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

Yangzijiang Shipbuilding / Equity Bottom-Up

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The SIPMM PMI rose 0.1 points to 50.9 in April, with 10 straight months of expansion, and the March 2021 gauge reaching a 28 month high. This was in-line with the JP Morgan Global Manufacturing PMI which showed the global manufacturing upturn strengthened at the start of 2Q21, which was led by new orders and new exports.  
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Singapore’s 20 most traded manufacturing-related stocks averaged 8% gains in the month of April, led by Sembcorp Marine, Riverstone, Top Glove, Medtecs Intl and Jiutian Chemical. Resurgence and new strains of the coronavirus, and continued gains in commodity prices provided the key market drivers. 
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	<li>The 20 stocks represent the five key sectors, and for the first four months of 2021 averaged a 23% total return, contributed 20% of daily turnover, with UMS, YZJ Shipbldg, Frencken, Sembcorp Marine and ISDN recipient to the highest net institutional and net proprietary inflow proportionate to market cap.  </li>
</ul>
 

Singapore’s 20 most traded manufacturing-related stocks span five key sectors - Technology (Hardware/ Software), Consumer Non-Cyclicals, Industrials, Healthcare and Materials &amp; Resources. Across the five sectors, the 20 stocks averaged 8% gains in April, with the median gain at 5%. Of the 20, the Healthcare stocks generated the highest average total return in April – with Top Glove Corporation Bhd, Riverstone Holdings and Medtecs International Corporation averaging a 21.0% total return. Materials &amp; Resources was the next best performer, represent by the one stock – Jiutian Chemical, which generated a 19.3% gain in April. The five Industrial stocks averaged an 8.7% gain over the month, led by Sembcorp Marine.  
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2021-05/Capture_1.PNG' alt='Singapore’s 20 Most Traded Manufacturing-Related Stocks' />
 </figure>
 <div class='content-caption'>Singapore’s 20 Most Traded Manufacturing-Related Stocks</div>
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<html><body>While 1.2 billion of vaccine doses have now been administered across the world, total confirmed global cases of COVID-19 increased from 129 million at the end of March to 151 million at the end of April. Continued demand for secondary lines of defensive measures that include medical protective equipment accounted for the gains of Top Glove Corporation Bhd, Riverstone Holdings and Medtecs International Corporation in April. Top Glove Corporation Bhd noted back in March that while glove demand is likely to stabilise post pandemic, the Group expected it would not revert to pre pandemic levels owing to increased hygiene awareness as well as uncertainties surrounding the resolution of the pandemic. The Group also added that having gone through this pandemic, governments are expected to continue stockpiling on gloves and other personal protective equipment in preparation for possible future pandemics. Representing the Materials &amp; Resources Sector, Jiutian Chemical has been Singapore’s most traded Catalist-listed stock in the 2021 year to date. Last week, Jiutian Chemical Group reported net profit of 90 million yuan (S$18 million) for its 1QFY21 (ended 31 March), which was 30 times its 3 million yuan net profit in 1QFY20 (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/W6SZYNJ51UNLY977/dc6ea4af4de03eda476b63ae56f59abfd16244f6fd4be8787904a3752ca4e20a">here</a> for more). Group revenue increased 120% YoY on both sales volume and average selling prices of its main products, which include Dimethylformamide (DMF). DMF has a diversified range of applications. It is in turn used as a feedstock in the production of Polyurethane, a key component in the manufacture of consumer goods such as leather products and shoe soles, as well as feedstock in the production for pharmaceutical and agro chemical products. DMF is also a universal industrial solvent that can be used as an absorbing agent mainly in electronics, acrylic fibre and pharmaceutical products. Materials &amp; Resources also been the strongest Sector in the China stock market over the first four months of 2021. Jiutian Chemical has also seen its daily turnover surge since reporting a strong turnaround 2QFY20 profit back on 12 August 2020. Singapore’s PMI at 28 Month Highs 
The SIPMM PMI rose 0.1 points to 50.9 in April, with 10 straight months of expansion, and the March 2021 gauge reaching a 28 month high. This was in-line with the JP Morgan Global Manufacturing PMI which showed the global manufacturing upturn strengthened at the start of 2Q21, which was led by new orders and new exports (click <a href="http://www.markiteconomics.com/Public/Home/PressRelease/822c6852695d4687bd06239011648b80?force_isolation=true">here</a> for more). Uneven economic recoveries, rising freight rates, Industry 4.0 and geopolitical competition continue to be key drivers of international supply chain management.</body></html>

