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

Yoma Strategic Holdings / Equity Bottom-Up

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While the developments in US Election buoyed stocks across the region last week, the STI was one of just two Asia Pacific stock benchmarks that rallied above 6.0% over the five sessions, with the other benchmark South Korea’s KOSPI. 
	 </li>
	<li>
While much post-election focus has revolved around the pending fiscal stimulus and effective plans to deal with the Coronavirus in the US, the region kept pace with US benchmarks last week on the potential for a de-escalation of the US-China trade war which has weighed the region since January 2018. 
	 </li>
	<li>
Amongst Singapore’s 100 most traded stocks this year, the trio of UMS Holdings, Hi-P International and Synagie led net institutional inflows (proportionate to market capitalisation) last week, with  the trio representing somewhat of a microcosm of the technology side of regional supply chains. 
	 </li>
	<li>Singapore serves as an ASEAN hub for Financial Services and is recognised as biggest intra-ASEAN exporter and importer of Financials Services. Last week, Singapore’s three banks averaged 8.1% gains on S$250 million of net institutional inflow, while reporting more than S$5.0 billion in combined NII. </li>
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While the developments in US Election buoyed stocks across the region, last week the STI was one of two APAC benchmarks that rallied more than 6.0% per day, with the other benchmark South Korea’s KOSPI. While much commentary has revolved around the pending fiscal stimulus and effective plans to deal with the Coronavirus in the US, the region kept pace with US benchmarks last week on the potential for a de-escalation of the US-China trade tensions.

 The impact of the potential course correction in trade tensions has also been powered by high levels of liquidity in the global reserve currency. According to AAS Economics, in October 2020, its proprietary gauge for US money supply grew by 59% year-on-year, which was slightly down from the peak in August of 65% but still very elevated, and compared to 5% at the end of 2019. At the same time the annual growth rate of the Federal Reserve balance sheet (total assets) for early November is at 77%, after peaking back in June at 86%. The liquidity provisions are supporting businesses in the US economy, and by extension the global economy, to help offset the economic dishevel brought on by policies to combat the Coronavirus. Continued Supply Chain Focus 
Openness, cooperation and integration are structural drivers of trade-related growth across ASEAN. However, recent years of US-China trade tensions has brought caution to corporate outlooks, impacting confidence in value chains and trade-related opportunities across the region and sub-region of 620 million consumers. Since the US-China trade tensions began, the FTSE All-Share ASEAN Index generated a decline in total return of 15.3% with Singapore stocks currently making up 24.5% of the Index. The declines of the STI and FTSE ST All-Share Index, since the end of 2017, were closely aligned with the region, with respective declines of 15.0% and 13.4%. 
While demand for digitalisation and WFH-related technologies, medical devices and protective equipment has been a key upside driver of manufacturing in 2020, confidence in overall local manufacturing has still not returned to pre US-China trade tension levels. The most recent high of the SIPMM PMI at 53.1, was in January 2018, the same month the US announced tariffs on solar panels and washing machines. While the last four months have seen expansion in the Singapore PMI, between May 2019 and June 2020, the PMI was in contraction for 12 of the 14 months. Amongst Singapore’s 100 most traded stocks this year, the trio of UMS Holdings, Hi-P International and Synagie led net institutional inflows (proportionate to market capitalisation) last week. The trio do represent a somewhat of a microcosm of the technology side of regional supply chains. 
Apple supplier, Hi-P International rallied 13% last week, ranking it among the five strongest stocks of Singapore’s 100 most actively traded. Hi-P International has been continuously working on diversifying its production regions and customer base since the US-China tensions began, and potential escalations remained on the radar in the company’s mid-year FY20 outlook.  While UMS Holdings reported 47% YoY net profit growth in 1HFY20, the trade tensions remained a challenge (along with the Coronavirus and currency volatility) which resulted in the business working to sharpen its production efficiencies and supply chain networks.Also note that coinciding with more evidence of a gradual recovery in manufacturing in Singapore, a number of mid-cap Industrial stocks with exposures to China, and regional supply chains did see increased trading activity in October which extended to REITs with industrial properties.  

