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

Pharmesis International / Equity Bottom-Up

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<ul>
<li>
In the 2020 YTD, the iEdge SG All Healthcare Index has climbed 35% bringing its annualised total return since the end of 2010 to 9.2%. The stocks that have had the most impact on the Index in the YTD included Top Glove (reporting 3QFY20 results on 11 June) and Riverstone. 
	 </li>
	<li>
Moreover, combined turnover of the iEdge SG All Healthcare Index constituents has surged 328% from an average daily turnover of S$7.4 million in 2019, to S$31.9 million in the 2020 year to 9 June. In total, 22 Healthcare stocks have seen increased investor participation. 
	 </li>
	<li>
Stocks that saw the largest percentage growth in turnover included Medtecs Int Corp, UG Healthcare Corp, Biolidics, Top Glove Corp Bhd and Hyphens Pharma Int. Together, these five stocks averaged daily turnover of S$14.7 million in the 2020 year to 9 June. 
	 </li>
</ul>
With sharp declines in economic output across the world, economic policies have focused on the provision of  stable money markets and synchronised fiscal stimulus. The key social and economic risk going into 2H20 remains the potential for second waves of COVID-19.  Global Healthcare Stocks Led by Biotech, Healthcare Supplies and Medical Devices in YTD 
The top quartile of global Healthcare stocks by market value have generated a median total return of 8.3% in the 2020 year to 9 June, with the average total return significantly higher at 26.8%. This was due to a positive skew in performances by biotech, healthcare supplies and medical devices. 
Similar performances have been observed in Singapore. In the 2020 year to 9 June, the iEdge SG All Healthcare Index has generated a 35.3% total return. The constituents generated a 45.1% average total return, with the median total return at -1.0%. Surge in Investor Participation 
While the performance of the Healthcare stocks have been more or less aligned with global leaders, trading turnover in these stocks has surged in the 2020 year through to 9 June.  
While overall average daily turnover in the Singapore stock market for the 2020 year to 9 June is up 50% from 2019 levels, the Healthcare stocks that make up the iEdge SG All Healthcare Index has seen their combined turnover surge 328% to S$31.9 million in the 2020 year to 9 June. The constituents of the iEdge SG All Healthcare Index are tabled below and sort by the highest average turnover in the 2020 year to 9 June. 
 

