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

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Singapore’s 30 actively traded stocks that were recipient to the highest net institutional inflows over the first eight months of 2020, included nine STI stocks, in addition to multiple healthcare, technology and real estate plays. 
	 </li>
	<li>
Together, the 30 stocks were recipient to a total of S$1.38 billion in net institutional inflows over the eight months, and comparatively defensive- generating a flat 0% median total return for the period. The strongest performing stocks of the 30 over the eight months were Medtecs, AEM and Synagie Corporation. 
	 </li>
	<li>More than one-third of the 30 stocks maintain a market capitalisation of less than S$1 billion including Medtecs Intl, Accordia Golf Tr, GL, Hong Fok, UMS, Sabana REIT, Q &amp; M Dental, Jumbo, Sing Holdings, Synagie and Kitchen Culture. </li>
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Singapore’s 30 actively traded stocks that were recipient to the highest net institutional inflows over the first eight months of 2020 currently make up 17% of the S$815 billion in total stock market capitalisation and contributed 26% of the daily stock market turnover over the period. The combined S$401 million in daily turnover for the 30 stocks over the eight months was up 62% from S$247 million for the same 30 stocks in 2019. 
Together the 30 stocks saw combined net institutional inflows of S$1.38 billion over the first eight months of 2020, while seeing a comparatively defensive median 0% total return. As many as 19 of the 30 stocks were also recipient to net institutional inflows in 2019, with the 30 stocks seeing combined inflow of S$638 million in 2019. Net Institutional Inflows Beyond the Benchmark 
As highlighted in yesterday’s Market Update (click <a href="https://www.sgx.com/research-education/market-updates/20200901-11-companies-commence-new-share-buyback-mandates-august">here</a>) the SPDR® Straits Times Index (“STI”) ETF and Nikko AM STI ETF garnered net creations of S$704 million over the first eight months of 2020, up 300% from the total net creations of S$176 million for the entire 2019 year. Close to one-fifth of the growth in net creations came from institutions. Moreover, less than a third of the 30 actively traded stocks that were recipient to the highest net institutional inflows over the first eight months of 2020  were constituents of the STI.  
Non-STI stocks that saw the highest net institutional inflow over the first eight months of 2020 included AEM Holdings, Frasers Logistics &amp; Commercial Trust and Keppel DC REIT. Since global technology stocks were rerated at the beginning of 2016, AEM Holdings has been the world’s best performing technology stock for the technology stocks with a current market capitalisation of more than S$1 billion. Keppel DC REIT has been amongst the world’s 20 strong performing REITs for the close to six year period that it has been listed, whilst Frasers Logistics &amp; Commercial Trust was amongst the world’s 60 best performing REITs since its debut in June 2016. As noted in this week’s weekly SGX My Gateway Report (click <a href="https://ebm.cheetahmail.com/c/tag/hBfTN89B86%24MfB92s61AAApi2ph/doc.html?t_params=bH8tI6P29vtyaZ%24V4%24X7qyioIzbE0vBts9hUw-8LPMeDp2PykswBwsdH6bAQ4W4OQq0-rAoTDohHiQA2K7hFnXY">here</a>) globally there are more than 800 REITs with a combined market capitalisation of S$2.4 trillion. 
As many as 11 of the 30 stocks maintain a market capitalisation of less than S$1 billion including Medtecs International Corporation, Accordia Golf Trust, GL, Hong Fok Corporation, UMS Holdings, Sabana REIT, Q &amp; M Dental Group Singapore, Jumbo Group, Sing Holdings, Synagie Corporation and Kitchen Culture Holdings. A handful of the 11 stocks, Medtecs International Corporation, Hong Fok Corporation, UMS Holdings, Sabana REIT and Q &amp; M Dental Group Singapore were also recipient of net institutional inflows in 2019. Singapore’s 30 actively traded stocks that were recipient to the highest net institutional inflows over the first eight months of 2020, included nine STI stocks, in addition to multiple healthcare, technology and real estate plays. 
For the purposes of this report, actively traded stocks refer to stocks with average daily turnover of at least S$100,000 in the first eight months of 2020. The table below is sort by the actively traded stocks with the highest net institutional inflow over the full eight months.

