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.

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<html><body>
<ul>
<li>
In Singapore, approximately 80 stocks are regarded as “mid-cap” stocks on their relative market capitalisation, which ranges from S$1 billion to S$6 billion. Of the group, 39 stocks currently maintain a market capitalisation between S$1 billion and S$2 billion. 
	 </li>
	<li>
These 39 stocks have averaged a 10.4% total return in the 2019 YTD, following an average decline of 5.3% in 2018. In the 2019 YTD, performances of the 39 stocks ranged from -13.3% for Best World Int to +76.3% for Hi-P Int. 
	 </li>
	<li>Of the 39 stocks, two technology stocks, Hi-P Int &amp; Silverlake Axis, were the strongest segment in the 2019 YTD, averaging a 55.5% return, while the Real Estate Sector with 22 of the 39 stocks, averaged an 8.0% total return.       </li>
</ul>
From the perspective of market capitalisation, the next tranche of stocks beyond the large cap stocks that form the majority of the Straits Time Index (“STI”)  are mid-cap stocks. In Singapore, these mid-cap stocks typically maintain market capitalisation that range from S$1 billion up to S$6 billion. This is based on the capitalisation size of the stocks that currently make up the FTSE ST Mid Cap Index.

In the 2019 year through to 7 March, the STI generated a total return of 5.4%, while the FTSE ST Mid Cap Index almost doubled this performance, generating a 10.6% total return.

While the FTSE ST Mid Cap Index consists of 42 stocks (including eight STI constituents), there are approximately 80 stocks with market capitalisations that correspondingly ranges from S$1 billion up to S$6 billion. Of this group of stocks, 39 stocks currently maintain a market capitalisation between S$1 billion and S$2 billion. These 39 stocks have averaged a 10.4% total return in the 2019 year through to 7 March. This was in-line with the FTSE ST Mid Cap Index and hence indicates that the performance of the FTSE ST Mid Cap Index was not simply attributed to a few of its biggest weights.

Three key takeaways from the make-up and performance of these 39 stocks since 2015 are as follows:

<ul>
<li>
The three stocks with an agriculture or food focus, Bumitama Agri, Sheng Siong Group and Japfa were among the most defensive stocks, with median and average double digit total returns in both 2016 and 2018 when the 39 stocks posted an overall median total return of 3.8% and decline of 7.0% respectively. 
	 </li>
	<li>
The two technology stocks, Hi-P International and Silverlake Axis, were amongst the most cyclical of the 39 stocks, with Silverlake Axis in-line and Hi-P International outpacing the median total return of the 39 stocks in 2017, underperforming in 2018 and then outpacing again in the 2019 year-to-date. 
	 </li>
	<li>The majority of the 39 stocks represent the Real Estate Sector with the 22 stocks averaging a 4.6% dividend yield on account of 14 trusts.  The trusts which comprise of nine Real Estate Investment Trusts, four stapled trusts and one Business Trust performed similar to the Real Estate Developers in 2017,   however were more defensive in 2016 and 2018.   </li>
</ul>
The full list of the 39 stocks with a market capitalisation between S$1 billion and S$2 billion, sorted by market capitalisation are tabled below. In addition to the 39 stocks averaging a 2019 year-to-date gain of 10.4%, the 39 stocks average a 12 month Return on Equity of 10.5%.

Four of the stocks, Ho Bee Land, Sheng Siong Group, SBS Transit and Ascendas India Trust generated gains for all of the four time periods detailed in the table below.  

