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.

Asia’s leading multi-asset exchange

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

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

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<li>
The FTSE ST All Share Index generated a 3.6% total return in the 2021 YTD, with Net Institutional Outflows of S$232 million. The 106 stocks include STI stocks, Mid-cap and Small-cap stocks which include 37 trusts of the REIT Sector. 
	 </li>
	<li>
The past six weeks have seen similar Sector trends within the Index as observed in 2020, with Technology and Consumer Non-Cyclical stocks among the stronger Sectors, while the Consumer Cyclical and Real Estate (excl. REITs) Sectors have lagged the Index. 
	 </li>
	<li>The 20 stocks with the highest net institutional inflows over the past six weeks represent seven sectors, have averaged 10% total returns over the period, with eight of the 20 stocks also recipient to the highest net institutional flows proportionate to market value.</li>
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The FTSE ST All Share Index is comprised of 106 constituents which includes the 30 stocks of the Straits Times Index and 76 Mid-cap to Small-cap stocks. Market capitalisation of the stocks range from S$66 billion for DBS Group Holdings to S$94 million for MM2 Asia.  The Index has generated a 3.3% gain in the 2021 year to 16 February, with dividend distributions, predominately from REITs boosting the total return to 3.6%. Thomson Medical Group Leads Health Stocks and Index in 2021 YTD 
The past six weeks have seen similar sector trends within the FTSE ST All-Share Index as observed in 2020. Technology was the strongest sector of the Index in 2020 and has been the second strongest sector of the Index in the 2021 year to 16 February. The 80% gains of Thomson Medical Group in the 2021 year to 16 February means that the Healthcare Sector, represent by three stocks in total, has been the strongest sector of the Index for the six week period. Thomson Medical Group has also been the strongest constituent of the Index for the period. 
On 8 February, Thomson Medical Group reported net profit after tax of S$9.7 million for its 1HFY21 (ended 31 Dec), a reversal from its S$1.0 million loss in 1HFY20 (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/EHX0GL0T0481HO2M/a8f6938b850c28a6d18a3108d972aa5c47899ff039cb5c93394be82e168a4959">here</a> for more). The leading healthcare player in the South-East Asian region with Singapore and Malaysia operations also noted that excluding COVID-19 related grants from the Singapore Government, the Group remained profitable recording a net profit after tax of S$4.5 million. 
The Index’s Consumer Non-Cyclical stocks have been the third strongest sector in the 2021 year to 16 February, averaging 11% total returns, following on from averaging 4% declines in 2020. Meanwhile Consumer Cyclicals and Real Estate (Excl. REITs) have remained laggard Sectors over the period. 20 Index Stocks Most Sought By Institutions in 2021 YTD 
The 20 stocks with the highest net institutional inflows over the past six weeks represent seven sectors, have averaged 10% total returns over the period, with the median total return at 7%. The 20 stocks include a number of stocks that lagged the FTSE ST All-Share Index in 2020, including Sembcorp Marine, Singapore Press Holdings, Jardine Cycle &amp; Carriage, Singapore Airlines and Dairy Farm International.  
While the entire 106 stocks have been recipient to Net Institutional Outflows of S$232 million in the 2021 year to 16 February, the 20 stocks tabled below drew combined inflows of S$630 million. Eight of the 20 stocks were also among the 10 stocks recipient to the highest net institutional flows proportionate to market value, including AEM Holdings, Jardine Cycle &amp; Carriage, UMS Holdings, Sembcorp Marine, Yangzijiang Shipbuilding, Singapore Press Holdings, CapitaLand China Trust and ARA LOGOS Log Trust.