<table class="table table-striped"><tbody>
<tr>
<td>
			30 Actively Traded Stocks with Highest Net Institutional Inflows over past Eight Months
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			August 2020 Total Return %
			</td>
			<td>
			2020 YTD Total Return %
			</td>
			<td>
			Eight Month Average Daily Turnover 

			(S$)
			</td>
			<td>
			Eight Month Net Institutional Flow (S$M)
			</td>
		</tr>
<tr>
<td>
			Ascendas REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			12,019
			</td>
			<td>
			-6%
			</td>
			<td>
			15%
			</td>
			<td>
			50,669,846
			</td>
			<td>
			327.15
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			5,750
			</td>
			<td>
			11%
			</td>
			<td>
			26%
			</td>
			<td>
			24,787,320
			</td>
			<td>
			227.52
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			9,204
			</td>
			<td>
			5%
			</td>
			<td>
			-1%
			</td>
			<td>
			40,745,648
			</td>
			<td>
			145.45
			</td>
		</tr>
<tr>
<td>
			Mapletree Log Tr
			</td>
			<td>
			M44U
			</td>
			<td>
			7,889
			</td>
			<td>
			-3%
			</td>
			<td>
			22%
			</td>
			<td>
			38,438,388
			</td>
			<td>
			100.63
			</td>
		</tr>
<tr>
<td>
			Genting Sing
			</td>
			<td>
			G13
			</td>
			<td>
			8,445
			</td>
			<td>
			-5%
			</td>
			<td>
			-22%
			</td>
			<td>
			25,728,537
			</td>
			<td>
			85.41
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			27,714
			</td>
			<td>
			-5%
			</td>
			<td>
			9%
			</td>
			<td>
			37,842,563
			</td>
			<td>
			77.34
			</td>
		</tr>
<tr>
<td>
			AEM
			</td>
			<td>
			AWX
			</td>
			<td>
			1,104
			</td>
			<td>
			14%
			</td>
			<td>
			103%
			</td>
			<td>
			20,996,440
			</td>
			<td>
			61.96
			</td>
		</tr>
<tr>
<td>
			Frasers L&amp;C Tr
			</td>
			<td>
			BUOU
			</td>
			<td>
			4,574
			</td>
			<td>
			-1%
			</td>
			<td>
			12%
			</td>
			<td>
			13,175,608
			</td>
			<td>
			71.79
			</td>
		</tr>
<tr>
<td>
			CapitaCom Trust
			</td>
			<td>
			C61U
			</td>
			<td>
			6,488
			</td>
			<td>
			4%
			</td>
			<td>
			-12%
			</td>
			<td>
			27,417,190
			</td>
			<td>
			51.03
			</td>
		</tr>
<tr>
<td>
			Mapletree Ind Tr
			</td>
			<td>
			ME8U
			</td>
			<td>
			7,162
			</td>
			<td>
			-6%
			</td>
			<td>
			21%
			</td>
			<td>
			24,536,222
			</td>
			<td>
			40.87
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			10,597
			</td>
			<td>
			5%
			</td>
			<td>
			-10%
			</td>
			<td>
			23,450,421
			</td>
			<td>
			37.76
			</td>
		</tr>
<tr>
<td>
			Keppel DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			4,752
			</td>
			<td>
			-2%
			</td>
			<td>
			43%
			</td>
			<td>
			17,538,405
			</td>
			<td>
			37.12
			</td>
		</tr>
<tr>
<td>
			Wing Tai
			</td>
			<td>
			W05
			</td>
			<td>
			1,322
			</td>
			<td>
			1%
			</td>
			<td>
			-15%
			</td>
			<td>
			654,484
			</td>
			<td>
			27.56
			</td>
		</tr>
<tr>
<td>
			Keppel REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			3,569
			</td>
			<td>
			-5%
			</td>
			<td>
			-12%
			</td>
			<td>
			9,722,245
			</td>
			<td>
			12.81
			</td>
		</tr>
<tr>
<td>
			UMS
			</td>
			<td>
			558
			</td>
			<td>
			528
			</td>
			<td>