<table class="table table-striped"><tbody>
<tr>
<td rowspan="2">
			Name
			</td>
			<td rowspan="2">
			SGX Code
			</td>
			<td rowspan="2">
			Market Cap (S$Bn)
			</td>
			<td>
			2016 Total Return
			</td>
			<td>
			2017 Total Return
			</td>
			<td>
			2018 Total Return
			</td>
			<td>
			2019 YTD Total Return
			</td>
			<td rowspan="2">
			Div. Yield %
			</td>
		</tr>
<tr>
<td>
			%
			</td>
			<td>
			%
			</td>
			<td>
			%
			</td>
			<td>
			%
			</td>
		</tr>
<tr>
<td>
			RAFFLES MEDICAL GROUP
			</td>
			<td>
			BSL
			</td>
			<td>
			1.98
			</td>
			<td>
			4.4
			</td>
			<td>
			-20.5
			</td>
			<td>
			0.2
			</td>
			<td>
			0.0
			</td>
			<td>
			2.3
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			1.97
			</td>
			<td>
			26.1
			</td>
			<td>
			27.0
			</td>
			<td>
			-0.7
			</td>
			<td>
			10.9
			</td>
			<td>
			5.0
			</td>
		</tr>
<tr>
<td>
			HOTEL PROPERTIES
			</td>
			<td>
			H15
			</td>
			<td>
			1.95
			</td>
			<td>
			2.3
			</td>
			<td>
			5.0
			</td>
			<td>
			-5.7
			</td>
			<td>
			4.2
			</td>
			<td>
			1.1
			</td>
		</tr>
<tr>
<td>
			CDL HOSPITALITY TRUSTS
			</td>
			<td>
			J85
			</td>
			<td>
			1.94
			</td>
			<td>
			8.7
			</td>
			<td>
			39.9
			</td>
			<td>
			-8.6
			</td>
			<td>
			13.6
			</td>
			<td>
			5.8
			</td>
		</tr>
<tr>
<td>
			KEPPEL INFRASTRUCTURE TRUST
			</td>
			<td>
			A7RU
			</td>
			<td>
			1.93
			</td>
			<td>
			0.5
			</td>
			<td>
			29.8
			</td>
			<td>
			-9.5
			</td>
			<td>
			5.0
			</td>
			<td>
			7.4
			</td>
		</tr>
<tr>
<td>
			M1
			</td>
			<td>
			B2F
			</td>
			<td>
			1.90
			</td>
			<td>
			-23.6
			</td>
			<td>
			-3.9
			</td>
			<td>
			25.5
			</td>
			<td>
			-1.9
			</td>
			<td>
			5.5
			</td>
		</tr>
<tr>
<td>
			PARKWAYLIFE REAL ESTATE
			</td>
			<td>
			C2PU
			</td>
			<td>
			1.74
			</td>
			<td>
			6.7
			</td>
			<td>
			33.2
			</td>
			<td>
			-7.9
			</td>
			<td>
			10.4
			</td>
			<td>
			4.5
			</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			J91U
			</td>
			<td>
			1.68
			</td>
			<td>
			3.6
			</td>
			<td>
			12.0
			</td>
			<td>
			-1.8
			</td>
			<td>
			5.6
			</td>
			<td>
			7.3
			</td>
		</tr>
<tr>
<td>
			CROMWELL EUROPEAN REIT*
			</td>
			<td>
			CNNU
			</td>
			<td>
			1.68
			</td>
			<td>
			N/A
			</td>
			<td>
			N/A
			</td>
			<td>
			13.3
			</td>
			<td>
			13.5
			</td>
			<td>
			7.8
			</td>
		</tr>
<tr>
<td>
			HO BEE LAND
			</td>
			<td>
			H13
			</td>
			<td>
			1.67
			</td>
			<td>
			3.8
			</td>
			<td>
			24.3
			</td>
			<td>
			0.1
			</td>
			<td>
			5.9
			</td>
			<td>
			3.2
			</td>
		</tr>
<tr>
<td>
			SHENG SIONG GROUP
			</td>
			<td>
			OV8
			</td>
			<td>
			1.64
			</td>
			<td>
			16.9
			</td>
			<td>
			1.4
			</td>
			<td>
			18.4
			</td>
			<td>
			2.8
			</td>
			<td>
			3.1
			</td>
		</tr>
<tr>
<td>
			WING TAI HOLDINGS
			</td>
			<td>
			W05
			</td>
			<td>
			1.53
			</td>
			<td>
			-6.1
			</td>
			<td>
			47.1
			</td>
			<td>
			-11.8
			</td>
			<td>
			3.6
			</td>
			<td>
			1.5
			</td>
		</tr>
<tr>
<td>
			UNITED ENGINEERS
			</td>
			<td>
			U04
			</td>
			<td>
			1.53
