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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In Jan-May 2019, the Consumer Staples sector attracted net institutional inflows of S$112.4 million. The sector was among the top net buy sectors for institutional investors in the month of May, garnering net inflows of S$46.1 million. 
	 </li>
	<li>
In May 2019, the five stocks in the Consumer Staples sector that garnered the highest net institutional inflows were: ThaiBev (+S$12.1 million), Sheng Siong (+S$10.2 million), Wilmar (+S$9.3 million), Golden Agri-Resources (+S$7.2 million) and Dairy Farm (+S$5.4 million). 
	 </li>
	<li>In the YTD, these five top institutional net buy Consumer Staples stocks have averaged a total return of 11.0%. Among them, the three best performers were: ThaiBev (+38.3%), Golden Agri-Resources (+14.5%) and Wilmar (+11.5%).</li>
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SGX lists more than 40 Consumer Staples stocks with a combined market capitalisation of about S$80 billion. Consumer staples stocks are typically regarded as defensive in nature, as the businesses of food manufacturing and the processing of agricultural products tend to be less impacted by economic cycles and overall demand is more inelastic.

In January-May 2019, the Consumer Staples sector attracted net institutional inflows of S$112.4 million. The sector was among the top net buy sectors for institutional investors during the month of May, garnering net inflows of S$46.1 million, after Communications Services (+S$135.8 million) and REITs (+S$78.5 million).
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-06/Insti%20Flows%20for%20Consumer%20Staples.png" alt="Insti Flows for Consumer Staples Sector">
 </figure>
 <div class="content-caption">Insti Flows for Consumer Staples Sector</div>
Source: SGX data

In the month of May, the five stocks in the Consumer Staples sector that garnered the highest net institutional inflows were: Thai Beverage (+S$12.1 million), Sheng Siong Group (+S$10.2 million), Wilmar International (+S$9.3 million), Golden Agri-Resources (+S$7.2 million) and Dairy Farm International (+S$5.4 million).
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-06/Top%20Insti%20Net%20Buy%20consumer%20Staples%20Stocks%20in%20May.png" alt="Top Insti Net Buy Consumer Staples Stocks in May">
 </figure>
 <div class="content-caption">Top Insti Net Buy Consumer Staples Stocks in May</div>
Source: SGX data

These five top institutional net buy Consumer Staples stocks have a combined market capitalisation of more than S$60 billion, and averaged a total return of 11.0% in the 2019 year-to-date. This brings their one-year and three-year average total returns to 0.8% and 9.6% respectively. Among the five, the three best performers in the YTD were Thai Beverage (+38.3%), Golden Agri-Resources (+14.5%) and Wilmar International (+11.5%).

The table details May’s five top institutional net buy stocks in the Consumer Staples sector, sorted by YTD total return.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$B)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			12M Div Ind Yld (%)
			</td>
		</tr>
<tr>
<td>
			THAI BEVERAGE
			</td>
			<td>
			Y92
			</td>
			<td>
			21.1
			</td>
			<td>
			38.3
			</td>
			<td>
			5.4
			</td>
			<td>
			-1.6
			</td>
			<td>
			2.0
			</td>
		</tr>
<tr>
<td>
			GOLDEN AGRI-RESOURCES
			</td>
			<td>
			E5H
			</td>
			<td>
			3.5
			</td>
			<td>
			14.5
			</td>
			<td>
			-11.0
			</td>
			<td>
			-23.2
			</td>
			<td>
			2.1
			</td>
		</tr>
<tr>
<td>
			WILMAR INTL
			</td>
			<td>
			F34
			</td>
			<td>
			21.5
			</td>
			<td>
			11.5
			</td>
			<td>
			7.8
			</td>
			<td>
			9.8
			</td>
			<td>
			3.1
			</td>
		</tr>
<tr>
<td>
			SHENG SIONG GROUP
			</td>
			<td>
			OV8
			</td>
			<td>
			1.7
			</td>
			<td>
			4.6
			</td>
			<td>
			11.5
			</td>
			<td>
			37.3
			</td>
			<td>
			3.1
			</td>
		</tr>
<tr>
<td>
			DAIRY FARM INTL
			</td>
			<td>
			D01
			</td>
			<td>
			14.2
			</td>
			<td>
			-13.6
			</td>
			<td>
			-9.7
			</td>
			<td>
			25.7
			</td>
			<td>
			2.8
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			11.0
			</td>
			<td>
			0.8
			</td>
			<td>
			9.6
			</td>
			<td>
			2.6
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 12 June 2019)
</body></html>





In Jan-May 2019, the Consumer Staples sector attracted net institutional inflows of S$112.4 million. The sector was among the top net buy sectors for institutional investors in the month of May, garnering net inflows of S$46.1 million. 
	 
