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

These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.<h2>Innotek Limited</h2>
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Precision component maker
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■ We initiate coverage on Innotek with an Add rating and TP of S$0.579. ■ We forecast prospective dividend yields of 3.95% over FY20-22F which are backed by its strong net cash balance sheet. ■ Accretive M&amp;A are upside share price catalysts.
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Established precision component supplier
Mainboard-listed Innotek Limited (Innotek) is a precision metal component manufacturer serving the consumer electronics (TV and display), office automation (OA) and automotive industries. The group has five manufacturing facilities in China and one in Thailand as at end Dec-2019.
Strong balance sheet
In our view, Innotek has a strong balance sheet — it has been in a net cash position for the past five years. From a S$34.9m net cash (including marketable securities) balance in FY15, Innotek’s net cash (including marketable securities) balance has grown to S$69.3m as at end Dec-2019. As a percentage of market cap, net cash (including marketable securities) as at end Dec-2019 accounted for 80.6% of its market cap.
Dividend payments have resumed
Innotek has been free cash flow (FCF) positive since FY16. The company did not pay any dividends in FY15 as the group recorded a loss of S$16.3m that year and chose to be prudent in not paying a dividend. Innotek resumed its dividend payments in FY16 with a DPS of 0.5 Scts. DPS was raised to 1.0 Scts in FY17 and 1.5 Scts for FY18, and maintained at 1.5 Scts for FY19. The company does not have a formal dividend policy.
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Key risks
Key risks include: a) a deterioration in customer demand due to the escalation of the Covid-19 outbreak; b) foreign exchange exposure risk (Innotek hedges its exchange rate exposure where appropriate), and c) negative impact from the US-China trade war.
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Initiate with Add
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We initiate coverage of Innotek with an Add recommendation and a target price of S$0.579. Our target price is based on a 0.78x FY20F P/BV multiple, derived from the Gordon Growth Model (COE: 8.8%; ROE: 7.0%). We project dividend yields over FY20- 22F of 3.95% (assuming Innotek maintains its FY18-19 historical DPS of 1.5 Scts per annum) Downside risks include a deterioration in customer demand due to the escalation of the Covid-19 outbreak. Re-rating catalysts are accretive M&amp;A and better-than- expected customer demand.
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These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.Innotek Limited

Precision component maker



■ We initiate coverage on Innotek with an Add rating and TP of S$0.579. ■ We forecast prospective dividend yields of 3.95% over FY20-22F which are backed by its strong net cash balance sheet. ■ Accretive M&amp;A are upside share price catalysts.



Established precision component supplier
Mainboard-listed Innotek Limited (Innotek) is a precision metal component manufacturer serving the consumer electronics (TV and display), office automation (OA) and automotive industries. The group has five manufacturing facilities in China and one in Thailand as at end Dec-2019.
Strong balance sheet
In our view, Innotek has a strong balance sheet — it has been in a net cash position for the past five years. From a S$34.9m net cash (including marketable securities) balance in FY15, Innotek’s net cash (including marketable securities) balance has grown to S$69.3m as at end Dec-2019. As a percentage of market cap, net cash (including marketable securities) as at end Dec-2019 accounted for 80.6% of its market cap.
Dividend payments have resumed
Innotek has been free cash flow (FCF) positive since FY16. The company did not pay any dividends in FY15 as the group recorded a loss of S$16.3m that year and chose to be prudent in not paying a dividend. Innotek resumed its dividend payments in FY16 with a DPS of 0.5 Scts. DPS was raised to 1.0 Scts in FY17 and 1.5 Scts for FY18, and maintained at 1.5 Scts for FY19. The company does not have a formal dividend policy.


Key risks
Key risks include: a) a deterioration in customer demand due to the escalation of the Covid-19 outbreak; b) foreign exchange exposure risk (Innotek hedges its exchange rate exposure where appropriate), and c) negative impact from the US-China trade war.










