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.





Real Estate, Manufacturing and Food &amp; Beverage stocks made up close to half of Singapore’s top 200 stocks by turnover in the first 5 months of 2019. The stocks representing tech–laden Manufacturing were the best performers in 2019 YTD and preceding two years, with F&amp;B the best performer in 2016. 
	 
	
Distinct drivers of the three sectors included interest rate outlooks and property prices for Real Estate, technological advancements, value chain integration and global trade for Manufacturing while incomes, tastes, preferences and tourism drove Food &amp; Beverage sales.  
	 
	
Real estate stocks showed the most consistency in returns, with the least standard deviation amongst the individual stock performances, followed by food &amp; beverage stocks, with the individual manufacturing stocks showing the most performance deviation in past years.  
	 
	Returns amongst the relevant 23 manufacturing stocks have been more constant in the 2019 YTD, with the 18% average total return generated by  19 gainers and four decliners, and a median total return of 19%. Hi-P Int, Frencken &amp; Sunpower led the manufacturers over the 23 weeks. 

As 2019 rapidly approaches the halftime mark of 30 June, clear drivers of investor sentiment in the year thus far have included concerns of global growth deceleration at home and abroad, resumption of trade frictions amongst the world’s two largest economies in early May, and a more dovish outlook for US interest rates.

In Singapore, the Straits Times index (“STI”) has generated  a total return of 6.8% in the 2019 year-to-date, in-line with the FTSE ASEAN All Share Index which has gained 7.4%. 

Looking beyond the STI, the 200 most actively traded stocks have generated an average total return of 8.0%. This does not include the average total returns of RHT Health Trust, Memtech International and Indofood Agri Resources which averaged 89.2% gains on premium cash offers for these businesses.

60 Real Estate Stocks Amongst Top 200 Stocks by Turnover 

Singapore’s strong property and infrastructure fundamentals have provided beachheads for Singapore’s listed Real Estate Sector. For the first five months of 2019, the 60 Real Estate stocks amongst the 200 most active traded stocks by turnover accounted for the most day-to-day market turnover, which was followed by Financial Services. As discussed recently (click here) this year Singapore REITs have attracted investment flows from global funds which has included private equity funds.

The 23 manufacturing stocks that were amongst the 200 stocks by turnover accounted for the most day-to-day turnover after the 11 financial services stocks. After Real Estate’s 60 stocks, the 23 manufacturing stocks led by the likes of Yangzijiang Shipbuilding, Venture Corporation and Singapore Tech Engineering, contributed the next most number of stocks in the top 200 by turnover. Note these manufacturing stocks do not include Food Manufacturers or Processors, and span diverse business from advanced electronics to healthcare products.

With Food and Beverage (“F&amp;B”) contributing 14 stocks to the top 200 by turnover, and the next highest number of stocks after Manufacturing, the three sectors of Real Estate, Manufacturing and F&amp;B together made up 97 stocks. This was close to half the top 200 stocks by turnover. The average total returns of the three genres of stocks over recent years are illustrated in the chart below. 

      
    
    Total Returns of Three Genres
The average total returns illustrated above were built on various levels of consistency across the performances of each of the Sector’s stocks. For instance, the 60 real estate stocks showed the most consistency, with the least standard deviation amongst the individual stock performances in all four time periods.

This was followed by F&amp;B, which saw more consistency in the performances across its relevant 14 stocks than Manufacturing over the past three years ending 2018. As noted above, Singapore manufacturing stocks span a wide range of industries, with the diversification exponentiated by the geographical reach of these businesses. This was a contributing factor to the individual manufacturing stocks showing the most performance deviation over the preceding three years.  However, in the 2019 year to date, performances across manufacturing stocks have seen marginally less deviation than the F&amp;B stocks. 

The comparative performances of the relevant stocks are tabled below, with each table sorted by stocks with the most turnover over the first five months of 2019.  The 60 real estate stocks maintain a combined market capitalisation of S$175 billion, the 23 manufacturing stocks maintain a total market capitalisation of S$35 billion and the 14 F&amp;B stocks maintain a total market capitalisation of S$60 billion. Note the designated F&amp;B stocks do not include Palm Oil producers.




			Real Estate
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			4.6
			
			
			27.4
			
			
			0.3
			
			
			18.7
			
		


			CAPITALAND
			
			
			C31
			
			
			-7.2
			
			
			20.1
			
			
			-9.0
			
			
			13.4
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			16.6
			
			
			42.1
			
			
			-5.0
			
			
			19.3
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			3.0
			
			
			19.5
			
			
			12.7
			
			
			16.3
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			10.8
			
			
			38.7
			
			
			1.5
			
			
			24.9
			
		


			HONGKONG LAND HOLDINGS
			
			
			H78
			
			
			-4.8
			
			
			5.5
			
			
			-6.1
			
			
			10.8
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			10.3
			
			
			53.1
			
			
			-33.8
			
			
			12.9
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			13.2
			
			
			37.6
			
			
			-12.8
			
			
			9.5
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			14.9
			
			
			23.0
			
			
			7.6
			
			
			25.5
			
		


			UOL GROUP
			
			
			U14
			
			
			-1.5
			
			
			51.2
			
			
			-28.8
			
			
			18.7
			
		


			MAPLETREE NORTH ASIA COMMERC
			
			
			RW0U
			
			
			11.7
			
			
			38.3
			
			
			-1.1
			
			
			22.9
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			17.0
			
			
			30.1
			
			
			-5.2
			
			
			11.3
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			15.8
			
			
			32.2
			
			
			-0.7
			
			
			15.5
			
		


			FRASERS LOGISTICS &amp; INDUSTRI
			
			
			BUOU
			
			
			0.0
			
			
			34.0
			
			
			-4.2
			
			
			19.1
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			26.1
			
			
			27.0
			
			
			-0.7
			
			
			24.6
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			9.1
			
			
			24.8
			
			
			2.2
			
			
			20.3
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2.4
			
			
			20.2
			
			
			-6.1
			
			
			22.6
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			7.0
			
			
			27.1
			
			
			-1.7
			
			
			17.7
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			8.7
			
			
			39.9
			
			
			-8.6
			
			
			13.6
			
		


			YANLORD LAND GROUP
			
			
			Z25
			
			
			33.1
			
			
			25.6
			
			
			-21.6
			
			
			7.9
			
		


			CAPITALAND RETAIL CHINA TRUS
			
			
			AU8U
			
			
			-1.0
			
			
			29.4
			
			
			-12.5
			
			
			16.3
			
		


			ESR-REIT
			
			
			J91U
			
			
			3.6
			
			
			12.0
			
			
			-1.8
			
			
			12.7
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			0.0
			
			
			0.0
			
			
			-13.3
			
			
			16.0
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			4.7
			
			
			11.6
			
			
			-6.5
			
			
			13.7
			
		


			YING LI INTERNATIONAL REAL E
			
			
			5DM
			
			
			-10.2
			
			
			1.3
			
			
			-23.2
			
			
			20.7
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			-3.5
			
			
			19.0
			
			
			-12.2
			
			
			12.4
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			-3.1
			
			
			27.9
			
			
			-10.8
			
			
			9.8
			
		


			MANULIFE US REAL ESTATE INV
			
			
			BTOU
			
			
			0.0
			
			
			18.3
			
			
			-7.2
			
			
			18.5
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			23.3
			
			
			19.1
			
			
			0.2
			
			
			27.7
			
		


			OUE HOSPITALITY TRUST
			
			
			SK7
			
			
			-1.1
			
			
			38.2
			
			
			-16.0
			
			
			6.6
			
		


			SASSEUR REAL ESTATE INVESTME
			
			
			CRPU
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			31.7
			
		


			OXLEY HOLDINGS
			
			
			5UX
			
			
			1.0
			
			
			71.9
			
			
			-44.7
			
			
			8.0
			
		


			SPH REIT
			
			
			SK6U
			
			
			5.4
			
			
			16.8
			
			
			0.6
			
			
			7.8
			
		


			APAC REALTY
			
			
			CLN
			
			
			0.0
			
			
			0.0
			
			
			-46.4
			
			
			27.8
			
		


			HONG FOK CORP
			
			
			H30
			
			
			-2.4
			
			
			38.2
			
			
			-19.9
			
			
			23.9
			
		


			ASCENDAS HOSPITALITY TRUST
			
			
			Q1P
			
			
			2.9
			
			
			30.8
			
			
			-3.6
			
			
			25.8
			
		


			LIPPO MALLS INDONESIA RETAIL
			
			
			D5IU
			
			
			27.3
			
			
			17.5
			
			
			-50.6
			
			
			28.6
			
		


			WING TAI HOLDINGS
			
			
			W05
			
			
			-6.1
			
			
			47.1
			
			
			-11.8
			
			
			5.2
			
		


			KEPPEL-KBS US REIT
			
			
			CMOU
			
			
			0.0
			
			
			0.0
			
			
			-23.9
			
			
			28.3
			
		


			FRASERS HOSPITALITY TRUST
			
			
			ACV
			
			
			-1.8
			
			
			29.3
			
			
			-4.7
			
			
			4.6
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			3.4
			
			
			13.5
			
			
			3.9
			
			
			10.1
			
		


			ACCORDIA GOLF TRUST
			
			
			ADQU
			
			
			31.0
			
			
			17.0
			
			
			-21.1
			
			
			11.1
			
		


			OUE COMMERCIAL REAL ESTATE I
			
			
			TS0U
			
			
			14.6
			
			
			11.0
			
			
			-22.6
			
			
			9.3
			
		


			SOILBUILD BUSINESS SPACE REI
			
			
			SV3U
			
			
			-8.7
			
			
			14.2
			
			
			-6.2
			
			
			8.9
			
		


			OUE
			
			
			LJ3
			
			
			0.5
			
			
			8.2
			
			
			-22.2
			
			
			12.2
			
		


			FRASERS PROPERTY
			
			
			TQ5
			
			
			-1.2
			
			
			39.0
			
			
			-17.4
			
			
			15.1
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			-33.5
			
			
			12.2
			
			
			6.8
			
			
			18.2
			
		


			TUAN SING HOLDINGS
			
			
			T24
			
			
			-10.6
			
			
			60.8
			
			
			-18.9
			
			
			2.3
			
		


			GUOCOLAND
			
			
			F17
			
			
			4.4
			
			
			28.1
			
			
			-16.3
			
			
			10.0
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			0.0
			
			
			8.0
			
			
			-1.2
			
			
			16.1
			
		


			DASIN RETAIL TRUST
			
			
			CEDU
			
			
			0.0
			
			
			0.0
			
			
			7.3
			
			
			5.4
			
		


			BUKIT SEMBAWANG ESTATES
			
			
			B61
			
			
			6.7
			
			
			47.1
			
			
			-7.0
			
			
			-1.4
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			12.9
			
			
			17.3
			
			
			0.8
			
			
			8.1
			
		


			HO BEE LAND
			
			
			H13
			
			
			3.8
			
			
			24.3
			
			
			0.1
			
			
			4.5
			
		