	
In May 2019, the five stocks in the Consumer Staples sector that garnered the highest net institutional inflows were: ThaiBev (+S$12.1 million), Sheng Siong (+S$10.2 million), Wilmar (+S$9.3 million), Golden Agri-Resources (+S$7.2 million) and Dairy Farm (+S$5.4 million). 
	 
	In the YTD, these five top institutional net buy Consumer Staples stocks have averaged a total return of 11.0%. Among them, the three best performers were: ThaiBev (+38.3%), Golden Agri-Resources (+14.5%) and Wilmar (+11.5%).

SGX lists more than 40 Consumer Staples stocks with a combined market capitalisation of about S$80 billion. Consumer staples stocks are typically regarded as defensive in nature, as the businesses of food manufacturing and the processing of agricultural products tend to be less impacted by economic cycles and overall demand is more inelastic.

In January-May 2019, the Consumer Staples sector attracted net institutional inflows of S$112.4 million. The sector was among the top net buy sectors for institutional investors during the month of May, garnering net inflows of S$46.1 million, after Communications Services (+S$135.8 million) and REITs (+S$78.5 million).

      
    
    Insti Flows for Consumer Staples Sector
Source: SGX data

In the month of May, the five stocks in the Consumer Staples sector that garnered the highest net institutional inflows were: Thai Beverage (+S$12.1 million), Sheng Siong Group (+S$10.2 million), Wilmar International (+S$9.3 million), Golden Agri-Resources (+S$7.2 million) and Dairy Farm International (+S$5.4 million).

      
    
    Top Insti Net Buy Consumer Staples Stocks in May
Source: SGX data

These five top institutional net buy Consumer Staples stocks have a combined market capitalisation of more than S$60 billion, and averaged a total return of 11.0% in the 2019 year-to-date. This brings their one-year and three-year average total returns to 0.8% and 9.6% respectively. Among the five, the three best performers in the YTD were Thai Beverage (+38.3%), Golden Agri-Resources (+14.5%) and Wilmar International (+11.5%).

The table details May’s five top institutional net buy stocks in the Consumer Staples sector, sorted by YTD total return.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$B)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
			
			12M Div Ind Yld (%)
			
		


			THAI BEVERAGE
			
			
			Y92
			
			
			21.1
			
			
			38.3
			
			
			5.4
			
			
			-1.6
			
			
			2.0
			
		


			GOLDEN AGRI-RESOURCES
			
			
			E5H
			
			
			3.5
			
			
			14.5
			
			
			-11.0
			
			
			-23.2
			
			
			2.1
			
		


			WILMAR INTL
			
			
			F34
			
			
			21.5
			
			
			11.5
			
			
			7.8
			
			
			9.8
			
			
			3.1
			
		


			SHENG SIONG GROUP
			
			
			OV8
			
			
			1.7
			
			
			4.6
			
			
			11.5
			
			
			37.3
			
			
			3.1
			
		


			DAIRY FARM INTL
			
			
			D01
			
			
			14.2
			
			
			-13.6
			
			
			-9.7
			
			
			25.7
			
			
			2.8
			
		


			Average
			
			
			 
			
			
			 
			
			
			11.0
			
			
			0.8
			
			
			9.6
			
			
			2.6
			
		

Source: Bloomberg &amp; StockFacts (data as of 12 June 2019)



