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.

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
The more than 700 listings on SGX have a combined market cap of nearly US$670 billion, and overseas companies comprise nearly half of this total market cap. In particular, Southeast Asian-based stocks account for more than 20% of SGX’s total market cap. 
	 </li>
	<li>
Over 40 stocks listed on SGX are either headquartered in Malaysia or have core operations based in the country, and have a combined market cap of over S$60 billion. Their businesses are categorised under the consumer, healthcare, real estate, information technology, energy, materials and industrials sectors. 
	 </li>
	<li>Among these Malaysia-based listings, the five best performers in the YTD were: Silverlake Axis (+33.5%), Aspen Group (+28.0%), JB Foods (+16.1%), ISEC Healthcare (+13.7%), and Frencken Group (+11.9%). They have averaged a total return of +20.6% in the YTD, bringing their 1Y and 3Y total returns to -8.3% and +101.4% respectively. </li>
</ul>
SGX lists more than 700 companies with a combined market cap of nearly US$670 billion, with overseas listings contributing more than 45% to this total market cap. In particular, Southeast Asian-based companies account for more than 20% of SGX’s total market cap.

The exchange lists over 40 companies which are either headquartered or have their core operations based in Malaysia, while companies which have Indonesia as their principal place of business number more than 20.  For a recently published update on SGX’s Indonesian-based listings, click <a href="https://www2.sgx.com/research-education/market-updates/20190226-five-best-performing-indonesia-based-stocks-average-19">here</a>.

Three listings – Mermaid Maritime, Sri Trang Agro-Industry and Thai Beverage – have their core operations in Thailand, while another three – Memories Group, Singapore Myanmar Investco and Yoma Strategic Holdings – have operations based in Myanmar. Only one, Del Monte Pacific, has the Philippines as its principal place of business.

Malaysia’s Growth Outlook

The World Bank has <a href="https://data.worldbank.org/country/malaysia?view=chart">forecast</a> that Malaysia’s economic growth eased to 4.7% in 2018 from 5.9% in 2017, and will continue to expand 4.7% this year, before edging lower to 4.6% in 2020. For the World Bank’s January 2019 Global Economic Prospects report, click <a href="https://docisolation.prod.fire.glass/?guid=99e51610-1bbd-46b6-a234-3c7fe27a1135">here</a>.

Next year, Malaysia’s growth is anticipated to return to the 4.6%-5.0% trend range, as the impact of the trade war and the government’s institutional reforms start contributing positively to the economy this year, UBS Investment Bank economist Edward Teather told Malaysian media last month.

Malaysian-Based Stocks on SGX

More than 40 stocks listed on SGX are either headquartered in Malaysia or have core operations based in the country, and have a combined market capitalisation of over S$60 billion. Their businesses are categorised under the consumer, healthcare, real estate, information technology, energy, materials and industrials sectors.

Among these Malaysia-based listings, the five best performers in the 2019 year-to-date were: Silverlake Axis (+33.5%), Aspen Group (+28.0%), JB Foods (+16.1%), ISEC Healthcare (+13.7%), and Frencken Group (+11.9%). These five stocks have averaged a total return of +20.6% in the YTD, bringing their one-year and three-year total returns to -8.3% and +101.4% respectively.

