SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<table class="table table-striped"><tbody>
<tr>
<td>
			Primary-listed Stocks that Conducted Buybacks in Dec 2021
			</td>
			<td>
			Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Total Number of Shares/Units Purchased in Dec 2021
			</td>
			<td>
			Total Buyback Consideration (including stamp duties, clearing changes etc.) paid or payable for the shares
			</td>
			<td>
			Average Price Paid
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date
			</td>
			<td>
			Pct of Outstanding Shares (Excl. Treas) purchased in Mandate to date
			</td>
		</tr>
<tr>
<td>
			CAPITALAND INVESTMENT
			</td>
			<td>
			260,159,789
			</td>
			<td>
			33,596,500
			</td>
			<td>
			$112,710,385
			</td>
			<td>
			$3.35
			</td>
			<td>
			61,995,700
			</td>
			<td>
			1.21
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION
			</td>
			<td>
			223,511,333
			</td>
			<td>
			2,600,000
			</td>
			<td>
			$29,525,209
			</td>
			<td>
			$11.36
			</td>
			<td>
			27,680,100
			</td>
			<td>
			0.62
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			83,744,151
			</td>
			<td>
			577,500
			</td>
			<td>
			$15,334,868
			</td>
			<td>
			$26.55
			</td>
			<td>
			4,900,000
			</td>
			<td>
			0.29
			</td>
		</tr>
<tr>
<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			631,140,890
			</td>
			<td>
			3,380,900
			</td>
			<td>
			$13,859,911
			</td>
			<td>
			$4.10
			</td>
			<td>
			19,905,300
			</td>
			<td>
			0.32
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			</td>
			<td>
			394,851,600
			</td>
			<td>
			8,339,500
			</td>
			<td>
			$10,801,230
			</td>
			<td>
			$1.30
			</td>
			<td>
			25,101,500
			</td>
			<td>
			0.64
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			35,714,993
			</td>
			<td>
			2,915,000
			</td>
			<td>
			$5,775,593
			</td>
			<td>
			$1.98
			</td>
			<td>
			6,780,700
			</td>
			<td>
			0.38
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECHNOLOGIES ENGINEERING
			</td>
			<td>
			62,409,095
			</td>
			<td>
			1,000,000
			</td>
			<td>
			$3,728,481
			</td>
			<td>
			$3.73
			</td>
			<td>
			7,300,000
			</td>
			<td>
			0.23
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			107,164,240
			</td>
			<td>
			399,200
			</td>
			<td>
			$3,680,309
			</td>
			<td>
			$9.22
			</td>
			<td>
			2,145,400
			</td>
			<td>
			0.20
			</td>
		</tr>
<tr>
<td>
			RAFFLES MEDICAL GROUP
			</td>
			<td>
			186,740,892
			</td>
			<td>
			2,436,900
			</td>
			<td>
			$3,229,944
			</td>
			<td>
			$1.33
			</td>
			<td>
			2,436,900
			</td>
			<td>
			0.13
			</td>
		</tr>
<tr>
<td>
			THE HOUR GLASS
			</td>
			<td>
			69,664,318
			</td>
			<td>
			1,482,200
			</td>
			<td>
			$2,966,836
			</td>
			<td>
			$2.00
			</td>
			<td>
			10,810,500
			</td>
			<td>
			1.55
			</td>
		</tr>
<tr>
<td>
			GEO ENERGY RESOURCES
			</td>
			<td>
			139,927,311
			</td>
			<td>
			8,900,000
			</td>
			<td>
			$2,938,896
			</td>
			<td>
			$0.33
			</td>
			<td>
			8,900,000
			</td>
			<td>
			0.64
			</td>
		</tr>
<tr>
<td>
			WING TAI HOLDINGS
			</td>
			<td>
			77,054,716
			</td>
			<td>
			1,230,900
			</td>
			<td>
			$2,285,592
			</td>
			<td>
			$1.86
			</td>
			<td>
			6,700,100
			</td>
			<td>
			0.87
			</td>
		</tr>
<tr>
<td>
			JAPFA
			</td>
			<td>
			204,707,032
			</td>
			<td>
			2,089,200
			</td>
			<td>
			$1,302,595
			</td>
			<td>
			$0.62
			</td>
			<td>
			6,269,800
			</td>
			<td>
			0.31
			</td>
		</tr>
<tr>
<td>
			OUE
			</td>
			<td>
			87,879,966
			</td>
			<td>
			886,300
			</td>
			<td>
			$1,181,616
			</td>
			<td>
			$1.33
			</td>
			<td>
			6,768,900
			</td>
			<td>
			0.77
			</td>
		</tr>
<tr>
<td>
			SINGAPORE SHIPPING CORPORATION
			</td>
			<td>
			39,889,089
			</td>
			<td>
			3,416,700
			</td>
			<td>
			$973,138
			</td>
			<td>
			$0.28
			</td>
			<td>
			5,506,800
			</td>
			<td>
			1.38
			</td>
		</tr>
<tr>
<td>
			STARHUB
			</td>
			<td>
			173,110,176
			</td>
			<td>
			600,000
			</td>
			<td>
			$816,553
			</td>
			<td>
			$1.36
			</td>
			<td>
			1,253,000
			</td>
			<td>
			0.07
			</td>
		</tr>
<tr>
<td>
			PAN-UNITED CORPORATION
			</td>
			<td>
			69,857,582
			</td>
			<td>
			2,188,100
			</td>
			<td>
			$704,590
			</td>
			<td>
			$0.32
			</td>
			<td>
			2,188,100
			</td>
			<td>
