Asia Long-Short PM/Analyst

Curtis Lehnert

Event-Driven

At the end of May, I closed my trade on <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> ​ with a 5.33% return on gross notional over roughly six months, equating to 11.3% on gross notional in annualized terms in the insight <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" rel="noopener">TRADE IDEA - First Pacific (142 HK) Stub: Parent Pops, Close the Trade</a>.
Now, roughly four weeks later, I propose getting back into the trade as the discount has widened again and the long-term fundamentals continue to support a long position in the undervalued holding company.
There have been significant developments (catalysts) that affect both the holding company and some of its major listed subsidiaries that I will explore in the body of this note.
This is, yet again, an exciting trade and catalysts abound!

At the end of May, I closed my trade on First Pacific Co (142 HK) ​ with a 5.33% return on gross notional over roughly six months, equating to 11.3% on gross notional in annualized terms in the insight TRADE IDEA - First Pacific (142 HK) Stub: Parent Pops, Close the Trade.
Now, roughly four weeks later, I propose getting back into the trade as the discount has widened again and the long-term fundamentals continue to support a long position in the undervalued holding company.
There have been significant developments (catalysts) that affect both the holding company and some of its major listed subsidiaries that I will explore in the body of this note.
This is, yet again, an exciting trade and catalysts abound! 

TRADE IDEA - First Pacific Stub (142 HK): Round Two with Catalysts

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">
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<ul>
<li>
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>
</ul>
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    

The old Asian holding company trades are still going strong - producing annualized returns in excess of 20% in many cases. This particular trade is a good example of why it still makes sense to track these situations and why combining fundamental insight into statistically deviated relationships can generate alpha in a long/short portfolio. 
In my original insight on December 5, 2018 <a href="https://www.smartkarma.com/insights/trade-idea-first-pacific-stub-142-hk-taming-the-beast" target="_blank" data-smartkarma-citation="insights:26364">TRADE IDEA - First Pacific Stub (142 HK): Taming the Beast</a>, I proposed setting up a stub trade to profit from the mis-priced stub business of First Pacific that was trading in excess of a 50% discount to NAV. During the 177 calendar days that followed, <a href="https://www.smartkarma.com/entities/173" target="_blank" data-smartkarma-citation="entities:173:1">First Pacific Co (142 HK)</a> has outperformed <a href="https://www.smartkarma.com/entities/1053" target="_blank" data-smartkarma-citation="entities:1053:1">Indofood Sukses Makmur Tbk P (INDF IJ)</a> by nearly 13% in local currency terms, driven by an announcement at the end of March stating it is selling its 50% stake in Australasian food producer, Goodman Fielder. 
The trade has swung from the -2 Z-score level to +1.7 Z-scores according to the Smartkarma Holdco Monitor. The expected mean reversion has been realized and I now close my trade due to the statistical thesis no longer providing support for the trade.
In this insight I will discuss:
<ul class="">
<li>Performance of ALL my recommended stub trades</li>
<li>a post-trade analysis on the First Pacific stub</li>
</ul>

The old Asian holding company trades are still going strong - producing annualized returns in excess of 20% in many cases. This particular trade is a good example of why it still makes sense to track these situations and why combining fundamental insight into statistically deviated relationships can generate alpha in a long/short portfolio. 
In my original insight on December 5, 2018 TRADE IDEA - First Pacific Stub (142 HK): Taming the Beast, I proposed setting up a stub trade to profit from the mis-priced stub business of First Pacific that was trading in excess of a 50% discount to NAV. During the 177 calendar days that followed, First Pacific Co (142 HK) has outperformed Indofood Sukses Makmur Tbk P (INDF IJ) by nearly 13% in local currency terms, driven by an announcement at the end of March stating it is selling its 50% stake in Australasian food producer, Goodman Fielder. 
The trade has swung from the -2 Z-score level to +1.7 Z-scores according to the Smartkarma Holdco Monitor. The expected mean reversion has been realized and I now close my trade due to the statistical thesis no longer providing support for the trade.
In this insight I will discuss:

Performance of ALL my recommended stub trades
a post-trade analysis on the First Pacific stub


TRADE IDEA - First Pacific (142 HK) Stub: Parent Pops, Close the Trade





SGX lists at least 24 companies and two trusts associated with seven business empires run by some of Singapore’s richest families, and they have a combined market capitalisation of more than S$110 billion.  
	 
	
These home-grown companies and/or conglomerates on SGX belong to the Wee, Kwek, Ng, Kuok, Koh, Goi and Chua families, with many of the patriarchs being ranked among the city-state’s richest people. 
	 