<table class="table table-striped"><tbody>
<tr>
<td>
			52 of 100 Most Traded Singapore Stocks Recipient with Net Institutional Inflow Last Week
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Price Change 30 Oct - 6 Nov
			</td>
			<td>
			Net Institutional Flow 30 Oct - 6 Nov / 6 Nov Market Cap 
			</td>
			<td>
			Price Change YTD
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			UMS
			</td>
			<td>
			558
			</td>
			<td>
			9%
			</td>
			<td>
			0.755%
			</td>
			<td>
			-1%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Hi-P
			</td>
			<td>
			H17
			</td>
			<td>
			13%
			</td>
			<td>
			0.395%
			</td>
			<td>
			-10%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Synagie
			</td>
			<td>
			V2Y
			</td>
			<td>
			3%
			</td>
			<td>
			0.395%
			</td>
			<td>
			55%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Ascendas REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			10%
			</td>
			<td>
			0.317%
			</td>
			<td>
			7%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			UG Healthcare
			</td>
			<td>
			8K7
			</td>
			<td>
			6%
			</td>
			<td>
			0.291%
			</td>
			<td>
			1968%
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Japfa
			</td>
			<td>
			UD2
			</td>
			<td>
			22%
			</td>
			<td>
			0.280%
			</td>
			<td>
			38%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			11%
			</td>
			<td>
			0.247%
			</td>
			<td>
			-13%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			8%
			</td>
			<td>
			0.247%
			</td>
			<td>
			-23%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			Sheng Siong
			</td>
			<td>
			OV8
			</td>
			<td>
			1%
			</td>
			<td>
			0.241%
			</td>
			<td>
			35%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Mapletree Com Tr
			</td>
			<td>
			N2IU
			</td>
			<td>
			12%
			</td>
			<td>
			0.213%
			</td>
			<td>
			-20%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Frencken
			</td>
			<td>
			E28
			</td>
			<td>
			6%
			</td>
			<td>
			0.196%
			</td>
			<td>
			8%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Jiutian Chemical
			</td>
			<td>
			C8R
			</td>
			<td>
			39%
			</td>
			<td>
			0.186%
			</td>
			<td>
			571%
			</td>
			<td>
			Materials &amp; Resources
			</td>
		</tr>
<tr>
<td>
			Yoma Strategic
			</td>
			<td>
			Z59
			</td>
			<td>
			6%
			</td>
			<td>
			0.182%
			</td>
			<td>
			-23%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			5%
			</td>
			<td>
			0.181%
			</td>
			<td>
			3%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			ThaiBev
			</td>
			<td>
			Y92
			</td>
			<td>
			9%
			</td>
			<td>
			0.178%
			</td>
			<td>
			-29%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Keppel Corp
			</td>
			<td>
			BN4
			</td>
			<td>
			6%
			</td>
			<td>
			0.162%
			</td>
			<td>
			-31%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			IX Biopharma
			</td>
			<td>
			42C
			</td>
			<td>
			8%
			</td>
			<td>
			0.151%
			</td>
			<td>
			16%
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Yanlord Land
			</td>
			<td>
			Z25
			</td>
			<td>
			6%
			</td>
			<td>
			0.133%
			</td>
			<td>
			-8%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			5%
			</td>
			<td>
			0.128%
			</td>
			<td>
			-38%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Mapletree Ind Tr
			</td>
			<td>
			ME8U
			</td>
			<td>
			5%
			</td>
			<td>
			0.123%
			</td>
			<td>
			23%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			CDL H Trust
			</td>
			<td>
			J85
			</td>
			<td>
			8%
			</td>
			<td>
			0.121%
			</td>
			<td>
			-34%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Far East H Trust
			</td>
			<td>
			Q5T
			</td>
			<td>
			4%
			</td>
			<td>
			0.118%
			</td>
			<td>
			-21%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Sembcorp Marine
			</td>
			<td>
			S51
			</td>
			<td>
			3%
			</td>
			<td>
			0.104%
			</td>
			<td>
			-86%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			IFAST
			</td>
			<td>
			AIY
			</td>
			<td>
			-4%
			</td>
			<td>
			0.101%
			</td>
			<td>
			242%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			Sembcorp Ind
			</td>
			<td>
			U96
			</td>
			<td>
			5%
			</td>
			<td>
			0.101%
			</td>
			<td>
			44%
			</td>
			<td>
			Utilities
			</td>
		</tr>
<tr>
<td>
			Biolidics
			</td>
			<td>
			8YY
			</td>
			<td>
			3%
			</td>
			<td>
			0.099%
			</td>
			<td>
			27%
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Frasers L&amp;C Tr