			PROPNEX
			
			
			OYY
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			18.2
			
		


			UNITED INDUSTRIAL CORP
			
			
			U06
			
			
			-2.8
			
			
			20.6
			
			
			-16.8
			
			
			8.9
			
		


			FORTUNE REIT
			
			
			F25U
			
			
			17.5
			
			
			8.0
			
			
			-0.4
			
			
			23.6
			
		


			BOUSTEAD SINGAPORE
			
			
			F9D
			
			
			-0.6
			
			
			9.8
			
			
			-3.4
			
			
			-2.5
			
		


			SINGHAIYI GROUP
			
			
			5H0
			
			
			-13.4
			
			
			30.7
			
			
			-22.5
			
			
			11.8
			
		


			CENTURION CORP
			
			
			OU8
			
			
			-10.7
			
			
			65.9
			
			
			-16.5
			
			
			1.1
			
		


			Average:
			
			
			 
			
			
			4.1
			
			
			24.7
			
			
			-10.0
			
			
			14.7
			
		

 




			Manufacturing
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			-22.3
			
			
			86.3
			
			
			-11.4
			
			
			19.2
			
		


			VENTURE CORP
			
			
			V03
			
			
			28.0
			
			
			115.4
			
			
			-29.1
			
			
			19.1
			
		


			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			12.3
			
			
			5.0
			
			
			11.8
			
			
			20.3
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			195.3
			
			
			498.6
			
			
			1.5
			
			
			22.4
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			-19.3
			
			
			34.9
			
			
			-15.9
			
			
			-1.9
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			4.6
			
			
			326.5
			
			
			-50.8
			
			
			57.1
			
		


			VALUETRONICS HOLDINGS
			
			
			BN2
			
			
			34.3
			
			
			103.5
			
			
			-22.8
			
			
			-2.3
			
		


			SUNPOWER GROUP
			
			
			5GD
			
			
			57.4
			
			
			-11.6
			
			
			-27.6
			
			
			53.0
			
		


			CREATIVE TECHNOLOGY
			
			
			C76
			
			
			-11.9
			
			
			10.9
			
			
			254.2
			
			
			0.5
			
		


			FRENCKEN GROUP
			
			
			E28
			
			
			30.3
			
			
			132.4
			
			
			-18.9
			
			
			53.9
			
		


			HAW PAR CORP
			
			
			H02
			
			
			14.9
			
			
			27.2
			
			
			7.9
			
			
			18.8
			
		


			SUNNINGDALE TECH
			
			
			BHQ
			
			
			22.4
			
			
			83.6
			
			
			-21.9
			
			
			-2.8
			
		


			FU YU CORP
			
			
			F13
			
			
			27.2
			
			
			6.6
			
			
			10.1
			
			
			13.2
			
		


			SARINE TECHNOLOGIES
			
			
			U77
			
			
			20.9
			
			
			-42.4
			
			
			-52.0
			
			
			-29.2
			
		


			RIVERSTONE HOLDINGS
			
			
			AP4
			
			
			-25.0
			
			
			25.6
			
			
			7.9
			
			
			-17.9
			
		


			INNOTEK
			
			
			M14
			
			
			48.6
			
			
			32.7
			
			
			18.3
			
			
			30.0
			
		


			MANUFACTURING INTEGRATION TE
			
			
			M11
			
			
			-25.7
			
			
			48.3
			
			
			18.1
			
			
			22.0
			
		


			CHUAN HUP HOLDINGS
			
			
			C33
			
			
			-15.7
			
			
			37.5
			
			
			-3.7
			
			
			32.1
			
		


			JEP HOLDINGS
			
			
			1J4
			
			
			-31.0
			
			
			86.2
			
			
			-3.6
			
			
			12.6
			
		


			HANWELL HOLDINGS
			
			
			DM0
			
			
			-9.4
			
			
			31.3
			
			
			-43.6
			
			
			41.5
			
		


			MIYOSHI
			
			
			M03
			
			
			19.0
			
			
			62.8
			
			
			-39.6
			
			
			4.9
			
		


			AVARGA
			
			
			U09
			
			
			64.7
			
			
			1.8
			
			
			-23.4
			
			
			20.7
			
		


			HALCYON AGRI CORP
			
			
			5VJ
			
			
			-8.3
			
			
			-5.7
			
			
			-29.8
			
			
			24.4
			
		


			Average:
			
			
			 
			
			
			17.9
			
			
			73.8
			
			
			-2.8
			
			
			17.9
			
		

 




			F&amp;B
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			THAI BEVERAGE PCL
			
			
			Y92
			
			
			27.2
			
			
			11.3
			
			
			-31.7
			
			
			40.8
			
		


			WILMAR INTERNATIONAL
			
			
			F34
			
			
			25.0
			
			
			-12.1
			
			
			4.3
			
			
			10.8
			
		


			SATS
			
			
			S58
			
			
			30.9
			
			
			10.9
			
			
			-7.2
			
			
			8.2
			
		


			JAPFA
			
			
			UD2
			
			
			94.0
			
			
			-42.8
			
			
			44.6
			
			
			-19.6
			
		


			OLAM INTERNATIONAL
			
			
			O32
			
			
			12.2
			
			
			6.5
			
			
			-15.9
			
			
			15.7
			
		


			KOUFU GROUP
			
			
			VL6
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			14.8
			
		


			SINO GRANDNESS FOOD INDUSTRY
			
			
			T4B
			
			
			-33.8
			
			
			-8.9
			
			
			-38.2
			
			
			-61.0
			
		


			DELFI
			
			
			P34
			
			
			12.0
			
			
			-35.1
			
			
			-5.3
			
			
			-6.8
			
		


			QAF
			
			
			Q01
			
			
			37.8
			
			
			-16.4
			
			
			-45.0
			
			
			36.5
			
		


			JUMBO GROUP
			
			
			42R
			
			
			49.4
			
			
			-9.6
			
			
			-31.4
			
			
			1.7
			
		


			FRASER AND NEAVE
			
			
			F99
			
			
			2.8
			
			
			26.0
			
			
			-32.1
			
			
			4.4
			
		


			BREADTALK GROUP
			
			
			CTN
			
			
			5.4
			
			
			52.1
			
			
			-1.6
			
			
			-2.5
			
		


			JB FOODS
			
			
			BEW
			
			
			32.0
			
			
			69.2
			
			
			38.7
			
			
			11.3
			
		


			KIMLY
			
			
			1D0
			
			
			0.0
			
			
			0.0
			
			
			-30.6
			
			
			2.8
			
		


			Average:
			
			
			 
			
			
			21.1
			
			
			3.7
			
			
			-10.8
			
			
			4.1
			
		

Source: SGX StockFacts, Bloomberg (Data as of 11 June 2019). Note TR = Total Return which assumes dividends are reinvested.

Distinct drivers of the three sectors included interest rate outlooks and property prices for real estate, technological advancements, value chain integration and global trade for manufacturing while incomes, tastes, preferences and tourism drive F&amp;B sales.



Real Estate, Manufacturing and F&B Shares on the Move in 1H19    

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
The STI is the most globally recognised benchmark index and market barometer for Singapore. The diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have a combined market cap of more than S$560 billion. 
	 </li>
	<li>
In the 2019 YTD, the STI's five best-performing constituents were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of 20.4% over the period. 
	 </li>
	<li>With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018, while ComfortDelGro and ST Engineering have built on their positive performances from last year.</li>
</ul>
The Straits Times Index (STI) is the most globally recognised benchmark index and market barometer for Singapore. With a history dating back to 1966, the diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have foundations spanning three centuries and multiple sectors, while maintaining a balance between local and regional economic exposures. Currently, these 30 stocks have a combined market capitalisation of more than S$560 billion.

In the 2019 year-to-date, the five best-performing constituents of the STI were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of +20.4% over the period.

With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018 – ThaiBev was the fourth least-performing stock last year with a total return of -31.7%, while UOL and Yangzijiang registered 2018 total returns of -28.8% and -11.4% respectively. On the other hand, extending their positive performances into the 2019 YTD were ComfortDelGro and ST Engineering, which posted 2018 total returns of +13.7% and +11.8% respectively.

In the YTD, the five least-performing STI constituents were: Dairy Farm International (-12.9%), Jardine Matheson (-8.0%), Genting Singapore (-5.8%), Jardine Cycle &amp; Carriage (-3.4%) and Hutchison Port Holdings Trust (-1.3%). They have averaged a total return of -6.3% over the period.

In contrast to their 2019 YTD performances, Dairy Farm and Jardine Matheson were the two best performers in calendar 2018, with total returns of +20.4% and +19.8%. Hutchison Port Holdings Trust, meanwhile, was the least-performing constituent in the STI last year, with a total return of -34.7%.

