and numerous computer workshops. VAT  has  been  withdrawn  from  locally  developed  Software,  Digital  Data  Network has  been  introduced,  and  VSAT  is deregulated in Bangladesh. Some remarkable events are going on in every sector covering E -commerce, E-governance, Computer Networking, Internet, Web Browsing, Web Applications, Multimedia Product Development and others.

     
  • Does Value Enhance Quality Investing in China's A-Share Market?

    Source: Liyu Zeng
    Date Submitted: 07 Dec 2017
    Views: 1339
    Downloads: 0
    Quality investing has gained attraction in China, as high-quality stocks recorded remarkable performance in the first nine months of 2017.  As a result, the risk of paying too much for high-quality stocks has become a concern.  To address the issue, on Sept. 29, 2017 we launched the S&P China A-Share Quality Value Index, which is designed to measure the performance of the top 100 high-quality stocks with reasonable valuation, (see Exhibit 1).
  • Changing Landscapes in the Singapore Retail Property Market

    Source: SGX My Gateway
    Date Submitted: 04 Dec 2017
    Views: 1647
    Downloads: 37
    Changing Landscapes in the Singapore Retail Property Market
    • Singapore retail space vacancy rose to 7.7% in 1Q17 despite a 2.9% QoQ decline in price rentals. However, impact of retail headwinds may not be evenly felt across all malls.
    • New supply of retail malls largely located in Outside Central Regions, in line with the government’s plan of decentralised business districts and growth of regional centres.
    • SGX lists 12 Retail REITs & Property Trusts which have retail properties within their asset portfolios with a combined market capitalisation of S$30.9 billion. These 12 trusts have generated a market cap weighted average total return of 16.2% in the YTD and have an average dividend yield of 6.1%.
  • Recent Trends & Moves in Singapore’s Hospitality Trusts

    Source: SGX My Gateway
    Date Submitted: 04 Dec 2017
    Views: 1204
    Downloads: 15
    Recent Trends & Moves in Singapore’s Hospitality Trusts
    • Hotel RevPar in 2016 fell 4.7% YoY despite an increase of 7.7% in tourist arrivals, with a slower rate of decline since 2017. Hotel occupancy rates remain at an 8 year average of 86%.
    • New hotel room supply in 2017 stands at 3,400 rooms (URA 1Q17 data), 60% higher YoY, but supply is expected to ease in 2018 due to lack of supply of new land for hotel development.
    • SGX lists one Hospitality REIT and five Hospitality Stapled Trusts with a combined market capitalisation of S$9.1 billion. These six trusts have generated a market cap weighted average total return of 19.0% in the YTD and have an average dividend yield of 6.5%.
  • An In-Depth Look at the Dow Jones Sukuk Indices

    Source: Michele Leung, James "J.R." Rieger
    Date Submitted: 30 Nov 2017
    Views: 729
    Downloads: 4
    Market participant appetite for sukuk remains, and there is a tendency to favor higher-yielding and longer-tenor sukuk.
  • CROWDFUNDING MALAYSIA'S SHARING ECONOMY - Alternative Financing for Micro, Small and Medium Enterprises

    Source: Dr Raymond Madden, Chief Executive Officer, Asian Institute of Finance, Kee Gek Choo, General Manager, Strategy, Policy Development and Research, Asian Institute of Finance
    Date Submitted: 27 Nov 2017
    Views: 4736
    Downloads: 94
    FOREWORD


    Although a relatively new phenomenon in Malaysia, crowdfunding has been greeted by the government and market alike as a part of disruptive financial technologies (FinTech) that add impetus to Malaysia’s move towards a 21st century digital economy. With the government’s policy commitment, financial assistance, regulatory supervision and other supportive measures, crowdfunding is expected to accelerate in the near future as a critical source of alternative financing for SMEs to create new employment, enhance social participation and help Malaysia adjust to the fast-shifting dynamics of the global economic and social landscape. In spite of its promising prospects, there are gaps in awareness of what crowdfunding is and the opportunities and risks it presents. There is a shortage of actionable information on: • the role of crowdfunding in the policy, business and financing environment for SMEs; • the level of understanding of crowdfunding among the public and small entrepreneurs; • their interest and willingness to participate in crowdfunded projects/activities; and • the effectiveness of the national ecosystem for crowdfunding. This report addresses these gaps to help realise the full potential of crowdfunding in Malaysia. It is based on a two-phase research study. The first consisted of a quantitative survey of the public and small entrepreneurs within the Klang Valley, and the second involved desk research and consultations with crowdfunding platform operators, national agencies/institutions, sophisticated investors and start-up entrepreneurs. The report describes a vibrant crowdfunding environment emerging in Malaysia following Bank Negara Malaysia’s policy support for alternative financing, and the Securities Commission Malaysia’s introduction of regulatory frameworks for equity crowdfunding (ECF) in 2015 and peer-to-peer crowdfunding (P2P) in 2016. Since crowdfunding continues to evolve rapidly around the world and is still at an early stage in the country, the insights offered by this report are an initial but comprehensive snapshot of the local crowdfunding environment and its future growth potential.
  • Singapore Office Property Market Stabilising Despite Headwinds

    Source: SGX My Gateway
    Date Submitted: 20 Nov 2017
    Views: 1177
    Downloads: 1
    Singapore Office Property Market Stabilising Despite Headwinds
    • 1Q17 office space vacancy rates peaked at 11.6%, highest in five years. Office rental rates continue to decline and Grade A office rents stabilising QoQ, indicating signs of stabilisation in office rental rates.
    • Office space supply is expected to peak in 2017 and taper off in the next few years. CBRE Research believes that sentiment has swung from pessimism to optimism as investors forecast a period of relatively modest supply over the next few years.
    • SGX lists six Office REITs (GICS®) with a combined market capitalisation of S$12.8 billion. These 6 trusts have generated a market cap weighted average total return of 16.9% in the YTD and have an average dividend yield of 5.7%.
  • Green Shoots Emerge Despite Challenging Industrial Property Market

    Source: SGX My Gateway
    Date Submitted: 20 Nov 2017
    Views: 557
    Downloads: 2
    Green Shoots Emerge Despite Challenging Industrial Property Market
    • Singapore’s industrial property market remains challenging as industrial space supply is expected to peak in 2017, before tapering off in the next few years.
    • Green shoots in manufacturing activity data, and the Singapore government’s economic shift, coupled with its focus on higher value-added businesses, bode well for industrial property demand.
    • SGX lists 11 REITs & Property Trusts which have industrial properties within their asset portfolios. These 11 trusts have generated an average year-to-date total return of 19.0%.
  • Singapore Private Property Market Shows Signs of Stabilising

    Source: SGX My Gateway
    Date Submitted: 13 Nov 2017
    Views: 979
    Downloads: 4
    Singapore Private Property Market Shows Signs of Stabilising
    • Singapore’s private property market appears to be stabilising as URA’s 2Q17 flash estimates show smallest QoQ price decline of private residential property prices since 4Q13. YTD average monthly primary private home sales volumes are also 74.6% higher YoY.
    • Existing property cooling measures are likely to remain despite recent calibrated adjustments. In the medium term, MAS believes that Singapore’s property prices should be aligned with broader income trends in the local economy.
    • SGX lists six Real Estate Management & Development (GICS®) stocks with market capitalisation above S$1 billion that have substantial exposure to the Singapore property market. These six companies have an average total return of 29.2% in the year thus far.
  • SGX Real Estate Index Returned 19.5% YTD on Positive Indicators

    Source: SGX My Gateway
    Date Submitted: 13 Nov 2017
    Views: 544
    Downloads: 1
    SGX Real Estate Index Returned 19.5% YTD on Positive Indicators
    • The SGX Real Estate Index, a benchmark for Singapore’s Real Estate Sector, has returned 19.5% in the YTD. Domestic private home prices have shown signs of stabilisation in recent months, with a pick-up in primary transaction volumes.
    • There are 104 Real Estate companies (diverse across assets) with a combined market capitalisation of almost S$190 billion listed on the SGX. Some key drivers for the sector include population growth, government cooling measures, land supply and interest rates.
    • Post the YTD rally, sector valuations remain below their long-term historical average. Singapore property developer stocks are trading at PB ratio of 0.75x vs their long-term average of 0.83x.
  • SPIVA Japan Mid-Year 2017 Scorecard

    Source: Priscilla Luk
    Date Submitted: 10 Nov 2017
    Views: 691
    Downloads: 1
    The SPIVA Japan Scorecard reports on the performance of actively managed Japanese mutual funds against their respective benchmark indices over 1-, 3-, 5-, and 10-year investment horizons.
  • Do Investors Benefit from DCA?  Evidence from the Stock Exchange of Thailand

    Source: Kanin Anantanasuwong, Sirithida Chaivisuttankgun
    Date Submitted: 07 Nov 2017
    Views: 953
    Downloads: 20
     
                  This paper empirically examines the effectiveness of DCA and its alternative strategies in the Thai stock market. Looking that one-year investment horizon, we find that the DCA and its closely relative VA are less preferable to a simpler strategy such as LS or AA in term of risk adjusted performance. This is a contradiction to the common advice given by professional financial advisors. While they claim that DCA reduces the exposure of an investment, thus limit its risk, our finding about downside risk measure is inconclusive. DCA and VA are better than LS and AA when using the mean of Sortino ratio, yet their medians are worse.
                  We create indices that follow the growth of wealth from investing in each of the strategy, and find that, while DCA and VA offer less terminal wealth, they failed to prevent the portfolios from the decline during the financial crisis in 2008. This is due to the fact that DCA and VA can only prevent the losses that occur in the early phase of the investment horizon. If the losses come later on when the strategies have already accumulated a lot of exposure on the stock market, then they are no better than LS.
                  However, even though DCA and VA are inferior to LS and AA in term of the outcome from investment, they might be appropriate choice for people who want to make a saving plan which investment schedule comes in line with their monthly incomes. Thus, the usefulness of DCA and VA are rather in term of money management than investment outcome.
  • 10 Biggest US Exposure Plays Generated 35.6% YTD Weighted Returns

    Source: SGX My Gateway
    Date Submitted: 07 Nov 2017
    Views: 529
    Downloads: 0
    10 Biggest US Exposure Plays Generated 35.6% YTD Weighted Returns
    • US 3Q GDP will be released on Oct 27 (Fri). Focus will be on economic impact from hurricane Harvey and Irma, President Trump’s push for US tax reforms and decision on the Federal Reserve Chair replacement.
    • The 10 largest capitalized stocks with at least 20% of their revenue from US have averaged a market capitalisation-weighted total return of 35.6% in the year to date. This compares with the Dow Jones Industrial Average and S&P 500 Index’s 13.2% and 9.2% respectively in SGD terms.
    • The six non-inverse US equity ETFs listed on SGX have averaged a total return of 12.5% in the year thus far. There are 10 US ETFs listed on SGX. Seven track equity indices (including one S&P 500 Inverse Daily (-1x), two fixed-income assets, and one that tracks the money market.
  • S-REITs in a Rising Interest Rate Environment

    Source: SGX My Gateway
    Date Submitted: 07 Nov 2017
    Views: 604
    Downloads: 11
    S-REITs in a Rising Interest Rate Environment
    • In the year-to-date, the SGX S-REIT Index has generated a 15.5% price gain and 21.2% total return (inclusive of dividends), compared to the benchmark STI’s 15.6% price gain and 19.0% total return. Singapore’s 3-month SIBOR has gained 16.2% in the same period.
    • In theory, a rise in interest rates will lead to an increase in borrowing costs, which impacts the profitability of REITs and their ability to make acquisitions. However, gradual rate increases are also often associated with improving economic growth, which indirectly boosts REITs’ earnings.
    • The SGX S-REIT Index maintains a median gearing ratio of 34.0%, below the 45.0% limit. In terms of valuation, yield spreads between S-REITs and 10-year government bonds are at 385bps, 39bps above the long term average of 346bps.
  • 20 Largest China Plays Returned 27% in the YTD

