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

<ul><li>kopi-C with GuocoLand’s Group CEO: ‘We have twin engines for growth’ Real estate company GuocoLand’s Group Chief Executive Officer Cheng Hsing Yao shares how focusing on development and investment has driven its growth and prepared it for the future.</li><li>GuocoLand Limited (“GuocoLand”) and its subsidiaries (“the Group”) is a leading real estate group that is focused on its twin engines of growth in Property Investment and Property Development.</li></ul>

kopi-C with GuocoLand’s Group CEO: ‘We have twin engines for growth’ Real estate company GuocoLand’s Group Chief Executive Officer Cheng Hsing Yao shares how focusing on development and investment has driven its growth and prepared it for the future.GuocoLand Limited (“GuocoLand”) and its subsidiaries (“the Group”) is a leading real estate group that is focused on its twin engines of growth in Property Investment and Property Development.

kopi-C with GuocoLand’s Group CEO: ‘We have twin engines for growth’





Singapore’s current crop of 63 Mid-Cap stocks, with a market value between S$1 billion and S$5 billion, have averaged a 12% total return (6% median) in the 2021 year to 19 March, with APAC stocks of the same value averaging 8% total returns (3% median).  
	 
	
The strongest performing Singapore Mid-Caps in the 2021 year to 19 March were Thomson Medical, iFAST, Sri Trang Agro, Straits Trading, Golden Agri-Res, YZJ Shipbldg, Haw Par, HPH Trust, Sinarmas Land and Oxley. These 10 stocks all saw net institutional inflows over the 11 weeks, with combined inflows of S$280 million. 
	 
	Grouping the 63 stocks by Sector, Healthcare led the median total returns over the past 11 weeks for those Sectors with at least five stocks. Together, Thomson Medical, Haw Par, Riverstone, Raffles Medical and Tianjin Zhongxin generated 12% median total returns with S$94 million of combined institutional inflows.  

 

In the 2021 year to 19 March, the Straits Times Index (“STI”) was the strongest performing benchmark across the APAC majors, largely attributed to the rally in the heavyweight banks. The strength of the banks was in turn on the back of a repricing of global bank stocks on higher long-term US interest rates. Beyond the STI, Singapore’s Mid-Cap stocks have also edged higher than their regional peers on both an average and median basis over the past 11 weeks. Singapore’s Mid-Cap stocks maintain a market value between S$1 billion and S$5 billion and include less than a handful of STI stocks - Yangzijiang Shipbuilding Holdings, Keppel DC REIT, ComfortDelGro Corporation, Sembcorp Industries.  The 63 Singapore Mid-Cap stocks with a market value between S$1 billion and S$5 billion have averaged a 12% total return in the 2021 year to 19 March, with median returns at 6%. At the same time, APAC stocks of the same size band have averaged 8% total returns, with a 3% median. The more than 3,500 Asia Pacific stocks that maintain a market value between S$1 billion and S$5 billion consist mostly of Industrial, Materials &amp; Resources, Technology and Consumer Cyclical plays.  
For Singapore, more than half of the 63 stocks with a market value between S$1 billion and S$5 billion represent the Real Estate Sector, with another five sectors represented by at least five stocks. The median returns of the 63 Singapore Mid-Cap stocks categorised by Sector are illustrated below.



      
    
    SG Mid-caps Median YTD Total Return


The Materials &amp; Resources Sector is represented by just one Mid-Cap stock – Straits Trading. In a 5 March comprehensive corporate presentation (click here) Straits Trading highlighted a strong sequential recovery in 2HFY20 (ended 31 Dec) with EBITDA of S$106.2 million in 2HFY20, almost quadruple the 1HFY20 EBITDA of S$27.7 million. The Technology Hardware/Software companies span familiar names Nanofilm Technologies International, iFAST and AEM Holdings.  For Healthcare, Thomson Medical Group, Haw Par Corporation, Riverstone Holdings, Raffles Medical Group and Tianjin Zhongxin Pharmaceutical generated 12% median total returns with S$94 million of combined institutional inflows. These combined net institutional inflows to the Healthcare Sector were second in size to the seven industrial stocks which saw S$124 million of net institutional inflows, attributed to S$153 million of net institutional inflows to Yangzijiang Shipbuilding Holdings and Sembcorp Marine seeing $48 million of net institutional inflows. Overall, the 63 Mid-Cap stocks saw a combined net institutional outflow of S$20 million, with the 20 trusts of the REIT Sector seeing S$111 million of net institutional outflows.  
The full list of the 63 Singapore Mid-Caps, based on market value spanning between S$1 billion and S$5 billion on 19 March are tabled below and sort by total returns in the 2021 year to 19 March. 