Defensive Nature of Consumer Staples Stocks Draws Fund Flows





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    

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<div class="content-highlight">This week's offering of Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.</div><h2>Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/halal-certified-pitfalls-loom-more-minnows-jailed-mapi-owner-s-trial-in-absentia-uno-digs-in" target="_blank" data-smartkarma-citation="insights:30160">'Halal Certified' Pitfalls Loom / More Minnows Jailed / Mapi Owner's Trial in Absentia / Uno Digs In</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> comments on the most important economic and political developments over the past week in Indonesia. In his Insight, <a href="https://www.smartkarma.com/insights/the-new-industrial-revolution-will-transform-india-over-the-next-half-decade" target="_blank" data-smartkarma-citation="insights:30161">The New Industrial Revolution Will Transform India over the Next Half-Decade</a>, CrossASEAN Economist <a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a> puts forward his thoughts on the future of the Indian Economy post the recent landslide victory by Modi. Equity Bottom-Up Insights<h2>Equity Bottom-Up Insights</h2>In <a href="https://www.smartkarma.com/insights/indonesia-property-in-search-of-the-end-of-the-rainbow-part-9-puradelta-lestari-dmas-ij" target="_blank" data-smartkarma-citation="insights:28734">Indonesia Property - In Search of the End of the Rainbow - Part 9 - Puradelta Lestari (DMAS IJ)</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> writes on this leading Industrial Estate Developer as part of an ongoing Smartkarma Originals series. <a href="https://www.smartkarma.com/entities/428" target="_blank" data-smartkarma-citation="entities:428:1">Puradelta Lestari (DMAS IJ)</a>, which has a single industrial estate and integrated township called Kota Deltamas, with a total planned area of 3,181 ha and located in the industrial heartland of  Cikarang, East of Jakarta. <a href="https://www.smartkarma.com/entities/428" target="_blank" data-smartkarma-citation="entities:428:1">Puradelta Lestari (DMAS IJ)</a> remains a high-quality proxy for the industrial estate sector, with a strong balance sheet and strong exposure to the auto segment. In <a href="https://www.smartkarma.com/insights/banks-trade-loans-at-dbs-are-sizeable-but-risks-also-for-hk-banks" target="_blank" data-smartkarma-citation="insights:30086">Banks – Trade Loans At DBS Are Sizeable, But Risks Also For HK Banks</a>, Banking Specialist <a href="https://www.smartkarma.com/profiles/12" target="_blank" data-smartkarma-citation="accounts:12">Daniel Tabbush</a> revisits <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22:1">DBS Group Holdings (DBS SP)</a> in the context of a slower trade environment.In <a href="https://www.smartkarma.com/insights/trade-idea-first-pacific-142-hk-stub-parent-pops-close-the-trade" target="_blank" data-smartkarma-citation="insights:30105">TRADE IDEA - First Pacific (142 HK) Stub: Parent Pops, Close the Trade</a>, event-driven specialist <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> swings back to look at the <a href="https://www.smartkarma.com/entities/173" target="_blank" data-smartkarma-citation="entities:173:1">First Pacific Co (142 HK)</a> stub trade in the context of strong outperformance. In <a href="https://www.smartkarma.com/insights/bukit-sembawang-kicking-off-the-property-impairment-cycle" target="_blank" data-smartkarma-citation="insights:30078">Bukit Sembawang – Kicking off the Property Impairment Cycle</a>, property specialist <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> revisits <a href="https://www.smartkarma.com/entities/17987" target="_blank" data-smartkarma-citation="entities:17987:1">Bukit Sembawang Estates (BS SP)</a> post the company's results. In his Insight, <a href="https://www.smartkarma.com/insights/glow-energy-an-imminent-delisting-offer" target="_blank" data-smartkarma-citation="insights:30137">Glow Energy: An Imminent Delisting Offer?</a>, <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> revisits the company after a strong upward move in the share price. In <a href="https://www.smartkarma.com/insights/yoma-strategic-strong-headline-earnings-for-4q-driven-by-non-operating-gains" target="_blank" data-smartkarma-citation="insights:30128">Yoma Strategic – Strong Headline Earnings for 4Q Driven by Non-Operating Gains</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> revisits this Myanmar play post the company's earnings release.  <a href="https://www.smartkarma.com/entities/13330" target="_blank" data-smartkarma-citation="entities:13330:1"></a><h2>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/thai-beverage-carlsberg-brewery-heineken-malaysia-bhd-budweiser-apac-s-zippy-sweet-se-asia-peers" target="_blank" data-smartkarma-citation="insights:29838">Thai Beverage, Carlsberg Brewery &amp; Heineken Malaysia Bhd: Budweiser APAC's Zippy Sweet SE Asia Peers</a>, <a href="https://www.smartkarma.com/profiles/1913" target="_blank" data-smartkarma-citation="accounts:1913">Devi Subhakesan</a> comments on the South East Asian beer market in the context of the <a href="https://www.smartkarma.com/entities/28077" target="_blank" data-smartkarma-citation="entities:28077:1">Budweiser Brewing Company APAC (0338867D HK)</a> IPO. In <a href="https://www.smartkarma.com/insights/malaysian-telcos-heading-towards-a-2-1-player-market-if-telenor-axiata-merger-is-approved" target="_blank" data-smartkarma-citation="insights:30066">Malaysian Telcos: Heading Towards a 2 (+1) Player Market if Telenor/Axiata Merger Is Approved</a>, our friend at <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> zero in on the Malaysian telecoms market with a potential consolidation on the near horizon.In <a href="https://www.smartkarma.com/insights/aapico-and-tmill-sign-of-the-times" target="_blank" data-smartkarma-citation="insights:29591">Aapico and TMILL: Sign of the Times</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> comments on both these companies post visits to their respective offices for updates with management.  Neither of them is doing well.