    Source: SGX My Gateway
    Date Submitted: 05 Nov 2017
    Views: 619
    Downloads: 5
    20 Largest China Plays Returned 27% in the YTD
    • China’s 2017 GDP forecast was revised higher to 6.7% QoQ. Some of China’s growth drivers for the economy include its OBOR Initiative, supply-side structural reform, SOEs reform, growing middle-income class and domestic consumption, and the “Made in China 2025” new economy programme.
    • Close to a quarter (or 180) of SGX-listed companies generate at least 20% of their revenue from China and 80% of these companies derive half or more of their revenue from China. These companies provide investors with revenue exposure to China’s growth story.
    • Of the 20 largest capitalised stocks with at least 50% of their revenue generated from China, 16 saw positive YTD price returns. The five best performing stocks were Hi-P Intl (+165.7%), Elec & Eltek Intl Co (+66.4%), China Sunsine Chem Hldgs (+59.0%), Global Logistic Properties (+49.1%) and Yanlord Land Group (+25.0%).
  • FTSE ST China Index up 18% in 2017 YTD

    Source: SGX My Gateway
    Date Submitted: 05 Nov 2017
    Views: 567
    Downloads: 2
    FTSE ST China Index up 18% in 2017 YTD
    • In the 2017 YTD, Singapore’s FTSE ST China Index has generated a total return of 17.9%, compared to a 14.9% return for the H-share Index in SGD terms.
    • The FTSE ST China Index consists of FTSE ST All-Share Index constituents that report either at least half of their sales revenues from Mainland China, or report at least half of their operating assets in Mainland China.
    • CWT, Hi-P International, Valuetronics Holdings and Geo Energy Resources will join the FTSE ST China Index on 18 September. This will take the number of constituents in the Index to 21. There are no Index exclusions following the recent review.
    • These four pending FTSE ST China Index entrants have generated average price gains of 72% in the 2017 YTD, ranging from a 8.9% gain for Geo Energy Resources to a 172.6% gain for Hi-P International.
  • China-Focused Materials Stocks Led Sector’s YTD Gains

    Source: SGX My Gateway
    Date Submitted: 01 Nov 2017
    Views: 607
    Downloads: 1
    China-Focused Materials Stocks Led Sector’s YTD Gains
    • The Materials Sector has been Singapore’s second best performing Sector in the 2017 YTD with a market capitalisation-weighted average price gain of 31%. This compared to a 10% gain for the MSCI World Materials Index.
       
    • The YTD median gain of Singapore’s 10 largest capitalised Materials stocks was 5%, with a much higher average gain of 54%. Meanwhile, Singapore’s 10 largest capitalised Materials stocks that report the majority of their revenue to China generated a YTD median gain of 44% and average gain of 87%.
       
    • As many as seven of Singapore’s 10 largest capitalised Materials stocks with a China revenue focus reported 1HFY17 net profit growth. This ranged from +414% YoY net profit growth for Jiutian Chemical Group to +37.7% YoY net profit growth for Tat Seng Packaging Group.
  • ASEAN Plays Poised to Gain from China's Belt & Road Initiative (OBOR)

    Source: SGX My Gateway
    Date Submitted: 30 Oct 2017
    Views: 2358
    Downloads: 63
    ASEAN Plays Poised to Gain from China's Belt & Road Initiative (OBOR)
    • With its geographical proximity and relatively low risk profile, ASEAN is expected to be a key beneficiary and bridgehead of OBOR as it sees more infrastructure developments and improvements, as well as increased trade and regional connectivity in the region.
    • Singapore, being a member state of ASEAN, has significant roles to play in the OBOR initiative through its status as a financial hub. In addition, Singapore has established industries with the expertise to drive and support infrastructure development for OBOR in ASEAN.
    • SGX lists 192 stocks (c.25%) with at least 20% of their revenue generated from ASEAN across the GICS® Industrials, Materials, and Utilities Sectors. Of the 20 largest capitalised stocks, 13 saw positive YTD price returns. The five best-performing stocks were Jardine Strategic (+25.5%), Straits Trading (+25.1%), Riverstone Holdings (+18.7%), SBS Transit (+17.9%) and Keppel Infrastructure Trust (+16.8%).
  • SGX: China Environmental Plays in Spotlight as China Goes Green

    Source: SGX My Gateway
    Date Submitted: 30 Oct 2017
    Views: 1290
    Downloads: 19
    SGX: China Environmental Plays in Spotlight as China Goes Green
    • Environmental protection and pollution control are becoming increasingly important in China’s policies, as the country strives to develop an ecological civilisation. During its journey to become a green economy, businesses with a focus on environmental utilities in China will likely play important roles.
    • The Chinese government has stepped up efforts to boost environmental protection in recent years, launching several initiatives to promote a greener and cleaner economy, investing in renewable projects and increasing enforcement on pollution domestically.
    • SGX has a cluster of 15 China environmental stocks with a combined market capitalisation of S$5.8 billion. The five biggest China environmental plays are CITIC Envirotech, SIIC Environment, China Everbright Water, China Jinjiang Environment and Sunpower Group.
  • SPIVA® Australia Mid-Year 2017 Scorecard 

    Source: Priscilla Luk
    Date Submitted: 25 Oct 2017
    Views: 1257
    Downloads: 5
    The SPIVA Australia Scorecard reports on the performance of actively managed Australian mutual funds against their respective benchmark indices over 1-, 3-, 5-, and 10-year investment horizons. In this scorecard, we evaluated returns of more than 731 Australian equity funds (large, mid, and small cap, as well as A-REIT), 363 international equity funds, and 83 Australian bond funds. 
  • Private Equity in Asia: Successes & Scars

    Source: CAPER
    Date Submitted: 18 Oct 2017
    Views: 2217
    Downloads: 90

    Kathleen Ng, Managing Director at Centre for Asia Private Equity Research Ltd. conducted a workshop on "Private Equity in Asia - Successes & Scars" to CFA Society Beijing on October 12, 2017. Workshop covers.

    Part I - Latest Landscape of Private Equity in Asia


    Part II - Private Equity in Asia - Promises, Opportunities & Challenges

    Part III - Private Equity in Asia - Successes & Scars


    Beijing CFA Presentation
  • 8 Things You Must Know About Genting Plantations Bhd If You Are Investing In It

    Source: Ian Tai
    Date Submitted: 16 Oct 2017
    Views: 554
    Downloads: 3

    In 1977, the late Tan Sri Dato’ Seri Lim Goh Tong has incorporated Asiatic Development Bhd. It commenced plantation activities with 13,700 hectares of estates in West Malaysia in 1980. Subsequently, in 1982, it was listed on Bursa Malaysia. In 2009, the listing name was officially changed to Genting Plantations Bhd, a name that is retained till today.

    Since its listing, Genting Plantations Bhd has expanded its plantation assets to East Malaysia and Indonesia. 35 years later, Genting Plantations Bhd has become the third largest palm oil corporation listed on Bursa Malaysia in terms of market capitalization behind IOI Corporation Bhd and Kuala Lumpur Kepong Bhd currently.

    In this article, I’ll cover 8 things you need to know about Genting Plantations Bhd before you invest.

    #1: Stock Symbol

    1

    Ticker Symbol: KLSE: GENP / KLSE: 2291
    Market Capitalization: RM 8.19 Billion (2 October 2017)

    Share Price: RM 10.30 (2 October 2017)

    Industry: Palm Oil

    Syariah Compliant: Yes

    #2: The Business

    Genting Plantations Bhd has established an integrated business model that includes:

    • Palm Oil Plantations

      Genting Plantations Bhd has maintained its portfolio size of its palm oil estates in Malaysia at 59,000 – 60,000 hectares. From which, these estates has consistently produced 1.1 – 1.4 million MT of fresh fruit bunches (FFB) a year over the last 10 years. 

      Genting Plantations Bhd had started its planting activities in Indonesia in 2007. Beginning with 1,716 hectares in 2007, Genting Plantations Bhd has enlarged its size of palm oil estates in Indonesia to 131,159 hectares in 2016. These estates had produced its first fruits in 2010. Since then, the amount of FFB production had grown from 1,151 MT in 2010 to 479,334 MT in 2016.

    FFB Production in ‘000 Metric Tonnes

    Year 2012 2013 2014 2015 2016
    Malaysia 1,311 1,339 1,349 1,289 1,135
    Indonesia 81 185 307 438 479
    Total 1,392 1,525 1,656 1,727 1,614

    Source: Annual Reports of Genting Plantations Bhd

    • Palm Oil Mills

      Genting Plantations Bhd has 10 palm oil mills. 6 mills are located in Sabah. 3 mills are located in Indonesia and the remaining one is in West Malaysia. Combined, these mills have total milling capacity of 490 metric tonnes per hour. 

    • Property Development

      Genting Plantations Bhd is engaged in property development activities through Genting Property Sdn Bhd. It is currently engaged in development projects such as Genting Indahpura at Kulai, Johor and Genting Highlands Premium Outlets. In 2016, the property division has contributed RM 125.6 million in revenues. It remains a small division to Genting Plantations Bhd as it accounted only 8.5% of the company’s group revenues in 2016.

  • The 9 Things You Need To Know About IOI Corporation Bhd Before Investing

    Source: Ian Tai
    Date Submitted: 16 Oct 2017
    Views: 456
    Downloads: 1

    In 1969, Tan Sri Dato’ Lee Shin Cheng has established Industrial Oxygen Incorporated Sdn Bhd. Eleven years later, the company was listed under Industrial Oxygen Incorporated Bhd. In 1995, the listing name was officially changed to IOI Corporation Bhd, a name that is retained till today.

    Since its listing on Bursa MalaysiaIOI Corporation Bhd (KLSE:IOICORP) has expanded its plantation assets through acquisition of palm oil estates. In the 2000s, IOI Corporation Bhd has ventured into downstream palm oil manufacturing activities. As such, IOI Corporation Bhd has grown into one of the leading integrated palm oil conglomerates in the world.

    In this article, I’ll cover 9 things you need to know about IOI Corporation Bhd before you invest.

    #1: Stock Symbol

    1

    Ticker Symbol: KLSE: IOICORP / KLSE: 1691
    Market Capitalization: RM 28.55 Billion (30 September 2017)

    Share Price: RM 4.54 (30 September 2017)

    Industry: Palm Oil

    Syariah Compliant: Yes

    #2: The Business

    IOI Corporation Bhd has established an integrated business model that involves:

    • Upstream Activities

      In 2017, IOI Corporation Bhd has 90 estates with a total planted area of 174,396 hectares of palm oil plantations. It operates 15 palm oil mills with a total milling capacity of 4.75 million tonnes of fresh fruit bunches (FFB) per annum. 

      IOI Corporation Bhd has achieved lower yields from its plantation estates. This has resulted in lower FFB productions in 2016 and 2017. This, in turn, has caused the fewer production of crude palm oil (CPO) and palm kernel (PK) over the last 2 years.

      Figures in ‘000 Metric Tonnes

    Year 2013 2014 2015 2016 2017
    FFB 3,409 3,507 3,542 3,145 3,156
    CPO 708 752 782 697 691
    PK 179 186 187 164 155

    Source: Annual Reports of IOI Corporation Bhd

    • Downstream Activities

      IOI Corporation Bhd has 3 business segments in its downstream activities. They are refining, oleochemical, and speciality oils & fats. 

      The refining segment receives CPO and PK from its CPO mills and would produce palm and palm kernel oil fractions. They will be sent to the company’s oleochemical and speciality oils & fats segment as feedstock. In 2017, the refining segment operates 4 palm oil refineries with total refining capacity of 3.3 Million MT per annum. 
      The oleochemical segment receives feedstock from its refineries to manufacture fatty acids, glycerine, soap noodles and fatty esters. These products are exported to over 60 countries worldwide. This segment operates plants in Penang and Johor with a combined production capacity of 740,000 MT per annum. 
      The speciality oils & fats segment receive feedstock from its refineries to manufacture fractionated oils & blends which are often used as ingredients in the processed food industry. This segment is carried out by IOI Loders Croklaan which has operations in the Netherlands, Malaysia, Canada, and the United States. These products are exported to over 85 countries worldwide. 
      Over the last 5 years, IOI Corporation Bhd has maintained its sales of oleochemicals and specialty oils & fats products at 500,000 – 600,000 MT and 700,000 – 800,000 MT per annum.