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Mkt Cap S$
			</td>
			<td>
			2020 YTD Total Return %
			</td>
			<td>
			2019 Average Daily Turnover S$
			</td>
			<td>
			2020 Average Daily Turnover S$
			</td>
			<td>
			Average Daily Turnover Growth
			</td>
		</tr>
<tr>
<td>
			MEDTECS INTERNATIONAL CORP
			</td>
			<td>
			546
			</td>
			<td>
			129,111,640
			</td>
			<td>
			535.1
			</td>
			<td>
			34,401
			</td>
			<td>
			7,265,786
			</td>
			<td>
			21021%
			</td>
		</tr>
<tr>
<td>
			BIOLIDICS LTD
			</td>
			<td>
			8YY
			</td>
			<td>
			102,841,408
			</td>
			<td>
			61.2
			</td>
			<td>
			29,061
			</td>
			<td>
			3,371,334
			</td>
			<td>
			11501%
			</td>
		</tr>
<tr>
<td>
			RIVERSTONE HOLDINGS LTD
			</td>
			<td>
			AP4
			</td>
			<td>
			1,682,260,736
			</td>
			<td>
			147.5
			</td>
			<td>
			163,916
			</td>
			<td>
			3,022,302
			</td>
			<td>
			1744%
			</td>
		</tr>
<tr>
<td>
			PARKWAYLIFE REAL ESTATE
			</td>
			<td>
			C2PU
			</td>
			<td>
			2,111,458,304
			</td>
			<td>
			7.2
			</td>
			<td>
			1,540,374
			</td>
			<td>
			2,983,225
			</td>
			<td>
			94%
			</td>
		</tr>
<tr>
<td>
			CLEARBRIDGE HEALTH LTD
			</td>
			<td>
			1H3
			</td>
			<td>
			106,247,776
			</td>
			<td>
			28.3
			</td>
			<td>
			281,206
			</td>
			<td>
			2,836,946
			</td>
			<td>
			909%
			</td>
		</tr>
<tr>
<td>
			UG HEALTHCARE CORP LTD
			</td>
			<td>
			41A
			</td>
			<td>
			143,147,792
			</td>
			<td>
			421.4
			</td>
			<td>
			11,882
			</td>
			<td>
			2,505,988
			</td>
			<td>
			20991%
			</td>
		</tr>
<tr>
<td>
			FIRST REAL ESTATE INVT TRUST
			</td>
			<td>
			AW9U
			</td>
			<td>
			561,640,384
			</td>
			<td>
			-26.5
			</td>
			<td>
			1,898,734
			</td>
			<td>
			2,395,339
			</td>
			<td>
			26%
			</td>
		</tr>
<tr>
<td>
			RAFFLES MEDICAL GROUP LTD
			</td>
			<td>
			BSL
			</td>
			<td>
			1,710,032,512
			</td>
			<td>
			-6.5
			</td>
			<td>
			1,349,961
			</td>
			<td>
			1,846,121
			</td>
			<td>
			37%
			</td>
		</tr>
<tr>
<td>
			TOP GLOVE CORP BHD
			</td>
			<td>
			BVA
			</td>
			<td>
			15,027,108,864
			</td>
			<td>
			265.4
			</td>
			<td>
			26,717
			</td>
			<td>
			1,032,247
			</td>
			<td>
			3764%
			</td>
		</tr>
<tr>
<td>
			IX BIOPHARMA LTD
			</td>
			<td>
			42C
			</td>
			<td>
			168,712,544
			</td>
			<td>
			15.6
			</td>
			<td>
			40,731
			</td>
			<td>
			872,672
			</td>
			<td>
			2043%
			</td>
		</tr>
<tr>
<td>
			THOMSON MEDICAL GROUP LTD
			</td>
			<td>
			A50
			</td>
			<td>
			1,507,137,920
			</td>
			<td>
			-10.9
			</td>
			<td>
			801,838
			</td>
			<td>
			671,750
			</td>
			<td>
			-16%
			</td>
		</tr>
<tr>
<td>
			Q &amp; M DENTAL GROUP SINGAPORE
			</td>
			<td>
			QC7
			</td>
			<td>
			366,098,496
			</td>
			<td>
			1.4
			</td>
			<td>
			127,257
			</td>
			<td>
			656,526
			</td>
			<td>
			416%
			</td>
		</tr>
<tr>
<td>
			HYPHENS PHARMA INTERNATIONAL
			</td>
			<td>
			1J5
			</td>
			<td>
			90,129,120
			</td>
			<td>
			48.9
			</td>
			<td>
			22,519
			</td>
			<td>
			516,935
			</td>
			<td>
			2196%
			</td>
		</tr>
<tr>
<td>
			HEALTHWAY MEDICAL CORP LTD
			</td>
			<td>
			5NG
			</td>
			<td>
			144,618,912
			</td>
			<td>
			23.1
			</td>
			<td>
			23,750
			</td>
			<td>
			403,682
			</td>
			<td>
			1600%
			</td>
		</tr>
<tr>
<td>
			TIANJIN ZHONG XIN PHARM CO-S
			</td>
			<td>
			T14
			</td>
			<td>
			2,087,414,656
			</td>
			<td>
			-2.9
			</td>
			<td>
			359,020
			</td>
			<td>
			394,296
			</td>
			<td>
			10%
			</td>
		</tr>
<tr>
<td>
			IHH HEALTHCARE BHD
			</td>
			<td>
			Q0F
			</td>
			<td>
			16,235,155,456
			</td>
			<td>
			0.2
			</td>
			<td>