The table below details the calendar year 2018 and 2019 YTD performances of the 30 STI constituents, sorted by YTD total returns.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 2018 (%)
			</td>
		</tr>
<tr>
<td>
			THAI BEVERAGE
			</td>
			<td>
			Y92
			</td>
			<td>
			19,337
			</td>
			<td>
			27.2
			</td>
			<td>
			-31.7
			</td>
		</tr>
<tr>
<td>
			COMFORTDELGRO CORP
			</td>
			<td>
			C52
			</td>
			<td>
			5,457
			</td>
			<td>
			21.0
			</td>
			<td>
			13.7
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			5,761
			</td>
			<td>
			19.2
			</td>
			<td>
			-11.4
			</td>
		</tr>
<tr>
<td>
			ST ENGINEERING
			</td>
			<td>
			S63
			</td>
			<td>
			12,175
			</td>
			<td>
			17.7
			</td>
			<td>
			11.8
			</td>
		</tr>
<tr>
<td>
			UOL GROUP
			</td>
			<td>
			U14
			</td>
			<td>
			6,003
			</td>
			<td>
			17.2
			</td>
			<td>
			-28.8
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			9,021
			</td>
			<td>
			17.1
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			4,550
			</td>
			<td>
			16.5
			</td>
			<td>
			-29.1
			</td>
		</tr>
<tr>
<td>
			WILMAR INTL
			</td>
			<td>
			F34
			</td>
			<td>
			22,151
			</td>
			<td>
			16.0
			</td>
			<td>
			4.3
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HLDGS
			</td>
			<td>
			D05
			</td>
			<td>
			67,244
			</td>
			<td>
			14.6
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			7,162
			</td>
			<td>
			12.9
			</td>
			<td>
			-5.0
			</td>
		</tr>
<tr>
<td>
			GOLDEN AGRI-RESO
			</td>
			<td>
			E5H
			</td>
			<td>
			3,502
			</td>
			<td>
			12.4
			</td>
			<td>
			-33.6
			</td>
		</tr>
<tr>
<td>
			SATS LTD
			</td>
			<td>
			S58
			</td>
			<td>
			5,806
			</td>
			<td>
			12.0
			</td>
			<td>
			-7.2
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORP
			</td>
			<td>
			BN4
			</td>
			<td>
			11,630
			</td>
			<td>
			11.2
			</td>
			<td>
			-16.4
			</td>
		</tr>
<tr>
<td>
			HONGKONG LAND*
			</td>
			<td>
			H78
			</td>
			<td>
			21,896
			</td>
			<td>
			11.1
			</td>
			<td>
			-6.1
			</td>
		</tr>
<tr>
<td>
			CAPITALAND LTD
			</td>
			<td>
			C31
			</td>
			<td>
			13,945
			</td>
			<td>
			10.7
			</td>
			<td>
			-9.0
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			9,000
			</td>
			<td>
			9.5
			</td>
			<td>
			12.7
			</td>
		</tr>
<tr>
<td>
			CITY DEVELOPMENTS
			</td>
			<td>
			C09
			</td>
			<td>
			7,745
			</td>
			<td>
			7.9
			</td>
			<td>
			-33.8
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMS
			</td>
			<td>
			Z74
			</td>
			<td>
			51,109
			</td>
			<td>
			7.2
			</td>
			<td>
			-13.2
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			S68
			</td>
			<td>
			7,874
			</td>
			<td>
			5.6
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			U11
			</td>
			<td>
			41,872
			</td>
			<td>
			5.2
			</td>
			<td>
			-3.3
			</td>
		</tr>
<tr>
<td>
			SINGAPORE PRESS HLDGS
			</td>
			<td>
			T39
			</td>
			<td>
			3,803
			</td>
			<td>
			3.5
			</td>
			<td>
			-6.9
			</td>
		</tr>
<tr>
<td>
			OCBC BANK
			</td>
			<td>
			O39
			</td>
			<td>
			47,588
			</td>
			<td>
			1.6
			</td>
			<td>
			-6.2
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			U96
			</td>
			<td>
			4,539
			</td>
			<td>
			1.1
			</td>
			<td>
			-15.0
			</td>
		</tr>
<tr>
<td>
			JARDINE STRATEGIC*
			</td>
			<td>
			J37
			</td>
			<td>
			55,741
			</td>
			<td>
			0.3
			</td>
			<td>
			-4.6
			</td>
		</tr>
<tr>
<td>
			SINGAPORE AIRLINES
			</td>
			<td>
			C6L
			</td>
			<td>
			11,174
			</td>
			<td>
			-0.2
			</td>
			<td>
			-8.2
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HLDGS TRUST*
			</td>
			<td>
			NS8U
			</td>
			<td>
			2,742
			</td>
			<td>
			-1.3
			</td>
			<td>
			-34.7
			</td>
		</tr>
<tr>
<td>
			JARDINE CYCLE &amp; CARRIAGE
			</td>
			<td>
			C07
			</td>
			<td>
			13,098
			</td>
			<td>
			-3.4
			</td>
			<td>
			-10.0
			</td>
		</tr>
<tr>
<td>
			GENTING SINGAPORE
			</td>
			<td>
			G13
			</td>
			<td>
			10,791
			</td>
			<td>
			-5.8
			</td>
			<td>
			-23.2
			</td>
		</tr>
<tr>
<td>
			JARDINE MATHESON*
			</td>
			<td>
			J36
			</td>
			<td>
			63,572
			</td>
			<td>
			-8.0
			</td>
			<td>
			19.8
			</td>
		</tr>
<tr>
<td>
			DAIRY FARM INTL*
			</td>
			<td>
			D01
			</td>
			<td>
			13,885
			</td>
			<td>
			-12.9
			</td>
			<td>
			20.4
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			8.2
			</td>
			<td>
			-8.4
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 16 May 2019) 
*These stocks are traded in USD, with their SGD equivalents shown in table.
</body></html>





The STI is the most globally recognised benchmark index and market barometer for Singapore. The diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have a combined market cap of more than S$560 billion. 
	 
	
In the 2019 YTD, the STI's five best-performing constituents were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of 20.4% over the period. 
	 
	With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018, while ComfortDelGro and ST Engineering have built on their positive performances from last year.

The Straits Times Index (STI) is the most globally recognised benchmark index and market barometer for Singapore. With a history dating back to 1966, the diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have foundations spanning three centuries and multiple sectors, while maintaining a balance between local and regional economic exposures. Currently, these 30 stocks have a combined market capitalisation of more than S$560 billion.

In the 2019 year-to-date, the five best-performing constituents of the STI were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of +20.4% over the period.

With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018 – ThaiBev was the fourth least-performing stock last year with a total return of -31.7%, while UOL and Yangzijiang registered 2018 total returns of -28.8% and -11.4% respectively. On the other hand, extending their positive performances into the 2019 YTD were ComfortDelGro and ST Engineering, which posted 2018 total returns of +13.7% and +11.8% respectively.

In the YTD, the five least-performing STI constituents were: Dairy Farm International (-12.9%), Jardine Matheson (-8.0%), Genting Singapore (-5.8%), Jardine Cycle &amp; Carriage (-3.4%) and Hutchison Port Holdings Trust (-1.3%). They have averaged a total return of -6.3% over the period.

In contrast to their 2019 YTD performances, Dairy Farm and Jardine Matheson were the two best performers in calendar 2018, with total returns of +20.4% and +19.8%. Hutchison Port Holdings Trust, meanwhile, was the least-performing constituent in the STI last year, with a total return of -34.7%.

The table below details the calendar year 2018 and 2019 YTD performances of the 30 STI constituents, sorted by YTD total returns.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 2018 (%)
			
		


			THAI BEVERAGE
			
			
			Y92
			
			
			19,337
			
			
			27.2
			
			
			-31.7
			
		


			COMFORTDELGRO CORP
			
			
			C52
			
			
			5,457
			
			
			21.0
			
			
			13.7
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			5,761
			
			
			19.2
			
			
			-11.4
			
		


			ST ENGINEERING
			
			
			S63
			
			
			12,175
			
			
			17.7
			
			
			11.8
			
		


			UOL GROUP
			
			
			U14
			
			
			6,003
			
			
			17.2
			
			
			-28.8
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			9,021
			
			
			17.1
			
			
			0.3
			
		


			VENTURE CORP
			
			
			V03
			
			
			4,550
			
			
			16.5
			
			
			-29.1
			
		


			WILMAR INTL
			
			
			F34
			
			
			22,151
			
			
			16.0
			
			
			4.3
			
		


			DBS GROUP HLDGS
			
			
			D05
			
			
			67,244
			
			
			14.6
			
			
			1.2
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			7,162
			
			
			12.9
			
			
			-5.0
			
		


			GOLDEN AGRI-RESO
			
			
			E5H
			
			
			3,502
			
			
			12.4
			
			
			-33.6
			
		


			SATS LTD
			
			
			S58
			
			
			5,806
			
			
			12.0
			
			
			-7.2
			
		


			KEPPEL CORP
			
			
			BN4
			
			
			11,630
			
			
			11.2
			
			
			-16.4
			
		


			HONGKONG LAND*
			
			
			H78
			
			
			21,896
			
			
			11.1
			
			
			-6.1
			
		


			CAPITALAND LTD
			
			
			C31
			
			
			13,945
			
			
			10.7
			
			
			-9.0
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			9,000
			
			
			9.5
			
			
			12.7
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			7,745
			
			
			7.9
			
			
			-33.8
			
		


			SINGAPORE TELECOMS
			
			
			Z74
			
			
			51,109
			
			
			7.2
			
			
			-13.2
			
		


			SINGAPORE EXCHANGE
			
			
			S68
			
			
			7,874
			
			
			5.6
			
			
			0.4
			
		


			UNITED OVERSEAS BANK
			
			
			U11
			
			
			41,872
			
			
			5.2
			
			
			-3.3
			
		


			SINGAPORE PRESS HLDGS
			
			
			T39
			
			
			3,803
			
			
			3.5
			
			
			-6.9
			
		


			OCBC BANK
			
			
			O39
			
			
			47,588
			
			
			1.6
			
			
			-6.2
			
		


			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			4,539
			
			
			1.1
			
			
			-15.0
			
		


			JARDINE STRATEGIC*
			
			
			J37
			
			
			55,741
			
			
			0.3
			
			
			-4.6
			
		


			SINGAPORE AIRLINES
			
			
			C6L
			
			
			11,174
			
			
			-0.2
			
			
			-8.2
			
		


			HUTCHISON PORT HLDGS TRUST*
			
			
			NS8U
			
			
			2,742
			
			
			-1.3
			
			
			-34.7
			
		


			JARDINE CYCLE &amp; CARRIAGE
			
			
			C07
			
			
			13,098
			
			
			-3.4
			
			
			-10.0
			
		


			GENTING SINGAPORE
			
			
			G13
			
			
			10,791
			
			
			-5.8
			
			
			-23.2
			
		


			JARDINE MATHESON*
			
			
			J36
			
			
			63,572
			
			
			-8.0
			
			
			19.8
			
		


			DAIRY FARM INTL*
			
			
			D01
			
			
			13,885
			
			
			-12.9
			
			
			20.4
			
		


			Average
			
			
			 
			
			
			 
			
			
			8.2
			
			
			-8.4
			
		

Source: Bloomberg &amp; StockFacts (data as of 16 May 2019) 
*These stocks are traded in USD, with their SGD equivalents shown in table.



Five Best-Performing STI Constituents Returned 20% in YTD

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
China’s recent economic reports have supported Premier Li’s assessment that China’s economy in 1Q19 has been steady with some positive changes. GDP grew 6.4% YoY in 1Q19 in part driven by more consumer activity which pared back in 4Q18.  
	 </li>
	<li>
Likewise, Singapore’s 10 largest capitalised stocks that report majority revenue to China, have all gained in 2019 YTD, averaging 25% total returns. The median gain of 21% reflects consistency in the returns of the 10 stocks, versus their gains booked in 2016 &amp; 2017. 
	 </li>
	<li>The strongest of the 10 stocks in 2019 YTD were Hi-P International, China Aviation Oil Singapore and Yangzijiang Shipbuilding. The three stocks are also amongst Singapore’s largest stocks in the Information Technology, Energy and Industrials Sector. </li>
</ul>
China was again Singapore's top trading partner by value in 2018, making up 12.9% of the total value of all Singapore's imports and exports. This was up from China trade contributing 10.0% total trade value in 2008, and up from its 4.9% contribution back in 1998. 
Naturally, Singapore also lists a number of companies and trusts with their principal place of business in China. This is complemented by multiple Singapore-based companies and trusts that generate revenue in China or base assets in China. Close to 200 stocks listed on Singapore Exchange (“SGX”) reported somewhere between 10% and 100% of their last financial year revenues to China.  As reported this week, China’s 1Q19 GDP grew 6.4% from 1Q18, in line with its 2019 target range of 6.0% to 6.5%.  The GDP report for the world’s second largest economy was a focal point of the week, particularly given the warnings by IMF Managing Director, Christine Lagarde in early 1Q19. Speaking on a CNBC Panel at Davos, Ms Lagarde conveyed the economic slowdown in China was legitimate and could pose a major risk if the downtrend started to accelerate.

