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

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<ul>
<li>
The FTSE Singapore Growth Index generated a 1.9% total return for the three years ending 31 Aug. Singapore’s 20 stocks with the highest growth factor exposure (with highest 3-year sales-per-share and 3-year earnings-per share growth) were led by AEM, represent multiple Sectors, and generated a median gain of 0.1%. 
	 </li>
	<li>
Three of the 20 stocks – Dasin Retail Trust, China Everbright Water and Sasseur REIT report all their revenue to China and two of the 20 stocks - Yangzijiang Shipbuilding and China Sunsine Chemicals report more than half their revenue to China. The five stocks have averaged an 7.6% decline in total return over the last 3 years.  
	 </li>
	<li>Together the 20 stocks averaged total returns of 35.6% between the major market lows of 23 March and post-low high on 9 June, outpacing the STI’s 26.8% total return. The 20 stocks also generated a median marginal decline of 0.6% in total return between 9 June and 7 Sep, compared to the STI’s 8.6% decline.  </li>
</ul>
 

Defining a Growth Stock 
As detailed in the recent Factor Investing in Singapore Report by Nicolas Rabener (click <a href="https://www.factorresearch.com/research-factor-investing-in-singapore">here</a> for full report), two Growth metrics used by FactorResearch for selecting stocks with Growth Factor exposure include 3-year sales-per-share and earnings-per share growth. The report noted there is little empirical evidence that the Growth Factor generates excess returns and hence it does not enjoy broad support from the research community, however it is a widely followed investment style. Another Factor Exposure used to characterise stocks is Quality which was discussed in more detail last month <a href="https://www.sgx.com/research-education/market-updates/20200827-technology-key-component-singapore-quality-factor-stocks">here</a>. 
The Factor Investing in Singapore Report, which was completed in collaboration with Singapore Exchange, ranked more than 100 stocks according to their Growth Factors. As a group, the 20 stocks that ranked the highest in Growth factor Exposure outpaced the Straits Times Index (‘STI’) over the past three years, with the group generating a median gain of 0.1% and the STI declining 12.6%. The comparative total return of the 20 stocks, relative to the STI total return is illustrated below.
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 <img src='https://api2.sgx.com/sites/default/files/2020-09/Capture_6.PNG' alt='Average Total Returns' />
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China-focused Stocks Amongst Growth Factor Exposure Leaders 
Three of these 20 stocks: Dasin Retail Trust, China Everbright Water and Sasseur REIT are currently China-focused stocks and ranked amongst the 10 stocks with the highest growth factor exposure. 
 

<ul>
<li>As at July 2020, the portfolio of <a href="https://www.sgx.com/securities/equities/CEDU">Dasin Retail Trust</a> comprised seven retail malls in Greater China, valued at approximately RMB 12.1 billion. The manager noted in July (click <a href="https://api2.sgx.com/sites/default/files/market-dialogues/migration/10%20in%2010%20with%20Dasin%20Retail%20Trust%20-%20Shopping%20for%20Opportunities%20%2821Jul2020%29.pdf">here</a>) in the short to medium term, it would actively manage the portfolio of shopping malls to drive organic growth, creating new value through asset enhancement or property redevelopment initiatives. The Manager added it will also seek accretive acquisitions and divest its mature assets timely, to recycle capital and reinvest in new opportunities. Revenue for its 1HFY20 (ending 30 June) was 5.2% higher than 1HFY19 mainly due to the contribution from Doumen Metro Mall which was acquired in September 2019, partially offset by lower rental income from Ocean Metro Mall, Shiqi Metro Mall, Xiaolan Metro Mall and Dasin EColour arising from the impact of COVID-19 as well as rental rebates provided to the tenants. 
	 </li>
	<li>
<a href="https://www.sgx.com/securities/equities/U9E">China Everbright Water</a>  is an environmental protection company focusing on water environment management. For its FY19 (ending 31 Dec), China Everbright Water’s Revenue increased by 16% from FY18, with profit increasing by 20%. For its 1HFY20, the Group’s revenue amounted to HK$2.12 billion, representing a decrease of 15% from 1HFY2019 – the Full 2020 Interim report can be found <a href="https://links.sgx.com/1.0.0/corporate-announcements/N72BGLYO770CENU9/3c2a657c1b0c6113c609188d95ab496247d21c40a57ddeeb5f9ec258a4f6ceef">here</a>. In 1HFY0, China Everbright Water expanded water treatment business steadily, securing six waste water treatment (“WWT”) projects and undertook one operation and management project. This helped solidify the Company’s market position in several regions, such as the Yangtze River Economic Belt and the Bohai Bay Rim Economic Zone. For a market dialogue with Chairman Wang Tianyi back in August 2018 click <a href="https://api2.sgx.com/sites/default/files/market-dialogues/migration/China%20Everbright%20Water%20Taps%20Buoyant%20Industry%20Prospects.pdf">here</a>. 
	 </li>
	<li>
<a href="https://www.sgx.com/securities/equities/CRPU">Sasseur REIT</a> offers investors exposure into China’s growing outlet mall business, one of the country’s fastest growing retail segments, supported by increased spending power of middle-class Chinese consumers. As of 31 December 2019, the Chongqing, Bishan, Hefei and Kunming outlets maintained a combined valuation of RMB 8.2 billion, based on an independent valuation by JLL. On 14 August, the Manager reported that Sasseur REIT’s portfolio of four outlet malls in China delivered higher 2QFY20 sales, rental income and distributable income as compared to 1QFY20, showing positive signs that business recovery is firmly underway across its portfolio. Click <a href="https://api2.sgx.com/sites/default/files/market-dialogues/migration/10%20in%2010%20with%20Sasseur%20REIT%20-%20Asia%27s%20First%20Outlet%20Mall%20REIT%20%2824Mar2020%29.pdf">here</a> for the 10 in 10 with Sasseur REIT dialogue published earlier this year.</li>
</ul>
 