			174,628
			</td>
			<td>
			322,298
			</td>
			<td>
			85%
			</td>
		</tr>
<tr>
<td>
			SINGAPORE MEDICAL GROUP LTD
			</td>
			<td>
			5OT
			</td>
			<td>
			123,065,720
			</td>
			<td>
			-15.0
			</td>
			<td>
			174,418
			</td>
			<td>
			290,332
			</td>
			<td>
			66%
			</td>
		</tr>
<tr>
<td>
			ASIAMEDIC LTD
			</td>
			<td>
			505
			</td>
			<td>
			12,314,745
			</td>
			<td>
			-8.3
			</td>
			<td>
			12,077
			</td>
			<td>
			170,880
			</td>
			<td>
			1315%
			</td>
		</tr>
<tr>
<td>
			ASIAN HEALTHCARE SPECIALISTS
			</td>
			<td>
			1J3
			</td>
			<td>
			79,728,384
			</td>
			<td>
			-12.5
			</td>
			<td>
			16,888
			</td>
			<td>
			137,552
			</td>
			<td>
			714%
			</td>
		</tr>
<tr>
<td>
			SINGAPORE O&amp;G LTD
			</td>
			<td>
			1D8
			</td>
			<td>
			102,512,648
			</td>
			<td>
			-28.3
			</td>
			<td>
			106,293
			</td>
			<td>
			67,125
			</td>
			<td>
			-37%
			</td>
		</tr>
<tr>
<td>
			OUE LIPPO HEALTHCARE LTD
			</td>
			<td>
			5WA
			</td>
			<td>
			164,395,776
			</td>
			<td>
			-36.2
			</td>
			<td>
			6,931
			</td>
			<td>
			30,780
			</td>
			<td>
			344%
			</td>
		</tr>
<tr>
<td>
			HC SURGICAL SPECIALISTS LTD
			</td>
			<td>
			1B1
			</td>
			<td>
			48,446,600
			</td>
			<td>
			-37.5
			</td>
			<td>
			10,407
			</td>
			<td>
			22,543
			</td>
			<td>
			117%
			</td>
		</tr>
<tr>
<td>
			CORDLIFE GROUP LTD
			</td>
			<td>
			P8A
			</td>
			<td>
			95,252,808
			</td>
			<td>
			-19.4
			</td>
			<td>
			98,719
			</td>
			<td>
			17,560
			</td>
			<td>
			-82%
			</td>
		</tr>
<tr>
<td>
			QT VASCULAR LTD
			</td>
			<td>
			5I0
			</td>
			<td>
			8,941,086
			</td>
			<td>
			33.3
			</td>
			<td>
			17,186
			</td>
			<td>
			12,760
			</td>
			<td>
			-26%
			</td>
		</tr>
<tr>
<td>
			TALKMED GROUP LTD
			</td>
			<td>
			5G3
			</td>
			<td>
			593,164,096
			</td>
			<td>
			-10.2
			</td>
			<td>
			8,287
			</td>
			<td>
			7,472
			</td>
			<td>
			-10%
			</td>
		</tr>
<tr>
<td>
			VICPLAS INTERNATIONAL LTD
			</td>
			<td>
			569
			</td>
			<td>
			59,905,968
			</td>
			<td>
			24.2
			</td>
			<td>
			4,265
			</td>
			<td>
			6,887
			</td>
			<td>
			61%
			</td>
		</tr>
<tr>
<td>
			ISEC HEALTHCARE LTD
			</td>
			<td>
			40T
			</td>
			<td>
			157,596,320
			</td>
			<td>
			-14.1
			</td>
			<td>
			86,891
			</td>
			<td>
			2,331
			</td>
			<td>
			-97%
			</td>
		</tr>
<tr>
<td>
			AOXIN Q &amp; M DENTAL GROUP LTD
			</td>
			<td>
			1D4
			</td>
			<td>
			51,512,612
			</td>
			<td>
			-25.8
			</td>
			<td>
			4,386
			</td>
			<td>
			1,354
			</td>
			<td>
			-69%
			</td>
		</tr>
<tr>
<td>
			ASIA VETS HOLDINGS LTD
			</td>
			<td>
			5RE
			</td>
			<td>
			11,379,600
			</td>
			<td>
			-30.8
			</td>
			<td>
			1,654
			</td>
			<td>
			1,067
			</td>
			<td>
			-35%
			</td>
		</tr>
<tr>
<td>
			SUNTAR ECO-CITY LTD
			</td>
			<td>
			BKZ
			</td>
			<td>
			28,869,600
			</td>
			<td>
			80.4
			</td>
			<td>
			405
			</td>
			<td>
			648
			</td>
			<td>
			60%
			</td>
		</tr>
<tr>
<td>
			ALLIANCE HEALTHCARE GROUP LT
			</td>
			<td>
			MIJ
			</td>
			<td>
			39,498,788
			</td>
			<td>
			35.7
			</td>
			<td>
			2,799
			</td>
			<td>
			243
			</td>
			<td>
			-91%
			</td>
		</tr>
<tr>
<td>
			PHARMESIS INTERNATIONAL LTD
			</td>
			<td>
			BFK
			</td>
			<td>
			4,830,000
			</td>
			<td>
			-2.3
			</td>
			<td>
			295
			</td>
			<td>
			234
			</td>
			<td>
			-21%
			</td>
		</tr>
</tbody></table>
Source: SGX StockFacts, Bloomberg, Refinitiv (Data as of 9 June 2020) 
The stocks that have had the most impact on the Index in the 2020 year to date included Top Glove Corporation Bhd and Riverstone Holdings. 
 

