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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The STI has declined 3.1% over the past two sessions. Globally, Airline, Hospitality and Bank stocks were among the most adversely impacted by the reports of the Omicron variant and ensuing uncertainty on vaccine efficacy and containment measures. At the same time, globally, Pharmaceutical, Healthcare Services and Healthcare Products have been the most defensive sectors. 
	 </li>
	<li>
In Singapore, Riverstone, Top Glove, Medtecs Int and UG Healthcare have averaged 48% gains over the past two sessions, with a surge in trading turnover. Today, the four stocks saw close to S$170 million in shares changing hands, more than doubling Friday’s S$77 million, and significantly higher than the combined average daily $20 million turnover for the 2021 year, prior to 26 Nov. 
	 </li>
	<li>
Medtecs Int led the four stocks over the two sessions. The stock rallied from 3.7 cents at the end of 2019 to S$1.00 at the end of 2020, and had declined to 29.0 cents on 25 Nov, before rallying to 40.0 cents on 26 Nov, and closing at 0.50 cents on 29 Nov. On 22 Nov, Medtecs Int reported 9MFY21 revenue of US$115M, down from US$287M in 9MFY20, and up from US$50M in 9MFY19. 
	 </li>
	<li>Raffles Medical and Q&amp;M Dental also averaged 4% gains over the past two sessions. Both companies have supported the Singapore Government’s COVID-19 initiatives, with Raffles Medical operating dedicated PCR centres while Q&amp;M Dental’s Acumen Diagnostics focuses on the manufacture and distribution of COVID-19 diagnostic test kits, as well as COVID19 testing.</li>
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The uncertainty of the Omicron variant on vaccine efficacy and global containment measures has seen a sharp adjustment to the recent gains of stock sectors, industries and valuations since Thursday. In the Singapore stock market, the Straits Times Index (“STI”) has declined 3.1% from 3,221.52 on Thu 25 Nov, to 3,120.58 on Mon 29 Nov, while the Hang Seng Index has declined 3.6% and the FTSE ASEAN All-Share Index has declined 2.8%. This has seen the STI return to levels last traded on 11 October, with the year to date total return trimmed to 13.2%. 
DBS Group Holdings, Oversea-Chinese Banking Corporation and United Overseas Bank have averaged a decline of 3.8% over the two sessions, with global banks declining 3.1%. During the two sessions, Singapore Airlines, CapitaLand Integrated Trust, Genting Singapore, ComfortDelGro Corporation and Thai Beverage PCL led the STI decliners, averaging 5.0% declines. Outside the STI, and among the 100 most actives for the year, Far East Hospitality Trust, CDL Hospitality Trust and Ascott Residence Trust averaged 6.0% declines over the two sessions. At the same time, the sharp decline in energy prices, with emerging variants a key downside risk, saw Rex International, Geo Energy Resources and RH Petrogas average 4.3% declines. These moves have followed the moves of global stocks that have seen Airlines, Hospitality and Bank stocks seeing the biggest declines since 25 Nov, while Pharmaceutical, Healthcare Services and Healthcare Products have been the most defensive.   
Likewise, among Singapore’s 100 most active stocks for 2021, six of the most defensive performers of the past two sessions represented the Healthcare Sector. As tabled below, Medtecs International, UG Healthcare Corporation, Top Glove Corporation Bhd and Riverstone Holdings comprised four of the five strongest most actively traded stocks over the past two sessions. Today, the four stocks saw close to S$170 million in shares changing hands, more than doubling Friday’s S$77 million, and significantly higher than the combined average daily $20 million turnover for the 2021 year, prior to 26 Nov, and their average daily combined turnover of S$40 million in 2020.