	These companies and trusts are involved businesses ranging from banking and finance, real estate development, investment and management, as well as hospitality and hotel operations, to leisure, entertainment, healthcare, shipping, agriculture, food and beverage and retail.

 

SGX lists at least 24 companies and two trusts associated with seven business empires run by some of Singapore’s richest families, and they have a combined market capitalisation of more than S$110 billion. These home-grown companies and/or conglomerates on SGX belong to the Wee, Kwek, Ng, Kuok, Koh, Goi and Chua families, with many of their patriarchs being ranked among the city-state’s billionaires.

These companies and trusts on SGX are involved businesses ranging from banking and finance, real estate development, investment and management, as well as hospitality and hotel operations, to leisure, entertainment, healthcare, shipping, agriculture, food and beverage and retail.

SGX also lists another 16 companies and eight trusts associated with five foreign family empires – three Indonesian, one Thai, and one British – which have a combined market capitalisation of more than S$220 billion. The Indonesian business empires are associated with the Widjaja, Riady and Salim families, while Thai corporate ownership is represented by the Sirivadhanabhakdis, and the Jardine Group of companies is owned by the Scottish/British Keswick tai-pans. For the previously published Market Update on foreign family empires on SGX, click here.

The table below details at least seven home-grown family empires and their individual companies that are listed on SGX, with names of executives who are on their respective boards.

WEE FAMILY




			Name
			
			
			Executive
			
			
			Position on Board 
			
		


			UNITED OVERSEAS BANK 
			
			
			Wee Ee Cheong
			
			
			Deputy Chairman and CEO
			
		


			 
			
			
			Wee Ee Lim
			
			
			Non-Independent and Non-Executive Director
			
		


			UNITED OVERSEAS INSURANCE
			
			
			Wee Cho Yaw
			
			
			Chairman
			
		


			 
			
			
			Wee Ee Cheong
			
			
			Non-Independent and Non-Executive Director
			
		


			UOL GROUP 
			
			
			Wee Cho Yaw
			
			
			Chairman
			
		


			 
			
			
			Wee Ee Lim
			
			
			Deputy Chairman
			
		


			 
			
			
			Wee Ee Chao
			
			
			Non-Independent and Non-Executive Director
			
		


			UOB-KAY HIAN HOLDINGS 
			
			
			Wee Ee Chao
			
			
			Chairman and Managing Director
			
		


			UNITED INDUSTRIAL CORP 
			
			
			Wee Cho Yaw
			
			
			Chairman
			
		


			 
			
			
			Wee Ee Lim
			
			
			Non-Independent and Non-Executive Director
			
		


			HAW PAR CORP 
			
			
			Wee Cho Yaw
			
			
			Chairman
			
		


			 
			
			
			Wee Ee Chao
			
			
			Deputy Chairman
			
		


			 
			
			
			Wee Ee Lim
			
			
			President and CEO
			
		

 

KWEK FAMILY




			Name
			
			
			Executive
			
			
			Position on Board 
			
		


			HONG LEONG ASIA
			
			
			Kwek Leng Peck
			
			
			Executive Chairman
			
		


			HONG LEONG FINANCE 
			
			
			Kwek Leng Beng
			
			
			Executive Director
			
		


			 
			
			
			Kwek Leng Peck
			
			
			Non-Executive and Non-Independent Director
			
		


			 
			
			
			Kwek Leng Kee
			
			
			Non-Executive and Non-Independent Director
			
		


			GUOCOLAND LTD
			
			
			Quek Leng Chan
			
			
			Non-Executive and Non-Independent Director
			
		


			 
			
			
			Kwek Leng Hai
			
			
			Non-Executive and Non-Independent Director
			
		


			GL LTD
			
			
			Kwek Leng Hai
			
			
			Director
			
		


			CDL HOSPITALITY TRUSTS
			
			
			NIL
			
			
			NIL
			
		


			CITY DEVELOPMENTS 
			
			
			Kwek Leng Beng
			
			
			Chairman
			
		


			 
			
			
			Kwek Leng Peck
			
			
			Non-Executive and Non-Independent Director
			
		


			 
			
			
			Sherman Kwek
			
			
			Group CEO
			
		


			 
			
			
			Kwek Eik Sheng
			
			
			Group Chief Strategy Officer
			
		


			FIRST SPONSOR GROUP 
			
			
			Kingston Kwek Eik Huih
			
			
			Non-Executive and Non-Independent Director
			
		