			</td>
			<td>
			33.3
			</td>
			<td>
			7.6
			</td>
			<td>
			-2.7
			</td>
			<td>
			-5.1
			</td>
			<td>
			1.3
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td>
			P40U
			</td>
			<td>
			1.53
			</td>
			<td>
			4.7
			</td>
			<td>
			11.6
			</td>
			<td>
			-6.5
			</td>
			<td>
			4.6
			</td>
			<td>
			6.4
			</td>
		</tr>
<tr>
<td>
			OUE
			</td>
			<td>
			LJ3
			</td>
			<td>
			1.51
			</td>
			<td>
			0.5
			</td>
			<td>
			8.2
			</td>
			<td>
			-22.2
			</td>
			<td>
			17.5
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			CAPITALAND RETAIL CHINA TRUST
			</td>
			<td>
			AU8U
			</td>
			<td>
			1.50
			</td>
			<td>
			-1.0
			</td>
			<td>
			29.4
			</td>
			<td>
			-12.5
			</td>
			<td>
			15.6
			</td>
			<td>
			6.7
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT
			</td>
			<td>
			BTOU
			</td>
			<td>
			1.47
			</td>
			<td>
			N/A
			</td>
			<td>
			18.3
			</td>
			<td>
			-7.2
			</td>
			<td>
			13.4
			</td>
			<td>
			6.6
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			5CP
			</td>
			<td>
			1.47
			</td>
			<td>
			-15.6
			</td>
			<td>
			18.8
			</td>
			<td>
			-24.7
			</td>
			<td>
			34.7
			</td>
			<td>
			2.3
			</td>
		</tr>
<tr>
<td>
			BUKIT SEMBAWANG ESTATES
			</td>
			<td>
			B61
			</td>
			<td>
			1.45
			</td>
			<td>
			6.7
			</td>
			<td>
			47.1
			</td>
			<td>
			-7.0
			</td>
			<td>
			-0.9
			</td>
			<td>
			0.7
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			TS0U
			</td>
			<td>
			1.43
			</td>
			<td>
			14.6
			</td>
			<td>
			11.0
			</td>
			<td>
			-22.6
			</td>
			<td>
			11.5
			</td>
			<td>
			7.0
			</td>
		</tr>
<tr>
<td>
			FRASERS HOSPITALITY TRUST
			</td>
			<td>
			ACV
			</td>
			<td>
			1.38
			</td>
			<td>
			-1.8
			</td>
			<td>
			29.3
			</td>
			<td>
			-4.7
			</td>
			<td>
			4.3
			</td>
			<td>
			6.5
			</td>
		</tr>
<tr>
<td>
			OXLEY HOLDINGS
			</td>
			<td>
			5UX
			</td>
			<td>
			1.34
			</td>
			<td>
			1.0
			</td>
			<td>
			71.9
			</td>
			<td>
			-44.7
			</td>
			<td>
			12.1
			</td>
			<td>
			3.8
			</td>
		</tr>
<tr>
<td>
			FRASERS COMMERCIAL TRUST
			</td>
			<td>
			ND8U
			</td>
			<td>
			1.33
			</td>
			<td>
			7.0
			</td>
			<td>
			27.1
			</td>
			<td>
			-1.7
			</td>
			<td>
			9.8
			</td>
			<td>
			6.5
			</td>
		</tr>
<tr>
<td>
			OUE HOSPITALITY TRUST
			</td>
			<td>
			SK7
			</td>
			<td>
			1.31
			</td>
			<td>
			-1.1
			</td>
			<td>
			38.2
			</td>
			<td>
			-16.0
			</td>
			<td>
			8.6
			</td>
			<td>
			7.0
			</td>
		</tr>
<tr>
<td>
			JAPFA
			</td>
			<td>
			UD2
			</td>
			<td>
			1.31
			</td>
			<td>
			94.0
			</td>
			<td>
			-42.8
			</td>
			<td>
			44.6
			</td>
			<td>
			-4.1
			</td>
			<td>
			1.4
			</td>
		</tr>
<tr>
<td>
			BEST WORLD INTERNATIONAL
			</td>
			<td>
			CGN
			</td>
			<td>
			1.25
			</td>
			<td>
			416.0
			</td>
			<td>
			101.7
			</td>
			<td>
			105.7
			</td>
			<td>
			-13.3
			</td>
			<td>
			2.4
			</td>
		</tr>
<tr>
<td>
			HI-P INTERNATIONAL
			</td>
			<td>
			H17
			</td>
			<td>
			1.25
			</td>
			<td>
			4.6
			</td>
			<td>
			326.5
			</td>
			<td>
			-50.8