			0.31
			</td>
		</tr>
<tr>
<td>
			COMFORTDELGRO CORPORATION
			</td>
			<td>
			216,731,916
			</td>
			<td>
			462,500
			</td>
			<td>
			$645,277
			</td>
			<td>
			$1.40
			</td>
			<td>
			462,500
			</td>
			<td>
			0.02
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			28,088,477
			</td>
			<td>
			115,000
			</td>
			<td>
			$582,242
			</td>
			<td>
			$5.06
			</td>
			<td>
			1,208,000
			</td>
			<td>
			0.39
			</td>
		</tr>
<tr>
<td>
			AZTECH GLOBAL
			</td>
			<td>
			77,382,554
			</td>
			<td>
			552,600
			</td>
			<td>
			$488,472
			</td>
			<td>
			$0.88
			</td>
			<td>
			1,872,600
			</td>
			<td>
			0.24
			</td>
		</tr>
<tr>
<td>
			SHS HOLDINGS
			</td>
			<td>
			68,509,831
			</td>
			<td>
			2,461,000
			</td>
			<td>
			$383,129
			</td>
			<td>
			$0.16
			</td>
			<td>
			2,461,000
			</td>
			<td>
			0.36
			</td>
		</tr>
<tr>
<td>
			G.H.Y CULTURE &amp; MEDIA HOLDING CO
			</td>
			<td>
			107,379,200
			</td>
			<td>
			672,100
			</td>
			<td>
			$366,822
			</td>
			<td>
			$0.55
			</td>
			<td>
			672,100
			</td>
			<td>
			0.06
			</td>
		</tr>
<tr>
<td>
			HG METAL MANUFACTURING
			</td>
			<td>
			3,822,532
			</td>
			<td>
			885,400
			</td>
			<td>
			$339,500
			</td>
			<td>
			$0.38
			</td>
			<td>
			1,123,400
			</td>
			<td>
			0.88
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			159,744,243
			</td>
			<td>
			2,002,600
			</td>
			<td>
			$312,126
			</td>
			<td>
			$0.16
			</td>
			<td>
			54,125,500
			</td>
			<td>
			3.39
			</td>
		</tr>
<tr>
<td>
			HOTUNG INVESTMENT HLDGS
			</td>
			<td>
			9,595,108
			</td>
			<td>
			124,100
			</td>
			<td>
			$267,678
			</td>
			<td>
			$2.16
			</td>
			<td>
			777,600
			</td>
			<td>
			0.81
			</td>
		</tr>
<tr>
<td>
			CSC HOLDINGS
			</td>
			<td>
			356,782,817
			</td>
			<td>
			17,400,000
			</td>
			<td>
			$244,377
			</td>
			<td>
			$0.01
			</td>
			<td>
			24,400,000
			</td>
			<td>
			0.68
			</td>
		</tr>
<tr>
<td>
			FOOD EMPIRE HOLDINGS
			</td>
			<td>
			53,774,969
			</td>
			<td>
			277,600
			</td>
			<td>
			$217,572
			</td>
			<td>
			$0.78
			</td>
			<td>
			2,781,100
			</td>
			<td>
			0.52
			</td>
		</tr>
<tr>
<td>
			BOUSTEAD SINGAPORE
			</td>
			<td>
			48,403,012
			</td>
			<td>
			155,000
			</td>
			<td>
			$150,656
			</td>
			<td>
			$0.97
			</td>
			<td>
			1,179,200
			</td>
			<td>
			0.24
			</td>
		</tr>
<tr>
<td>
			BROADWAY INDUSTRIAL GROUP
			</td>
			<td>
			46,822,156
			</td>
			<td>
			551,600
			</td>
			<td>
			$121,729
			</td>
			<td>
			$0.22
			</td>
			<td>
			10,000,000
			</td>
			<td>
			2.14
			</td>
		</tr>
<tr>
<td>
			ANCHUN INTERNATIONAL HOLDINGS
			</td>
			<td>
			4,819,090
			</td>
			<td>
			450,000
			</td>
			<td>
			$120,030
			</td>
			<td>
			$0.27
			</td>
			<td>
			500,000
			</td>
			<td>
			1.04
			</td>
		</tr>
<tr>
<td>
			SARINE TECHNOLOGIES
			</td>
			<td>
			17,491,596
			</td>
			<td>
			200,000
			</td>
			<td>
			$117,999
			</td>
			<td>
			$0.59
			</td>
			<td>
			550,000
			</td>
			<td>
			0.15
			</td>
		</tr>
<tr>
<td>
			G. K. GOH HOLDINGS
			</td>
			<td>
			32,481,013
			</td>
			<td>
			98,400
			</td>
			<td>
			$110,626
			</td>
			<td>
			$1.12
			</td>
			<td>
			2,765,800
			</td>
			<td>
			0.85
			</td>
		</tr>
<tr>
<td>
			SOUTHERN ALLIANCE MINING 
			</td>
			<td>
			48,900,000
			</td>
			<td>
			47,000
			</td>
			<td>
			$34,637
			</td>
			<td>
			$0.74
			</td>
			<td>
			211,000
			</td>
			<td>
			0.04
			</td>
		</tr>
<tr>
<td>
			ST GROUP FOOD INDUSTRIES HOLDINGS
			</td>
			<td>
			24,290,050
			</td>
			<td>
			120,000
			</td>
			<td>
			$17,459
			</td>
			<td>
			$0.15
			</td>
			<td>
			120,000
			</td>
			<td>
			0.05
			</td>
		</tr>
<tr>
<td>
			CNMC GOLDMINE HOLDINGS
			</td>
			<td>
			40,769,300
			</td>
			<td>
			80,000
			</td>
			<td>
			$16,350
			</td>
			<td>
			$0.20
			</td>
			<td>
			2,403,900
			</td>
			<td>
			0.59
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,736,488
			</td>
			<td>
			34,000
			</td>
			<td>
			$15,744
			</td>
			<td>
			$0.46
			</td>
			<td>
			480,000
			</td>
			<td>
			0.04
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			102,727,800
			</td>
			<td>
			$216,368,172
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv, Bloomberg (Data as of 31 Dec 2021)
</body></html>






