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

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
The 30 Singapore stocks that have attracted the highest net institutional buying since 31 Jan, include 19 STI stocks and 11 non-STI stocks. The 30 stocks comprise multiple sectors and a similar number of stocks trading above and below pre-COVID book valuations. 
	 </li>
	<li>
The 30 stocks drew S$960 million in net institutional buying and averaged 6% gains over the first seven sessions of Feb, with the remaining Singapore-listed stocks drawing S$145 million in net institutional selling. This has brought overall net institutional buying to S$815 million since 31 Jan.  
	 </li>
	<li>As many as half of these 30 stocks have attracted net institutional inflows since 31 Dec after drawing net institutional outflows in 2021. The majority of these 15 stocks are also presently trading at a lower P/B ratio than respective ratios at the end of 2019. </li>
</ul>
 

While  sequentially uneven global economic recoveries spanning 2020 through 2021 fueled divergent returns across the big stock sectors, the inflation concerns of early 2022 have also seen divergent sector returns. Tied to cause and effect, energy and bank sectors have led global stocks, while technology stocks have underperformed to this point. In both the new Calendar and Lunar New Years to date, the three banks - Oversea-Chinese Banking Corporation, DBS Group Holdings and United Overseas Bank have led net institutional buying of Singapore stocks. For the Lunar New Year, the 30 stocks that have drawn the most net institutional buying saw S$960 million in net institutional buying while all generating gains over the seven sessions. The remaining Singapore-listed stocks drew S$145 million in net institutional selling.  On the energy front, Rex International Holding, Geo Energy Resources and Sembcorp Industries have ranked among the 30 Singapore stocks that have attracted the highest net institutional buying since 31 Jan, while leading the performances of these 30 stocks in the 2022 YTD.  Recent Stock Rotations Themes such as the gradual re-opening outlook, the aforementioned global inflation, ongoing strategic initiatives to restructure businesses, in addition to valuations are possible factors that have had an impact on the 30 stocks that have drawn the most net institutional inflows since 31 Jan.  Among the 30 stocks, those that have attracted net institutional buying in early February, after drawing net institutional selling in January include ComfortDelGro Corporation, in addition to manufacturers Singapore Technology Engineering and Venture Corporation. Looking back a little longer, of the 30 stocks, as many as 15 have attracted net institutional inflows since 31 Dec after drawing net institutional outflows in 2021. These include Keppel Corporation, CapitaLand Integrated Commercial Trust, Singapore Airlines, Genting Singapore, Riverstone Holdings, Singapore Telecommunications, Singapore Exchange, Suntec REIT, Wilmar International, Sheng Siong Group, Hongkong Land Holdings, City Developments, Keppel REIT, Jiutian Chemical Group and Mapletree North Asia Commercial Trust. The majority of these 15 stocks are presently trading at a lower price-to-book ratio than their respective ratio at the end of 2019. Meanwhile, the majority of the 30 stocks that have attracted net institutional buying in both in the 2022 YTD and in 2021 are presently trading at a higher price-to-book ratio than their respective ratio at the end of 2019. The 30 Singapore-listed stocks that have seen the most net institutional buying over the first seven sessions of the Year of the Tiger are tabled below, and sort by the most net institutional buying over the seven sessions. The non-STI stocks include - Suntec REIT, Mapletree North Asia Commercial Trust, Sheng Siong Group, Keppel REIT, Geo Energy Resources, Golden Agri-Resources, Olam International, Jiutian Chemical Group, Rex International Holding, Hutchison Port Holdings Trust and Riverstone Holdings. 
 