			</td>
			<td>
			76.3
			</td>
			<td>
			3.2
			</td>
		</tr>
<tr>
<td>
			FAR EAST HOSPITALITY TRUST
			</td>
			<td>
			Q5T
			</td>
			<td>
			1.22
			</td>
			<td>
			-3.1
			</td>
			<td>
			27.9
			</td>
			<td>
			-10.8
			</td>
			<td>
			9.1
			</td>
			<td>
			6.2
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST
			</td>
			<td>
			CY6U
			</td>
			<td>
			1.22
			</td>
			<td>
			23.3
			</td>
			<td>
			19.1
			</td>
			<td>
			0.2
			</td>
			<td>
			8.3
			</td>
			<td>
			5.9
			</td>
		</tr>
<tr>
<td>
			HONG LEONG FINANCE
			</td>
			<td>
			S41
			</td>
			<td>
			1.21
			</td>
			<td>
			-4.1
			</td>
			<td>
			32.4
			</td>
			<td>
			-2.0
			</td>
			<td>
			6.7
			</td>
			<td>
			5.5
			</td>
		</tr>
<tr>
<td>
			SBS TRANSIT
			</td>
			<td>
			S61
			</td>
			<td>
			1.19
			</td>
			<td>
			10.9
			</td>
			<td>
			21.3
			</td>
			<td>
			11.7
			</td>
			<td>
			41.5
			</td>
			<td>
			3.4
			</td>
		</tr>
<tr>
<td>
			BUMITAMA AGRI
			</td>
			<td>
			P8Z
			</td>
			<td>
			1.18
			</td>
			<td>
			19.2
			</td>
			<td>
			-8.0
			</td>
			<td>
			-13.4
			</td>
			<td>
			9.7
			</td>
			<td>
			N/A
			</td>
		</tr>
<tr>
<td>
			PACIFIC CENTURY REGION DEVEL
			</td>
			<td>
			P15
			</td>
			<td>
			1.13
			</td>
			<td>
			-15.5
			</td>
			<td>
			4.2
			</td>
			<td>
			1.3
			</td>
			<td>
			19.7
			</td>
			<td>
			N/A
			</td>
		</tr>
<tr>
<td>
			CITIC ENVIROTECH
			</td>
			<td>
			CEE
			</td>
			<td>
			1.13
			</td>
			<td>
			-0.1
			</td>
			<td>
			7.5
			</td>
			<td>
			-47.5
			</td>
			<td>
			22.4
			</td>
			<td>
			1.6
			</td>
		</tr>
<tr>
<td>
			CHINA AVIATION OIL SINGAPORE
			</td>
			<td>
			G92
			</td>
			<td>
			1.11
			</td>
			<td>
			104.0
			</td>
			<td>
			18.9
			</td>
			<td>
			-32.7
			</td>
			<td>
			21.7
			</td>
			<td>
			3.5
			</td>
		</tr>
<tr>
<td>
			SINARMAS LAND
			</td>
			<td>
			A26
			</td>
			<td>
			1.06
			</td>
			<td>
			-8.2
			</td>
			<td>
			-3.6
			</td>
			<td>
			-36.1
			</td>
			<td>
			0.0
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			KEPPEL TELECOM &amp; TRANSPORT
			</td>
			<td>
			K11
			</td>
			<td>
			1.05
			</td>
			<td>
			21.3
			</td>
			<td>
			-6.1
			</td>
			<td>
			21.2
			</td>
			<td>
			1.1
			</td>
			<td>
			N/A
			</td>
		</tr>
<tr>
<td>
			PERENNIAL REAL ESTATE HOLDING
			</td>
			<td>
			40S
			</td>
			<td>
			1.05
			</td>
			<td>
			-14.9
			</td>
			<td>
			8.6
			</td>
			<td>
			-27.9
			</td>
			<td>
			1.6
			</td>
			<td>
			0.6
			</td>
		</tr>
<tr>
<td>
			UOB-KAY HIAN HOLDINGS
			</td>
			<td>
			U10
			</td>
			<td>
			1.01
			</td>
			<td>
			-7.0
			</td>
			<td>
			9.8
			</td>
			<td>
			-10.9
			</td>
			<td>
			6.8
			</td>
			<td>
			3.8
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			19.8
			</td>
			<td>
			27.1
			</td>
			<td>
			-5.3
			</td>
			<td>
			10.4
			</td>
			<td>
			4.1
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			3.8
			</td>
			<td>
			18.9
			</td>
			<td>
			-7.0
			</td>
			<td>
			8.3
			</td>
			<td>
			3.8
			</td>
		</tr>
</tbody></table>
Source: SGX StockFacts, Bloomberg (Data as of 7 March 2019)