Initiate with Add




We initiate coverage of Innotek with an Add recommendation and a target price of S$0.579. Our target price is based on a 0.78x FY20F P/BV multiple, derived from the Gordon Growth Model (COE: 8.8%; ROE: 7.0%). We project dividend yields over FY20- 22F of 3.95% (assuming Innotek maintains its FY18-19 historical DPS of 1.5 Scts per annum) Downside risks include a deterioration in customer demand due to the escalation of the Covid-19 outbreak. Re-rating catalysts are accretive M&amp;A and better-than- expected customer demand.










Non-SGX Report: Innotek Limited: Precision Component Maker

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In 1Q19, IT was the best-performing sector on SGX with a total return of 28.6%, after registering a total return of -16.3% in calendar year 2018. It was also among the top net buy sectors for the quarter, garnering total institutional inflow of S$100.5 million, the second-highest inflow after REITs (+S$242.6 million). 
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The 20 largest IT stocks on SGX have a combined market cap of nearly S$16 billion, and averaged a total return of +21.7% in the 2019 YTD. They also averaged a PE ratio of 13.6x, ROE of 13.8% and dividend indicated yield of 3.5%. 
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	<li>Among the 20, the five best performers in the YTD were: Hi-P (+65.0%), TPV Tech (+46.2%), Innotek (+41.0%), Venture (+37.9%), and CSE Global (+36.8%). The five have averaged a YTD total return of +45.4%, bringing their 1Y and 3Y total returns to +11.9% and +194.3% respectively.</li>
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Sector Draws Institutional Interest 

In the first quarter of 2019, Information Technology (IT) was the best-performing sector on SGX with a total return of 28.6%, reversing the -16.3% total return in calendar year 2018.

IT was also among the top net buy sectors for the January-March quarter, garnering total institutional inflow of S$100.5 million, according to SGX data. This comprised S$33.1 million, S$45.7 million, and S$21.7 million for the months of January, February and March 2019 respectively. IT received the second-highest inflows in the quarter after REITs, which garnered S$242.6 million.
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 <img src="https://api2.sgx.com/sites/default/files/2019-04/IT%20Sector%20Insti%20inflows.PNG" alt="Institutional Inflows">
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 <div class="content-caption">Institutional Inflows</div>
March Electronics Manufacturing Activity 

The <a href="https://sipmm.io/singapore-manufacturing-activity-picks-up-march-but-electronics-decline/">Purchasing Managers' Index (PMI)</a> for Singapore's key electronics sector edged higher in March to 49.8 from 49.5 in February, but remains in contraction – below the expansionary level of 50 – for the fifth consecutive month.

However, the overall manufacturing PMI – a key barometer of economic activity in the broader manufacturing industry – stood at 50.8 in March, up 0.4 percentage point from February. March’s reading marks the index’s 31st straight month of expansion.

The <a href="https://sipmm.edu.sg/">Singapore Institute of Purchasing and Materials Management</a> (SIPMM), which compiles the index by surveying around 150 industrial companies, attributed the stronger performance in March to faster growth in new orders, factory output and inventory levels.

Best-Performing IT Stocks in YTD

The 20 largest capitalised IT stocks on SGX have a combined market cap of nearly S$16 billion. In the 2019 year-to-date, they have averaged a total return of +21.7%, bringing their one-year and three-year total returns to -4.1% and +171.5% respectively.

These 20 largest IT stocks also averaged a price-earnings ratio of 13.6x, a Return on Equity (ROE) of 13.8% and a dividend indicated yield of 3.5%.

Among the 20, the five best performers in the YTD were: Hi-P International (+65.0%), TPV Technology (+46.2%), Innotek Ltd (+41.0%), Venture Corp (+37.9%), and CSE Global (+36.8%).

These five stocks – which are focused on the businesses of consumer electronics, electronics components, office automation, industrial machinery and electronics manufacturing services – have averaged a YTD total return of +45.4%, bringing their one-year and three-year total returns to +11.9% and +194.3% respectively.