Various reports have indicated a rebound in economic activity in China in 1Q19 in significant segments such as industrial production, new loans and consumer sentiment.  These reports have supported Premier Li’s recent assessment that the China’s economy in 1Q19 has been steady with some positive changes. Support measures have include reserve-requirement ratio cuts in January, money supply expansion and structural reforms to support the private sector, in addition to small and micro-sized businesses.  In the meantime, the IMF Global Stability Report reported last week that emerging market asset prices have recovered from their mid-2018 sell off, with portfolio flows to emerging markets turning positive and supported in part by increased passive investing tied to index benchmarks.

Last year, China’s stock market was the least performing in the world, and in a U-turn, is the world’s best performing stock market in the 2019 year to date. 

Likewise, the 10 largest capitalised and actively traded stocks on SGX that report the majority of their revenue or base the majority of their assets in China have outpaced the Straits Times Index (“STI”).  As illustrated below, the 10 stocks have all gained in the 2019 YTD, averaging 24.5% total returns, following on from average 21.5% declines in total return in 2018.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-04/snippet1_0.PNG" alt="10 Largest china stocks">
 </figure>
 <div class="content-caption">10 Largest china stocks</div>
As illustrated above, the median return of the 10 stocks indicates that there has been more consistency in the returns of the 10 stocks in the 2019 year to date, than in the previous years of 2016 and 2017. All of the 10 stocks gained in the 2019 year to date, ranging from Hutchison Port Holdings generating a total return of 1.4% to Hi-P International gaining 65.0%. The respective performances of the 10 stocks are tabled below.

<table class="table table-striped"><tbody>
<tr>
<td>
			 
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap S$M
			</td>
			<td>
			Total Returns (2016)
			</td>
			<td>
			Total Returns (2017)
			</td>
			<td>
			Total Returns (2018)
			</td>
			<td>
			Total Returns (2019 YTD)
			</td>
		</tr>
<tr>
<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			F34
			</td>
			<td>
			23,351
			</td>
			<td>
			25.0
			</td>
			<td>
			-12.1
			</td>
			<td>
			4.3
			</td>
			<td>
			18.3
			</td>
		</tr>
<tr>
<td>
			HONGKONG LAND HOLDINGS
			</td>
			<td>
			H78
			</td>
			<td>
			22,562
			</td>
			<td>
			-4.8
			</td>
			<td>
			5.5
			</td>
			<td>
			-6.1
			</td>
			<td>
			14.1
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			6,274
			</td>
			<td>
			-22.3
			</td>
			<td>
			86.3
			</td>
			<td>
			-11.4
			</td>
			<td>
			27.2
			</td>
		</tr>
<tr>
<td>
			YANLORD LAND GROUP
			</td>
			<td>
			Z25
			</td>
			<td>
			2,917
			</td>
			<td>
			33.1
			</td>
			<td>
			25.6
			</td>
			<td>
			-21.6
			</td>
			<td>
			23.8
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HOLDINGS TR-U
			</td>
			<td>
			P7VU
			</td>
			<td>
			2,831
			</td>
			<td>
			-7.7
			</td>
			<td>
			-5.4
			</td>
			<td>
			-34.0
			</td>
			<td>
			1.4
			</td>
		</tr>
<tr>
<td>
			TIANJIN ZHONG XIN PHARM CO-S
			</td>
			<td>
			T14
			</td>
			<td>
			2,266
			</td>
			<td>
			-13.3
			</td>
			<td>
			-1.1
			</td>
			<td>
			-2.5
			</td>
			<td>
			20.3
			</td>
		</tr>
<tr>
<td>
			CAPITALAND RETAIL CHINA TRUS
			</td>
			<td>
			AU8U
			</td>
			<td>
			1,528
			</td>
			<td>
			-1.0
			</td>
			<td>
			29.4
			</td>
			<td>
			-12.5
			</td>
			<td>
			16.3
			</td>
		</tr>
<tr>
<td>
			CHINA AVIATION OIL SINGAPORE
			</td>
			<td>
			G92
			</td>
			<td>
			1,256
			</td>
			<td>
			104.0
			</td>
			<td>
			18.9
			</td>
			<td>
			-32.7
			</td>
			<td>
			37.7
			</td>
		</tr>
<tr>
<td>
			HI-P INTERNATIONAL
			</td>
			<td>
			H17
			</td>
			<td>
			1,170
			</td>
			<td>
			4.6
			</td>
			<td>
			326.5
			</td>
			<td>
			-50.8
			</td>
			<td>
			65.0
			</td>
		</tr>
<tr>
<td>
			CITIC ENVIROTECH
			</td>
			<td>
			CEE
			</td>
			<td>
			1,114
			</td>
			<td>
			-0.1
			</td>
			<td>
			7.5
			</td>
			<td>
			-47.5
			</td>
			<td>
			21.1
			</td>
		</tr>
<tr>
<td>
			Average Total Returns
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			11.8
			</td>
			<td>
			48.1
			</td>
			<td>
			-21.5
			</td>
			<td>
			24.5
			</td>
		</tr>
<tr>
<td>
			Median Total Returns
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			-0.6
			</td>
			<td>
			13.2
			</td>
			<td>
			-17.1
			</td>
			<td>
			20.7
			</td>
		</tr>
</tbody></table>
Source: SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 17 April 2019)

The above ten stocks span multiple industries and are all currently trading at Price-to-Book (“P/B”) valuations similar to what they have averaged over the past five years. The three best performers of these  10 stocks in the 2019 year to date were Hi-P International, China Aviation Oil Singapore and Yangzijiang Shipbuilding. These three stocks have all seen net institutional inflow over the 15 weeks ending 12 April, with Yangzijiang Shipbuilding seeing inflows of S$108 million.

Extending the perspective beyond the 10 largest capitalised stocks to the 25 largest capitalised stocks that report majority revenue to China or base the majority of their assets in China reveals similar positive sentiment in the 2019 year to date. As a group, the 25 stocks averaged a 17.5% total returns in the 2019 year to date with the median total return at 20.0%. These 15 next largest capitalised stocks beyond the 10 tabled above include China Everbright Water, Sasseur REIT, Best World International, Metro Holdings, SIIC Environment Holdings, China Jinjiang Environment, Cosco Shipping International, EC World REIT, Delong Holdings, China Sunsine Chemical Hldgs, Dasin Retail Trust, Hong Leong Asia, Sunpower Group, Ying Li International Real Estate and Valuetronics Holdings.

There are also existing indices that provide a performance measure of Singapore's largest capitalised China-related stocks. The FTSE ST China Index is made up of approximately 20 stocks of the FTSE ST All-Share Index that have reported either at least 50% of their revenues from China, or reported at least 50% of their operating assets located in China. As highlighted in a Market Update last month (click <a href="https://www2.sgx.com/research-education/market-updates/20190328-easier-investor-access-united-sse50-etf-china-focused">here</a>) SGX also lists for trading five China-focused Exchange Traded Funds that seek to replicate major market indices return in China.
</body></html>





China’s recent economic reports have supported Premier Li’s assessment that China’s economy in 1Q19 has been steady with some positive changes. GDP grew 6.4% YoY in 1Q19 in part driven by more consumer activity which pared back in 4Q18.  
	 
	
Likewise, Singapore’s 10 largest capitalised stocks that report majority revenue to China, have all gained in 2019 YTD, averaging 25% total returns. The median gain of 21% reflects consistency in the returns of the 10 stocks, versus their gains booked in 2016 &amp; 2017.  
	 
	The strongest of the 10 stocks in 2019 YTD were Hi-P International, China Aviation Oil Singapore and Yangzijiang Shipbuilding. The three stocks are also amongst Singapore’s largest stocks in the Information Technology, Energy and Industrials Sector. 

China was again Singapore's top trading partner by value in 2018, making up 12.9% of the total value of all Singapore's imports and exports. This was up from China trade contributing 10.0% total trade value in 2008, and up from its 4.9% contribution back in 1998.  
Naturally, Singapore also lists a number of companies and trusts with their principal place of business in China. This is complemented by multiple Singapore-based companies and trusts that generate revenue in China or base assets in China. Close to 200 stocks listed on Singapore Exchange (“SGX”) reported somewhere between 10% and 100% of their last financial year revenues to China.   As reported this week, China’s 1Q19 GDP grew 6.4% from 1Q18, in line with its 2019 target range of 6.0% to 6.5%.  The GDP report for the world’s second largest economy was a focal point of the week, particularly given the warnings by IMF Managing Director, Christine Lagarde in early 1Q19. Speaking on a CNBC Panel at Davos, Ms Lagarde conveyed the economic slowdown in China was legitimate and could pose a major risk if the downtrend started to accelerate.

Various reports have indicated a rebound in economic activity in China in 1Q19 in significant segments such as industrial production, new loans and consumer sentiment.  These reports have supported Premier Li’s recent assessment that the China’s economy in 1Q19 has been steady with some positive changes. Support measures have include reserve-requirement ratio cuts in January, money supply expansion and structural reforms to support the private sector, in addition to small and micro-sized businesses.  In the meantime, the IMF Global Stability Report reported last week that emerging market asset prices have recovered from their mid-2018 sell off, with portfolio flows to emerging markets turning positive and supported in part by increased passive investing tied to index benchmarks.

Last year, China’s stock market was the least performing in the world, and in a U-turn, is the world’s best performing stock market in the 2019 year to date. 

Likewise, the 10 largest capitalised and actively traded stocks on SGX that report the majority of their revenue or base the majority of their assets in China have outpaced the Straits Times Index (“STI”).  As illustrated below, the 10 stocks have all gained in the 2019 YTD, averaging 24.5% total returns, following on from average 21.5% declines in total return in 2018.

      
    
    10 Largest china stocks
As illustrated above, the median return of the 10 stocks indicates that there has been more consistency in the returns of the 10 stocks in the 2019 year to date, than in the previous years of 2016 and 2017. All of the 10 stocks gained in the 2019 year to date, ranging from Hutchison Port Holdings generating a total return of 1.4% to Hi-P International gaining 65.0%. The respective performances of the 10 stocks are tabled below.