    Figures in ‘000 Metric Tonnes

    Year 2013 2014 2015 2016 2017
    Refineries 3,052 2,707 2,591 2,427 2,415
    Oleo 561 584 586 596 582
    Oils & Fats 735 735 774 783 766

    Source: Annual Reports of IOI Corporation Bhd

    • Bumitama Agri Ltd

      Bumitama Agri Ltd is a 31.8%-owned associate company of IOI Corporation Bhd. Listed on the SGX, Bumitama Agri Ltd is one of the fastest growing palm oil companies in Indonesia. In 2016, it has 175,243 hectares of palm oil estates and 13 CPO mills. For more details, please click Bumitama Agri Ltd.

  • 8 Things To Know About IOI Properties Group Bhd

    Source: Ian Tai
    Date Submitted: 16 Oct 2017
    Views: 528
    Downloads: 6

    IOI Properties Group Bhd (KLSE:IOIPG) is among the largest property development corporations in Malaysia. Its roots can be traced back to 1984. In that year, the IOI Group began its venture into property development by acquiring Bukit Kelang Development Sdn Bhd, Rapat Jaya Sdn Bhd and Eng Hup Industries Sdn Bhd.

    In 1990, IOI Properties had commenced the development of Bandar Puchong Jaya. Today, it is one of the most comprehensive self-contained township developments in the Klang Valley. Ever since, it has expanded its presence southwards to strategic locations in Negeri Sembilan, Melaka, Johor and even down to Singapore.

    From 2009 to 2013, IOI Properties operated as a subsidiary and the property arm of IOI Corporation Bhd. Subsequently, on 15 January 2014, IOI Properties was demerged from IOI Corporation Bhd and is listed under IOI Properties Group Bhd (IOI Properties). In this article, I’ll share 8 things you need to know about IOI Properties before you invest.

    #1: Stock Symbol

    1

    Ticker Symbol: KLSE: IOIPG / KLSE: 1635
    Market Capitalization: RM 11.07 Billion (29 September 2017)

    Share Price: RM 2.01 (29 September 2017)

    Sector: Property

    Syariah Compliant: Yes

    #2: The Business

    Presently, IOI Properties derives income from three main business divisions. They are:

    • Property Development


      IOI Properties is positioned as a reputable township developer in Malaysia. It is capable of executing development projects where their land sizes are well beyond 100 acres. Its notable projects include Bandar Puchong Jaya, Bandar Putra Kulai, Bandar Putra Segamat, 16 Sierra, Bandar Putra Bangi and Bandar Putra Warisan. 

      In Singapore, IOI Properties is involved in high-end residential and integrated mixed developments. This includes Seascape and the Cape Royale in Sentosa Cove. Meanwhile, in China, IOI Properties has two projects. They are IOI Palm City and IOI Park Bay. Both projects are located in the Fujian Province, China. 

      This division is the largest income contributor to IOI Properties. In 2017, IOI Properties had derived RM 3.71 Billion and RM 1.18 Billion in revenues and operating profits from this division. 

    • Property Investment


      This division derives income from seven key investment properties. They include IOI City Mall in Putrajaya, IOI Mall Puchong, IOI Mall Kulai, 4 Blocks of 12-storey & 21-storey office buildings in Puchong Financial Corporate Centre, IOI City Tower 1 & Tower 2, One and Two IOI Square, and IOI Boulevard. It is the second largest income contributor to IOI Properties as this division contributed RM 302.1 Million and RM 126.5 Million in revenues and operating profits in 2017. 

    • Leisure & Hospitality

      This division derives income from six hospitality properties. They include Putrajaya Marriott Hotel, Four Points by Sheraton Penang, Palm Garden Hotel, Palm Garden Golf Club, Palm Villa Golf & Country Resort and Le Meridien Putrajaya. In 2017, this division has made RM 161.8 Million and RM 15.4 Million in revenues and operating profits, making it the smallest division of IOI Properties.

    #3: The Financials

    Overall, IOI Properties has achieved growth in sales and shareholders’ earnings over the last 5 years. This is attributed to continuous growth in all of its business divisions during the period.

    Returns on equity (ROE) has dropped marginally as the growth in shareholders’ equity of IOI Properties had outpaced its growth in shareholders’ earnings during the period. This is mainly because IOI Properties had substantially increased its shareholders’ equity by completing two separate rights issue exercises on 9 February 2015 and 28 March 2017.

    Figures in RM Million

    Year 2013 2014 2015 2016 2017
    Sales 1,158.7 1,454.4 1,906.4 3,024.9 4,185.3
    Earnings 585.4 889.9 890.7 1,080.0 920.9
    ROE n/a 7.94% 6.63% 6.80% 5.05%

    Source: Annual Reports

  • SGX’s 20 Biggest China-Related Enterprises Returned 39.8% in YTD

    Source: SGX My Gateway
    Date Submitted: 15 Oct 2017
    Views: 3276
    Downloads: 16
    SGX’s 20 Biggest China-Related Enterprises Returned 39.8% in YTD
    • 20 of the biggest and active stocks with a China head office have averaged a market capitalisation-weighted total return of 39.8% in the year to date. This compares with the Shanghai Stock Exchange Composite Index’s (SHCOMP) +8.0% (in SGD terms).
    • The 20 biggest stocks maintain market capitalisation-weighted P/E and P/B ratios of 11.2x and 1.3x respectively, below 17.6x and 1.9x respectively for the SHCOMP. Nine of these stocks maintain higher ROEs than the SHCOMP’s 10.7%.
    • The five best performers among the 20 stocks in the YTD are Delong Holdings, Yangzijiang Shipbuilding, China Sunsine Chemical Holdings, Yanlord Land and China Aviation Oil. They maintain an average ROE of 16.2%.
  • How Smart Beta Strategies Work in the Hong Kong Market

    Source: Liyu Zeng, CFA, Priscilla Luk
    Date Submitted: 05 Oct 2017
    Views: 8393
    Downloads: 47
    In this paper, we analyzed the performance of six single factors (small cap, value, low volatility, momentum, quality, and dividends) in the Hong Kong market from June 30, 2006, to Feb. 28, 2017.
  • Corporate Governance for Asian Publicly Listed Family-Controlled Firms - Full Report

    Source: Tony Tan, DBA, CFA, Fianna Jurdant
    Date Submitted: 06 Aug 2018
    Views: 6037
    Downloads: 122
    There is a gap in the literature concerning regulatory responses and approaches to corporate governance of controlled family firms. This report reviews the literature to develop an overview of the economic landscape of publicly listed family firms in Asia and to demonstrate the importance of these entities to the region and beyond. Another objective is to illustrate the challenges that confront policymakers in developing corporate governance policies relevant to publicly listed family firms. Discussion in the report indicates two significant hurdles for policymakers. First, there is a lack of consensus on a universal definition of a publicly listed family firm. Second, publicly listed family firms should not be perceived as a homogeneous group over which a “one size fits all” corporate governance blanket can be cast.

    The focus of the report then shifts to highlighting how an effective corporate governance system can improve performance and create value by reducing the cost of equity and reducing capital waste. The discussion examines how properties of publicly listed family firms can enhance shareholder wealth or lead to the expropriation of wealth from minority owners. The final objective of the study is to report key observations from a series of case studies spanning 14 Asian economies that cover a range of corporate governance issues central to publicly listed family firms. The case studies provide insight into current practices of Asian publicly listed family firms that may require the attention of policymakers. The issues raised in this report provide the initial building blocks for developing a more extensive road map to underpin a comprehensive analysis. Findings from this analysis can provide the foundation for evidence-based policy recommendations specific to family firms, which are a significant aspect of the Asian economic landscape and a key to the region’s current and future prosperity.

    This article qualifies for 0.5 CE under the guidelines of the CFA Institute Continuing Education Program. 
    We encourage CFA Institute members to login to the CE tracking tool to self-document these credits.

     
  • How Are Institutional Investors Using ETFs in Asia?

    Source: John Davies, Managing Director, Global Head of Exchange Traded Products
    Date Submitted: 15 Sep 2017
    Views: 2195
    Downloads: 81

    Although selecting ETFs can be challenging due the wide variety of products, they can be used as tactical and strategic tools for asset allocation. Market participants have recently been moving funds from underperforming products into more cost-effective ETFs. The sweet spot appears to be the intersection between active and passive smart beta products.

  • Cinematic Journey of Southeast Asia's Venture Ecosystem

    Source: Victor Chua Kok Hoe (https://www.linkedin.com/in/victor4chua/)
    Date Submitted: 07 Sep 2017
    Views: 1704
    Downloads: 41
    Southeast Asia's venture investing scene is booming, but not without its long history and influence by other regions in Asia. We are seeing a rush of investors from North Asia coming down to Southeast Asia, pushing the ecosystem to a more mature state and enhancing exit opportunities.
  • Selling your REIT – A Framework to Guide you in Coming up with the Right Decision

    Source: Kyith Ng
    Date Submitted: 29 Jun 2017
    Views: 2263
    Downloads: 0

    When we invest, we want to maximize the total returns we get.

    Ideally, this means that we get some decent dividend cash flow yearly and the stock also provides capital appreciation.

    Not all of your stocks end up like that.

    A lot of the time, you end up holding a REIT for years, hoping and hoping that one day it will fulfill its promise and turn from a losing position to break even.

    When your REIT is in a losing position, you might start having second thoughts.

    Some of the REITs you invest in turned around, others do not turn around. You then start saying this REIT is ‘good’, this is ‘not good’.

    The thought of selling might run through your head. However, people tell you that REITs are suppose to be buy and hold investments for the long term.

    This confuses you:

    1. Should you sell the REIT?
    2. Wait for the REIT to recover, while earning the dividends?

    Today, we are going to explore my framework how I decide whether to sell my REITs.

    We will be covering:

    1. Reflecting back to your Original Game Plan
    2. Understanding which part of the Investing Life Cycle you are in
    3. How often to Review your REIT
    4. What should you be considering during the Review
    5. Reflecting back to the sell condition when you purchase
    6. Avoiding the Sunk Cost Fallacy
    7. Do not fall in love with your REIT. Instead….
    8. Building up Competency
  • You could do Everything Right in Managing your Wealth yet still end up Declaring Bankruptcy

    Source: Kyith Ng
    Date Submitted: 29 Jun 2017
    Views: 715
    Downloads: 0

    Right, this couldn’t have happen.

    Yet it did.

    Over the weekend, I listened to a very good interview by Joshua Sheats over at Radical Personal Finance.

    He was at Camp Mustache, which is a gathering of folks who aspired to reach financial independence earlier than most. He chanced upon an interesting conversation with a lady striving towards financial independence but with a unique past.

    You can listen to the interview here. (If you are a podcast Listener do subscribe to his podcast. There are much standard financial planning, wealth management stuff but also alternative stuff such as hacking funeral, insulating your home and investing in ammunition)

    This lady’s situation is unique because from the start, her husband and herself have subscribed to good personal finance information, and practicing them well.

    They lived a very financially concious life and was able to build up a portfolio of 20 real estate properties that provide an income of $4000/mth.

    Yet they still end up filing for bankruptcy and divorce.

  • March 2017 Singapore Savings Bonds SSB gives you 2.38% interest per year over 10 years period

    Source: Kyith Ng
    Date Submitted: 29 Jun 2017
    Views: 727
    Downloads: 0
    Here is a higher yieldingsafe way to save your money that you have no idea when you will need to use it, or your emergency fund.
  • REITs: Turns out Portfolio Rent Reversion Definition Varies from REIT to REIT

    Source: Kyith Ng
    Date Submitted: 29 Jun 2017
    Views: 447
    Downloads: 0

    Inconsistencies in rental revision computation may give investor an over-optimistic or pessimistic impression of the property situation as well as manager’s ability.

    Recently, Prime Grade A focused commercial REIT Keppel REIT (dividend yield 6.3%) made an annoucement regarding the way they compute their rent reversion.

  • Australian Tax Office comes down hard on Taxes paid by Trusts – how this affects the Non-Resident Singapore Investor

    Source: Kyith Ng
    Date Submitted: 29 Jun 2017
    Views: 408
    Downloads: 0
    The Australian Tax Office (ATO) are cracking down on trust structure, and may result in these trusts paying double the tax they are paying now.

