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.

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<ul>
<li>
SGX lists more than 200 stocks in the Industrials Sector. For 1Q 2019, the Industrials sector received net institutional inflows of S$92.3 million and chalked up a total return of +1.0%. 
	 </li>
	<li>
The 20 largest capitalised Industrial plays on SGX that report more than half their group revenues to the ASEAN region have a combined market cap of more than S$150 billion. 
	 </li>
	<li>In the 2019 YTD, the five largest and best-performing Industrials stocks with ASEAN exposure were: SBS Transit (+53.7%), Moya Holdings (+22.9%), ComfortDelGro (+21.9%), Chip Eng Seng (+21.2%), and Singapore Post (+16.5%).</li>
</ul>
Singapore Exchange lists more than 200 stocks in the Industrials Sector. For 1Q 2019, the Industrials sector received net institutional inflows of S$92.3 million – January and March saw net outflows of S$13.9 million and S$0.5 million respectively, while February received net inflows of S$106.7 million, according to SGX data. In terms of overall performance during the quarter, the sector registered a total return of +1.0%.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-04/Industrial%20Insti%20Flows.PNG" alt="Insti Flows (Industrials)">
 </figure>
 <div class="content-caption">Insti Flows (Industrials)</div>
20 Largest Best-Performers with ASEAN Exposure

The 20 largest capitalised Industrial plays on SGX that report more than half their group revenues to the ASEAN region (including Singapore) have a combined market capitalisation of more than S$150 billion.

These 20 stocks are categorised to the following sub-sectors: airport and transport services, environmental facilities and services, construction and engineering, air freight and logistics, building products, infrastructure, offshore and marine services, as well as human resources and employment services.

In the 2019 year-to-date, the five largest best performers among the 20 were: SBS Transit (+53.7%), Moya Holdings Asia (+22.9%), ComfortDelGro Corp (+21.9%), Chip Eng Seng Corp (+21.2%), and Singapore Post (+16.5%). These five stocks have averaged a total return of 27.2% in the YTD, bringing their one-year and three-year total returns to 9.6% and 45.3% respectively.

The tables below detail the 20 largest Industrials stocks on SGX with more than 50% revenue exposure to ASEAN, sorted by YTD total returns.

