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

Capitaland Commercial Trust / Equity Bottom-Up

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<ul>
<li>
As many as 20 of Singapore’s most actively traded 50 stocks were recipient to net institutional inflows for sessions spanning 9 to 10 March that saw the STI decline 4.3%, bringing its 2020 YTD decline to 11.9%. 
	 </li>
	<li>
By comparison, the 20 stocks recipient to net institutional inflows for sessions spanning 9 to 10 March, have declined 3.8% in the 2020 YTD,  with 16 of the 20 stocks outperforming the STI over the past three years. 
	 </li>
	<li>The majority of the 20 stocks were REITs &amp; Tech Manufacturers, also amongst the strongest segments of the past 3 years. Four of the stocks were among the STI’s 10 least performers in 2019, and one provided one of the STI’s strongest reports in the recent quarterly earnings.  </li>
</ul>
 

 Singapore’s 50 most actively traded stocks have averaged a 7.1% decline in total return in the 2020 year through to 10 March. Of the 50 stocks, as many as 20 of the stocks were recipient to net institutional inflow (excluding market making and liquidity provider flows) between 9 and 10 March, whilst the Straits Times Index (STI) declined 4.3%. A few observations could be made across the 20 stocks, including familiar themes of possible averaging down, rebalancing and post-earnings revisions:

<ul>
<li>As many as 14 of the 20 stocks (mostly comprised of REITs and technology manufacturers) were amongst the 20 strongest performing stocks of the 50 stocks over the past three years. This excludes Cromwell European REIT which was also recipient to net institutional inflow, however listed in the interim on 29 Nov 2017. 
	 </li>
	<li>Four of the 20 stocks, Genting Singapore, Singapore Press Holdings, Jardine Strategic Holdings and Yangzijiang Shipbuilding Holdings were amongst the STI’s least performing 10 stocks in 2019. 
	 </li>
	<li>The remaining stock, Wilmar International reported a 120% surge in its 4QFY19 earnings to US$438 million, and also proposed record-high dividend for FY19.</li>
</ul>
The 20 stocks are tabled below and sort according to the highest net institutional inflow between 9 and 10 March proportionate to market capitalisation (i.e. Net Institutional flow/Market Capitalisation). 

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			2020 YTD Total Return 

			%
			</td>
			<td>
			Three Year Total Return %
			</td>
			<td>
			Net Institutional Inflow (Excl. MM/LP on 9-10 March 