			Name
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			YTD Net Insti Flow S$M 
			
			
			YTD Total Return % 
			
			
			3-year Total Return %
			
			
			3 year Annualised Volatility %
			
			
			Sector
			
		


			Thomson Medical
			
			
			A50
			
			
			3,146
			
			
			22.6
			
			
			138
			
			
			1
			
			
			43
			
			
			Healthcare
			
		


			IFAST
			
			
			AIY
			
			
			1,610
			
			
			3.2
			
			
			94
			
			
			589
			
			
			45
			
			
			Technology (Hardware/ Software)
			
		


			Sri Trang Agro
			
			
			NC2
			
			
			3,103
			
			
			44.2
			
			
			74
			
			
			355
			
			
			73
			
			
			Consumer Cyclicals
			
		


			Straits Trading
			
			
			S20
			
			
			1,147
			
			
			0.0
			
			
			38
			
			
			37
			
			
			22
			
			
			Materials &amp; Resources
			
		


			Golden Agri-Res
			
			
			E5H
			
			
			2,729
			
			
			7.6
			
			
			35
			
			
			-35
			
			
			40
			
			
			Consumer Non-Cyclicals
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			4,734
			
			
			152.7
			
			
			29
			
			
			7
			
			
			40
			
			
			Industrials
			
		


			Haw Par
			
			
			H02
			
			
			2,951
			
			
			44.6
			
			
			25
			
			
			21
			
			
			20
			
			
			Healthcare
			
		


			HPH Trust USD
			
			
			NS8U
			
			
			2,693
			
			
			0.2
			
			
			23
			
			
			-10
			
			
			43
			
			
			Industrials
			
		


			Sinarmas Land
			
			
			A26
			
			
			1,064
			
			
			0.2
			
			
			22
			
			
			-32
			
			
			47
			
			
			Real Estate (excl. REITs)
			
		


			Oxley
			
			
			5UX
			
			
			1,059
			
			
			4.5
			
			
			16
			
			
			-44
			
			
			37
			
			
			Real Estate (excl. REITs)
			
		


			SPH
			
			
			T39
			
			
			2,085
			
			
			21.4
			
			
			16
			
			
			-41
			
			
			30
			
			
			Consumer Cyclicals
			
		


			Bukit Sembawang
			
			
			B61
			
			
			1,196
			
			
			0.9
			
			
			16
			
			
			-15
			
			
			17
			
			
			Real Estate (excl. REITs)
			
		


			UOB Kay Hian
			
			
			U10
			
			
			1,356
			
			
			0.7
			
			
			14
			
			
			26
			
			
			16
			
			
			Financial Services
			
		


			First Resources
			
			
			EB5
			
			
			2,288
			
			
			-3.1
			
			
			13
			
			
			-9
			
			
			33
			
			
			Consumer Non-Cyclicals
			
		


			AEM
			
			
			AWX
			
			
			1,072
			
			
			-30.8
			
			
			13
			
			
			131
			
			
			60
			
			
			Technology (Hardware/ Software)
			
		


			Sembcorp Marine
			
			
			S51
			
			
			2,009
			
			
			48.3
			
			
			12
			
			
			-88
			
			
			47
			
			
			Industrials
			
		


			Riverstone
			
			
			AP4
			
			
			1,838
			
			
			15.4
			
			
			12
			
			
			157
			
			
			46
			
			
			Healthcare
			
		


			SIA Engineering
			
			
			S59
			
			
			2,456
			
			
			0.2
			
			
			11
			
			
			-25
			
			
			29
			
			
			Industrials
			
		


			Nanofilm
			
			
			MZH
			
			
			3,222
			
			
			-26.6
			
			
			11
			
			
			88
			
			
			53
			
			
			Technology (Hardware/ Software)
			
		


			Prime US REIT USD
			
			
			OXMU
			
			
			1,176
			
			
			-6.3
			
			
			11
			
			
			5
			
			
			41
			
			
			REITs
			
		


			Raffles Medical
			
			
			BSL
			
			
			2,052
			
			
			12.8
			
			
			11
			
			
			2
			
			
			24
			
			
			Healthcare
			
		


			Ascendas-iTrust
			
			
			CY6U
			
			
			1,704
			
			
			-1.4
			
			
			10
			
			
			72
			
			
			31
			
			
			REITs
			
		