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap (S$M)
			</td>
			<td>
			Net Insti Flow (S$M)
			</td>
			<td>
			Net Insti Flow / Mkt Cap (%)
			</td>
			<td>
			YTD Total Return %
			</td>
			<td>
			2020 Total Return %
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			40,181
			</td>
			<td>
			124.5
			</td>
			<td>
			0.31%
			</td>
			<td>
			6.3
			</td>
			<td>
			-9.6
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			OCBC Bank
			</td>
			<td>
			O39
			</td>
			<td>
			47,602
			</td>
			<td>
			62.3
			</td>
			<td>
			0.13%
			</td>
			<td>
			5.8
			</td>
			<td>
			-3.6
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			34,810
			</td>
			<td>
			61.7
			</td>
			<td>
			0.18%
			</td>
			<td>
			18.5
			</td>
			<td>
			16.7
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			AEM
			</td>
			<td>
			AWX
			</td>
			<td>
			1,264
			</td>
			<td>
			49.0
			</td>
			<td>
			3.88%
			</td>
			<td>
			33.0
			</td>
			<td>
			74.6
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Jardine C&amp;C
			</td>
			<td>
			C07
			</td>
			<td>
			8612
			</td>
			<td>
			44.3
			</td>
			<td>
			0.51%
			</td>
			<td>
			11.5
			</td>
			<td>
			-32.0
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			10,734
			</td>
			<td>
			39.0
			</td>
			<td>
			0.36%
			</td>
			<td>
			8.8
			</td>
			<td>
			8.4
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			UMS
			</td>
			<td>
			558
			</td>
			<td>
			731
			</td>
			<td>
			36.6
			</td>
			<td>
			5.01%
			</td>
			<td>
			26.9
			</td>
			<td>
			10.5
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Sembcorp Marine
			</td>
			<td>
			S51
			</td>
			<td>
			2021
			</td>
			<td>
			32.5
			</td>
			<td>
			1.61%
			</td>
			<td>
			12.6
			</td>
			<td>
			-83.1
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			66333
			</td>
			<td>
			29.3
			</td>
			<td>
			0.04%
			</td>
			<td>
			3.8
			</td>
			<td>
			1.7
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg SGD
			</td>
			<td>
			BS6
			</td>
			<td>
			4041
			</td>
			<td>
			26.5
			</td>
			<td>
			0.65%
			</td>
			<td>
			9.9
			</td>
			<td>
			-10.8
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td>
			C6L
			</td>
			<td>
			13046
			</td>
			<td>
			24.2
			</td>
			<td>
			0.19%
			</td>
			<td>
			2.8
			</td>
			<td>
			-32.8
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Keppel DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			4753
			</td>
			<td>
			14.8
			</td>
			<td>
			0.31%
			</td>
			<td>
			5.2
			</td>
			<td>
			38.4
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			SPH
			</td>
			<td>
			T39
			</td>
			<td>
			1942
			</td>
			<td>
			14.2
			</td>
			<td>
			0.73%
			</td>
			<td>
			8.0
			</td>
			<td>
			-47.2
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			CapLand China T
			</td>
			<td>
			AU8U
			</td>
			<td>
			2109
			</td>
			<td>
			13.5
			</td>
			<td>
			0.64%
			</td>
			<td>
			0.4
			</td>
			<td>
			-7.0
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			4625
			</td>
			<td>
			11.4
			</td>
			<td>
			0.25%
			</td>
			<td>
			3.8
			</td>
			<td>
			-21.3
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			DairyFarm USD
			</td>
			<td>
			D01
			</td>
			<td>
			7903
			</td>
			<td>
			11.2
			</td>
			<td>
			0.14%
			</td>
			<td>
			6.0
			</td>
			<td>
			-24.7
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			5910
			</td>
			<td>
			9.9
			</td>
			<td>
			0.17%
			</td>
			<td>
			4.9
			</td>
			<td>
			25.2
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Keppel REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			4040
			</td>
			<td>
			8.6
			</td>
			<td>
			0.21%
			</td>
			<td>
			8.0
			</td>
			<td>
			-6.3
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			ARA LOGOS Log Tr
			</td>
			<td>
			K2LU
			</td>
			<td>
			920
			</td>
			<td>
			8.5
			</td>
			<td>
			0.92%
			</td>
			<td>
			21.4
			</td>
			<td>
			-7.3
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			CapitaLand
			</td>
			<td>
			C31
			</td>
			<td>
			16254
			</td>
			<td>
			8.5
			</td>
			<td>
			0.05%
			</td>
			<td>
			-4.6
			</td>
			<td>
			-8.9
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			9.7
			</td>
			<td>
			-6.0
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			7.1
			</td>
			<td>
			-7.2
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: Reuters, Bloomberg, SGX StockFacts (Data as of 16 February 2021)
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The FTSE ST All Share Index generated a 3.6% total return in the 2021 YTD, with Net Institutional Outflows of S$232 million. The 106 stocks include STI stocks, Mid-cap and Small-cap stocks which include 37 trusts of the REIT Sector.  
	 