*Note Cromwell European REIT has an Euro-denominated counter (CNNU) and a Singapore Dollar denominated counter (CSFU).
</body></html>





In Singapore, approximately 80 stocks are regarded as “mid-cap” stocks on their relative market capitalisation, which ranges from S$1 billion to S$6 billion. Of the group, 39 stocks currently maintain a market capitalisation between S$1 billion and S$2 billion. 
	 
	
These 39 stocks have averaged a 10.4% total return in the 2019 YTD, following an average decline of 5.3% in 2018. In the 2019 YTD, performances of the 39 stocks ranged from -13.3% for Best World Int to +76.3% for Hi-P Int.  
	 
	Of the 39 stocks, two technology stocks, Hi-P Int &amp; Silverlake Axis, were the strongest segment in the 2019 YTD, averaging a 55.5% return, while the Real Estate Sector with 22 of the 39 stocks, averaged an 8.0% total return.       

From the perspective of market capitalisation, the next tranche of stocks beyond the large cap stocks that form the majority of the Straits Time Index (“STI”)  are mid-cap stocks. In Singapore, these mid-cap stocks typically maintain market capitalisation that range from S$1 billion up to S$6 billion. This is based on the capitalisation size of the stocks that currently make up the FTSE ST Mid Cap Index.

In the 2019 year through to 7 March, the STI generated a total return of 5.4%, while the FTSE ST Mid Cap Index almost doubled this performance, generating a 10.6% total return.

While the FTSE ST Mid Cap Index consists of 42 stocks (including eight STI constituents), there are approximately 80 stocks with market capitalisations that correspondingly ranges from S$1 billion up to S$6 billion. Of this group of stocks, 39 stocks currently maintain a market capitalisation between S$1 billion and S$2 billion. These 39 stocks have averaged a 10.4% total return in the 2019 year through to 7 March. This was in-line with the FTSE ST Mid Cap Index and hence indicates that the performance of the FTSE ST Mid Cap Index was not simply attributed to a few of its biggest weights.

Three key takeaways from the make-up and performance of these 39 stocks since 2015 are as follows:



The three stocks with an agriculture or food focus, Bumitama Agri, Sheng Siong Group and Japfa were among the most defensive stocks, with median and average double digit total returns in both 2016 and 2018 when the 39 stocks posted an overall median total return of 3.8% and decline of 7.0% respectively.  
	 
	
The two technology stocks, Hi-P International and Silverlake Axis, were amongst the most cyclical of the 39 stocks, with Silverlake Axis in-line and Hi-P International outpacing the median total return of the 39 stocks in 2017, underperforming in 2018 and then outpacing again in the 2019 year-to-date. 
	 
