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30-12-2015, 10:27 AM
(This post was last modified: 30-12-2015, 10:31 AM by CY09.
Edit Reason: Edits
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Main reasons: 1) Not enough quality listings and 2)SGX does not keep a tight rein on already listed companies.
Reason 2 has created numerous fiascos such as S-chips fall and blumont crisis and probably Noble fall out.This has affected investor confidence in companies. Like how SMEs contribute to approx 60% of Singapore's GDP, the same idea applies to small/mid caps turnover on stock exchanges. And if investors do not have confidence in your small/mid cap listed, expect low turnover.
What SGX has to do is continuously monitor balance sheets/cash flow of companies. For example over the past few years, there are many net cash companies on SGX who are trading for more or equal to market cap. Of course many turn out to be duds or had creativity in making their cash disappear. SGX should have taken the initiative to question them when it happens. Because it does not make business sense to have more cash than your market cap and yet owners do not do anything.
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30-12-2015, 11:07 AM
(This post was last modified: 30-12-2015, 11:21 AM by CityFarmer.)
The expectation on SGX, is moving from a regulator, to a master with perfect insight, that able to "pick" losers out from the listed market? Wow...
The current reading of mine, is on macro-economic. It is the same as saying, planned-economics by a group of elites, are able to produce better result, than a regulated yet relatively free market. 
I am skeptical on the proposal
(not vested)
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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Is SGX already doing more than other major exchanges. Are we expecting SGX to have an audit wing ? Is a good idea. But who's going to pay for it ?
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30-12-2015, 02:02 PM
(This post was last modified: 30-12-2015, 02:07 PM by CY09.
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Assessing data points such as net cash to market cap and inquiring, imo, will not take much time for a team of 4 ( probably 1 week for the team). Far less time than getting staff to do work like deciding on annual d&d theme, venue and approvals
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(30-12-2015, 11:07 AM)CityFarmer Wrote: The expectation on SGX, is moving from a regulator, to a master with perfect insight, that able to "pick" losers out from the listed market? Wow...
The current reading of mine, is on macro-economic. It is the same as saying, planned-economics by a group of elites, are able to produce better result, than a regulated yet relatively free market.
I am skeptical on the proposal
(not vested)
Having 'planned economics by a group of elites' sounds REALLY familiar in the SG context Is such 'Big Daddy should take care of everything' syndrome an extension of how well sheltered Sporeans have become?
Many OPMIs do not seem to understand that the Market was made for companies, and not for investors. The first stock market was created because a couple of limited liability partners wanted out of a business venture (it was supposed to last for a limited period of time but liquidation took longer than planned) and had to sell their share of holdings to new patsies. The Market is primarily designed for companies to raise $ to expand + insiders to cash out, making money for OPMIs is only a by-product (a welcomed one nonetheless).
For net cash companies, markets have already spoken. It is pretty well known that the collective wisdom of crowds generally outperform the individual's, of course unless the individual is an outlier or an insider. Ben Graham might have really had a good time picking on net-nets some time back, but in these days, the number of CFA/MBAs and the speed of dissemination of information are about 1000x more?
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Before any COY can be listed in SGX, there is the IPO.
So why so many S-CHIPs were allow to IPO then?
i hearsay many S-CHIPs failed to IPO in HK. EXC. were allowed in SGX then?
Why now, so many "differences"?
Is it investors getting smarter?
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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(30-12-2015, 02:24 PM)weijian Wrote: (30-12-2015, 11:07 AM)CityFarmer Wrote: The expectation on SGX, is moving from a regulator, to a master with perfect insight, that able to "pick" losers out from the listed market? Wow...
The current reading of mine, is on macro-economic. It is the same as saying, planned-economics by a group of elites, are able to produce better result, than a regulated yet relatively free market.
I am skeptical on the proposal
(not vested)
Having 'planned economics by a group of elites' sounds REALLY familiar in the SG context Is such 'Big Daddy should take care of everything' syndrome an extension of how well sheltered Sporeans have become?
Many OPMIs do not seem to understand that the Market was made for companies, and not for investors. The first stock market was created because a couple of limited liability partners wanted out of a business venture (it was supposed to last for a limited period of time but liquidation took longer than planned) and had to sell their share of holdings to new patsies. The Market is primarily designed for companies to raise $ to expand + insiders to cash out, making money for OPMIs is only a by-product (a welcomed one nonetheless).
For net cash companies, markets have already spoken. It is pretty well known that the collective wisdom of crowds generally outperform the individual's, of course unless the individual is an outlier or an insider. Ben Graham might have really had a good time picking on net-nets some time back, but in these days, the number of CFA/MBAs and the speed of dissemination of information are about 1000x more?
Of course without the Ikan Billis, where got the sharks?
So this remind me to adopt the strategy of the "remora".
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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Why is our MAS with so many top talents not doing anything to salvage the situation , unwilling or incapable ?
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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(31-12-2015, 09:45 AM)cfa Wrote: Why is our MAS with so many top talents not doing anything to salvage the situation , unwilling or incapable ?
It depends on what is the expected "salvation"? If the "salvation" is to intervene the market, as China CSRC has done on china market, than probably MAS/SGX didn't do much, which is a blessing. If the "salvation" is to improve the older weaker processes, and structures, than probably SGX/MAS have done quite a few as in the link below, among others. Haven't they?
SGX introduces 3 new listing committees
http://www.straitstimes.com/business/com...committees
(not vested)
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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(31-12-2015, 10:12 AM)CityFarmer Wrote: (31-12-2015, 09:45 AM)cfa Wrote: Why is our MAS with so many top talents not doing anything to salvage the situation , unwilling or incapable ?
It depends on what is the expected "salvation"? If the "salvation" is to intervene the market, as China CSRC has done on china market, than probably MAS/SGX didn't do much, which is a blessing. If the "salvation" is to improve the older weaker processes, and structures, than probably SGX/MAS have done quite a few as in the link below, among others. Haven't they?
SGX introduces 3 new listing committees
http://www.straitstimes.com/business/com...committees
(not vested)
Although they have done quite a few, but still cannot attract good companies to list here and also unable to stop companies being delisted .
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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