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

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Four of the STI’s 10 strongest performers in the 4Q-to-date ranked highly for the Value factors in early 2H20. These four stocks were Jardine Matheson Holdings, Sembcorp Industries, Jardine Strategic Holdings and CapitaLand. UOL Group and Yangzijiang also ranked highly for the Value factor.  
	 </li>
	<li>
Of the 30 stocks with the highest Value factors, Sunpower, saw the most gains in the 4Q-to-date. Sunpower is an environmental protection solutions specialist with 20+ years of experience in providing environmental protection and energy-saving solutions, with its 9MFY20 underlying net profit growing 47% YoY. 
	 </li>
	<li>The five of these 30 stocks that have seen the most net institutional inflows (proportionate to mkt cap) this quarter include BHG Retail REIT, Sembcorp Industries, CDL Hospitality, CapitaLand and Hong Fok Corp. The five stocks averaged a 17% total return in the 4Q-to-date, in-line with the gains of the STI. </li>
</ul>
 

Rotation from healthcare and technology stocks to more cyclical sectors and stocks seen to be trading at value has seen the STI generate close to double the gains of the S&amp;P 500 Index in the 4Q-to-date. In both the 4Q-to-date and 2020-to-date, Singapore’s 30 largest and most actively traded stocks with the highest factor exposure to Value have averaged total returns broadly in-line with the Straits Times Index (“STI”). 
While the group of 30 Value stocks include just six of the 30 STI constituents, five of these six stocks were among the 10 top performers of the 30 Value stocks in the 4Q-to-date. Jardine Matheson Holdings, Sembcorp Industries, Jardine Strategic Holdings, CapitaLand and UOL Group have averaged 26% total returns in the current quarter, compared to 16% for the STI. UOL Group also saw the least drawdown of the 30 stocks in percentage terms for the 2020-to-date. Jardine Matheson Holdings, Sembcorp Industries, Jardine Strategic Holdings and CapitaLand were also among the top performing STI stocks in the 4Q-to-date. 
 

Sunpower Group &amp; Sembcorp Industries Led Value Stocks in 4Q-to-date &amp; 2020-to-date 
The strongest performer of the 30 stocks with the highest Value factor in the 4Q-to-date, Sunpower Group, is an environmental protection solutions specialist with over 20 years of experience in providing environmental protection and energy-saving solutions. For its 9MFY20 (ended 30 Sep) Sunpower’s underlying net profit surged 47% YoY to record high of RMB 278.7 million (for more details click <a href="http://sunpower.listedcompany.com/newsroom/20201112_214032_5GD_WOBM7OKI9Z6DNA1Z.2.PDF?force_isolation=true">here</a>). Meanwhile the strongest performer of the 30 stocks in the 2020-to-date was Sembcorp Industries. 
On 11 September, Sembcorp Industries demerged from Sembcorp Marine to become a focused energy and urban business, with a renewed mandate to unlock value for investors. On the environmental front, Sembcorp Industries has announced it had signed a memorandum of understanding to study the use of integrated energy solutions to power data centres with CapitaLand and SP Group. One of the targeted outcomes for SCI in the partnership is to determine the most efficient deployment for green hydrogen fuel cell technologies in Singapore to reduce the carbon footprint of data centres.
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Defining Value Stocks 
Factor investing is a relatively new method of grouping that looks to link past and potential performances of stocks according to common factor attributes. As detailed in the recent Factor Investing in Singapore Report by Nicolas Rabener and supported by Singapore Exchange (click <a href="https://www.factorresearch.com/research-factor-investing-in-singapore">here</a> for full report), Value is one of five factors used by modern day analysts to characterise stocks. For the purposes of the report released in 2H20, the 30 stocks were viewed as the most inexpensive valuations or lowest valuations in terms of a screening that applied an equal-weight combination of price-to-book (“P/B”) and price-to-earnings (“P/E”) multiples. The report noted that the returns of the Value factor were highly dependent on the business cycle. Specifically, in the United States, the performance was positive when real GDP was positive and negative when the economy was in a recession. Furthermore, the return was significantly higher when economic growth was accelerating compared to slowing down. 
Currently, the global economic recovery is expected to continue into 2021. The capacity for global growth to swing from -4.4% in 2020 to 5.2% in 2021 as forecast by the IMF will mostly depend on the efficacy of the vaccine, COVAX and GAVI distribution success, and continued second-line measures of defence such as PPE, social distancing, tracing and safe work practices. 
 

