...secondary segments. One is based on related products and services (Business Segmentation), and the other on geographical areas (Geographical Segmentation). In addition, according to FRS 108, companies have to disclose further information such as major customers whom contributed more than 10% of the Group’s revenue. Company Overview As such, the two companies that we have chosen to analyze the addition costs and benefits by the implementation of FRS 108 are Aztech Group Limited (Aztech) as well as Singapore Telecommunications Limited (SingTel). Aztech is incorporated in 1986 and is subsequently listed on the Main Board of the Singapore Stock Exchange. Aztech being a dynamic international group with key activities in Electronics Design & Manufacturing, Materials Supply and Marine Logistics is operating in six countries over three continents. On the other hand, SingTel which is the largest listed company on the Singapore Exchange by market capitalisation is listed on the Singapore Exchange (SGX) in November 1993. SingTel is a leading telecommunication company which offers a wide range of services such as mobile, data, Internet, info-communications technology, satellite and pay TV. Costs and difficulties Financial information collection, processing and dissemination cost The costs associated with financial information collection, processing, and dissemination can be high. For example, prior to FRS 108, Aztech reported their segment based on types of goods supplied and services provided...
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...FIN 3103 FINANCIAL MARKETS AND INSTITUTIONS– SECTION 1A AN INTRODUCTION TO THE ASIAN EQUITY MARKET & ITS EXCHANGES SAMUEL TOW WEE YAP (A0102724U) LIEW KUANG CHEN JOEL (A0004624U) ANG CHUAN HWEN JEREMY (A0080928X) LIAW YIH HANG (A0091535E) WU GUIYAN (A0100395N) ZHAO CHUANYI (A0105563L) Contents 1. Introduction ..................................................................................................................................................................................................... 4 2. Objectives of the Stock Market ................................................................................................................................................................. 4 2.1 Capital Formation ......................................................................................................................................................................................... 4 2.2 Connecting Traders ...................................................................................................................................................................................... 4 2.3 Security............................................................................................................................................................................................................. 4 2.4 Economic Indicator ...................................................................................................
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...The Impact of the Proposed Merger of ASX Limited and Singapore Exchange Limited on the Ability of Australian Companies to Raise Equity Capital Prepared by Shanmugam Arumugam S00110197 Mahamudul Hasan S00110201 Australian Catholic University Introduction In a typical life cycle of a corporation, with good management in place, efficient use of resources including financial resources and implementation of best practices, the company is seen to grow from within i.e. organic growth . This growth will plateau at stage where there is no more room to grow organically. So what happens next? A company which has grown organically armed with surplus financial and other resources will now need to stay ahead in the marketplace. And to do this the only way to go forward is via acquisition of related businesses, merge with competitors or diversify into new business areas. If merger or acquisition is the answer, then this opens up a range of issues comprising strategic fit, different corporate culture, regulatory rigidity and not forgetting national interest! The Board at the ASX Limited (ASX) is now faced with similar quandary. On 25th October 2010, ASX and the Singapore Exchange (SGX) made a combines press release which states “… that both parties have entered into a merger implementation agreement to combine to enable customers globally to capitalise on listing, trading, clearing and settlement opportunities created through the expanded platforms, leveraging on the...
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...of the Australian Stock Exchange and the Singapore Stock Exchange. Mr Swan has stated two important considerations in the rejection – the unemployment rate will rise rapidly in Australia and Singapore government control of the ASX. Indeed, the federal government officially blocked the $US8.4 billion deal which was a right decision in terms of the strength and stability of Australia’s financial system. However, other oppositions might say that we just lost a great opportunity to access global capital markets. They believed that we have to move towards globalisation to be more open-minded. It is undeniable that one government decision could be attracted two different views by the members, like everything else; it has its own benefits and harms. As Mr Swan said that the deal was not right enough to grow Australia’s role as a financial services hub in Asia and therefore it was only be justified if there were very substantial benefits to our nation. He treated the deal as a takeover by SGX, not a merger exchange group as well as the Australia’s financial sector would have become a subsidiary to a competitor in Asia. The consequence of this merger would have breached our principal in maximizing our national interest. He believed that the deal would not provide a gateway to Asian capital flows as SGX has limited flows to the rest of Asia, which is not necessary to enter into SGX financial market at the moment. According to the rank of the World’s stock Exchanges, the ASX ranks 11th...