This week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.Macro InsightsIn 'Halal Certified' Pitfalls Loom / More Minnows Jailed / Mapi Owner's Trial in Absentia / Uno Digs In, CrossASEAN Insight Provider Kevin O’Rourke comments on the most important economic and political developments over the past week in Indonesia. In his Insight, The New Industrial Revolution Will Transform India over the Next Half-Decade, CrossASEAN Economist Prasenjit K. Basu puts forward his thoughts on the future of the Indian Economy post the recent landslide victory by Modi. Equity Bottom-Up InsightsEquity Bottom-Up InsightsIn Indonesia Property - In Search of the End of the Rainbow - Part 9 - Puradelta Lestari (DMAS IJ), CrossASEAN Insight Provider Angus Mackintosh writes on this leading Industrial Estate Developer as part of an ongoing Smartkarma Originals series. Puradelta Lestari (DMAS IJ), which has a single industrial estate and integrated township called Kota Deltamas, with a total planned area of 3,181 ha and located in the industrial heartland of  Cikarang, East of Jakarta. Puradelta Lestari (DMAS IJ) remains a high-quality proxy for the industrial estate sector, with a strong balance sheet and strong exposure to the auto segment. In Banks – Trade Loans At DBS Are Sizeable, But Risks Also For HK Banks, Banking Specialist Daniel Tabbush revisits DBS Group Holdings (DBS SP) in the context of a slower trade environment.In TRADE IDEA - First Pacific (142 HK) Stub: Parent Pops, Close the Trade, event-driven specialist David Blennerhassett swings back to look at the First Pacific Co (142 HK) stub trade in the context of strong outperformance. In Bukit Sembawang – Kicking off the Property Impairment Cycle, property specialist Royston Foo revisits Bukit Sembawang Estates (BS SP) post the company's results. In his Insight, Glow Energy: An Imminent Delisting Offer?, David Blennerhassett revisits the company after a strong upward move in the share price. In Yoma Strategic – Strong Headline Earnings for 4Q Driven by Non-Operating Gains, Royston Foo revisits this Myanmar play post the company's earnings release.  Sector and Thematic InsightsIn Thai Beverage, Carlsberg Brewery &amp; Heineken Malaysia Bhd: Budweiser APAC's Zippy Sweet SE Asia Peers, Devi Subhakesan comments on the South East Asian beer market in the context of the Budweiser Brewing Company APAC (0338867D HK) IPO. In Malaysian Telcos: Heading Towards a 2 (+1) Player Market if Telenor/Axiata Merger Is Approved, our friend at New Street Research zero in on the Malaysian telecoms market with a potential consolidation on the near horizon.In Aapico and TMILL: Sign of the Times, our Thai guru Athaporn Arayasantiparb, CFA comments on both these companies post visits to their respective offices for updates with management.  Neither of them is doing well. 

The Week that Was in ASEAN@Smartkarma - SE Asian Brewers, Malaysian Telcos, and DBS &Trade