			 
			
			
			SGX Code
			
			
			Market Cap S$M
			
			
			Total Returns (2016)
			
			
			Total Returns (2017)
			
			
			Total Returns (2018)
			
			
			Total Returns (2019 YTD)
			
		


			WILMAR INTERNATIONAL
			
			
			F34
			
			
			23,351
			
			
			25.0
			
			
			-12.1
			
			
			4.3
			
			
			18.3
			
		


			HONGKONG LAND HOLDINGS
			
			
			H78
			
			
			22,562
			
			
			-4.8
			
			
			5.5
			
			
			-6.1
			
			
			14.1
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			6,274
			
			
			-22.3
			
			
			86.3
			
			
			-11.4
			
			
			27.2
			
		


			YANLORD LAND GROUP
			
			
			Z25
			
			
			2,917
			
			
			33.1
			
			
			25.6
			
			
			-21.6
			
			
			23.8
			
		


			HUTCHISON PORT HOLDINGS TR-U
			
			
			P7VU
			
			
			2,831
			
			
			-7.7
			
			
			-5.4
			
			
			-34.0
			
			
			1.4
			
		


			TIANJIN ZHONG XIN PHARM CO-S
			
			
			T14
			
			
			2,266
			
			
			-13.3
			
			
			-1.1
			
			
			-2.5
			
			
			20.3
			
		


			CAPITALAND RETAIL CHINA TRUS
			
			
			AU8U
			
			
			1,528
			
			
			-1.0
			
			
			29.4
			
			
			-12.5
			
			
			16.3
			
		


			CHINA AVIATION OIL SINGAPORE
			
			
			G92
			
			
			1,256
			
			
			104.0
			
			
			18.9
			
			
			-32.7
			
			
			37.7
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			1,170
			
			
			4.6
			
			
			326.5
			
			
			-50.8
			
			
			65.0
			
		


			CITIC ENVIROTECH
			
			
			CEE
			
			
			1,114
			
			
			-0.1
			
			
			7.5
			
			
			-47.5
			
			
			21.1
			
		


			Average Total Returns
			
			
			 
			
			
			 
			
			
			11.8
			
			
			48.1
			
			
			-21.5
			
			
			24.5
			
		


			Median Total Returns
			
			
			 
			
			
			 
			
			
			-0.6
			
			
			13.2
			
			
			-17.1
			
			
			20.7
			
		

Source: SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 17 April 2019)

The above ten stocks span multiple industries and are all currently trading at Price-to-Book (“P/B”) valuations similar to what they have averaged over the past five years. The three best performers of these  10 stocks in the 2019 year to date were Hi-P International, China Aviation Oil Singapore and Yangzijiang Shipbuilding. These three stocks have all seen net institutional inflow over the 15 weeks ending 12 April, with Yangzijiang Shipbuilding seeing inflows of S$108 million.

Extending the perspective beyond the 10 largest capitalised stocks to the 25 largest capitalised stocks that report majority revenue to China or base the majority of their assets in China reveals similar positive sentiment in the 2019 year to date. As a group, the 25 stocks averaged a 17.5% total returns in the 2019 year to date with the median total return at 20.0%. These 15 next largest capitalised stocks beyond the 10 tabled above include China Everbright Water, Sasseur REIT, Best World International, Metro Holdings, SIIC Environment Holdings, China Jinjiang Environment, Cosco Shipping International, EC World REIT, Delong Holdings, China Sunsine Chemical Hldgs, Dasin Retail Trust, Hong Leong Asia, Sunpower Group, Ying Li International Real Estate and Valuetronics Holdings.

There are also existing indices that provide a performance measure of Singapore's largest capitalised China-related stocks. The FTSE ST China Index is made up of approximately 20 stocks of the FTSE ST All-Share Index that have reported either at least 50% of their revenues from China, or reported at least 50% of their operating assets located in China. As highlighted in a Market Update last month (click here) SGX also lists for trading five China-focused Exchange Traded Funds that seek to replicate major market indices return in China.



10 SGX Stocks with China Exposure Rebound 25% in 2019 YTD

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
The iEdge SG MOE Index is a free-float, market capitalisation-weighted index that measures the performance of listed maritime and offshore (MOE) companies in Singapore. The Index comprises 12 constituents, with a combined market cap of about S$30 billion. 
	 </li>
	<li>
In the YTD, the five, best-performing Index constituents were: Yangzijiang Shipbuilding (+14.4%), Marco Polo Marine (+5.3%), Sembcorp Marine (+5.2%), COSCO Shipping (+4.5%), and Keppel Corp (+3.7%). They have averaged a total return of +6.6% over the period. 
	 </li>
	<li>The five Index constituents that posted the strongest price rebound from their 52W lows were: Yangzijiang Shipbuilding (70.2%), Vallianz (26.7%), Mermaid Maritime (12.5%), COSCO Shipping (9.7%), and Sembcorp Marine (8.7%). They have averaged a 25.6% rebound from their respective 12M troughs, in line with the YTD rebound in oil prices.</li>
</ul>
 

The iEdge SG MOE Index is a free-float, market capitalisation-weighted index that measures the performance of listed maritime and offshore (MOE) companies in Singapore. Constituents in the Index include shipyard operators, shipping companies as well as those providing port and offshore services. The Index comprises 12 constituents with a combined market capitalisation of about S$30 billion.

The components with the five biggest weights – Yangzijiang Shipbuilding (15.21%), Sembcorp Marine (11.04%), Hutchison Port Holdings Trust (10.73%), Keppel Corp (10.59%), and COSCO Shipping International (10.55%) – account for more than half the Index’s weighting.

Singapore’s offshore and marine industry has been battered by a slump in oil prices over the past few years, cutbacks in exploration and production (E&amp;P) spending, weak charter rates and delayed projects. This has forced a number of players to cut costs and restructure debt.

However, since the start of 2019, WTI crude has gained nearly 30%, and is set for its strongest advance since 2009. The Organization of Petroleum Exporting Countries (OPEC) and its partners – known as OPEC+ – have reduced output, while US sanctions on Iran and Venezuela have tightened supplies. Over the weekend, OPEC+ met in Azerbaijan to monitor their crude supply reduction pact, and said they would exceed commitments in the coming months. On Sunday, Saudi Arabia signalled that producers may need to extend their 1.2 million barrels per day of supply curbs past June into the second half of the year.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-03/WTI%20CRUDE_0.PNG" alt="WTI crude">
 </figure>
 <div class="content-caption">WTI crude</div>
In the 2019 year-to-date, the five, best-performing Index constituents were: Yangzijiang Shipbuilding (+14.4%), Marco Polo Marine (+5.3%), Sembcorp Marine (+5.2%), COSCO Shipping International (+4.5%), and Keppel Corp (+3.7%). They averaged a total return of +6.6% in the YTD, bringing their one-year and three-year total returns to -22.5% and -4.4%.

The table details the 12 constituents of the iEdge SG MOE Index, sorted by YTD total return.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			P/E (x)
			</td>
			<td>
			P/B (x)
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			14.4
			</td>
			<td>
			14.7
			</td>
			<td>
			59.9
			</td>
			<td>
			7.4
			</td>
			<td>
			1.0
			</td>
		</tr>
<tr>
<td>
			MARCO POLO MARINE
			</td>
			<td>
			5LY
			</td>
			<td>
			5.3
			</td>
			<td>
			-52.4
			</td>
			<td>
			-89.6
			</td>
			<td>
			0.4
			</td>
			<td>
			0.6
			</td>
		</tr>
<tr>
<td>
			SEMBCORP MARINE
			</td>
			<td>
			S51
			</td>
			<td>
			5.2
			</td>
			<td>
			-22.9
			</td>
			<td>
			0.3
			</td>
			<td>
			NA
			</td>
			<td>
			1.5
			</td>
		</tr>
<tr>
<td>
			COSCO SHIPPING INTL
			</td>
			<td>
			F83
			</td>
			<td>
			4.5
			</td>
			<td>
			-33.7
			</td>
			<td>
			-9.2
			</td>
			<td>
			59.5
			</td>
			<td>
			1.5
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORP 
			</td>
			<td>
			BN4
			</td>
			<td>
			3.7
			</td>
			<td>
			-18.2
			</td>
			<td>
			16.7
			</td>
			<td>
			12.1
			</td>
			<td>
			1.0
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HOLDINGS TRUST
			</td>
			<td>
			NS8U
			</td>
			<td>
			1.6
			</td>
			<td>
			-20.8
			</td>
			<td>
			-40.6
			</td>
			<td>
			NA
			</td>
			<td>
			0.6
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			U96
			</td>
			<td>
			-0.8
			</td>
			<td>
			-17.1
			</td>
			<td>
			-9.8
			</td>
			<td>
			15.2
			</td>
			<td>
			0.7
			</td>
		</tr>
<tr>
<td>
			MERMAID MARITIME
			</td>
			<td>
			DU4
			</td>
			<td>
			-1.1
			</td>
			<td>
			-44.5
			</td>
			<td>
			-16.5
			</td>
			<td>
			NA
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			EZION HOLDINGS
			</td>
			<td>
			5ME
			</td>
			<td>
			-6.5
			</td>
			<td>
			-78.2
			</td>
			<td>
			-92.1
			</td>
			<td>
			NA
			</td>
			<td>
			-0.4
			</td>
		</tr>
<tr>
<td>
			AUSGROUP LTD
			</td>
			<td>
			5GJ
			</td>
			<td>
			-12.5
			</td>
			<td>
			-46.7
			</td>
			<td>
			-76.0
			</td>
			<td>
			6.1
			</td>
			<td>
			0.9
			</td>
		</tr>
<tr>
<td>
			NORDIC GROUP
			</td>
			<td>
			MR7
			</td>
			<td>
			-21.3
			</td>
			<td>
			-43.9
			</td>
			<td>
			88.5
			</td>
			<td>
			10.7
			</td>
			<td>
			1.5
			</td>
		</tr>
<tr>
<td>
			VALLIANZ HOLDING
			</td>
			<td>
			WPC
			</td>
			<td>
			-36.0
			</td>
			<td>
			-50.8
			</td>
			<td>
			-86.2
			</td>
			<td>
			7.5
			</td>
			<td>
			0.3
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 15 March 2019)

The five Index constituents that posted the strongest price recovery from their 52-week lows were: Yangzijiang Shipbuilding (70.2%), Vallianz Holdings (26.7%), Mermaid Maritime (12.5%), COSCO Shipping (9.7%), and Sembcorp Marine (8.7%). These five stocks have averaged a 25.6% rebound from their respective 12-month troughs.