			Primary-listed Stocks that Conducted Buybacks in Dec 2021
			
			
			Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Total Number of Shares/Units Purchased in Dec 2021
			
			
			Total Buyback Consideration (including stamp duties, clearing changes etc.) paid or payable for the shares
			
			
			Average Price Paid
			
			
			Cumulative Number of Shares/units purchased in Mandate to date
			
			
			Pct of Outstanding Shares (Excl. Treas) purchased in Mandate to date
			
		


			CAPITALAND INVESTMENT
			
			
			260,159,789
			
			
			33,596,500
			
			
			$112,710,385
			
			
			$3.35
			
			
			61,995,700
			
			
			1.21
			
		


			OVERSEA-CHINESE BANKING CORPORATION
			
			
			223,511,333
			
			
			2,600,000
			
			
			$29,525,209
			
			
			$11.36
			
			
			27,680,100
			
			
			0.62
			
		


			UNITED OVERSEAS BANK
			
			
			83,744,151
			
			
			577,500
			
			
			$15,334,868
			
			
			$26.55
			
			
			4,900,000
			
			
			0.29
			
		


			WILMAR INTERNATIONAL
			
			
			631,140,890
			
			
			3,380,900
			
			
			$13,859,911
			
			
			$4.10
			
			
			19,905,300
			
			
			0.32
			
		


			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			
			
			394,851,600
			
			
			8,339,500
			
			
			$10,801,230
			
			
			$1.30
			
			
			25,101,500
			
			
			0.64
			
		


			SEMBCORP INDUSTRIES
			
			
			35,714,993
			
			
			2,915,000
			
			
			$5,775,593
			
			
			$1.98
			
			
			6,780,700
			
			
			0.38
			
		