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

Budweiser Brewing  APAC  / Equity Capital Markets

The robust beer markets of South East Asia may offer some respite to Investors seeking a cover from ongoing trade tension upheavals. There are a few investment options worth exploring - the biggest (and broadest) is regional F&amp;B conglomerate, <a href="https://www.smartkarma.com/entities/3656" target="_blank" data-smartkarma-citation="entities:3656:1">Thai Beverage (THBEV SP</a>) - a leveraged play on beer, spirits and non-alcoholic beverages across the region. Then there are Malaysia listed pure-beer plays - <a href="https://www.smartkarma.com/entities/5389" target="_blank" data-smartkarma-citation="entities:5389:1">Carlsberg Brewery Malaysia (CAB MK)</a> and <a href="https://www.smartkarma.com/entities/12647" target="_blank" data-smartkarma-citation="entities:12647:1">Heineken Malaysia (HEIM MK)</a> operating mainly in the smaller growth markets of Malaysia/Singapore and trading at attractive dividend yields. These South East Asian peers to Budweiser APAC may still have further room to gain from the sector rerating as <a href="https://www.smartkarma.com/entities/28077" target="_blank" data-smartkarma-citation="entities:28077:1">Budweiser Brewing Company APAC (0338867D HK)</a> 's IPO gets priced/listed.  Reportedly, Budweiser APAC's IPO could get priced at the top end of regional peer valuation range at around 20X-22X EV/EBITDA valuing the entity at USD65 bn. We believe Budweiser APAC's IPO will continue to attract investor/media attention to the beer sector in the region and any potential (further) rerating could benefit regional peers as we commented in our earlier report <a href="https://www.smartkarma.com/insights/budweiser-apac-ipo-rising-tide-lifts-all-boats-beer-peers-on-a-valuation-high" target="_blank" data-smartkarma-citation="insights:29749">Budweiser APAC IPO: Rising Tide Lifts All Boats - Beer Peers on a Valuation High</a>.In the detailed note below, we do a top-down analysis of South East Asia's beer market (very different dynamics and growth outlook versus larger APAC markets covered in our last report) across 10 countries and narrow down the discussion to few listed players in the region namely - <a href="https://www.smartkarma.com/entities/3656" target="_blank" data-smartkarma-citation="entities:3656:1">Thai Beverage (THBEV SP)</a> , <a href="https://www.smartkarma.com/entities/5389" target="_blank" data-smartkarma-citation="entities:5389:1">Carlsberg Brewery Malaysia (CAB MK)</a> and <a href="https://www.smartkarma.com/entities/12647" target="_blank" data-smartkarma-citation="entities:12647:1">Heineken Malaysia (HEIM MK)</a> . Interestingly, <a href="https://www.smartkarma.com/entities/28077" target="_blank" data-smartkarma-citation="entities:28077:1">Budweiser Brewing Company APAC (0338867D HK)</a> is prominent by its near absence from this young and growing sub-market in the Asia Pacific. In our last report, <a href="https://www.smartkarma.com/insights/budweiser-apac-ipo-rising-tide-lifts-all-boats-beer-peers-on-a-valuation-high" target="_blank" data-smartkarma-citation="insights:29749">Budweiser APAC IPO: Rising Tide Lifts All Boats - Beer Peers on a Valuation High</a> we had reviewed key Asian beer markets - China, Japan, Australia, South Korea, India and Vietnam along with leading players in some of these important markets.

The robust beer markets of South East Asia may offer some respite to Investors seeking a cover from ongoing trade tension upheavals. There are a few investment options worth exploring - the biggest (and broadest) is regional F&amp;B conglomerate, Thai Beverage (THBEV SP) - a leveraged play on beer, spirits and non-alcoholic beverages across the region. Then there are Malaysia listed pure-beer plays - Carlsberg Brewery Malaysia (CAB MK) and Heineken Malaysia (HEIM MK) operating mainly in the smaller growth markets of Malaysia/Singapore and trading at attractive dividend yields. These South East Asian peers to Budweiser APAC may still have further room to gain from the sector rerating as Budweiser Brewing Company APAC (0338867D HK) 's IPO gets priced/listed.  Reportedly, Budweiser APAC's IPO could get priced at the top end of regional peer valuation range at around 20X-22X EV/EBITDA valuing the entity at USD65 bn. We believe Budweiser APAC's IPO will continue to attract investor/media attention to the beer sector in the region and any potential (further) rerating could benefit regional peers as we commented in our earlier report Budweiser APAC IPO: Rising Tide Lifts All Boats - Beer Peers on a Valuation High.In the detailed note below, we do a top-down analysis of South East Asia's beer market (very different dynamics and growth outlook versus larger APAC markets covered in our last report) across 10 countries and narrow down the discussion to few listed players in the region namely - Thai Beverage (THBEV SP) , Carlsberg Brewery Malaysia (CAB MK) and Heineken Malaysia (HEIM MK) . Interestingly, Budweiser Brewing Company APAC (0338867D HK) is prominent by its near absence from this young and growing sub-market in the Asia Pacific. In our last report, Budweiser APAC IPO: Rising Tide Lifts All Boats - Beer Peers on a Valuation High we had reviewed key Asian beer markets - China, Japan, Australia, South Korea, India and Vietnam along with leading players in some of these important markets. 