The table details the 12 constituents of the iEdge SG MOE Index, sorted by percentage price gain from 52-week lows.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Index Weight (%)
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Last Price (S$)
			</td>
			<td>
			52W Low Price (S$)
			</td>
			<td>
			52W Low Date
			</td>
			<td>
			% Chg vs 52W Low
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			15.21
			</td>
			<td>
			5,721
			</td>
			<td>
			1.43
			</td>
			<td>
			0.84
			</td>
			<td>
			07/18/2018
			</td>
			<td>
			70.2
			</td>
		</tr>
<tr>
<td>
			VALLIANZ HOLDINGS
			</td>
			<td>
			WPC
			</td>
			<td>
			2.88
			</td>
			<td>
			109
			</td>
			<td>
			0.19
			</td>
			<td>
			0.15
			</td>
			<td>
			10/29/2018
			</td>
			<td>
			26.7
			</td>
		</tr>
<tr>
<td>
			MERMAID MARITIME
			</td>
			<td>
			DU4
			</td>
			<td>
			6.75
			</td>
			<td>
			120
			</td>
			<td>
			0.09
			</td>
			<td>
			0.08
			</td>
			<td>
			03/11/2019
			</td>
			<td>
			12.5
			</td>
		</tr>
<tr>
<td>
			COSCO SHIPPING INTL
			</td>
			<td>
			F83
			</td>
			<td>
			10.55
			</td>
			<td>
			773
			</td>
			<td>
			0.34
			</td>
			<td>
			0.31
			</td>
			<td>
			12/26/2018
			</td>
			<td>
			9.7
			</td>
		</tr>
<tr>
<td>
			SEMBCORP MARINE
			</td>
			<td>
			S51
			</td>
			<td>
			11.04
			</td>
			<td>
			3,363
			</td>
			<td>
			1.62
			</td>
			<td>
			1.49
			</td>
			<td>
			12/26/2018
			</td>
			<td>
			8.7
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORP 
			</td>
			<td>
			BN4
			</td>
			<td>
			10.59
			</td>
			<td>
			11,074
			</td>
			<td>
			6.13
			</td>
			<td>
			5.67
			</td>
			<td>
			12/26/2018
			</td>
			<td>
			8.1
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HOLDINGS TRUST
			</td>
			<td>
			NS8U
			</td>
			<td>
			10.73
			</td>
			<td>
			2,835
			</td>
			<td>
			0.32
			</td>
			<td>
			0.30
			</td>
			<td>
			03/01/2019
			</td>
			<td>
			6.7
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			U96
			</td>
			<td>
			10.52
			</td>
			<td>
			4,550
			</td>
			<td>
			2.52
			</td>
			<td>
			2.43
			</td>
			<td>
			12/26/2018
			</td>
			<td>
			3.7
			</td>
		</tr>
<tr>
<td>
			EZION HOLDINGS
			</td>
			<td>
			5ME
			</td>
			<td>
			6.57
			</td>
			<td>
			160
			</td>
			<td>
			0.04
			</td>
			<td>
			0.04
			</td>
			<td>
			11/22/2018
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			NORDIC GROUP
			</td>
			<td>
			MR7
			</td>
			<td>
			4.66
			</td>
			<td>
			124
			</td>
			<td>
			0.31
			</td>
			<td>
			0.31
			</td>
			<td>
			03/12/2019
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			AUSGROUP LTD
			</td>
			<td>
			5GJ
			</td>
			<td>
			5.22
			</td>
			<td>
			88
			</td>
			<td>
			0.03
			</td>
			<td>
			0.03
			</td>
			<td>
			03/08/2019
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			MARCO POLO MARINE
			</td>
			<td>
			5LY
			</td>
			<td>
			5.29
			</td>
			<td>
			70
			</td>
			<td>
			0.02
			</td>
			<td>
			0.02
			</td>
			<td>
			12/26/2018
			</td>
			<td>
			0.0
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 15 March 2019)
</body></html>





The iEdge SG MOE Index is a free-float, market capitalisation-weighted index that measures the performance of listed maritime and offshore (MOE) companies in Singapore. The Index comprises 12 constituents, with a combined market cap of about S$30 billion. 
	 
	
In the YTD, the five, best-performing Index constituents were: Yangzijiang Shipbuilding (+14.4%), Marco Polo Marine (+5.3%), Sembcorp Marine (+5.2%), COSCO Shipping (+4.5%), and Keppel Corp (+3.7%). They have averaged a total return of +6.6% over the period. 
	 
	The five Index constituents that posted the strongest price rebound from their 52W lows were: Yangzijiang Shipbuilding (70.2%), Vallianz (26.7%), Mermaid Maritime (12.5%), COSCO Shipping (9.7%), and Sembcorp Marine (8.7%). They have averaged a 25.6% rebound from their respective 12M troughs, in line with the YTD rebound in oil prices.

 

The iEdge SG MOE Index is a free-float, market capitalisation-weighted index that measures the performance of listed maritime and offshore (MOE) companies in Singapore. Constituents in the Index include shipyard operators, shipping companies as well as those providing port and offshore services. The Index comprises 12 constituents with a combined market capitalisation of about S$30 billion.

The components with the five biggest weights – Yangzijiang Shipbuilding (15.21%), Sembcorp Marine (11.04%), Hutchison Port Holdings Trust (10.73%), Keppel Corp (10.59%), and COSCO Shipping International (10.55%) – account for more than half the Index’s weighting.

Singapore’s offshore and marine industry has been battered by a slump in oil prices over the past few years, cutbacks in exploration and production (E&amp;P) spending, weak charter rates and delayed projects. This has forced a number of players to cut costs and restructure debt.

However, since the start of 2019, WTI crude has gained nearly 30%, and is set for its strongest advance since 2009. The Organization of Petroleum Exporting Countries (OPEC) and its partners – known as OPEC+ – have reduced output, while US sanctions on Iran and Venezuela have tightened supplies. Over the weekend, OPEC+ met in Azerbaijan to monitor their crude supply reduction pact, and said they would exceed commitments in the coming months. On Sunday, Saudi Arabia signalled that producers may need to extend their 1.2 million barrels per day of supply curbs past June into the second half of the year.

      
    
    WTI crude
In the 2019 year-to-date, the five, best-performing Index constituents were: Yangzijiang Shipbuilding (+14.4%), Marco Polo Marine (+5.3%), Sembcorp Marine (+5.2%), COSCO Shipping International (+4.5%), and Keppel Corp (+3.7%). They averaged a total return of +6.6% in the YTD, bringing their one-year and three-year total returns to -22.5% and -4.4%.

The table details the 12 constituents of the iEdge SG MOE Index, sorted by YTD total return.




			Name
			
			
			SGX Code
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
			
			P/E (x)
			
			
			P/B (x)
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			14.4
			
			
			14.7
			
			
			59.9
			
			
			7.4
			
			
			1.0
			
		


			MARCO POLO MARINE
			
			
			5LY
			
			
			5.3
			
			
			-52.4
			
			
			-89.6
			
			
			0.4
			
			
			0.6
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			5.2
			
			
			-22.9
			
			
			0.3
			
			
			NA
			
			
			1.5
			
		


			COSCO SHIPPING INTL
			
			
			F83
			
			
			4.5
			
			
			-33.7
			
			
			-9.2
			
			
			59.5
			
			
			1.5
			
		


			KEPPEL CORP 
			
			
			BN4
			
			
			3.7
			
			
			-18.2
			
			
			16.7
			
			
			12.1
			
			
			1.0
			
		


			HUTCHISON PORT HOLDINGS TRUST
			
			
			NS8U
			
			
			1.6
			
			
			-20.8
			
			
			-40.6
			
			
			NA
			
			
			0.6
			
		


			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			-0.8
			
			
			-17.1
			
			
			-9.8
			
			
			15.2
			
			
			0.7
			
		


			MERMAID MARITIME
			
			
			DU4
			
			
			-1.1
			
			
			-44.5
			
			
			-16.5
			
			
			NA
			
			
			0.3
			
		


			EZION HOLDINGS
			
			
			5ME
			
			
			-6.5
			
			
			-78.2
			
			
			-92.1
			
			
			NA
			
			
			-0.4
			
		


			AUSGROUP LTD
			
			
			5GJ
			
			
			-12.5
			
			
			-46.7
			
			
			-76.0
			
			
			6.1
			
			
			0.9
			
		


			NORDIC GROUP
			
			
			MR7
			
			
			-21.3
			
			
			-43.9
			
			
			88.5
			
			
			10.7
			
			
			1.5
			
		


			VALLIANZ HOLDING
			
			
			WPC
			
			
			-36.0
			
			
			-50.8
			
			
			-86.2
			
			
			7.5
			
			
			0.3
			
		

Source: Bloomberg &amp; StockFacts (data as of 15 March 2019)

The five Index constituents that posted the strongest price recovery from their 52-week lows were: Yangzijiang Shipbuilding (70.2%), Vallianz Holdings (26.7%), Mermaid Maritime (12.5%), COSCO Shipping (9.7%), and Sembcorp Marine (8.7%). These five stocks have averaged a 25.6% rebound from their respective 12-month troughs.

The table details the 12 constituents of the iEdge SG MOE Index, sorted by percentage price gain from 52-week lows.




			Name
			
			
			SGX Code
			
			
			Index Weight (%)
			
			
			Market Cap (S$M)
			
			
			Last Price (S$)
			
			
			52W Low Price (S$)
			
			
			52W Low Date
			
			
			% Chg vs 52W Low
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			15.21
			
			
			5,721
			
			
			1.43
			
			
			0.84
			
			
			07/18/2018
			
			
			70.2
			
		


			VALLIANZ HOLDINGS
			
			
			WPC
			
			
			2.88
			
			
			109
			
			
			0.19
			
			
			0.15
			
			
			10/29/2018
			
			
			26.7
			
		


			MERMAID MARITIME
			
			
			DU4
			
			
			6.75
			
			
			120
			
			
			0.09
			
			
			0.08
			
			
			03/11/2019
			
			
			12.5
			
		


			COSCO SHIPPING INTL
			
			
			F83
			
			
			10.55
			
			
			773
			
			
			0.34
			
			
			0.31
			
			
			12/26/2018
			
			
			9.7
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			11.04
			
			
			3,363
			
			
			1.62
			
			
			1.49
			
			
			12/26/2018
			
			
			8.7
			
		


			KEPPEL CORP 
			
			
			BN4
			
			
			10.59
			
			
			11,074
			
			
			6.13
			
			
			5.67
			
			
			12/26/2018
			
			
			8.1
			
		


			HUTCHISON PORT HOLDINGS TRUST
			
			
			NS8U
			
			
			10.73
			
			
			2,835
			
			
			0.32
			
			
			0.30
			
			
			03/01/2019
			
			
			6.7
			
		


			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			10.52
			
			
			4,550
			
			
			2.52
			
			
			2.43
			
			
			12/26/2018
			
			
			3.7
			
		


			EZION HOLDINGS
			
			
			5ME
			
			
			6.57
			
			
			160
			
			
			0.04
			
			
			0.04
			
			
			11/22/2018
			
			
			0.0
			
		


			NORDIC GROUP
			
			
			MR7
			
			
			4.66
			
			
			124
			
			
			0.31
			
			
			0.31
			
			
			03/12/2019
			
			
			0.0
			
		


			AUSGROUP LTD
			
			
			5GJ
			
			
			5.22
			
			
			88
			
			
			0.03
			
			
			0.03
			
			
			03/08/2019
			
			
			0.0
			
		


			MARCO POLO MARINE
			
			
			5LY
			
			
			5.29
			
			
			70
			
			
			0.02
			
			
			0.02
			
			
			12/26/2018
			
			
			0.0
			
		

Source: Bloomberg &amp; StockFacts (data as of 15 March 2019)



Five Best Performers of SGX MOE Index Average 7% YTD Gain

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
A second batch of Single Stock Daily Leverage Certificates (DLCs) consisting of 10 new underlying stocks will start trading on 26 February. The Single Stock DLCs provide 5X leverage exposure to the daily performance of the underlying stock on both Long and Short.   
	 </li>
	<li>
Of the 10 new underlying stocks, there are 4 Singapore names consisting of CapitaLand, Genting Singapore, Wilmar and Yangzijiang and 6 Hong Kong names consisting of AIA, China Construction Bank, Geely Auto, Galaxy Entertainment, HKEx and HSBC. 
	 </li>
	<li>The addition of these 10 new underlying stocks widens the Single Stock DLCs offering and provides traders with a cheaper alternative in terms of capital outlay and trading costs to gain exposure to some of these blue chip stocks.</li>
</ul>
Daily Leverage Certificates (DLCs) are financial instruments issued by a third-party financial institution, in this case Societe Generale, and are traded on the SGX securities market. DLCs seek to achieve short-term investment results that correspond to the daily magnified performance of the underlying index or stock.