    What they are targeting are the stapled securities, used for a long time for commercial property deals. This has allowed the foreign investors to pay a discounted tax rate of 15% rather than the full tax rate of 30%.

  • FSMOne – One Platform that allows you to Manage Stocks, Bonds, Unit Trust, Exchange Traded Funds

    Source: Kyith Ng
    Date Submitted: 29 Jun 2017
    Views: 418
    Downloads: 0

    When I started learning about investing, I started from learning about funds.

    Not from banks  but from online shops such as Fundsupermart and Dollardex.

    When you spend most of your time online, your retailing habits are different from other people.

    I learn about how much more expensive banks charge us for selling units trust‘s.

    I learn about different asset classes, portfolio allocation, geographic diversification, risk, Sharpe ratio from Fundsupermart.

  • About Motorcycles and the Higher Taxes in the 2017 Budget

    Source: Kyith Ng
    Date Submitted: 27 Jun 2017
    Views: 492
    Downloads: 0

    I am not a biker.

    And I am not going to pretend that I am one.

    However, if you would like to read a perspective from one that has a vested interest, and is articulated, yet have a quantitative slant to things, you ought to read Ian Tan’s piece on this issue.

    I always enjoyed his writings. It has a lot of sensibilities about life, as well as the society we lived in. (add his blog to Feedly if you like!)

  • Why do some graduates better adjust to work place and perform better?

    Source: Kyith Ng
    Date Submitted: 27 Jun 2017
    Views: 2638
    Downloads: 0

    How many of you were given a user manual how to be successful at work?

    What are the things that you should do and things you should not do at work?

    This is something that was on my mind some time ago.

    This is especially so for the graduates fresh out of university and going into the working world.

    The transition from being a full time student to a full time employee can be quite a shift.

    However, I noticed that some of the graduates were able to carry themselves better than the others.

  • Building Sustainable Dividend Machines: Key to Sustainable Dividends is Knowledge and Action Plan

    Source: Kyith Ng
    Date Submitted: 27 Jun 2017
    Views: 437
    Downloads: 0

    Late last year, I met up with a new co-worker of mine.

    He recognized me back in office, when he remembered seeing me at a recent Annual General Meeting (AGM) for a company that I invested in.

    So we had a lunch date.

    When I met him for lunch, I noticed he drives a big car, a vehicle that is more fitting for a director than your typical engineer. That puts a question in my head, whether an engineer can get rich working for a long time, or that being a stock investor is able to get us a nice life like that.

    Always curious about another investor’s thought process, I asked him about his investment process.

    And I came away not having a good idea about his investment process.

    He shared with me that he was punting stocks for the longest time in a haphazard manner, until an old timer told him how important dividends are.

    He works hard to understand the businesses, the opportunity that some stocks provides and size up the company by attending AGMs.

    Yet in the countless of investing tales shared, it was littered with many stocks that I doubt I would consider them as dividend stocks, or that they were sold too fast, which feels to me like short term trades.

    What pained me was the stories of the big losses he incurred for investing in some high dividend yielding companies, oil and gas companies.

    If you make a 5% portfolio loss, you need 5.2% gain to make back your capital. If you make a 30% portfolio loss, you need 42.8% gain to make back your capital.

    Having large draw-downs hurt, whether you invest for dividends or not.

  • UMS Maintains a Full Year 6 cents Dividend Payout and an IPT Acquisition of Klaf Engineering

    Source: Kyith Ng
    Date Submitted: 06 Jun 2017
    Views: 505
    Downloads: 0

    UMS Holdings announced their fully year result yesterday.

    Its been sometime since I bought this stock, sold this stock, then bought back again.

    So here is my brief look at the business

    Share Price: $0.67

    Outstanding Number of Shares: 429 mil

    Dividend per share: $0.06 (8.9% Dividend Yield)

    Cash Flow required to pay dividend per share: $25 mil

  • How Malaysia’s East Coast Rail and China’s Future Transportation Strategy impacts Singapore

    Source: Kyith Ng
    Date Submitted: 06 Jun 2017
    Views: 555
    Downloads: 0

    I am a fan of Benjamin Koh at Lighthouse Advisors. Lighthouse Advisors is a value shop for the accredited investors based in Singapore.

    What is great is that Benjamin’s letters to clients (which was embargoed for 1 year) and the public is a tome of knowledge for people like myself learning to invest.

    Through his commentary. most often we learn about accounting frauds or ways to detect irregularities that could show up in the financial statements, or when we think qualitatively. He will cite examples of listed companies in Hong Kong, Singapore or around the region which these irregularities have shown up or caveats can be found. Through his mistakes in investing, we also learn a lot.

    I always believe that a lot of methods have positive expected results over time, failure is more about whether you have went deep enough and understand and execute well.

    Tomes like these readings from these managers, Berkshire Hathaway’s letters are free gems that enables us to tap the knowledge and wisdom of good investors that would have cost tens and thousands of dollars.

    For the accredited investors, you can visit his very clean blog to find out how they carry out their investing, their prospective clients and see if it is a good fit.

  • The Maths behind being Financially Independent with $1 million by Age 40

    Source: Kyith Ng
    Date Submitted: 06 Jun 2017
    Views: 503
    Downloads: 0

    We often hear stories of the people who was able to retire in their 30s and are so envious of their situation.

    They must have rich parents or high income earner. How close to the truth is that?

    I was adding this case study to my previous article where I explore the simple formula to be wealthy (read here)

    We have a group of individuals who may be able to retire early or be financially independent. The idea of being financially independent is that they amassed wealth machine(s) that create adequate wealth cash flow to pay for their current annual expenses for a large part of their lives.

  • Global Testing – That Problematic 9.5% Dividend Yielder

    Source: Kyith Ng
    Date Submitted: 06 Jun 2017
    Views: 562
    Downloads: 0

    I wanted to write something about Global Testing for 1 year plus.

    However, due to blogging circumstances, I keep this aside and didn’t write much about it. There are just so many companies to pen my thoughts about.

    Global Testing have just announced their full year results and declared a $0.10 dividend and a $0.10 capital reduction so I guess let me try to see if I can pen my thoughts.

    Current Share Price: $1.03 – $1.10
    Number of Outstanding Shares: 35.58 million
    Dividend per share: $0.10 (9.7% – 9%)

  • Your Personal Cash Flow Statement – The Complete Guide

    Source: Kyith Ng
    Date Submitted: 06 Jun 2017
    Views: 515
    Downloads: 0

    There are 2 documents, that in my opinion, tells me whether a person or family is operating in a financially healthy manner.

    One of the document is their personal cash flow statement. The other document is their personal net worth statement.

    A personal cash flow statement can provide clarity in your life, and serves as a personal review whether you are managing your life well. It also provides you with an opportunity to re-allocate your cash flow to bring your money in alignment with your goals in life.

    Today, I will focus on:

    1. What is the Personal Cash Flow Statement
    2. Why your Personal Cash Flow Statement is Important
    3. How can you create your Personal Cash Flow Statement
    4. Tools that can help you track your Cash Flow on the Fly and show your Cash Flow Status on Demand
  • Managing and Growing Money the Feminine Way – the Future is Female

    Source: Kyith Ng
    Date Submitted: 04 Jun 2017
    Views: 505
    Downloads: 0

    She looked at the two of us, not knowing what she should do.

    When you have her portfolio of problems, it is not an easy situation to get out of.  She was estranged from her mother, who thinks that since she is the only one who went all the way to university, she should contribute the most to the family allowance.

    It would be great if she could share these family difficulties with her boyfriend.

    As it turns out, her boyfriend have his own set of issues. He couldn’t say no to the finer things in life. Much of his income was spent on keeping up with the latest gadgets and toys.

    Whenever she tells him about how she is struggling to talk sense to her mother, the boyfriend could offer no good solutions.

    2 months later, her boyfriend reveals that he have $5000 in credit card debt. She is angry but at the same time she cannot bring herself to break it off.

    After all they applied for a BTO and it is due soon. She not only have to worry about the upcoming renovation but also the wedding.

    That is going to be a minefield considering their less than stellar relationship with her parents.

    Deep down, she has so much question marks over how she is to juggle with so much things. It would be great if she have someone to share these money problems with.

  • My 23 Insurance Philosophy (revised after reflecting on the past 10 years )

    Source: Kyith Ng
    Date Submitted: 04 Jun 2017
    Views: 417
    Downloads: 0

    Have you wonder if you planned something out, whether you are doing things the right way?

    12 years ago, I had the idea how I could plan my insurance protection by doing it myself.

    I executed it.

    There were not much resources then in Singapore and the traditional way was to listen and buy what your insurance adviser recommended.

    These days, readers like yourself are more aware on the different forms of insurance. There are insurance resources out there. This makes DIY Planning easier.

    Over the years,  I met with more planners, seen more cases studies, did more numbers and I realize I was wrong about some things and right about others.

    Insurance is an important aspect of our lives and more people spend less time to think about it then they should.

    Not planning it well causes possibly future heartaches and also on going heartaches.

    This post shares with you what I learn along the way, how my philosophy and plans have shifted, and going forward. I will be covering:

    1. who influence my thought process in this area
    2. my current insurance protection plan
    3. what is a personal risk register
    4. balance between spending a lot versus spending little
    5. thoughts on disability income, early and late critical illness, term life versus whole life
    6. using insurance to hedge against overseas death taxes in investment
    7. the economic bias of advisers
    8. good advisers who I trust and work with

    The takeaway for you is to invoke thoughts which leads to actions if you realize you don’t have a philosophy, don’t have a plan, have no idea about your plan.

  • Singapore Savings Bonds SSB April 2017 Issue gives you 2.27% interest per year over 10 years

    Source: Kyith Ng
    Date Submitted: 04 Jun 2017
    Views: 529
    Downloads: 0

    Here is a higher yieldingsafe way to save your money that you have no idea when you will need to use it, or your emergency fund.

    The Apr 2017’s SSB bonds yield an interest rate of 2.27%/yr for the next 10 years. You can apply through ATM or Internet Banking via the three banks (UOB,OCBC, DBS)

    $10,000 will grow to $12,324 in 10 years.

    This bond is backed by the Singapore Government and its available to Singaporeans.

  • How Much do you value having Options in Life?

    Source: Kyith Ng
    Date Submitted: 04 Jun 2017
    Views: 487
    Downloads: 0

    A few days ago, I was alerted to a comment on my Facebook about a blog post.

    The author of the post came to a conclusion that it is better to use cash to pay down our mortgage, instead of using our government forced savings, the CPF OA account.

    I tried to understand why this person who shared this post was not very happy. Turns out, according to him, there is not just one scenario you need to think about. There is some in-sensibilities in that, some savings that could achieve, perhaps makes less of an impact in real world application.

    He felt there should be greater explanation.

    Writing blog articles and giving advice is not an easy job.

    Sometimes you have to think about who are your niche audience. Your niche audience might prefer you to abstract the details, and just tell them: which is better? A or B?

    If I look at the numbers to use cash to pay down our mortgage, there is little dispute.  All else being equal, you should use cash to pay for your home mortgage. Your cash earns close to nothing, and paying off this 2.6% interest mortgage and letting your CPF OA accumulate at 2.5% interest looks to be sensible.

  • Why Fresh Water is Such an Important Commodity – Something to ponder about with the Singapore Budget annoucement

    Source: Kyith Ng
    Date Submitted: 04 Jun 2017
    Views: 498
    Downloads: 0

    One of the changes announced in the 2017 Singapore budget was that we would be paying a higher tariff if we do not conserve water.

    This is especially so for those businesses or household who spends more than 40 cubic meters of water.

  • TDSR, Seller’s Stamp Duty, HDB Resale Grant Changes Aimed at Helping Singaporeans Cushion an Increasing Challenging Singapore Outlook

    Source: Kyith Ng
    Date Submitted: 02 Jun 2017
    Views: 442
    Downloads: 0

    There are a slew of changes on buying and selling properties announced in this 3 short months of 2017.

    The way we should look at these policies is that the government have a few levers that they can pull and push to stimulate on the demand side or the supply side.

    There are various niche market segments as well.

    Here are some of my thoughts.