 

NG FAMILY




			Name
			
			
			Executive
			
			
			Position on Board 
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			NIL
			
			
			NIL
			
		


			FAR EAST ORCHARD 
			
			
			NIL
			
			
			NIL
			
		


			YEO HIAP SENG 
			
			
			Kenneth Fong Chun Man
			
			
			Non-Executive Director
			
		


			 
			
			
			Daryl Ng Win Kong
			
			
			Non-Independent and Non-Executive Director
			
		

 

KUOK FAMILY




			Name
			
			
			Executive
			
			
			Position on Board 
			
		


			WILMAR INTL
			
			
			Kuok Khoon Hong
			
			
			Chairman and CEO
			
		


			 
			
			
			Kuok Khoon Ean
			
			
			Non-Executive Director
			
		


			 
			
			
			Kuok Khoon Hua
			
			
			Non-Executive Director
			
		


			PERENNIAL REAL ESTATE 
			
			
			Kuok Khoon Hong
			
			
			Chairman
			
		


			PACC OFFSHORE SERVICES
			
			
			Kuok Khoon Ean
			
			
			Chairman
			
		


			SHANGRI-LA ASIA 
			
			
			Kuok Hui Kwong
			
			
			Chairman
			
		

 

KOH FAMILY




			Name
			
			
			Executive
			
			
			Position on Board 
			
		


			FRAGRANCE GROUP 
			
			
			Koh Wee Meng
			
			
			Executive Chairman and CEO
			
		


			 
			
			
			Lim Wan Looi
			
			
			Executive Director
			
		


			ASPIAL CORP
			
			
			Koh Wee Seng
			
			
			CEO
			
		


			 
			
			
			Koh Lee Hwee
			
			
			Executive Director
			
		


			 
			
			
			Ko Lee Meng
			
			
			Non-Executive and Non-Independent Director
			
		


			GLOBAL DRAGON 
			
			
			Koh Kian Soo
			
			
			Executive Chairman
			
		

 

GOI FAMILY




			Name
			
			
			Executive
			
			
			Position on Board 
			
		


			GSH CORP 
			
			
			Sam Goi Seng Hui
			
			
			Executive Chairman
			
		


			 
			
			
			Kenneth Goi Kok Ming
			
			
			COO and Executive Director
			
		


			KOP LTD
			
			
			Ben Goi Kok Neng
			
			
			Managing Director and Executive Director (recently deceased)
			
		

 

CHUA FAMILY




			Name
			
			
			Executive
			
			
			Position on Board 
			
		


			HO BEE LAND 
			
			
			Chua Thian Poh
			
			
			Chairman and CEO
			
		


			 
			
			
			Nicholas Chua Wee Chern
			
			
			Deputy CEO
			
		

Source: Company annual reports

Ng Family


Brothers Robert and Philip Ng control Singapore’s largest private property developer Far East Organization and Hong Kong-based developer Sino Group. Their late father Ng Teng Fong, who was born in China’s Fujian province and migrated to Singapore when he was six, founded the Far East and Sino group of companies.
	The brothers were jointly ranked by Forbes as the 112th richest people in the world this year, with a combined net worth of US$12 billion. In 2018, the siblings took pole position in Forbes Singapore’s 50 Richest list.
	The brothers and their mother, Tan Kim Choo, each own deemed stakes in SGX-listed Far East Hospitality Trust, Far East Orchard and Yeo Hiap Seng through various vehicles that include Far East Organization and the estate of the late Ng Teng Fong.

Wee Family


Banking and property magnate Wee Cho Yaw was ranked Singapore’s sixth richest person in 2018 by Forbes, with a total net worth of US$6.4 billion. In Forbes’ 2019 list of global billionaires, Wee takes the 267th spot.
	Wee is the largest shareholder and Chairman Emeritus of Singapore’s third-largest lender by assets, United Overseas Bank, which merged with smaller rival Overseas Union Bank in 2001.
	Apart from UOB, Wee and his sons – Ee Cheong, Ee Chao and Ee Lim – also own stakes in SGX-listed United Overseas Insurance, UOL Group, UOB-Kay Hian Holdings, United Industrial Corp, and Haw Par Corp, maker of the iconic Tiger Balm ointment.
	Their shareholdings are held in their own names as well as through a number of entities, including Wee Investments, C.Y. Wee &amp; Company, and Supreme Island Corp.
	Aside from UOB, Wee also holds chairmanships in UOI, UOL and UIC, while his sons hold both executive and non-executive directorships in these listed companies.