			-1%
			</td>
			<td>
			0%
			</td>
			<td>
			7,417,733
			</td>
			<td>
			9.42
			</td>
		</tr>
<tr>
<td>
			GL
			</td>
			<td>
			B16
			</td>
			<td>
			773
			</td>
			<td>
			-3%
			</td>
			<td>
			-30%
			</td>
			<td>
			121,480
			</td>
			<td>
			7.74
			</td>
		</tr>
<tr>
<td>
			Thomson Medical
			</td>
			<td>
			A50
			</td>
			<td>
			1,401
			</td>
			<td>
			-4%
			</td>
			<td>
			-17%
			</td>
			<td>
			568,507
			</td>
			<td>
			5.22
			</td>
		</tr>
<tr>
<td>
			Man Oriental USD
			</td>
			<td>
			M04
			</td>
			<td>
			2,861
			</td>
			<td>
			12%
			</td>
			<td>
			-7%
			</td>
			<td>
			495,425
			</td>
			<td>
			5.19
			</td>
		</tr>
<tr>
<td>
			Kitchen Culture
			</td>
			<td>
			5TI
			</td>
			<td>
			37
			</td>
			<td>
			-64%
			</td>
			<td>
			40%
			</td>
			<td>
			783,021
			</td>
			<td>
			5.08
			</td>
		</tr>
<tr>
<td>
			Jumbo
			</td>
			<td>
			42R
			</td>
			<td>
			218
			</td>
			<td>
			-3%
			</td>
			<td>
			-9%
			</td>
			<td>
			142,178
			</td>
			<td>
			5.01
			</td>
		</tr>
<tr>
<td>
			Q&amp;M Dental
			</td>
			<td>
			QC7
			</td>
			<td>
			366
			</td>
			<td>
			1%
			</td>
			<td>
			2%
			</td>
			<td>
			576,064
			</td>
			<td>
			4.79
			</td>
		</tr>
<tr>
<td>
			Accordia Golf Tr
			</td>
			<td>
			ADQU
			</td>
			<td>
			797
			</td>
			<td>
			11%
			</td>
			<td>
			13%
			</td>
			<td>
			913,711
			</td>
			<td>
			4.66
			</td>
		</tr>
<tr>
<td>
			Sabana REIT
			</td>
			<td>
			M1GU
			</td>
			<td>
			390
			</td>
			<td>
			-3%
			</td>
			<td>
			-17%
			</td>
			<td>
			579,777
			</td>
			<td>
			4.62
			</td>
		</tr>
<tr>
<td>
			UOL
			</td>
			<td>
			U14
			</td>
			<td>
			5,543
			</td>
			<td>
			-1%
			</td>
			<td>
			-19%
			</td>
			<td>
			11,484,628
			</td>
			<td>
			4.52
			</td>
		</tr>
<tr>
<td>
			Sing Holdings
			</td>
			<td>
			5IC
			</td>
			<td>
			150
			</td>
			<td>
			1%
			</td>
			<td>
			0%
			</td>
			<td>
			107,959
			</td>
			<td>
			4.39
			</td>
		</tr>
<tr>
<td>
			Synagie
			</td>
			<td>
			V2Y
			</td>
			<td>
			67
			</td>
			<td>
			16%
			</td>
			<td>
			71%
			</td>
			<td>
			2,005,627
			</td>
			<td>
			4.31
			</td>
		</tr>
<tr>
<td>
			Hong Fok
			</td>
			<td>
			H30
			</td>
			<td>
			555
			</td>
			<td>
			-1%
			</td>
			<td>
			-16%
			</td>
			<td>
			110,973
			</td>
			<td>
			3.96
			</td>
		</tr>
<tr>
<td>
			IHH Healthcare
			</td>
			<td>
			Q0F
			</td>
			<td>
			15,448
			</td>
			<td>
			1%
			</td>
			<td>
			-5%
			</td>
			<td>
			285,820
			</td>
			<td>
			3.63
			</td>
		</tr>
<tr>
<td>
			UOB Kay Hian
			</td>
			<td>
			U10
			</td>
			<td>
			1,046
			</td>
			<td>
			6%
			</td>
			<td>
			7%
			</td>
			<td>
			139,382
			</td>
			<td>
			3.40
			</td>
		</tr>
<tr>
<td>
			Medtecs Intl
			</td>
			<td>
			546
			</td>
			<td>
			835
			</td>
			<td>
			69%
			</td>
			<td>
			4008%
			</td>
			<td>
			19,508,708
			</td>
			<td>
			3.22
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			-1%
			</td>
			<td>
			0%
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX, Bloomberg, Refinitiv (Data as of 31 August 2020)
</body></html>