			</td>
			<td>
			BUOU
			</td>
			<td>
			8%
			</td>
			<td>
			0.091%
			</td>
			<td>
			7%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Medtecs Intl
			</td>
			<td>
			546
			</td>
			<td>
			1%
			</td>
			<td>
			0.090%
			</td>
			<td>
			3008%
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Manulife REIT USD
			</td>
			<td>
			BTOU
			</td>
			<td>
			1%
			</td>
			<td>
			0.090%
			</td>
			<td>
			-27%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Frasers Cpt Tr
			</td>
			<td>
			J69U
			</td>
			<td>
			7%
			</td>
			<td>
			0.081%
			</td>
			<td>
			-19%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			ISDN
			</td>
			<td>
			I07
			</td>
			<td>
			8%
			</td>
			<td>
			0.075%
			</td>
			<td>
			74%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Mapletree Log Tr
			</td>
			<td>
			M44U
			</td>
			<td>
			7%
			</td>
			<td>
			0.065%
			</td>
			<td>
			20%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Keppel Infra Tr
			</td>
			<td>
			A7RU
			</td>
			<td>
			1%
			</td>
			<td>
			0.064%
			</td>
			<td>
			2%
			</td>
			<td>
			Utilities
			</td>
		</tr>
<tr>
<td>
			OCBC Bank
			</td>
			<td>
			O39
			</td>
			<td>
			6%
			</td>
			<td>
			0.062%
			</td>
			<td>
			-19%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			IPS Securex
			</td>
			<td>
			42N
			</td>
			<td>
			1%
			</td>
			<td>
			0.060%
			</td>
			<td>
			100%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Broadway Ind
			</td>
			<td>
			B69
			</td>
			<td>
			6%
			</td>
			<td>
			0.059%
			</td>
			<td>
			-20%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			7%
			</td>
			<td>
			0.054%
			</td>
			<td>
			5%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			DairyFarm USD
			</td>
			<td>
			D01
			</td>
			<td>
			7%
			</td>
			<td>
			0.049%
			</td>
			<td>
			-28%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Haw Par
			</td>
			<td>
			H02
			</td>
			<td>
			2%
			</td>
			<td>
			0.041%
			</td>
			<td>
			-25%
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Raffles Medical
			</td>
			<td>
			BSL
			</td>
			<td>
			4%
			</td>
			<td>
			0.039%
			</td>
			<td>
			-20%
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			J91U
			</td>
			<td>
			6%
			</td>
			<td>
			0.037%
			</td>
			<td>
			-30%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Singtel
			</td>
			<td>
			Z74
			</td>
			<td>
			6%
			</td>
			<td>
			0.026%
			</td>
			<td>
			-36%
			</td>
			<td>
			Telecommunications
			</td>
		</tr>
<tr>
<td>
			HongkongLand USD
			</td>
			<td>
			H78
			</td>
			<td>
			5%
			</td>
			<td>
			0.023%
			</td>
			<td>
			-32%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			Clearbridge
			</td>
			<td>
			1H3
			</td>
			<td>
			-1%
			</td>
			<td>
			0.020%
			</td>
			<td>
			9%
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Ascendas-iTrust
			</td>
			<td>
			CY6U
			</td>
			<td>
			7%
			</td>
			<td>
			0.020%
			</td>
			<td>
			-10%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			HPH Trust USD
			</td>
			<td>
			NS8U
			</td>
			<td>
			-3%
			</td>
			<td>
			0.019%
			</td>
			<td>
			-17%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Sasseur REIT
			</td>
			<td>
			CRPU
			</td>
			<td>
			2%
			</td>
			<td>
			0.019%
			</td>
			<td>
			-14%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Hyphens Pharma
			</td>
			<td>
			1J5
			</td>
			<td>
			7%
			</td>
			<td>
			0.014%
			</td>
			<td>
			93%
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Ascott Trust
			</td>
			<td>
			HMN
			</td>
			<td>
			4%
			</td>
			<td>
			0.011%
			</td>
			<td>
			-35%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Sri Trang Agro
			</td>
			<td>
			NC2
			</td>
			<td>
			-1%
			</td>
			<td>
			0.010%
			</td>
			<td>
			240%
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			Jardine C&amp;C
			</td>
			<td>
			C07
			</td>
			<td>
			7%
			</td>
			<td>
			0.006%
			</td>
			<td>
			-37%
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			JMH USD
			</td>
			<td>
			J36
			</td>
			<td>
			2%
			</td>
			<td>
			0.005%
			</td>
			<td>
			-17%
			</td>
			<td>
			Industrials
			</td>
		</tr>
</tbody></table>
 *Note stocks represent those with net insittioonal inflow from 30 Oct to 6 Nov among Singapore’s most 100 traded stocks in the 2020 YTD. Source: Bloomberg, Refinitiv, SGX StockFacts

