Singapore Exchange (SGX)

[Big Toe]

@specuvestor
Yes. You are right. A great majority of analysts and fund managers are probably only good at interpreting numbers. Owners are the ones who make the numbers happen. Most small/successful businesses owners usually have no clue how much their business is worth and they dont give any thought about valuation. What they do know is how to be run it very successfully and often they do posses very specialized knowledge and skills. The medium and large companies will have a clearer picture as they deal with bankers and analysts.


@Weijian
congrats on your business, the insight provided by being a business owner far exceeds that of an MBA or any investment course. But I beg to differ on the part of being on bailing out. If ample due diligence is done, facts are never wrong. Certain assumptions can be wrong but usually it can be corrected if managed properly most of the time.

If one chooses to bail, the money you have invested/lost in a listed company and the business you created is the same. Except the former you might have less attachment to it due to the ease of buying and selling. But bear in mind all companies will face tough times sooner or later. Conviction, ability to adapt and ability to stomach market cycles is needed in both for what you have invested and what you own/run. I personally do not see much of a difference between the 2.

[weijian]

Hi Mushy,

Thanks for updating us. I was around too - abeit only attended less than half of the first session (but I did catch the raindrop comment too) and then sat nearby Mano for the entire 2nd session.

With a decent TSR and a rising (sustainable) dividend in the last 2 FYs alone, not surprising that the BOD/Mgt had an easy time. So easy that I observed Mano was largely focused on his hp after he completed his customary questioning. All of us are guilty of not throwing stones when times are good.

I don't think Mano only tend to challenge BOD of smaller companies. Rather, Mano's challenges could actually be construed as a red flag indicator of companies, isn't it? So much so that when Mano's relaxed about it, what does it reflect? And on the extreme end when Mano was legally threatened, what does it reflect?

SGX has been an indirect beneficiary of the efforts of the MAS Review Group. Having someone to pay your "marketing bills" like grants for research reports and the 5bil EQDP is a great business model.

That said, I am glad the "highly paid" CEO knows that this is only the beginning. Liquidity begets more liquidity but things can easily reverse if the momentum isn't strong enough to sustain a virtuous cycle. Some of the IPOs, especially the REITs - NTT DC REIT and CAREIT have raised pretty decent sums of money (by SGX standards). The IPO names are refreshing but they are not exciting, or actually they are pretty boring. What really will move the IPO needle - (A) getting some of those big mega caps which incorporate themselves in Spore to do a secondary listing (like what Prudential did many many moons ago). (B) The government should do some "common prosperity" and listed its marque GLC businesses.

SGX to sharpen focus on ecosystem initiatives to sustain equity market growth

[SINGAPORE] To maintain the momentum of the recent uplift in local equities, the Singapore Exchange (SGX) will focus on expanding its product offerings and advancing ecosystem-wide initiatives. This, said chief executive officer Loh Boon Chye, will help “turn this buoyancy into long-term growth”.

He acknowledged that the review group’s efforts have supported the equity market uplift, but stressed that this is “only the beginning”, adding that “what matters is sustaining this momentum”.

He also indicated that SGX expects more initial public offerings (IPOs) for the remainder of the year, with four companies – Soon Hock Enterprise, Coliwoo, Leong Guan and Infinity Development – filing preliminary documents for their IPOs over the past two weeks.

https://www.businesstimes.com.sg/compani...ket-growth