			SINGAPORE TECHNOLOGIES ENGINEERING
			
			
			62,409,095
			
			
			1,000,000
			
			
			$3,728,481
			
			
			$3.73
			
			
			7,300,000
			
			
			0.23
			
		


			SINGAPORE EXCHANGE
			
			
			107,164,240
			
			
			399,200
			
			
			$3,680,309
			
			
			$9.22
			
			
			2,145,400
			
			
			0.20
			
		


			RAFFLES MEDICAL GROUP
			
			
			186,740,892
			
			
			2,436,900
			
			
			$3,229,944
			
			
			$1.33
			
			
			2,436,900
			
			
			0.13
			
		


			THE HOUR GLASS
			
			
			69,664,318
			
			
			1,482,200
			
			
			$2,966,836
			
			
			$2.00
			
			
			10,810,500
			
			
			1.55
			
		


			GEO ENERGY RESOURCES
			
			
			139,927,311
			
			
			8,900,000
			
			
			$2,938,896
			
			
			$0.33
			
			
			8,900,000
			
			
			0.64
			
		


			WING TAI HOLDINGS
			
			
			77,054,716
			
			
			1,230,900
			
			
			$2,285,592
			
			
			$1.86
			
			
			6,700,100
			
			
			0.87
			
		


			JAPFA
			
			
			204,707,032
			
			
			2,089,200
			
			
			$1,302,595
			
			
			$0.62
			
			
			6,269,800
			
			
			0.31
			
		


			OUE
			
			
			87,879,966
			
			
			886,300
			
			
			$1,181,616
			
			
			$1.33
			
			
			6,768,900
			
			
			0.77
			
		


			SINGAPORE SHIPPING CORPORATION
			
			
			39,889,089
			
			
			3,416,700
			
			
			$973,138
			
			
			$0.28
			
			
			5,506,800
			
			
			1.38
			
		


			STARHUB
			
			
			173,110,176
			
			
			600,000
			
			
			$816,553
			
			
			$1.36
			
			
			1,253,000
			
			
			0.07
			
		


			PAN-UNITED CORPORATION
			
			
			69,857,582
			
			
			2,188,100
			
			
			$704,590
			
			
			$0.32
			
			
			2,188,100
			
			
			0.31
			
		


			COMFORTDELGRO CORPORATION
			
			
			216,731,916
			
			
			462,500
			
			
			$645,277
			
			
			$1.40
			
			
			462,500
			
			
			0.02
			
		


			AEM HOLDINGS
			
			
			28,088,477
			
			
			115,000
			
			
			$582,242
			
			
			$5.06
			
			
			1,208,000
			
			
			0.39
			
		


			AZTECH GLOBAL
			
			
			77,382,554
			
			
			552,600
			
			
			$488,472
			
			
			$0.88
			
			
			1,872,600
			
			
			0.24
			
		


			SHS HOLDINGS
			
			
			68,509,831
			
			
			2,461,000
			
			
			$383,129
			
			
			$0.16
			
			
			2,461,000
			
			
			0.36
			
		


			G.H.Y CULTURE &amp; MEDIA HOLDING CO
			
			
			107,379,200
			
			
			672,100
			
			
			$366,822
			
			
			$0.55
			
			
			672,100
			
			
			0.06
			
		


			HG METAL MANUFACTURING
			
			
			3,822,532
			
			
			885,400
			
			
			$339,500
			
			
			$0.38
			
			
			1,123,400
			
			
			0.88
			
		


			GLOBAL INVESTMENTS
			
			
			159,744,243
			
			
			2,002,600
			
			
			$312,126
			
			
			$0.16
			
			
			54,125,500
			
			
			3.39
			
		


			HOTUNG INVESTMENT HLDGS
			
			
			9,595,108
			
			
			124,100
			
			
			$267,678
			
			
			$2.16
			
			
			777,600
			
			
			0.81
			
		


			CSC HOLDINGS
			
			
			356,782,817
			
			
			17,400,000
			
			
			$244,377
			
			
			$0.01
			
			
			24,400,000
			
			
			0.68
			
		


			FOOD EMPIRE HOLDINGS
			
			
			53,774,969
			
			
			277,600
			
			
			$217,572
			
			
			$0.78
			
			
			2,781,100
			
			
			0.52
			
		


			BOUSTEAD SINGAPORE
			
			
			48,403,012
			
			
			155,000
			
			
			$150,656
			
			
			$0.97
			
			
			1,179,200
			
			
			0.24
			
		