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...for Asian traders and harbours immense potential for growth and opportunities for long term portfolio gains. Singapore has a thriving local economy despite being approximately 50 years old and is home to undisputedly the most important stock exchanges in South East Asia. Background Information Singapore was ceded by the British to The Federated States of Malaya and eventually became independent in the mid-20th century. A small island with scarce resources and an extreme sense of insecurity. Dwarfed by its neighbouring countries of Thailand, Malaysia and Indonesia. Lee Kwan Yew, Singapore’s minister/mentor realised that the only way to kickstart the economy of a small island lacking any natural resources, was to develop its population educationally to start a world-class service industry comprising of an outstanding financial, legal and industrial sector. Why Singapore presents great potential for future growth. Yesterday, The international financial and business consultancy firm Deloitte published an article which presented a staggering statistic. “The Singapore Stock Exchange has confirmed 28% more IPOs for 2014″. Singapore’s SGX has a market capitalisation of almost $1 Trillion which is extremely high for a country roughly the size of Manhattan. In contrast, Asia’s biggest exchange, The Tokyo Stock Exchange has a market capitalisation of $3 Trillion. Singapore has a very neutral stance and is often considered the Switzerland of The East. Given Switzerland’s position...
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...of F in a n ce (H on ou r s) 2010 CHAPTER ONE INTRODUCTION 1.1 Introduction Stock market is a place for listed companies to raise capital .Companies can use the capital for continuing operating activities and expand business. However, the investors are explained to get a positive return from dividend and capital gain in the stock market. Based on the history, the economic condition will influence stock market. For instances, Malaysia faced deflation during the Asian crisis in years 1997. It caused the KLCI index sharply reduced from 1207.43 to 470.43. It have been shown that the investors need to predict the stock prices based on the macro factors to get an abnormal return from stock market There were a lot of researches to study the relationship between macroeconomics variables and stock returns. It is important to study the interaction of macroeconomics factor and stock return. Based on the study, the public can identify which factors can influence the stock market and use the knowledge to predict movement of stock price. According to Wongbangpo & Sharma (2002), the research can reveal the functions of stock market in identify the change in economic condition and also can predict the future performance of stock market. Besides, the study will be useful for the stock market participators. Clare & Priestley (1998) said that the study of the risk factor relationship of stock market will be useful for corporate manager to undertake cost of capital calculation. Moreover...
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...Introduction Singapore- officially the Republic of Singapore, is a Southeast Asian island city. Singapore was founded as a British trading colony in 1819. It joined the Malaysian Federation in 1963 but separated two years later and became independent. Though physically small, Singapore is an economic giant. Singapore has been Southeast Asia's most modern city for over a century. Singapore has a highly developed and successful free-market economy. Since independence, Singapore is the world's fourth leading financial centre, and its port is one of the five big ports in the world. The economy depends on exports and refining imported goods, especially in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services. Real GDP growth averaged 8.6% between 2004 and 2007. In the global financial crisis, Singapore rebounded quickly 14.8% in 2010, with per capital GDP equal to that of the leading nations of Western Europe and the third highest per capital income in the world. Singapore has attracted foreign investments in technology production and will continue efforts to establish Singapore as Southeast Asia's high-tech hub. Entrepreneurship Independent of the stage of economic development, entrepreneurship plays a significant role for the expansion, job creation and overall economic health within a country. Entrepreneurship is relatively common in Singapore, with the country taking pride in a sense that the country was built on entrepreneurial...
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...Get the inside scoop on investment banking careers in the Asia Pacific region! Read this extended excerpt of the all-new Vault Career Guide to Investment Banking, Asia Pacific Edition and get the inside story on investment banking careers, including: • An inside look at corporate finance, sales & trading, research and other major functions at investment banks. • An oveview of equity and debt markets in the region • A discussion of industry trends and corporate culture in Asia Pacific • Days in the life of investment bankers in Asia Pacific This PDF is an excerpted version of the full 198-page guide To get the complete guide: • Purchase your own print or e-Book version of the guide. Go to www.Vault.com/Asia. • More than 900 universities and MBA programs worldwide subscribe to the Vault Online Library, providing more than 4.5 million students worldwide with access to Vault's guides and career information. Contact your career center today to ask about access to the Vault Online Career Library. ABOUT VAULT Founded in 1996, Vault is the leading global media company focused on careers. With offices in North America, Europe, India and Asia, Vault provides graduates and young professionals worldwide with insider information on careers and education through its award-winning web sites and career guides. CAR E E RS VAU LT CA R E E R G U I D E TO INVESTMENT BAN KING A S I A P A C I F I C E D I T I O N INVESTMENT BANKING JUNG B. LEE, TOM LOTT and the staff of vault ...