	
The past six weeks have seen similar Sector trends within the Index as observed in 2020, with Technology and Consumer Non-Cyclical stocks among the stronger Sectors, while the Consumer Cyclical and Real Estate (excl. REITs) Sectors have lagged the Index. 
	 
	The 20 stocks with the highest net institutional inflows over the past six weeks represent seven sectors, have averaged 10% total returns over the period, with eight of the 20 stocks also recipient to the highest net institutional flows proportionate to market value.

 

The FTSE ST All Share Index is comprised of 106 constituents which includes the 30 stocks of the Straits Times Index and 76 Mid-cap to Small-cap stocks. Market capitalisation of the stocks range from S$66 billion for DBS Group Holdings to S$94 million for MM2 Asia.  The Index has generated a 3.3% gain in the 2021 year to 16 February, with dividend distributions, predominately from REITs boosting the total return to 3.6%.  Thomson Medical Group Leads Health Stocks and Index in 2021 YTD  
The past six weeks have seen similar sector trends within the FTSE ST All-Share Index as observed in 2020. Technology was the strongest sector of the Index in 2020 and has been the second strongest sector of the Index in the 2021 year to 16 February. The 80% gains of Thomson Medical Group in the 2021 year to 16 February means that the Healthcare Sector, represent by three stocks in total, has been the strongest sector of the Index for the six week period. Thomson Medical Group has also been the strongest constituent of the Index for the period.  
On 8 February, Thomson Medical Group reported net profit after tax of S$9.7 million for its 1HFY21 (ended 31 Dec), a reversal from its S$1.0 million loss in 1HFY20 (click here for more). The leading healthcare player in the South-East Asian region with Singapore and Malaysia operations also noted that excluding COVID-19 related grants from the Singapore Government, the Group remained profitable recording a net profit after tax of S$4.5 million.  
The Index’s Consumer Non-Cyclical stocks have been the third strongest sector in the 2021 year to 16 February, averaging 11% total returns, following on from averaging 4% declines in 2020. Meanwhile Consumer Cyclicals and Real Estate (Excl. REITs) have remained laggard Sectors over the period.  20 Index Stocks Most Sought By Institutions in 2021 YTD  
The 20 stocks with the highest net institutional inflows over the past six weeks represent seven sectors, have averaged 10% total returns over the period, with the median total return at 7%. The 20 stocks include a number of stocks that lagged the FTSE ST All-Share Index in 2020, including Sembcorp Marine, Singapore Press Holdings, Jardine Cycle &amp; Carriage, Singapore Airlines and Dairy Farm International.   
While the entire 106 stocks have been recipient to Net Institutional Outflows of S$232 million in the 2021 year to 16 February, the 20 stocks tabled below drew combined inflows of S$630 million. Eight of the 20 stocks were also among the 10 stocks recipient to the highest net institutional flows proportionate to market value, including AEM Holdings, Jardine Cycle &amp; Carriage, UMS Holdings, Sembcorp Marine, Yangzijiang Shipbuilding, Singapore Press Holdings, CapitaLand China Trust and ARA LOGOS Log Trust.