			Keppel REIT
			
			
			K71U
			
			
			4,359
			
			
			10.3
			
			
			10
			
			
			14
			
			
			25
			
			
			REITs
			
		


			Starhill Global REIT
			
			
			P40U
			
			
			1,179
			
			
			2.2
			
			
			10
			
			
			-12
			
			
			28
			
			
			REITs
			
		


			Japfa
			
			
			UD2
			
			
			1,833
			
			
			6.6
			
			
			9
			
			
			136
			
			
			43
			
			
			Consumer Non-Cyclicals
			
		


			First Sponsor
			
			
			ADN
			
			
			1,287
			
			
			0.4
			
			
			9
			
			
			27
			
			
			28
			
			
			Real Estate (excl. REITs)
			
		


			ParkwayLife REIT
			
			
			C2PU
			
			
			2,529
			
			
			6.1
			
			
			9
			
			
			69
			
			
			22
			
			
			REITs
			
		


			Sasseur REIT
			
			
			CRPU
			
			
			1,050
			
			
			-6.2
			
			
			9
			
			
			37
			
			
			28
			
			
			REITs
			
		


			Suntec REIT
			
			
			T82U
			
			
			4,455
			
			
			17.2
			
			
			7
			
			
			-6
			
			
			26
			
			
			REITs
			
		


			HPL
			
			
			H15
			
			
			1,698
			
			
			-0.3
			
			
			7
			
			
			-9
			
			
			26
			
			
			Consumer Cyclicals
			
		


			UOA
			
			
			EH5
			
			
			1,188
			
			
			0.0
			
			
			7
			
			
			32
			
			
			41
			
			
			Real Estate (excl. REITs)
			
		


			Man Oriental USD
			
			
			M04
			
			
			3,004
			
			
			-1.5
			
			
			6
			
			
			-21
			
			
			34
			
			
			Consumer Cyclicals
			
		


			UIC
			
			
			U06
			
			
			3,510
			
			
			-0.8
			
			
			6
			
			
			-22
			
			
			19
			
			
			Real Estate (excl. REITs)
			
		


			Yanlord Land
			
			
			Z25
			
			
			2,279
			
			
			-16.1
			
			
			5
			
			
			-22
			
			
			27
			
			
			Real Estate (excl. REITs)
			
		


			GuocoLand
			
			
			F17
			
			
			1,905
			
			
			-1.8
			
			
			5
			
			
			-15
			
			
			23
			
			
			Real Estate (excl. REITs)
			
		


			OUE Com REIT
			
			
			TS0U
			
			
			2,117
			
			
			-0.7
			
			
			5
			
			
			-26
			
			
			30
			
			
			REITs
			
		


			Sembcorp Ind
			
			
			U96
			
			
			3,171
			
			
			17.7
			
			
			4
			
			
			22
			
			
			36
			
			
			Utilities
			
		


			Frasers Cpt Tr
			
			
			J69U
			
			
			4,348
			
			
			1.9
			
			
			4
			
			
			34
			
			
			29
			
			
			REITs
			
		


			Far East H Trust
			
			
			Q5T
			
			
			1,228
			
			
			-6.4
			
			
			3
			
			
			3
			
			
			29
			
			
			REITs
			
		


			Keppel Infra Tr
			
			
			A7RU
			
			
			2,695
			
			
			-18.1
			
			
			2
			
			
			17
			
			
			22
			
			
			Utilities
			
		


			Tianjin ZX USD
			
			
			T14
			
			
			2,620
			
			
			-1.1
			
			
			2
			
			
			11
			
			
			34
			
			
			Healthcare
			
		


			Ho Bee Land
			
			
			H13
			
			
			1,620
			
			
			-0.3
			
			
			2
			
			
			7
			
			
			18
			
			
			Real Estate (excl. REITs)
			
		


			SPHREIT
			
			
			SK6U
			
			
			2,362
			
			
			-7.6
			
			
			2
			
			
			-1
			
			
			20
			
			
			REITs
			
		


			Ascott Trust
			
			
			HMN
			
			
			3,363
			
			
			-3.6
			
			
			2
			
			
			7
			
			
			28
			
			
			REITs
			
		


			Manulife REIT USD
			
			
			BTOU
			
			
			1,540
			
			
			-39.2
			
			
			2
			
			
			-1
			
			
			33
			
			
			REITs
			
		


			ComfortDelGro
			
			
			C52
			
			
			3,683
			
			
			-66.5
			
			
			2
			
			
			-4
			
			
			29
			
			
			Industrials
			
		