			BROADWAY INDUSTRIAL GROUP
			
			
			46,822,156
			
			
			551,600
			
			
			$121,729
			
			
			$0.22
			
			
			10,000,000
			
			
			2.14
			
		


			ANCHUN INTERNATIONAL HOLDINGS
			
			
			4,819,090
			
			
			450,000
			
			
			$120,030
			
			
			$0.27
			
			
			500,000
			
			
			1.04
			
		


			SARINE TECHNOLOGIES
			
			
			17,491,596
			
			
			200,000
			
			
			$117,999
			
			
			$0.59
			
			
			550,000
			
			
			0.15
			
		


			G. K. GOH HOLDINGS
			
			
			32,481,013
			
			
			98,400
			
			
			$110,626
			
			
			$1.12
			
			
			2,765,800
			
			
			0.85
			
		


			SOUTHERN ALLIANCE MINING 
			
			
			48,900,000
			
			
			47,000
			
			
			$34,637
			
			
			$0.74
			
			
			211,000
			
			
			0.04
			
		


			ST GROUP FOOD INDUSTRIES HOLDINGS
			
			
			24,290,050
			
			
			120,000
			
			
			$17,459
			
			
			$0.15
			
			
			120,000
			
			
			0.05
			
		


			CNMC GOLDMINE HOLDINGS
			
			
			40,769,300
			
			
			80,000
			
			
			$16,350
			
			
			$0.20
			
			
			2,403,900
			
			
			0.59
			
		


			TUAN SING HOLDINGS
			
			
			118,736,488
			
			
			34,000
			
			
			$15,744
			
			
			$0.46
			
			
			480,000
			
			
			0.04
			
		


			Total
			
			
			 
			
			
			102,727,800
			
			
			$216,368,172
			
			
			 
			
			
			 
			
			
			 
			
		

 Source: SGX, Refinitiv, Bloomberg (Data as of 31 Dec 2021)



Primary-Listed Buyback Consideration Tops S$1bn in 2021

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> FY21 results boosted by facilities management and logistics services; Maintains S$0.01 DPS</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> to achieve 100% occupancy rate for Münster Campus by Sep22 onwards</li><li><a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> IPO sees healthy demand; Listing on 3Dec</li></ul>

LHN Ltd (LHN SP) FY21 results boosted by facilities management and logistics services; Maintains S$0.01 DPSIREIT Global (IREIT SP) to achieve 100% occupancy rate for Münster Campus by Sep22 onwardsDaiwa House Logistics Trust (DHLT SP) IPO sees healthy demand; Listing on 3Dec

ASEAN Builder's Scoop (29Nov21) - LHN Boosted by Facilities and Logistics Services

CDL Hospitality Trusts / Equity Bottom-Up

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
With Singapore in the stabilisation phase of its transition to COVID-19 resilience, eight more countries will be added to Vaccinated Travel Lanes (VTLs). Similarly, Malaysia announced earlier in the month it is looking to reopen its borders to international travel once 90% of its adult population is fully vaccinated. 
	 </li>
	<li>
This has seen Singapore’s 10 most traded Travel and Hospitality related stocks advance 3.3% during the morning session of 11 Oct. International travel-related plays, SIA, SATS and SIA Engg gained 6.6%, 3.6% and 3.3% respectively, while ComfortDelGro, one of the largest global land transport companies, gained 2.0%. 
	 </li>
	<li>Genting Singapore gained 5.5%, while three stapled trusts - Ascott Residence Trust, CDL Hospitality Trust and Far East Hospitality Trust gained 4.3%, 2.3% and 1.6% respectively. Mandarin Oriental which has been a comparatively more defensive play since the end of 2019, added 0.5%. </li>
</ul>
 

With one of the highest vaccination rates in the world, Singapore is presently pursuing a 'Living with COVID-19' strategy as it seeks to build a COVID-resilient nation. Given the disease has become more manageable with a higher vaccination rate, the government said over the weekend that it should now "drastically simplify" health protocols, including procedures on what should be done if people tested positive or came in contact with infected persons. While Singapore's Prime Minister reiterated the need to protect the vulnerable, he said we must also "connect ourselves back to the world", in particular continuing to re-open the country's borders safely. 
Singapore has also announced that eight more countries will be added to Vaccinated Travel Lanes (VTLs), and with more such arrangements expected this will keep us connected to global supply chains and help to preserve the country's hub status. Similarly, Malaysia has announced earlier in the month it is looking to reopen its borders to international travel once 90% of its adult population is fully vaccinated. 
This has seen Singapore’s 10 most traded stocks that represent the travel and hospitality industries, average 3.3% gains in the 11 Oct Morning Session. Together the 10 stocks have contributed 8% of the day-to-day turnover of all stocks listed on SGX, with the Morning Session gains taking their average 2021 to date total return to 6.3%. The 10 stocks include Singapore Airlines which was the strongest performer of the 10 in the Morning Session with a 6.6% price gain, in addition to STI constituents, Genting Singapore, ComfortDelGro Corporation and SATS.