<ul>
<li>
On 11 March, Top Glove Corporation Bhd noted in its 2QFY20 (ending 29 Feb) results that the Group envisioned very solid quarters ahead, having already secured exceptionally large sales orders for the ensuing few months on the back of the COVID-19 outbreak. This saw a surge in sales orders for gloves, an essential item in the medical sector. The company added that the interplay of several other factors, which included the plunge in oil prices, augured well for Top Glove’s performance for 2HFY20. The company added that demand for gloves is also expected to continue to grow by at least 10% every year, as awareness and usage increases, all the more so with the COVID-19 pandemic. Note Top Glove Corporation Bhd, will be releasing its 3QFY20 (ending 31 May) tomorrow on 11 June. 
	 </li>
	<li>On 11 May, Riverstone Holdings noted the Group’s cleanroom and healthcare glove segments continued to record robust sales volume growth, with the growth in orders for the healthcare segment in particular increasing significantly due to surging worldwide demand amid the COVID-19 pandemic. This uptick in demand contributed to an improved performance for its 1QFY20 (ending 30 March), as the Group recorded a 16.2% year-on-year increase in revenue to RM279.4 million.</li>
</ul>
 
 Due to their recent price movements, Top Glove Corporation Bhd and Riverstone Holdings currently maintain the highest weightings in the iEdge SG All Healthcare Index. Note that Index constituents will have their index weights capped at 10% at each semi-annual Index review in in March and September. 
The iEdge SG All Healthcare Index is a free-float market capitalisation weighted index that measures the performance of the listed healthcare segment in Singapore. Constituents in the index include healthcare providers, manufactures &amp; distributers of medical equipment, pharmaceutical companies, biotechnology companies and healthcare asset owners. 
 

To be eligible for index inclusion, new constituents must either:

<ol>
<li>derive at least 50% of sales revenue from the healthcare sector; or</li>
	<li>(maintain at least 50% of operating assets within the healthcare sector (this may therefore extend eligibility to Healthcare REITs). 
	 </li>
</ol>
To be eligible for index inclusion, existing constituents must either:

<ol>
<li>derive at least 40% of sales revenue from the healthcare sector; or</li>
	<li>maintain at least 40% of operating assets within the healthcare sector. For more information click here. 
	 </li>
</ol>
For more information, click <a href="https://www.sgx.com/indices/products/sgxhc#Product%20Information">here</a>.
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In the 2020 YTD, the iEdge SG All Healthcare Index has climbed 35% bringing its annualised total return since the end of 2010 to 9.2%. The stocks that have had the most impact on the Index in the YTD included Top Glove (reporting 3QFY20 results on 11 June) and Riverstone. 
	 