	The majority of the 39 stocks represent the Real Estate Sector with the 22 stocks averaging a 4.6% dividend yield on account of 14 trusts.  The trusts which comprise of nine Real Estate Investment Trusts, four stapled trusts and one Business Trust performed similar to the Real Estate Developers in 2017,   however were more defensive in 2016 and 2018.   

The full list of the 39 stocks with a market capitalisation between S$1 billion and S$2 billion, sorted by market capitalisation are tabled below. In addition to the 39 stocks averaging a 2019 year-to-date gain of 10.4%, the 39 stocks average a 12 month Return on Equity of 10.5%.

Four of the stocks, Ho Bee Land, Sheng Siong Group, SBS Transit and Ascendas India Trust generated gains for all of the four time periods detailed in the table below.  




			Name
			
			
			SGX Code
			
			
			Market Cap (S$Bn)
			
			
			2016 Total Return
			
			
			2017 Total Return
			
			
			2018 Total Return
			
			
			2019 YTD Total Return
			
			
			Div. Yield %
			
		


			%
			
			
			%
			
			
			%
			
			
			%
			
		


			RAFFLES MEDICAL GROUP
			
			
			BSL
			
			
			1.98
			
			
			4.4
			
			
			-20.5
			
			
			0.2
			
			
			0.0
			
			
			2.3
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			1.97
			
			
			26.1
			
			
			27.0
			
			
			-0.7
			
			
			10.9
			
			
			5.0
			
		


			HOTEL PROPERTIES
			
			
			H15
			
			
			1.95
			
			
			2.3
			
			
			5.0
			
			
			-5.7
			
			
			4.2
			
			
			1.1
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			1.94
			
			
			8.7
			
			
			39.9
			
			
			-8.6
			
			
			13.6
			
			
			5.8
			
		


			KEPPEL INFRASTRUCTURE TRUST
			
			
			A7RU
			
			
			1.93
			
			
			0.5
			
			
			29.8
			
			
			-9.5
			
			
			5.0
			
			
			7.4
			
		


			M1
			
			
			B2F
			
			
			1.90
			
			
			-23.6
			
			
			-3.9
			
			
			25.5
			
			
			-1.9
			
			
			5.5
			
		


			PARKWAYLIFE REAL ESTATE
			
			
			C2PU
			
			
			1.74
			
			
			6.7
			
			
			33.2
			
			
			-7.9
			
			
			10.4
			
			
			4.5
			
		


			ESR-REIT
			
			
			J91U
			
			
			1.68
			
			
			3.6
			
			
			12.0
			
			
			-1.8
			
			
			5.6
			
			
			7.3
			
		


			CROMWELL EUROPEAN REIT*
			
			
			CNNU
			
			
			1.68
			
			
			N/A
			
			
			N/A
			
			
			13.3
			
			
			13.5
			
			
			7.8
			
		


			HO BEE LAND
			
			
			H13
			
			
			1.67
			
			
			3.8
			
			
			24.3
			
			
			0.1
			
			
			5.9
			
			
			3.2
			
		


			SHENG SIONG GROUP
			
			
			OV8
			
			
			1.64
			
			
			16.9
			
			
			1.4
			
			
			18.4
			
			
			2.8
			
			
			3.1
			
		


			WING TAI HOLDINGS
			
			
			W05
			
			
			1.53
			
			
			-6.1
			
			
			47.1
			
			
			-11.8
			
			
			3.6
			
			
			1.5
			
		


			UNITED ENGINEERS
			
			
			U04
			
			
			1.53
			
			
			33.3
			
			
			7.6
			
			
			-2.7
			
			
			-5.1
			
			
			1.3
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1.53
			
			
			4.7
			
			
			11.6
			
			
			-6.5
			
			
			4.6
			
			
			6.4
			
		


