Institutions Along With Retail Investors Who Hold Considerable Shares InSingapore Exchange Limited (SGX:S68) Come Under Pressure; Lose 3.5% of Holdings Value
Institutions Along With Retail Investors Who Hold Considerable Shares InSingapore Exchange Limited (SGX:S68) Come Under Pressure; Lose 3.5% of Holdings Value
Key Insights
- Significant control over Singapore Exchange by retail investors implies that the general public has more power to influence management and governance-related decisions
- A total of 25 investors have a majority stake in the company with 45% ownership
- 26% of Singapore Exchange is held by Institutions
A look at the shareholders of Singapore Exchange Limited (SGX:S68) can tell us which group is most powerful. The group holding the most number of shares in the company, around 50% to be precise, is retail investors. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn).
While institutions who own 26% came under pressure after market cap dropped to S$9.2b last week,retail investors took the most losses.
In the chart below, we zoom in on the different ownership groups of Singapore Exchange.
View our latest analysis for Singapore Exchange
What Does The Institutional Ownership Tell Us About Singapore Exchange?
Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.
We can see that Singapore Exchange does have institutional investors; and they hold a good portion of the company's stock. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Singapore Exchange's historic earnings and revenue below, but keep in mind there's always more to the story.
Hedge funds don't have many shares in Singapore Exchange. Our data shows that Temasek Holdings (Private) Limited is the largest shareholder with 23% of shares outstanding. With 2.9% and 2.8% of the shares outstanding respectively, The Vanguard Group, Inc. and Fidelity International Ltd are the second and third largest shareholders.
A deeper look at our ownership data shows that the top 25 shareholders collectively hold less than half of the register, suggesting a large group of small holders where no single shareholder has a majority.
Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There are a reasonable number of analysts covering the stock, so it might be useful to find out their aggregate view on the future.
Insider Ownership Of Singapore Exchange
While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves.
I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.
Our information suggests that Singapore Exchange Limited insiders own under 1% of the company. It's a big company, so even a small proportional interest can create alignment between the board and shareholders. In this case insiders own S$42m worth of shares. It is good to see board members owning shares, but it might be worth checking if those insiders have been buying.
General Public Ownership
The general public -- including retail investors -- own 50% of Singapore Exchange. This size of ownership gives investors from the general public some collective power. They can and probably do influence decisions on executive compensation, dividend policies and proposed business acquisitions.
Private Equity Ownership
Private equity firms hold a 23% stake in Singapore Exchange. This suggests they can be influential in key policy decisions. Some investors might be encouraged by this, since private equity are sometimes able to encourage strategies that help the market see the value in the company. Alternatively, those holders might be exiting the investment after taking it public.
Next Steps:
I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too.
I like to dive deeper into how a company has performed in the past. You can access this interactive graph of past earnings, revenue and cash flow, for free.
But ultimately it is the future, not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look at this free report showing whether analysts are predicting a brighter future.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
主要見解
- 散戶投資者對新加坡交易所的顯著控制意味著公眾有更大的權力影響與管理和治理相關的決策
- 共有25名投資者持有該公司45%的多數股權
- 新加坡交易所26%的股份由機構持有
看看新加坡交易所有限公司(SGX:S68)的股東就能知道哪個集團最有權勢。持有該公司股份最多的群體,準確地說約為50%,是散戶投資者。也就是說,如果股價上漲,該集團將受益最大(如果股價下跌,該集團將損失最大)。
雖然在上週市值跌至92億新元后,持有26%股份的機構面臨壓力,但散戶投資者承受了最大損失。
在下面的圖表中,我們放大了新加坡交易所的不同所有權組。
查看我們對新加坡交易所的最新分析
關於新加坡交易所,機構持股告訴了我們什麼?
機構通常在向自己的投資者報告時,以基準來衡量自己,因此一旦一隻股票被納入主要指數,它們往往會對這只股票變得更加熱情。我們預計,大多數公司都會有一些機構登記在冊,特別是在它們正在增長的情況下。
我們可以看到,新加坡交易所確實有機構投資者;他們持有公司很大一部分股票。這意味著為這些機構工作的分析師已經看過了這只股票,他們喜歡它。但就像其他人一樣,他們也可能錯了。當多家機構持有一隻股票時,它們總是面臨“擁擠交易”的風險。當這樣的交易出錯時,多方可能會競相快速拋售股票。在一家沒有增長曆史的公司,這一風險更高。你可以在下面看到新加坡交易所的歷史收益和收入,但請記住,故事中總是有更多的東西。
對沖基金在新加坡交易所的股票並不多。我們的數據顯示,淡馬錫控股(私人)有限公司是最大的股東,持有23%的流通股。先鋒集團和富達國際有限公司分別持有2.9%和2.8%的流通股,是第二大和第三大股東。
更深入地研究我們的所有權數據就會發現,前25名股東總共持有的股份不到登記冊的一半,這表明有一大群小股東,沒有單一股東佔多數。
研究機構持股是衡量和篩選股票預期表現的好方法。通過研究分析師的情緒,也可以達到同樣的效果。有相當數量的分析師追蹤該股,因此瞭解他們對未來的總體看法可能是有用的。
新加坡交易所的內部人所有權
儘管對內部人的準確定義可能是主觀的,但幾乎每個人都認為董事會成員是內部人。公司管理層對董事會負責,董事會應代表股東的利益。值得注意的是,有時最高層管理人員本身也是董事會成員。
我通常認為內部人持股是一件好事。然而,在某些情況下,這會讓其他股東更難讓董事會對決策負責。
我們的資訊顯示,新加坡交易所有限公司的內部人士持有該公司不到1%的股份。它是一家大公司,所以即使是很小的比例權益也可以在董事會和股東之間建立聯盟。在這種情況下,內部人士持有價值4200萬新元的股票。看到董事會成員持有股票是件好事,但可能值得檢查一下這些內部人士是否一直在買入。
一般公有制
公眾--包括散戶投資者--持有新加坡交易所50%的股份。這種規模的所有權賦予了來自普通公眾的投資者一些集體權力。他們能夠而且很可能確實會影響高管薪酬、股息政策和擬議中的企業收購的決策。
私募股權所有權
私募股權公司持有新加坡交易所23%的股份。這表明,他們可以在關鍵的政策決策中發揮影響力。一些投資者可能會因此而受到鼓舞,因為私人股本有時能夠鼓勵有助於市場看到公司價值的策略。或者,這些持有者可能會在投資上市後退出。
接下來的步驟:
我發現看看到底是誰擁有一家公司是非常有趣的。但為了真正獲得洞察力,我們還需要考慮其他資訊。
我喜歡潛入更深的地方瞭解一家公司過去的表現。您可以訪問此互動圖過去的收益、收入和現金流,是免費的。
但最終這就是未來,而不是過去,這將決定這家企業的所有者將做得多好。因此,我們認為,看看這份免費報告是明智的,它顯示了分析師是否預測到了更光明的未來。
注:本文中的數位是使用過去12個月的數據計算的,指的是截至財務報表日期的最後一個月的12個月期間。這可能與全年的年度報告數位不一致。
對這篇文章有什麼反饋嗎?擔心內容嗎?保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
譯文內容由第三人軟體翻譯。
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