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			MTD 

			Net Insti Flow S$M
			</td>
			<td>
			MTD Total Return
			</td>
			<td>
			YTD 

			Net Insti Flow S$M
			</td>
			<td>
			YTD 

			Total Return %
			</td>
			<td>
			P/B 

			(x)
			</td>
			<td>
			P/B end of 2019 (x)
			</td>
		</tr>
<tr>
<td>
			OCBC Bank
			</td>
			<td>
			O39
			</td>
			<td>
			$59,878
			</td>
			<td>
			207
			</td>
			<td>
			7%
			</td>
			<td>
			603
			</td>
			<td>
			17%
			</td>
			<td>
			1.2
			</td>
			<td>
			1.0
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			$95,671
			</td>
			<td>
			153
			</td>
			<td>
			6%
			</td>
			<td>
			358
			</td>
			<td>
			14%
			</td>
			<td>
			1.7
			</td>
			<td>
			1.3
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			$54,507
			</td>
			<td>
			138
			</td>
			<td>
			9%
			</td>
			<td>
			378
			</td>
			<td>
			21%
			</td>
			<td>
			1.3
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			Singtel
			</td>
			<td>
			Z74
			</td>
			<td>
			$42,100
			</td>
			<td>
			90
			</td>
			<td>
			5%
			</td>
			<td>
			261
			</td>
			<td>
			10%
			</td>
			<td>
			1.5
			</td>
			<td>
			2.0
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td>
			C6L
			</td>
			<td>
			$15,757
			</td>
			<td>
			56
			</td>
			<td>
			6%
			</td>
			<td>
			82
			</td>
			<td>
			6%
			</td>
			<td>
			0.7
			</td>
			<td>
			0.9
			</td>
		</tr>
<tr>
<td>
			CapLand Int Com T
			</td>
			<td>
			C38U
			</td>
			<td>
			$13,746
			</td>
			<td>
			49
			</td>
			<td>
			7%
			</td>
			<td>
			30
			</td>
			<td>
			2%
			</td>
			<td>
			1.0
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			$10,420
			</td>
			<td>
			39
			</td>
			<td>
			5%
			</td>
			<td>
			80
			</td>
			<td>
			6%
			</td>
			<td>
			7.4
			</td>
			<td>
			8.8
			</td>
		</tr>
<tr>
<td>
			CapitaLand Invest
			</td>
			<td>
			9CI
			</td>
			<td>
			$18,817
			</td>
			<td>
			21
			</td>
			<td>
			6%
			</td>
			<td>
			51
			</td>
			<td>
			7%
			</td>
			<td>
			0.9
			</td>
			<td>
			N/A
			</td>
		</tr>
<tr>
<td>
			Keppel Corp
			</td>
			<td>
			BN4
			</td>
			<td>
			$10,984
			</td>
			<td>
			18
			</td>
			<td>
			7%
			</td>
			<td>
			46
			</td>
			<td>
			18%
			</td>
			<td>
			0.9
			</td>
			<td>
			1.1
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			$28,015
			</td>
			<td>
			17
			</td>
			<td>
			4%
			</td>
			<td>
			45
			</td>
			<td>
			7%
			</td>
			<td>
			1.1
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			Sembcorp Ind
			</td>
			<td>
			U96
			</td>
			<td>
			$4,343
			</td>
			<td>
			15
			</td>
			<td>
			7%
			</td>
			<td>
			58
			</td>
			<td>
			22%
			</td>
			<td>
			1.3
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg SGD
			</td>
			<td>
			BS6
			</td>
			<td>
			$5,440
			</td>
			<td>
			15
			</td>
			<td>
			8%
			</td>
			<td>
			6
			</td>
			<td>
			4%
			</td>
			<td>
			0.8
			</td>
			<td>
			0.7
			</td>
		</tr>
<tr>
<td>
			HongkongLand USD
			</td>
			<td>
			H78
			</td>
			<td>
			$17,633
			</td>
			<td>
			14
			</td>
			<td>
			3%
			</td>
			<td>
			32
			</td>
			<td>
			8%
			</td>
			<td>
			0.4
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			Suntec REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			$4,560
			</td>
			<td>
			14
			</td>
			<td>
			5%
			</td>
			<td>
			15
			</td>
			<td>
			7%
			</td>
			<td>
			0.8
			</td>
			<td>
			0.9
			</td>
		</tr>
<tr>
<td>
			CityDev
			</td>
			<td>
			C09
			</td>
			<td>
			$6,566
			</td>
			<td>
			13
			</td>
			<td>
			3%
			</td>
			<td>