Kwek Family


Property and hotel mogul Kwek Leng Beng was ranked Singapore’s 4th richest man in 2018 by Forbes, with a net worth of US$7.6 billion. In Forbes’ 2019 list of global billionaires, he was number 745.
	His father, Kwek Hong Png, who migrated to Singapore from China’s Fujian province in the 1920s, founded the original Hong Leong Company – which means “good harvest”– in 1941.
	Kwek’s billionaire cousin, Quek Leng Chan, ranked by Forbes in 2019 as Malaysia’s second-richest man with a net worth of US$9.3 billion, runs the Group’s operations across the Causeway.
	Kwek is Executive Chairman of SGX-listed City Developments and Executive Director of Hong Leong Finance. His son, Sherman, is City Developments’ Group CEO, while nephew Eik Sheng is its Group Chief Strategy Officer. Another son, Kingston, is Non-Executive Director of SGX-listed First Sponsor Group, a developer of residential and commercial properties in China and The Netherlands.
	City Developments, Singapore’s second-largest developer with more than five decades of real estate development, investment and management operations, also owns 65% of London-listed Millennium &amp; Copthorne Hotels (M&amp;C).
	His cousin, Kwek Leng Peck, is Executive Chairman of SGX-listed Hong Leong Asia, the trading and industrial arm of the Hong Leong Group. Cousins Leng Kee and Leng Hai also hold executive and non-executive positions in SGX-listed Hong Leong Finance, GL Ltd (formerly known as GuocoLeisure) and GuocoLand Ltd.
	The Kwek family’s stakes in these SGX-listed firms are held through various vehicles that include Hong Leong Corporation Holdings, Hong Leong Enterprises, Hong Leong Investment Holdings, Kwek Holdings, HL Holdings, Guoco Group, GuocoLand Assets, GuoLine Overseas, GuoLine Capital Assets, and GuocoLeisure Assets, according to shareholding statistics in the companies’ recent annual reports.

Kuok Family


Kuok Khoon Hong, who co-founded the Wilmar Group in 1991 and built it into one of the world’s largest palm oil producers, was ranked by Forbes in 2018 as Singapore’s 11th richest person, with a net worth of US$2.5 billion.
	The nephew of Malaysian billionaire and “Sugar King” Robert Kuok holds the position of Chairman and CEO in Wilmar International, which listed on SGX in 2006. His cousins – siblings Khoon Ean and Khoon Hua – are also Non-Executive Directors on Wilmar’s board. In February this year, their cousin Teo La-Mei, who is Wilmar’s Group Legal Counsel and Company Secretary, was given a board seat as well.
	Khoon Hong, Khoon Ean and Hui Kwong (Robert Kuok’s daughter) also hold Chairman positions in SGX-listed Perennial Real Estate Holdings, PACC Offshore Services and secondary-listed Shangri-La Asia.
	The Kuok family hold their deemed and direct interests in these listed companies through various vehicles, including the Kerry Group of companies, Kuok Brothers Sdn Bhd and Kuok (Singapore) Ltd, shareholding data from the companies’ latest annual reports showed.

Koh Family


Hotelier and property tycoon Koh Wee Meng, together with his wife Lim Wan Looi, control SGX-listed Fragrance Group, which has residential, commercial, hotel and industrial assets spanning Singapore, Australia and Europe. The couple, who hold the positions of Executive Chairman/CEO and Executive Director respectively in Fragrance Group, also owns both direct and indirect stakes in the developer, according to shareholding data in its latest annual report.
	Ranked 27th in Forbes Singapore’s 50 Richest list last year with an estimated fortune of US$1.3 billion, Koh broke away from his family’s jewellery business in the 1990s to venture into property development.
	His younger brother, Wee Seng, is CEO of SGX-listed Aspial Corp, while sister Lee Hwee is Executive Director. Wee Seng, Lee Hwee, and another sister Lee Meng, all own direct and deemed interests in Aspial, shareholding statistics in the company’s recent annual report showed.
	Last year, Kian Soo, Wee Meng’s brother-in-law, was appointed Executive Chairman and CEO of SGX Catalist-listed property developer Global Dragon – formerly known as TMC Education Corp.
	Wee Meng and Kian Soo each own deemed stakes in Global Dragon, while Lee Meng owns a direct stake, according to shareholding data in the company’s latest annual report.

