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SGX

DnApeh
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26-Oct-2010 14:48

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?handle forming

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cannotfind
Elite

26-Oct-2010 14:48

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hehe... so confident.... now 8.78 liao... scare or not

ozone2002 ( Date: 26-Oct-2010 14:32) Posted:

yeah bot some @ 8.7 now gg up..

ozone2002 ( Date: 26-Oct-2010 10:29) Posted:

8.7 support level.. JUST BUY...

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ozone2002
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26-Oct-2010 14:32

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yeah bot some @ 8.7 now gg up..

ozone2002 ( Date: 26-Oct-2010 10:29) Posted:

8.7 support level.. JUST BUY...

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nickyng
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26-Oct-2010 14:28

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haha...as some1 put it....win-win for SGX(mgt) & ASX(shareholders) ..wat a joke :P

Noob79 ( Date: 26-Oct-2010 14:23) Posted:

I think is a win-win situation.... ASX will be stronger if it merge orelse will be losing ground....

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Noob79
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26-Oct-2010 14:23

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I think is a win-win situation.... ASX will be stronger if it merge orelse will be losing ground....

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nickyng
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26-Oct-2010 14:19

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i think aas each day get by the anti-SGX-ASX merger is getting stronger siah! looks like this marriage-2-be gonna failed from start due to kangaroo's nationalistic ego! :P

=DJ 3rd UPDATE: Political Storm Brews Over A$8.4 Bln ASX Raid

Dow Jones Newswires | 26 Oct 2010 1:57pm

(Adds detail, Swan comment)

By Rachel Pannett and Enda Curran

of DOW JONES NEWSWIRES

CANBERRA (Dow Jones)--A political backlash in Australia threatens to derail the proposed A$8.4 billion takeover of the country's largest stock market operator by Singapore Exchange Ltd. (S68.SG), with key lawmakers signalling they may block the deal because it gives a foreign investor too much control of the Sydney-based exchange.

Politicians on both sides of Australia's parliament on Tuesday questioned the takeover of ASX Ltd. (ASX.AU), which requires the approval of both the government and regulators to go ahead. Under Australian corporations legislation, no single shareholder can own more than 15% of the ASX, and any regulation to lift that threshold must be tabled in parliament for 15 days.

The Singapore company's bid "tramples all over freedom of speech, democracy, the rights of oppositions," said Bob Brown, leader of The Greens. The party is crucial in supporting Prime Minister Julia Gillard's minority Labor government in Canberra.

Brown's concerns about the takeover, which could create Asia's fifth-largest market operator, were echoed by senior political figures including the opposition treasurer amid signs that the deal will be politicised.

"There will be concerns about our stock market being bought by a regional competitor, so it's essential the government explain how this is good for Australia," said Joe Hockey, shadow treasury spokesman, in a statement to Dow Jones Newswires.

SGX has offered A$22 in cash and 3.743 SGX shares for each ASX share, valuing the company at A$48 (US$47.11) a share based on the closing share price before the offer was announced. ASX shares traded in Sydney closed down 7.4% Tuesday, weighed down by concerns that a political backlash could derail the deal.

In answer to critics of the deal, both chief executives of ASX and SGX have said they want to break down national boundaries and create an Asian-Pacific powerhouse with more than 2,700 listed companies from about 20 countries. The exchanges have already started their campaign to woo regulators and politicians, with executives from ASX due to meet Hockey this week.

So far they have failed to convince a skeptical market with JP Morgan warning Tuesday in a note to investors that the deal risks becoming "a heavily politicised issue."

Amid calls for close scrutiny of the deal Australia's Treasurer Wayne Swann told parliament that the deal should also be viewed in terms of building "Australia's reputation as a financial services hub." Swan added that SGX's takeover will undergo intense regulatory scrutiny to ensure Australia's interests, and the market integrity of ASX are preserved.

Swan may struggle to convinced some hardliners such as independent lawmaker Bob Katter who plans to tabel a motion in parliament to oppose the takover of the ASX by a foreign investor.

"I do not wish to live in a country of serfs working for foreign landlords," he told Dow Jones Newswires.

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nickyng
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26-Oct-2010 14:11

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hmm...the way i see it...deal go thru...SGX over pay in premium fo ASX.....deal fall thru...SGX back to sq 1....both way stock price will drop??!?!?! haha...a mattar of which directions will cause it to drop more?!?!? :P yah ?? no???

Jackpot2010 ( Date: 26-Oct-2010 13:15) Posted:

BUY when everybody is selling - @$8 is a safe bet! IF this deal flops - like SIA /Qantas flop - SGX will rise again.

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alexchia01
Elite

26-Oct-2010 13:45

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Yells: "Catch The Stars And Ride With Them"

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I think there is a Chance of SGX falling below $8.00.