Singapore Banks Return to Book Value 

 

Much of the STI’s 16% total return in the 4Q-to-date has hinged on the gains of the three banks - DBS Group Holdings (“DBS”), Oversea-Chinese Banking Corp (“OCBC”) and United Overseas Bank (“UOB”). The trio maintain a 40 per cent day-to-day impact on the performance of the STI.  While the trio are not among the top 30 rankings for the Value factor, this quarter has seen their average P/B multiple rise from 0.84x to 1.02x, in line with a revaluation of global banking stocks on vaccine development and deployment this quarter. Hence, while not highly ranked Value stocks, rotation to Financials in the current quarter saw the trio revalued from an average 16% discount to book value to a marginal premium. Historically, the trio averaged a P/B ratio as high as 1.38x at the end of the 1Q 2018.     
 

Highlights of the Largest and most Actively-Traded Singapore Value Stocks 
The table below details the stocks that are amongst the 30 largest and most traded Singapore stocks that demonstrated the highest Value factor in the aforementioned report. As noted above, this was based on P/B and P/E valuation metrics.  The 30 stocks are sort by the highest positive Value factor at the time Factor Investing in Singapore report was published. 
Note that stocks can trade at low valuations for financial reasons, and combining a Quality factor to the screening that considers return-on-equity and debt-to-equity can help to avoid so called value traps. Of the 30 stocks tabled below, six stocks also ranked amongst the 30 stocks with the highest Quality factor, including China Sunsine Chemical Holdings, Tianjin Zhongxin, China Aviation Oil, Yangzijiang Shipbuilding, Sasseur REIT and IREIT Global. 
The five stocks that have seen the most net institutional inflows proportionate to current market value this quarter include BHG Retail REIT, Sembcorp Industries, CDL Hospitality, CapitaLand and Hong Fok Corporation. The five stocks averaged a 17% total return in the 4Q-to-date, in-line with the gains of the STI.