The table below details the 20 largest IT stocks on SGX, 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 Ind Yield (%)
			</td>
			<td>
			ROE (%)
			</td>
		</tr>
<tr>
<td>
			HI-P INTL
			</td>
			<td>
			H17
			</td>
			<td>
			1,170
			</td>
			<td>
			65.0
			</td>
			<td>
			-27.3
			</td>
			<td>
			343.2
			</td>
			<td>
			11.7
			</td>
			<td>
			3.4
			</td>
			<td>
			18.5
			</td>
		</tr>
<tr>
<td>
			TPV TECHNOLOGY
			</td>
			<td>
			T18
			</td>
			<td>
			669
			</td>
			<td>
			46.2
			</td>
			<td>
			45.5
			</td>
			<td>
			70.2
			</td>
			<td>
			23.0
			</td>
			<td>
			0.6
			</td>
			<td>
			1.4
			</td>
		</tr>
<tr>
<td>
			INNOTEK LTD
			</td>
			<td>
			M14
			</td>
			<td>
			134
			</td>
			<td>
			41.0
			</td>
			<td>
			41.2
			</td>
			<td>
			354.0
			</td>
			<td>
			6.6
			</td>
			<td>
			1.7
			</td>
			<td>
			14.3
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			5,542
			</td>
			<td>
			37.9
			</td>
			<td>
			-30.4
			</td>
			<td>
			164.7
			</td>
			<td>
			13.8
			</td>
			<td>
			3.6
			</td>
			<td>
			16.4
			</td>
		</tr>
<tr>
<td>
			CSE GLOBAL
			</td>
			<td>
			544
			</td>
			<td>
			264
			</td>
			<td>
			36.8
			</td>
			<td>
			30.5
			</td>
			<td>
			39.4
			</td>
			<td>
			13.3
			</td>
			<td>
			5.3
			</td>
			<td>
			11.7
			</td>
		</tr>
<tr>
<td>
			CHUAN HUP
			</td>
			<td>
			C33
			</td>
			<td>
			343
			</td>
			<td>
			34.5
			</td>
			<td>
			27.4
			</td>
			<td>
			55.5
			</td>
			<td>
			28.5
			</td>
			<td>
			2.7
			</td>
			<td>
			3.1
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			AWX
			</td>
			<td>
			293
			</td>
			<td>
			30.9
			</td>
			<td>
			-36.4
			</td>
			<td>
			1414.9
			</td>
			<td>
			8.8
			</td>
			<td>
			3.2
			</td>
			<td>
			45.5
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS
			</td>
			<td>
			558
			</td>
			<td>
			386
			</td>
			<td>
			26.3
			</td>
			<td>
			-33.9
			</td>
			<td>
			75.8
			</td>
			<td>
			9.0
			</td>
			<td>
			6.3
			</td>
			<td>
			19.4
			</td>
		</tr>
<tr>
<td>
			PCI LTD
			</td>
			<td>
			P19
			</td>
			<td>
			263
			</td>
			<td>
			24.5
			</td>
			<td>
			69.1
			</td>
			<td>
			271.3
			</td>
			<td>
			12.1
			</td>
			<td>
			2.3
			</td>
			<td>
			16.9
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			5CP
			</td>
			<td>
			1,349
			</td>
			<td>
			23.8
			</td>
			<td>
			0.1
			</td>
			<td>
			3.1
			</td>
			<td>
			21.2
			</td>
			<td>
			2.6
			</td>
			<td>
			29.1
			</td>
		</tr>
<tr>
<td>
			MEMTECH INTL
			</td>
			<td>
			BOL
			</td>