Thai Beverage, Carlsberg Brewery & Heineken Malaysia Bhd: Budweiser APAC's Zippy Sweet SE Asia Peers

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
The STI is the most globally recognised benchmark index and market barometer for Singapore. The diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have a combined market cap of more than S$560 billion. 
	 </li>
	<li>
In the 2019 YTD, the STI's five best-performing constituents were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of 20.4% over the period. 
	 </li>
	<li>With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018, while ComfortDelGro and ST Engineering have built on their positive performances from last year.</li>
</ul>
The Straits Times Index (STI) is the most globally recognised benchmark index and market barometer for Singapore. With a history dating back to 1966, the diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have foundations spanning three centuries and multiple sectors, while maintaining a balance between local and regional economic exposures. Currently, these 30 stocks have a combined market capitalisation of more than S$560 billion.

In the 2019 year-to-date, the five best-performing constituents of the STI were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of +20.4% over the period.

With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018 – ThaiBev was the fourth least-performing stock last year with a total return of -31.7%, while UOL and Yangzijiang registered 2018 total returns of -28.8% and -11.4% respectively. On the other hand, extending their positive performances into the 2019 YTD were ComfortDelGro and ST Engineering, which posted 2018 total returns of +13.7% and +11.8% respectively.

In the YTD, the five least-performing STI constituents were: Dairy Farm International (-12.9%), Jardine Matheson (-8.0%), Genting Singapore (-5.8%), Jardine Cycle &amp; Carriage (-3.4%) and Hutchison Port Holdings Trust (-1.3%). They have averaged a total return of -6.3% over the period.

In contrast to their 2019 YTD performances, Dairy Farm and Jardine Matheson were the two best performers in calendar 2018, with total returns of +20.4% and +19.8%. Hutchison Port Holdings Trust, meanwhile, was the least-performing constituent in the STI last year, with a total return of -34.7%.