<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>
		</tr>
<tr>
<td>
			SBS TRANSIT LTD
			</td>
			<td>
			S61
			</td>
			<td>
			1,281
			</td>
			<td>
			53.7
			</td>
			<td>
			66.3
			</td>
			<td>
			98.1
			</td>
		</tr>
<tr>
<td>
			MOYA HOLDINGS
			</td>
			<td>
			5WE
			</td>
			<td>
			370
			</td>
			<td>
			22.9
			</td>
			<td>
			-17.3
			</td>
			<td>
			120.5
			</td>
		</tr>
<tr>
<td>
			COMFORTDELGRO CORP
			</td>
			<td>
			C52
			</td>
			<td>
			5,652
			</td>
			<td>
			21.9
			</td>
			<td>
			30.0
			</td>
			<td>
			5.2
			</td>
		</tr>
<tr>
<td>
			CHIP ENG SENG
			</td>
			<td>
			C29
			</td>
			<td>
			501
			</td>
			<td>
			21.2
			</td>
			<td>
			-14.0
			</td>
			<td>
			31.8
			</td>
		</tr>
<tr>
<td>
			SINGAPORE POST
			</td>
			<td>
			S08
			</td>
			<td>
			2,385
			</td>
			<td>
			16.5
			</td>
			<td>
			-17.3
			</td>
			<td>
			-29.2
			</td>
		</tr>
<tr>
<td>
			BOUSTEAD PROJECT
			</td>
			<td>
			AVM
			</td>
			<td>
			288
			</td>
			<td>
			15.2
			</td>
			<td>
			19.4
			</td>
			<td>
			49.6
			</td>
		</tr>
<tr>
<td>
			SATS LTD
			</td>
			<td>
			S58
			</td>
			<td>
			5,906
			</td>
			<td>
			13.9
			</td>
			<td>
			6.2
			</td>
			<td>
			48.1
			</td>
		</tr>
<tr>
<td>
			KSH HOLDINGS
			</td>
			<td>
			ER0
			</td>
			<td>
			325
			</td>
			<td>
			13.0
			</td>
			<td>
			-10.4
			</td>
			<td>
			49.5
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORP
			</td>
			<td>
			BN4
			</td>
			<td>
			12,101
			</td>
			<td>
			12.0
			</td>
			<td>
			-12.1
			</td>
			<td>
			29.1
			</td>
		</tr>
<tr>
<td>
			VICOM LTD
			</td>
			<td>
			V01
			</td>
			<td>
			591
			</td>
			<td>
			11.8
			</td>
			<td>
			15.2
			</td>
			<td>
			30.5
			</td>
		</tr>
<tr>
<td>
			SIA ENGINEERING
			</td>
			<td>
			S59
			</td>
			<td>
			2,798
			</td>
			<td>
			9.7
			</td>
			<td>
			-18.7
			</td>
			<td>
			-22.4
			</td>
		</tr>
<tr>
<td>
			LOW KENG HUAT
			</td>
			<td>
			F1E
			</td>
			<td>
			403
			</td>
			<td>
			6.9
			</td>
			<td>
			-12.9
			</td>
			<td>
			3.7
			</td>
		</tr>
<tr>
<td>
			BRC ASIA
			</td>
			<td>
			BEC
			</td>
			<td>
			302
			</td>
			<td>
			5.5
			</td>
			<td>
			-1.5
			</td>
			<td>
			127.6
			</td>
		</tr>
<tr>
<td>
			COSCO SHIPPING INTL
			</td>
			<td>
			F83
			</td>
			<td>
			773
			</td>
			<td>
			4.5
			</td>
			<td>
			-25.8
			</td>
			<td>
			4.5
			</td>
		</tr>
<tr>
<td>
			BONVESTS HLDGS
			</td>
			<td>
			B28
			</td>
			<td>
			522
			</td>
			<td>
			4.0
			</td>
			<td>
			3.6
			</td>
			<td>
			11.9
			</td>
		</tr>
<tr>
<td>
			KEPPEL T&amp;T
			</td>
			<td>
			K11
			</td>
			<td>
			1,064
			</td>
			<td>
			2.2
			</td>
			<td>
			25.4
			</td>
			<td>
			42.9
			</td>
		</tr>
<tr>
<td>
			JARDINE STRATEGIC
			</td>
			<td>
			J37
			</td>
			<td>
			55,655
			</td>
			<td>
			0.4
			</td>
			<td>
			-1.1
			</td>
			<td>
			24.9
			</td>
		</tr>
<tr>
<td>
			UNITED ENGINEERS
			</td>
			<td>
			U04
			</td>
			<td>
			1,607
			</td>
			<td>
			-0.4
			</td>
			<td>
			-2.4
			</td>
			<td>
			16.1
			</td>
		</tr>
<tr>
<td>
			HRNETGROUP LTD
			</td>
			<td>
			CHZ
			</td>
			<td>
			785
			</td>
			<td>
			-2.5
			</td>
			<td>
			10.0
			</td>
			<td>
			NA 
			</td>
		</tr>
<tr>
<td>
			JARDINE MATHESON
			</td>
			<td>
			J36
			</td>
			<td>
			63,027
			</td>
			<td>
			-7.7
			</td>
			<td>
			9.2
			</td>
			<td>
			17.2
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			11.2
			</td>
			<td>
			2.6
			</td>
			<td>
			34.7
			</td>
		</tr>
</tbody></table>
<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			FY Geo Seg Rev: SEAsia (%)
			</td>
			<td>
			P/E (x)
			</td>
			<td>
			P/B (x)
			</td>
			<td>
			Div Yld (%)
			</td>
			<td>
			ROE (%)
			</td>
		</tr>
<tr>
<td>
			SBS TRANSIT LTD
			</td>
			<td>
			S61
			</td>
			<td>
			100.0
			</td>
			<td>
			16.2
			</td>
