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.

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
In June 2019, 25 primary-listed stocks on SGX repurchased close to 40 million shares with a total consideration of S$55 million. This was down from S$123 million in May 2019 and down from S$174 million in June 2018. 
	 </li>
	<li>
After 13 stocks commenced new buyback mandates in May, seven stocks commenced new buybacks in the month of June 2019:  Boustead Singapore, Telechoice International, KSH Holdings, CDW Holding, Goodland Group, Global Palm Resources Holdings and Straco Corporation. 
	 </li>
	<li>Buyback consideration was led by OCBC &amp; DBS. The current mandate has seen DBS buy back 0.121% of its shares &amp; OCBC buy back 0.118% as of 30 June. The previous year mandate saw DBS buy back 0.478% and OCBC buy back 0.378% of its shares.</li>
</ul>
Total share buyback consideration for the month of June 2019 totaled S$55.1 million. There were 25 SGX-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 37.5 million shares or units.

The S$55.1 million in buyback consideration was less than the buyback consideration of S$123.1 million filed in May 2019 (click <a href="https://www2.sgx.com/research-education/market-updates/20190603-may-share-buyback-consideration-s123m-9-month-high">here</a> for more) and more similar to the average total monthly consideration of S$58 million over the preceding six months.

Last month, the Straits Times Index (“STI”) recovered 6.5%, retracing much of the ground lost in May which saw a 7.0% decline in total return. As discussed <a href="http://edm.sgx.com/a/hBdGeCvB86%24MfB9y77MAAApi2Gw/link1?t_params=DR0Q7IvW39xpsce5NsVVGSWaA5UEBTEA796wfcx9xSUWx0hJ5bhLD8FYfi-2oS4bJOnNRK8WgqJrNDmTPmJOykBpKcP">here</a> June’s gains took the STI total return for the first six months of 2019 to 10.5%. This was in-line with the region with the FTSE All-Share ASEAN Index which gained 10.2% and the FTSE Asia Pacific Index which gained 9.6%.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-07/Monthly%20Share%20Buyback%20Consideration%20%26%20STI%20Month-End%20Levels.JPG" alt="Monthly Share Buyback Consideration &amp; STI Month-End Levels">
 </figure>
 <div class="content-caption">Monthly Share Buyback Consideration &amp; STI Month-End Levels</div>
Seven Stocks Commenced New Mandates Commenced in June 2019 

The table below summarises the buyback considerations in June 2019. The table is sorted by the value of the total consideration amount for the month, which combines the amount of shares or units purchased and the purchasing price of the transactions. The seven stocks that commenced new mandates are highlighted in Bold.