Singapore’s 30 actively traded stocks that were recipient to the highest net institutional inflows over the first eight months of 2020, included nine STI stocks, in addition to multiple healthcare, technology and real estate plays. 
	 
	
Together, the 30 stocks were recipient to a total of S$1.38 billion in net institutional inflows over the eight months, and comparatively defensive- generating a flat 0% median total return for the period. The strongest performing stocks of the 30 over the eight months were Medtecs, AEM and Synagie Corporation. 
	 
	More than one-third of the 30 stocks maintain a market capitalisation of less than S$1 billion including Medtecs Intl, Accordia Golf Tr, GL, Hong Fok, UMS, Sabana REIT, Q &amp; M Dental, Jumbo, Sing Holdings, Synagie and Kitchen Culture. 

 

Singapore’s 30 actively traded stocks that were recipient to the highest net institutional inflows over the first eight months of 2020 currently make up 17% of the S$815 billion in total stock market capitalisation and contributed 26% of the daily stock market turnover over the period. The combined S$401 million in daily turnover for the 30 stocks over the eight months was up 62% from S$247 million for the same 30 stocks in 2019.   
Together the 30 stocks saw combined net institutional inflows of S$1.38 billion over the first eight months of 2020, while seeing a comparatively defensive median 0% total return. As many as 19 of the 30 stocks were also recipient to net institutional inflows in 2019, with the 30 stocks seeing combined inflow of S$638 million in 2019.  Net Institutional Inflows Beyond the Benchmark  
As highlighted in yesterday’s Market Update (click here) the SPDR® Straits Times Index (“STI”) ETF and Nikko AM STI ETF garnered net creations of S$704 million over the first eight months of 2020, up 300% from the total net creations of S$176 million for the entire 2019 year. Close to one-fifth of the growth in net creations came from institutions.  Moreover, less than a third of the 30 actively traded stocks that were recipient to the highest net institutional inflows over the first eight months of 2020  were constituents of the STI.   
Non-STI stocks that saw the highest net institutional inflow over the first eight months of 2020 included AEM Holdings, Frasers Logistics &amp; Commercial Trust and Keppel DC REIT. Since global technology stocks were rerated at the beginning of 2016, AEM Holdings has been the world’s best performing technology stock for the technology stocks with a current market capitalisation of more than S$1 billion. Keppel DC REIT has been amongst the world’s 20 strong performing REITs for the close to six year period that it has been listed, whilst Frasers Logistics &amp; Commercial Trust was amongst the world’s 60 best performing REITs since its debut in June 2016. As noted in this week’s weekly SGX My Gateway Report (click here) globally there are more than 800 REITs with a combined market capitalisation of S$2.4 trillion.  
As many as 11 of the 30 stocks maintain a market capitalisation of less than S$1 billion including Medtecs International Corporation, Accordia Golf Trust, GL, Hong Fok Corporation, UMS Holdings, Sabana REIT, Q &amp; M Dental Group Singapore, Jumbo Group, Sing Holdings, Synagie Corporation and Kitchen Culture Holdings. A handful of the 11 stocks, Medtecs International Corporation, Hong Fok Corporation, UMS Holdings, Sabana REIT and Q &amp; M Dental Group Singapore were also recipient of net institutional inflows in 2019.  Singapore’s 30 actively traded stocks that were recipient to the highest net institutional inflows over the first eight months of 2020, included nine STI stocks, in addition to multiple healthcare, technology and real estate plays.   
For the purposes of this report, actively traded stocks refer to stocks with average daily turnover of at least S$100,000 in the first eight months of 2020. The table below is sort by the actively traded stocks with the highest net institutional inflow over the full eight months.




			30 Actively Traded Stocks with Highest Net Institutional Inflows over past Eight Months
			
			
			SGX Code
			
			
			Mkt Cap S$M
			
			
			August 2020 Total Return %
			
			
			2020 YTD Total Return %
			
			
			Eight Month Average Daily Turnover 

			(S$)
			
			
			Eight Month Net Institutional Flow (S$M)
			
		


			Ascendas REIT
			
			
			A17U
			
			
			12,019
			
			
			-6%
			
			
			15%
			
			
			50,669,846
			
			
			327.15
			
		


			Venture
			
			
			V03
			
			
			5,750
			
			
			11%
			
			
			26%
			
			
			24,787,320
			
			
			227.52
			
		


			SGX
			
			
			S68
			
			
			9,204
			
			
			5%
			
			
			-1%
			
			
			40,745,648
			
			
			145.45
			
		


			Mapletree Log Tr
			
			
			M44U
			
			
			7,889
			
			
			-3%
			
			
			22%
			
			
			38,438,388
			
			
			100.63
			
		


			Genting Sing
			
			
			G13
			
			
			8,445
			
			
			-5%
			
			
			-22%
			
			
			25,728,537
			
			
			85.41
			
		


			Wilmar Intl
			
			
			F34
			
			
			27,714
			
			
			-5%
			
			
			9%
			
			
			37,842,563
			
			
			77.34
			
		


			AEM
			
			
			AWX
			
			
			1,104
			
			
			14%
			
			
			103%
			
			
			20,996,440
			
			
			61.96
			
		