The table below details the calendar year 2018 and 2019 YTD performances of the 30 STI constituents, 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 2018 (%)
			</td>
		</tr>
<tr>
<td>
			THAI BEVERAGE
			</td>
			<td>
			Y92
			</td>
			<td>
			19,337
			</td>
			<td>
			27.2
			</td>
			<td>
			-31.7
			</td>
		</tr>
<tr>
<td>
			COMFORTDELGRO CORP
			</td>
			<td>
			C52
			</td>
			<td>
			5,457
			</td>
			<td>
			21.0
			</td>
			<td>
			13.7
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			5,761
			</td>
			<td>
			19.2
			</td>
			<td>
			-11.4
			</td>
		</tr>
<tr>
<td>
			ST ENGINEERING
			</td>
			<td>
			S63
			</td>
			<td>
			12,175
			</td>
			<td>
			17.7
			</td>
			<td>
			11.8
			</td>
		</tr>
<tr>
<td>
			UOL GROUP
			</td>
			<td>
			U14
			</td>
			<td>
			6,003
			</td>
			<td>
			17.2
			</td>
			<td>
			-28.8
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			9,021
			</td>
			<td>
			17.1
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			4,550
			</td>
			<td>
			16.5
			</td>
			<td>
			-29.1
			</td>
		</tr>
<tr>
<td>
			WILMAR INTL
			</td>
			<td>
			F34
			</td>
			<td>
			22,151
			</td>
			<td>
			16.0
			</td>
			<td>
			4.3
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HLDGS
			</td>
			<td>
			D05
			</td>
			<td>
			67,244
			</td>
			<td>
			14.6
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			7,162
			</td>
			<td>
			12.9
			</td>
			<td>
			-5.0
			</td>
		</tr>
<tr>
<td>
			GOLDEN AGRI-RESO
			</td>
			<td>
			E5H
			</td>
			<td>
			3,502
			</td>
			<td>
			12.4
			</td>
			<td>
			-33.6
			</td>
		</tr>
<tr>
<td>
			SATS LTD
			</td>
			<td>
			S58
			</td>
			<td>
			5,806
			</td>
			<td>
			12.0
			</td>
			<td>
			-7.2
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORP
			</td>
			<td>
			BN4
			</td>
			<td>
			11,630
			</td>
			<td>
			11.2
			</td>
			<td>
			-16.4
			</td>
		</tr>
<tr>
<td>
			HONGKONG LAND*
			</td>
			<td>
			H78
			</td>
			<td>
			21,896
			</td>
			<td>
			11.1
			</td>
			<td>
			-6.1
			</td>
		</tr>
<tr>
<td>
			CAPITALAND LTD
			</td>
			<td>
			C31
			</td>
			<td>
			13,945
			</td>
			<td>
			10.7
			</td>
			<td>
			-9.0
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			9,000
			</td>
			<td>
			9.5
			</td>
			<td>
			12.7
			</td>
		</tr>
<tr>
<td>
			CITY DEVELOPMENTS
			</td>
			<td>
			C09
			</td>
			<td>
			7,745
			</td>
			<td>
			7.9
			</td>
			<td>
			-33.8
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMS
			</td>
			<td>
			Z74
			</td>
			<td>
			51,109
			</td>
			<td>
			7.2
			</td>
			<td>
			-13.2
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			S68
			</td>
			<td>
			7,874
			</td>
			<td>
			5.6
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			U11
			</td>
			<td>
			41,872
			</td>
			<td>
			5.2
			</td>
			<td>
			-3.3
			</td>
		</tr>
<tr>
<td>
			SINGAPORE PRESS HLDGS
			</td>
			<td>
			T39
			</td>
			<td>
			3,803
			</td>
			<td>
			3.5
			</td>
			<td>
			-6.9
			</td>
		</tr>
<tr>
<td>
			OCBC BANK
			</td>
			<td>
			O39
			</td>
			<td>
			47,588
			</td>
			<td>
			1.6
			</td>
			<td>
			-6.2
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			U96
			</td>
			<td>
			4,539
			</td>
			<td>
			1.1
			</td>
			<td>
			-15.0
			</td>
		</tr>
<tr>
<td>
			JARDINE STRATEGIC*
			</td>
			<td>
			J37
			</td>
			<td>
			55,741
			</td>
			<td>
			0.3
			</td>
			<td>
			-4.6
			</td>
		</tr>
<tr>
<td>
			SINGAPORE AIRLINES
			</td>
			<td>
			C6L
			</td>
			<td>
			11,174
			</td>
			<td>
			-0.2
			</td>
			<td>
			-8.2
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HLDGS TRUST*
			</td>
			<td>
			NS8U
			</td>
			<td>
			2,742
			</td>
			<td>
			-1.3
			</td>
			<td>
			-34.7
			</td>
		</tr>
<tr>
<td>
			JARDINE CYCLE &amp; CARRIAGE
			</td>
			<td>
			C07
			</td>
			<td>
			13,098
			</td>
			<td>
			-3.4
			</td>
			<td>
			-10.0
			</td>
		</tr>
<tr>
<td>
			GENTING SINGAPORE
			</td>
			<td>
			G13
			</td>
			<td>
			10,791
			</td>
			<td>
			-5.8
			</td>
			<td>
			-23.2
			</td>
		</tr>
<tr>
<td>
			JARDINE MATHESON*
			</td>
			<td>
			J36
			</td>
			<td>
			63,572
			</td>
			<td>
			-8.0
			</td>
			<td>
			19.8
			</td>
		</tr>
<tr>
<td>
			DAIRY FARM INTL*
			</td>
			<td>
			D01
			</td>
			<td>
			13,885
			</td>
			<td>
			-12.9
			</td>
			<td>
			20.4
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			8.2
			</td>
			<td>
			-8.4
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 16 May 2019) 
*These stocks are traded in USD, with their SGD equivalents shown in table.
</body></html>





The STI is the most globally recognised benchmark index and market barometer for Singapore. The diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have a combined market cap of more than S$560 billion. 
	 
	
In the 2019 YTD, the STI's five best-performing constituents were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of 20.4% over the period. 
	 
	With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018, while ComfortDelGro and ST Engineering have built on their positive performances from last year.

The Straits Times Index (STI) is the most globally recognised benchmark index and market barometer for Singapore. With a history dating back to 1966, the diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have foundations spanning three centuries and multiple sectors, while maintaining a balance between local and regional economic exposures. Currently, these 30 stocks have a combined market capitalisation of more than S$560 billion.

In the 2019 year-to-date, the five best-performing constituents of the STI were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of +20.4% over the period.

With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018 – ThaiBev was the fourth least-performing stock last year with a total return of -31.7%, while UOL and Yangzijiang registered 2018 total returns of -28.8% and -11.4% respectively. On the other hand, extending their positive performances into the 2019 YTD were ComfortDelGro and ST Engineering, which posted 2018 total returns of +13.7% and +11.8% respectively.

In the YTD, the five least-performing STI constituents were: Dairy Farm International (-12.9%), Jardine Matheson (-8.0%), Genting Singapore (-5.8%), Jardine Cycle &amp; Carriage (-3.4%) and Hutchison Port Holdings Trust (-1.3%). They have averaged a total return of -6.3% over the period.