<table class="table table-striped"><tbody>
<tr>
<td>
			Most Traded Transport &amp; Hospitality Related Stocks in 2021
			</td>
			<td>
			Code
			</td>
			<td>
			2021 YTD Avg. Daily T/O S$M
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			11 Oct Morning Session *
			</td>
			<td>
			2020 Total Return %
			</td>
			<td>
			2020 Net Insti Flow S$M
			</td>
			<td>
			2021 YTD Total Return % *
			</td>
			<td>
			2021 YTD Net Insti Flow S$M
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td>
			C6L
			</td>
			<td>
			41.2
			</td>
			<td>
			15,223
			</td>
			<td>
			6.6
			</td>
			<td>
			-33
			</td>
			<td>
			-643
			</td>
			<td>
			28
			</td>
			<td>
			-275
			</td>
		</tr>
<tr>
<td>
			Genting Sing
			</td>
			<td>
			G13
			</td>
			<td>
			23.9
			</td>
			<td>
			8,747
			</td>
			<td>
			5.5
			</td>
			<td>
			-5
			</td>
			<td>
			112
			</td>
			<td>
			-9
			</td>
			<td>
			-132
			</td>
		</tr>
<tr>
<td>
			ComfortDelGro
			</td>
			<td>
			C52
			</td>
			<td>
			20.3
			</td>
			<td>
			3,316
			</td>
			<td>
			2.0
			</td>
			<td>
			-27
			</td>
			<td>
			-336
			</td>
			<td>
			-5
			</td>
			<td>
			-146
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			9.5
			</td>
			<td>
			4,679
			</td>
			<td>
			3.6
			</td>
			<td>
			-21
			</td>
			<td>
			-131
			</td>
			<td>
			9
			</td>
			<td>
			26
			</td>
		</tr>
<tr>
<td>
			Ascott Trust
			</td>
			<td>
			HMN
			</td>
			<td>
			5.3
			</td>
			<td>
			3,077
			</td>
			<td>
			4.3
			</td>
			<td>
			-18
			</td>
			<td>
			-3
			</td>
			<td>
			-5
			</td>
			<td>
			-44
			</td>
		</tr>
<tr>
<td>
			CDL Hosp Trust
			</td>
			<td>
			J85
			</td>
			<td>
			1.9
			</td>
			<td>
			1,376
			</td>
			<td>
			2.7
			</td>
			<td>
			-18
			</td>
			<td>
			-57
			</td>
			<td>
			-6
			</td>
			<td>
			-14
			</td>
		</tr>
<tr>
<td>
			SIA Engineering
			</td>
			<td>
			S59
			</td>
			<td>
			1.5
			</td>
			<td>
			2,357
			</td>
			<td>
			3.3
			</td>
			<td>
			-28
			</td>
			<td>
			-19
			</td>
			<td>
			10
			</td>
			<td>
			-3
			</td>
		</tr>
<tr>
<td>
			Far East Hosp Trust
			</td>
			<td>
			Q5T
			</td>
			<td>
			1.2
			</td>
			<td>
			1,223
			</td>
			<td>
			1.6
			</td>
			<td>
			-13
			</td>
			<td>
			-9
			</td>
			<td>
			6
			</td>
			<td>
			8
			</td>
		</tr>
<tr>
<td>
			Man Oriental USD
			</td>
			<td>
			M04
			</td>
			<td>
			0.5
			</td>
			<td>
			3,623
			</td>
			<td>
			0.5
			</td>
			<td>
			-8
			</td>
			<td>
			5
			</td>
			<td>
			28
			</td>
			<td>
			2
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			105.1
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			-1,081
			</td>
			<td>
			 
			</td>
			<td>
			-577
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			3.3
			</td>
			<td>
			-19
			</td>
			<td>
			 
			</td>
			<td>
			6
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv, Bloomberg. *Data as of 12am 11 October 2021, all other data as of 8 October.