<table class="table table-striped"><tbody>
<tr>
<td>
			Stocks sort by the highest positive Value factor in Factor Investing in Singapore
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			QTD Net Insti Flow S$M
			</td>
			<td>
			QTD Total Return %
			</td>
			<td>
			YTD Total Return %
			</td>
			<td>
			Max Drawdown in 2020 YTD %
			</td>
			<td>
			Current P/B
			</td>
		</tr>
<tr>
<td>
			Yanlord Land
			</td>
			<td>
			Z25
			</td>
			<td>
			2,183
			</td>
			<td>
			-7.3
			</td>
			<td>
			0
			</td>
			<td>
			-1
			</td>
			<td>
			-28
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			HPH Trust
			</td>
			<td>
			NS8U
			</td>
			<td>
			2,213
			</td>
			<td>
			0.6
			</td>
			<td>
			14
			</td>
			<td>
			21
			</td>
			<td>
			-44
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			China Everbright
			</td>
			<td>
			U9E
			</td>
			<td>
			629
			</td>
			<td>
			-1.9
			</td>
			<td>
			-2
			</td>
			<td>
			-27
			</td>
			<td>
			-40
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			Hong Fok
			</td>
			<td>
			H30
			</td>
			<td>
			621
			</td>
			<td>
			2.1
			</td>
			<td>
			15
			</td>
			<td>
			-6
			</td>
			<td>
			-36
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			OUE
			</td>
			<td>
			LJ3
			</td>
			<td>
			1,042
			</td>
			<td>
			-1.3
			</td>
			<td>
			0
			</td>
			<td>
			-17
			</td>
			<td>
			-36
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			GuocoLand
			</td>
			<td>
			F17
			</td>
			<td>
			1,822
			</td>
			<td>
			-1.1
			</td>
			<td>
			7
			</td>
			<td>
			-18
			</td>
			<td>
			-38
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			Frasers Property
			</td>
			<td>
			TQ5
			</td>
			<td>
			3,579
			</td>
			<td>
			-1.1
			</td>
			<td>
			5
			</td>
			<td>
			-26
			</td>
			<td>
			-41
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbuilding
			</td>
			<td>
			BS6
			</td>
			<td>
			3,644
			</td>
			<td>
			-156.3
			</td>
			<td>
			-5
			</td>
			<td>
			-12
			</td>
			<td>
			-34
			</td>
			<td>
			0.6
			</td>
		</tr>
<tr>
<td>
			China Sunsine
			</td>
			<td>
			QES
			</td>
			<td>
			485
			</td>
			<td>
			1.6
			</td>
			<td>
			47
			</td>
			<td>
			0
			</td>
			<td>
			-50
			</td>
			<td>
			0.9
			</td>
		</tr>
<tr>
<td>
			Golden Agri-Resources
			</td>
			<td>
			E5H
			</td>
			<td>
			2,018
			</td>
			<td>
			-3.2
			</td>
			<td>
			12
			</td>
			<td>
			-30
			</td>
			<td>
			-47
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			Tianjin Zhongxin
			</td>
			<td>
			T14
			</td>
			<td>
			2,325
			</td>
			<td>
			3.3
			</td>
			<td>
			8
			</td>
			<td>
			8
			</td>
			<td>
			-38
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			CapitaLand
			</td>
			<td>
			C31
			</td>
			<td>
			16,877
			</td>
			<td>
			69.4
			</td>
			<td>
			20
			</td>
			<td>
			-10
			</td>
			<td>
			-35
			</td>
			<td>
			0.7
			</td>
		</tr>
<tr>
<td>
			Asian Pay Television
			</td>
			<td>
			S7OU
			</td>
			<td>
			215
			</td>
			<td>
			-3.3
			</td>
			<td>
			-2
			</td>
			<td>
			-23
			</td>
			<td>
			-36
			</td>
			<td>
			0.2
			</td>
		</tr>
<tr>
<td>
			Singapore Press
			</td>
			<td>
			T39
			</td>
			<td>
			1,750
			</td>
			<td>
			-49.4
			</td>
			<td>
			7
			</td>
			<td>
			-49
			</td>
			<td>
			-55
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			BHG Retail REIT
			</td>
			<td>
			BMGU
			</td>
			<td>
			291
			</td>
			<td>
			15.3
			</td>
			<td>
			4
			</td>
			<td>
			-13
			</td>
			<td>
			-42
			</td>
			<td>
			0.7
			</td>
		</tr>
<tr>
<td>
			Jardine Matheson
			</td>
			<td>
			J36
			</td>
			<td>
			54,137
			</td>
			<td>
			42.7
			</td>
			<td>
			36
			</td>
			<td>
			2
			</td>
			<td>
			-34
			</td>
			<td>
			0.7
			</td>
		</tr>
<tr>
<td>
			Olam International
			</td>
			<td>
			O32
			</td>
			<td>