With the addition of this second batch of Single Stock DLCs, DLC traders can look forward to a wider range of underlyings consisting of key Asian indices such as the MSCI Singapore Index and Hang Seng indices as well as a total of 20 Singapore and Hong Kong blue chip stocks.

10 new underlying stocks to widen the range of Single Stock DLCs 

Coming Tuesday 26 February, the Single Stock DLCs on 10 new underlying stocks will be listed for trading. There will be 4 Singapore names consisting of CapitaLand, Genting Singapore, Wilmar and Yangzijiang and 6 Hong Kong names consisting of AIA, China Construction Bank, Geely Auto, Galaxy Entertainment, HKEx and HSBC.

The performance of each of these stocks will be tradable via a 5x Long and 5x Short DLC. Tabled below are the details of the new Single Stock DLCs.

<table class="table table-striped"><tbody>
<tr>
<td>
			Market
			</td>
			<td>
			Underlying Stock
			</td>
			<td>
			Stock Code
			</td>
			<td>
			Counter Name
			</td>
			<td>
			Issue Price (SGD)*
			</td>
		</tr>
<tr>
<td rowspan="8">
			Singapore
			</td>
			<td rowspan="2">
			Genting Singapore
			</td>
			<td>
			DNEW
			</td>
			<td>
			DLC SG5xLong Genting
			</td>
			<td>
			0.25
			</td>
		</tr>
<tr>
<td>
			DMPW
			</td>
			<td>
			DLC SG5xShort Genting
			</td>
			<td>
			0.25
			</td>
		</tr>
<tr>
<td rowspan="2">
			CapitaLand
			</td>
			<td>
			DLQW
			</td>
			<td>
			DLC SG5xLong CapLand
			</td>
			<td>
			0.25
			</td>
		</tr>
<tr>
<td>
			DKFW
			</td>
			<td>
			DLC SG5xShort CapLand
			</td>
			<td>
			0.25
			</td>
		</tr>
<tr>
<td rowspan="2">
			Yangzijiang
			</td>
			<td>
			DJRW
			</td>
			<td>
			DLC SG5xLong YZJ
			</td>
			<td>
			0.25
			</td>
		</tr>
<tr>
<td>
			DXUW
			</td>
			<td>
			DLC SG5xShort YZJ
			</td>
			<td>
			0.25
			</td>
		</tr>
<tr>
<td rowspan="2">
			Wilmar
			</td>
			<td>
			DFHW
			</td>
			<td>
			DLC SG5xLong Wilmar
			</td>
			<td>
			0.25
			</td>
		</tr>
<tr>
<td>
			DNXW
			</td>
			<td>
			DLC SG5xShort Wilmar
			</td>
			<td>
			0.25
			</td>
		</tr>
<tr>
<td rowspan="12">
			Hong Kong
			</td>
			<td rowspan="2">
			HSBC
			</td>
			<td>
			DZLW
			</td>
			<td>
			DLC SG5xLong HSBC
			</td>
			<td>
			2.20
			</td>
		</tr>
<tr>
<td>
			DYAW
			</td>
			<td>
			DLC SG5xShort HSBC
			</td>
			<td>
			2.20
			</td>
		</tr>
<tr>
<td rowspan="2">
			CCB
			</td>
			<td>
			DXMW
			</td>
			<td>
			DLC SG5xLong CCB
			</td>
			<td>
			0.50
			</td>
		</tr>
<tr>
<td>
			DWBW
			</td>
			<td>
			DLC SG5xShort CCB
			</td>
			<td>
			0.50
			</td>
		</tr>
<tr>
<td rowspan="2">
			HKEx
			</td>
			<td>
			DVOW
			</td>
			<td>
			DLC SG5xLong HKEx
			</td>
			<td>
			2.20
			</td>
		</tr>
<tr>
<td>
			DVVW
			</td>
			<td>
			DLC SG5xShort HKEx
			</td>
			<td>
			2.20
			</td>
		</tr>
<tr>
<td rowspan="2">
			  Galaxy Ent
			</td>
			<td>
			DTNW
			</td>
			<td>
			DLC SG5xLong Galaxy
			</td>
			<td>
			0.60
			</td>
		</tr>
<tr>
<td>
			DSCW
			</td>
			<td>
			DLC SG5xShort Galaxy
			</td>
			<td>
			0.60
			</td>
		</tr>
<tr>
<td rowspan="2">
			  Geely Auto
			</td>
			<td>
			DRWW
			</td>
			<td>
			DLC SG5xLong Geely
			</td>
			<td>
			0.40
			</td>
		</tr>
<tr>
<td>
			DQDW
			</td>
			<td>
			DLC SG5xShort Geely
			</td>
			<td>
			0.40
			</td>
		</tr>
<tr>
<td rowspan="2">
			AIA
			</td>
			<td>
			DPWW
			</td>
			<td>
			DLC SG5xLong AIA
			</td>
			<td>
			0.80
			</td>
		</tr>
<tr>
<td>
			DAAW
			</td>
			<td>
			DLC SG5xShort AIA
			</td>
			<td>
			0.80
			</td>
		</tr>
</tbody></table>
* The Issue Price as tabled above will be taken as the intrinsic close value of the DLC on 25 February. When trading starts on Tuesday, 26 February, the 5x performance of the DLC will be with reference to this intrinsic close value on 25 February. Investors should refer to the term sheets published on the issuer’s website (dlc.socgen.com) and SGX company announcement website for the full details. 

Source: SGX (Note that all of the above Single Stock DLCs have an expiry date of 25 February 2022)

 

5x Leverage Exposure on the Daily Performance of the Underlying Stock

While the expiry date of the Single Stock DLCs above is in three years, i.e. 25 February 2022, they are generally designed for short term trading, with typical holding periods ranging from intra-day to five trading sessions.

With five times leverage on the daily performance of the underlying stock, the DLCs provide investors with the ability to make enhanced returns within a short period of time but also the risk of substantial losses if the underlying stock moves against the investor.

Tabled below are the simulated absolute daily performance of the 5x DLCs using historical absolute daily performance (close-to-close) of the underlying stocks. The data below is aimed at providing traders with a sense of the daily volatility of the underlying stock and the corresponding daily movement on the 5x DLC.

<table class="table table-striped"><tbody>
<tr>
<td>
			 
			</td>
			<td>
			Genting 
			</td>
			<td>
			CapitaLand
			</td>
			<td>
			YZJ
			</td>
			<td>
			Wilmar
			</td>
			<td>
			HSBC
			</td>
			<td>
			CCB
			</td>
			<td>
			HKEx
			</td>
			<td>
			Galaxy 
			</td>
			<td>
			Geely 
			</td>
			<td>
			AIA
			</td>
		</tr>
<tr>
<td>
			Absolute Median Daily % Change of the underlying stock (close-to-close)
			</td>
			<td>
			0.9%
			</td>
			<td>
			0.7%
			</td>
			<td>
			1.6%
			</td>
			<td>
			0.6%
			</td>
			<td>
			0.6%
			</td>
			<td>
			0.9%
			</td>
			<td>
			1.1%
			</td>
			<td>
			1.5%
			</td>
			<td>
			1.9%
			</td>
			<td>
			1.2%
			</td>
		</tr>
<tr>
<td>
			Simulated absolute daily performance on the 5x DLC 
			</td>
			<td>
			4.6%
			</td>
			<td>
			3.3%
			</td>
			<td>
			8.1%
			</td>
			<td>
			3.1%
			</td>
			<td>
			3.1%
			</td>
			<td>
			4.3%
			</td>
			<td>
			5.4%
			</td>
			<td>
			7.5%
			</td>
			<td>
			9.5%
			</td>
			<td>
			6.1%
			</td>
		</tr>
</tbody></table>
Source: Bloomberg (data period from 1 January 2018 to 21 February 2019). Performances of the DLCs are based on the assumption of no costs and fees and currency exchange impact. The performances can be a gain or a loss depending on directional view of the trader with respect to the actual underlying movement. The information on the above is for illustrative purposes only, and is not indicative of future performance.

Compounding Effect

Investors that hold the DLCs for longer than one Trading Day will notice that the return could be more or less than the leverage factor that is embedded within the DLC. This is because the performances of the underlying asset and the DLCs are reset at the end of each Trading Day.

When markets open on the next day, the performances of the underlying asset and the DLCs will be measured from the intrinsic closing levels recorded on the previous Trading Day. What this means, in practice, is the performance each day is locked in, and any subsequent returns are on top of what was achieved the day before. This is a process referred to as 'compounding'.

The compounding effect can positively enhance returns in trending markets (upward or downward) whilst negatively impacting returns when the markets are more volatile or trend sideways for long periods. To learn more about the compounding effect and other features of the DLCs, click <a href="https://www2.sgx.com/research-education/securities-products#Daily%20Leverage%20Certificates">here</a>.

DLCs offer a cheaper alternative to gain exposure to blue chip stocks

The Single Stock DLCs will be priced between S$0.25 to S$2.20 depending on the underlying stock. This means that investors can gain 5x leverage exposure to the underlying stock with a lower capital outlay.

Taking AIA for example and assuming AIA is currently at HKD75 (S$13), the investor would need capital of S$2,600 (S$13 x min lot size 200 units) to gain exposure to AIA as compared to a capital of S$80 (S$0.80 issue price of the AIA DLC x min lot size 100 units) if the investor uses the DLC.

In addition to a lower capital outlay, the intraday trading costs for DLCs is cheaper than trading the stock for an investor who wishes to gain S$10,000 worth of exposure to the underlying stock as highlighted in a previous market update <a href="https://www2.sgx.com/research-education/market-updates/20181105-new-single-stock-daily-leverage-certificates-5x-leverage">here</a>.

In comparison to other leveraged instrument such as Contract for Differences (CFDs), the trading commission charged by the broker for DLCs is on average lower than CFDs. Notably, the commission charge for the CFD is based on the entire contract value while that of the DLC is based on the amount of the DLC purchased (20% of contract value). The table below illustrates the comparison on commissions.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-02/DLC%20Info.PNG" alt="DLC info">
 </figure>
 <div class="content-caption">DLC info</div>
Investors should also read all listing documents provided by the issuer for other features such as the airbag mechanism, the risks and other information related to the product before trading the DLCs. The documents can be found under company information on SGX website or the Issuer’s website (dlc.socgen.com).