<table class="table table-striped"><tbody>
<tr>
<td>
			Stocks
			</td>
			<td>
			Max of Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			June 2019 Total Number of Shares/units Purchased
			</td>
			<td>
			June 2019 Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date*
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION
			</td>
			<td>
			212,257,935
			</td>
			<td>
			2,250,000
			</td>
			<td>
			$24,753,300
			</td>
			<td>
			5,030,000
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			51,165,438
			</td>
			<td>
			500,000
			</td>
			<td>
			$12,056,286
			</td>
			<td>
			3,100,000
			</td>
		</tr>
<tr>
<td>
			OLAM INTERNATIONAL
			</td>
			<td>
			159,528,593
			</td>
			<td>
			2,437,300
			</td>
			<td>
			$4,673,113
			</td>
			<td>
			2,547,900
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT MANAGEMENT
			</td>
			<td>
			170,210,715
			</td>
			<td>
			3,350,000
			</td>
			<td>
			$4,165,898
			</td>
			<td>
			9,740,700
			</td>
		</tr>
<tr>
<td>
			STAMFORD LAND CORPORATION
			</td>
			<td>
			86,408,798
			</td>
			<td>
			5,368,200
			</td>
			<td>
			$2,561,500
			</td>
			<td>
			43,346,700
			</td>
		</tr>
<tr>
<td>
			BOUSTEAD SINGAPORE 
			</td>
			<td>
			49,298,483
			</td>
			<td>
			3,298,300
			</td>
			<td>
			$2,544,854
			</td>
			<td>
			3,298,300
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			168,741,864
			</td>
			<td>
			12,331,600
			</td>
			<td>
			$1,643,505
			</td>
			<td>
			24,610,300
			</td>
		</tr>
<tr>
<td>
			TELECHOICE INTERNATIONAL 
			</td>
			<td>
			45,438,718
			</td>
			<td>
			2,600,000
			</td>
			<td>
			$573,952
			</td>
			<td>
			2,600,000
			</td>
		</tr>
<tr>
<td>
			KSH HOLDINGS 
			</td>
			<td>
			56,973,564
			</td>
			<td>
			1,100,000
			</td>
			<td>
			$468,220
			</td>
			<td>
			1,100,000
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			107,164,240
			</td>
			<td>
			31,900
			</td>
			<td>
			$235,291
			</td>
			<td>
			910,748
			</td>
		</tr>
<tr>
<td>
			SINGAPORE SHIPPING CORPORATION
			</td>
			<td>
			43,701,979
			</td>
			<td>
			698,400
			</td>
			<td>
			$200,179
			</td>
			<td>
			12,520,200
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			27,096,300
			</td>
			<td>
			200,000
			</td>
			<td>
			$185,124
			</td>
			<td>
			1,100,000
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,620,496
			</td>
			<td>
			480,000
			</td>
			<td>
			$172,237
			</td>
			<td>
			2,795,000
			</td>
		</tr>
<tr>
<td>
			KOUFU GROUP
			</td>
			<td>
			55,516,300
			</td>
			<td>
			249,300
			</td>
			<td>
			$170,066
			</td>
			<td>
			349,300
			</td>
		</tr>
<tr>
<td>
			JUMBO GROUP
			</td>
			<td>
			64,109,130
			</td>
			<td>
			411,000
			</td>
			<td>
			$154,196
			</td>
			<td>
			503,300
			</td>
		</tr>
<tr>
<td>
			GRP
			</td>
			<td>
			19,370,161
			</td>
			<td>
			763,000
			</td>
			<td>
			$153,319
			</td>
			<td>
			1,707,200
			</td>
		</tr>
<tr>
<td>
			CDW HOLDING 
			</td>
			<td>
			22,724,200
			</td>
			<td>
			641,800
			</td>
			<td>
			$117,687
			</td>
			<td>
			641,800
			</td>
		</tr>
<tr>
<td>
			RAFFLES MEDICAL GROUP
			</td>
			<td>
			179,835,340
			</td>
			<td>
			100,000
			</td>
			<td>
			$101,151
			</td>
			<td>
			200,000
			</td>
		</tr>
<tr>
<td>
			GOODLAND GROUP 
			</td>
			<td>
			36,059,491
			</td>
			<td>
			330,000
			</td>
			<td>
			$63,307
			</td>
			<td>
			330,000
			</td>
		</tr>
<tr>
<td>
			NORDIC GROUP
			</td>
			<td>
			39,251,910
			</td>
			<td>
			138,500
			</td>
			<td>
			$39,865
			</td>
			<td>
			615,600
			</td>
		</tr>
<tr>
<td>
			THE STRAITS TRADING COMPANY
			</td>
			<td>
			40,767,817
			</td>
			<td>
			16,800
			</td>
			<td>
			$36,588
			</td>
			<td>
			92,400
			</td>
		</tr>
<tr>
<td>
			JAPFA
			</td>
			<td>
			186,466,879
			</td>
			<td>
			57,200
			</td>
			<td>
			$29,051
			</td>
			<td>
			912,700
			</td>
		</tr>
<tr>
<td>
			GLOBAL PALM RESOURCES HOLDINGS 
			</td>
			<td>
			19,600,350
			</td>
			<td>
			90,200
			</td>
			<td>
			$18,929
			</td>
			<td>
			90,200
			</td>
		</tr>
<tr>
<td>
			STRACO CORPORATION 
			</td>
			<td>
			86,411,428
			</td>
			<td>
			17,000
			</td>
			<td>
			$12,932
			</td>
			<td>
			17,000
			</td>
		</tr>
<tr>
<td>
			CHEUNG WOH TECHNOLOGIES
			</td>
			<td>
			30,221,180
			</td>
			<td>
			40,000
			</td>
			<td>
			$5,045
			</td>
			<td>
			318,900
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			                  37,500,500 
			</td>
			<td>
			$55,135,597
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
*Percentage of company’s issued shares excluding treasury shares as at the date of the share buyback resolutions.   
Source: SGX May Gateway (Data as of 30 June 2019)

Share buyback transactions involve share issuers repurchasing some of their outstanding shares from shareholders through the open market. Once the shares are bought back, they will be converted into treasury shares, which means they are no longer categorised as shares outstanding. Other motivations for share buybacks include companies moving to align stock valuations with balance sheet objectives.

The date of the relevant share buyback mandate is also provided in the table above, in addition to the amount of shares authorised to be bought back under the mandate. The total number of shares purchased under the mandate and the percentage of the companies that issued shares that have been repurchased under the mandate are also provided.