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 <img src='https://api2.sgx.com/sites/default/files/2021-05/Capture_0.PNG' alt='SIPMM PMI' />
 </figure>
 <div class='content-caption'>SIPMM PMI</div>
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Singapore’s 20 Most Traded Manufacturing Stocks 
The 20 most traded manufacturing-related stocks listed on Singapore Exchange are tabled below and sort by the highest total returns over the first four months of 2021. Together the 20 stocks contributed S$290 million in average daily turnover which represented 20% of total daily turnover of all listed companies and trusts over the period. For the four months, the 20 stocks averaged a 23% total return, with just the two stocks – Top Glove Corporation Bhd and Thai Beverage PCL generating declines in total returns. 
ISDN Holdings was the strongest performing stock of the 20 over the four month period, with a 69% total return. On 26 April, the company reported its overall Group revenue for 1QFY21 (ended 31 Mar) grew 23.4% YoY to S$98.4 million for 1QFY21, on the back of continued market demand for industrial automation throughout Asia (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/XVH0X162KYEF5VJQ/fabcc0b14588bebc44168f6e5fd6feace825f4c566dc33b8d46538c4ba4e1615">here</a> for more). UMS Holdings, Yangzijiang Shipbuilding, Frencken Group, Sembcorp Marine and ISDN Holdings were recipient to the highest net institutional and net proprietary inflow proportionate to market capitalisation (as of 30 April) over the four months.

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Mkt Cap S$M 
			</td>
			<td>
			1 Jan - 30 April 2021 Avg. Daily Turnover S$M
			</td>
			<td>
			Four Month Net Insti. &amp; Prop. Inflow  S$M
			</td>
			<td>
			April Price Change %
			</td>
			<td>
			31 Dec – 30 April 2021 
			Price Change  %
			</td>
			<td>
			31 Dec – 30 April 2021