The table below details SGX’s 10 best-performing Malaysia-based stocks in the YTD, sorted by YTD total return.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			P/E (x)
			</td>
			<td>
			Div Yld (%)
			</td>
			<td>
			P/B (x)
			</td>
			<td>
			ROE (%)
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			5CP
			</td>
			<td>
			1,402
			</td>
			<td>
			33.5
			</td>
			<td>
			0.3
			</td>
			<td>
			14.1
			</td>
			<td>
			22.3
			</td>
			<td>
			2.3
			</td>
			<td>
			8.7
			</td>
			<td>
			28.6
			</td>
		</tr>
<tr>
<td>
			ASPEN GROUP
			</td>
			<td>
			1F3
			</td>
			<td>
			154
			</td>
			<td>
			28.0
			</td>
			<td>
			-33.3
			</td>
			<td>
			0.0
			</td>
			<td>
			4.6
			</td>
			<td>
			0.0
			</td>
			<td>
			1.2
			</td>
			<td>
			31.1
			</td>
		</tr>
<tr>
<td>
			JB FOODS
			</td>
			<td>
			BEW
			</td>
			<td>
			218
			</td>
			<td>
			16.1
			</td>
			<td>
			24.1
			</td>
			<td>
			274.6
			</td>
			<td>
			5.2
			</td>
			<td>
			1.4
			</td>
			<td>
			1.4
			</td>
			<td>
			29.0
			</td>
		</tr>
<tr>
<td>
			ISEC HEALTHCARE
			</td>
			<td>
			40T
			</td>
			<td>
			142
			</td>
			<td>
			13.7
			</td>
			<td>
			-7.6
			</td>
			<td>
			26.4
			</td>
			<td>
			18.6
			</td>
			<td>
			5.1
			</td>
			<td>
			2.3
			</td>
			<td>
			12.9
			</td>
		</tr>
<tr>
<td>
			FRENCKEN GROUP
			</td>
			<td>
			E28
			</td>
			<td>
			202
			</td>
			<td>
			11.9
			</td>
			<td>
			-25.2
			</td>
			<td>
			191.8
			</td>
			<td>
			6.5
			</td>
			<td>
			4.6
			</td>
			<td>
			0.7
			</td>
			<td>
			11.7
			</td>
		</tr>
<tr>
<td>
			DUTY FREE INTL
			</td>
			<td>
			5SO
			</td>
			<td>
			237
			</td>
			<td>
			5.0
			</td>
			<td>
			-20.8
			</td>
			<td>
			-28.4
			</td>
			<td>
			15.9
			</td>
			<td>
			9.0
			</td>
			<td>
			1.2
			</td>
			<td>
			8.8
			</td>
		</tr>
<tr>
<td>
			ASTAKA HOLDINGS
			</td>
			<td>
			42S
			</td>
			<td>
			165
			</td>
			<td>
			4.8
			</td>
			<td>
			-63.3
			</td>
			<td>
			-58.1
			</td>
			<td>
			0.0
			</td>
			<td>
			0.0
			</td>
			<td>
			2.1
			</td>
			<td>
			-2.5
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td>
			P40U
			</td>
			<td>
			1,516
			</td>
			<td>
			4.6
			</td>
			<td>
			2.9
			</td>
			<td>
			12.9
			</td>
			<td>
			15.2
			</td>
			<td>
			6.4
			</td>
			<td>
			0.8
			</td>
			<td>
			5.1
			</td>
		</tr>
<tr>
<td>
			IHH HEALTHCARE
			</td>
			<td>
			Q0F
			</td>
			<td>
			16,662
			</td>
			<td>
			4.5
			</td>
			<td>
			-8.8
			</td>
			<td>
			-11.7
			</td>
			<td>
			0.0
			</td>
			<td>
			0.5
			</td>
			<td>
			2.0
			</td>
			<td>
			-0.7
			</td>
		</tr>
<tr>
<td>
			LY CORP
			</td>
			<td>
			1H8
			</td>
			<td>
			120
			</td>
			<td>
			0.0
			</td>
			<td>
			-22.1
			</td>
			<td>
			0.0
			</td>
			<td>
			24.4
			</td>
			<td>
			0.0
			</td>
			<td>
			1.7
			</td>
			<td>
			7.5
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			12.2
			</td>
			<td>
			-15.4
			</td>
			<td>
			42.2
			</td>
			<td>
			11.3
			</td>
			<td>
			2.9
			</td>
			<td>
			2.2
			</td>
			<td>
			13.2
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 26 Feb 2019)
</body></html>





The more than 700 listings on SGX have a combined market cap of nearly US$670 billion, and overseas companies comprise nearly half of this total market cap. In particular, Southeast Asian-based stocks account for more than 20% of SGX’s total market cap. 
	 
	
Over 40 stocks listed on SGX are either headquartered in Malaysia or have core operations based in the country, and have a combined market cap of over S$60 billion. Their businesses are categorised under the consumer, healthcare, real estate, information technology, energy, materials and industrials sectors. 
	 
	Among these Malaysia-based listings, the five best performers in the YTD were: Silverlake Axis (+33.5%), Aspen Group (+28.0%), JB Foods (+16.1%), ISEC Healthcare (+13.7%), and Frencken Group (+11.9%). They have averaged a total return of +20.6% in the YTD, bringing their 1Y and 3Y total returns to -8.3% and +101.4% respectively. 

SGX lists more than 700 companies with a combined market cap of nearly US$670 billion, with overseas listings contributing more than 45% to this total market cap. In particular, Southeast Asian-based companies account for more than 20% of SGX’s total market cap.

The exchange lists over 40 companies which are either headquartered or have their core operations based in Malaysia, while companies which have Indonesia as their principal place of business number more than 20.  For a recently published update on SGX’s Indonesian-based listings, click here.

Three listings – Mermaid Maritime, Sri Trang Agro-Industry and Thai Beverage – have their core operations in Thailand, while another three – Memories Group, Singapore Myanmar Investco and Yoma Strategic Holdings – have operations based in Myanmar. Only one, Del Monte Pacific, has the Philippines as its principal place of business.

