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2021-03-30

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Singapore's Market for New Stocks Is Filled With Old Companies

(Bloomberg Markets) — On most of the world’s major stock exchanges, firms usually graduate from the

Singapore's Market for New Stocks Is Filled With Old Companies

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That’s what junior boards are—stepping stones for growing companies en route to the big leagues.</p>\n<p>And yet at Singapore Exchange Ltd. (SGX), 27 firms have dropped from the Mainboard to the Catalist, its junior venue, since 2014, according to data from Mak Yuen Teen, an associate professor of accounting at the National University of Singapore. In the same period, only seven moved in the other direction.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6394b10e22a02f54d21acee9bef50491\" tg-width=\"1070\" tg-height=\"562\"><span>(Source: Bloomberg)</span></p>\n<p>As Mak sees it, the clearest benefit for most of the companies that moved downward was to avoid an SGX watchlist that could have led to their delisting; they either were on such a list or risked being put on one. He’s warned that the Catalist is in danger of becoming a “graveyard for dying companies” rather than a nursery for growing ones. It’s “almost a perverse situation,” like sporting professionals suddenly slipping back into the ranks of amateurs, says Nirgunan Tiruchelvam, head of consumer equity research in Singapore for Tellimer, a research house. “Test cricketers are coming into the school cricket team.”</p>\n<p>The trend is intensifying this year. While Aspen Group Holdings, a real estate group, climbed onto the Mainboard in January, three companies traveled in the other direction between the beginning of February and March 2: Livingstone Health Holdings, a medical provider that went public through a reverse takeover; Sevak, which offers telecommunication services; and F J Benjamin Holdings, a fashion retailer whose 71-year-old chief executive officer, Nash Benjamin, says it’s moving to have more flexibility and escape a watchlist.</p>\n<p>Exchange experts and market participants come to different conclusions about this trend. Mak sees a flaw in market structure. SGX should consider prohibiting companies from dropping to the second board, he wrote in a 2019 paper.</p>\n<p>SGX has already taken a major step that should help stem the flow of companies moving down to the junior venue. Last year its regulatory arm removed a minimum trading price rule for Mainboard companies, which means they’ll no longer be placed on a watchlist if their six-month volume-weighted average share price falls below 20 Singapore cents and their six-month average daily market capitalization drops below S$40 million ($30 million). In turn, they’ll no longer have an incentive to move to the junior board to escape such a list. An SGX spokesperson says 63% of the companies that transferred to the Catalist from 2011 to 2020 did so because of the minimum trading price rule.</p>\n<p>At the same time, the exchange says it should offer different options to companies. That’s especially true, it says, during the Covid-19 pandemic, which has hurt many businesses. “One should not disregard the multiple considerations and needs of a diverse range of stakeholders,” an SGX spokesperson says. “SGX’s Mainboard and Catalist platforms support companies’ fundraising needs at varying stages of growth. The Catalist platform tends to attract companies which seek faster time to market and more headroom for secondary fundraising, acquisitions, and disposals.”</p>\n<p>Many market participants see an issue that has nothing to do with how the exchange’s boards are set up. For them the concerning statistic is the small number of companies being promoted to the main venue. The reason for that, they say, is Singapore’s size. Businesses don’t have a big market—an economic hinterland—in which to grow, says Jarick Seet, head of small- and mid-cap research at RHB Bank in Singapore. As a consequence, few companies can get big enough to be promoted.</p>\n<p>By contrast, Hong Kong’s bourse can draw on the vast Chinese market, says Alan Richardson, a senior fund manager for Southeast Asian equities at Samsung Asset Management Ltd. in Hong Kong. Singapore has fewer than 6 million people, but China has a population of about 1.4 billion. “It’s very difficult for a city-state to develop a rich ecosystem of stocks,” he says.</p>\n<p>An SGX spokesperson points out that as of Jan. 31, 11 Catalist companies qualified to transfer to the Mainboard but have chosen to remain where they are. In a sense, market participants say, the shortage of companies being promoted to the Mainboard is another manifestation of an issue that’s long affected Singapore’s equity market: the challenge of attracting companies. Delistings have outnumbered listings on the exchange in each of the last seven years, according to data compiled by Bloomberg. That’s prompted some observers to say the market is shrinking. Still, the bourse expects listings in various sectors including technology this year as it awaits the mega-IPO of Thai Beverage Pcl’s brewery unit.</p>\n<p>But does it matter if Singapore’s stock market lacks vibrancy? Some say it’s not a major drawback given the city-state’s many other advantages. It’s still one of Asia’s main financial hubs, along with Hong Kong. It was ranked as Asia’s most competitive wealth management center—second only to Switzerland globally—in a 2018 Deloitte report. And the World Bank ranks it second out of 190 countries for ease of doing business.</p>\n<p>Singapore’s low taxes, strong regulatory framework, and stable currency continue to attract a lot of money. And that won’t be altered by some tiny companies dropping to the junior board. “The government wants to excel in many areas, like being a financial hub, a technology hub, in REITs, gaming, high-tech manufacturing, and trade,” says Seet at RHB Bank. “Most of these goals are achievable without a great roaring stock market.”—With Jeffrey Hernandez</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore's Market for New Stocks Is Filled With Old Companies</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore's Market for New Stocks Is Filled With Old Companies\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-30 14:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://sg.finance.yahoo.com/news/singapores-market-for-new-stocks-is-filled-with-old-companies-025014893.