Share buyback information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market (click <a href="http://www.sgx.com/wps/portal/sgxweb/home/company_disclosure/company_announcements">here</a>). As best practice, companies should refrain from buying back their shares during the two weeks immediately before its quarterly financial statements and one month immediately before the full-year financial statements.
</body></html>





In June 2019, 25 primary-listed stocks on SGX repurchased close to 40 million shares with a total consideration of S$55 million. This was down from S$123 million in May 2019 and down from S$174 million in June 2018. 
	 
	
After 13 stocks commenced new buyback mandates in May, seven stocks commenced new buybacks in the month of June 2019:  Boustead Singapore, Telechoice International, KSH Holdings, CDW Holding, Goodland Group, Global Palm Resources Holdings and Straco Corporation.  
	 
	Buyback consideration was led by OCBC &amp; DBS. The current mandate has seen DBS buy back 0.121% of its shares &amp; OCBC buy back 0.118% as of 30 June. The previous year mandate saw DBS buy back 0.478% and OCBC buy back 0.378% of its shares.

Total share buyback consideration for the month of June 2019 totaled S$55.1 million. There were 25 SGX-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 37.5 million shares or units.

The S$55.1 million in buyback consideration was less than the buyback consideration of S$123.1 million filed in May 2019 (click here for more) and more similar to the average total monthly consideration of S$58 million over the preceding six months.

Last month, the Straits Times Index (“STI”) recovered 6.5%, retracing much of the ground lost in May which saw a 7.0% decline in total return. As discussed here June’s gains took the STI total return for the first six months of 2019 to 10.5%. This was in-line with the region with the FTSE All-Share ASEAN Index which gained 10.2% and the FTSE Asia Pacific Index which gained 9.6%.

      
    
    Monthly Share Buyback Consideration &amp; STI Month-End Levels
Seven Stocks Commenced New Mandates Commenced in June 2019 

The table below summarises the buyback considerations in June 2019. The table is sorted by the value of the total consideration amount for the month, which combines the amount of shares or units purchased and the purchasing price of the transactions. The seven stocks that commenced new mandates are highlighted in Bold.




			Stocks
			
			
			Max of Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			June 2019 Total Number of Shares/units Purchased
			
			
			June 2019 Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			
			
			Cumulative Number of Shares/units purchased in Mandate to date*
			
		


			OVERSEA-CHINESE BANKING CORPORATION
			
			
			212,257,935
			
			
			2,250,000
			
			
			$24,753,300
			
			
			5,030,000
			
		


			DBS GROUP HOLDINGS
			
			
			51,165,438
			
			
			500,000
			
			
			$12,056,286
			
			
			3,100,000
			
		


			OLAM INTERNATIONAL
			
			
			159,528,593
			
			
			2,437,300
			
			
			$4,673,113
			
			
			2,547,900
			
		


			KEPPEL REIT MANAGEMENT
			
			
			170,210,715
			
			
			3,350,000
			
			
			$4,165,898
			
			
			9,740,700
			
		


			STAMFORD LAND CORPORATION
			
			
			86,408,798
			
			
			5,368,200
			
			
			$2,561,500
			
			
			43,346,700
			
		


			BOUSTEAD SINGAPORE 
			
			
			49,298,483
			
			
			3,298,300
			
			
			$2,544,854
			
			
			3,298,300
			
		


			GLOBAL INVESTMENTS
			
			
			168,741,864
			
			
			12,331,600
			
			
			$1,643,505
			
			
			24,610,300
			
		


			TELECHOICE INTERNATIONAL 
			
			
			45,438,718
			
			
			2,600,000
			
			
			$573,952
			
			
			2,600,000
			
		


			KSH HOLDINGS 
			
			
			56,973,564
			
			
			1,100,000
			
			
			$468,220
			
			
			1,100,000
			
		


			SINGAPORE EXCHANGE
			
			
			107,164,240
			
			
			31,900
			
			
			$235,291
			
			
			910,748
			
		


			SINGAPORE SHIPPING CORPORATION
			
			
			43,701,979
			
			
			698,400
			
			
			$200,179
			
			
			12,520,200
			
		


			AEM HOLDINGS
			
			
			27,096,300
			
			
			200,000
			
			
			$185,124
			
			
			1,100,000
			
		


			TUAN SING HOLDINGS
			
			
			118,620,496
			
			
			480,000
			
			
			$172,237
			
			
			2,795,000
			
		


			KOUFU GROUP
			
			
			55,516,300
			
			
			249,300
			
			
			$170,066
			
			
			349,300
			
		


			JUMBO GROUP
			
			
			64,109,130
			
			
			411,000
			
			
			$154,196
			
			
			503,300
			
		


			GRP
			
			
			19,370,161
			
			
			763,000
			
			
			$153,319
			
			
			1,707,200
			
		