 
Globally, recent global border re-openings to facilitate international travel for business and leisure purposes have impacted stocks. For the week ending 24 Sep, when the United States announced it would re-open borders for vaccinated travelers in November, United Airlines ended the week up 10.0%, while Singapore Airlines, SIA Engineering and SATS averaged 4.3% gains for the week. Pre-pandemic, the Unites States was home to 80 million visitors a year, with 100 million outbound travelers, with the reduction in global travel also significantly impacting airlines and adjacent industries. 
In Singapore, international travel and tourism has impacted shopping, accommodation, food and beverage, sightseeing and entertainment activity. Overall, Singapore’s annual tourism receipts took a significant decline in 2020, after growing gradually from S$13 billion in 2009 to S$28 billion in 2019, the receipts came to S$5 billion in 2020. As Mandarin Oriental International noted in July, a return to profitability will be dependent on the removal of barriers to international travel, particularly in Asia. This was echoed by the CEO of SPH REIT who noted last week that ‘notwithstanding the rollout of vaccinations, both in Singapore and globally, which will lead to the relaxation for international travel restrictions, full recovery for leisure travel will still take some time’. As tabled above, the 10 stocks averaged 19.1% declines in total return in 2020, with S$1,081 million in net institutional outflow, with 6.3% average total returns in 2021 year to date, on S$577 million in net institutional outflow. 
</body></html>





With Singapore in the stabilisation phase of its transition to COVID-19 resilience, eight more countries will be added to Vaccinated Travel Lanes (VTLs). Similarly, Malaysia announced earlier in the month it is looking to reopen its borders to international travel once 90% of its adult population is fully vaccinated. 
	 
	
This has seen Singapore’s 10 most traded Travel and Hospitality related stocks advance 3.3% during the morning session of 11 Oct. International travel-related plays, SIA, SATS and SIA Engg gained 6.6%, 3.6% and 3.3% respectively, while ComfortDelGro, one of the largest global land transport companies, gained 2.0%.  
	 
	Genting Singapore gained 5.5%, while three stapled trusts - Ascott Residence Trust, CDL Hospitality Trust and Far East Hospitality Trust gained 4.3%, 2.3% and 1.6% respectively. Mandarin Oriental which has been a comparatively more defensive play since the end of 2019, added 0.5%. 

 

With one of the highest vaccination rates in the world, Singapore is presently pursuing a 'Living with COVID-19' strategy as it seeks to build a COVID-resilient nation. Given the disease has become more manageable with a higher vaccination rate, the government said over the weekend that it should now "drastically simplify" health protocols, including procedures on what should be done if people tested positive or came in contact with infected persons. While Singapore's Prime Minister reiterated the need to protect the vulnerable, he said we must also "connect ourselves back to the world", in particular continuing to re-open the country's borders safely.  
Singapore has also announced that eight more countries will be added to Vaccinated Travel Lanes (VTLs), and with more such arrangements expected this will keep us connected to global supply chains and help to preserve the country's hub status. Similarly, Malaysia has announced earlier in the month it is looking to reopen its borders to international travel once 90% of its adult population is fully vaccinated.  
This has seen Singapore’s 10 most traded stocks that represent the travel and hospitality industries, average 3.3% gains in the 11 Oct Morning Session. Together the 10 stocks have contributed 8% of the day-to-day turnover of all stocks listed on SGX, with the Morning Session gains taking their average 2021 to date total return to 6.3%. The 10 stocks include Singapore Airlines which was the strongest performer of the 10 in the Morning Session with a 6.6% price gain, in addition to STI constituents, Genting Singapore, ComfortDelGro Corporation and SATS.




			Most Traded Transport &amp; Hospitality Related Stocks in 2021
			
			
			Code
			
			
			2021 YTD Avg. Daily T/O S$M
			
			
			Mkt Cap S$M
			
			
			11 Oct Morning Session *
			
			
			2020 Total Return %
			
			
			2020 Net Insti Flow S$M
			
			
			2021 YTD Total Return % *
			
			
			2021 YTD Net Insti Flow S$M
			
		


			SIA
			
			
			C6L
			
			
			41.2
			
			
			15,223
			
			
			6.6
			
			
			-33
			
			
			-643
			
			
			28
			
			
			-275
			
		


			Genting Sing
			
			
			G13
			
			
			23.9
			
			
			8,747
			
			
			5.5
			
			
			-5
			
			
			112
			
			
			-9
			
			
			-132
			
		


			ComfortDelGro
			
			
			C52
			
			
			20.3
			
			
			3,316
			
			
			2.0
			
			
			-27
			
			
			-336
			
			
			-5
			
			
			-146
			
		