			Frasers L&amp;C Tr
			
			
			BUOU
			
			
			4,574
			
			
			-1%
			
			
			12%
			
			
			13,175,608
			
			
			71.79
			
		


			CapitaCom Trust
			
			
			C61U
			
			
			6,488
			
			
			4%
			
			
			-12%
			
			
			27,417,190
			
			
			51.03
			
		


			Mapletree Ind Tr
			
			
			ME8U
			
			
			7,162
			
			
			-6%
			
			
			21%
			
			
			24,536,222
			
			
			40.87
			
		


			ST Engineering
			
			
			S63
			
			
			10,597
			
			
			5%
			
			
			-10%
			
			
			23,450,421
			
			
			37.76
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			4,752
			
			
			-2%
			
			
			43%
			
			
			17,538,405
			
			
			37.12
			
		


			Wing Tai
			
			
			W05
			
			
			1,322
			
			
			1%
			
			
			-15%
			
			
			654,484
			
			
			27.56
			
		


			Keppel REIT
			
			
			K71U
			
			
			3,569
			
			
			-5%
			
			
			-12%
			
			
			9,722,245
			
			
			12.81
			
		


			UMS
			
			
			558
			
			
			528
			
			
			-1%
			
			
			0%
			
			
			7,417,733
			
			
			9.42
			
		


			GL
			
			
			B16
			
			
			773
			
			
			-3%
			
			
			-30%
			
			
			121,480
			
			
			7.74
			
		


			Thomson Medical
			
			
			A50
			
			
			1,401
			
			
			-4%
			
			
			-17%
			
			
			568,507
			
			
			5.22
			
		


			Man Oriental USD
			
			
			M04
			
			
			2,861
			
			
			12%
			
			
			-7%
			
			
			495,425
			
			
			5.19
			
		


			Kitchen Culture
			
			
			5TI
			
			
			37
			
			
			-64%
			
			
			40%
			
			
			783,021
			
			
			5.08
			
		


			Jumbo
			
			
			42R
			
			
			218
			
			
			-3%
			
			
			-9%
			
			
			142,178
			
			
			5.01
			
		


			Q&amp;M Dental
			
			
			QC7
			
			
			366
			
			
			1%
			
			
			2%
			
			
			576,064
			
			
			4.79
			
		


			Accordia Golf Tr
			
			
			ADQU
			
			
			797
			
			
			11%
			
			
			13%
			
			
			913,711
			
			
			4.66
			
		


			Sabana REIT
			
			
			M1GU
			
			
			390
			
			
			-3%
			
			
			-17%
			
			
			579,777
			
			
			4.62
			
		


			UOL
			
			
			U14
			
			
			5,543
			
			
			-1%
			
			
			-19%
			
			
			11,484,628
			
			
			4.52
			
		


			Sing Holdings
			
			
			5IC
			
			
			150
			
			
			1%
			
			
			0%
			
			
			107,959
			
			
			4.39
			
		


			Synagie
			
			
			V2Y
			
			
			67
			
			
			16%
			
			
			71%
			
			
			2,005,627
			
			
			4.31
			
		


			Hong Fok
			
			
			H30
			
			
			555
			
			
			-1%
			
			
			-16%
			
			
			110,973
			
			
			3.96
			
		


			IHH Healthcare
			
			
			Q0F
			
			
			15,448
			
			
			1%
			
			
			-5%
			
			
			285,820
			
			
			3.63
			
		


			UOB Kay Hian
			
			
			U10
			
			
			1,046
			
			
			6%
			
			
			7%
			
			
			139,382
			
			
			3.40
			
		


			Medtecs Intl
			
			
			546
			
			
			835
			
			
			69%
			
			
			4008%
			
			
			19,508,708
			
			
			3.22
			
		


			Median
			
			
			 
			
			
			 
			
			
			-1%
			
			
			0%
			
			
			 
			
			
			 
			
		

 Source: SGX, Bloomberg, Refinitiv (Data as of 31 August 2020)



Singapore’s 30 Actively Traded Stocks with Highest 8M Institutional Inflows  

Singapore

Kitchen Culture Holdings Ltd specialises in the sale and distribution of a wide range of premium imported kitchen systems, kitchen appliances, wardrobe systems, household furniture and accessories from Europe and USA. The Company caters to the high end markets.

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Kitchen Culture Holdings (KCH SP)

Singapore’s 30 Actively Traded Stocks with Highest 8M Institutional Inflows

Singapore’s 30 actively traded stocks that were recipient to the highest net institutional inflows over the first eight months of 2020,...

Singapore Exchange Ltd (SGX)

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