			CDW HOLDING 
			
			
			22,724,200
			
			
			641,800
			
			
			$117,687
			
			
			641,800
			
		


			RAFFLES MEDICAL GROUP
			
			
			179,835,340
			
			
			100,000
			
			
			$101,151
			
			
			200,000
			
		


			GOODLAND GROUP 
			
			
			36,059,491
			
			
			330,000
			
			
			$63,307
			
			
			330,000
			
		


			NORDIC GROUP
			
			
			39,251,910
			
			
			138,500
			
			
			$39,865
			
			
			615,600
			
		


			THE STRAITS TRADING COMPANY
			
			
			40,767,817
			
			
			16,800
			
			
			$36,588
			
			
			92,400
			
		


			JAPFA
			
			
			186,466,879
			
			
			57,200
			
			
			$29,051
			
			
			912,700
			
		


			GLOBAL PALM RESOURCES HOLDINGS 
			
			
			19,600,350
			
			
			90,200
			
			
			$18,929
			
			
			90,200
			
		


			STRACO CORPORATION 
			
			
			86,411,428
			
			
			17,000
			
			
			$12,932
			
			
			17,000
			
		


			CHEUNG WOH TECHNOLOGIES
			
			
			30,221,180
			
			
			40,000
			
			
			$5,045
			
			
			318,900
			
		


			Total
			
			
			 
			
			
			                  37,500,500 
			
			
			$55,135,597
			
			
			 
			
		

*Percentage of company’s issued shares excluding treasury shares as at the date of the share buyback resolutions.   
Source: SGX May Gateway (Data as of 30 June 2019)

Share buyback transactions involve share issuers repurchasing some of their outstanding shares from shareholders through the open market. Once the shares are bought back, they will be converted into treasury shares, which means they are no longer categorised as shares outstanding. Other motivations for share buybacks include companies moving to align stock valuations with balance sheet objectives.

The date of the relevant share buyback mandate is also provided in the table above, in addition to the amount of shares authorised to be bought back under the mandate. The total number of shares purchased under the mandate and the percentage of the companies that issued shares that have been repurchased under the mandate are also provided.

Share buyback information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market (click here). As best practice, companies should refrain from buying back their shares during the two weeks immediately before its quarterly financial statements and one month immediately before the full-year financial statements.



25 Companies Conducted Share Buybacks in June   

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

In this month’s “In-Focus” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the potential fallout from a protracted Sino-US trade war. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

   In this month’s “In-Focus” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the potential fallout from a protracted Sino-US trade war.    The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Vulnerability Of Asian Credit Market To External Shocks (2019) - Lucror Analytics

The Asia HY Trade Recommendations report for June includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for June includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - June 2019 - Lucror Analytics





Real Estate, Manufacturing and Food &amp; Beverage stocks made up close to half of Singapore’s top 200 stocks by turnover in the first 5 months of 2019. The stocks representing tech–laden Manufacturing were the best performers in 2019 YTD and preceding two years, with F&amp;B the best performer in 2016. 
	 
	
Distinct drivers of the three sectors included interest rate outlooks and property prices for Real Estate, technological advancements, value chain integration and global trade for Manufacturing while incomes, tastes, preferences and tourism drove Food &amp; Beverage sales.  
	 
	
Real estate stocks showed the most consistency in returns, with the least standard deviation amongst the individual stock performances, followed by food &amp; beverage stocks, with the individual manufacturing stocks showing the most performance deviation in past years.  
	 
	Returns amongst the relevant 23 manufacturing stocks have been more constant in the 2019 YTD, with the 18% average total return generated by  19 gainers and four decliners, and a median total return of 19%. Hi-P Int, Frencken &amp; Sunpower led the manufacturers over the 23 weeks. 

As 2019 rapidly approaches the halftime mark of 30 June, clear drivers of investor sentiment in the year thus far have included concerns of global growth deceleration at home and abroad, resumption of trade frictions amongst the world’s two largest economies in early May, and a more dovish outlook for US interest rates.

In Singapore, the Straits Times index (“STI”) has generated  a total return of 6.8% in the 2019 year-to-date, in-line with the FTSE ASEAN All Share Index which has gained 7.4%. 

Looking beyond the STI, the 200 most actively traded stocks have generated an average total return of 8.0%. This does not include the average total returns of RHT Health Trust, Memtech International and Indofood Agri Resources which averaged 89.2% gains on premium cash offers for these businesses.

60 Real Estate Stocks Amongst Top 200 Stocks by Turnover 

Singapore’s strong property and infrastructure fundamentals have provided beachheads for Singapore’s listed Real Estate Sector. For the first five months of 2019, the 60 Real Estate stocks amongst the 200 most active traded stocks by turnover accounted for the most day-to-day market turnover, which was followed by Financial Services. As discussed recently (click here) this year Singapore REITs have attracted investment flows from global funds which has included private equity funds.