			OUE
			
			
			LJ3
			
			
			1.51
			
			
			0.5
			
			
			8.2
			
			
			-22.2
			
			
			17.5
			
			
			1.2
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			AU8U
			
			
			1.50
			
			
			-1.0
			
			
			29.4
			
			
			-12.5
			
			
			15.6
			
			
			6.7
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			1.47
			
			
			N/A
			
			
			18.3
			
			
			-7.2
			
			
			13.4
			
			
			6.6
			
		


			SILVERLAKE AXIS
			
			
			5CP
			
			
			1.47
			
			
			-15.6
			
			
			18.8
			
			
			-24.7
			
			
			34.7
			
			
			2.3
			
		


			BUKIT SEMBAWANG ESTATES
			
			
			B61
			
			
			1.45
			
			
			6.7
			
			
			47.1
			
			
			-7.0
			
			
			-0.9
			
			
			0.7
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			1.43
			
			
			14.6
			
			
			11.0
			
			
			-22.6
			
			
			11.5
			
			
			7.0
			
		


			FRASERS HOSPITALITY TRUST
			
			
			ACV
			
			
			1.38
			
			
			-1.8
			
			
			29.3
			
			
			-4.7
			
			
			4.3
			
			
			6.5
			
		


			OXLEY HOLDINGS
			
			
			5UX
			
			
			1.34
			
			
			1.0
			
			
			71.9
			
			
			-44.7
			
			
			12.1
			
			
			3.8
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1.33
			
			
			7.0
			
			
			27.1
			
			
			-1.7
			
			
			9.8
			
			
			6.5
			
		


			OUE HOSPITALITY TRUST
			
			
			SK7
			
			
			1.31
			
			
			-1.1
			
			
			38.2
			
			
			-16.0
			
			
			8.6
			
			
			7.0
			
		


			JAPFA
			
			
			UD2
			
			
			1.31
			
			
			94.0
			
			
			-42.8
			
			
			44.6
			
			
			-4.1
			
			
			1.4
			
		


			BEST WORLD INTERNATIONAL
			
			
			CGN
			
			
			1.25
			
			
			416.0
			
			
			101.7
			
			
			105.7
			
			
			-13.3
			
			
			2.4
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			1.25
			
			
			4.6
			
			
			326.5
			
			
			-50.8
			
			
			76.3
			
			
			3.2
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			1.22
			
			
			-3.1
			
			
			27.9
			
			
			-10.8
			
			
			9.1
			
			
			6.2
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			1.22
			
			
			23.3
			
			
			19.1
			
			
			0.2
			
			
			8.3
			
			
			5.9
			
		


			HONG LEONG FINANCE
			
			
			S41
			
			
			1.21
			
			
			-4.1
			
			
			32.4
			
			
			-2.0
			
			
			6.7
			
			
			5.5
			
		


			SBS TRANSIT
			
			
			S61
			
			
			1.19
			
			
			10.9
			
			
			21.3
			
			
			11.7
			
			
			41.5
			
			
			3.4
			
		


			BUMITAMA AGRI
			
			
			P8Z
			
			
			1.18
			
			
			19.2
			
			
			-8.0
			
			
			-13.4
			
			
			9.7
			
			
			N/A
			
		


			PACIFIC CENTURY REGION DEVEL
			
			
			P15
			
			
			1.13
			
			
			-15.5
			
			
			4.2
			
			
			1.3
			
			
			19.7
			
			
			N/A
			
		


			CITIC ENVIROTECH
			
			
			CEE
			
			
			1.13
			
			
			-0.1
			
			
			7.5
			
			
			-47.5
			
			
			22.4
			
			
			1.6
			
		


			CHINA AVIATION OIL SINGAPORE
			
			
			G92
			
			
			1.11
			
			
			104.0
			
			
			18.9
			
			
			-32.7
			
			
			21.7
			
			
			3.5
			
		


			SINARMAS LAND
			
			
			A26
			
			
			1.06
			
			
			-8.2
			
			
			-3.6
			
			
			-36.1
			
			
			0.0
			
			
			0.8
			
		


			KEPPEL TELECOM &amp; TRANSPORT
			
			
			K11
			
			
			1.05
			
			
			21.3
			
			
			-6.1
			
			
			21.2
			
			
			1.1
			
			
			N/A
			
		