			37
			</td>
			<td>
			6%
			</td>
			<td>
			0.8
			</td>
			<td>
			1.0
			</td>
		</tr>
<tr>
<td>
			Mapletree NAC Tr
			</td>
			<td>
			RW0U
			</td>
			<td>
			$3,845
			</td>
			<td>
			12
			</td>
			<td>
			1%
			</td>
			<td>
			44
			</td>
			<td>
			-2%
			</td>
			<td>
			0.8
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			Genting Sing
			</td>
			<td>
			G13
			</td>
			<td>
			$9,411
			</td>
			<td>
			11
			</td>
			<td>
			6%
			</td>
			<td>
			12
			</td>
			<td>
			1%
			</td>
			<td>
			1.2
			</td>
			<td>
			1.4
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			$12,015
			</td>
			<td>
			11
			</td>
			<td>
			3%
			</td>
			<td>
			-16
			</td>
			<td>
			3%
			</td>
			<td>
			5.3
			</td>
			<td>
			5.5
			</td>
		</tr>
<tr>
<td>
			Jardine C&amp;C
			</td>
			<td>
			C07
			</td>
			<td>
			$8,695
			</td>
			<td>
			9
			</td>
			<td>
			8%
			</td>
			<td>
			4
			</td>
			<td>
			7%
			</td>
			<td>
			0.9
			</td>
			<td>
			1.3
			</td>
		</tr>
<tr>
<td>
			Sheng Siong
			</td>
			<td>
			OV8
			</td>
			<td>
			$2,315
			</td>
			<td>
			8
			</td>
			<td>
			3%
			</td>
			<td>
			9
			</td>
			<td>
			5%
			</td>
			<td>
			5.9
			</td>
			<td>
			6.0
			</td>
		</tr>
<tr>
<td>
			Keppel REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			$4,233
			</td>
			<td>
			8
			</td>
			<td>
			2%
			</td>
			<td>
			9
			</td>
			<td>
			4%
			</td>
			<td>
			0.9
			</td>
			<td>
			0.9
			</td>
		</tr>
<tr>
<td>
			Geo Energy Res
			</td>
			<td>
			RE4
			</td>
			<td>
			$577
			</td>
			<td>
			7
			</td>
			<td>
			12%
			</td>
			<td>
			15
			</td>
			<td>
			22%
			</td>
			<td>
			1.7
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			Golden Agri-Res
			</td>
			<td>
			E5H
			</td>
			<td>
			$3,490
			</td>
			<td>
			7
			</td>
			<td>
			12%
			</td>
			<td>
			10
			</td>
			<td>
			12%
			</td>
			<td>
			0.6
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			ComfortDelGro
			</td>
			<td>
			C52
			</td>
			<td>
			$3,164
			</td>
			<td>
			7
			</td>
			<td>
			7%
			</td>
			<td>
			-46
			</td>
			<td>
			4%
			</td>
			<td>
			1.2
			</td>
			<td>
			2.0
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			$5,335
			</td>
			<td>
			6
			</td>
			<td>
			4%
			</td>
			<td>
			-13
			</td>
			<td>
			0%
			</td>
			<td>
			2.1
			</td>
			<td>
			1.9
			</td>
		</tr>
<tr>
<td>
			Olam Intl
			</td>
			<td>
			O32
			</td>
			<td>
			$6,613
			</td>
			<td>
			4
			</td>
			<td>
			7%
			</td>
			<td>
			2
			</td>
			<td>
			2%
			</td>
			<td>
			1.1
			</td>
			<td>
			1.1
			</td>
		</tr>
<tr>
<td>
			Jiutian Chemical
			</td>
			<td>
			C8R
			</td>
			<td>
			$173
			</td>
			<td>
			3
			</td>
			<td>
			1%
			</td>
			<td>
			7
			</td>
			<td>
			14%
			</td>
			<td>
			1.3
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			Rex Intl
			</td>
			<td>
			5WH
			</td>
			<td>
			$508
			</td>
			<td>
			3
			</td>
			<td>
			16%
			</td>
			<td>
			9
			</td>
			<td>
			28%
			</td>
			<td>
			2.5
			</td>
			<td>
			1.4
			</td>
		</tr>
<tr>
<td>
			HPH Trust USD
			</td>
			<td>
			NS8U
			</td>
			<td>
			$3,050
			</td>
			<td>
			3
			</td>
			<td>
			10%
			</td>
			<td>
			6
			</td>
			<td>
			15%
			</td>
			<td>
			0.7
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			Riverstone
			</td>
			<td>
			AP4
			</td>
			<td>
			$1,104
			</td>
			<td>
			2
			</td>
			<td>
			6%
			</td>
			<td>
			8
			</td>
			<td>
			6%
			</td>
			<td>
			1.6
			</td>
			<td>
			2.6
			</td>
		</tr>
<tr>
<td>
			Total 
			</td>
			<td>
			 