The 23 manufacturing stocks that were amongst the 200 stocks by turnover accounted for the most day-to-day turnover after the 11 financial services stocks. After Real Estate’s 60 stocks, the 23 manufacturing stocks led by the likes of Yangzijiang Shipbuilding, Venture Corporation and Singapore Tech Engineering, contributed the next most number of stocks in the top 200 by turnover. Note these manufacturing stocks do not include Food Manufacturers or Processors, and span diverse business from advanced electronics to healthcare products.

With Food and Beverage (“F&amp;B”) contributing 14 stocks to the top 200 by turnover, and the next highest number of stocks after Manufacturing, the three sectors of Real Estate, Manufacturing and F&amp;B together made up 97 stocks. This was close to half the top 200 stocks by turnover. The average total returns of the three genres of stocks over recent years are illustrated in the chart below. 

      
    
    Total Returns of Three Genres
The average total returns illustrated above were built on various levels of consistency across the performances of each of the Sector’s stocks. For instance, the 60 real estate stocks showed the most consistency, with the least standard deviation amongst the individual stock performances in all four time periods.

This was followed by F&amp;B, which saw more consistency in the performances across its relevant 14 stocks than Manufacturing over the past three years ending 2018. As noted above, Singapore manufacturing stocks span a wide range of industries, with the diversification exponentiated by the geographical reach of these businesses. This was a contributing factor to the individual manufacturing stocks showing the most performance deviation over the preceding three years.  However, in the 2019 year to date, performances across manufacturing stocks have seen marginally less deviation than the F&amp;B stocks. 

The comparative performances of the relevant stocks are tabled below, with each table sorted by stocks with the most turnover over the first five months of 2019.  The 60 real estate stocks maintain a combined market capitalisation of S$175 billion, the 23 manufacturing stocks maintain a total market capitalisation of S$35 billion and the 14 F&amp;B stocks maintain a total market capitalisation of S$60 billion. Note the designated F&amp;B stocks do not include Palm Oil producers.




			Real Estate
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			4.6
			
			
			27.4
			
			
			0.3
			
			
			18.7
			
		


			CAPITALAND
			
			
			C31
			
			
			-7.2
			
			
			20.1
			
			
			-9.0
			
			
			13.4
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			16.6
			
			
			42.1
			
			
			-5.0
			
			
			19.3
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			3.0
			
			
			19.5
			
			
			12.7
			
			
			16.3
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			10.8
			
			
			38.7
			
			
			1.5
			
			
			24.9
			
		


			HONGKONG LAND HOLDINGS
			
			
			H78
			
			
			-4.8
			
			
			5.5
			
			
			-6.1
			
			
			10.8
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			10.3
			
			
			53.1
			
			
			-33.8
			
			
			12.9
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			13.2
			
			
			37.6
			
			
			-12.8
			
			
			9.5
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			14.9
			
			
			23.0
			
			
			7.6
			
			
			25.5
			
		


			UOL GROUP
			
			
			U14
			
			
			-1.5
			
			
			51.2
			
			
			-28.8
			
			
			18.7
			
		


			MAPLETREE NORTH ASIA COMMERC
			
			
			RW0U
			
			
			11.7
			
			
			38.3
			
			
			-1.1
			
			
			22.9
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			17.0
			
			
			30.1
			
			
			-5.2
			
			
			11.3
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			15.8
			
			
			32.2
			
			
			-0.7
			
			
			15.5
			
		


			FRASERS LOGISTICS &amp; INDUSTRI
			
			
			BUOU
			
			
			0.0
			
			
			34.0
			
			
			-4.2
			
			
			19.1
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			26.1
			
			
			27.0
			
			
			-0.7
			
			
			24.6
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			9.1
			
			
			24.8
			
			
			2.2
			
			
			20.3
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2.4
			
			
			20.2
			
			
			-6.1
			
			
			22.6
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			7.0
			
			
			27.1
			
			
			-1.7
			
			
			17.7
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			8.7
			
			
			39.9
			
			
			-8.6
			
			
			13.6
			
		


			YANLORD LAND GROUP
			
			
			Z25
			
			
			33.1
			
			
			25.6
			
			
			-21.6
			
			
			7.9
			
		


			CAPITALAND RETAIL CHINA TRUS
			
			
			AU8U
			
			
			-1.0
			
			
			29.4
			
			
			-12.5
			
			
			16.3
			
		