			S$M
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			S68
			</td>
			<td>
			9,837
			</td>
			<td>
			4.6
			</td>
			<td>
			38.3
			</td>
			<td>
			38.7
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			AWX
			</td>
			<td>
			532
			</td>
			<td>
			-3.0
			</td>
			<td>
			589.2
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			7,475
			</td>
			<td>
			-4.7
			</td>
			<td>
			79.4
			</td>
			<td>
			13.3
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS
			</td>
			<td>
			558
			</td>
			<td>
			451
			</td>
			<td>
			-18.4
			</td>
			<td>
			65.4
			</td>
			<td>
			0.6
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			6,559
			</td>
			<td>
			16.0
			</td>
			<td>
			112.3
			</td>
			<td>
			8.4
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REAL ESTATE INV TRT
			</td>
			<td>
			A17U
			</td>
			<td>
			12,085
			</td>
			<td>
			13.7
			</td>
			<td>
			62.0
			</td>
			<td>
			14.1
			</td>
		</tr>
<tr>
<td>
			SINGAPORE PRESS HOLDINGS
			</td>
			<td>
			T39
			</td>
			<td>
			2,981
			</td>
			<td>
			-14.2
			</td>
			<td>
			-37.6
			</td>
			<td>
			3.2
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REAL ESTATE INV
			</td>
			<td>
			BTOU
			</td>
			<td>
			2,177
			</td>
			<td>
			4.4
			</td>
			<td>
			56.0
			</td>
			<td>
			2.0
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			4,718
			</td>
			<td>
			0.9
			</td>
			<td>
			68.4
			</td>
			<td>
			3.1
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			7,608
			</td>
			<td>
			0.8
			</td>
			<td>
			52.2
			</td>
			<td>
			4.8
			</td>
		</tr>
<tr>
<td>
			MAPLETREE NORTH ASIA COMMERC
			</td>
			<td>
			RW0U
			</td>
			<td>
			3,599
			</td>
			<td>
			-1.2
			</td>
			<td>
			42.9
			</td>
			<td>
			2.0
			</td>
		</tr>
<tr>
<td>
			GENTING SINGAPORE
			</td>
			<td>
			G13
			</td>
			<td>
			8,928
			</td>
			<td>
			-19.6
			</td>
			<td>
			-18.7
			</td>
			<td>
			3.8
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECH ENGINEERING
			</td>
			<td>
			S63
			</td>
			<td>
			12,803
			</td>
			<td>
			4.3
			</td>
			<td>
			26.9
			</td>
			<td>
			5.2
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; INDUSTRI
			</td>
			<td>
			BUOU
			</td>
			<td>
			2,782
			</td>
			<td>
			-0.8
			</td>
			<td>
			59.1
			</td>
			<td>
			1.1
			</td>
		</tr>
<tr>
<td>
			CROMWELL EUROPEAN REIT
			</td>
			<td>
			CNNU
			</td>
			<td>
			2,009
			</td>
			<td>
			0.2
			</td>
			<td>
			9.5
			</td>
			<td>
			0.7
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			3,409
			</td>
			<td>
			-22.3
			</td>
			<td>
			-13.1
			</td>
			<td>
			1.1
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST
			</td>
			<td>
			HMN
			</td>
			<td>
			3,453
			</td>
			<td>
			-13.1
			</td>
			<td>
			23.4
			</td>
			<td>
			1.0
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			8,746
			</td>
			<td>
			-2.5
			</td>
			<td>
			43.0
			</td>
			<td>
			1.3
			</td>
		</tr>
<tr>
<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			F34
			</td>
			<td>
			24,362
			</td>
			<td>
			-6.8
			</td>
			<td>
			16.3
			</td>
			<td>
			3.6
			</td>
		</tr>
<tr>
<td>
			JARDINE STRATEGIC HLDGS
			</td>
			<td>
			J37
			</td>
			<td>
			39,439
			</td>
			<td>
			-13.7
			</td>
			<td>
			-33.7
			</td>
			<td>
			2.3
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			-3.8
			</td>
			<td>
			62.1
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			-1.8
			</td>
			<td>
			43.0
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX, StockFacts, Bloomberg , Thomson Reuters (Data as of 10 March 2020)
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As many as 20 of Singapore’s most actively traded 50 stocks were recipient to net institutional inflows for sessions spanning 9 to 10 March that saw the STI decline 4.3%, bringing its 2020 YTD decline to 11.9%. 
	 
	
By comparison, the 20 stocks recipient to net institutional inflows for sessions spanning 9 to 10 March, have declined 3.8% in the 2020 YTD,  with 16 of the 20 stocks outperforming the STI over the past three years.  
	 
	The majority of the 20 stocks were REITs &amp; Tech Manufacturers, also amongst the strongest segments of the past 3 years. Four of the stocks were among the STI’s 10 least performers in 2019, and one provided one of the STI’s strongest reports in the recent quarterly earnings.  

 

 Singapore’s 50 most actively traded stocks have averaged a 7.1% decline in total return in the 2020 year through to 10 March. Of the 50 stocks, as many as 20 of the stocks were recipient to net institutional inflow (excluding market making and liquidity provider flows) between 9 and 10 March, whilst the Straits Times Index (STI) declined 4.3%. A few observations could be made across the 20 stocks, including familiar themes of possible averaging down, rebalancing and post-earnings revisions:


As many as 14 of the 20 stocks (mostly comprised of REITs and technology manufacturers) were amongst the 20 strongest performing stocks of the 50 stocks over the past three years. This excludes Cromwell European REIT which was also recipient to net institutional inflow, however listed in the interim on 29 Nov 2017. 
	 