 

Singapore serves as an ASEAN hub for Financial Services and is recognised as biggest intra-ASEAN exporter and importer of Financials Services. Last week, Singapore’s Banks averaged 8.1% gains last week on S$250 million of net institutional inflow, which brought their average decline in the 2020 YTD decline in total return to 14.0%. For their 3QFY20, DBS, OCBC and UOB also reported last week a combined S$5.1 billion in Net Interest Income (NII). The three banks have consecutively and resiliently reported combined NII above S$5.0 billion since 1QFY18. The trio also maintain an average ROE of 11% compared to the median ROE of the world’s top quartile of globally listed banks by market value at 8% which have generated a median decline of 18.6% in the 2020 YTD.
</body></html>





While the developments in US Election buoyed stocks across the region last week, the STI was one of just two Asia Pacific stock benchmarks that rallied above 6.0% over the five sessions, with the other benchmark South Korea’s KOSPI. 
	 
	
While much post-election focus has revolved around the pending fiscal stimulus and effective plans to deal with the Coronavirus in the US, the region kept pace with US benchmarks last week on the potential for a de-escalation of the US-China trade war which has weighed the region since January 2018.  
	 
	
Amongst Singapore’s 100 most traded stocks this year, the trio of UMS Holdings, Hi-P International and Synagie led net institutional inflows (proportionate to market capitalisation) last week, with  the trio representing somewhat of a microcosm of the technology side of regional supply chains.  
	 
	Singapore serves as an ASEAN hub for Financial Services and is recognised as biggest intra-ASEAN exporter and importer of Financials Services. Last week, Singapore’s three banks averaged 8.1% gains on S$250 million of net institutional inflow, while reporting more than S$5.0 billion in combined NII. 

 

While the developments in US Election buoyed stocks across the region, last week the STI was one of two APAC benchmarks that rallied more than 6.0% per day, with the other benchmark South Korea’s KOSPI. While much commentary has revolved around the pending fiscal stimulus and effective plans to deal with the Coronavirus in the US, the region kept pace with US benchmarks last week on the potential for a de-escalation of the US-China trade tensions.