			Stock
			
			
			Code
			
			
			Mkt Cap (S$M)
			
			
			Net Insti Flow (S$M)
			
			
			Net Insti Flow / Mkt Cap (%)
			
			
			YTD Total Return %
			
			
			2020 Total Return %
			
			
			Sector
			
		


			UOB
			
			
			U11
			
			
			40,181
			
			
			124.5
			
			
			0.31%
			
			
			6.3
			
			
			-9.6
			
			
			Financial Services
			
		


			OCBC Bank
			
			
			O39
			
			
			47,602
			
			
			62.3
			
			
			0.13%
			
			
			5.8
			
			
			-3.6
			
			
			Financial Services
			
		


			Wilmar Intl
			
			
			F34
			
			
			34,810
			
			
			61.7
			
			
			0.18%
			
			
			18.5
			
			
			16.7
			
			
			Consumer Non-Cyclicals
			
		


			AEM
			
			
			AWX
			
			
			1,264
			
			
			49.0
			
			
			3.88%
			
			
			33.0
			
			
			74.6
			
			
			Technology (Hardware/ Software)
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			8612
			
			
			44.3
			
			
			0.51%
			
			
			11.5
			
			
			-32.0
			
			
			Consumer Cyclicals
			
		


			SGX
			
			
			S68
			
			
			10,734
			
			
			39.0
			
			
			0.36%
			
			
			8.8
			
			
			8.4
			
			
			Financial Services
			
		


			UMS
			
			
			558
			
			
			731
			
			
			36.6
			
			
			5.01%
			
			
			26.9
			
			
			10.5
			
			
			Technology (Hardware/ Software)
			
		


			Sembcorp Marine
			
			
			S51
			
			
			2021
			
			
			32.5
			
			
			1.61%
			
			
			12.6
			
			
			-83.1
			
			
			Industrials
			
		


			DBS
			
			
			D05
			
			
			66333
			
			
			29.3
			
			
			0.04%
			
			
			3.8
			
			
			1.7
			
			
			Financial Services
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			4041
			
			
			26.5
			
			
			0.65%
			
			
			9.9
			
			
			-10.8
			
			
			Industrials
			
		


			SIA
			
			
			C6L
			
			
			13046
			
			
			24.2
			
			
			0.19%
			
			
			2.8
			
			
			-32.8
			
			
			Industrials
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			4753
			
			
			14.8
			
			
			0.31%
			
			
			5.2
			
			
			38.4
			
			
			REITs
			
		


			SPH
			
			
			T39
			
			
			1942
			
			
			14.2
			
			
			0.73%
			
			
			8.0
			
			
			-47.2
			
			
			Consumer Cyclicals
			
		


			CapLand China T
			
			
			AU8U
			
			
			2109
			
			
			13.5
			
			
			0.64%
			
			
			0.4
			
			
			-7.0
			
			
			REITs
			
		


			SATS
			
			
			S58
			
			
			4625
			
			
			11.4
			
			
			0.25%
			
			
			3.8
			
			
			-21.3
			
			
			Industrials
			
		


			DairyFarm USD
			
			
			D01
			
			
			7903
			
			
			11.2
			
			
			0.14%
			
			
			6.0
			
			
			-24.7
			
			
			Consumer Non-Cyclicals
			
		


			Venture
			
			
			V03
			
			
			5910
			
			
			9.9
			
			
			0.17%
			
			
			4.9
			
			
			25.2
			
			
			Technology (Hardware/ Software)
			
		


			Keppel REIT
			
			
			K71U
			
			
			4040
			
			
			8.6
			
			
			0.21%
			
			
			8.0
			
			
			-6.3
			
			
			REITs
			
		


			ARA LOGOS Log Tr
			
			
			K2LU
			
			
			920
			
			
			8.5
			
			
			0.92%
			
			
			21.4
			
			
			-7.3
			
			
			REITs
			
		


			CapitaLand
			
			
			C31
			
			
			16254
			
			
			8.5
			
			
			0.05%
			
			
			-4.6
			
			
			-8.9
			
			
			Real Estate (excl. REITs)
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			9.7
			
			
			-6.0
			
			
			 
			
		


			Median
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			7.1
			
			
			-7.2
			
			
			 
			
		

 Source: Reuters, Bloomberg, SGX StockFacts (Data as of 16 February 2021)



Dairy Farm International Holdings (DFI SP)

20 Index Stocks Most Sought By Institutions in YTD

Seatrium

20 Index Stocks Most Sought By Institutions in YTD