			Mapletree NAC Tr
			
			
			RW0U
			
			
			3,383
			
			
			-9.4
			
			
			2
			
			
			2
			
			
			27
			
			
			REITs
			
		


			Hong Leong Fin
			
			
			S41
			
			
			1,086
			
			
			-1.6
			
			
			1
			
			
			4
			
			
			15
			
			
			Financial Services
			
		


			CDL H Trust
			
			
			J85
			
			
			1,531
			
			
			-5.4
			
			
			1
			
			
			-13
			
			
			32
			
			
			REITs
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,401
			
			
			-13.2
			
			
			1
			
			
			-11
			
			
			38
			
			
			REITs
			
		


			CapLand China T
			
			
			AU8U
			
			
			2,116
			
			
			19.6
			
			
			0
			
			
			6
			
			
			28
			
			
			REITs
			
		


			Frasers H Trust
			
			
			ACV
			
			
			1,011
			
			
			-0.6
			
			
			0
			
			
			-22
			
			
			30
			
			
			REITs
			
		


			Wing Tai
			
			
			W05
			
			
			1,494
			
			
			1.0
			
			
			-1
			
			
			-2
			
			
			20
			
			
			Real Estate (excl. REITs)
			
		


			Hi-P
			
			
			H17
			
			
			1,607
			
			
			0.1
			
			
			-1
			
			
			23
			
			
			56
			
			
			Industrials
			
		


			NetLink NBN Tr
			
			
			CJLU
			
			
			3,702
			
			
			-37.5
			
			
			-2
			
			
			38
			
			
			17
			
			
			Telecommunications
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			4,443
			
			
			-50.6
			
			
			-2
			
			
			124
			
			
			25
			
			
			REITs
			
		


			F &amp; N
			
			
			F99
			
			
			2,047
			
			
			-0.9
			
			
			-2
			
			
			-31
			
			
			22
			
			
			Consumer Non-Cyclicals
			
		


			SingPost
			
			
			S08
			
			
			1,541
			
			
			-10.7
			
			
			-3
			
			
			-45
			
			
			23
			
			
			Industrials
			
		


			Sheng Siong
			
			
			OV8
			
			
			2,255
			
			
			-67.5
			
			
			-3
			
			
			75
			
			
			23
			
			
			Consumer Non-Cyclicals
			
		


			Cromwell REIT EUR
			
			
			CNNU
			
			
			1,983
			
			
			-17.7
			
			
			-3
			
			
			5
			
			
			43
			
			
			REITs
			
		


			Frasers Property
			
			
			TQ5
			
			
			3,434
			
			
			-9.4
			
			
			-5
			
			
			-36
			
			
			24
			
			
			Real Estate (excl. REITs)
			
		


			OUE
			
			
			LJ3
			
			
			1,003
			
			
			-0.1
			
			
			-5
			
			
			-29
			
			
			23
			
			
			Real Estate (excl. REITs)
			
		


			StarHub
			
			
			CC3
			
			
			2,145
			
			
			-20.1
			
			
			-5
			
			
			-38
			
			
			26
			
			
			Telecommunications
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			11.8
			
			
			24.1
			
			
			31.6
			
			
			 
			
		


			Median
			
			
			 
			
			
			 
			
			
			 
			
			
			5.7
			
			
			2.2
			
			
			28.7
			
			
			 
			
		

 Source: SGX StockFacts, Refinitiv, Bloomberg (Data as of 19 March 2021). Note 3 year returns for Nanofilm, Prime US REIT &amp; Sasseur REIT taken from IPO price.



Singapore Mid-Caps Edge Ahead of Regional Peers in YTD

Hong Kong

Guoco Group Limited, through its subsidiaries, develops, invests in, and manages properties as well as provides stock, commodity and bullion broking, insurance, and fund management services.

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Guoco Group Ltd (53 HK)

kopi-C with GuocoLand’s Group CEO: ‘We have twin engines for growth’

kopi-C with GuocoLand’s Group CEO: ‘We have twin engines for growth’ Real estate company GuocoLand’s Group Chief Executive Officer Cheng Hsing Yao...

Singapore Exchange Ltd (SGX)

Singapore Mid-Caps Edge Ahead of Regional Peers in YTD

Singapore’s current crop of 63 Mid-Cap stocks, with a market value between S$1 billion and S$5 billion, have averaged a 12% total return (6%...

Singapore Exchange Ltd (SGX)

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