			PERENNIAL REAL ESTATE HOLDING
			
			
			40S
			
			
			1.05
			
			
			-14.9
			
			
			8.6
			
			
			-27.9
			
			
			1.6
			
			
			0.6
			
		


			UOB-KAY HIAN HOLDINGS
			
			
			U10
			
			
			1.01
			
			
			-7.0
			
			
			9.8
			
			
			-10.9
			
			
			6.8
			
			
			3.8
			
		


			Average
			
			
			 
			
			
			 
			
			
			19.8
			
			
			27.1
			
			
			-5.3
			
			
			10.4
			
			
			4.1
			
		


			Median
			
			
			 
			
			
			 
			
			
			3.8
			
			
			18.9
			
			
			-7.0
			
			
			8.3
			
			
			3.8
			
		

Source: SGX StockFacts, Bloomberg (Data as of 7 March 2019)

*Note Cromwell European REIT has an Euro-denominated counter (CNNU) and a Singapore Dollar denominated counter (CSFU).



Mid-Cap Stocks that Averaged 10% Gains over the Past 10 Weeks

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September Quarter Earnings Schedule for S-REITs

Partner, River Valley Asset Management

River Valley Asset Management

Partner

Singapore-based boutique asset management firm

River Valley Asset Management is a Singapore-based boutique asset management firm. Our team at RVAM strongly believes in being a trusted steward of our clients' wealth across generations.

Each of our fund managers has years of rich portfolio management experience over multiple market cycles at world-class investment houses. We bring our clients the combined strength of our investment team to manage their financial portfolios and to provide bespoke guidance on all aspects of their financial health.

We offer multi-asset class expert investment advice to accredited investors who are family offices, high net worth individuals and institutional investors to preserve and grow our clients' wealth.

The fund management team of the company includes Homiyar Vasania, Anand Ramachandran and Jamshed Desai.

Thematic (Sector/Industry)

As a mature economy with stable businesses, Singapore's equity benchmarks are dominated by Banks &amp; Government Linked Companies (GLC's) which have grown large over time. The large listed companies in Singapore (private as well as GLC’s) are now facing headwinds from tight labour markets resulting in rising costs and, in the absence of growth, the need to focus on raising productivity.  It is therefore not surprising that the Singapore markets do not excite the average investor. However, within this space we have been finding many hidden gems which have consistently delivered and increasingly fit the needs of a Singaporean investor looking for stable returns in a low growth environment: the REIT marketplace. Over the last seven years the REIT index has delivered over 10% p.a. annualized return which stands in stark contrast to the meagre 4% returns from benchmark STI index.

As a mature economy with stable businesses, Singapore's equity benchmarks are dominated by Banks &amp; Government Linked Companies (GLC's) which have grown large over time. The large listed companies in Singapore (private as well as GLC’s) are now facing headwinds from tight labour markets resulting in rising costs and, in the absence of growth, the need to focus on raising productivity.   It is therefore not surprising that the Singapore markets do not excite the average investor. However, within this space we have been finding many hidden gems which have consistently delivered and increasingly fit the needs of a Singaporean investor looking for stable returns in a low growth environment: the REIT marketplace. Over the last seven years the REIT index has delivered over 10% p.a. annualized return which stands in stark contrast to the meagre 4% returns from benchmark STI index.

Singapore

Ascendas India Trust is a business trust that invests in real estate. The trust acquires, owns, and develops land for business use.

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Ascendas India Trust (AIT SP)

Mid-Cap Stocks that Averaged 10% Gains over the Past 10 Weeks

In Singapore, approximately 80 stocks are regarded as “mid-cap” stocks on their relative market capitalisation, which ranges from S$1 billion...

Singapore Exchange Ltd (SGX)

September Quarter Earnings Schedule for S-REITs

Singapore Exchange Ltd (SGX)

Singapore - The Hidden Gems

As a mature economy with stable businesses, Singapore's equity benchmarks are dominated by Banks & Government Linked Companies (GLC's) which...

River Valley Asset Management

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