			<td>
			1.7
			</td>
			<td>
			3.1
			</td>
			<td>
			16.9
			</td>
		</tr>
<tr>
<td>
			MOYA HOLDINGS
			</td>
			<td>
			5WE
			</td>
			<td>
			100.0
			</td>
			<td>
			10.9
			</td>
			<td>
			2.1
			</td>
			<td>
			0.0
			</td>
			<td>
			13.0
			</td>
		</tr>
<tr>
<td>
			COMFORTDELGRO CORP
			</td>
			<td>
			C52
			</td>
			<td>
			59.1
			</td>
			<td>
			18.7
			</td>
			<td>
			1.6
			</td>
			<td>
			4.0
			</td>
			<td>
			11.6
			</td>
		</tr>
<tr>
<td>
			CHIP ENG SENG
			</td>
			<td>
			C29
			</td>
			<td>
			81.5
			</td>
			<td>
			8.1
			</td>
			<td>
			0.8
			</td>
			<td>
			5.0
			</td>
			<td>
			7.9
			</td>
		</tr>
<tr>
<td>
			SINGAPORE POST
			</td>
			<td>
			S08
			</td>
			<td>
			52.6
			</td>
			<td>
			24.6
			</td>
			<td>
			1.6
			</td>
			<td>
			3.3
			</td>
			<td>
			6.0
			</td>
		</tr>
<tr>
<td>
			BOUSTEAD PROJECT
			</td>
			<td>
			AVM
			</td>
			<td>
			99.0
			</td>
			<td>
			9.7
			</td>
			<td>
			1.1
			</td>
			<td>
			1.6
			</td>
			<td>
			11.8
			</td>
		</tr>
<tr>
<td>
			SATS LTD
			</td>
			<td>
			S58
			</td>
			<td>
			82.5
			</td>
			<td>
			22.5
			</td>
			<td>
			3.7
			</td>
			<td>
			3.4
			</td>
			<td>
			16.5
			</td>
		</tr>
<tr>
<td>
			KSH HOLDINGS
			</td>
			<td>
			ER0
			</td>
			<td>
			95.6
			</td>
			<td>
			12.6
			</td>
			<td>
			1.3
			</td>
			<td>
			3.9
			</td>
			<td>
			7.7
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORP
			</td>
			<td>
			BN4
			</td>
			<td>
			73.3
			</td>
			<td>
			12.8
			</td>
			<td>
			1.2
			</td>
			<td>
			3.8
			</td>
			<td>
			8.3
			</td>
		</tr>
<tr>
<td>
			VICOM LTD
			</td>
			<td>
			V01
			</td>
			<td>
			100.0
			</td>
			<td>
			17.1
			</td>
			<td>
			3.5
			</td>
			<td>
			5.5
			</td>
			<td>
			23.2
			</td>
		</tr>
<tr>
<td>
			SIA ENGINEERING
			</td>
			<td>
			S59
			</td>
			<td>
			100.0
			</td>
			<td>
			16.8
			</td>
			<td>
			2.4
			</td>
			<td>
			4.8
			</td>
			<td>
			11.3
			</td>
		</tr>
<tr>
<td>
			LOW KENG HUAT
			</td>
			<td>
			F1E
			</td>
			<td>
			72.5
			</td>
			<td>
			26.1
			</td>
			<td>
			0.8
			</td>
			<td>
			2.8
			</td>
			<td>
			2.3
			</td>
		</tr>
<tr>
<td>
			BRC ASIA
			</td>
			<td>
			BEC
			</td>
			<td>
			100.0
			</td>
			<td>
			20.5
			</td>
			<td>
			1.9
			</td>
			<td>
			0.0
			</td>
			<td>
			7.5
			</td>
		</tr>
<tr>
<td>
			COSCO SHIPPING INTL
			</td>
			<td>
			F83
			</td>
			<td>
			100.0
			</td>
			<td>
			59.5
			</td>
			<td>
			1.6
			</td>
			<td>
			0.0
			</td>
			<td>
			2.5
			</td>
		</tr>
<tr>
<td>
			BONVESTS HLDGS
			</td>
			<td>
			B28
			</td>
			<td>
			67.2
			</td>
			<td>
			0.0
			</td>
			<td>
			0.6
			</td>
			<td>
			1.2
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			KEPPEL T&amp;T
			</td>
			<td>
			K11
			</td>
			<td>
			65.2
			</td>
			<td>
			16.3
			</td>
			<td>
			1.0
			</td>
			<td>
			1.8
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			JARDINE STRATEGIC
			</td>
			<td>
			J37
			</td>
			<td>
			71.6
			</td>
			<td>
			11.4
			</td>
			<td>
			1.4
			</td>
			<td>
			0.9
			</td>
			<td>
			5.9
			</td>
		</tr>
<tr>
<td>
			UNITED ENGINEERS
			</td>
			<td>
			U04
			</td>
			<td>
			58.0
			</td>
			<td>
			28.9
			</td>
			<td>
			0.9
			</td>
			<td>
			1.2
			</td>
			<td>
			2.9
			</td>
		</tr>
<tr>
<td>
			HRNETGROUP LTD
			</td>
			<td>
			CHZ
			</td>
			<td>
			73.7
			</td>
			<td>
			16.4
			</td>
			<td>
			2.5
			</td>
			<td>
			3.0
			</td>
			<td>
			14.9
			</td>
		</tr>
<tr>
<td>
			JARDINE MATHESON
			</td>
			<td>
			J36
			</td>
			<td>
			68.9
			</td>
			<td>
			13.8
			</td>
			<td>
			0.9
			</td>
			<td>
			2.7
			</td>
			<td>
			6.7
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			18.1
			</td>
			<td>
			1.6
			</td>
			<td>
			2.6
			</td>
			<td>
			8.8
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (12 April 2019)