			Total Return YTD %
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			ISDN
			</td>
			<td>
			I07
			</td>
			<td>
			298
			</td>
			<td>
			7
			</td>
			<td>
			3
			</td>
			<td>
			13
			</td>
			<td>
			69
			</td>
			<td>
			69
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Golden Agri-Res
			</td>
			<td>
			E5H
			</td>
			<td>
			3,173
			</td>
			<td>
			4
			</td>
			<td>
			23
			</td>
			<td>
			19
			</td>
			<td>
			57
			</td>
			<td>
			57
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg SGD
			</td>
			<td>
			BS6
			</td>
			<td>
			5,503
			</td>
			<td>
			46
			</td>
			<td>
			163
			</td>
			<td>
			12
			</td>
			<td>
			50
			</td>
			<td>
			50
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Sembcorp Marine
			</td>
			<td>
			S51
			</td>
			<td>
			2,637
			</td>
			<td>
			20
			</td>
			<td>
			38
			</td>
			<td>
			24
			</td>
			<td>
			47
			</td>
			<td>
			47
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Oceanus^
			</td>
			<td>
			579
			</td>
			<td>
			948
			</td>
			<td>
			10
			</td>
			<td>
			-17
			</td>
			<td>
			0
			</td>
			<td>
			44
			</td>
			<td>
			44
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Riverstone
			</td>
			<td>
			AP4
			</td>
			<td>
			2,149
			</td>
			<td>
			5
			</td>
			<td>
			2
			</td>
			<td>
			23
			</td>
			<td>
			31
			</td>
			<td>
			36
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			UMS
			</td>
			<td>
			558
			</td>
			<td>
			768
			</td>
			<td>
			11
			</td>
			<td>
			39
			</td>
			<td>
			8
			</td>
			<td>
			33
			</td>
			<td>
			33
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Jiutian Chemical
			</td>
			<td>
			C8R
			</td>
			<td>
			197
			</td>
			<td>
			12
			</td>
			<td>
			-1
			</td>
			<td>
			19
			</td>
			<td>
			21
			</td>
			<td>
			21
			</td>
			<td>
			Materials &amp; Resources
			</td>
		</tr>
<tr>
<td>
			AEM
			</td>
			<td>
			AWX
			</td>
			<td>
			1,152
			</td>
			<td>
			19
			</td>
			<td>
			-46
			</td>
			<td>
			-1
			</td>
			<td>
			19
			</td>
			<td>
			19
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Frencken
			</td>
			<td>
			E28
			</td>
			<td>
			666
			</td>
			<td>
			5
			</td>
			<td>
			10
			</td>
			<td>
			2
			</td>
			<td>
			18
			</td>
			<td>
			18
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			32,946
			</td>
			<td>
			44
			</td>
			<td>
			46
			</td>
			<td>
			-1
			</td>
			<td>
			12
			</td>
			<td>
			16
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Nanofilm
			</td>
			<td>
			MZH
			</td>
			<td>
			3,308
			</td>
			<td>
			9
			</td>
			<td>
			-21
			</td>
			<td>
			0
			</td>
			<td>
			14
			</td>
			<td>
			14
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Japfa
			</td>
			<td>
			UD2
			</td>
			<td>
			1,873
			</td>
			<td>
			4
			</td>
			<td>
			6
			</td>
			<td>
			1
			</td>
			<td>
			-1
			</td>
			<td>
			12
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Medtecs Intl
			</td>
			<td>
			546
			</td>
			<td>
			607
			</td>
			<td>
			8
			</td>
			<td>
			2
			</td>
			<td>
			19
			</td>
			<td>
			11
			</td>
			<td>
			11
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			5,851
			</td>
			<td>
			20
			</td>
			<td>
			-24
			</td>
			<td>
			0
			</td>
			<td>
			4
			</td>
			<td>
			4
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			12,045
			</td>
			<td>
			16
			</td>
			<td>
			-70
			</td>
			<td>
			2
			</td>
			<td>
			1
			</td>
			<td>
			4
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			4,546
			</td>
			<td>
			11
			</td>
			<td>
			24
			</td>
			<td>
			-7
			</td>
			<td>
			2
			</td>
			<td>
			2
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Aztech Global
			</td>
			<td>
			8AZ  
			</td>
			<td>
			1,106
			</td>
			<td>
			5
			</td>
			<td>
			-13
			</td>
			<td>
			18
			</td>
			<td>
			12
			</td>
			<td>
			12
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			ThaiBev
			</td>
			<td>
			Y92
			</td>
			<td>
			17,960
			</td>
			<td>
			26
			</td>
			<td>
			-149
			</td>
			<td>
			-3
			</td>
			<td>
			-3
			</td>
			<td>
			-1
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Top Glove
			</td>
			<td>
			BVA
			</td>
			<td>
			14,648
			</td>
			<td>
			8
			</td>
			<td>
			-61
			</td>
			<td>
			20
			</td>
			<td>
			-8
			</td>
			<td>
			-4
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			112,380
			</td>
			<td>
			290
			</td>
			<td>
			-47
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			8
			</td>
			<td>
			22
			</td>
			<td>
			23
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			5
			</td>
			<td>
			16
			</td>
			<td>
			17
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv, Bloomberg (Data as of 30 April 2021), ^on SGX Watch List 
 