In contrast to their 2019 YTD performances, Dairy Farm and Jardine Matheson were the two best performers in calendar 2018, with total returns of +20.4% and +19.8%. Hutchison Port Holdings Trust, meanwhile, was the least-performing constituent in the STI last year, with a total return of -34.7%.

The table below details the calendar year 2018 and 2019 YTD performances of the 30 STI constituents, sorted by YTD total returns.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 2018 (%)
			
		


			THAI BEVERAGE
			
			
			Y92
			
			
			19,337
			
			
			27.2
			
			
			-31.7
			
		


			COMFORTDELGRO CORP
			
			
			C52
			
			
			5,457
			
			
			21.0
			
			
			13.7
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			5,761
			
			
			19.2
			
			
			-11.4
			
		


			ST ENGINEERING
			
			
			S63
			
			
			12,175
			
			
			17.7
			
			
			11.8
			
		


			UOL GROUP
			
			
			U14
			
			
			6,003
			
			
			17.2
			
			
			-28.8
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			9,021
			
			
			17.1
			
			
			0.3
			
		


			VENTURE CORP
			
			
			V03
			
			
			4,550
			
			
			16.5
			
			
			-29.1
			
		


			WILMAR INTL
			
			
			F34
			
			
			22,151
			
			
			16.0
			
			
			4.3
			
		


			DBS GROUP HLDGS
			
			
			D05
			
			
			67,244
			
			
			14.6
			
			
			1.2
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			7,162
			
			
			12.9
			
			
			-5.0
			
		


			GOLDEN AGRI-RESO
			
			
			E5H
			
			
			3,502
			
			
			12.4
			
			
			-33.6
			
		


			SATS LTD
			
			
			S58
			
			
			5,806
			
			
			12.0
			
			
			-7.2
			
		


			KEPPEL CORP
			
			
			BN4
			
			
			11,630
			
			
			11.2
			
			
			-16.4
			
		


			HONGKONG LAND*
			
			
			H78
			
			
			21,896
			
			
			11.1
			
			
			-6.1
			
		


			CAPITALAND LTD
			
			
			C31
			
			
			13,945
			
			
			10.7
			
			
			-9.0
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			9,000
			
			
			9.5
			
			
			12.7
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			7,745
			
			
			7.9
			
			
			-33.8
			
		


			SINGAPORE TELECOMS
			
			
			Z74
			
			
			51,109
			
			
			7.2
			
			
			-13.2
			
		


			SINGAPORE EXCHANGE
			
			
			S68
			
			
			7,874
			
			
			5.6
			
			
			0.4
			
		


			UNITED OVERSEAS BANK
			
			
			U11
			
			
			41,872
			
			
			5.2
			
			
			-3.3
			
		


			SINGAPORE PRESS HLDGS
			
			
			T39
			
			
			3,803
			
			
			3.5
			
			
			-6.9
			
		


			OCBC BANK
			
			
			O39
			
			
			47,588
			
			
			1.6
			
			
			-6.2
			
		


			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			4,539
			
			
			1.1
			
			
			-15.0
			
		


			JARDINE STRATEGIC*
			
			
			J37
			
			
			55,741
			
			
			0.3
			
			
			-4.6
			
		


			SINGAPORE AIRLINES
			
			
			C6L
			
			
			11,174
			
			
			-0.2
			
			
			-8.2
			
		


			HUTCHISON PORT HLDGS TRUST*
			
			
			NS8U
			
			
			2,742
			
			
			-1.3
			
			
			-34.7
			
		


			JARDINE CYCLE &amp; CARRIAGE
			
			
			C07
			
			
			13,098
			
			
			-3.4
			
			
			-10.0
			
		


			GENTING SINGAPORE
			
			
			G13
			
			
			10,791
			
			
			-5.8
			
			
			-23.2
			
		


			JARDINE MATHESON*
			
			
			J36
			
			
			63,572
			
			
			-8.0
			
			
			19.8
			
		


			DAIRY FARM INTL*
			
			
			D01
			
			
			13,885
			
			
			-12.9
			
			
			20.4
			
		


			Average
			
			
			 
			
			
			 
			
			
			8.2
			
			
			-8.4
			
		

Source: Bloomberg &amp; StockFacts (data as of 16 May 2019) 
*These stocks are traded in USD, with their SGD equivalents shown in table.



Five Best-Performing STI Constituents Returned 20% in YTD

Singapore

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

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Five Best-Performing STI Constituents Returned 20% in YTD

The STI is the most globally recognised benchmark index and market barometer for Singapore. The diversified index tracks the performance of the...

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Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)