  • CPF Talk Review – No Unique Solutions, Rich Assets vs Good Assets, Opening a CPF SA for your baby, Paying off Home Loans Earlier and Niche Rule of Thumbs

    Source: Kyith Ng
    Date Submitted: 02 Jun 2017
    Views: 444
    Downloads: 0

    CPF is many things to Singaporeans, and we should be concern about how we can make sense of the CPF, and manage the CPF more efficiently.

    We conducted our BIGS LIVE on 16 Mar 2017, centering on making sense of your CPF and we have a very healthy turned out. My friends Chris from Tree of ProsperityBudget Babe and Uncle Createwealth888 provide us with a glimpse of how they live with CPF and we all learn many nuances of the decision making they made that took them to where they are, or where they are heading towards.

    This turned out to be one of the more engaging sessions and frankly I am happy that more Singaporeans are interested on how to manage their CPF better.

    If there is one takeaway is that many want to ensure that they are taking the right steps at an early age, or before they make any big decisions to ensure it is correct. The best way to do this in my opinion is to listen to a few perspectives, to see if you have missed out any scenario considerations.

    There are some questions asked, and I wish to briefly address them, but I would also briefly highlight some of my takeaways.

  • Costs Compounds Over Time in Wealth Building. Critically Minimize Your Costs

    Source: Kyith Ng
    Date Submitted: 30 May 2017
    Views: 1695
    Downloads: 0

    When we talked about the power of compounding, we usually talked about how your returns compound.

    On the other side of the coin, which is seldom talked about, is that cost compounds as well.

    There is a distinct difference between returns and cost in your different wealth building method: Costs are definitely incurred but how much you earned in Returns vary.

  • The Expected Return Model – How You can Refine Investment Decisions, Prospect Stocks Clearly, and Sleep Better at Night

    Source: Kyith Ng
    Date Submitted: 30 May 2017
    Views: 529
    Downloads: 0

    Back when I was still figuring out all these investment stuff, I always have some questions that I couldn’t find in books or the people I listened to.

    Some of the questions that often bugs me was:

    1. Should I buy and hold investments for a long time?
    2. When some event happen, that affects my investments, how should my plan deviate? Should I still hold on? Should I sell or buy more?
    3. How should I size my positions in an investment portfolio, such that I do not get a large part of my capital impaired, yet not be too diversified and make my effort not worth it?

    Overtime, I found a metric to aggregate most of the quantitative and qualitative part of actively managed individual stock investing that allow me to answer the above questions.

    And when I prospect investments, all the information are aggregated to this metric for me to evaluate should I purchase, sell, hold on. It allows me to compare against other prospective investment.

    This metric is the Expected Return on an Investment.

    This article is dealing more with actively managed individual stock investing, but I think this metric is applicable to other forms of financial assets as well.

  • How Interest Rate Changes Affect REITs

    Source: Kyith Ng
    Date Submitted: 30 May 2017
    Views: 2318
    Downloads: 0

    Real estate investment trusts (REIT) is a class of stock investment that many believe are very much affected by global interest rate changes.

    For the past 35 years, the world has been in an environment where the interest rate is getting lower and lower. There are periods where interest rate do rose, however, the trend is down.

    For the past 5 years, there have been on and off voices that warn us that interest rate is about to rise.

    Bonds, which are interest rate sensitive, and pseudo-bond like instruments such as MLPs, REITs, business trusts, highly leveraged stocks, utilities are not going to fare well.

  • You don’t need an Innovative Term Insurance on your Credit Card Debt (PPI). You need to clear your Credit Card Debt

    Source: Kyith Ng
    Date Submitted: 30 May 2017
    Views: 437
    Downloads: 0

    We should be wary about some of the products sold by banks.

    This week, I got a call from UOB Customer Service. Being a customer of their bank, this was not surprising.

    I was expecting them to extend some personal loan or investment plan. This time it is a bit different.

    The lady explains this new feature for my UOB One credit card.

    How it works is that if I did not pay off my credit card bill on time on the due date, CreditSure will protect me in case something happens to me, this insurance will provide an amount equivalent to the amount of credit card debt owed.

    If you go to UOB CreditSure page, you would be able to review the details.

    The premiums for this plan is $0.55 on every $100 of credit card loan incurred and you get coverage up to $200,000.

    The lady, upon hearing I was so interested in understanding the product wanted to sign me up until I realize this plan is a good to have but for most probably recommended not to enroll.

  • Singapore Savings Bonds SSB May 2017 Issue gives you 2.32% interest per year over 10 years

    Source: Kyith Ng
    Date Submitted: 30 May 2017
    Views: 548
    Downloads: 0

    Here is a higher yieldingsafe way to save your money that you have no idea when you will need to use it, or your emergency fund.

    Singapore Short Term High Yield Government Bonds May 2017

    The Apr 2017’s SSB bonds yield an interest rate of 2.32%/yr for the next 10 years. You can apply through ATM or Internet Banking via the three banks (UOB,OCBC, DBS)

    $10,000 will grow to $12,373 in 10 years.

    This bond is backed by the Singapore Government and its available to Singaporeans.

  • Does your Insurance Saving Plans (Endowment) give you 3 to 5% returns?

    Source: Kyith Ng
    Date Submitted: 30 May 2017
    Views: 490
    Downloads: 0

    Insurance companies say that you can achieve higher savings returns from endowment, that it is a long-term savings strategy. Are they as what they touted to be?

    Insurance savings plans or Endowment plans are plans designed by insurance companies with an objective to provide and meet long-term saving goals.

    The assured (in this case you, or someone) pays the insurance company a fixed sum of money monthly, quarterly or yearly, or a one-time amount.

  • How Much should You Save Each Month in Your 20s?

    Source: Kyith Ng
    Date Submitted: 30 May 2017
    Views: 855
    Downloads: 0

    This is one question that I get a lot from people I interact with for the first time.

    This is especially good if it comes from a person just about to start work, or have started work for one or two years.

    However, when they ask this question, sometimes that is not the question that they are trying to find out.

    The question they want to find out: I want to spend but I want to do the sensible thing, just tell me how much percentage of my take home pay I should save, so that I look like I am somewhat of a responsible person.

    Most people are not enlightened how powerful building wealth can be, and to most, because they cannot see the potential, the priority to build wealth is very low among their immediate goals.

  • HDB Lease does Expire – How you can Win with your HDB Flats

    Source: Kyith Ng
    Date Submitted: 30 May 2017
    Views: 558
    Downloads: 0

    A portion of Singaporeans got a jolt these few weeks when National Development Minister Lawrence Wong said that not all the old HDB flats are eligible for Selective En bloc Redevelopment Scheme (Sers).

    Under SERS, the HDB acquires ageing blocks for redevelopment, compensates residents at market rates for their old flats and lets them buy new units nearby at subsidized rates.

    What shocked many Singaporeans is that they never grasp this concept of leasehold versus freehold. Leasehold assets are essentially assets lease to you for x years and when that time comes the value of your assets is $0.  Freehold in comparison gives you ownership of the land or things on it.

    They always have an idea that when they put money down on a property, they own that property.

    Not just that, the property can be handed to the next generation as a bequest. The advantage in Singapore versus other countries such as USA and UK is that there are no estate duty or death tax. For example if you own assets worth $500,000 in USA, sans $60,000 that are exempted from taxes, you will be taxed ($500,000 – $60,000) x 50% = $220,000.

    This is a great advantage to have.

    When this concept gets challenged, there is uncertainty. When there is uncertainty, there is fear. People have a lot of vested interests and now there is a fear that this could unravel.

  • How much can A Young Singaporean Adult Earn in the Next 10 Years?

    Source: Kyith Ng
    Date Submitted: 30 May 2017
    Views: 452
    Downloads: 0

    One of the biggest uncertainty for a young adult is that you are unsure where your career will take you.

    Or whether you will stay in that career at all.

    Many people took a particular route and realize that they hate their job. This is why sometimes I feel doing 2 years of work in your industry before taking a degree might calibrate your university decision better.

    As we start working, many look upon their first paycheck as their first reward after studying for so much. There are expectations how much they should earn.

    But many failed to take a step back and realize how much they would earn in their lifetime.

    Most of us underestimate the amount.

    I know I did.

    I never thought of how much money that will enter my management for the past 14 years when I started out.

  • Rickmers Martime Winds Down. My thoughts on Position Sizing, the True Value of Ships and Prospect Theory

    Source: Kyith Ng
    Date Submitted: 30 May 2017
    Views: 551
    Downloads: 0

    As human beings we tend to be risk seeking(gungho in taking on risks) when we should be risk adverse (afraid of taking risk) and vice versa, often at the wrong time.

    In the case of Rickmers Maritime, I am not sure which is the case.

    Rickmers Maritime is a business trust that I wrote about in the past that operates a collection of container ships. They were charter out during the good times at rates of US$25,000/day and now that the charter is coming to an end, the prevailing charter rates is closer to US$5,000/day.

    This resulted in a plunge in cash flow, and the repercussion is that they are supposed to repay $200 mil in loan in 2017 and couldn’t get the debts to be refinance because the discounted cash flow of the ships are much less than in the past, and to the potential lenders, it does not warrant to lend them that much.

  • How Volatility relates to the Financial Markets and Life

    Source: Kyith Ng
    Date Submitted: 30 May 2017
    Views: 573
    Downloads: 0

    One discovery recently is this podcast that spun out of Real Vision, a paid online TV program that brings across some of the brightest minds in finance.

    Titled Adventures in Finance, they tried to explain and deconstruct one popular or less discussed phenomenon, financial concepts to listener.

  • Is Adulting a New Concept? No it is Not… But it is Absolutely Bloody Necessary

    Source: Kyith Ng
    Date Submitted: 27 May 2017
    Views: 486
    Downloads: 0

    Millennials draw a lot of flak for the idiotic things that they come up with.

    And for some these are grossly misunderstood.

    They create a lot of trends that the Gen X will face palm and wonder why things are so different for how they used to do things.

    Well things are different but it is not because the millennials are very special. We just grow up in a period where social marketing happens to be ubiquitous and more often because touch points are higher, more ideas flow better.

    One of the urban code that seems popular nowadays is Adulting.

    When I first get to know this term, I thought that the younglings nowadays want to get married early and practice extra marital affairs on a very recurring basis.

    Then I realize I was slightly wrong. Adulting refers to the act of being more an adult than not being one. It is also the apprenticeship to acquire the skills that you require to become a better adult.

    Is Adulting a new concept? Of course not!

    Your parents and grandparents apprentice to acquire this skills at a much earlier age.

  • Your Personal Net Worth Statement – The Complete Guide

    Source: Kyith Ng
    Date Submitted: 27 May 2017
    Views: 474
    Downloads: 0

    There are 2 documents that, in my opinion, tells me whether a person or family is operating in a sound manner.

    One document is the personal cash flow statement. The other document is their personal net worth statement.

    In this comprehensive guide, I have explain why the cash flow statement is important, and how you could go about creating your personal cash flow statement.

    Your personal net worth statement is just as important and in this article, we will look into how you can create your personal net worth statement.

  • Singapore Savings Bonds SSB June 2017 Issue gives you 2.16% interest per year over 10 years

    Source: Kyith Ng
    Date Submitted: 27 May 2017
    Views: 541
    Downloads: 0

    Here is a higher yieldingsafe way to save your money that you have no idea when you will need to use it, or your emergency fund.

    The Apr 2017’s SSB bonds yield an interest rate of 2.16%/yr for the next 10 years. You can apply through ATM or Internet Banking via the three banks (UOB,OCBC, DBS)

    $10,000 will grow to $12,373 in 10 years.

    This bond is backed by the Singapore Government and its available to Singaporeans.

  • How to Investing with Less Stress – BIGS Live

    Source: Kyith Ng
    Date Submitted: 27 May 2017
    Views: 479
    Downloads: 0

    I believe that building wealth is a worthwhile goal to pursue.

    Your wealth built up, at various stages augments a purposeful life that you live.

    Many millennials want a wealth machine to augment their existing working income. They save money for the financial security. They do not have a clear direction where they are headed in their lives, but in the mean time, having money built is more prudent than not having any.