			<td>
			134
			</td>
			<td>
			22.3
			</td>
			<td>
			-34.6
			</td>
			<td>
			50.4
			</td>
			<td>
			10.4
			</td>
			<td>
			3.1
			</td>
			<td>
			7.6
			</td>
		</tr>
<tr>
<td>
			NERA TELECOM
			</td>
			<td>
			N01
			</td>
			<td>
			114
			</td>
			<td>
			16.7
			</td>
			<td>
			-10.8
			</td>
			<td>
			-15.9
			</td>
			<td>
			14.7
			</td>
			<td>
			7.9
			</td>
			<td>
			11.4
			</td>
		</tr>
<tr>
<td>
			CREATIVE TECH
			</td>
			<td>
			C76
			</td>
			<td>
			320
			</td>
			<td>
			12.1
			</td>
			<td>
			-25.7
			</td>
			<td>
			302.8
			</td>
			<td>
			19.8
			</td>
			<td>
			NA
			</td>
			<td>
			11.1
			</td>
		</tr>
<tr>
<td>
			ELEC &amp; ELTEK
			</td>
			<td>
			E16
			</td>
			<td>
			363
			</td>
			<td>
			9.5
			</td>
			<td>
			-3.8
			</td>
			<td>
			75.3
			</td>
			<td>
			11.0
			</td>
			<td>
			NA
			</td>
			<td>
			6.2
			</td>
		</tr>
<tr>
<td>
			NETLINK NBN TRUST
			</td>
			<td>
			CJLU
			</td>
			<td>
			3,254
			</td>
			<td>
			9.2
			</td>
			<td>
			10.6
			</td>
			<td>
			NA
			</td>
			<td>
			1.0*
			</td>
			<td>
			4.9
			</td>
			<td>
			2.4
			</td>
		</tr>
<tr>
<td>
			MICRO-MECHANICS
			</td>
			<td>
			5DD
			</td>
			<td>
			238
			</td>
			<td>
			4.3
			</td>
			<td>
			-9.4
			</td>
			<td>
			158.1
			</td>
			<td>
			15.1
			</td>
			<td>
			5.3
			</td>
			<td>
			27.1
			</td>
		</tr>
<tr>
<td>
			VALUETRONICS LTD
			</td>
			<td>
			BN2
			</td>
			<td>
			295
			</td>
			<td>
			3.0
			</td>
			<td>
			-25.0
			</td>
			<td>
			82.2
			</td>
			<td>
			8.5
			</td>
			<td>
			5.2
			</td>
			<td>
			18.9
			</td>
		</tr>
<tr>
<td>
			MDR LTD
			</td>
			<td>
			A27
			</td>
			<td>
			130
			</td>
			<td>
			0.0
			</td>
			<td>
			-28.7
			</td>
			<td>
			-44.1
			</td>
			<td>
			20.0
			</td>
			<td>
			1.6
			</td>
			<td>
			2.7
			</td>
		</tr>
<tr>
<td>
			SUNNINGDALE TECH
			</td>
			<td>
			BHQ
			</td>
			<td>
			254
			</td>
			<td>
			-4.2
			</td>
			<td>
			-18.5
			</td>
			<td>
			21.4
			</td>
			<td>
			8.6
			</td>
			<td>
			5.6
			</td>
			<td>
			8.0
			</td>
		</tr>
<tr>
<td>
			GP INDUSTRIES
			</td>
			<td>
			G20
			</td>
			<td>
			283
			</td>
			<td>
			-4.9
			</td>
			<td>
			-21.7
			</td>
			<td>
			7.8
			</td>
			<td>
			14.3
			</td>
			<td>
			5.1
			</td>
			<td>
			5.4
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			21.7
			</td>
			<td>
			-4.1
			</td>
			<td>
			171.5
			</td>
			<td>
			13.6
			</td>
			<td>
			3.5
			</td>
			<td>
			13.8
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 18 April 2019)