Goi Family


Sam Goi, son of a Fujian farmer, owns privately held Tee Yih Jia Food Manufacturing, the world’s largest maker of popiah (spring roll) skins. He was ranked number 14 in Forbes Singapore’s 50 Richest list last year, with an estimated fortune of US$2.1 billion.
	Known as Singapore’s “Popiah King”, Goi also owns stakes in SGX-listed property developers GSH Corp and KOP Ltd. Goi and his sons – Kenneth and Ben (recently deceased) – hold positions on the board of these two companies.

Chua Family


Chua Thian Poh, ranked by Forbes as Singapore’s 23rd richest man in 2018 with a net worth of US$1.5 billion, founded Ho Bee Land in 1987. The developer, known for luxury homes in the exclusive residential enclave of Sentosa Cove, was listed on SGX Mainboard in 1999.
	Chua has a deemed interest of 75.0% in Ho Bee Land, according to the company’s latest annual report.
	He and his son, Nicholas, hold positions on the company’s board.

The table below details the companies and trusts associated with the seven home-grown family empires that are listed on SGX, sorted by market capitalisation.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
		


			UNITED OVERSEAS BANK
			
			
			U11
			
			
			43,356
			
		


			WILMAR INTL
			
			
			F34
			
			
			22,341
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			8,162
			
		


			SHANGRI-LA ASIA
			
			
			S07
			
			
			6,705
			
		


			UOL GROUP
			
			
			U14
			
			
			6,164
			
		


			UNITED INDUSTRIAL CORP
			
			
			U06
			
			
			4,441
			
		


			HAW PAR CORP
			
			
			H02
			
			
			3,028
			
		


			GUOCOLAND LTD
			
			
			F17
			
			
			2,331
			
		


			CDL REIT
			
			
			J85
			
			
			1,930
			
		


			HO BEE LAND
			
			
			H13
			
			
			1,696
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			1,246
			
		


			HONG LEONG FINANCE
			
			
			S41
			
			
			1,185
			
		


			PERENNIAL REAL ESTATE
			
			
			40S
			
			
			1,063
			
		


			GL LTD
			
			
			B16
			
			
			1,060
			
		


			UOB-KAY HIAN HOLDINGS
			
			
			U10
			
			
			975
			
		


			FIRST SPONSOR GROUP
			
			
			ADN
			
			
			970
			
		


			FRAGRANCE GROUP
			
			
			F31
			
			
			866
			
		


			FAR EAST ORCHARD
			
			
			O10
			
			
			564
			
		


			GSH CORP
			
			
			BDX
			
			
			558
			
		


			YEO HIAP SENG
			
			
			Y03
			
			
			551
			
		


			UNITED OVERSEAS INSURANCE
			
			
			U13
			
			
			434
			
		


			HONG LEONG ASIA
			
			
			H22
			
			
			419
			
		


			ASPIAL CORP
			
			
			A30
			
			
			343
			
		


			PACC OFFSHORE SERVICES
			
			
			U6C
			
			
			334
			
		


			KOP LTD
			
			
			5I1
			
			
			64
			
		


			GLOBAL DRAGON
			
			
			586
			
			
			32
			
		


			Total
			
			
			 
			
			
			110,818
			
		

Source: Bloomberg &amp; StockFacts (data as of 8 May 2019)



Highlights of Home-Grown Family Empires on SGX

Singapore

Wilmar International Ltd. is an agribusiness company. The Company is involved in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack edible oils processing and merchandising, specialty fats, oleochemicals and biodiesel manufacturing, and grains processing and merchandising. Wilmar also manufactures and distributes fertilizers and owns a fleet of vessels.

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

Wilmar International (WIL SP)

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Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TRADE IDEA - First Pacific Stub (142 HK): Round Two with Catalysts

At the end of May, I closed my trade on First Pacific Co (142 HK) ​ with a 5.33% return on gross notional over roughly six months, equating to...

Curtis Lehnert

Defensive Nature of Consumer Staples Stocks Draws Fund Flows

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...

Singapore Exchange Ltd (SGX)

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)

TRADE IDEA - First Pacific (142 HK) Stub: Parent Pops, Close the Trade

The old Asian holding company trades are still going strong - producing annualized returns in excess of 20% in many cases. This particular trade is...

Curtis Lehnert

Highlights of Home-Grown Family Empires on SGX

SGX lists at least 24 companies and two trusts associated with seven business empires run by some of Singapore’s richest families, and they...

Singapore Exchange Ltd (SGX)

At the end of May, I closed my trade on First Pacific Co (142 HK) with a 5.33% return on gross notional over roughly six months, equating to...