 

Specified Investment Products (SIPs)

Structured Warrants, Daily Leverage Certificates and synthetic ETFs are products with features that might be more complex in nature and are only suitable for investors who possess the investment knowledge of more complex products and have a high risk tolerance. Hence, all investors need to be qualified to trade in Specified Investment Products (“SIPs”) to be able to trade in these products. Speak to your broker to find out more on how you can qualify to trade SIPs.

Where can I find more information?

<table class="table table-striped"><tbody><tr>
<td>
			Benefits of ETFs 

			<ul>
<li>Educational videos (<a href="https://www2.sgx.com/research-education/securities-products#ETF">link</a>)</li>
				<li>Full list of SGX listed ETFs (<a href="https://api2.sgx.com/sites/default/files/2019-01/ETF_Summary_Info_03%20Jan%202019%20v2.pdf">link</a>)</li>
			</ul>
</td>
			<td>
			Trading Warrants

			<ul>
<li>Educational videos (<a href="https://www2.sgx.com/research-education/securities-products#Structured%20Warrants">link</a>)</li>
				<li>Investor guide (<a href="https://api2.sgx.com/sites/default/files/2018-12/SGX%20Structured%20Warrants%20Investor%20Guide.pdf">link</a>)</li>
			</ul>
</td>
			<td>
			Trading DLCs

			<ul>
<li>Factsheet (<a href="https://api2.sgx.com/sites/default/files/2018-10/SGX%20DLC%20Factsheet_Oct%202018_English.pdf">link</a>)</li>
				<li>Investor guide (<a href="https://api2.sgx.com/sites/default/files/2018-10/SGX97062_DLC_Brochure_Updates_October%202018.pdf">link</a>)</li>
			</ul>
</td>
		</tr></tbody></table>
</body></html>





A second batch of Single Stock Daily Leverage Certificates (DLCs) consisting of 10 new underlying stocks will start trading on 26 February. The Single Stock DLCs provide 5X leverage exposure to the daily performance of the underlying stock on both Long and Short.   
	 
	
Of the 10 new underlying stocks, there are 4 Singapore names consisting of CapitaLand, Genting Singapore, Wilmar and Yangzijiang and 6 Hong Kong names consisting of AIA, China Construction Bank, Geely Auto, Galaxy Entertainment, HKEx and HSBC.  
	 
	The addition of these 10 new underlying stocks widens the Single Stock DLCs offering and provides traders with a cheaper alternative in terms of capital outlay and trading costs to gain exposure to some of these blue chip stocks.

Daily Leverage Certificates (DLCs) are financial instruments issued by a third-party financial institution, in this case Societe Generale, and are traded on the SGX securities market. DLCs seek to achieve short-term investment results that correspond to the daily magnified performance of the underlying index or stock.

With the addition of this second batch of Single Stock DLCs, DLC traders can look forward to a wider range of underlyings consisting of key Asian indices such as the MSCI Singapore Index and Hang Seng indices as well as a total of 20 Singapore and Hong Kong blue chip stocks.

10 new underlying stocks to widen the range of Single Stock DLCs 

Coming Tuesday 26 February, the Single Stock DLCs on 10 new underlying stocks will be listed for trading. There will be 4 Singapore names consisting of CapitaLand, Genting Singapore, Wilmar and Yangzijiang and 6 Hong Kong names consisting of AIA, China Construction Bank, Geely Auto, Galaxy Entertainment, HKEx and HSBC.

The performance of each of these stocks will be tradable via a 5x Long and 5x Short DLC. Tabled below are the details of the new Single Stock DLCs.




			Market
			
			
			Underlying Stock
			
			
			Stock Code
			
			
			Counter Name
			
			
			Issue Price (SGD)*
			
		


			Singapore
			
			
			Genting Singapore
			
			
			DNEW
			
			
			DLC SG5xLong Genting
			
			
			0.25
			
		


			DMPW
			
			
			DLC SG5xShort Genting
			
			
			0.25
			
		


			CapitaLand
			
			
			DLQW
			
			
			DLC SG5xLong CapLand
			
			
			0.25
			
		


			DKFW
			
			
			DLC SG5xShort CapLand
			
			
			0.25
			
		


			Yangzijiang
			
			
			DJRW
			
			
			DLC SG5xLong YZJ
			
			
			0.25
			
		


			DXUW
			
			
			DLC SG5xShort YZJ
			
			
			0.25
			
		


			Wilmar
			
			
			DFHW
			
			
			DLC SG5xLong Wilmar
			
			
			0.25
			
		


			DNXW
			
			
			DLC SG5xShort Wilmar
			
			
			0.25
			
		


			Hong Kong
			
			
			HSBC
			
			
			DZLW
			
			
			DLC SG5xLong HSBC
			
			
			2.20
			
		


			DYAW
			
			
			DLC SG5xShort HSBC
			
			
			2.20
			
		


			CCB
			
			
			DXMW
			
			
			DLC SG5xLong CCB
			
			
			0.50
			
		


			DWBW
			
			
			DLC SG5xShort CCB
			
			
			0.50
			
		


			HKEx
			
			
			DVOW
			
			
			DLC SG5xLong HKEx
			
			
			2.20
			
		


			DVVW
			
			
			DLC SG5xShort HKEx
			
			
			2.20
			
		


			  Galaxy Ent
			
			
			DTNW
			
			
			DLC SG5xLong Galaxy
			
			
			0.60
			
		


			DSCW
			
			
			DLC SG5xShort Galaxy
			
			
			0.60
			
		


			  Geely Auto
			
			
			DRWW
			
			
			DLC SG5xLong Geely
			
			
			0.40
			
		


			DQDW
			
			
			DLC SG5xShort Geely
			
			
			0.40
			
		


			AIA
			
			
			DPWW
			
			
			DLC SG5xLong AIA
			
			
			0.80
			
		


			DAAW
			
			
			DLC SG5xShort AIA
			
			
			0.80
			
		

* The Issue Price as tabled above will be taken as the intrinsic close value of the DLC on 25 February. When trading starts on Tuesday, 26 February, the 5x performance of the DLC will be with reference to this intrinsic close value on 25 February. Investors should refer to the term sheets published on the issuer’s website (dlc.socgen.com) and SGX company announcement website for the full details. 

Source: SGX (Note that all of the above Single Stock DLCs have an expiry date of 25 February 2022)

 

5x Leverage Exposure on the Daily Performance of the Underlying Stock

While the expiry date of the Single Stock DLCs above is in three years, i.e. 25 February 2022, they are generally designed for short term trading, with typical holding periods ranging from intra-day to five trading sessions.

With five times leverage on the daily performance of the underlying stock, the DLCs provide investors with the ability to make enhanced returns within a short period of time but also the risk of substantial losses if the underlying stock moves against the investor.

Tabled below are the simulated absolute daily performance of the 5x DLCs using historical absolute daily performance (close-to-close) of the underlying stocks. The data below is aimed at providing traders with a sense of the daily volatility of the underlying stock and the corresponding daily movement on the 5x DLC.




			 
			
			
			Genting 
			
			
			CapitaLand
			
			
			YZJ
			
			
			Wilmar
			
			
			HSBC
			
			
			CCB
			
			
			HKEx
			
			
			Galaxy 
			
			
			Geely 
			
			
			AIA
			
		


			Absolute Median Daily % Change of the underlying stock (close-to-close)
			
			
			0.9%
			
			
			0.7%
			
			
			1.6%
			
			
			0.6%
			
			
			0.6%
			
			
			0.9%
			
			
			1.1%
			
			
			1.5%
			
			
			1.9%
			
			
			1.2%
			
		


			Simulated absolute daily performance on the 5x DLC 
			
			
			4.6%
			
			
			3.3%
			
			
			8.1%
			
			
			3.1%
			
			
			3.1%
			
			
			4.3%
			
			
			5.4%
			
			
			7.5%
			
			
			9.5%
			
			
			6.1%
			
		

Source: Bloomberg (data period from 1 January 2018 to 21 February 2019). Performances of the DLCs are based on the assumption of no costs and fees and currency exchange impact. The performances can be a gain or a loss depending on directional view of the trader with respect to the actual underlying movement. The information on the above is for illustrative purposes only, and is not indicative of future performance.

Compounding Effect

Investors that hold the DLCs for longer than one Trading Day will notice that the return could be more or less than the leverage factor that is embedded within the DLC. This is because the performances of the underlying asset and the DLCs are reset at the end of each Trading Day.

When markets open on the next day, the performances of the underlying asset and the DLCs will be measured from the intrinsic closing levels recorded on the previous Trading Day. What this means, in practice, is the performance each day is locked in, and any subsequent returns are on top of what was achieved the day before. This is a process referred to as 'compounding'.

The compounding effect can positively enhance returns in trending markets (upward or downward) whilst negatively impacting returns when the markets are more volatile or trend sideways for long periods. To learn more about the compounding effect and other features of the DLCs, click here.

DLCs offer a cheaper alternative to gain exposure to blue chip stocks

The Single Stock DLCs will be priced between S$0.25 to S$2.20 depending on the underlying stock. This means that investors can gain 5x leverage exposure to the underlying stock with a lower capital outlay.

Taking AIA for example and assuming AIA is currently at HKD75 (S$13), the investor would need capital of S$2,600 (S$13 x min lot size 200 units) to gain exposure to AIA as compared to a capital of S$80 (S$0.80 issue price of the AIA DLC x min lot size 100 units) if the investor uses the DLC.

In addition to a lower capital outlay, the intraday trading costs for DLCs is cheaper than trading the stock for an investor who wishes to gain S$10,000 worth of exposure to the underlying stock as highlighted in a previous market update here.

In comparison to other leveraged instrument such as Contract for Differences (CFDs), the trading commission charged by the broker for DLCs is on average lower than CFDs. Notably, the commission charge for the CFD is based on the entire contract value while that of the DLC is based on the amount of the DLC purchased (20% of contract value). The table below illustrates the comparison on commissions.

      
    
    DLC info
Investors should also read all listing documents provided by the issuer for other features such as the airbag mechanism, the risks and other information related to the product before trading the DLCs. The documents can be found under company information on SGX website or the Issuer’s website (dlc.socgen.com).

 

Specified Investment Products (SIPs)

Structured Warrants, Daily Leverage Certificates and synthetic ETFs are products with features that might be more complex in nature and are only suitable for investors who possess the investment knowledge of more complex products and have a high risk tolerance. Hence, all investors need to be qualified to trade in Specified Investment Products (“SIPs”) to be able to trade in these products. Speak to your broker to find out more on how you can qualify to trade SIPs.

Where can I find more information?



			Benefits of ETFs 

			
Educational videos (link)
				Full list of SGX listed ETFs (link)
			

			
			Trading Warrants

			
Educational videos (link)
				Investor guide (link)
			

			
			Trading DLCs

			
Factsheet (link)
				Investor guide (link)
			

		



Mark the Date, DLC Offering Expands on 26 February

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