			4,730
			</td>
			<td>
			4.3
			</td>
			<td>
			17
			</td>
			<td>
			-13
			</td>
			<td>
			-35
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			Oxley
			</td>
			<td>
			5UX
			</td>
			<td>
			928
			</td>
			<td>
			-1.2
			</td>
			<td>
			9
			</td>
			<td>
			-33
			</td>
			<td>
			-47
			</td>
			<td>
			0.9
			</td>
		</tr>
<tr>
<td>
			Sasseur REIT
			</td>
			<td>
			CRPU
			</td>
			<td>
			983
			</td>
			<td>
			-6.1
			</td>
			<td>
			8
			</td>
			<td>
			0
			</td>
			<td>
			-41
			</td>
			<td>
			0.9
			</td>
		</tr>
<tr>
<td>
			Chip Eng Seng
			</td>
			<td>
			C29
			</td>
			<td>
			337
			</td>
			<td>
			-5.8
			</td>
			<td>
			-1
			</td>
			<td>
			-25
			</td>
			<td>
			-32
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			EC World REIT
			</td>
			<td>
			BWCU
			</td>
			<td>
			571
			</td>
			<td>
			0.9
			</td>
			<td>
			6
			</td>
			<td>
			3
			</td>
			<td>
			-42
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			UOL Group
			</td>
			<td>
			U14
			</td>
			<td>
			6,482
			</td>
			<td>
			18.9
			</td>
			<td>
			15
			</td>
			<td>
			-5
			</td>
			<td>
			-28
			</td>
			<td>
			0.7
			</td>
		</tr>
<tr>
<td>
			Jardine Strategic
			</td>
			<td>
			J37
			</td>
			<td>
			36,554
			</td>
			<td>
			-9.0
			</td>
			<td>
			22
			</td>
			<td>
			-18
			</td>
			<td>
			-41
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			Suntec REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			4,266
			</td>
			<td>
			-21.4
			</td>
			<td>
			6
			</td>
			<td>
			-14
			</td>
			<td>
			-40
			</td>
			<td>
			0.7
			</td>
		</tr>
<tr>
<td>
			China Aviation Oil
			</td>
			<td>
			G92
			</td>
			<td>
			912
			</td>
			<td>
			1.7
			</td>
			<td>
			14
			</td>
			<td>
			-13
			</td>
			<td>
			-44
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			Sunpower Group
			</td>
			<td>
			5GD
			</td>
			<td>
			644
			</td>
			<td>
			-1.1
			</td>
			<td>
			50
			</td>
			<td>
			29
			</td>
			<td>
			-48
			</td>
			<td>
			1.5
			</td>
		</tr>
<tr>
<td>
			IREIT Global
			</td>
			<td>
			UD1U
			</td>
			<td>
			609
			</td>
			<td>
			-0.1
			</td>
			<td>
			6
			</td>
			<td>
			-5
			</td>
			<td>
			-52
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			Sembcorp Industries
			</td>
			<td>
			U96
			</td>
			<td>
			3,028
			</td>
			<td>
			39.1
			</td>
			<td>
			27
			</td>
			<td>
			50
			</td>
			<td>
			-40
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			CDL Hospitality
			</td>
			<td>
			J85
			</td>
			<td>
			1,539
			</td>
			<td>
			13.4
			</td>
			<td>
			20
			</td>
			<td>
			-18
			</td>
			<td>
			-57
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			CapitaLand Retail China
			</td>
			<td>
			AU8U
			</td>
			<td>
			2,077
			</td>
			<td>
			-8.1
			</td>
			<td>
			27
			</td>
			<td>
			-8
			</td>
			<td>
			-41
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			13
			</td>
			<td>
			-9
			</td>
			<td>
			-41
			</td>
			<td>
			0.6
			</td>
		</tr>
</tbody></table>
 Note stocks were screened from a list of more than 100 stocks that include the STI constituents, REITs and a number of other stocks that maintain either comparatively large market capitalisation or a higher tradability metric than industry peers. Soure: Factor Investing in Singapore Report (click <a href="https://www.factorresearch.com/research-factor-investing-in-singapore">here</a>), SGX StockFacts, Refinitiv and Bloomberg (Data as of 28 December 2020).
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Four of the STI’s 10 strongest performers in the 4Q-to-date ranked highly for the Value factors in early 2H20. These four stocks were Jardine Matheson Holdings, Sembcorp Industries, Jardine Strategic Holdings and CapitaLand. UOL Group and Yangzijiang also ranked highly for the Value factor.   
	 