			ESR-REIT
			
			
			J91U
			
			
			3.6
			
			
			12.0
			
			
			-1.8
			
			
			12.7
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			0.0
			
			
			0.0
			
			
			-13.3
			
			
			16.0
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			4.7
			
			
			11.6
			
			
			-6.5
			
			
			13.7
			
		


			YING LI INTERNATIONAL REAL E
			
			
			5DM
			
			
			-10.2
			
			
			1.3
			
			
			-23.2
			
			
			20.7
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			-3.5
			
			
			19.0
			
			
			-12.2
			
			
			12.4
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			-3.1
			
			
			27.9
			
			
			-10.8
			
			
			9.8
			
		


			MANULIFE US REAL ESTATE INV
			
			
			BTOU
			
			
			0.0
			
			
			18.3
			
			
			-7.2
			
			
			18.5
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			23.3
			
			
			19.1
			
			
			0.2
			
			
			27.7
			
		


			OUE HOSPITALITY TRUST
			
			
			SK7
			
			
			-1.1
			
			
			38.2
			
			
			-16.0
			
			
			6.6
			
		


			SASSEUR REAL ESTATE INVESTME
			
			
			CRPU
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			31.7
			
		


			OXLEY HOLDINGS
			
			
			5UX
			
			
			1.0
			
			
			71.9
			
			
			-44.7
			
			
			8.0
			
		


			SPH REIT
			
			
			SK6U
			
			
			5.4
			
			
			16.8
			
			
			0.6
			
			
			7.8
			
		


			APAC REALTY
			
			
			CLN
			
			
			0.0
			
			
			0.0
			
			
			-46.4
			
			
			27.8
			
		


			HONG FOK CORP
			
			
			H30
			
			
			-2.4
			
			
			38.2
			
			
			-19.9
			
			
			23.9
			
		


			ASCENDAS HOSPITALITY TRUST
			
			
			Q1P
			
			
			2.9
			
			
			30.8
			
			
			-3.6
			
			
			25.8
			
		


			LIPPO MALLS INDONESIA RETAIL
			
			
			D5IU
			
			
			27.3
			
			
			17.5
			
			
			-50.6
			
			
			28.6
			
		


			WING TAI HOLDINGS
			
			
			W05
			
			
			-6.1
			
			
			47.1
			
			
			-11.8
			
			
			5.2
			
		


			KEPPEL-KBS US REIT
			
			
			CMOU
			
			
			0.0
			
			
			0.0
			
			
			-23.9
			
			
			28.3
			
		


			FRASERS HOSPITALITY TRUST
			
			
			ACV
			
			
			-1.8
			
			
			29.3
			
			
			-4.7
			
			
			4.6
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			3.4
			
			
			13.5
			
			
			3.9
			
			
			10.1
			
		


			ACCORDIA GOLF TRUST
			
			
			ADQU
			
			
			31.0
			
			
			17.0
			
			
			-21.1
			
			
			11.1
			
		


			OUE COMMERCIAL REAL ESTATE I
			
			
			TS0U
			
			
			14.6
			
			
			11.0
			
			
			-22.6
			
			
			9.3
			
		


			SOILBUILD BUSINESS SPACE REI
			
			
			SV3U
			
			
			-8.7
			
			
			14.2
			
			
			-6.2
			
			
			8.9
			
		


			OUE
			
			
			LJ3
			
			
			0.5
			
			
			8.2
			
			
			-22.2
			
			
			12.2
			
		


			FRASERS PROPERTY
			
			
			TQ5
			
			
			-1.2
			
			
			39.0
			
			
			-17.4
			
			
			15.1
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			-33.5
			
			
			12.2
			
			
			6.8
			
			
			18.2
			
		


			TUAN SING HOLDINGS
			
			
			T24
			
			
			-10.6
			
			
			60.8
			
			
			-18.9
			
			
			2.3
			
		


			GUOCOLAND
			
			
			F17
			
			
			4.4
			
			
			28.1
			
			
			-16.3
			
			
			10.0
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			0.0
			
			
			8.0
			
			
			-1.2
			
			
			16.1
			
		


			DASIN RETAIL TRUST
			
			
			CEDU
			
			
			0.0
			
			
			0.0
			
			
			7.3
			
			
			5.4
			
		


			BUKIT SEMBAWANG ESTATES
			
			
			B61
			
			
			6.7
			
			
			47.1
			
			
			-7.0
			
			
			-1.4
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			12.9
			
			
			17.3
			
			
			0.8
			
			
			8.1
			
		


			HO BEE LAND
			
			
			H13
			
			
			3.8
			
			
			24.3
			
			
			0.1
			
			
			4.5
			
		


			PROPNEX
			
			
			OYY
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			18.2
			
		