<table class="table table-striped"><tbody>
<tr>
<td colspan="2"> </td>
			<td> </td>
			<td> </td>
			<td> </td>
			<td colspan="5">
			Total Return %
			</td>
			<td> </td>
		</tr>
<tr>
<td>Strongest Performers since 25 Nov among the 100 most actively traded stocks in 2021</td>
			<td colspan="2">
			Code
			</td>
			<td>
			Price
			</td>
			<td>
			CCY
			</td>
			<td>
			Mon  29 Nov
			</td>
			<td>
			Since Thu 25 Nov
			</td>
			<td>
			Since 30 Sep
			</td>
			<td>
			Since 31 Dec 2020
			</td>
			<td>
			2020
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			Medtecs Intl
			</td>
			<td colspan="2">
			546
			</td>
			<td>
			0.500
			</td>
			<td>
			SGD
			</td>
			<td>
			25.0
			</td>
			<td>
			72.4
			</td>
			<td>
			29.9
			</td>
			<td>
			-47.1
			</td>
			<td>
			2627.8
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			UG Healthcare
			</td>
			<td colspan="2">
			8K7
			</td>
			<td>
			0.425
			</td>
			<td>
			SGD
			</td>
			<td>
			30.8
			</td>
			<td>
			66.7
			</td>
			<td>
			25.4
			</td>
			<td>
			-25.9
			</td>
			<td>
			1156.6
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Top Glove
			</td>
			<td colspan="2">
			BVA
			</td>
			<td>
			1.040
			</td>
			<td>
			SGD
			</td>
			<td>
			24.6
			</td>
			<td>
			43.4
			</td>
			<td>
			16.6
			</td>
			<td>
			-42.1
			</td>
			<td>
			300.3
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Totm Tech
			</td>
			<td colspan="2">
			42F
			</td>
			<td>
			0.200
			</td>
			<td>
			SGD
			</td>
			<td>
			11.7
			</td>
			<td>
			21.2
			</td>
			<td>
			-21.6
			</td>
			<td>
			108.3
			</td>
			<td>
			-5.0
			</td>
			<td>
			Telecommunications
			</td>
		</tr>
<tr>
<td>
			Riverstone
			</td>
			<td colspan="2">
			AP4
			</td>
			<td>
			0.765
			</td>
			<td>
			SGD
			</td>
			<td>
			7.7
			</td>
			<td>
			10.9
			</td>
			<td>
			-14.0
			</td>
			<td>
			-25.7
			</td>
			<td>
			142.9
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Q&amp;M Dental
			</td>
			<td colspan="2">
			QC7
			</td>
			<td>
			0.645
			</td>
			<td>
			SGD
			</td>
			<td>
			4.9
			</td>
			<td>
			6.6
			</td>
			<td>
			18.2
			</td>
			<td>
			80.9
			</td>
			<td>
			3.4
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			CFM
			</td>
			<td colspan="2">
			5EB
			</td>
			<td>
			0.148
			</td>
			<td>
			SGD
			</td>
			<td>
			-2.0
			</td>
			<td>
			3.5
			</td>
			<td>
			-19.6
			</td>
			<td>
			270.0
			</td>
			<td>
			207.7
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Raffles Medical
			</td>
			<td colspan="2">
			BSL
			</td>
			<td>
			1.410
			</td>
			<td>
			SGD
			</td>
			<td>
			1.4
			</td>
			<td>
			2.2
			</td>
			<td>
			-3.4
			</td>
			<td>
			44.3
			</td>
			<td>
			2.5
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			Yanlord Land
			</td>
			<td colspan="2">
			Z25
			</td>
			<td>
			1.120
			</td>
			<td>
			SGD
			</td>
			<td>
			1.8
			</td>
			<td>
			1.8
			</td>
			<td>
			0.9
			</td>
			<td>
			5.3
			</td>
			<td>
			-2.3
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			Leader Env
			</td>
			<td colspan="2">
			LS9
			</td>
			<td>
			0.073
			</td>
			<td>
			SGD
			</td>
			<td>
			1.4
			</td>
			<td>
			1.4
			</td>
			<td>
			-6.4
			</td>
			<td>
			1.5
			</td>
			<td>
			498.3
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Sheng Siong
			</td>
			<td colspan="2">
			OV8
			</td>
			<td>
			1.490
			</td>
			<td>
			SGD
			</td>
			<td>
			1.4
			</td>
			<td>
			1.4
			</td>
			<td>
			0.7
			</td>
			<td>
			0.0
			</td>
			<td>
			28.9
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
</tbody></table>
Source: SGX, Bloomberg, Refinitiv (Data as of 29 Nov, 5:15pm)

 