			</td>
			<td>
			$452,967
			</td>
			<td>
			$960
			</td>
			<td>
			 
			</td>
			<td>
			$2,142
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			6%
			</td>
			<td>
			 
			</td>
			<td>
			9%
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			6%
			</td>
			<td>
			 
			</td>
			<td>
			7%
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
Source: SGX, Refinitiv, Bloomberg (Data as of 14 Feb 2022). Note table does include flows from Keong Hong Holdings and Singapore Press Holdings.

 
</body></html>





The 30 Singapore stocks that have attracted the highest net institutional buying since 31 Jan, include 19 STI stocks and 11 non-STI stocks. The 30 stocks comprise multiple sectors and a similar number of stocks trading above and below pre-COVID book valuations.  
	 
	
The 30 stocks drew S$960 million in net institutional buying and averaged 6% gains over the first seven sessions of Feb, with the remaining Singapore-listed stocks drawing S$145 million in net institutional selling. This has brought overall net institutional buying to S$815 million since 31 Jan.   
	 
	As many as half of these 30 stocks have attracted net institutional inflows since 31 Dec after drawing net institutional outflows in 2021. The majority of these 15 stocks are also presently trading at a lower P/B ratio than respective ratios at the end of 2019. 

 

While  sequentially uneven global economic recoveries spanning 2020 through 2021 fueled divergent returns across the big stock sectors, the inflation concerns of early 2022 have also seen divergent sector returns. Tied to cause and effect, energy and bank sectors have led global stocks, while technology stocks have underperformed to this point. In both the new Calendar and Lunar New Years to date, the three banks - Oversea-Chinese Banking Corporation, DBS Group Holdings and United Overseas Bank have led net institutional buying of Singapore stocks. For the Lunar New Year, the 30 stocks that have drawn the most net institutional buying saw S$960 million in net institutional buying while all generating gains over the seven sessions. The remaining Singapore-listed stocks drew S$145 million in net institutional selling.  On the energy front, Rex International Holding, Geo Energy Resources and Sembcorp Industries have ranked among the 30 Singapore stocks that have attracted the highest net institutional buying since 31 Jan, while leading the performances of these 30 stocks in the 2022 YTD.   Recent Stock Rotations  Themes such as the gradual re-opening outlook, the aforementioned global inflation, ongoing strategic initiatives to restructure businesses, in addition to valuations are possible factors that have had an impact on the 30 stocks that have drawn the most net institutional inflows since 31 Jan.  Among the 30 stocks, those that have attracted net institutional buying in early February, after drawing net institutional selling in January include ComfortDelGro Corporation, in addition to manufacturers Singapore Technology Engineering and Venture Corporation.  Looking back a little longer, of the 30 stocks, as many as 15 have attracted net institutional inflows since 31 Dec after drawing net institutional outflows in 2021. These include Keppel Corporation, CapitaLand Integrated Commercial Trust, Singapore Airlines, Genting Singapore, Riverstone Holdings, Singapore Telecommunications, Singapore Exchange, Suntec REIT, Wilmar International, Sheng Siong Group, Hongkong Land Holdings, City Developments, Keppel REIT, Jiutian Chemical Group and Mapletree North Asia Commercial Trust. The majority of these 15 stocks are presently trading at a lower price-to-book ratio than their respective ratio at the end of 2019. Meanwhile, the majority of the 30 stocks that have attracted net institutional buying in both in the 2022 YTD and in 2021 are presently trading at a higher price-to-book ratio than their respective ratio at the end of 2019.  The 30 Singapore-listed stocks that have seen the most net institutional buying over the first seven sessions of the Year of the Tiger are tabled below, and sort by the most net institutional buying over the seven sessions. The non-STI stocks include - Suntec REIT, Mapletree North Asia Commercial Trust, Sheng Siong Group, Keppel REIT, Geo Energy Resources, Golden Agri-Resources, Olam International, Jiutian Chemical Group, Rex International Holding, Hutchison Port Holdings Trust and Riverstone Holdings. 
 