	
Moreover, combined turnover of the iEdge SG All Healthcare Index constituents has surged 328% from an average daily turnover of S$7.4 million in 2019, to S$31.9 million in the 2020 year to 9 June. In total, 22 Healthcare stocks have seen increased investor participation. 
	 
	
Stocks that saw the largest percentage growth in turnover included Medtecs Int Corp, UG Healthcare Corp, Biolidics, Top Glove Corp Bhd and Hyphens Pharma Int. Together, these five stocks averaged daily turnover of S$14.7 million in the 2020 year to 9 June. 
	 

With sharp declines in economic output across the world, economic policies have focused on the provision of  stable money markets and synchronised fiscal stimulus. The key social and economic risk going into 2H20 remains the potential for second waves of COVID-19.    Global Healthcare Stocks Led by Biotech, Healthcare Supplies and Medical Devices in YTD  
The top quartile of global Healthcare stocks by market value have generated a median total return of 8.3% in the 2020 year to 9 June, with the average total return significantly higher at 26.8%. This was due to a positive skew in performances by biotech, healthcare supplies and medical devices.  
Similar performances have been observed in Singapore. In the 2020 year to 9 June, the iEdge SG All Healthcare Index has generated a 35.3% total return. The constituents generated a 45.1% average total return, with the median total return at -1.0%.  Surge in Investor Participation  
While the performance of the Healthcare stocks have been more or less aligned with global leaders, trading turnover in these stocks has surged in the 2020 year through to 9 June.   
While overall average daily turnover in the Singapore stock market for the 2020 year to 9 June is up 50% from 2019 levels, the Healthcare stocks that make up the iEdge SG All Healthcare Index has seen their combined turnover surge 328% to S$31.9 million in the 2020 year to 9 June. The constituents of the iEdge SG All Healthcare Index are tabled below and sort by the highest average turnover in the 2020 year to 9 June. 
 




			Stock
			
			
			SGX Code
			
			
			Mkt Cap S$
			
			
			2020 YTD Total Return %
			
			
			2019 Average Daily Turnover S$
			
			
			2020 Average Daily Turnover S$
			
			
			Average Daily Turnover Growth
			
		


			MEDTECS INTERNATIONAL CORP
			
			
			546
			
			
			129,111,640
			
			
			535.1
			
			
			34,401
			
			
			7,265,786
			
			
			21021%
			
		


			BIOLIDICS LTD
			
			
			8YY
			
			
			102,841,408
			
			
			61.2
			
			
			29,061
			
			
			3,371,334
			
			
			11501%
			
		


			RIVERSTONE HOLDINGS LTD
			
			
			AP4
			
			
			1,682,260,736
			
			
			147.5
			
			
			163,916
			
			
			3,022,302
			
			
			1744%
			
		


			PARKWAYLIFE REAL ESTATE
			
			
			C2PU
			
			
			2,111,458,304
			
			
			7.2
			
			
			1,540,374
			
			
			2,983,225
			
			
			94%
			
		


			CLEARBRIDGE HEALTH LTD
			
			
			1H3
			
			
			106,247,776
			
			
			28.3
			
			
			281,206
			
			
			2,836,946
			
			
			909%
			
		


			UG HEALTHCARE CORP LTD
			
			
			41A
			
			
			143,147,792
			
			
			421.4
			
			
			11,882
			
			
			2,505,988
			
			
			20991%
			
		


			FIRST REAL ESTATE INVT TRUST
			
			
			AW9U
			
			
			561,640,384
			
			
			-26.5
			
			
			1,898,734
			
			
			2,395,339
			
			
			26%
			
		