I'm looking at $7.80, than $7.50.

hlfoo2010 ( Date: 26-Oct-2010 13:22) Posted:

Ithink go down to 7.37 not 7.4

nickyng ( Date: 26-Oct-2010 11:33) Posted:

wow...$7.40 !?!? sure or not?? :P

DJ MARKET TALK: JPM Downgrades SGX To Neutral; Target S$7.40

Dow Jones Newswires | 26 Oct 2010 11:16am

0317 GMT [Dow Jones] STOCK CALL: JPMorgan downgrades Singapore Exchange (S68.SG) to Neutral from Overweight, cuts target to S$7.40 vs S$9.70; expects SGX to trade on "ebb and flow of regulatory stance on merger rather than on volumes traded." Says potential deal EPS accretive by about 18% if cash portion financed by 2% SGD debt; at 4% interest rate, deal only 2% accretive. "Despite accretive bottom-line on debt funded deal, we expect the stock to decline. A debt funded deal would add financial leverage to an already high operating leverage, leading to greater earnings fluctuations and hence derating." Adds upside risk to view is SGX walking away from deal, significant increase in volumes traded. Says developments to look for include regulatory stance, other exchanges' interest, reaction to fact it's corporate merger with dual listing, not full-blown exchange-level merger; this main factor in determining whether exchanges can gain revenue synergies, emerge as pre-eminent Asia-Pacific exchange. Shares down 2.3% at S$8.74.

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hlfoo2010
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26-Oct-2010 13:22

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Ithink go down to 7.37 not 7.4

nickyng ( Date: 26-Oct-2010 11:33) Posted:

wow...$7.40 !?!? sure or not?? :P

DJ MARKET TALK: JPM Downgrades SGX To Neutral; Target S$7.40

Dow Jones Newswires | 26 Oct 2010 11:16am

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Jackpot2010
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26-Oct-2010 13:15

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BUY when everybody is selling - @$8 is a safe bet! IF this deal flops - like SIA /Qantas flop - SGX will rise again.

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nickyng
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26-Oct-2010 13:10

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looks like more rooms for $HORTING siah! :P

DJ MARKET TALK: SGX-ASX Deal Isn't "Merger Of Equals" -Macquarie

Dow Jones Newswires | 26 Oct 2010 12:12pm

0413 GMT [Dow Jones] Macquarie says Singapore Exchange's (S68.SG) merger plan with ASX (ASX.AU) not 'merger of equals' as if deal goes through, merged company's 15-member board would have 11 SGX directors, 4 from ASX. "Normally we would view this one-sided post-merger management structure as positive. But in this case, we think it will decrease the probability that the Australian authorities approve the deal." Adds, deal's rationale still unclear as while will create very large exchange understood, "this alone doesn't justify the acquisition premium," at 37% over Friday's ASX close. Notes, management indicated S$39 million cost synergies, "but was unable to quantify revenue enhancement...did not adequately defend the valuation premium." Keeps earnings forecasts unchanged, keeps S$10.90 target, Outperform call. Adds, value in SGX stock could emerge below S$8.00, but news flow, especially Australian government reaction, to dominate trade, no need to rush back into SGX stock. Shares off 2.9% at S$8.69. (matthew.allen@dowjones.com)

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cannotfind
Elite

26-Oct-2010 12:21

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siao ah.. if this fails, it will even go more down since they have invested so much money.

nickyng ( Date: 26-Oct-2010 12:13) Posted:

gee...if this failed...does it mean SGX will shoot back up?!?! thk $HORTI$T better cover fast siah :P

cannotfind ( Date: 26-Oct-2010 11:43) Posted:

hehehe... like I said, both government has not approved this... maybe this will fail lei.... but really.... Aussie are proud to be themselves.

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WeiQiQi
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26-Oct-2010 12:17

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if not mistaken, sgx needs to hold an EGM to get shareholders' approval. That will take some time.

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nickyng
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26-Oct-2010 12:13

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gee...if this failed...does it mean SGX will shoot back up?!?! thk $HORTI$T better cover fast siah :P

cannotfind ( Date: 26-Oct-2010 11:43) Posted:

hehehe... like I said, both government has not approved this... maybe this will fail lei.... but really.... Aussie are proud to be themselves.

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des_khor
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26-Oct-2010 11:46

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Yells: "Tell me who is the God or MFT from this forum??"

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Ang mo very proud one... how can they agreed to let us little red dot control over ??

cannotfind ( Date: 26-Oct-2010 11:43) Posted:

hehehe... like I said, both government has not approved this... maybe this will fail lei.... but really.... Aussie are proud to be themselves.

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rabbitfoot
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26-Oct-2010 11:44

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Can queue at 8.50 ?

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WeiQiQi
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26-Oct-2010 11:43

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this one also can comment like Nick "wow $11.4 !?!? sure or not...$11.4" by DBSV, think they want to get out..

SGX has made an offer to acquire ASX for a total consideration

of S$10.7bn in cash and shares. The acquisition will create an

enlarged listed exchange with long-term positives. Cost savings

will be about 7-15% of the combined entity’s earnings. Near

term key risk lies in attaining regulatory approvals, and

concerns that SGX is gearing up in terms of debt. However,

based on our analyst’s estimates, there is still a 13% EPS

accretion in FY12 after accounting for interest costs but

excluding potential revenue and cost synergies. Maintain Buy

and S$11.40 TP.