Prior to Friday, the four stocks had generated median declines of approximately 60% in the 2021 year through to Nov 25, following median total returns of 720% in 2020. Catalist-listed Medtecs International ended the 29 Nov session at 50.0 cents per share, up from 29.0 cents per share on Thu 25 Nov. In 2020, the share price rallied 3.7 cents at the end of 2019 to S$1.00 at the end of 2020. The company noted last week in a 3QFY21 (ended 30 Sep) Business <a href="https://links.sgx.com/1.0.0/corporate-announcements/MA7XC2AYOI9HCLSW/427e83338ef38b17f9e9e75fd30fb2e5ccd4190d627c1c7544104a4086bae47d">Update</a>, demand for personal protective equipment ("PPE") had declined recently due to completion of stock-piling exercises by its customers in 2020 and subsequent inventory adjustments, and the stabilisation of the supply and prices of the PPE market globally. The last two years had seen its revenues for the first nine months of the year swing from US$50M in 9MFY19, to US$287M in 9MFY20, to US$115M in 9MFY21. Top Glove Corporation Bhd is the largest medical supplier listed in Singapore by market value. The secondary listing is also the globe’s largest manufacturer of gloves and has reported steady growth with a compound annual growth rate of 27% for revenue and 36% for profit after tax over the past 20 years, and as the Chairman <a href="https://links.sgx.com/1.0.0/corporate-announcements/WJX7JNEPAZOPNN4O/448eb8e283b9f0653c68876388aabcec39627cc1602782caa974d412dfac475a">reiterated</a> on 11 Nov, glove demand was already growing steadily pre pandemic at a rate of 10% per annum and is likely to stabilise at a higher level even after the pandemic recedes owing to elevated awareness and hygiene levels. While ranking outside the most traded 100 stocks this year, Aspen Group has also rallied 19.1% over the past two sessions. In addition to its Development of residential and commercial property business, Aspen Group has a healthcare Manufacturing of gloves segment, with its commercial production of gloves under its Phase 1(a) commencing on 10 May and its first shipment of gloves shipped out on 29 May. Also among the five most defensive stocks for the past two sessions was Catalist-listed Totm Technologies. Formerly Yinda Infocom, the company has undergone a strategic rebranding following its acquisition of a 51% stake of Singapore based International Biometrics Pte Ltd, which is a Singapore-incorporated software company that provides integrated identity management platform solutions for mega-scale end-to-end projects. With Totm Technologies’ focus on Identity Management Solutions, especially in the space of Digital On-boarding and Digital ID, the company maintains in the post-COVID-19 scenario, the global digital identity solutions market size is projected to double from US$23 billion in 2021 to US$50 billion by 2026. Raffles Medical Group and Q&amp;M Dental also ranked among the most defensive stocks over the past two sessions. Raffles Medical Group <a href="https://links.sgx.com/1.0.0/corporate-announcements/760JYCWV8RD0SF0E/9aafe74d3050b002cd4a03e9c6987254b455b91db4f0e04720d53c7626f97ca0">noted</a> in July that adapting to the ever-changing nature of the pandemic, it has expanded its operations beyond air-border screening and pre-event testing to include vaccination centres, pre-departure swabbing of cruise passengers, as well as operating dedicated polymerase chain reaction (“PCR”) testing centres to conduct tests for those exposed to new COVID-19 clusters as they emerge. Q&amp;M Dental also <a href="https://links.sgx.com/1.0.0/corporate-announcements/22TJ09JNHI7M01KF/6f02ebdebd3c29fe4daae8a7027c19723313fa25b0fe833388a74def3857afac">reiterated</a> in November, that in 2020, the Group expanded into the medical laboratories and research industry with the incorporation of Acumen Diagnostics Pte. Ltd. (“Acumen Diagnostics”). Acumen Diagnostics currently focuses on the manufacture, sale and distribution of COVID-19 diagnostic test kits, as well as COVID19 testing. 
The 10 least performing stocks of the 100 most traded Singapore stocks in 2021, over the past two sessions are tabled below.  