			UNITED INDUSTRIAL CORP
			
			
			U06
			
			
			-2.8
			
			
			20.6
			
			
			-16.8
			
			
			8.9
			
		


			FORTUNE REIT
			
			
			F25U
			
			
			17.5
			
			
			8.0
			
			
			-0.4
			
			
			23.6
			
		


			BOUSTEAD SINGAPORE
			
			
			F9D
			
			
			-0.6
			
			
			9.8
			
			
			-3.4
			
			
			-2.5
			
		


			SINGHAIYI GROUP
			
			
			5H0
			
			
			-13.4
			
			
			30.7
			
			
			-22.5
			
			
			11.8
			
		


			CENTURION CORP
			
			
			OU8
			
			
			-10.7
			
			
			65.9
			
			
			-16.5
			
			
			1.1
			
		


			Average:
			
			
			 
			
			
			4.1
			
			
			24.7
			
			
			-10.0
			
			
			14.7
			
		

 




			Manufacturing
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			-22.3
			
			
			86.3
			
			
			-11.4
			
			
			19.2
			
		


			VENTURE CORP
			
			
			V03
			
			
			28.0
			
			
			115.4
			
			
			-29.1
			
			
			19.1
			
		


			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			12.3
			
			
			5.0
			
			
			11.8
			
			
			20.3
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			195.3
			
			
			498.6
			
			
			1.5
			
			
			22.4
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			-19.3
			
			
			34.9
			
			
			-15.9
			
			
			-1.9
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			4.6
			
			
			326.5
			
			
			-50.8
			
			
			57.1
			
		


			VALUETRONICS HOLDINGS
			
			
			BN2
			
			
			34.3
			
			
			103.5
			
			
			-22.8
			
			
			-2.3
			
		


			SUNPOWER GROUP
			
			
			5GD
			
			
			57.4
			
			
			-11.6
			
			
			-27.6
			
			
			53.0
			
		


			CREATIVE TECHNOLOGY
			
			
			C76
			
			
			-11.9
			
			
			10.9
			
			
			254.2
			
			
			0.5
			
		


			FRENCKEN GROUP
			
			
			E28
			
			
			30.3
			
			
			132.4
			
			
			-18.9
			
			
			53.9
			
		


			HAW PAR CORP
			
			
			H02
			
			
			14.9
			
			
			27.2
			
			
			7.9
			
			
			18.8
			
		


			SUNNINGDALE TECH
			
			
			BHQ
			
			
			22.4
			
			
			83.6
			
			
			-21.9
			
			
			-2.8
			
		


			FU YU CORP
			
			
			F13
			
			
			27.2
			
			
			6.6
			
			
			10.1
			
			
			13.2
			
		


			SARINE TECHNOLOGIES
			
			
			U77
			
			
			20.9
			
			
			-42.4
			
			
			-52.0
			
			
			-29.2
			
		


			RIVERSTONE HOLDINGS
			
			
			AP4
			
			
			-25.0
			
			
			25.6
			
			
			7.9
			
			
			-17.9
			
		


			INNOTEK
			
			
			M14
			
			
			48.6
			
			
			32.7
			
			
			18.3
			
			
			30.0
			
		


			MANUFACTURING INTEGRATION TE
			
			
			M11
			
			
			-25.7
			
			
			48.3
			
			
			18.1
			
			
			22.0
			
		


			CHUAN HUP HOLDINGS
			
			
			C33
			
			
			-15.7
			
			
			37.5
			
			
			-3.7
			
			
			32.1
			
		


			JEP HOLDINGS
			
			
			1J4
			
			
			-31.0
			
			
			86.2
			
			
			-3.6
			
			
			12.6
			
		


			HANWELL HOLDINGS
			
			
			DM0
			
			
			-9.4
			
			
			31.3
			
			
			-43.6
			
			
			41.5
			
		


			MIYOSHI
			
			
			M03
			
			
			19.0
			
			
			62.8
			
			
			-39.6
			
			
			4.9
			
		


			AVARGA
			
			
			U09
			
			
			64.7
			
			
			1.8
			
			
			-23.4
			
			
			20.7
			
		


			HALCYON AGRI CORP
			
			
			5VJ
			
			
			-8.3
			
			
			-5.7
			
			
			-29.8
			
			
			24.4
			
		


			Average:
			
			
			 
			
			
			17.9
			
			
			73.8
			
			
			-2.8
			
			
			17.9
			
		

 




			F&amp;B
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			THAI BEVERAGE PCL
			
			
			Y92
			
			
			27.2
			
			
			11.3
			
			
			-31.7
			
			
			40.8
			
		


			WILMAR INTERNATIONAL
			
			
			F34
			
			
			25.0
			
			
			-12.1
			
			
			4.3
			
			
			10.8
			
		