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg Markets) — On most of the world’s major stock exchanges, firms usually graduate from the secondary board to the main venue. That’s what junior boards are—stepping stones for growing ...</p>\n\n<a href=\"https://sg.finance.yahoo.com/news/singapores-market-for-new-stocks-is-filled-with-old-companies-025014893.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a9153adf328cdbdfbb656ed3026a6175","relate_stocks":{},"source_url":"https://sg.finance.yahoo.com/news/singapores-market-for-new-stocks-is-filled-with-old-companies-025014893.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113400993","content_text":"(Bloomberg Markets) — On most of the world’s major stock exchanges, firms usually graduate from the secondary board to the main venue. That’s what junior boards are—stepping stones for growing companies en route to the big leagues.\nAnd yet at Singapore Exchange Ltd. (SGX), 27 firms have dropped from the Mainboard to the Catalist, its junior venue, since 2014, according to data from Mak Yuen Teen, an associate professor of accounting at the National University of Singapore. In the same period, only seven moved in the other direction.\n(Source: Bloomberg)\nAs Mak sees it, the clearest benefit for most of the companies that moved downward was to avoid an SGX watchlist that could have led to their delisting; they either were on such a list or risked being put on one. He’s warned that the Catalist is in danger of becoming a “graveyard for dying companies” rather than a nursery for growing ones. It’s “almost a perverse situation,” like sporting professionals suddenly slipping back into the ranks of amateurs, says Nirgunan Tiruchelvam, head of consumer equity research in Singapore for Tellimer, a research house. “Test cricketers are coming into the school cricket team.”\nThe trend is intensifying this year. While Aspen Group Holdings, a real estate group, climbed onto the Mainboard in January, three companies traveled in the other direction between the beginning of February and March 2: Livingstone Health Holdings, a medical provider that went public through a reverse takeover; Sevak, which offers telecommunication services; and F J Benjamin Holdings, a fashion retailer whose 71-year-old chief executive officer, Nash Benjamin, says it’s moving to have more flexibility and escape a watchlist.\nExchange experts and market participants come to different conclusions about this trend. Mak sees a flaw in market structure. SGX should consider prohibiting companies from dropping to the second board, he wrote in a 2019 paper.\nSGX has already taken a major step that should help stem the flow of companies moving down to the junior venue. Last year its regulatory arm removed a minimum trading price rule for Mainboard companies, which means they’ll no longer be placed on a watchlist if their six-month volume-weighted average share price falls below 20 Singapore cents and their six-month average daily market capitalization drops below S$40 million ($30 million). In turn, they’ll no longer have an incentive to move to the junior board to escape such a list. An SGX spokesperson says 63% of the companies that transferred to the Catalist from 2011 to 2020 did so because of the minimum trading price rule.\nAt the same time, the exchange says it should offer different options to companies. That’s especially true, it says, during the Covid-19 pandemic, which has hurt many businesses. “One should not disregard the multiple considerations and needs of a diverse range of stakeholders,” an SGX spokesperson says. “SGX’s Mainboard and Catalist platforms support companies’ fundraising needs at varying stages of growth. The Catalist platform tends to attract companies which seek faster time to market and more headroom for secondary fundraising, acquisitions, and disposals.”\nMany market participants see an issue that has nothing to do with how the exchange’s boards are set up. For them the concerning statistic is the small number of companies being promoted to the main venue. The reason for that, they say, is Singapore’s size. Businesses don’t have a big market—an economic hinterland—in which to grow, says Jarick Seet, head of small- and mid-cap research at RHB Bank in Singapore. As a consequence, few companies can get big enough to be promoted.\nBy contrast, Hong Kong’s bourse can draw on the vast Chinese market, says Alan Richardson, a senior fund manager for Southeast Asian equities at Samsung Asset Management Ltd. in Hong Kong. Singapore has fewer than 6 million people, but China has a population of about 1.4 billion. “It’s very difficult for a city-state to develop a rich ecosystem of stocks,” he says.\nAn SGX spokesperson points out that as of Jan. 31, 11 Catalist companies qualified to transfer to the Mainboard but have chosen to remain where they are. In a sense, market participants say, the shortage of companies being promoted to the Mainboard is another manifestation of an issue that’s long affected Singapore’s equity market: the challenge of attracting companies. Delistings have outnumbered listings on the exchange in each of the last seven years, according to data compiled by Bloomberg. That’s prompted some observers to say the market is shrinking. Still, the bourse expects listings in various sectors including technology this year as it awaits the mega-IPO of Thai Beverage Pcl’s brewery unit.\nBut does it matter if Singapore’s stock market lacks vibrancy? Some say it’s not a major drawback given the city-state’s many other advantages. It’s still one of Asia’s main financial hubs, along with Hong Kong. It was ranked as Asia’s most competitive wealth management center—second only to Switzerland globally—in a 2018 Deloitte report. And the World Bank ranks it second out of 190 countries for ease of doing business.\nSingapore’s low taxes, strong regulatory framework, and stable currency continue to attract a lot of money. And that won’t be altered by some tiny companies dropping to the junior board. “The government wants to excel in many areas, like being a financial hub, a technology hub, in REITs, gaming, high-tech manufacturing, and trade,” says Seet at RHB Bank. “Most of these goals are achievable without a great roaring stock market.”—With Jeffrey Hernandez","news_type":1},"isVote":1,"tweetType":1,"viewCount":132,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}