Ranking Stocks by Growth Factors 
The table below provides the list of stocks that are amongst the largest and most traded Singapore stocks that demonstrated the highest Growth Factor exposure. As noted above this was based on financial metrics of sales and earnings growth. SGX StockFacts includes the compound annual growth rate of revenues per share over the last five years.  The 20 stocks, sort by the highest positive Growth Factor at the time Factor Investing in Singapore report was published are tabled below. Aside from the trio of China-focused stocks discussed above, the 20 stocks included Yangzijiang Shipbuilding and China Sunsine Chemical Holdings which report more than half of their revenue to China.

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock
			</td>
			<td>
			SGX 

			Code
			</td>
			<td>
			Mkt Cap S$B
			</td>
			<td>
			% Total Return 23 Mar – 9 Jun 2020
			</td>
			<td>
			% Total Return 9 June - 7 Sep 2020
			</td>
			<td>
			% Total Return  

			3 years 
			</td>
			<td>
			Revenue/ Share 5 year growth
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			AWX
			</td>
			<td>
			1,054
			</td>
			<td>
			118
			</td>
			<td>
			26
			</td>
			<td>
			638
			</td>
			<td>
			59.2
			</td>
		</tr>
<tr>
<td>
			COSCO SHIPPING INTERNATIONAL
			</td>
			<td>
			F83
			</td>
			<td>
			439
			</td>
			<td>
			32
			</td>
			<td>
			-9
			</td>
			<td>
			-34
			</td>
			<td>
			-47.4
			</td>
		</tr>
<tr>
<td>
			BRC ASIA
			</td>
			<td>
			BEC
			</td>
			<td>
			269
			</td>
			<td>
			23
			</td>
			<td>
			-15
			</td>
			<td>
			50
			</td>
			<td>
			13.8
			</td>
		</tr>
<tr>
<td>
			DASIN RETAIL TRUST
			</td>
			<td>
			CEDU
			</td>
			<td>
			617
			</td>
			<td>
			5
			</td>
			<td>
			-2
			</td>
			<td>
			22
			</td>
			<td>
			27.6
			</td>
		</tr>
<tr>
<td>
			CHINA EVERBRIGHT WATER
			</td>
			<td>
			U9E
			</td>
			<td>
			644
			</td>
			<td>
			10
			</td>
			<td>
			4
			</td>
			<td>
			-46
			</td>
			<td>
			30.2
			</td>
		</tr>
<tr>
<td>
			GSH CORP
			</td>
			<td>
			BDX
			</td>
			<td>
			362
			</td>
			<td>
			-3
			</td>
			<td>
			-12
			</td>
			<td>
			-63
			</td>
			<td>
			29.4
			</td>
		</tr>
<tr>
<td>
			PROPNEX
			</td>
			<td>
			OYY
			</td>
			<td>
			216
			</td>
			<td>
			26
			</td>
			<td>
			13
			</td>
			<td>
			5*
			</td>
			<td>
			-
			</td>
		</tr>
<tr>
<td>
			SASSEUR REAL ESTATE INVESTME
			</td>
			<td>
			CRPU
			</td>
			<td>
			907
			</td>
			<td>
			44
			</td>
			<td>
			-3
			</td>
			<td>
			14*
			</td>
			<td>
			-
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			3,679
			</td>
			<td>
			36
			</td>
			<td>
			-8
			</td>
			<td>
			-24
			</td>
			<td>
			8.4
			</td>
		</tr>
<tr>
<td>
			FRENCKEN GROUP
			</td>
			<td>
			E28
			</td>
			<td>
			422
			</td>
			<td>
			59
			</td>
			<td>
			24
			</td>
			<td>
			127
			</td>
			<td>
			6.1
			</td>
		</tr>
<tr>
<td>
			HONG FOK CORP
			</td>
			<td>
			H30
			</td>
			<td>
			542
			</td>
			<td>
			32
			</td>
			<td>
			-9
			</td>
			<td>
			-15
			</td>
			<td>
			3.3
			</td>
		</tr>
<tr>
<td>
			UOL GROUP
			</td>
			<td>
			U14
			</td>
			<td>
			5,560
			</td>
			<td>
			20
			</td>
			<td>
			-8
			</td>
			<td>
			-12
			</td>
			<td>
			9.2
			</td>
		</tr>
<tr>
<td>
			LIPPO MALLS INDONESIA RETAIL