			Stock
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			MTD 

			Net Insti Flow S$M
			
			
			MTD Total Return
			
			
			YTD 

			Net Insti Flow S$M
			
			
			YTD 

			Total Return %
			
			
			P/B 

			(x)
			
			
			P/B end of 2019 (x)
			
		


			OCBC Bank
			
			
			O39
			
			
			$59,878
			
			
			207
			
			
			7%
			
			
			603
			
			
			17%
			
			
			1.2
			
			
			1.0
			
		


			DBS
			
			
			D05
			
			
			$95,671
			
			
			153
			
			
			6%
			
			
			358
			
			
			14%
			
			
			1.7
			
			
			1.3
			
		


			UOB
			
			
			U11
			
			
			$54,507
			
			
			138
			
			
			9%
			
			
			378
			
			
			21%
			
			
			1.3
			
			
			1.2
			
		


			Singtel
			
			
			Z74
			
			
			$42,100
			
			
			90
			
			
			5%
			
			
			261
			
			
			10%
			
			
			1.5
			
			
			2.0
			
		


			SIA
			
			
			C6L
			
			
			$15,757
			
			
			56
			
			
			6%
			
			
			82
			
			
			6%
			
			
			0.7
			
			
			0.9
			
		


			CapLand Int Com T
			
			
			C38U
			
			
			$13,746
			
			
			49
			
			
			7%
			
			
			30
			
			
			2%
			
			
			1.0
			
			
			1.2
			
		


			SGX
			
			
			S68
			
			
			$10,420
			
			
			39
			
			
			5%
			
			
			80
			
			
			6%
			
			
			7.4
			
			
			8.8
			
		


			CapitaLand Invest
			
			
			9CI
			
			
			$18,817
			
			
			21
			
			
			6%
			
			
			51
			
			
			7%
			
			
			0.9
			
			
			N/A
			
		


			Keppel Corp
			
			
			BN4
			
			
			$10,984
			
			
			18
			
			
			7%
			
			
			46
			
			
			18%
			
			
			0.9
			
			
			1.1
			
		


			Wilmar Intl
			
			
			F34
			
			
			$28,015
			
			
			17
			
			
			4%
			
			
			45
			
			
			7%
			
			
			1.1
			
			
			1.2
			
		


			Sembcorp Ind
			
			
			U96
			
			
			$4,343
			
			
			15
			
			
			7%
			
			
			58
			
			
			22%
			
			
			1.3
			
			
			0.3
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			$5,440
			
			
			15
			
			
			8%
			
			
			6
			
			
			4%
			
			
			0.8
			
			
			0.7
			
		


			HongkongLand USD
			
			
			H78
			
			
			$17,633
			
			
			14
			
			
			3%
			
			
			32
			
			
			8%
			
			
			0.4
			
			
			0.4
			
		


			Suntec REIT
			
			
			T82U
			
			
			$4,560
			
			
			14
			
			
			5%
			
			
			15
			
			
			7%
			
			
			0.8
			
			
			0.9
			
		