			SATS
			
			
			S58
			
			
			9.5
			
			
			4,679
			
			
			3.6
			
			
			-21
			
			
			-131
			
			
			9
			
			
			26
			
		


			Ascott Trust
			
			
			HMN
			
			
			5.3
			
			
			3,077
			
			
			4.3
			
			
			-18
			
			
			-3
			
			
			-5
			
			
			-44
			
		


			CDL Hosp Trust
			
			
			J85
			
			
			1.9
			
			
			1,376
			
			
			2.7
			
			
			-18
			
			
			-57
			
			
			-6
			
			
			-14
			
		


			SIA Engineering
			
			
			S59
			
			
			1.5
			
			
			2,357
			
			
			3.3
			
			
			-28
			
			
			-19
			
			
			10
			
			
			-3
			
		


			Far East Hosp Trust
			
			
			Q5T
			
			
			1.2
			
			
			1,223
			
			
			1.6
			
			
			-13
			
			
			-9
			
			
			6
			
			
			8
			
		


			Man Oriental USD
			
			
			M04
			
			
			0.5
			
			
			3,623
			
			
			0.5
			
			
			-8
			
			
			5
			
			
			28
			
			
			2
			
		


			Total
			
			
			 
			
			
			105.1
			
			
			 
			
			
			 
			
			
			 
			
			
			-1,081
			
			
			 
			
			
			-577
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			3.3
			
			
			-19
			
			
			 
			
			
			6
			
			
			 
			
		

 Source: SGX, Refinitiv, Bloomberg. *Data as of 12am 11 October 2021, all other data as of 8 October.

 
Globally, recent global border re-openings to facilitate international travel for business and leisure purposes have impacted stocks. For the week ending 24 Sep, when the United States announced it would re-open borders for vaccinated travelers in November, United Airlines ended the week up 10.0%, while Singapore Airlines, SIA Engineering and SATS averaged 4.3% gains for the week. Pre-pandemic, the Unites States was home to 80 million visitors a year, with 100 million outbound travelers, with the reduction in global travel also significantly impacting airlines and adjacent industries.  
In Singapore, international travel and tourism has impacted shopping, accommodation, food and beverage, sightseeing and entertainment activity. Overall, Singapore’s annual tourism receipts took a significant decline in 2020, after growing gradually from S$13 billion in 2009 to S$28 billion in 2019, the receipts came to S$5 billion in 2020. As Mandarin Oriental International noted in July, a return to profitability will be dependent on the removal of barriers to international travel, particularly in Asia. This was echoed by the CEO of SPH REIT who noted last week that ‘notwithstanding the rollout of vaccinations, both in Singapore and globally, which will lead to the relaxation for international travel restrictions, full recovery for leisure travel will still take some time’. As tabled above, the 10 stocks averaged 19.1% declines in total return in 2020, with S$1,081 million in net institutional outflow, with 6.3% average total returns in 2021 year to date, on S$577 million in net institutional outflow. 



Travel & Hospitality Stocks Advance on International Travel Progress

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in 3Q21

Key Singapore Market Moves and Flows in July

Singapore

ComfortDelGro Corporation Limited provides bus, taxi, car leasing and rental, automotive engineering, maintenance services, and diesel sales.  The Group also provides investment trading and operates vehicle inspection and assessment services, and advertising services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Comfortdelgro Corp (CD SP)

Primary-Listed Buyback Consideration Tops S$1bn in 2021

Source: SGX, Refinitiv, Bloomberg (Data as of 31 Dec 2021)

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (29Nov21) - LHN Boosted by Facilities and Logistics Services

LHN boosted by Facilities and Logistics services; IREIT secures new leases at Munster Campus; DHLT IPO debuts on 3Dec; The Commodore sold 70% on...

SCCM Asia Research

Travel & Hospitality Stocks Advance on International Travel Progress

With Singapore in the stabilisation phase of its transition to COVID-19 resilience, eight more countries will be added to Vaccinated Travel...

Singapore Exchange Ltd (SGX)

Key Singapore Market Moves and Flows in 3Q21

In 3Q21, the STI saw its narrowest quarterly trading range since 3Q17, generating a 0.2% decline in total return, while the FTSE APAC Index...

Singapore Exchange Ltd (SGX)

Key Singapore Market Moves and Flows in July

The STI’s 1.2% gain in July brought its price gain over the first seven months to 11.4%, with dividends boosting the total return to 13.2%,...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)