ASEAN’s Bright Prospects

The <a href="https://asean.org/">Association of Southeast Asian Nations (ASEAN)</a> was set up in 1967 and initially included five member states: Indonesia, Malaysia, the Philippines, Singapore and Thailand. With the addition of Brunei (1984), Vietnam (1995), Lao People’s Democratic Republic (1997), Myanmar (1997), and Cambodia (1999), ASEAN’s membership has since expanded to 10.

ASEAN’s population of more than 640 million represents the third-most populous geographical region in the world, after South Asia and East Asia. Indonesia, the Philippines and Vietnam are the three most populous states, representing around 70% of the collective ASEAN population.

The regional bloc is now the world’s sixth-largest economy, with a gross domestic product (GDP) of nearly US$3 trillion. It is forecast to be the fourth-largest economy in the world by 2030, after the US, China and the EU, Singapore’s Prime Minister Lee Hsien Loong said in a speech last August.

In its Economic Outlook for Southeast Asia, China and India 2019 <a href="https://www.oecd.org/development/asia-pacific/01_SAEO2019_Overview_WEB.pdf">report</a>, the OECD Development Centre has projected an average GDP growth of 5.3% in 2019 for the 10-member bloc, with the highest growth rates – above 6% – likely to be experienced by Cambodia, Laos, Myanmar, the Philippines and Vietnam. Singapore is likely to register the lowest growth rate of 2.9%.

FocusEconomics has forecast GDP growth for ASEAN at 4.8% in 2019 – unchanged from its January forecast – and 4.8% again in 2020,  it said in a <a href="https://www.focus-economics.com/countries/asean/news/economic-snapshot-for-asean-1">report</a> published in February.

The research consultancy expects the ASEAN economies to continue expanding at a healthy pace, supported by wage gains, strong labour markets, infrastructure development and foreign direct investment inflows. Export growth is also likely to be brisk, albeit substantially lower than the stellar rates achieved in 2017 and 2018, it noted. Key downside risks include an escalation of the Sino-US trade war, as well as a faster-than-expected slowdown in China.
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SGX lists more than 200 stocks in the Industrials Sector. For 1Q 2019, the Industrials sector received net institutional inflows of S$92.3 million and chalked up a total return of +1.0%. 
	 
	
The 20 largest capitalised Industrial plays on SGX that report more than half their group revenues to the ASEAN region have a combined market cap of more than S$150 billion. 
	 
	In the 2019 YTD, the five largest and best-performing Industrials stocks with ASEAN exposure were: SBS Transit (+53.7%), Moya Holdings (+22.9%), ComfortDelGro (+21.9%), Chip Eng Seng (+21.2%), and Singapore Post (+16.5%).

Singapore Exchange lists more than 200 stocks in the Industrials Sector. For 1Q 2019, the Industrials sector received net institutional inflows of S$92.3 million – January and March saw net outflows of S$13.9 million and S$0.5 million respectively, while February received net inflows of S$106.7 million, according to SGX data. In terms of overall performance during the quarter, the sector registered a total return of +1.0%.

      
    
    Insti Flows (Industrials)
20 Largest Best-Performers with ASEAN Exposure

The 20 largest capitalised Industrial plays on SGX that report more than half their group revenues to the ASEAN region (including Singapore) have a combined market capitalisation of more than S$150 billion.

These 20 stocks are categorised to the following sub-sectors: airport and transport services, environmental facilities and services, construction and engineering, air freight and logistics, building products, infrastructure, offshore and marine services, as well as human resources and employment services.

In the 2019 year-to-date, the five largest best performers among the 20 were: SBS Transit (+53.7%), Moya Holdings Asia (+22.9%), ComfortDelGro Corp (+21.9%), Chip Eng Seng Corp (+21.2%), and Singapore Post (+16.5%). These five stocks have averaged a total return of 27.2% in the YTD, bringing their one-year and three-year total returns to 9.6% and 45.3% respectively.