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cannotfind
Elite

26-Oct-2010 11:43

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hehehe... like I said, both government has not approved this... maybe this will fail lei.... but really.... Aussie are proud to be themselves.

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cannotfind
Elite

26-Oct-2010 11:41

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This is true.. I studied there.... They are proud of their own products and very pariotic. They normally do not like asians as they believe asians are rich and definitely not asians taking their national pride. They are friendly though. Just that they want to be the dominating ones.

nickyng ( Date: 26-Oct-2010 10:41) Posted:

typical kangaroo nationalist and racist behaviour as expected....haha...wonder how Australia can b a leading financial centre on its own?

==============================================

DJ 2ND UPDATE: Australian Lawmakers Signal Opposition To ASX Takeover

Dow Jones Newswires | 26 Oct 2010 10:22am

(Adds comments from shadow treasurer, comments from PM, interview with independent Katter and comments from Greens leader)

By Enda Curran and Rachel Pannett

of DOW JONES NEWSWIRES

CANBERRA (Dow Jones)--A mounting political backlash in Australia threatens to scuttle a proposed A$8.4 billion takeover of the country's stock market operator by Singapore Exchange Ltd. (S68.SG), with key lawmakers Tuesday saying it would give a foreign government with a poor record on freedom of speech and democratic issues too much control of the Sydney-based exchange.

The concerns add a new dimension to the ambitious plan, amplifying the hurdles it faces if it is to win both regulatory and parliamentary approval. The ruling Labor party has slim control of power with the support of independents and the sole lower house Greens party lawmaker. A protracted debate about the foreign takeover of the ASX could prove damaging.

Greens leader Bob Brown told Dow Jones Newswires he won't back legislative changes to allow the deal to go ahead.

"(Singapore) is a state that tramples all over freedom of speech, democracy, the rights of oppositions, the ability for public discourse," he later told reporters.

"The proposal here is that effectively the Australian Stock Exchange in Sydney be subjugated to Singapore and we'll see it wither on the vine," he added.

Lawmakers in Canberra will have to approve the deal, which would require a change in Australian regulatory law. Under Australian corporations legislation, no single shareholder can own more than 15% of the ASX, and any proposal to lift that threshold must be tabled in parliament for 15 days. That gives members of parliament time to table a disallowance motion that could block the bid if passed. Australia's foreign investment laws also require approval from the Australian Treasurer Wayne Swan who will take advice from the Foreign Investment Review Board.

The growing political opposition to the proposal means the onus is on Prime Minister Julia Gillard and her government to shepherd the takeover through any debate in parliament. Swan's office has so far avoided commenting directly on the details of the SGX proposal. Gillard said Tuesday the government considers all foreign investment proposals in the "national interest".

"The Greens will not support any move to exempt the 15% shareholder cap on the Australian Stock Exchange to allow it to be taken over by the Singapore Exchange unless the benefits can be clearly proven," Brown told Dow Jones Newswires in emailed remarks.

"We want to know what the impact will be not only on the Australian market and shareholders but also superannuation accounts and financial service and other workers," Brown said.

Independent lawmaker Bob Katter said he would table a resolution in Parliament Tuesday to block the takeover and will oppose it on all grounds.

"We will be moving a resolution opposing it," Katter told Dow Jones Newswires. "I would remain very confident all of the (independent and minor party lawmakers) will support it," he said.

"I have a desire some things in my country are left owned by my country. I do not wish to live in a country of serfs working for foreign landlords," he said.

The main opposition Liberal-National coalition also ramped up its opposition to the deal, questioning whether it would give a foreign government too much control of the Sydney-based exchange.

The government must prove that the takeover is in Australia's national interest considering the large share of the company owned by the Asian state's central bank, Joe Hockey, shadow treasurer, said.

"There will be concerns about our stock market being bought by a regional competitor, so it's essential the government explain how this is good for Australia," Hockey told Dow Jones Newswires in emailed comments.

He said it is "premature" to say whether the conservative coalition will support or oppose the deal, however, noting that he will receive a briefing from the ASX later this week.

Asked if the Greens would support Katter's motion to disallow the deal, Brown said: "We'll look at any motion, but our position is not to allow it until we get evidence that it is going to be in Australia's national interest."

SGX has offered A$22 in cash and 3.743 SGX shares for each ASX share, valuing the company at A$48 (US$47.11) a share based on the closing share price before the offer was announced.

ASX shares fell as much as 8.6% Tuesday, giving up much of Monday's strong gains on the bid, as concerns about political opposition intensified.

JP Morgan warned Tuesday in a note to investors that the deal risks becoming "a heavily politicised issue."

The chief executives of both Sydney-based ASX Ltd. and SGX said Monday they want to break down national boundaries and create an Asian-Pacific powerhouse with more than 2,700 listed companies from about 20 countries. The exchanges have already started their campaign to woo regulators, people familiar with the matter said.

-By Rachel Pannett and Enda Curran, Dow Jones Newswires; 61-2-8272-4687; enda.curran@dowjones.com ;rachel.pannett@dowjones.com

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cannotfind
Elite

26-Oct-2010 11:39

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OMG... DBS Vickers sasys BUY - TARGET 11.40

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