			</td>
			<td>
			D5IU
			</td>
			<td>
			331
			</td>
			<td>
			46
			</td>
			<td>
			-25
			</td>
			<td>
			-68
			</td>
			<td>
			11.2
			</td>
		</tr>
<tr>
<td>
			KEPPEL PACIFIC OAK US REIT
			</td>
			<td>
			CMOU
			</td>
			<td>
			927
			</td>
			<td>
			55
			</td>
			<td>
			4
			</td>
			<td>
			6*
			</td>
			<td>
			7.0
			</td>
		</tr>
<tr>
<td>
			CHINA SUNSINE CHEMICAL HLDGS
			</td>
			<td>
			QES
			</td>
			<td>
			350
			</td>
			<td>
			34
			</td>
			<td>
			-1
			</td>
			<td>
			-5
			</td>
			<td>
			4.3
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			D05
			</td>
			<td>
			52,611
			</td>
			<td>
			41
			</td>
			<td>
			-9
			</td>
			<td>
			19
			</td>
			<td>
			9.3
			</td>
		</tr>
<tr>
<td>
			OLAM INTERNATIONAL
			</td>
			<td>
			O32
			</td>
			<td>
			4,154
			</td>
			<td>
			21
			</td>
			<td>
			-10
			</td>
			<td>
			-27
			</td>
			<td>
			-
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			5,478
			</td>
			<td>
			28
			</td>
			<td>
			23
			</td>
			<td>
			40
			</td>
			<td>
			6.9
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS
			</td>
			<td>
			558
			</td>
			<td>
			533
			</td>
			<td>
			59
			</td>
			<td>
			15
			</td>
			<td>
			64
			</td>
			<td>
			3.7
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORP
			</td>
			<td>
			O39
			</td>
			<td>
			38,017
			</td>
			<td>
			28
			</td>
			<td>
			-9
			</td>
			<td>
			-11
			</td>
			<td>
			6.7
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			35.6
			</td>
			<td>
			-0.6
			</td>
			<td>
			0.1
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Note stocks were screened from a list of more than 100 stocks that include the STI constituents, REITs and a number of other stocks that maintain either comparatively large market capitalisation or a higher tradability metric than industry peers. Source: Factor Investing in Singapore Report (click <a href="https://www.factorresearch.com/research-factor-investing-in-singapore">here</a>), SGX StockFacts and Bloomberg (Data as of 7 September 2020)

 

In the Spotlight: Factor Investing in Singapore Webinar 
Nicolas Rabener is the Founder &amp; CEO of FactorResearch. The FactorResearch team provides quantitative solutions for factor investing in equity markets globally. To watch FactorResearch’s 11 August webinar with the SGX Academy that delved deeper into the performance of classic equity factors in Singapore, such as value, growth, size, momentum, volatility, quality – click <a href="https://www.facebook.com/watch/live/?v=1555084207991052&amp;ref=watch_permalink">here</a>.
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The FTSE Singapore Growth Index generated a 1.9% total return for the three years ending 31 Aug. Singapore’s 20 stocks with the highest growth factor exposure (with highest 3-year sales-per-share and 3-year earnings-per share growth) were led by AEM, represent multiple Sectors, and generated a median gain of 0.1%. 
	 
	
Three of the 20 stocks – Dasin Retail Trust, China Everbright Water and Sasseur REIT report all their revenue to China and two of the 20 stocks - Yangzijiang Shipbuilding and China Sunsine Chemicals report more than half their revenue to China. The five stocks have averaged an 7.6% decline in total return over the last 3 years.   
	 