The tables below detail the 20 largest Industrials stocks on SGX with more than 50% revenue exposure to ASEAN, sorted by YTD total returns.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
		


			SBS TRANSIT LTD
			
			
			S61
			
			
			1,281
			
			
			53.7
			
			
			66.3
			
			
			98.1
			
		


			MOYA HOLDINGS
			
			
			5WE
			
			
			370
			
			
			22.9
			
			
			-17.3
			
			
			120.5
			
		


			COMFORTDELGRO CORP
			
			
			C52
			
			
			5,652
			
			
			21.9
			
			
			30.0
			
			
			5.2
			
		


			CHIP ENG SENG
			
			
			C29
			
			
			501
			
			
			21.2
			
			
			-14.0
			
			
			31.8
			
		


			SINGAPORE POST
			
			
			S08
			
			
			2,385
			
			
			16.5
			
			
			-17.3
			
			
			-29.2
			
		


			BOUSTEAD PROJECT
			
			
			AVM
			
			
			288
			
			
			15.2
			
			
			19.4
			
			
			49.6
			
		


			SATS LTD
			
			
			S58
			
			
			5,906
			
			
			13.9
			
			
			6.2
			
			
			48.1
			
		


			KSH HOLDINGS
			
			
			ER0
			
			
			325
			
			
			13.0
			
			
			-10.4
			
			
			49.5
			
		


			KEPPEL CORP
			
			
			BN4
			
			
			12,101
			
			
			12.0
			
			
			-12.1
			
			
			29.1
			
		


			VICOM LTD
			
			
			V01
			
			
			591
			
			
			11.8
			
			
			15.2
			
			
			30.5
			
		


			SIA ENGINEERING
			
			
			S59
			
			
			2,798
			
			
			9.7
			
			
			-18.7
			
			
			-22.4
			
		


			LOW KENG HUAT
			
			
			F1E
			
			
			403
			
			
			6.9
			
			
			-12.9
			
			
			3.7
			
		


			BRC ASIA
			
			
			BEC
			
			
			302
			
			
			5.5
			
			
			-1.5
			
			
			127.6
			
		


			COSCO SHIPPING INTL
			
			
			F83
			
			
			773
			
			
			4.5
			
			
			-25.8
			
			
			4.5
			
		


			BONVESTS HLDGS
			
			
			B28
			
			
			522
			
			
			4.0
			
			
			3.6
			
			
			11.9
			
		


			KEPPEL T&amp;T
			
			
			K11
			
			
			1,064
			
			
			2.2
			
			
			25.4
			
			
			42.9
			
		


			JARDINE STRATEGIC
			
			
			J37
			
			
			55,655
			
			
			0.4
			
			
			-1.1
			
			
			24.9
			
		


			UNITED ENGINEERS
			
			
			U04
			
			
			1,607
			
			
			-0.4
			
			
			-2.4
			
			
			16.1
			
		


			HRNETGROUP LTD
			
			
			CHZ
			
			
			785
			
			
			-2.5
			
			
			10.0
			
			
			NA 
			
		


			JARDINE MATHESON
			
			
			J36
			
			
			63,027
			
			
			-7.7
			
			
			9.2
			
			
			17.2
			
		


			Average
			
			
			 
			
			
			 
			
			
			11.2
			
			
			2.6
			
			
			34.7
			
		




			Name
			
			
			SGX Code
			
			
			FY Geo Seg Rev: SEAsia (%)
			
			
			P/E (x)
			
			
			P/B (x)
			
			
			Div Yld (%)
			
			
			ROE (%)
			
		


			SBS TRANSIT LTD
			
			
			S61
			
			
			100.0
			
			
			16.2
			
			
			1.7
			
			
			3.1
			
			
			16.9
			
		


			MOYA HOLDINGS
			
			
			5WE
			
			
			100.0
			
			
			10.9
			
			
			2.1
			
			
			0.0
			
			
			13.0
			
		


			COMFORTDELGRO CORP
			
			
			C52
			
			
			59.1
			
			
			18.7
			
			
			1.6
			
			
			4.0
			
			
			11.6
			
		


			CHIP ENG SENG
			
			
			C29
			
			
			81.5
			
			
			8.1
			
			
			0.8
			
			
			5.0
			
			
			7.9
			
		


			SINGAPORE POST
			
			
			S08
			
			
			52.6
			
			
			24.6
			
			
			1.6
			
			
			3.3
			
			
			6.0
			
		


			BOUSTEAD PROJECT
			
			
			AVM
			
			
			99.0
			
			
			9.7
			
			
			1.1
			
			
			1.6
			
			
			11.8
			
		