<table class="table table-striped"><tbody>
<tr>
<td colspan="2"> </td>
			<td colspan="2"> </td>
			<td colspan="3"> </td>
			<td> </td>
			<td colspan="5">
			Total Return %
			</td>
			<td> </td>
		</tr>
<tr>
<td>Least Performers since 25 Nov among the 100 most actively traded stocks in 2021</td>
			<td colspan="2">
			Code
			</td>
			<td colspan="2">
			Price
			</td>
			<td>
			CCY
			</td>
			<td colspan="3">
			Mon  29 Nov
			</td>
			<td>
			Since Thu 25 Nov
			</td>
			<td>
			Since 30 Sep
			</td>
			<td>
			Since 31 Dec 2020
			</td>
			<td>
			2020
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td colspan="2">
			C6L
			</td>
			<td colspan="2">
			4.910
			</td>
			<td>
			SGD
			</td>
			<td colspan="3">
			-2.8
			</td>
			<td>
			-6.5
			</td>
			<td>
			-2.4
			</td>
			<td>
			14.7
			</td>
			<td>
			-32.8
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Far East H Trust
			</td>
			<td colspan="2">
			Q5T
			</td>
			<td colspan="2">
			0.585
			</td>
			<td>
			SGD
			</td>
			<td colspan="3">
			-3.3
			</td>
			<td>
			-6.4
			</td>
			<td>
			-5.6
			</td>
			<td>
			-1.6
			</td>
			<td>
			-13.2
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			First REIT
			</td>
			<td colspan="2">
			AW9U
			</td>
			<td colspan="2">
			0.295
			</td>
			<td>
			SGD
			</td>
			<td colspan="3">
			-1.7
			</td>
			<td>
			-6.3
			</td>
			<td>
			18.6
			</td>
			<td>
			51.5
			</td>
			<td>
			-74.6
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			ISDN
			</td>
			<td colspan="2">
			I07
			</td>
			<td colspan="2">
			0.695
			</td>
			<td>
			SGD
			</td>
			<td colspan="3">
			0.0
			</td>
			<td>
			-6.1
			</td>
			<td>
			11.2
			</td>
			<td>
			73.4
			</td>
			<td>
			79.4
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			CDL H Trust
			</td>
			<td colspan="2">
			J85
			</td>
			<td colspan="2">
			1.130
			</td>
			<td>
			SGD
			</td>
			<td colspan="3">
			-3.4
			</td>
			<td>
			-5.8
			</td>
			<td>
			8.7
			</td>
			<td>
			-7.6
			</td>
			<td>
			-17.8
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Ascott Trust
			</td>
			<td colspan="2">
			HMN
			</td>
			<td colspan="2">
			1.000
			</td>
			<td>
			SGD
			</td>
			<td colspan="3">
			-2.0
			</td>
			<td>
			-5.7
			</td>
			<td>
			8.1
			</td>
			<td>
			-3.2
			</td>
			<td>
			-17.8
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Rex Intl
			</td>
			<td colspan="2">
			5WH
			</td>
			<td colspan="2">
			0.270
			</td>
			<td>
			SGD
			</td>
			<td colspan="3">
			0.0
			</td>
			<td>
			-5.3
			</td>
			<td>
			28.6
			</td>
			<td>
			84.9
			</td>
			<td>
			-28.8
			</td>
			<td>
			Energy/ Oil &amp; Gas
			</td>
		</tr>
<tr>
<td>
			Geo Energy Res
			</td>
			<td colspan="2">
			RE4
			</td>
			<td colspan="2">
			0.275
			</td>
			<td>
			SGD
			</td>
			<td colspan="3">
			0.0
			</td>
			<td>
			-5.2
			</td>
			<td>
			10.0
			</td>
			<td>
			78.7
			</td>
			<td>
			29.6
			</td>
			<td>
			Energy/ Oil &amp; Gas
			</td>
		</tr>
<tr>
<td>
			CapLand IntCom T
			</td>
			<td colspan="2">
			C38U
			</td>
			<td colspan="2">
			2.140
			</td>
			<td>
			SGD
			</td>
			<td colspan="3">
			-2.3
			</td>
			<td>
			-4.9
			</td>
			<td>
			5.4
			</td>
			<td>
			2.3
			</td>
			<td>
			-7.9
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Genting Sing
			</td>
			<td colspan="2">
			G13
			</td>
			<td colspan="2">
			0.790
			</td>
			<td>
			SGD
			</td>
			<td colspan="3">
			-0.6
			</td>
			<td>
			-4.8
			</td>
			<td>
			9.7
			</td>
			<td>
			-6.0
			</td>
			<td>
			-4.7
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
</tbody></table>
 Source: SGX, Bloomberg, Refinitiv (Data as of 29 Nov, 5:15pm)
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The STI has declined 3.1% over the past two sessions. Globally, Airline, Hospitality and Bank stocks were among the most adversely impacted by the reports of the Omicron variant and ensuing uncertainty on vaccine efficacy and containment measures. At the same time, globally, Pharmaceutical, Healthcare Services and Healthcare Products have been the most defensive sectors. 
	 