  • #4 Key Ingredient to Wealth: Curating your Environment and Influences

    Source: Kyith Ng
    Date Submitted: 27 May 2017
    Views: 492
    Downloads: 0

    The people that you stick with, or are stuck with, have a massive influence over whether your build wealth extraordinary well, or cause great wealth destruction.

    In my opinion, there are 4 key ingredients to building wealth. These has less to do with money itself.

    They are:

    1. Your motivation, determination and the amount of grit you have
    2. Your ability to acquire knowledge and wisdom in your pursuit of the goal
    3. Creating effective Systems, Processes and Habits that lets you execute the actions that builds wealth
    4. Curating your Environment and Influences

    Today, we are going to talk to the #4 factor.

  • How you can try to get your Disputed Insurance Policy Contract Untangled – Financial Dispute Resolution

    Source: Kyith Ng
    Date Submitted: 24 May 2017
    Views: 467
    Downloads: 0

    Kyith: Hey, today, I will be bringing to you guys and gals something that is not often discussed on Investment Moats. We talked a lot about insurance but there are some aspects of insurance that I am not in a good position to look into. One area is, what happens when you get tangled in some form of mis-selling by an insurance adviser and you would like to seek recourse?

    The folks at Clearly Surely approached me for a guest post and I thought of using this opportunity to get some value for you guys in something that may be of value. This is a real-life case study of a policy dispute. While the outcome may not be what we, as consumers desire, I like that this case study shows us the problem, the process and the reality of how easy or difficult we can achieve the outcome we want.

    I came away reading this case study feeling rather demoralized. It's not easy to read the fine print. There are those that are diligent enough to do it, yet majority trusts their adviser more. Whether you read or do not read, the odds are very much stacked against you as the consumer. The rule of thumb in this instance is, declare and be transparent, rather than deliberate whether this will increase your premium or does this fall into the area that is inconsequential.

  • Would QAF Rise Again?

    Source: Kyith Ng
    Date Submitted: 24 May 2017
    Views: 528
    Downloads: 0
    Kyith: I was contacted by the folks at Investing Note whether I let my readers know about this splendid analysis on QAF.  I obliged since my blog promotes investors who takes things into their own hands and equip themselves with business prospecting skills. This is good for you guys.
  • The Complete Personal Budgeting Guide

    Source: Kyith Ng
    Date Submitted: 24 May 2017
    Views: 473
    Downloads: 0

    There are 2 ways to look at budgeting.

    The first way is that you should focus on earning more. The more money you earn, the less you have to worry about the nitty gritty aspect of money. Earn so much more, such that you do not have to worry if you spend $500 on food or $1000 on food.

    The second way is that building wealth starts from being aware of the small things. If you cannot manage a small sum of money, how can you cope when you have more money?

    Both are not wrong.

    However, both ways can be describe as some sort of justification why we should not do the other.

  • If you have too much Insecurities and Personal Problems, Money is Often used to Fill these Holes

    Source: Kyith Ng
    Date Submitted: 24 May 2017
    Views: 435
    Downloads: 0

    Eating has always been something that is less of a concern for me.

    There the the people that live to eat. And then there are the people that eat to live. I belong to the latter group. This means that I do not have an acquired taste or that I am picky with food.

    As long as there are adequate quantity and the food is not prepared in a very poor manner (I have high tolerance for poorly cooked stuff trust me)

    If you have auto-immune problems like myself, it helps to take on your problem as a project, and change the portfolio of food that you consume. This may nip your problem totally, or in a lesser extent improve your quality of life. I have experimented and shifted what I consume wildly but systematically in the past. It helps a lot that I eat to live and that I eat a predominately low carbohydrate meal therefore I do not feel hungry often. (There is a hormone called ghrelin in your stomach that triggers the signal that tells you its time to feed. Carbohydrates suppressed ghrelin fast but also rebounds fast. This means that while it makes you feel full, it does keep you satiated for long.) You have to eat adequately in the amount of calories as well.

  • Prospect Business the Proper Way with Investment Quadrant 2.0

    Source: Kyith Ng
    Date Submitted: 24 May 2017
    Views: 506
    Downloads: 0

    My choice of wealth machine is mainly through individual stock prospecting.

    I don’t call it value investing, growth investing. I am a pugilist learning the art of what generates sustainable positive expected return.

    What I learn that works is proper portfolio management, risk assessment, business prospecting, valuation, momentum investing.

    My style is somewhat like this, and it is hard for me to impart to others. I am also one person, so I have limited bandwidth to come up with materials to teach.

    I am also shy and don’t think I am very adequate to be considered a teacher.

    For those who wish to learn, I try to bring to you some materials and courses that could help you along the way.

  • Of Optionetics questionable business

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 783
    Downloads: 0
    I always thought that comparing Clement Chang’s options courses to that of Optionetics, it sounds more like selling you koyok then the real skills needed for options trading. Well i could be very wrong. Here is an interested article covering the latest acquisition by OptionsXpress of George Fontanills’ Optionetics.It makes me really feel all these courses are selling hope.
  • David Rosenborg:Bet on Commodities

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 749
    Downloads: 0
    ANOTHER REASON TO BE BULLISH ON COMMODITIES It’s called trade protectionism. First came the U.S. tariffs on Chinese-made tires a few weeks ago. Then lat week we saw the EU impose anti-dumping duties of nearly 40% on imports of steel pipe from guess where? China. And now we hear out of Australia that its foreign investment regulator wants to impose 15% caps for global purchases of the country’s large companies.
  • What are Negative and Positive Divergence?

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 639
    Downloads: 0
    Here is a great primer article on what are divergences from Stock Charts that would aid your understanding on the subject.
  • Trend Watch:Weekly Update for 04 Oct ’09 $Spy $Eem $Ews

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 627
    Downloads: 0
    We finally got some short term correction last week. The question is whether we will get a strong bounce this week or not.
  • Spanish Banks:A huge consipiracy to hide solvency?

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 736
    Downloads: 0
    From the Financial Times: Whether the Spanish banks are hiding their losses is a major debate going on in the blogosphere and has been detailed at length in the Financial Times. The stakes are very high – this is a debate about the stability of the Eurozone and possibly of Europe itself.
  • Signs that a rally might not signal a bull market

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 600
    Downloads: 0
    dShort.com have a good chart that shows the current bear and rally vs another major bear market. that is the inflation ridden 1970s bear.
  • Genius Prediction:Dollar to halve vs Yen.Chui??

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 717
    Downloads: 0
    Dollar to Hit 50 Yen, Cease as Reserve, Sumitomo Says Oct. 15 (Bloomberg) — The dollar may drop to 50 yen next year and eventually lose its role as the global reserve currency, Sumitomo Mitsui Banking Corp.’s chief strategist said, citing trading patterns and a likely double dip in the U.S. economy.
  • Yield Watch: REITs added to Dividend Stock tracker

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 634
    Downloads: 0
    My revamp of my dividend stock tracker is underway. This week i have added the majority of the REITs listed on the SGX to my tracker. My tracker is update nightly so do tune in for a quick glance of latest SGX stocks’ yield What you can do now is track the REITs according to their category and compare against one another based on their fundamentals: 1. COM – Commercial REITs 2. HEA – Healthcare REITs 3. IND – Industrial REITs 4. RET – Retail REITS 5. HOS – Housing and hospitality REITs I have still some way to go so what is missing are the hospitality reits and commercial ones.
  • The signs that the US economy might not have recovered well

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 715
    Downloads: 0
    In an application for an administrative job, the recruiter received 500 entries: 500 applicants came in a day. To have had any chance one needed to be at the top of the stack. In that regard, those looking for a job should note how it can help to go straight to the company website rather than fax or email a résumé. The job in question was simply for an administrative assistant. Responsibilities included data entry, assembling paperwork and making copies. Yet look at what the pool of applicants contained.
  • Trend Watch:Weekly Review 01 Nov ’09

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 656
    Downloads: 0
    We finally see some big correction this past week. However, I fear that this could amount to something bigger. I have been commenting for the past 2 Trend Watch posts that the negative divergence and the ascending wedge pattern should eventually see more downside. The higher it climbs the bigger the downside.
  • Trading Log:Straits Asia Trade Review

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 691
    Downloads: 0
    Sometimes you can rant about why there aren’t systematic trading stops on the SGX. These nifty perks enables u to get out with how much you want to lose. but in the case of my straits asia trade, you really hate it when u violated your stop loss.
  • What matters is how much you have invested when you make money and when you lose money

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 581
    Downloads: 0
    My friend Melvin always tells me its great to make money no matter how little you make. I think that’s partially true. The number 1 rule is not to lose money. The number 2 rule is not to forget the first rule. I would like to add another permutation to this. What matters is how much money you are invested in a good trade and how much little money you are invested in a bad trade. Don’t understand this? Perhaps this case study is best.
  • Trend Watch:Weekly update 8 Nov ’09 $EEM $GDX $SPY

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 647
    Downloads: 0
    This week we have the response to a correction and to put things simply, we got some relieve upward move where we might be in for an important move next week.
  • David Rosenborg:Unemployment may go to 13%

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 782
    Downloads: 0
    There are serious structural issues undermining the U.S. labour market as companies continue to adjust their order books, production schedules and staffing requirements to a semi-permanently impaired credit backdrop. The bottom line is that the level of credit per unit of GDP is going to be much, much lower in the future than has been the case in the last two decades. While we may be getting close to a bottom in terms of employment, the jobless rate is very likely going to be climbing much further in the future due to the secular dynamics within the labour market that need to be discussed.
  • John Paulson’s Hedge fund made 20 billion from disaster. 8 tips how you can do that next time.

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 620
    Downloads: 0
    Greg Zuckerman of the WSJ has written a book on how hedge fund manager John Paulson made $20 billion in the housing collapse (“The Greatest Trade Ever”).
  • The Problem with Dividends

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 791
    Downloads: 0
    To paraphrase Einstein, “matter cannot be created or destroyed,” yet this fundamental tenet seems to be ignored when discussing dividends. Despite the popularity of dividend-paying stocks, serious analysis dictates that dividends are a net drain of company enterprise value. Why are we so confused about dividends? There seems to be a misunderstanding of enterprise value and tax-effect because dividend payments by their very nature have a negative expected return.
  • Rosenborg:Why this is not the beginning of another secular bull market

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 735
    Downloads: 0
    David Rosenborg doesn’t think we are in a secular bull market. This is either gonna make him more famous or gonna make him look pretty stupid.
  • Microsoft opens a new front in its battle with Google

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 783
    Downloads: 0
    EVEN technology pundits can sometimes be right. Jason Calacanis, an entrepreneur and noted agent provocateur, recently argued that there is a simple solution to the woes of both Microsoft and big media companies. The world’s largest software firm should pay Time Warner, News Corporation and others firms to block Google, the search giant, from indexing their content-and make it searchable exclusively through Bing, Microsoft’s new search service. Media companies would thus get badly needed cash and Bing a chance to gain market share from Google.
  • Chinese firms are making and exporting ever more suspect phones

    Source: Kyith Ng
    Date Submitted: 31 Jan 2017
    Views: 718
    Downloads: 0
    CHINESE consumers appear fixated with Apple’s iconic iPhone. It draws throngs of eager buyers in Shanghai’s Xujiahui computer market. Similarly, at the Canton Trade Fair in October, vendors hawking familiar-looking silver and black slabs were convulsed in crowds, in sharp contrast to the deserted booths of rival brands, where lonely salesmen slurped disconsolately at noodles. So how can it be that China Unicom has seen dismal initial sales under its exclusive arrangement to sell the iPhone in China?
  • The Dubai Situation:Coming at a shit time or just perfect timing?

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 776
    Downloads: 0
    I really should be quite piss with myself for the outstanding timing I can get myself into. I have publicly stated how I think the 5-year trend is getting quite toppish for that time scale and I am playing more cautiously.
  • Yield Watch:Will my First REIT please farking come down!