			SATS LTD
			
			
			S58
			
			
			82.5
			
			
			22.5
			
			
			3.7
			
			
			3.4
			
			
			16.5
			
		


			KSH HOLDINGS
			
			
			ER0
			
			
			95.6
			
			
			12.6
			
			
			1.3
			
			
			3.9
			
			
			7.7
			
		


			KEPPEL CORP
			
			
			BN4
			
			
			73.3
			
			
			12.8
			
			
			1.2
			
			
			3.8
			
			
			8.3
			
		


			VICOM LTD
			
			
			V01
			
			
			100.0
			
			
			17.1
			
			
			3.5
			
			
			5.5
			
			
			23.2
			
		


			SIA ENGINEERING
			
			
			S59
			
			
			100.0
			
			
			16.8
			
			
			2.4
			
			
			4.8
			
			
			11.3
			
		


			LOW KENG HUAT
			
			
			F1E
			
			
			72.5
			
			
			26.1
			
			
			0.8
			
			
			2.8
			
			
			2.3
			
		


			BRC ASIA
			
			
			BEC
			
			
			100.0
			
			
			20.5
			
			
			1.9
			
			
			0.0
			
			
			7.5
			
		


			COSCO SHIPPING INTL
			
			
			F83
			
			
			100.0
			
			
			59.5
			
			
			1.6
			
			
			0.0
			
			
			2.5
			
		


			BONVESTS HLDGS
			
			
			B28
			
			
			67.2
			
			
			0.0
			
			
			0.6
			
			
			1.2
			
			
			0.0
			
		


			KEPPEL T&amp;T
			
			
			K11
			
			
			65.2
			
			
			16.3
			
			
			1.0
			
			
			1.8
			
			
			0.0
			
		


			JARDINE STRATEGIC
			
			
			J37
			
			
			71.6
			
			
			11.4
			
			
			1.4
			
			
			0.9
			
			
			5.9
			
		


			UNITED ENGINEERS
			
			
			U04
			
			
			58.0
			
			
			28.9
			
			
			0.9
			
			
			1.2
			
			
			2.9
			
		


			HRNETGROUP LTD
			
			
			CHZ
			
			
			73.7
			
			
			16.4
			
			
			2.5
			
			
			3.0
			
			
			14.9
			
		


			JARDINE MATHESON
			
			
			J36
			
			
			68.9
			
			
			13.8
			
			
			0.9
			
			
			2.7
			
			
			6.7
			
		


			Average
			
			
			 
			
			
			 
			
			
			18.1
			
			
			1.6
			
			
			2.6
			
			
			8.8
			
		

Source: Bloomberg &amp; StockFacts (12 April 2019)

ASEAN’s Bright Prospects

The Association of Southeast Asian Nations (ASEAN) was set up in 1967 and initially included five member states: Indonesia, Malaysia, the Philippines, Singapore and Thailand. With the addition of Brunei (1984), Vietnam (1995), Lao People’s Democratic Republic (1997), Myanmar (1997), and Cambodia (1999), ASEAN’s membership has since expanded to 10.

ASEAN’s population of more than 640 million represents the third-most populous geographical region in the world, after South Asia and East Asia. Indonesia, the Philippines and Vietnam are the three most populous states, representing around 70% of the collective ASEAN population.

The regional bloc is now the world’s sixth-largest economy, with a gross domestic product (GDP) of nearly US$3 trillion. It is forecast to be the fourth-largest economy in the world by 2030, after the US, China and the EU, Singapore’s Prime Minister Lee Hsien Loong said in a speech last August.

In its Economic Outlook for Southeast Asia, China and India 2019 report, the OECD Development Centre has projected an average GDP growth of 5.3% in 2019 for the 10-member bloc, with the highest growth rates – above 6% – likely to be experienced by Cambodia, Laos, Myanmar, the Philippines and Vietnam. Singapore is likely to register the lowest growth rate of 2.9%.

FocusEconomics has forecast GDP growth for ASEAN at 4.8% in 2019 – unchanged from its January forecast – and 4.8% again in 2020,  it said in a report published in February.

The research consultancy expects the ASEAN economies to continue expanding at a healthy pace, supported by wage gains, strong labour markets, infrastructure development and foreign direct investment inflows. Export growth is also likely to be brisk, albeit substantially lower than the stellar rates achieved in 2017 and 2018, it noted. Key downside risks include an escalation of the Sino-US trade war, as well as a faster-than-expected slowdown in China.



Highlights of Largest Industrials Stocks With ASEAN Exposure

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