	
In Singapore, Riverstone, Top Glove, Medtecs Int and UG Healthcare have averaged 48% gains over the past two sessions, with a surge in trading turnover. Today, the four stocks saw close to S$170 million in shares changing hands, more than doubling Friday’s S$77 million, and significantly higher than the combined average daily $20 million turnover for the 2021 year, prior to 26 Nov. 
	 
	
Medtecs Int led the four stocks over the two sessions. The stock rallied from 3.7 cents at the end of 2019 to S$1.00 at the end of 2020, and had declined to 29.0 cents on 25 Nov, before rallying to 40.0 cents on 26 Nov, and closing at 0.50 cents on 29 Nov. On 22 Nov, Medtecs Int reported 9MFY21 revenue of US$115M, down from US$287M in 9MFY20, and up from US$50M in 9MFY19. 
	 
	Raffles Medical and Q&amp;M Dental also averaged 4% gains over the past two sessions. Both companies have supported the Singapore Government’s COVID-19 initiatives, with Raffles Medical operating dedicated PCR centres while Q&amp;M Dental’s Acumen Diagnostics focuses on the manufacture and distribution of COVID-19 diagnostic test kits, as well as COVID19 testing.

 

The uncertainty of the Omicron variant on vaccine efficacy and global containment measures has seen a sharp adjustment to the recent gains of stock sectors, industries and valuations since Thursday. In the Singapore stock market, the Straits Times Index (“STI”) has declined 3.1% from 3,221.52 on Thu 25 Nov, to 3,120.58 on Mon 29 Nov, while the Hang Seng Index has declined 3.6% and the FTSE ASEAN All-Share Index has declined 2.8%. This has seen the STI return to levels last traded on 11 October, with the year to date total return trimmed to 13.2%.   
DBS Group Holdings, Oversea-Chinese Banking Corporation and United Overseas Bank have averaged a decline of 3.8% over the two sessions, with global banks declining 3.1%. During the two sessions, Singapore Airlines, CapitaLand Integrated Trust, Genting Singapore, ComfortDelGro Corporation and Thai Beverage PCL led the STI decliners, averaging 5.0% declines. Outside the STI, and among the 100 most actives for the year, Far East Hospitality Trust, CDL Hospitality Trust and Ascott Residence Trust averaged 6.0% declines over the two sessions. At the same time, the sharp decline in energy prices, with emerging variants a key downside risk, saw Rex International, Geo Energy Resources and RH Petrogas average 4.3% declines. These moves have followed the moves of global stocks that have seen Airlines, Hospitality and Bank stocks seeing the biggest declines since 25 Nov, while Pharmaceutical, Healthcare Services and Healthcare Products have been the most defensive.    
Likewise, among Singapore’s 100 most active stocks for 2021, six of the most defensive performers of the past two sessions represented the Healthcare Sector. As tabled below, Medtecs International, UG Healthcare Corporation, Top Glove Corporation Bhd and Riverstone Holdings comprised four of the five strongest most actively traded stocks over the past two sessions. Today, the four stocks saw close to S$170 million in shares changing hands, more than doubling Friday’s S$77 million, and significantly higher than the combined average daily $20 million turnover for the 2021 year, prior to 26 Nov, and their average daily combined turnover of S$40 million in 2020.



 
			 
			 
			 
			
			Total Return %
			
			 
		

Strongest Performers since 25 Nov among the 100 most actively traded stocks in 2021
			
			Code
			
			
			Price
			
			
			CCY
			
			
			Mon  29 Nov
			
			
			Since Thu 25 Nov
			
			
			Since 30 Sep
			
			
			Since 31 Dec 2020
			
			
			2020
			
			
			Sector
			
		


			Medtecs Intl
			
			
			546
			
			
			0.500
			
			
			SGD
			
			
			25.0
			
			
			72.4
			
			
			29.9
			
			
			-47.1
			
			
			2627.8
			
			
			Healthcare
			
		


			UG Healthcare
			
			
			8K7
			
			
			0.425
			
			
			SGD
			
			
			30.8
			
			
			66.7
			
			
			25.4
			
			
			-25.9
			
			
			1156.6
			
			
			Healthcare
			
		