	Four of the 20 stocks, Genting Singapore, Singapore Press Holdings, Jardine Strategic Holdings and Yangzijiang Shipbuilding Holdings were amongst the STI’s least performing 10 stocks in 2019. 
	 
	The remaining stock, Wilmar International reported a 120% surge in its 4QFY19 earnings to US$438 million, and also proposed record-high dividend for FY19.

The 20 stocks are tabled below and sort according to the highest net institutional inflow between 9 and 10 March proportionate to market capitalisation (i.e. Net Institutional flow/Market Capitalisation). 




			Stock
			
			
			SGX Code
			
			
			Mkt Cap S$M
			
			
			2020 YTD Total Return 

			%
			
			
			Three Year Total Return %
			
			
			Net Institutional Inflow (Excl. MM/LP on 9-10 March 

			S$M
			
		


			SINGAPORE EXCHANGE
			
			
			S68
			
			
			9,837
			
			
			4.6
			
			
			38.3
			
			
			38.7
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			532
			
			
			-3.0
			
			
			589.2
			
			
			1.2
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			7,475
			
			
			-4.7
			
			
			79.4
			
			
			13.3
			
		


			UMS HOLDINGS
			
			
			558
			
			
			451
			
			
			-18.4
			
			
			65.4
			
			
			0.6
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			6,559
			
			
			16.0
			
			
			112.3
			
			
			8.4
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			12,085
			
			
			13.7
			
			
			62.0
			
			
			14.1
			
		


			SINGAPORE PRESS HOLDINGS
			
			
			T39
			
			
			2,981
			
			
			-14.2
			
			
			-37.6
			
			
			3.2
			
		


			MANULIFE US REAL ESTATE INV
			
			
			BTOU
			
			
			2,177
			
			
			4.4
			
			
			56.0
			
			
			2.0
			
		


			VENTURE CORP
			
			
			V03
			
			
			4,718
			
			
			0.9
			
			
			68.4
			
			
			3.1
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			7,608
			
			
			0.8
			
			
			52.2
			
			
			4.8
			
		


			MAPLETREE NORTH ASIA COMMERC
			
			
			RW0U
			
			
			3,599
			
			
			-1.2
			
			
			42.9
			
			
			2.0
			
		


			GENTING SINGAPORE
			
			
			G13
			
			
			8,928
			
			
			-19.6
			
			
			-18.7
			
			
			3.8
			
		


			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			12,803
			
			
			4.3
			
			
			26.9
			
			
			5.2
			
		


			FRASERS LOGISTICS &amp; INDUSTRI
			
			
			BUOU
			
			
			2,782
			
			
			-0.8
			
			
			59.1
			
			
			1.1
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			2,009
			
			
			0.2
			
			
			9.5
			
			
			0.7
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			3,409
			
			
			-22.3
			
			
			-13.1
			
			
			1.1
			
		


			ASCOTT RESIDENCE TRUST
			
			
			HMN
			
			
			3,453
			
			
			-13.1
			
			
			23.4
			
			
			1.0
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			8,746
			
			
			-2.5
			
			
			43.0
			
			
			1.3
			
		


			WILMAR INTERNATIONAL
			
			
			F34
			
			
			24,362
			
			
			-6.8
			
			
			16.3
			
			
			3.6
			
		


			JARDINE STRATEGIC HLDGS
			
			
			J37
			
			
			39,439
			
			
			-13.7
			
			
			-33.7
			
			
			2.3
			
		


			Average
			
			
			 
			
			
			 
			
			
			-3.8
			
			
			62.1
			
			
			 
			
		


			Median
			
			
			 
			
			
			 
			
			
			-1.8
			
			
			43.0
			
			
			 
			
		

 Source: SGX, StockFacts, Bloomberg , Thomson Reuters (Data as of 10 March 2020)



Capitaland Integrated Commercial Trust (CICT SP)

Mapletree Pan Asia Commercial Trust (MCT SP)

20 Stocks that Banked Net Institutional Inflows on 9-10 March