*Note P/B ratio used instead of P/E for NetLink as more relevant for business trusts
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In 1Q19, IT was the best-performing sector on SGX with a total return of 28.6%, after registering a total return of -16.3% in calendar year 2018. It was also among the top net buy sectors for the quarter, garnering total institutional inflow of S$100.5 million, the second-highest inflow after REITs (+S$242.6 million).  
	 
	
The 20 largest IT stocks on SGX have a combined market cap of nearly S$16 billion, and averaged a total return of +21.7% in the 2019 YTD. They also averaged a PE ratio of 13.6x, ROE of 13.8% and dividend indicated yield of 3.5%. 
	 
	Among the 20, the five best performers in the YTD were: Hi-P (+65.0%), TPV Tech (+46.2%), Innotek (+41.0%), Venture (+37.9%), and CSE Global (+36.8%). The five have averaged a YTD total return of +45.4%, bringing their 1Y and 3Y total returns to +11.9% and +194.3% respectively.

Sector Draws Institutional Interest 

In the first quarter of 2019, Information Technology (IT) was the best-performing sector on SGX with a total return of 28.6%, reversing the -16.3% total return in calendar year 2018.

IT was also among the top net buy sectors for the January-March quarter, garnering total institutional inflow of S$100.5 million, according to SGX data. This comprised S$33.1 million, S$45.7 million, and S$21.7 million for the months of January, February and March 2019 respectively. IT received the second-highest inflows in the quarter after REITs, which garnered S$242.6 million.

      
    
    Institutional Inflows
March Electronics Manufacturing Activity 

The Purchasing Managers' Index (PMI) for Singapore's key electronics sector edged higher in March to 49.8 from 49.5 in February, but remains in contraction – below the expansionary level of 50 – for the fifth consecutive month.

However, the overall manufacturing PMI – a key barometer of economic activity in the broader manufacturing industry – stood at 50.8 in March, up 0.4 percentage point from February. March’s reading marks the index’s 31st straight month of expansion.

The Singapore Institute of Purchasing and Materials Management (SIPMM), which compiles the index by surveying around 150 industrial companies, attributed the stronger performance in March to faster growth in new orders, factory output and inventory levels.

Best-Performing IT Stocks in YTD

The 20 largest capitalised IT stocks on SGX have a combined market cap of nearly S$16 billion. In the 2019 year-to-date, they have averaged a total return of +21.7%, bringing their one-year and three-year total returns to -4.1% and +171.5% respectively.

These 20 largest IT stocks also averaged a price-earnings ratio of 13.6x, a Return on Equity (ROE) of 13.8% and a dividend indicated yield of 3.5%.

Among the 20, the five best performers in the YTD were: Hi-P International (+65.0%), TPV Technology (+46.2%), Innotek Ltd (+41.0%), Venture Corp (+37.9%), and CSE Global (+36.8%).

These five stocks – which are focused on the businesses of consumer electronics, electronics components, office automation, industrial machinery and electronics manufacturing services – have averaged a YTD total return of +45.4%, bringing their one-year and three-year total returns to +11.9% and +194.3% respectively.

The table below details the 20 largest IT stocks on SGX, 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 Ind Yield (%)
			
			
			ROE (%)
			
		


			HI-P INTL
			
			
			H17
			
			
			1,170
			
			
			65.0
			
			
			-27.3
			
			
			343.2
			
			
			11.7
			
			
			3.4
			
			
			18.5
			
		


			TPV TECHNOLOGY
			
			
			T18
			
			
			669
			
			
			46.2
			
			
			45.5
			
			
			70.2
			
			
			23.0
			
			
			0.6
			
			
			1.4
			
		


			INNOTEK LTD
			
			
			M14
			
			
			134
			
			
			41.0
			
			
			41.2
			
			
			354.0
			
			
			6.6
			
			
			1.7
			
			
			14.3
			
		


			VENTURE CORP
			
			
			V03
			
			
			5,542
			
			
			37.9
			
			
			-30.4
			
			
			164.7
			
			
			13.8
			
			
			3.6
			
			
			16.4
			
		


			CSE GLOBAL
			
			
			544
			
			
			264
			
			
			36.8
			
			
			30.5
			
			
			39.4
			
			
			13.3
			
			
			5.3
			
			
			11.7
			
		


			CHUAN HUP
			
			
			C33
			
			
			343
			
			
			34.5
			
			
			27.4
			
			
			55.5
			
			
			28.5
			
			
			2.7
			
			
			3.1
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			293
			
			
			30.9
			
			
			-36.4
			
			
			1414.9
			
			
			8.8
			
			
			3.2
			
			
			45.5
			
		