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 722
    Downloads: 0
    This may sound a bit pleading but I gotta say that I wish I got First REIT when it was at 40cents, now I wish I had it at 60 cents!
  • Goldman Sachs: Like Working with the Mob

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 660
    Downloads: 0
    Lloyd Blankfein—who was born poor in the South Bronx, put himself through Harvard, and became the C.E.O. of Goldman Sachs in 2006, after 24 years at the firm—is a history buff, a lawyer, a wordsmith, and something of an armchair philosopher. On a Thursday in October—the very day when the firm announced it had made $8.4 billion in profits so far this year—he speculates whether Goldman would have survived the financial conflagration in the fall of 2008 entirely on its own, without any kind of help, implicit or explicit, from the government. “I thought we would, but it was a hell of a higher risk than I was happy with,” he says, sitting in his 30th-floor office in Goldman’s old headquarters, at 85 Broad Street, in Lower Manhattan. “As a result of actions taken [by the government], we were better off than we otherwise would have been. Was it dispositive? I don’t know. I don’t think so … but I don’t know.”
  • De Beers moves shows that Diamond market remain weak

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 738
    Downloads: 0
    I still hold Sarin, although not as much. The commodities have recovered a fair bit but Diamond industry is still wack: JOHANNESBURG – De Beers, ranked No 1 miner of rough diamonds, has confirmed ongoing speculation that it is actively seeking additional funding, of around US$1bn, from its three shareholders. If that amount is provided, by way of loans or fresh equity, the proportional contribution would be US$450m from Anglo American, US$400m from the Oppenheimer family, and US$150m from the Botswana government.
  • Yield Watch:A Substantial fall in SPH. Worth the pick up?

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 667
    Downloads: 0
    Nothing of note for a day where market continues to be directionless. However, some of you might want to see if you wanna pick up SPH after its 5.7% fall.
  • Trading Log:Olam Review – Wait till I sold of at a profit then congratulate me

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 638
    Downloads: 0
    This week’s great lesson turn out to be my Olam trade. I entered this trade looking for an upside target of 2.97. It would seem an achievable target as my entry point at 2.69 is near where the trend lines congregate. MACD looks to be putting in a nice cross for some short term uptrend.
  • Trend Watch:Could this be the consolidation? $SPY $EWS

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 687
    Downloads: 0
    We been talking about a change in long term trend or probably a long overdue correction but i wonder if the recent non direction will actually be the short term correction that worked off the overbought levels.
  • Dennis Gartman:Greece taking the wrong direction

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 673
    Downloads: 0
    Moving to Europe, Greece is in trouble and the speech made yesterday by the rather overtly leftward leaning Prime Minister, Mr. Papandreou, was disconcerting to say the very least. At every turn, when the Prime Minister might have drifted toward the economic centre, he drifted farther and farther to the Left instead. Where Ireland seems intent upon dealing properly with its budgetary problems by cutting spending materially and raising taxes marginally, Greece instead is cutting spending hardly at all and is raising taxes almost solely upon the nation’s wealthy to confiscatory levels. This really is utter economic nonsense.
  • Lloyd’s, ‘RBS of 15 Years Ago,’ Teaches the banks of today a lesson

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 673
    Downloads: 0
    Lloyd’s of London, the 321-year-old insurance market almost destroyed by a speculative boom and bust two decades ago, is thriving, offering lessons to lenders such as Royal Bank of Scotland Group Plc in how to survive a crisis.
  • A Guide to Dividend Investing in Singapore Telecom Stocks

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 645
    Downloads: 0
    The thing about dividend investing is that there is no fix rule used to evaluate all dividend stocks. At the end of the day, dividend stocks are still stocks and they are affected by the same rules as all other stocks.
  • Yield Watch:Good Day for Suntec REIT

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 670
    Downloads: 0
    Gotta say that cause of work i missed out on an anticipated trade for Suntec REIT. Moved up quite well today. This end of the year work year can be a bitch to an investor like me who is still working hard.
  • Next part of Apple’s domination plan:TV Streaming through iTunes

    Source: Kyith Ng
    Date Submitted: 30 Jan 2017
    Views: 655
    Downloads: 0
    It looks like Apple is going to leverage on how they change the mp3 business by trying to tie up with cable tv networks to provide content through iTunes. I think what they are trying to do is making iTunes an entertainment operating system in itself.
  • The 3 telcos dividend yield may not look too bright

    Source: Kyith Ng
    Date Submitted: 29 Jan 2017
    Views: 664
    Downloads: 0
    Had a nice chat with Suan Wei today regarding telcos in Singapore and did some reading up on Verizon, At&T, China Mobile, Vodafone and NTT Docomo’s annual report.
  • Kotok of Cumberland:Sovereign Debt is main 2010 theme

    Source: Kyith Ng
    Date Submitted: 29 Jan 2017
    Views: 680
    Downloads: 0
    Abstract: Sovereign debt is likely to be the big headline issue for 2010. This commentary will look at some debt-related issues of Greece and California in their two respective currency zones and then discuss our view of sovereign debt markets for 2010, particularly with respect to the US dollar and euro currency zones. Some strategy guidance for portfolio management of debt will wrap things up.
  • What Rising Interest Rates might mean for the markets

    Source: Kyith Ng
    Date Submitted: 29 Jan 2017
    Views: 693
    Downloads: 0
    Here is a good video countering what we seem to hear alot about FED Rates rising and its bad for the stock market. Although the fundamentals are not well, potenial rising rates might signal a good run in equities
  • The impact of VOIP on the 3 Singapore Telcos

    Source: Kyith Ng
    Date Submitted: 29 Jan 2017
    Views: 639
    Downloads: 0
    This is a continuation on my guide to dividend investing with the 3 Singapore Telcos. Here we will see that VOIP might be an inevitable situation that will cannibalize Singtel Starhub and M1’s voice revenue stream
  • Singapore Telecoms:Starhub’s Backhaul among most advance in the world

    Source: Kyith Ng
    Date Submitted: 28 Jan 2017
    Views: 627
    Downloads: 0
    StarHub Pte. Ltd. ‘s packet backhaul architecture is among the most advanced in the world, although Asia/Pacific as a whole is not at the forefront of developments, according to a recent report from Heavy Reading.
  • Will you wait until the TV is spoil to change to an LCD/Plasma TV?

    Source: Kyith Ng
    Date Submitted: 28 Jan 2017
    Views: 624
    Downloads: 0
    I was looking through my articles when i notice this rather interesting post from Barry Ritholtz from the Big Picture talking about his need to change to a new TV after the existing one is going haywire: So the old 27″ Sony TV — a 32″ CRT in the bedroom is — finally dying. Turn it on, and the screen goes on and off until its warmed up. I want to replace it with a bigger flat panel — I want 37″, the wife insists on smaller. Looks like 32″ will be the compromise. I am torn between getting something really nice or a something that’s a really good deal. I am leaning towards the latter. The TV in the den is kickass — and I really don’t want to be tempted to watch anything other than late night TV before bedtime.
  • Singapore Telecoms: Wireless backhual problems won’t be solved overnight

    Source: Kyith Ng
    Date Submitted: 18 Jan 2017
    Views: 663
    Downloads: 0
    On October 8-11, IIR – an events company affiliated with Ovum through joint ownership by Informa – held its first Transport Networks for Mobile Operators (TNMO) conference in Asia, in Hong Kong. This follows a more broadly-themed Asian event held in Singapore last January, Transport Network Strategies (TNS). Speakers at the TNS event discussed network evolution from the edge to the core, and addressed a broader range of network evolution issues such as IMS, SIP, and VoIP. At TNMO, the focus was more narrowly targeted, examining how operators can best scale and evolve their mobile backhaul networks in Asia-Pacific.
  • Will you wait until the TV is spoil to change to an LCD/Plasma TV?

    Source: Kyith Ng
    Date Submitted: 18 Jan 2017
    Views: 632
    Downloads: 0
    I was looking through my articles when i notice this rather interesting post from Barry Ritholtz from the Big Picture talking about his need to change to a new TV after the existing one is going haywire: So the old 27″ Sony TV — a 32″ CRT in the bedroom is — finally dying. Turn it on, and the screen goes on and off until its warmed up. I want to replace it with a bigger flat panel — I want 37″, the wife insists on smaller. Looks like 32″ will be the compromise. I am torn between getting something really nice or a something that’s a really good deal. I am leaning towards the latter. The TV in the den is kickass — and I really don’t want to be tempted to watch anything other than late night TV before bedtime. What is interesting is that here is a guy who can well afford it being the main man at Fusion IQ and talking on CNBC regularly on all things finance and you see that he only wanted to change to the new LCD tv because his existing one is spoiled.
  • Why you should track your spending habits using a budget application like Quicken

    Source: Kyith Ng
    Date Submitted: 12 Jan 2017
    Views: 682
    Downloads: 0
    In past articles I explain adequately how to go about creating a budget easily and my preferred method of budgeting using virtual envelopes. With Smartphones like iPhone and Android getting popular, many would say that all they have to keep track is just 1 month spending and do it in their smartphone. My advice is to use one that you can keep track and review for a long time. Preferably, I hope that GNUCash, which is opensource would be able to do that but sadly its too complex for me to recommend to you guys.
  • Evaluating a Single Premium Life Insurance Policy:Great Eastern Prestige Harvest

    Source: Kyith Ng
    Date Submitted: 12 Jan 2017
    Views: 678
    Downloads: 0
    The writer is not a certified financial advisor and his insurance philosophy is outlined in this brief. Do consult with a certified financial advisor to get a second opinion before making decisions. For more write-ups on insurance do take a look at the insurance section.
  • $SPY Continuation and opportunity in Telefonica and France Telecom

    Source: Kyith Ng
    Date Submitted: 12 Jan 2017
    Views: 744
    Downloads: 0
    Today’s bullish engulfing pattern looks bullish for guys who have already long. We thought that we are going to hit some form of intermediate top into a correction but looks like bulls won another day.
  • STI Singapore Market Still Look Bullish

    Source: Kyith Ng
    Date Submitted: 12 Jan 2017
    Views: 726
    Downloads: 0
    Part of my overall strategy in deciding the level of exposure in the market will have to deal with Market Psychology, Valuation and Technical. Certain markers that I use to determine whether to add more or not will be the price vs the 50 day and 200 day moving averages and MACD reaction.
  • Macdonalds $MCD correcting. Dividend Income Investors should take note.

    Source: Kyith Ng
    Date Submitted: 12 Jan 2017
    Views: 682
    Downloads: 0
    Macdonalds have been a favorite dividend stock of many investors because of its strong business model, reasonable prevailing yield and its dividend sustainability.
  • A Comprehensive First REIT OCBC Report

    Source: Kyith Ng
    Date Submitted: 12 Jan 2017
    Views: 765
    Downloads: 0
    First REIT is a real estate investment trust which provides a relatively high dividend yield. More Investment Moats research of First REIT can be found here. The writer is vested in First REIT. Its about time a big research firm take notice of First REIT. Like Aims AMP Ind REIT, it is those smaller REITs that will never be covered until now. This OCBC report is pretty comprehensive if you want to know all about First REIT.
  • Singapore Government Bonds (SGS) will be more visible to investors when listed on SGX

    Source: Kyith Ng
    Date Submitted: 12 Jan 2017
    Views: 723
    Downloads: 0
    Not many local folks know about how to invest in Singapore Government Bonds. They can: 1. Purchase via auctions through the 3 local banks (OCBC, UOB and DBS). 2. Purchase through Fundsupermart.com.
  • Vodafone does the first:Will Starhub,Singtel and M1 abolish the “all-you-can-eat” data fixed price plan in the future?