 The impact of the potential course correction in trade tensions has also been powered by high levels of liquidity in the global reserve currency. According to AAS Economics, in October 2020, its proprietary gauge for US money supply grew by 59% year-on-year, which was slightly down from the peak in August of 65% but still very elevated, and compared to 5% at the end of 2019. At the same time the annual growth rate of the Federal Reserve balance sheet (total assets) for early November is at 77%, after peaking back in June at 86%. The liquidity provisions are supporting businesses in the US economy, and by extension the global economy, to help offset the economic dishevel brought on by policies to combat the Coronavirus.  Continued Supply Chain Focus   
Openness, cooperation and integration are structural drivers of trade-related growth across ASEAN. However, recent years of US-China trade tensions has brought caution to corporate outlooks, impacting confidence in value chains and trade-related opportunities across the region and sub-region of 620 million consumers. Since the US-China trade tensions began, the FTSE All-Share ASEAN Index generated a decline in total return of 15.3% with Singapore stocks currently making up 24.5% of the Index. The declines of the STI and FTSE ST All-Share Index, since the end of 2017, were closely aligned with the region, with respective declines of 15.0% and 13.4%.  
While demand for digitalisation and WFH-related technologies, medical devices and protective equipment has been a key upside driver of manufacturing in 2020, confidence in overall local manufacturing has still not returned to pre US-China trade tension levels. The most recent high of the SIPMM PMI at 53.1, was in January 2018, the same month the US announced tariffs on solar panels and washing machines. While the last four months have seen expansion in the Singapore PMI, between May 2019 and June 2020, the PMI was in contraction for 12 of the 14 months.  Amongst Singapore’s 100 most traded stocks this year, the trio of UMS Holdings, Hi-P International and Synagie led net institutional inflows (proportionate to market capitalisation) last week. The trio do represent a somewhat of a microcosm of the technology side of regional supply chains.  
Apple supplier, Hi-P International rallied 13% last week, ranking it among the five strongest stocks of Singapore’s 100 most actively traded. Hi-P International has been continuously working on diversifying its production regions and customer base since the US-China tensions began, and potential escalations remained on the radar in the company’s mid-year FY20 outlook.  While UMS Holdings reported 47% YoY net profit growth in 1HFY20, the trade tensions remained a challenge (along with the Coronavirus and currency volatility) which resulted in the business working to sharpen its production efficiencies and supply chain networks.Also note that coinciding with more evidence of a gradual recovery in manufacturing in Singapore, a number of mid-cap Industrial stocks with exposures to China, and regional supply chains did see increased trading activity in October which extended to REITs with industrial properties.  




			52 of 100 Most Traded Singapore Stocks Recipient with Net Institutional Inflow Last Week
			
			
			SGX Code
			
			
			Price Change 30 Oct - 6 Nov
			
			
			Net Institutional Flow 30 Oct - 6 Nov / 6 Nov Market Cap 
			
			
			Price Change YTD
			
			
			Sector
			
		


			UMS
			
			
			558
			
			
			9%
			
			
			0.755%
			
			
			-1%
			
			
			Technology (Hardware/ Software)
			
		


			Hi-P
			
			
			H17
			
			
			13%
			
			
			0.395%
			
			
			-10%
			
			
			Industrials
			
		


			Synagie
			
			
			V2Y
			
			
			3%
			
			
			0.395%
			
			
			55%
			
			
			Technology (Hardware/ Software)
			
		


			Ascendas REIT
			
			
			A17U
			
			
			10%
			
			
			0.317%
			
			
			7%
			
			
			REITs
			
		


			UG Healthcare
			
			
			8K7
			
			
			6%
			
			
			0.291%
			
			
			1968%
			
			
			Healthcare
			
		


			Japfa
			
			
			UD2
			
			
			22%
			
			
			0.280%
			
			
			38%
			
			
			Consumer Non-Cyclicals
			
		


			DBS
			
			
			D05
			
			
			11%
			
			
			0.247%
			
			
			-13%
			
			
			Financial Services
			
		


			UOB
			
			
			U11
			
			
			8%
			
			
			0.247%
			
			
			-23%
			
			
			Financial Services
			
		


			Sheng Siong
			
			
			OV8
			
			
			1%
			
			
			0.241%
			
			
			35%
			
			
			Consumer Non-Cyclicals
			
		


			Mapletree Com Tr
			
			
			N2IU
			
			
			12%
			
			
			0.213%
			
			
			-20%
			
			
			REITs
			
		