Regional Manufacturing, Trade &amp; Supply Chain Drivers 
Within Asia, the value of trade between China and its ASEAN partners from 2010 through to 2020 as soared. The decade saw close to 120% growth with Vietnam, more than 60% growth with the Philippines, close to 50% growth with Indonesia, more than 30% growth with Malaysia, more than 25% growth with Thailand and close to 20% growth with Singapore. The 2020 World Trade Statistical Review revealed that among the world’s top 50 traders, Vietnam and the Philippines rose the most in world rankings for merchandise trade over the past 10 years, attributed to their active participation in global value chains, particularly in manufactured goods. Between 2010 and 2020, Vietnam’s total trade value with Developing Asia grew more than fourfold while the Philippines trade value with Developing Asia grew almost threefold. Regional supply chains have seen subject to much restructuring over recent years, influenced by the rise of the Asian Consumer, in addition to technology, communication and e-commerce developments. Upstream companies have been able to move downstream and directly face the growing pool of consumers. In July 2019, the McKinsey Global Institute estimated that Asia accounted for half of the world’s internet users, while in July 2020, the IMF estimates that two-thirds of the world’s industrial robots are used in Asia, while the share of retail sales taking place online is 1.5 times larger in Asia than in Western Europe or the United States. This report also revealed that IMF modeling suggest further trade liberalisation and regional integration could over time, lead to a new equilibrium in which Asia’s GDP would be higher by more than 10%. As highlighted by an EY Managing Partner at the also in July 2020 on the World economic Forum website, a key driving force to the global supply chains is the continued prosperity for the growing Asia consumer class, which is challenging the long-held premise that consumption will typically take place in the West, with production relegated to the East.
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The SIPMM PMI rose 0.1 points to 50.9 in April, with 10 straight months of expansion, and the March 2021 gauge reaching a 28 month high. This was in-line with the JP Morgan Global Manufacturing PMI which showed the global manufacturing upturn strengthened at the start of 2Q21, which was led by new orders and new exports.   
	 
	
Singapore’s 20 most traded manufacturing-related stocks averaged 8% gains in the month of April, led by Sembcorp Marine, Riverstone, Top Glove, Medtecs Intl and Jiutian Chemical. Resurgence and new strains of the coronavirus, and continued gains in commodity prices provided the key market drivers.  
	 
	The 20 stocks represent the five key sectors, and for the first four months of 2021 averaged a 23% total return, contributed 20% of daily turnover, with UMS, YZJ Shipbldg, Frencken, Sembcorp Marine and ISDN recipient to the highest net institutional and net proprietary inflow proportionate to market cap.  

 

Singapore’s 20 most traded manufacturing-related stocks span five key sectors - Technology (Hardware/ Software), Consumer Non-Cyclicals, Industrials, Healthcare and Materials &amp; Resources. Across the five sectors, the 20 stocks averaged 8% gains in April, with the median gain at 5%. Of the 20, the Healthcare stocks generated the highest average total return in April – with Top Glove Corporation Bhd, Riverstone Holdings and Medtecs International Corporation averaging a 21.0% total return. Materials &amp; Resources was the next best performer, represent by the one stock – Jiutian Chemical, which generated a 19.3% gain in April. The five Industrial stocks averaged an 8.7% gain over the month, led by Sembcorp Marine.  



      
    
    Singapore’s 20 Most Traded Manufacturing-Related Stocks

While 1.2 billion of vaccine doses have now been administered across the world, total confirmed global cases of COVID-19 increased from 129 million at the end of March to 151 million at the end of April. Continued demand for secondary lines of defensive measures that include medical protective equipment accounted for the gains of Top Glove Corporation Bhd, Riverstone Holdings and Medtecs International Corporation in April. Top Glove Corporation Bhd noted back in March that while glove demand is likely to stabilise post pandemic, the Group expected it would not revert to pre pandemic levels owing to increased hygiene awareness as well as uncertainties surrounding the resolution of the pandemic. The Group also added that having gone through this pandemic, governments are expected to continue stockpiling on gloves and other personal protective equipment in preparation for possible future pandemics.  Representing the Materials &amp; Resources Sector, Jiutian Chemical has been Singapore’s most traded Catalist-listed stock in the 2021 year to date. Last week, Jiutian Chemical Group reported net profit of 90 million yuan (S$18 million) for its 1QFY21 (ended 31 March), which was 30 times its 3 million yuan net profit in 1QFY20 (click here for more). Group revenue increased 120% YoY on both sales volume and average selling prices of its main products, which include Dimethylformamide (DMF). DMF has a diversified range of applications. It is in turn used as a feedstock in the production of Polyurethane, a key component in the manufacture of consumer goods such as leather products and shoe soles, as well as feedstock in the production for pharmaceutical and agro chemical products. DMF is also a universal industrial solvent that can be used as an absorbing agent mainly in electronics, acrylic fibre and pharmaceutical products. Materials &amp; Resources also been the strongest Sector in the China stock market over the first four months of 2021. Jiutian Chemical has also seen its daily turnover surge since reporting a strong turnaround 2QFY20 profit back on 12 August 2020.  Singapore’s PMI at 28 Month Highs  
The SIPMM PMI rose 0.1 points to 50.9 in April, with 10 straight months of expansion, and the March 2021 gauge reaching a 28 month high. This was in-line with the JP Morgan Global Manufacturing PMI which showed the global manufacturing upturn strengthened at the start of 2Q21, which was led by new orders and new exports (click here for more). Uneven economic recoveries, rising freight rates, Industry 4.0 and geopolitical competition continue to be key drivers of international supply chain management.