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...certify that I have read “The Dynamic Linkage among Islamic Asian Emerging Stock Markets” and that in my opinion this work meets the criteria for approving a thesis submitted in partial fulfilment of the requirements for the MSc Finance degree at Institute of Management Sciences, Peshawar Pakistan. Supervisor Name: Dr. Yasir Kamal Designation: Assistant Professor Coordinator Research and Development Department Name: Dr. Owais Mufti Declaration I, hereby declare that the research submitted to R&DD by me is my own original work. I am aware of the fact that in case my work is found to be plagiarized or not genuine, R&DD has the full authority to cancel my research work and I am liable to penal action. Student’s Name: Shah-i-Mulk Date: 23/12/2015 Abstract Study was carried out to investigate the dynamic linkage among the three fast growing emerging Islamic economies of Asia (Malaysia, Indonesia and Pakistan) the data incorporated for analysis were spread over the span of 15 years 2000-2015. It was estimated that these stock markets have strong impact on each other hence, strongly integrated among themselves. Study utilised EVIEWS software for the analysis and the test incorporated in the estimation were ADF and Johanson Cointegration Test. The study further illustrates that practice of Islamic financial solutions and cultures of these countries has also supportive hand in co movements of stock markets. Keywords: Cointegration, ADF, emerging economies, Islamic financial...
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...MANAGER REPUTATION, UNDERPRICING LONGAND LONG-RUN PERFORMANCE OF INITIAL PUBLIC OFFERINGS: EVIDENCE FROM THE SINGAPORE IPO MARKET VOON PEIJUN (Bachelor of Business Administration (Hons), NUS) A THESIS SUBMITTED FOR THE DEGREE OF MASTERS OF SCIENCE (BUSINESS) DEPART DEPARTMENT OF FINANCE AND ACCOUNTING NATIONAL UNIVERSITY OF SINGAPORE 2009 ACKNOWLEDGEMENT I would like to express my warmest gratitude to Professor Michael Shih for his patient guidance and encouragement all this while. A very big thank you, Sir. I would also like to take this opportunity to thank my family for their love and concern all these years. Thank you Dad, Mum and Brother. Without their support, I would not have come so far. Thank you! Voon Peijun 2009 Page i ABSTRACT The study explores the role of issue managers in the initial public offering (IPO) process. Empirical research shows that IPOs are associated with two significant market anomalies: short-run underpricing puzzle and long-run underperformance phenomenon. This paper examines the reputational influence of issue managers on the two anomalies. Employing the newly developed ‘twelve-month rolling’ reputation ranking approach, our study is the first to furnish a comprehensive ranking of all the issue managers with a substantial presence in Singapore. Based on a sample of 384 IPOs listed on the Singapore Exchange between January 1, 1997 and August 22, 2008, we find evidence of prevalent short-run underpricing and long-run...
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...A stock market or equity market is a public entity (a loose network of economic transactions, not a physical facility or discrete entity) for the trading of company stock (shares) and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately. The size of the world stock market was estimated at about $36.6 trillion at the beginning of October 2008.[1] The total world derivatives market has been estimated at about $791 trillion face or nominal value,[2] 11 times the size of the entire world economy.[3] The value of the derivatives market, because it is stated in terms of notional values, cannot be directly compared to a stock or a fixed income security, which traditionally refers to an actual value. Moreover, the vast majority of derivatives 'cancel' each other out (i.e., a derivative 'bet' on an event occurring is offset by a comparable derivative 'bet' on the event not occurring). Many such relatively illiquid securities are valued as marked to model, rather than an actual market price. The stocks are listed and traded on stock exchanges which are entities of a corporation or mutual organization specialized in the business of bringing buyers and sellers of the organizations to a listing of stocks and securities together. The largest stock market in theUnited States, by market capitalization, is the New York Stock Exchange (NYSE). In Canada, the largest stock market is the Toronto Stock Exchange. Major European examples...