			SATS
			
			
			S58
			
			
			30.9
			
			
			10.9
			
			
			-7.2
			
			
			8.2
			
		


			JAPFA
			
			
			UD2
			
			
			94.0
			
			
			-42.8
			
			
			44.6
			
			
			-19.6
			
		


			OLAM INTERNATIONAL
			
			
			O32
			
			
			12.2
			
			
			6.5
			
			
			-15.9
			
			
			15.7
			
		


			KOUFU GROUP
			
			
			VL6
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			14.8
			
		


			SINO GRANDNESS FOOD INDUSTRY
			
			
			T4B
			
			
			-33.8
			
			
			-8.9
			
			
			-38.2
			
			
			-61.0
			
		


			DELFI
			
			
			P34
			
			
			12.0
			
			
			-35.1
			
			
			-5.3
			
			
			-6.8
			
		


			QAF
			
			
			Q01
			
			
			37.8
			
			
			-16.4
			
			
			-45.0
			
			
			36.5
			
		


			JUMBO GROUP
			
			
			42R
			
			
			49.4
			
			
			-9.6
			
			
			-31.4
			
			
			1.7
			
		


			FRASER AND NEAVE
			
			
			F99
			
			
			2.8
			
			
			26.0
			
			
			-32.1
			
			
			4.4
			
		


			BREADTALK GROUP
			
			
			CTN
			
			
			5.4
			
			
			52.1
			
			
			-1.6
			
			
			-2.5
			
		


			JB FOODS
			
			
			BEW
			
			
			32.0
			
			
			69.2
			
			
			38.7
			
			
			11.3
			
		


			KIMLY
			
			
			1D0
			
			
			0.0
			
			
			0.0
			
			
			-30.6
			
			
			2.8
			
		


			Average:
			
			
			 
			
			
			21.1
			
			
			3.7
			
			
			-10.8
			
			
			4.1
			
		

Source: SGX StockFacts, Bloomberg (Data as of 11 June 2019). Note TR = Total Return which assumes dividends are reinvested.

Distinct drivers of the three sectors included interest rate outlooks and property prices for real estate, technological advancements, value chain integration and global trade for manufacturing while incomes, tastes, preferences and tourism drive F&amp;B sales.



Real Estate, Manufacturing and F&B Shares on the Move in 1H19    

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage, including related trends for and between Asia, LatAm and Europe. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

   In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage, including related trends for and between Asia, LatAm and Europe.    The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - LARA And Credit Bias Study - Lucror Analytics

Singapore

Olam Group Ltd operates as a food and agri-business company. The Company supplies food ingredients, feed, fibre, and edible oil. Olam Group serves customers worldwide.

Through our purpose to ‘Re-imagine Global Agriculture and Food Systems’, Olam aims to address the many challenges involved in meeting the needs of a growing global population, while achieving positive impact for farming communities, our planet and all our stakeholders. 

Headquartered and listed in Singapore, Olam currently ranks among the top 30 largest primary listed companies in terms of market capitalisation on SGX-ST.

More information on Olam can be found at www.olamgroup.com. 
	 	 
Olam is located at 7 Straits View, Marina One East Tower #20-01, Singapore 018936. Telephone: +65 63394100, Facsimile: +65 63399755.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Olam Group (OLG SP)

Asia HY Monthly - Vulnerability Of Asian Credit Market To External Shocks (2019) - Lucror Analytics

In this month’s “In-Focus” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the...

Lucror Analytics

Asia HY Trade Recommendations - June 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for June includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Real Estate, Manufacturing and F&B Shares on the Move in 1H19

Real Estate, Manufacturing and Food & Beverage stocks made up close to half of Singapore’s top 200 stocks by turnover in the first 5 months...

Singapore Exchange Ltd (SGX)

Asia HY Monthly - LARA And Credit Bias Study - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

25 Companies Conducted Share Buybacks in June

In June 2019, 25 primary-listed stocks on SGX repurchased close to 40 million shares with a total consideration of S$55 million. This was down...

Singapore Exchange Ltd (SGX)

Asia HY Monthly - Vulnerability Of Asian Credit Market To External Shocks (2019) - Lucror Analytics

In this month’s “In-Focus” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the...

Lucror Analytics

Asia HY Trade Recommendations - June 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for June includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Real Estate, Manufacturing and F&B Shares on the Move in 1H19

Real Estate, Manufacturing and Food & Beverage stocks made up close to half of Singapore’s top 200 stocks by turnover in the first 5 months...

Singapore Exchange Ltd (SGX)

Asia HY Monthly - LARA And Credit Bias Study - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage,...

Lucror Analytics