      
    
    SIPMM PMI


Singapore’s 20 Most Traded Manufacturing Stocks   
The 20 most traded manufacturing-related stocks listed on Singapore Exchange are tabled below and sort by the highest total returns over the first four months of 2021. Together the 20 stocks contributed S$290 million in average daily turnover which represented 20% of total daily turnover of all listed companies and trusts over the period. For the four months, the 20 stocks averaged a 23% total return, with just the two stocks – Top Glove Corporation Bhd and Thai Beverage PCL generating declines in total returns.  
ISDN Holdings was the strongest performing stock of the 20 over the four month period, with a 69% total return. On 26 April, the company reported its overall Group revenue for 1QFY21 (ended 31 Mar) grew 23.4% YoY to S$98.4 million for 1QFY21, on the back of continued market demand for industrial automation throughout Asia (click here for more). UMS Holdings, Yangzijiang Shipbuilding, Frencken Group, Sembcorp Marine and ISDN Holdings were recipient to the highest net institutional and net proprietary inflow proportionate to market capitalisation (as of 30 April) over the four months.




			Stock
			
			
			SGX Code
			
			
			Mkt Cap S$M 
			
			
			1 Jan - 30 April 2021 Avg. Daily Turnover S$M
			
			
			Four Month Net Insti. &amp; Prop. Inflow  S$M
			
			
			April Price Change %
			
			
			31 Dec – 30 April 2021 
			Price Change  %
			
			
			31 Dec – 30 April 2021

			Total Return YTD %
			
			
			Sector
			
		


			ISDN
			
			
			I07
			
			
			298
			
			
			7
			
			
			3
			
			
			13
			
			
			69
			
			
			69
			
			
			Industrials
			
		


			Golden Agri-Res
			
			
			E5H
			
			
			3,173
			
			
			4
			
			
			23
			
			
			19
			
			
			57
			
			
			57
			
			
			Consumer Non-Cyclicals
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			5,503
			
			
			46
			
			
			163
			
			
			12
			
			
			50
			
			
			50
			
			
			Industrials
			
		


			Sembcorp Marine
			
			
			S51
			
			
			2,637
			
			
			20
			
			
			38
			
			
			24
			
			
			47
			
			
			47
			
			
			Industrials
			
		


			Oceanus^
			
			
			579
			
			
			948
			
			
			10
			
			
			-17
			
			
			0
			
			
			44
			
			
			44
			
			
			Consumer Non-Cyclicals
			
		


			Riverstone
			
			
			AP4
			
			
			2,149
			
			
			5
			
			
			2
			
			
			23
			
			
			31
			
			
			36
			
			
			Healthcare
			
		


			UMS
			
			
			558
			
			
			768
			
			
			11
			
			
			39
			
			
			8
			
			
			33
			
			
			33
			
			
			Technology (Hardware/ Software)
			
		


			Jiutian Chemical
			
			
			C8R
			
			
			197
			
			
			12
			
			
			-1
			
			
			19
			
			
			21
			
			
			21
			
			
			Materials &amp; Resources
			
		


			AEM
			
			
			AWX
			
			
			1,152
			
			
			19
			
			
			-46
			
			
			-1
			
			
			19
			
			
			19
			
			
			Technology (Hardware/ Software)
			
		


			Frencken
			
			
			E28
			
			
			666
			
			
			5
			
			
			10
			
			
			2
			
			
			18
			
			
			18
			
			
			Technology (Hardware/ Software)
			