	Together the 20 stocks averaged total returns of 35.6% between the major market lows of 23 March and post-low high on 9 June, outpacing the STI’s 26.8% total return. The 20 stocks also generated a median marginal decline of 0.6% in total return between 9 June and 7 Sep, compared to the STI’s 8.6% decline.  

 

Defining a Growth Stock  
As detailed in the recent Factor Investing in Singapore Report by Nicolas Rabener (click here for full report), two Growth metrics used by FactorResearch for selecting stocks with Growth Factor exposure include 3-year sales-per-share and earnings-per share growth. The report noted there is little empirical evidence that the Growth Factor generates excess returns and hence it does not enjoy broad support from the research community, however it is a widely followed investment style. Another Factor Exposure used to characterise stocks is Quality which was discussed in more detail last month here.  
The Factor Investing in Singapore Report, which was completed in collaboration with Singapore Exchange, ranked more than 100 stocks according to their Growth Factors. As a group, the 20 stocks that ranked the highest in Growth factor Exposure outpaced the Straits Times Index (‘STI’) over the past three years, with the group generating a median gain of 0.1% and the STI declining 12.6%. The comparative total return of the 20 stocks, relative to the STI total return is illustrated below.



      
    
    Average Total Returns


China-focused Stocks Amongst Growth Factor Exposure Leaders  
Three of these 20 stocks: Dasin Retail Trust, China Everbright Water and Sasseur REIT are currently China-focused stocks and ranked amongst the 10 stocks with the highest growth factor exposure. 
 


As at July 2020, the portfolio of Dasin Retail Trust comprised seven retail malls in Greater China, valued at approximately RMB 12.1 billion. The manager noted in July (click here) in the short to medium term, it would actively manage the portfolio of shopping malls to drive organic growth, creating new value through asset enhancement or property redevelopment initiatives. The Manager added it will also seek accretive acquisitions and divest its mature assets timely, to recycle capital and reinvest in new opportunities. Revenue for its 1HFY20 (ending 30 June) was 5.2% higher than 1HFY19 mainly due to the contribution from Doumen Metro Mall which was acquired in September 2019, partially offset by lower rental income from Ocean Metro Mall, Shiqi Metro Mall, Xiaolan Metro Mall and Dasin EColour arising from the impact of COVID-19 as well as rental rebates provided to the tenants. 
	 
	
China Everbright Water  is an environmental protection company focusing on water environment management. For its FY19 (ending 31 Dec), China Everbright Water’s Revenue increased by 16% from FY18, with profit increasing by 20%. For its 1HFY20, the Group’s revenue amounted to HK$2.12 billion, representing a decrease of 15% from 1HFY2019 – the Full 2020 Interim report can be found here. In 1HFY0, China Everbright Water expanded water treatment business steadily, securing six waste water treatment (“WWT”) projects and undertook one operation and management project. This helped solidify the Company’s market position in several regions, such as the Yangtze River Economic Belt and the Bohai Bay Rim Economic Zone. For a market dialogue with Chairman Wang Tianyi back in August 2018 click here. 
	 
	
Sasseur REIT offers investors exposure into China’s growing outlet mall business, one of the country’s fastest growing retail segments, supported by increased spending power of middle-class Chinese consumers. As of 31 December 2019, the Chongqing, Bishan, Hefei and Kunming outlets maintained a combined valuation of RMB 8.2 billion, based on an independent valuation by JLL. On 14 August, the Manager reported that Sasseur REIT’s portfolio of four outlet malls in China delivered higher 2QFY20 sales, rental income and distributable income as compared to 1QFY20, showing positive signs that business recovery is firmly underway across its portfolio. Click here for the 10 in 10 with Sasseur REIT dialogue published earlier this year.

 

Ranking Stocks by Growth Factors  
The table below provides the list of stocks that are amongst the largest and most traded Singapore stocks that demonstrated the highest Growth Factor exposure. As noted above this was based on financial metrics of sales and earnings growth. SGX StockFacts includes the compound annual growth rate of revenues per share over the last five years.  The 20 stocks, sort by the highest positive Growth Factor at the time Factor Investing in Singapore report was published are tabled below. Aside from the trio of China-focused stocks discussed above, the 20 stocks included Yangzijiang Shipbuilding and China Sunsine Chemical Holdings which report more than half of their revenue to China.