			RAFFLES MEDICAL GROUP LTD
			
			
			BSL
			
			
			1,710,032,512
			
			
			-6.5
			
			
			1,349,961
			
			
			1,846,121
			
			
			37%
			
		


			TOP GLOVE CORP BHD
			
			
			BVA
			
			
			15,027,108,864
			
			
			265.4
			
			
			26,717
			
			
			1,032,247
			
			
			3764%
			
		


			IX BIOPHARMA LTD
			
			
			42C
			
			
			168,712,544
			
			
			15.6
			
			
			40,731
			
			
			872,672
			
			
			2043%
			
		


			THOMSON MEDICAL GROUP LTD
			
			
			A50
			
			
			1,507,137,920
			
			
			-10.9
			
			
			801,838
			
			
			671,750
			
			
			-16%
			
		


			Q &amp; M DENTAL GROUP SINGAPORE
			
			
			QC7
			
			
			366,098,496
			
			
			1.4
			
			
			127,257
			
			
			656,526
			
			
			416%
			
		


			HYPHENS PHARMA INTERNATIONAL
			
			
			1J5
			
			
			90,129,120
			
			
			48.9
			
			
			22,519
			
			
			516,935
			
			
			2196%
			
		


			HEALTHWAY MEDICAL CORP LTD
			
			
			5NG
			
			
			144,618,912
			
			
			23.1
			
			
			23,750
			
			
			403,682
			
			
			1600%
			
		


			TIANJIN ZHONG XIN PHARM CO-S
			
			
			T14
			
			
			2,087,414,656
			
			
			-2.9
			
			
			359,020
			
			
			394,296
			
			
			10%
			
		


			IHH HEALTHCARE BHD
			
			
			Q0F
			
			
			16,235,155,456
			
			
			0.2
			
			
			174,628
			
			
			322,298
			
			
			85%
			
		


			SINGAPORE MEDICAL GROUP LTD
			
			
			5OT
			
			
			123,065,720
			
			
			-15.0
			
			
			174,418
			
			
			290,332
			
			
			66%
			
		


			ASIAMEDIC LTD
			
			
			505
			
			
			12,314,745
			
			
			-8.3
			
			
			12,077
			
			
			170,880
			
			
			1315%
			
		


			ASIAN HEALTHCARE SPECIALISTS
			
			
			1J3
			
			
			79,728,384
			
			
			-12.5
			
			
			16,888
			
			
			137,552
			
			
			714%
			
		


			SINGAPORE O&amp;G LTD
			
			
			1D8
			
			
			102,512,648
			
			
			-28.3
			
			
			106,293
			
			
			67,125
			
			
			-37%
			
		


			OUE LIPPO HEALTHCARE LTD
			
			
			5WA
			
			
			164,395,776
			
			
			-36.2
			
			
			6,931
			
			
			30,780
			
			
			344%
			
		


			HC SURGICAL SPECIALISTS LTD
			
			
			1B1
			
			
			48,446,600
			
			
			-37.5
			
			
			10,407
			
			
			22,543
			
			
			117%
			
		


			CORDLIFE GROUP LTD
			
			
			P8A
			
			
			95,252,808
			
			
			-19.4
			
			
			98,719
			
			
			17,560
			
			
			-82%
			
		


			QT VASCULAR LTD
			
			
			5I0
			
			
			8,941,086
			
			
			33.3
			
			
			17,186
			
			
			12,760
			
			
			-26%
			
		


			TALKMED GROUP LTD
			
			
			5G3
			
			
			593,164,096
			
			
			-10.2
			
			
			8,287
			
			
			7,472
			
			
			-10%
			
		


			VICPLAS INTERNATIONAL LTD
			
			
			569
			
			
			59,905,968
			
			
			24.2
			
			
			4,265
			
			
			6,887
			
			
			61%
			
		


			ISEC HEALTHCARE LTD
			
			
			40T
			
			
			157,596,320
			
			
			-14.1
			
			
			86,891
			
			
			2,331
			
			
			-97%
			
		