	
Of the 30 stocks with the highest Value factors, Sunpower, saw the most gains in the 4Q-to-date. Sunpower is an environmental protection solutions specialist with 20+ years of experience in providing environmental protection and energy-saving solutions, with its 9MFY20 underlying net profit growing 47% YoY.  
	 
	The five of these 30 stocks that have seen the most net institutional inflows (proportionate to mkt cap) this quarter include BHG Retail REIT, Sembcorp Industries, CDL Hospitality, CapitaLand and Hong Fok Corp. The five stocks averaged a 17% total return in the 4Q-to-date, in-line with the gains of the STI. 

 

Rotation from healthcare and technology stocks to more cyclical sectors and stocks seen to be trading at value has seen the STI generate close to double the gains of the S&amp;P 500 Index in the 4Q-to-date. In both the 4Q-to-date and 2020-to-date, Singapore’s 30 largest and most actively traded stocks with the highest factor exposure to Value have averaged total returns broadly in-line with the Straits Times Index (“STI”).  
While the group of 30 Value stocks include just six of the 30 STI constituents, five of these six stocks were among the 10 top performers of the 30 Value stocks in the 4Q-to-date. Jardine Matheson Holdings, Sembcorp Industries, Jardine Strategic Holdings, CapitaLand and UOL Group have averaged 26% total returns in the current quarter, compared to 16% for the STI. UOL Group also saw the least drawdown of the 30 stocks in percentage terms for the 2020-to-date. Jardine Matheson Holdings, Sembcorp Industries, Jardine Strategic Holdings and CapitaLand were also among the top performing STI stocks in the 4Q-to-date. 
 

Sunpower Group &amp; Sembcorp Industries Led Value Stocks in 4Q-to-date &amp; 2020-to-date  
The strongest performer of the 30 stocks with the highest Value factor in the 4Q-to-date, Sunpower Group, is an environmental protection solutions specialist with over 20 years of experience in providing environmental protection and energy-saving solutions. For its 9MFY20 (ended 30 Sep) Sunpower’s underlying net profit surged 47% YoY to record high of RMB 278.7 million (for more details click here). Meanwhile the strongest performer of the 30 stocks in the 2020-to-date was Sembcorp Industries.  
On 11 September, Sembcorp Industries demerged from Sembcorp Marine to become a focused energy and urban business, with a renewed mandate to unlock value for investors. On the environmental front, Sembcorp Industries has announced it had signed a memorandum of understanding to study the use of integrated energy solutions to power data centres with CapitaLand and SP Group. One of the targeted outcomes for SCI in the partnership is to determine the most efficient deployment for green hydrogen fuel cell technologies in Singapore to reduce the carbon footprint of data centres.



      
    
    10 Strongest Performers of 30 Singapore Stocks with Highest Value Factor in 4Q-to-date


Defining Value Stocks   
Factor investing is a relatively new method of grouping that looks to link past and potential performances of stocks according to common factor attributes. As detailed in the recent Factor Investing in Singapore Report by Nicolas Rabener and supported by Singapore Exchange (click here for full report), Value is one of five factors used by modern day analysts to characterise stocks.  For the purposes of the report released in 2H20, the 30 stocks were viewed as the most inexpensive valuations or lowest valuations in terms of a screening that applied an equal-weight combination of price-to-book (“P/B”) and price-to-earnings (“P/E”) multiples. The report noted that the returns of the Value factor were highly dependent on the business cycle. Specifically, in the United States, the performance was positive when real GDP was positive and negative when the economy was in a recession. Furthermore, the return was significantly higher when economic growth was accelerating compared to slowing down.  
Currently, the global economic recovery is expected to continue into 2021. The capacity for global growth to swing from -4.4% in 2020 to 5.2% in 2021 as forecast by the IMF will mostly depend on the efficacy of the vaccine, COVAX and GAVI distribution success, and continued second-line measures of defence such as PPE, social distancing, tracing and safe work practices. 
 

Singapore Banks Return to Book Value 

 

Much of the STI’s 16% total return in the 4Q-to-date has hinged on the gains of the three banks - DBS Group Holdings (“DBS”), Oversea-Chinese Banking Corp (“OCBC”) and United Overseas Bank (“UOB”). The trio maintain a 40 per cent day-to-day impact on the performance of the STI.  While the trio are not among the top 30 rankings for the Value factor, this quarter has seen their average P/B multiple rise from 0.84x to 1.02x, in line with a revaluation of global banking stocks on vaccine development and deployment this quarter. Hence, while not highly ranked Value stocks, rotation to Financials in the current quarter saw the trio revalued from an average 16% discount to book value to a marginal premium. Historically, the trio averaged a P/B ratio as high as 1.38x at the end of the 1Q 2018.     
 