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 737
    Downloads: 0
    Here is an interesting article as due to the high data usage placing a stress on the network and telco’s capital expenditure, they are changing their pricing to target those heaviest data users.
  • Ram Oversupply results in Cheap DDR3 RAMs – It’s a value purchase now

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 769
    Downloads: 0
    I know it is probably not right for a site that preaches on frugal living to encourage you to spend but I believe this is a good deal.
  • Android Froyo’s Google IO keynote shows what Android could to do to Singtel, M1 and Starhub

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 814
    Downloads: 0
    I had a blast watching this keynote as a geek. The next iteration of Google Android Operating System for Smartphone shows what an open platform can achieve compare to a relatively closed platform like iPhone. This is the full length Keynote. Do watch it.
  • Monthly Passive Income Dividend Portfolio update

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 760
    Downloads: 0
    My December Dividend Income portfolio have been updated in the side bar. The biggest change to this is probably the deployment of a full 10% into: 1. First REIT through Rights issues 2. Purchase of Singtel at $3.07
  • Dividend Investing Lessons from an experienced investor

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 718
    Downloads: 0
    I got to know this poster by the nick of mbkelly75 over at SeekingAlpha that post quite alot. In fact so much so that i reckon that he should be retired to be able to do that. And i was right. Here is his profile:
  • 4 Potential Dividend Stocks that might spring to life in 2011 – SIA,Starhub,CDL Hospitality and SMRT

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 724
    Downloads: 0
    When the easy money have been made, one strategy is to hold stocks that were beaten down but still above the 200 day moving average. Here are my picks:
  • A perspective on short selling by Jim Chanos

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 760
    Downloads: 0
    I got this off a site called My Investing Notebook and it gives a good representation of why we need short sellers in a market. They exist as speculators and profiteers to us but really sometimes the good ones are the ones that really tell us “Hey, we’re really getting ahead of ourselves here!” Here are some ways to spot some potential short sales:
  • The Broadband Incentive Problem:Delivering HDTV over IP is not good for Telcos

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 778
    Downloads: 0
    Now here is a look at the Broadband Incentive Problem. We recently have the announcement that Google is going to bring the web to the TV. Apple is rumoured to be redesigning Apple TV. That’s good news for us consumers. But what about to the people delivering the backend like Starhub, Singtel and M1? Here is a good article on it. Overall the author attributes that this is a classic example of the broadband incentive problem and that it is not cost effective for the telcos on a flat all-you-can-eat data plan
  • Should you go for Hutchison Port Holdings (HPH Trust) IPO?

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 695
    Downloads: 0
    Its really to pop this question especially for an IPO that we read about, but for me evaluating an IPO is more: 1. The climate the IPO is being issued at 2. How well known is this IPO Last year we have Global Logistic Trust and a lot of people got some great coffee money. This issue will be no different. The climate is conducive for IPO and this issue is from the parent Hutchison Whampoa. That to me is even more reputable than Temasek. This deal could possibly raised USD 3 billion which will make this the largest ever public offering in Singapore.
  • Optimising Mobile Broadband Economics

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 780
    Downloads: 0
    At the 9th Telco 2.0 Executive Brainstorm, held in London on April 28-30, a dedicated session addressed the technical and business model challenges of mobile broadband, specifically looking at the cost problems and opportunities of the data boom.
  • M1 Full Year Results 2010: Paying out more than free cashflow

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 741
    Downloads: 0
    M1 Limited today announced its 4th quarter results and full year results. At the same time it announced a juicy 7.7 + 3.5 cents dividend. in total the dividend is 17 cents making the dividend yield for the year 7% based on a share price of $2.50.
  • Yield Watch:Starhub surprises, First REIT doesn’t

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 701
    Downloads: 0
    I did an update on my Singapore Dividend Stock Tracker today and were surprised by Starhub’s strong performance. Haven’t they and Singtel overpaid for the World Cup broadcast rights? Wasn’t there alot made about their expensive packages? Many are still waiting hard like what the analyst were predicting that it will fall to $2 or $1.90. That will be the historical low. But it seems that this is not the first time people are selling down Starhub due to negative news. Time and again it managed to hold within this $2.00 plus range. That $1.90 and $2.00 supports are important ones to watch out for, since it have been visited, tested  for so many times. We could well retest it again, but from recent movements, it seems that the 200 day moving average of $2.14 is somewhat strong enough for most investors looking to be vested to add to.
  • Are you watching the World Cup traders?

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 804
    Downloads: 0
    The world cup fever is on again and we are all either in a betting mood or suffering from lack of sleep due to late night matches. So how is this world cup in terms of revenues and costs?
  • Living with iMoats: Spring Cleaning and WAToDo!

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 801
    Downloads: 0
    Sorry to all readers for nothing able to post this week. Family have been pestering me to carry out spring cleaning and I have been doing this for the whole weekend.
  • Can you survive in America on USD 50,000 per year?

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 658
    Downloads: 0
    Now here is a good breakdown on whether a typical American household that makes USD 50,000 a year can afford their bare minimal lifestyle cost. Note i say bare minimal which translate to mandatory costs that you cannot run away from:
  • Saving and Investing My Money : Singapore Man of Leisure

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 778
    Downloads: 0
    Jared is a really nice gentleman I got to know while reading other finance blogs in and around Singapore. Around 2 weeks ago he asked whether he could guest post on my blog and I was really interested because I am always interested to know how these “Lao Jiao”’s financial journey. As usual, this is one of your fellow readers so do be supportive of their sharing.
  • Fwah Moment:Google Voice launched officially to all US users

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 821
    Downloads: 0
    As a Singaporean i have never found a need for voice mail. A phone to me works because of SMS and Voice. But Google Voice is interesting because it could be the way we should communicate going forward. Basically, Google bought this company called Grand Central that 1. Aggregates the calls of your various carriers (Verizon, At&T and Sprint. Singapore users think Singtel,Starhub and M1)  to one unified Google Voice number. So any calls to these carriers goes to this unified number. 2. Transcripts your voice mails into text that you can view Twitter like 3. Personalized voice greetings for groups 4. and so much more
  • Trend Watch:STI looks very topish with a head and shoulders pattern

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 670
    Downloads: 0
    Alot of sites are pointing that head and shoulders pattern, which is a bearish pattern, is observed on numerous indices. I think lets trade with skepticism in mind, plan when it comes to fruitation and plan when it does not. This pattern have not been confirmed yet so until we see confirmation this is very likely still very bullish.
  • International Investing:Dividend Withholding Tax Rates on Your Passive Dividend Income Summary 2015

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 694
    Downloads: 0
    Why should you be concern about withholding tax as a dividend income investor? As a foreigner investing in other countries stock exchanges, unless your country has a tax treaty with that country, there is usually a tax on the dividend income or income in general. The question is how much. In this past article I explained my experiment to see how much withholding tax is levied on my Telefonica dividend purchase. The conclusion is that: If you as an international investor invest in a international ADR listed both on the US stock exchange (as an ADR) and on its own stock exchange and you purchase the ADR, only the home country’s withholding tax is levied and not an additional 30% withholding tax.
  • How a Housing Boom is causing problems for boyfriends around the world

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 738
    Downloads: 0
    Now here is an interesting article from LA Times. It seems that the definition of the ideal marriage candidate have effectively changed in countries like China,Australia, Spain and probably Singapore. If you cannot afford to buy an apartment, flat and condo in this boom time, you are probably seen as not husband material. The cost of housing ownership have inflated and the average pay is not keeping up with the price appreciation I spoke to my good friend recently, I told him car ownership is getting expensive in Singapore. He thinks that is the last thing on people’s minds. Apparently he brought a friend to Sembawang to take a look at some flats and the environment. Now for folks not familiar with Sembawang, its at the outer edges of Singapore and consider to be places where its least expensive. Yet my friend’s friend is being priced out of HDB flat costing 500k. The figure is abit absurd, and folks living in that area might want to correct me if the prevailing price is wrong. In Singapore there is no countryside for you to move to! If you cannot afford to buy housing in areas like Seng Kang, Bukit Batok and Woodlands, you will need to move to the countryside in Singapore. And where is the country side? Jurong West. The other alternative is to not get a flat and live seperately or move into your parents place. Both options presents potential social problems.
  • How you can take an insurance based approach to portfolio management

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 745
    Downloads: 0
    Dylan Grice wrote a very comprehensive article @ Investment Insights on a Top Down vs Bottom up portfolio manager and the risk involve in both. Its rather lengthy as well. A few interesting thing caught my attention.
  • The simplest and most easy to read personal finance book: The Richest Man in Babylon

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 631
    Downloads: 0
    The Richest Man in Babylon is a personal finance book I would recommend to 1. Beginners who want to learn about how to manage their money 2. Parents who want to let their kids learn about saving money and what to do with their pocket money 3. Adults who have suffered bad money management and would like to correct it
  • Are Starhub and Exxon Mobil Similar? $XOM

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 833
    Downloads: 0
    A Channel News Asia forum member talk about Starhub being in a similar situation as Exxon Mobil, which hedge fund manager Jim Chano’s have a big short position on. The premise of Jim Chano’s rational of shorting Exxon Mobil is that although it is the most well regarded dividend aristocrat, it is in fact paying out more than its cashflow:
  • Long Term Market Analysis:Fusion IQ’s Take

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 707
    Downloads: 0
    I always been a fan of Barry Ritholtz work at Fusion IQ as his approach to risk control, behavioral investing is an important success element in my opinion. Particularly, he sees some correction ahead which may ultimately result in the start of a bear or a continuation of current market trend.
  • Would you want Microsoft Office Mobile on your iPhone or Blackberry?

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 700
    Downloads: 0
    That seems to be the message that we are gathering when Microsoft made this kind of replies: “In addition to the current Windows Mobile 6.5 and upcoming WM7 clients, with the recently announced alliance between Microsoft and Nokia we are working to bring Office Mobile to hundreds of millions of Nokia smartphone owners, followed by other leading Smartphone platforms.” But my question is, when your mobile application is so shitty compared to the third parties like Quickoffice, Documents to go, your main concern is not just to bring the suite to people, but to make it competitive!
  • Evaluating EpiCenter Holdings: Can they compete with a big boy like Hon Hai

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 739
    Downloads: 0
    I know I haven’t done a piece on Epicenter Holdings yet. But this stock is doing something that I really like which is mobile productivity and mobile computing. You can read more about my thoughts here at www.ProductiveOrganizer.com
  • Fwah Moment: 2nd Generation Satellite ERP System in the future??? WTF!

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 732
    Downloads: 0
    The Land Transport Authority will soon be calling for a tender to invite industry players to submit technical proposals for a second generation ERP system. One of the key technologies identified is a Global Navigation Satellite System (GNSS) which makes use of satellites to determine the position of a vehicle. Transport Minister Raymond Lim said the LTA will be conducting various technical tests to evaluate if the latest technologies available in the market today are accurate and effective enough for use as a congestion charging tool, especially taking into consideration the dense urban environment in Singapore.
  • SP Ausnet Dividend Stock Tracker Update and Analysis

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 774
    Downloads: 0
    Dividend Yield updated to reflect latest income distribution and a summary of the fire-related lawsuit coming their way SP Ausnet have been very attractive recently on my Dividend Stock Tracker particularly because of the listed dividend yield. Share price have been under pressure due to the lawsuits coming their way:
  • Technical Analysis of SMRT and SATS: Should you buy and sell

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 635
    Downloads: 0
    This isn’t so much of an analysis I feel. it is very clear cut. 2 transportation counters that wasn’t doing very well.
  • Decreasing Term Life Insurance can be your low cost insurance solution

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 692
    Downloads: 0
    Insuring so that your dependents not able to pay huge financial burden can be cheaper than you realise. As a working adult aged 20-35, some of the hardest financial risks you are likely to face is:What if you are not around leaving your wife and kids to pay for the biggest financial burden, your mortgage. One can argue that there are other big ticket credits that you can take up such as Student Loans Credit Card Loans Car Loans But with home prices fluctuating around 400k, a single bread winner will be severely  tested.
  • Singapore Airlines SIA Stock Analysis: Are airline carrier stocks weak against high oil prices?

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 751
    Downloads: 0
    This isn’t like my normal analysis but I will try to do abit of this kind. SIA really grabbed some of my readers attention because of its recent price movement.
  • Fundamental Data for SIA Engineering

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 738
    Downloads: 0
    This is not an analysis but in my verification of SIA vs SIA Engineering I compiled this data. This is for anyone who are interested in it.
  • To all my friends holding ST Engineering Shares: Watch out below!

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 696
    Downloads: 0
    Ok so I posted 2 charts on SMRT and SATs cutting below their 200 day moving average and 1 chart on SIA doing the same thing. Now I encounter another one in ST Engineering. These are some very significant profit taking signals. What is going on?
  • Long Term Market Analysis: ARPU expected to fall and voice calls to be free likely for M1, Starhub and Singtel

    Source: Kyith Ng
    Date Submitted: 04 Jan 2017
    Views: 760
    Downloads: 0
    I wrote in the past about the fundamentals of investing in Singapore Telecoms and what is the future are in store (Singtel,M1 and Starhub analysis here). I also wrote about the coming changes in the indus