			AOXIN Q &amp; M DENTAL GROUP LTD
			
			
			1D4
			
			
			51,512,612
			
			
			-25.8
			
			
			4,386
			
			
			1,354
			
			
			-69%
			
		


			ASIA VETS HOLDINGS LTD
			
			
			5RE
			
			
			11,379,600
			
			
			-30.8
			
			
			1,654
			
			
			1,067
			
			
			-35%
			
		


			SUNTAR ECO-CITY LTD
			
			
			BKZ
			
			
			28,869,600
			
			
			80.4
			
			
			405
			
			
			648
			
			
			60%
			
		


			ALLIANCE HEALTHCARE GROUP LT
			
			
			MIJ
			
			
			39,498,788
			
			
			35.7
			
			
			2,799
			
			
			243
			
			
			-91%
			
		


			PHARMESIS INTERNATIONAL LTD
			
			
			BFK
			
			
			4,830,000
			
			
			-2.3
			
			
			295
			
			
			234
			
			
			-21%
			
		

Source: SGX StockFacts, Bloomberg, Refinitiv (Data as of 9 June 2020)   
The stocks that have had the most impact on the Index in the 2020 year to date included Top Glove Corporation Bhd and Riverstone Holdings. 
 



On 11 March, Top Glove Corporation Bhd noted in its 2QFY20 (ending 29 Feb) results that the Group envisioned very solid quarters ahead, having already secured exceptionally large sales orders for the ensuing few months on the back of the COVID-19 outbreak. This saw a surge in sales orders for gloves, an essential item in the medical sector. The company added that the interplay of several other factors, which included the plunge in oil prices, augured well for Top Glove’s performance for 2HFY20. The company added that demand for gloves is also expected to continue to grow by at least 10% every year, as awareness and usage increases, all the more so with the COVID-19 pandemic. Note Top Glove Corporation Bhd, will be releasing its 3QFY20 (ending 31 May) tomorrow on 11 June.  
	 
	On 11 May, Riverstone Holdings noted the Group’s cleanroom and healthcare glove segments continued to record robust sales volume growth, with the growth in orders for the healthcare segment in particular increasing significantly due to surging worldwide demand amid the COVID-19 pandemic. This uptick in demand contributed to an improved performance for its 1QFY20 (ending 30 March), as the Group recorded a 16.2% year-on-year increase in revenue to RM279.4 million.

 
 Due to their recent price movements, Top Glove Corporation Bhd and Riverstone Holdings currently maintain the highest weightings in the iEdge SG All Healthcare Index. Note that Index constituents will have their index weights capped at 10% at each semi-annual Index review in in March and September.  
The iEdge SG All Healthcare Index is a free-float market capitalisation weighted index that measures the performance of the listed healthcare segment in Singapore. Constituents in the index include healthcare providers, manufactures &amp; distributers of medical equipment, pharmaceutical companies, biotechnology companies and healthcare asset owners. 
 

To be eligible for index inclusion, new constituents must either:


derive at least 50% of sales revenue from the healthcare sector; or
	(maintain at least 50% of operating assets within the healthcare sector (this may therefore extend eligibility to Healthcare REITs). 
	 

To be eligible for index inclusion, existing constituents must either:


derive at least 40% of sales revenue from the healthcare sector; or
	maintain at least 40% of operating assets within the healthcare sector. For more information click here. 
	 

For more information, click here.



Investor Participation in Healthcare Stocks has Surged in 2020 

Malaysia

IHH Healthcare Bhd provides healthcare services. The Company operates hospitals as well as medical centers, clinics and ancillary healthcare businesses across multiple countries, including Singapore, Malaysia, Turkey, The Peoples Republic of China, India, Hong Kong,  Macedonia, the Netherlands and Brunei.

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IHH Healthcare (IHH MK)

Investor Participation in Healthcare Stocks has Surged in 2020

In the 2020 YTD, the iEdge SG All Healthcare Index has climbed 35% bringing its annualised total return since the end of 2010 to 9.2%. The...

Singapore Exchange Ltd (SGX)

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