			Top Glove
			
			
			BVA
			
			
			1.040
			
			
			SGD
			
			
			24.6
			
			
			43.4
			
			
			16.6
			
			
			-42.1
			
			
			300.3
			
			
			Healthcare
			
		


			Totm Tech
			
			
			42F
			
			
			0.200
			
			
			SGD
			
			
			11.7
			
			
			21.2
			
			
			-21.6
			
			
			108.3
			
			
			-5.0
			
			
			Telecommunications
			
		


			Riverstone
			
			
			AP4
			
			
			0.765
			
			
			SGD
			
			
			7.7
			
			
			10.9
			
			
			-14.0
			
			
			-25.7
			
			
			142.9
			
			
			Healthcare
			
		


			Q&amp;M Dental
			
			
			QC7
			
			
			0.645
			
			
			SGD
			
			
			4.9
			
			
			6.6
			
			
			18.2
			
			
			80.9
			
			
			3.4
			
			
			Healthcare
			
		


			CFM
			
			
			5EB
			
			
			0.148
			
			
			SGD
			
			
			-2.0
			
			
			3.5
			
			
			-19.6
			
			
			270.0
			
			
			207.7
			
			
			Industrials
			
		


			Raffles Medical
			
			
			BSL
			
			
			1.410
			
			
			SGD
			
			
			1.4
			
			
			2.2
			
			
			-3.4
			
			
			44.3
			
			
			2.5
			
			
			Healthcare
			
		


			Yanlord Land
			
			
			Z25
			
			
			1.120
			
			
			SGD
			
			
			1.8
			
			
			1.8
			
			
			0.9
			
			
			5.3
			
			
			-2.3
			
			
			Real Estate (excl. REITs)
			
		


			Leader Env
			
			
			LS9
			
			
			0.073
			
			
			SGD
			
			
			1.4
			
			
			1.4
			
			
			-6.4
			
			
			1.5
			
			
			498.3
			
			
			Industrials
			
		


			Sheng Siong
			
			
			OV8
			
			
			1.490
			
			
			SGD
			
			
			1.4
			
			
			1.4
			
			
			0.7
			
			
			0.0
			
			
			28.9
			
			
			Consumer Non-Cyclicals
			
		

Source: SGX, Bloomberg, Refinitiv (Data as of 29 Nov, 5:15pm)

 

Prior to Friday, the four stocks had generated median declines of approximately 60% in the 2021 year through to Nov 25, following median total returns of 720% in 2020. Catalist-listed Medtecs International ended the 29 Nov session at 50.0 cents per share, up from 29.0 cents per share on Thu 25 Nov. In 2020, the share price rallied 3.7 cents at the end of 2019 to S$1.00 at the end of 2020. The company noted last week in a 3QFY21 (ended 30 Sep) Business Update, demand for personal protective equipment ("PPE") had declined recently due to completion of stock-piling exercises by its customers in 2020 and subsequent inventory adjustments, and the stabilisation of the supply and prices of the PPE market globally. The last two years had seen its revenues for the first nine months of the year swing from US$50M in 9MFY19, to US$287M in 9MFY20, to US$115M in 9MFY21.  Top Glove Corporation Bhd is the largest medical supplier listed in Singapore by market value. The secondary listing is also the globe’s largest manufacturer of gloves and has reported steady growth with a compound annual growth rate of 27% for revenue and 36% for profit after tax over the past 20 years, and as the Chairman reiterated on 11 Nov, glove demand was already growing steadily pre pandemic at a rate of 10% per annum and is likely to stabilise at a higher level even after the pandemic recedes owing to elevated awareness and hygiene levels. While ranking outside the most traded 100 stocks this year, Aspen Group has also rallied 19.1% over the past two sessions. In addition to its Development of residential and commercial property business, Aspen Group has a healthcare Manufacturing of gloves segment, with its commercial production of gloves under its Phase 1(a) commencing on 10 May and its first shipment of gloves shipped out on 29 May.  Also among the five most defensive stocks for the past two sessions was Catalist-listed Totm Technologies. Formerly Yinda Infocom, the company has undergone a strategic rebranding following its acquisition of a 51% stake of Singapore based International Biometrics Pte Ltd, which is a Singapore-incorporated software company that provides integrated identity management platform solutions for mega-scale end-to-end projects. With Totm Technologies’ focus on Identity Management Solutions, especially in the space of Digital On-boarding and Digital ID, the company maintains in the post-COVID-19 scenario, the global digital identity solutions market size is projected to double from US$23 billion in 2021 to US$50 billion by 2026.  Raffles Medical Group and Q&amp;M Dental also ranked among the most defensive stocks over the past two sessions. Raffles Medical Group noted in July that adapting to the ever-changing nature of the pandemic, it has expanded its operations beyond air-border screening and pre-event testing to include vaccination centres, pre-departure swabbing of cruise passengers, as well as operating dedicated polymerase chain reaction (“PCR”) testing centres to conduct tests for those exposed to new COVID-19 clusters as they emerge. Q&amp;M Dental also reiterated in November, that in 2020, the Group expanded into the medical laboratories and research industry with the incorporation of Acumen Diagnostics Pte. Ltd. (“Acumen Diagnostics”). Acumen Diagnostics currently focuses on the manufacture, sale and distribution of COVID-19 diagnostic test kits, as well as COVID19 testing.  
The 10 least performing stocks of the 100 most traded Singapore stocks in 2021, over the past two sessions are tabled below.  