Highlights of the Largest and most Actively-Traded Singapore Value Stocks  
The table below details the stocks that are amongst the 30 largest and most traded Singapore stocks that demonstrated the highest Value factor in the aforementioned report. As noted above, this was based on P/B and P/E valuation metrics.  The 30 stocks are sort by the highest positive Value factor at the time Factor Investing in Singapore report was published.  
Note that stocks can trade at low valuations for financial reasons, and combining a Quality factor to the screening that considers return-on-equity and debt-to-equity can help to avoid so called value traps. Of the 30 stocks tabled below, six stocks also ranked amongst the 30 stocks with the highest Quality factor, including China Sunsine Chemical Holdings, Tianjin Zhongxin, China Aviation Oil, Yangzijiang Shipbuilding, Sasseur REIT and IREIT Global.  
The five stocks that have seen the most net institutional inflows proportionate to current market value this quarter include BHG Retail REIT, Sembcorp Industries, CDL Hospitality, CapitaLand and Hong Fok Corporation. The five stocks averaged a 17% total return in the 4Q-to-date, in-line with the gains of the STI.




			Stocks sort by the highest positive Value factor in Factor Investing in Singapore
			
			
			SGX Code
			
			
			Mkt Cap S$M
			
			
			QTD Net Insti Flow S$M
			
			
			QTD Total Return %
			
			
			YTD Total Return %
			
			
			Max Drawdown in 2020 YTD %
			
			
			Current P/B
			
		


			Yanlord Land
			
			
			Z25
			
			
			2,183
			
			
			-7.3
			
			
			0
			
			
			-1
			
			
			-28
			
			
			0.4
			
		


			HPH Trust
			
			
			NS8U
			
			
			2,213
			
			
			0.6
			
			
			14
			
			
			21
			
			
			-44
			
			
			0.5
			
		


			China Everbright
			
			
			U9E
			
			
			629
			
			
			-1.9
			
			
			-2
			
			
			-27
			
			
			-40
			
			
			0.4
			
		


			Hong Fok
			
			
			H30
			
			
			621
			
			
			2.1
			
			
			15
			
			
			-6
			
			
			-36
			
			
			0.3
			
		


			OUE
			
			
			LJ3
			
			
			1,042
			
			
			-1.3
			
			
			0
			
			
			-17
			
			
			-36
			
			
			0.3
			
		


			GuocoLand
			
			
			F17
			
			
			1,822
			
			
			-1.1
			
			
			7
			
			
			-18
			
			
			-38
			
			
			0.4
			
		


			Frasers Property
			
			
			TQ5
			
			
			3,579
			
			
			-1.1
			
			
			5
			
			
			-26
			
			
			-41
			
			
			0.5
			
		


			YZJ Shipbuilding
			
			
			BS6
			
			
			3,644
			
			
			-156.3
			
			
			-5
			
			
			-12
			
			
			-34
			
			
			0.6
			
		


			China Sunsine
			
			
			QES
			
			
			485
			
			
			1.6
			
			
			47
			
			
			0
			
			
			-50
			
			
			0.9
			
		


			Golden Agri-Resources
			
			
			E5H
			
			
			2,018
			
			
			-3.2
			
			
			12
			
			
			-30
			
			
			-47
			
			
			0.4
			
		


			Tianjin Zhongxin
			
			
			T14
			
			
			2,325
			
			
			3.3
			
			
			8
			
			
			8
			
			
			-38
			
			
			0.8
			
		


			CapitaLand
			
			
			C31
			
			
			16,877
			
			
			69.4
			
			
			20
			
			
			-10
			
			
			-35
			
			
			0.7
			
		


			Asian Pay Television
			
			
			S7OU
			
			
			215
			
			
			-3.3
			
			
			-2
			
			
			-23
			
			
			-36
			
			
			0.2
			
		