			CityDev
			
			
			C09
			
			
			$6,566
			
			
			13
			
			
			3%
			
			
			37
			
			
			6%
			
			
			0.8
			
			
			1.0
			
		


			Mapletree NAC Tr
			
			
			RW0U
			
			
			$3,845
			
			
			12
			
			
			1%
			
			
			44
			
			
			-2%
			
			
			0.8
			
			
			0.8
			
		


			Genting Sing
			
			
			G13
			
			
			$9,411
			
			
			11
			
			
			6%
			
			
			12
			
			
			1%
			
			
			1.2
			
			
			1.4
			
		


			ST Engineering
			
			
			S63
			
			
			$12,015
			
			
			11
			
			
			3%
			
			
			-16
			
			
			3%
			
			
			5.3
			
			
			5.5
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			$8,695
			
			
			9
			
			
			8%
			
			
			4
			
			
			7%
			
			
			0.9
			
			
			1.3
			
		


			Sheng Siong
			
			
			OV8
			
			
			$2,315
			
			
			8
			
			
			3%
			
			
			9
			
			
			5%
			
			
			5.9
			
			
			6.0
			
		


			Keppel REIT
			
			
			K71U
			
			
			$4,233
			
			
			8
			
			
			2%
			
			
			9
			
			
			4%
			
			
			0.9
			
			
			0.9
			
		


			Geo Energy Res
			
			
			RE4
			
			
			$577
			
			
			7
			
			
			12%
			
			
			15
			
			
			22%
			
			
			1.7
			
			
			1.2
			
		


			Golden Agri-Res
			
			
			E5H
			
			
			$3,490
			
			
			7
			
			
			12%
			
			
			10
			
			
			12%
			
			
			0.6
			
			
			0.5
			
		


			ComfortDelGro
			
			
			C52
			
			
			$3,164
			
			
			7
			
			
			7%
			
			
			-46
			
			
			4%
			
			
			1.2
			
			
			2.0
			
		


			Venture
			
			
			V03
			
			
			$5,335
			
			
			6
			
			
			4%
			
			
			-13
			
			
			0%
			
			
			2.1
			
			
			1.9
			
		


			Olam Intl
			
			
			O32
			
			
			$6,613
			
			
			4
			
			
			7%
			
			
			2
			
			
			2%
			
			
			1.1
			
			
			1.1
			
		


			Jiutian Chemical
			
			
			C8R
			
			
			$173
			
			
			3
			
			
			1%
			
			
			7
			
			
			14%
			
			
			1.3
			
			
			0.5
			
		


			Rex Intl
			
			
			5WH
			
			
			$508
			
			
			3
			
			
			16%
			
			
			9
			
			
			28%
			
			
			2.5
			
			
			1.4
			
		


			HPH Trust USD
			
			
			NS8U
			
			
			$3,050
			
			
			3
			
			
			10%
			
			
			6
			
			
			15%
			
			
			0.7
			
			
			0.5
			
		


			Riverstone
			
			
			AP4
			
			
			$1,104
			
			
			2
			
			
			6%
			
			
			8
			
			
			6%
			
			
			1.6
			
			
			2.6
			
		


			Total 
			
			
			 
			
			
			$452,967
			
			
			$960
			
			
			 
			
			
			$2,142
			
			
			 
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			6%
			
			
			 
			
			
			9%
			
			
			 
			
			
			 
			
		


			Median
			
			
			 
			
			
			 
			
			
			 
			
			
			6%
			
			
			 
			
			
			7%
			
			
			 
			
			
			 
			
		

Source: SGX, Refinitiv, Bloomberg (Data as of 14 Feb 2022). Note table does include flows from Keong Hong Holdings and Singapore Press Holdings.

 



Capitaland Integrated Commercial Trust (CICT SP)

Mapletree North Asia Commercial Trust (MAGIC SP)

Institutional Inflows Continue to Drive Singapore’s APAC Lead in YTD