			Frencken
			
			
			E28
			
			
			6%
			
			
			0.196%
			
			
			8%
			
			
			Industrials
			
		


			Jiutian Chemical
			
			
			C8R
			
			
			39%
			
			
			0.186%
			
			
			571%
			
			
			Materials &amp; Resources
			
		


			Yoma Strategic
			
			
			Z59
			
			
			6%
			
			
			0.182%
			
			
			-23%
			
			
			Real Estate (excl. REITs)
			
		


			SGX
			
			
			S68
			
			
			5%
			
			
			0.181%
			
			
			3%
			
			
			Financial Services
			
		


			ThaiBev
			
			
			Y92
			
			
			9%
			
			
			0.178%
			
			
			-29%
			
			
			Consumer Non-Cyclicals
			
		


			Keppel Corp
			
			
			BN4
			
			
			6%
			
			
			0.162%
			
			
			-31%
			
			
			Industrials
			
		


			IX Biopharma
			
			
			42C
			
			
			8%
			
			
			0.151%
			
			
			16%
			
			
			Healthcare
			
		


			Yanlord Land
			
			
			Z25
			
			
			6%
			
			
			0.133%
			
			
			-8%
			
			
			Real Estate (excl. REITs)
			
		


			SATS
			
			
			S58
			
			
			5%
			
			
			0.128%
			
			
			-38%
			
			
			Industrials
			
		


			Mapletree Ind Tr
			
			
			ME8U
			
			
			5%
			
			
			0.123%
			
			
			23%
			
			
			REITs
			
		


			CDL H Trust
			
			
			J85
			
			
			8%
			
			
			0.121%
			
			
			-34%
			
			
			REITs
			
		


			Far East H Trust
			
			
			Q5T
			
			
			4%
			
			
			0.118%
			
			
			-21%
			
			
			REITs
			
		


			Sembcorp Marine
			
			
			S51
			
			
			3%
			
			
			0.104%
			
			
			-86%
			
			
			Industrials
			
		


			IFAST
			
			
			AIY
			
			
			-4%
			
			
			0.101%
			
			
			242%
			
			
			Financial Services
			
		


			Sembcorp Ind
			
			
			U96
			
			
			5%
			
			
			0.101%
			
			
			44%
			
			
			Utilities
			
		


			Biolidics
			
			
			8YY
			
			
			3%
			
			
			0.099%
			
			
			27%
			
			
			Healthcare
			
		


			Frasers L&amp;C Tr
			
			
			BUOU
			
			
			8%
			
			
			0.091%
			
			
			7%
			
			
			REITs
			
		


			Medtecs Intl
			
			
			546
			
			
			1%
			
			
			0.090%
			
			
			3008%
			
			
			Healthcare
			
		


			Manulife REIT USD
			
			
			BTOU
			
			
			1%
			
			
			0.090%
			
			
			-27%
			
			
			REITs
			
		


			Frasers Cpt Tr
			
			
			J69U
			
			
			7%
			
			
			0.081%
			
			
			-19%
			
			
			REITs
			
		


			ISDN
			
			
			I07
			
			
			8%
			
			
			0.075%
			
			
			74%
			
			
			Industrials
			
		


			Mapletree Log Tr
			
			
			M44U
			
			
			7%
			
			
			0.065%
			
			
			20%
			
			
			REITs
			
		


			Keppel Infra Tr
			
			
			A7RU
			
			
			1%
			
			
			0.064%
			
			
			2%
			
			
			Utilities
			
		


			OCBC Bank
			
			
			O39
			
			
			6%
			
			
			0.062%
			
			
			-19%
			
			
			Financial Services
			
		


			IPS Securex
			
			
			42N
			
			
			1%
			
			
			0.060%
			
			
			100%
			
			
			Technology (Hardware/ Software)
			
		


			Broadway Ind
			
			
			B69
			
			
			6%
			
			
			0.059%
			
			
			-20%
			
			
			Industrials
			
		