			Singapore Press
			
			
			T39
			
			
			1,750
			
			
			-49.4
			
			
			7
			
			
			-49
			
			
			-55
			
			
			0.5
			
		


			BHG Retail REIT
			
			
			BMGU
			
			
			291
			
			
			15.3
			
			
			4
			
			
			-13
			
			
			-42
			
			
			0.7
			
		


			Jardine Matheson
			
			
			J36
			
			
			54,137
			
			
			42.7
			
			
			36
			
			
			2
			
			
			-34
			
			
			0.7
			
		


			Olam International
			
			
			O32
			
			
			4,730
			
			
			4.3
			
			
			17
			
			
			-13
			
			
			-35
			
			
			0.8
			
		


			Oxley
			
			
			5UX
			
			
			928
			
			
			-1.2
			
			
			9
			
			
			-33
			
			
			-47
			
			
			0.9
			
		


			Sasseur REIT
			
			
			CRPU
			
			
			983
			
			
			-6.1
			
			
			8
			
			
			0
			
			
			-41
			
			
			0.9
			
		


			Chip Eng Seng
			
			
			C29
			
			
			337
			
			
			-5.8
			
			
			-1
			
			
			-25
			
			
			-32
			
			
			0.3
			
		


			EC World REIT
			
			
			BWCU
			
			
			571
			
			
			0.9
			
			
			6
			
			
			3
			
			
			-42
			
			
			0.8
			
		


			UOL Group
			
			
			U14
			
			
			6,482
			
			
			18.9
			
			
			15
			
			
			-5
			
			
			-28
			
			
			0.7
			
		


			Jardine Strategic
			
			
			J37
			
			
			36,554
			
			
			-9.0
			
			
			22
			
			
			-18
			
			
			-41
			
			
			0.4
			
		


			Suntec REIT
			
			
			T82U
			
			
			4,266
			
			
			-21.4
			
			
			6
			
			
			-14
			
			
			-40
			
			
			0.7
			
		


			China Aviation Oil
			
			
			G92
			
			
			912
			
			
			1.7
			
			
			14
			
			
			-13
			
			
			-44
			
			
			0.8
			
		


			Sunpower Group
			
			
			5GD
			
			
			644
			
			
			-1.1
			
			
			50
			
			
			29
			
			
			-48
			
			
			1.5
			
		


			IREIT Global
			
			
			UD1U
			
			
			609
			
			
			-0.1
			
			
			6
			
			
			-5
			
			
			-52
			
			
			0.8
			
		


			Sembcorp Industries
			
			
			U96
			
			
			3,028
			
			
			39.1
			
			
			27
			
			
			50
			
			
			-40
			
			
			0.5
			
		


			CDL Hospitality
			
			
			J85
			
			
			1,539
			
			
			13.4
			
			
			20
			
			
			-18
			
			
			-57
			
			
			0.8
			
		


			CapitaLand Retail China
			
			
			AU8U
			
			
			2,077
			
			
			-8.1
			
			
			27
			
			
			-8
			
			
			-41
			
			
			0.8
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			13
			
			
			-9
			
			
			-41
			
			
			0.6
			
		

 Note stocks were screened from a list of more than 100 stocks that include the STI constituents, REITs and a number of other stocks that maintain either comparatively large market capitalisation or a higher tradability metric than industry peers. Soure: Factor Investing in Singapore Report (click here), SGX StockFacts, Refinitiv and Bloomberg (Data as of 28 December 2020).



Recent Market Rebound Extended to Value Stocks 

China

Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited produces and sells traditional Chinese medicine, western medicine, health products, and healthcare instruments.  The Group also manufactures gene-related biopharmaceutical products.  Tianjin Zhongxin markets its products under the Great Wall, Cypress, and Health brand names.

Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited (TIAN SP)

Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited

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Recent Market Rebound Extended to Value Stocks

Four of the STI’s 10 strongest performers in the 4Q-to-date ranked highly for the Value factors in early 2H20. These four stocks were Jardine...

Singapore Exchange Ltd (SGX)