			Stock
			
			
			SGX 

			Code
			
			
			Mkt Cap S$B
			
			
			% Total Return 23 Mar – 9 Jun 2020
			
			
			% Total Return 9 June - 7 Sep 2020
			
			
			% Total Return  

			3 years 
			
			
			Revenue/ Share 5 year growth
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			1,054
			
			
			118
			
			
			26
			
			
			638
			
			
			59.2
			
		


			COSCO SHIPPING INTERNATIONAL
			
			
			F83
			
			
			439
			
			
			32
			
			
			-9
			
			
			-34
			
			
			-47.4
			
		


			BRC ASIA
			
			
			BEC
			
			
			269
			
			
			23
			
			
			-15
			
			
			50
			
			
			13.8
			
		


			DASIN RETAIL TRUST
			
			
			CEDU
			
			
			617
			
			
			5
			
			
			-2
			
			
			22
			
			
			27.6
			
		


			CHINA EVERBRIGHT WATER
			
			
			U9E
			
			
			644
			
			
			10
			
			
			4
			
			
			-46
			
			
			30.2
			
		


			GSH CORP
			
			
			BDX
			
			
			362
			
			
			-3
			
			
			-12
			
			
			-63
			
			
			29.4
			
		


			PROPNEX
			
			
			OYY
			
			
			216
			
			
			26
			
			
			13
			
			
			5*
			
			
			-
			
		


			SASSEUR REAL ESTATE INVESTME
			
			
			CRPU
			
			
			907
			
			
			44
			
			
			-3
			
			
			14*
			
			
			-
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			3,679
			
			
			36
			
			
			-8
			
			
			-24
			
			
			8.4
			
		


			FRENCKEN GROUP
			
			
			E28
			
			
			422
			
			
			59
			
			
			24
			
			
			127
			
			
			6.1
			
		


			HONG FOK CORP
			
			
			H30
			
			
			542
			
			
			32
			
			
			-9
			
			
			-15
			
			
			3.3
			
		


			UOL GROUP
			
			
			U14
			
			
			5,560
			
			
			20
			
			
			-8
			
			
			-12
			
			
			9.2
			
		


			LIPPO MALLS INDONESIA RETAIL
			
			
			D5IU
			
			
			331
			
			
			46
			
			
			-25
			
			
			-68
			
			
			11.2
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			CMOU
			
			
			927
			
			
			55
			
			
			4
			
			
			6*
			
			
			7.0
			
		


			CHINA SUNSINE CHEMICAL HLDGS
			
			
			QES
			
			
			350
			
			
			34
			
			
			-1
			
			
			-5
			
			
			4.3
			
		


			DBS GROUP HOLDINGS
			
			
			D05
			
			
			52,611
			
			
			41
			
			
			-9
			
			
			19
			
			
			9.3
			
		


			OLAM INTERNATIONAL
			
			
			O32
			
			
			4,154
			
			
			21
			
			
			-10
			
			
			-27
			
			
			-
			
		


			VENTURE CORP
			
			
			V03
			
			
			5,478
			
			
			28
			
			
			23
			
			
			40
			
			
			6.9
			
		


			UMS HOLDINGS
			
			
			558
			
			
			533
			
			
			59
			
			
			15
			
			
			64
			
			
			3.7
			
		


			OVERSEA-CHINESE BANKING CORP
			
			
			O39
			
			
			38,017
			
			
			28
			
			
			-9
			
			
			-11
			
			
			6.7
			
		


			 
			
			
			 
			
			
			 
			
			
			35.6
			
			
			-0.6
			
			
			0.1
			
			
			 
			
		

 Note stocks were screened from a list of more than 100 stocks that include the STI constituents, REITs and a number of other stocks that maintain either comparatively large market capitalisation or a higher tradability metric than industry peers. Source: Factor Investing in Singapore Report (click here), SGX StockFacts and Bloomberg (Data as of 7 September 2020)

 

In the Spotlight: Factor Investing in Singapore Webinar  
Nicolas Rabener is the Founder &amp; CEO of FactorResearch. The FactorResearch team provides quantitative solutions for factor investing in equity markets globally.  To watch FactorResearch’s 11 August webinar with the SGX Academy that delved deeper into the performance of classic equity factors in Singapore, such as value, growth, size, momentum, volatility, quality – click here.



China Businesses Amongst Singapore’s Leading Growth Stocks 

Hong Kong

China Everbright Limited, through its subsidiaries, provides investment banking, commercial banking, corporate finance, and investment advisory services.  The Company also invests in properties and provides insurance, brokerage, secretarial, and money lending services.

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China Everbright (165 HK)

China Businesses Amongst Singapore’s Leading Growth Stocks

The FTSE Singapore Growth Index generated a 1.9% total return for the three years ending 31 Aug. Singapore’s 20 stocks with the highest growth...

Singapore Exchange Ltd (SGX)

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