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...Get the inside scoop on investment banking careers in the Asia Pacific region! Read this extended excerpt of the all-new Vault Career Guide to Investment Banking, Asia Pacific Edition and get the inside story on investment banking careers, including: • An inside look at corporate finance, sales & trading, research and other major functions at investment banks. • An oveview of equity and debt markets in the region • A discussion of industry trends and corporate culture in Asia Pacific • Days in the life of investment bankers in Asia Pacific This PDF is an excerpted version of the full 198-page guide To get the complete guide: • Purchase your own print or e-Book version of the guide. Go to www.Vault.com/Asia. • More than 900 universities and MBA programs worldwide subscribe to the Vault Online Library, providing more than 4.5 million students worldwide with access to Vault's guides and career information. Contact your career center today to ask about access to the Vault Online Career Library. ABOUT VAULT Founded in 1996, Vault is the leading global media company focused on careers. With offices in North America, Europe, India and Asia, Vault provides graduates and young professionals worldwide with insider information on careers and education through its award-winning web sites and career guides. CAR E E RS VAU LT CA R E E R G U I D E TO INVESTMENT BAN KING A S I A P A C I F I C E D I T I O N INVESTMENT BANKING JUNG B. LEE, TOM LOTT and the staff of vault ...
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...Curtin Business School Department of Finance and Banking Portfolio Management 301 Semester 1, 2013 - Assignment Instructions 1. This is a group assignment. Each group will consist of three students and each group will submit one joint report. 2. In doing this assignment, you are encouraged to refer to the lecture notes, text, the reading material in Blackboard and any other material that may assist you in understanding what you are doing in this assignment. Group members are expected to actively discuss and work among themselves but not refer to the work of any other groups. Any collusion of this form will be treated very seriously and penalised. 3. Please ensure that each member in a group makes an equal contribution to the assignment, as far as possible. Free riders should be reported to me and may be penalised. 4. You are expected to make this assignment an opportunity to develop you spreadsheet computational skills. Make use of Excel to do your calculations and charts/graphs. 5. Assignments must be presented in a professional and reader-friendly manner. The key results or summaries of your calculation and your comments must be shown in the body of the report. Make sure the formulas or methods used for your computations are clearly shown. The data collected and details of calculations can be shown as appendices to the report. The length of the report should not exceed 10 pages (Excluding the appendices). You should also follow the following typing...
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...HONG KONG/CHINA Bosideng International A warm and cosy stock A dominant brand with household recognition We initiate coverage on Bosideng with an Outperform, with 35% upside to our target price. Bosideng dominates China’s down jacket market with an estimated 37% market share in CY10. Its top brand is ranked the 13th most valuable consumer brand in China. We expect core revenue CAGR of 13% in FY12-14 on the back of continued penetration of down jackets in China. Additionally, Bosideng is building out a menswear business. While this makes up only 10% of revenues in FY12E, we expect it to generate organic revenue CAGR of 33% with the potential for further upside from acquisitions. High free cash flow and dividend yield Photo taken by the report’s lead analyst in rural China. “A Christmas to remember” – December 2010 3998 HK Price 27 Oct 11 12-month target Upside/Downside Valuation - PER Outperform HK$2.07 HK$ % HK$ 2.80 35.3 2.80 Bosideng is currently sitting on HK$2.8bn net cash and we forecast a free cash flow yield of 6% in FY12, rising to 10% in FY14. With a 75% payout ratio, Bosideng should generate a dividend yield of 8% in FY12. Bosideng is looking to make acquisitions in the highly fragmented menswear market. Past acquisitions have been successful and we don’t think it is likely the company will make any acquisition that depletes more than half of the cash pile at most; thus we think the dividend is secure. Market concerns are overdone Six out of...
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...International Journal of Business and Management December, 2009 Appraisal of Capital Market Efficiency on Economic Growth in Nigeria Sunday O. E. Ewah, Atim E. Esang & Jude U. Bassey Faculty of Management Sciences, Cross River University of Technology Ogoja Campus, Nigeria Tel: 80-5901-4300 Abstract E-mail: soniewah@yahoo.com The paper is an appraisal of the impact of capital market efficiency on economic growth in Nigeria, using time series data on market capitalization, money supply, interest rate, total market transaction and government development stock that ranges between 1961 to 2004. The model specification for the analysis of data is multiple regression and ordinary lest squares estimation techniques. The result of the study shows that the capital market in Nigeria has the potentials of growth inducing, but it has not contributed meaningfully to the economic growth of Nigeria. This is as a result of low market capitalization, low absorptive capitalization, illiquidity, misappropriation of funds among others. The empirical test indicates that, these variables satisfied the economic apriori and are statistically significant except total transactions and money. Thus it was concluded and recommended that, the capital market remain one of the mainstream in every economy that has the power to influence economic growth, hence the organize private sector is encourage to invest in it. This will enable the capital market improve its illiquidity status for economic...
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