Malaysia’s Growth Outlook

The World Bank has forecast that Malaysia’s economic growth eased to 4.7% in 2018 from 5.9% in 2017, and will continue to expand 4.7% this year, before edging lower to 4.6% in 2020. For the World Bank’s January 2019 Global Economic Prospects report, click here.

Next year, Malaysia’s growth is anticipated to return to the 4.6%-5.0% trend range, as the impact of the trade war and the government’s institutional reforms start contributing positively to the economy this year, UBS Investment Bank economist Edward Teather told Malaysian media last month.

Malaysian-Based Stocks on SGX

More than 40 stocks listed on SGX are either headquartered in Malaysia or have core operations based in the country, and have a combined market capitalisation of over S$60 billion. Their businesses are categorised under the consumer, healthcare, real estate, information technology, energy, materials and industrials sectors.

Among these Malaysia-based listings, the five best performers in the 2019 year-to-date were: Silverlake Axis (+33.5%), Aspen Group (+28.0%), JB Foods (+16.1%), ISEC Healthcare (+13.7%), and Frencken Group (+11.9%). These five stocks have averaged a total return of +20.6% in the YTD, bringing their one-year and three-year total returns to -8.3% and +101.4% respectively.

The table below details SGX’s 10 best-performing Malaysia-based stocks in the YTD, sorted by YTD total return.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
			
			P/E (x)
			
			
			Div Yld (%)
			
			
			P/B (x)
			
			
			ROE (%)
			
		


			SILVERLAKE AXIS
			
			
			5CP
			
			
			1,402
			
			
			33.5
			
			
			0.3
			
			
			14.1
			
			
			22.3
			
			
			2.3
			
			
			8.7
			
			
			28.6
			
		


			ASPEN GROUP
			
			
			1F3
			
			
			154
			
			
			28.0
			
			
			-33.3
			
			
			0.0
			
			
			4.6
			
			
			0.0
			
			
			1.2
			
			
			31.1
			
		


			JB FOODS
			
			
			BEW
			
			
			218
			
			
			16.1
			
			
			24.1
			
			
			274.6
			
			
			5.2
			
			
			1.4
			
			
			1.4
			
			
			29.0
			
		


			ISEC HEALTHCARE
			
			
			40T
			
			
			142
			
			
			13.7
			
			
			-7.6
			
			
			26.4
			
			
			18.6
			
			
			5.1
			
			
			2.3
			
			
			12.9
			
		


			FRENCKEN GROUP
			
			
			E28
			
			
			202
			
			
			11.9
			
			
			-25.2
			
			
			191.8
			
			
			6.5
			
			
			4.6
			
			
			0.7
			
			
			11.7
			
		


			DUTY FREE INTL
			
			
			5SO
			
			
			237
			
			
			5.0
			
			
			-20.8
			
			
			-28.4
			
			
			15.9
			
			
			9.0
			
			
			1.2
			
			
			8.8
			
		


			ASTAKA HOLDINGS
			
			
			42S
			
			
			165
			
			
			4.8
			
			
			-63.3
			
			
			-58.1
			
			
			0.0
			
			
			0.0
			
			
			2.1
			
			
			-2.5
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,516
			
			
			4.6
			
			
			2.9
			
			
			12.9
			
			
			15.2
			
			
			6.4
			
			
			0.8
			
			
			5.1
			
		


			IHH HEALTHCARE
			
			
			Q0F
			
			
			16,662
			
			
			4.5
			
			
			-8.8
			
			
			-11.7
			
			
			0.0
			
			
			0.5
			
			
			2.0
			
			
			-0.7
			
		


			LY CORP
			
			
			1H8
			
			
			120
			
			
			0.0
			
			
			-22.1
			
			
			0.0
			
			
			24.4
			
			
			0.0
			
			
			1.7
			
			
			7.5
			
		


			Average
			
			
			 
			
			
			 
			
			
			12.2
			
			
			-15.4
			
			
			42.2
			
			
			11.3
			
			
			2.9
			
			
			2.2
			
			
			13.2
			
		

Source: Bloomberg &amp; StockFacts (data as of 26 Feb 2019)



Five Best-Performing Malaysian-Based Stocks Average 21% YTD Return

Singapore

Frencken Group Limited designs, develops, and produces complex and advanced modules and systems, based on precision mechanics, hardware and software.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Frencken (FRKN SP)

Five Best-Performing Malaysian-Based Stocks Average 21% YTD Return

The more than 700 listings on SGX have a combined market cap of nearly US$670 billion, and overseas companies comprise nearly half of this...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)