		


			Wilmar Intl
			
			
			F34
			
			
			32,946
			
			
			44
			
			
			46
			
			
			-1
			
			
			12
			
			
			16
			
			
			Consumer Non-Cyclicals
			
		


			Nanofilm
			
			
			MZH
			
			
			3,308
			
			
			9
			
			
			-21
			
			
			0
			
			
			14
			
			
			14
			
			
			Technology (Hardware/ Software)
			
		


			Japfa
			
			
			UD2
			
			
			1,873
			
			
			4
			
			
			6
			
			
			1
			
			
			-1
			
			
			12
			
			
			Consumer Non-Cyclicals
			
		


			Medtecs Intl
			
			
			546
			
			
			607
			
			
			8
			
			
			2
			
			
			19
			
			
			11
			
			
			11
			
			
			Healthcare
			
		


			Venture
			
			
			V03
			
			
			5,851
			
			
			20
			
			
			-24
			
			
			0
			
			
			4
			
			
			4
			
			
			Technology (Hardware/ Software)
			
		


			ST Engineering
			
			
			S63
			
			
			12,045
			
			
			16
			
			
			-70
			
			
			2
			
			
			1
			
			
			4
			
			
			Industrials
			
		


			SATS
			
			
			S58
			
			
			4,546
			
			
			11
			
			
			24
			
			
			-7
			
			
			2
			
			
			2
			
			
			Industrials
			
		


			Aztech Global
			
			
			8AZ  
			
			
			1,106
			
			
			5
			
			
			-13
			
			
			18
			
			
			12
			
			
			12
			
			
			Technology (Hardware/ Software)
			
		


			ThaiBev
			
			
			Y92
			
			
			17,960
			
			
			26
			
			
			-149
			
			
			-3
			
			
			-3
			
			
			-1
			
			
			Consumer Non-Cyclicals
			
		


			Top Glove
			
			
			BVA
			
			
			14,648
			
			
			8
			
			
			-61
			
			
			20
			
			
			-8
			
			
			-4
			
			
			Healthcare
			
		


			Total
			
			
			 
			
			
			112,380
			
			
			290
			
			
			-47
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			8
			
			
			22
			
			
			23
			
			
			 
			
		


			Median
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			5
			
			
			16
			
			
			17
			
			
			 
			
		

 Source: SGX, Refinitiv, Bloomberg (Data as of 30 April 2021), ^on SGX Watch List  
 

Regional Manufacturing, Trade &amp; Supply Chain Drivers  
Within Asia, the value of trade between China and its ASEAN partners from 2010 through to 2020 as soared. The decade saw close to 120% growth with Vietnam, more than 60% growth with the Philippines, close to 50% growth with Indonesia, more than 30% growth with Malaysia, more than 25% growth with Thailand and close to 20% growth with Singapore. The 2020 World Trade Statistical Review revealed that among the world’s top 50 traders, Vietnam and the Philippines rose the most in world rankings for merchandise trade over the past 10 years, attributed to their active participation in global value chains, particularly in manufactured goods. Between 2010 and 2020, Vietnam’s total trade value with Developing Asia grew more than fourfold while the Philippines trade value with Developing Asia grew almost threefold.  Regional supply chains have seen subject to much restructuring over recent years, influenced by the rise of the Asian Consumer, in addition to technology, communication and e-commerce developments. Upstream companies have been able to move downstream and directly face the growing pool of consumers. In July 2019, the McKinsey Global Institute estimated that Asia accounted for half of the world’s internet users, while in July 2020, the IMF estimates that two-thirds of the world’s industrial robots are used in Asia, while the share of retail sales taking place online is 1.5 times larger in Asia than in Western Europe or the United States. This report also revealed that IMF modeling suggest further trade liberalisation and regional integration could over time, lead to a new equilibrium in which Asia’s GDP would be higher by more than 10%. As highlighted by an EY Managing Partner at the also in July 2020 on the World economic Forum website, a key driving force to the global supply chains is the continued prosperity for the growing Asia consumer class, which is challenging the long-held premise that consumption will typically take place in the West, with production relegated to the East.



Key Manufacturing Sectors Advance in April 