			UMS HOLDINGS
			
			
			558
			
			
			386
			
			
			26.3
			
			
			-33.9
			
			
			75.8
			
			
			9.0
			
			
			6.3
			
			
			19.4
			
		


			PCI LTD
			
			
			P19
			
			
			263
			
			
			24.5
			
			
			69.1
			
			
			271.3
			
			
			12.1
			
			
			2.3
			
			
			16.9
			
		


			SILVERLAKE AXIS
			
			
			5CP
			
			
			1,349
			
			
			23.8
			
			
			0.1
			
			
			3.1
			
			
			21.2
			
			
			2.6
			
			
			29.1
			
		


			MEMTECH INTL
			
			
			BOL
			
			
			134
			
			
			22.3
			
			
			-34.6
			
			
			50.4
			
			
			10.4
			
			
			3.1
			
			
			7.6
			
		


			NERA TELECOM
			
			
			N01
			
			
			114
			
			
			16.7
			
			
			-10.8
			
			
			-15.9
			
			
			14.7
			
			
			7.9
			
			
			11.4
			
		


			CREATIVE TECH
			
			
			C76
			
			
			320
			
			
			12.1
			
			
			-25.7
			
			
			302.8
			
			
			19.8
			
			
			NA
			
			
			11.1
			
		


			ELEC &amp; ELTEK
			
			
			E16
			
			
			363
			
			
			9.5
			
			
			-3.8
			
			
			75.3
			
			
			11.0
			
			
			NA
			
			
			6.2
			
		


			NETLINK NBN TRUST
			
			
			CJLU
			
			
			3,254
			
			
			9.2
			
			
			10.6
			
			
			NA
			
			
			1.0*
			
			
			4.9
			
			
			2.4
			
		


			MICRO-MECHANICS
			
			
			5DD
			
			
			238
			
			
			4.3
			
			
			-9.4
			
			
			158.1
			
			
			15.1
			
			
			5.3
			
			
			27.1
			
		


			VALUETRONICS LTD
			
			
			BN2
			
			
			295
			
			
			3.0
			
			
			-25.0
			
			
			82.2
			
			
			8.5
			
			
			5.2
			
			
			18.9
			
		


			MDR LTD
			
			
			A27
			
			
			130
			
			
			0.0
			
			
			-28.7
			
			
			-44.1
			
			
			20.0
			
			
			1.6
			
			
			2.7
			
		


			SUNNINGDALE TECH
			
			
			BHQ
			
			
			254
			
			
			-4.2
			
			
			-18.5
			
			
			21.4
			
			
			8.6
			
			
			5.6
			
			
			8.0
			
		


			GP INDUSTRIES
			
			
			G20
			
			
			283
			
			
			-4.9
			
			
			-21.7
			
			
			7.8
			
			
			14.3
			
			
			5.1
			
			
			5.4
			
		


			Average
			
			
			 
			
			
			 
			
			
			21.7
			
			
			-4.1
			
			
			171.5
			
			
			13.6
			
			
			3.5
			
			
			13.8
			
		

Source: Bloomberg &amp; StockFacts (data as of 18 April 2019)

*Note P/B ratio used instead of P/E for NetLink as more relevant for business trusts



Five Largest, Best-Performing IT Stocks Averaged 45% YTD Total Return

Singapore

InnoTek Ltd., through its subsidiaries, manufactures metal components.  The Company offers metal stamping, commercial tool and die fabrications, sub-assembly work and frame manufacturing.  InnoTek primarily serves customers in Japan and Europe.

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Innotek Ltd (INNOT SP)

Non-SGX Report: Innotek Limited: Precision Component Maker

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Five Largest, Best-Performing IT Stocks Averaged 45% YTD Total Return

In 1Q19, IT was the best-performing sector on SGX with a total return of 28.6%, after registering a total return of -16.3% in calendar year...

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