			Wilmar Intl
			
			
			F34
			
			
			7%
			
			
			0.054%
			
			
			5%
			
			
			Consumer Non-Cyclicals
			
		


			DairyFarm USD
			
			
			D01
			
			
			7%
			
			
			0.049%
			
			
			-28%
			
			
			Consumer Non-Cyclicals
			
		


			Haw Par
			
			
			H02
			
			
			2%
			
			
			0.041%
			
			
			-25%
			
			
			Healthcare
			
		


			Raffles Medical
			
			
			BSL
			
			
			4%
			
			
			0.039%
			
			
			-20%
			
			
			Healthcare
			
		


			ESR-REIT
			
			
			J91U
			
			
			6%
			
			
			0.037%
			
			
			-30%
			
			
			REITs
			
		


			Singtel
			
			
			Z74
			
			
			6%
			
			
			0.026%
			
			
			-36%
			
			
			Telecommunications
			
		


			HongkongLand USD
			
			
			H78
			
			
			5%
			
			
			0.023%
			
			
			-32%
			
			
			Real Estate (excl. REITs)
			
		


			Clearbridge
			
			
			1H3
			
			
			-1%
			
			
			0.020%
			
			
			9%
			
			
			Healthcare
			
		


			Ascendas-iTrust
			
			
			CY6U
			
			
			7%
			
			
			0.020%
			
			
			-10%
			
			
			REITs
			
		


			HPH Trust USD
			
			
			NS8U
			
			
			-3%
			
			
			0.019%
			
			
			-17%
			
			
			Industrials
			
		


			Sasseur REIT
			
			
			CRPU
			
			
			2%
			
			
			0.019%
			
			
			-14%
			
			
			REITs
			
		


			Hyphens Pharma
			
			
			1J5
			
			
			7%
			
			
			0.014%
			
			
			93%
			
			
			Healthcare
			
		


			Ascott Trust
			
			
			HMN
			
			
			4%
			
			
			0.011%
			
			
			-35%
			
			
			REITs
			
		


			Sri Trang Agro
			
			
			NC2
			
			
			-1%
			
			
			0.010%
			
			
			240%
			
			
			Consumer Cyclicals
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			7%
			
			
			0.006%
			
			
			-37%
			
			
			Consumer Cyclicals
			
		


			JMH USD
			
			
			J36
			
			
			2%
			
			
			0.005%
			
			
			-17%
			
			
			Industrials
			
		

 *Note stocks represent those with net insittioonal inflow from 30 Oct to 6 Nov among Singapore’s most 100 traded stocks in the 2020 YTD. Source: Bloomberg, Refinitiv, SGX StockFacts

 

Singapore serves as an ASEAN hub for Financial Services and is recognised as biggest intra-ASEAN exporter and importer of Financials Services. Last week, Singapore’s Banks averaged 8.1% gains last week on S$250 million of net institutional inflow, which brought their average decline in the 2020 YTD decline in total return to 14.0%. For their 3QFY20, DBS, OCBC and UOB also reported last week a combined S$5.1 billion in Net Interest Income (NII). The three banks have consecutively and resiliently reported combined NII above S$5.0 billion since 1QFY18. The trio also maintain an average ROE of 11% compared to the median ROE of the world’s top quartile of globally listed banks by market value at 8% which have generated a median decline of 18.6% in the 2020 YTD.



US Presidential Election Fuels Rally in Singapore Stocks  

Two Key Industries Underpinning Singapore’s Strongest YTD Performers

Singapore

IPS Securex Holdings Limited manufactures machinery and security systems in South East Asia. The Company provides security equipment and security IT solutions.

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IPS Securex (IPSS SP)

US Presidential Election Fuels Rally in Singapore Stocks

While the developments in US Election buoyed stocks across the region last week, the STI was one of just two Asia Pacific stock benchmarks that...

Singapore Exchange Ltd (SGX)

Two Key Industries Underpinning Singapore’s Strongest YTD Performers

Despite a challenging year for the regional stock market, 36 of Singapore’s 100 most traded stocks this year generated gains. More than half...

Singapore Exchange Ltd (SGX)

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