 
			 
			 
			 
			
			Total Return %
			
			 
		

Least Performers since 25 Nov among the 100 most actively traded stocks in 2021
			
			Code
			
			
			Price
			
			
			CCY
			
			
			Mon  29 Nov
			
			
			Since Thu 25 Nov
			
			
			Since 30 Sep
			
			
			Since 31 Dec 2020
			
			
			2020
			
			
			Sector
			
		


			SIA
			
			
			C6L
			
			
			4.910
			
			
			SGD
			
			
			-2.8
			
			
			-6.5
			
			
			-2.4
			
			
			14.7
			
			
			-32.8
			
			
			Industrials
			
		


			Far East H Trust
			
			
			Q5T
			
			
			0.585
			
			
			SGD
			
			
			-3.3
			
			
			-6.4
			
			
			-5.6
			
			
			-1.6
			
			
			-13.2
			
			
			REITs
			
		


			First REIT
			
			
			AW9U
			
			
			0.295
			
			
			SGD
			
			
			-1.7
			
			
			-6.3
			
			
			18.6
			
			
			51.5
			
			
			-74.6
			
			
			REITs
			
		


			ISDN
			
			
			I07
			
			
			0.695
			
			
			SGD
			
			
			0.0
			
			
			-6.1
			
			
			11.2
			
			
			73.4
			
			
			79.4
			
			
			Technology (Hardware/ Software)
			
		


			CDL H Trust
			
			
			J85
			
			
			1.130
			
			
			SGD
			
			
			-3.4
			
			
			-5.8
			
			
			8.7
			
			
			-7.6
			
			
			-17.8
			
			
			REITs
			
		


			Ascott Trust
			
			
			HMN
			
			
			1.000
			
			
			SGD
			
			
			-2.0
			
			
			-5.7
			
			
			8.1
			
			
			-3.2
			
			
			-17.8
			
			
			REITs
			
		


			Rex Intl
			
			
			5WH
			
			
			0.270
			
			
			SGD
			
			
			0.0
			
			
			-5.3
			
			
			28.6
			
			
			84.9
			
			
			-28.8
			
			
			Energy/ Oil &amp; Gas
			
		


			Geo Energy Res
			
			
			RE4
			
			
			0.275
			
			
			SGD
			
			
			0.0
			
			
			-5.2
			
			
			10.0
			
			
			78.7
			
			
			29.6
			
			
			Energy/ Oil &amp; Gas
			
		


			CapLand IntCom T
			
			
			C38U
			
			
			2.140
			
			
			SGD
			
			
			-2.3
			
			
			-4.9
			
			
			5.4
			
			
			2.3
			
			
			-7.9
			
			
			REITs
			
		


			Genting Sing
			
			
			G13
			
			
			0.790
			
			
			SGD
			
			
			-0.6
			
			
			-4.8
			
			
			9.7
			
			
			-6.0
			
			
			-4.7
			
			
			Consumer Cyclicals
			
		

 Source: SGX, Bloomberg, Refinitiv (Data as of 29 Nov, 5:15pm)



Medical Suppliers See a Surge in Trading as Markets React to Variant News 

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Medical Suppliers See a Surge in Trading as Markets React to Variant News

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