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.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

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<ul>
<li>
DBS has reported a 9% YoY rise in 1QFY19 net profit to S$1.65 billion and dividend of 30 cents per share. Its Board has decided that, from FY19, dividends will be paid quarterly, rather than semi-annually providing shareholders with more regular income streams. 
	 </li>
	<li>
Singapore’s 10 largest capitalised stocks that are distributing dividends on a quarterly basis now have a combined market capitalisation of S$118 billion and span the Financial and Real Estate Sectors with average indicative dividend yields of 5%. 
	 </li>
	<li>These 10 stocks, now distributing dividends every quarter, have beat the local benchmark every year since 2015.  The 10 stocks have averaged annualised returns of 11% over the past five years, ranging from 6% for Keppel REIT to 18% for MNACT.</li>
</ul>
 

This morning DBS Group Holdings (“DBS”) reported a 9% rise in its 1QFY19 net profit to S$1.65 billion and dividends of 30 cents per share. This brings the indicative dividend yield of DBS to 4.4% (S$27.41/[S$0.30x4]) or 4.3% based on the share price at the time of writing.

The Board of DBS Group Holdings has also decided that, from FY19, dividends will be paid quarterly, rather than semi-annually, providing shareholders with more regular income streams. 

With the inclusion of DBS as one of Singapore’s 10 largest capitalised stocks that are distributing dividends on a quarterly basis, the 10 stocks total a combined market capitalisation of S$118 billion. The 10 stocks span the Financial Sector and Real Estate Sectors with average indicative dividend yields of 5%. The 10 stocks have averaged annualised returns of 11% over the past five years, ranging from 5.9% for Keppel REIT to 17.5% for Mapletree North Asia Commercial Trust.

As detailed in the chart and table below:

<ul>
<li>
On average, the 10 stocks, now distributing dividends every quarter, have beat the FTSE ST All-Share Index benchmark every year since 2015. 
	 </li>
	<li>
Over the four time periods in the table, there were only five instances when the 10 stocks generated a decline in total return, with four of those occasions in 2018. Note that total returns assume dividends are reinvested into the stock. 
	 </li>
	<li>
All the five stocks of the STI Reserve List are included among the 10 stocks. For more on the STI Reserve List click <a href="https://www2.sgx.com/research-education/market-updates/20190425-five-reits-sti-reserve-list-averaged-13-total-return-ytd">here</a>. 
</li>
</ul>
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-04/jeremy%20is%20a%20bitch.PNG" alt="Total Returns (%)">
 </figure>
 <div class="content-caption">Total Returns (%)</div>
<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap S$Bn
			</td>
			<td>
			Index
			</td>
			<td>
			Total Return 2016%
			</td>
			<td>
			Total Return 2017%
			</td>
			<td>
			Total Return 2018%
			</td>
			<td>
			Total Return 2019 % YTD
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			D05
			</td>
			<td>
			70.1
			</td>
			<td>
			STI
			</td>
			<td>
			8.1
			</td>
			<td>
			47.7
			</td>
			<td>
			1.2
			</td>
			<td>
			15.7
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			8.8
			</td>
			<td>
			STI
			</td>
			<td>
			3.0
			</td>
			<td>
			19.5
			</td>
			<td>
			12.7
			</td>
			<td>
			6.0
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			S68
			</td>
			<td>
			7.9
			</td>
			<td>
			STI
			</td>
			<td>
			-3.4
			</td>
			<td>
			7.9
			</td>
			<td>
			0.4
			</td>
			<td>
			4.5
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			5.5
			</td>
			<td>
			STI Reserve List
			</td>
			<td>
			14.9
			</td>
			<td>
			23.0
			</td>
			<td>
			7.6
			</td>
			<td>
			17.3
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			5.4
			</td>
			<td>
			STI Reserve List
			</td>
			<td>
			10.8
			</td>
			<td>
			38.7
			</td>
			<td>
			1.5
			</td>
			<td>
			19.2
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			4.9
			</td>
			<td>
			STI Reserve List
			</td>
			<td>
			13.2
			</td>
			<td>
			37.6
			</td>
			<td>
			-12.8
			</td>
			<td>
			4.8
			</td>
		</tr>
<tr>
<td>
			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			</td>
			<td>
			RW0U
			</td>
			<td>
			4.3
			</td>
			<td>
			STI Reserve List
			</td>
			<td>
			11.7
			</td>
			<td>
			38.3
			</td>
			<td>
			-1.1
			</td>
			<td>
			21.2
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			4.2
			</td>
			<td>
			FTSE ST Mid Cap Index
			</td>
			<td>
			15.8
			</td>
			<td>
			32.2
			</td>
			<td>
			-0.7
			</td>
			<td>
			12.0
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			4.2
			</td>
			<td>
			STI Reserve List
			</td>
			<td>
			17.0
			</td>
			<td>
			30.1
			</td>
			<td>
			-5.2
			</td>
			<td>
			10.4
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td>
			SK6U
			</td>
			<td>
			2.7
			</td>
			<td>
			FTSE ST Mid Cap Index
			</td>
			<td>
			5.4
			</td>
			<td>
			16.8
			</td>
			<td>
			0.6
			</td>
			<td>
			6.8
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			9.7
			</td>
			<td>
			29.2
			</td>
			<td>
			0.4
			</td>
			<td>
			11.8
			</td>
		</tr>
<tr>
<td>
			FTSE ST All-Share Index
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			5.5
			</td>
			<td>
			21.8
			</td>
			<td>
			-6.9
			</td>
			<td>
			10.1
			</td>
		</tr>
</tbody></table>
Source: <a href="http://www.sgx.com/stockfacts">SGX StockFacts</a>, Thomson Reuters, Bloomberg (Data as of 26 April 2019).

The 10 stocks tabled above include two companies (DBS &amp; SGX) and eight REITs.

The median Return on Equity (“RoE”) of the above 10 stocks is currently 10.4% which is comparative to the five year median RoE of 10.8%. Nine of the 10 stocks base assets or report revenues to Singapore, with a number of these stocks also reporting revenue from, or basing assets, in international markets. One of the 10 stocks, Mapletree North Asia Commercial Trust exclusively invests in international markets. 

 
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DBS has reported a 9% YoY rise in 1QFY19 net profit to S$1.65 billion and dividend of 30 cents per share. Its Board has decided that, from FY19, dividends will be paid quarterly, rather than semi-annually providing shareholders with more regular income streams. 
	 
	
Singapore’s 10 largest capitalised stocks that are distributing dividends on a quarterly basis now have a combined market capitalisation of S$118 billion and span the Financial and Real Estate Sectors with average indicative dividend yields of 5%.  
	 
	These 10 stocks, now distributing dividends every quarter, have beat the local benchmark every year since 2015.  The 10 stocks have averaged annualised returns of 11% over the past five years, ranging from 6% for Keppel REIT to 18% for MNACT.

 

This morning DBS Group Holdings (“DBS”) reported a 9% rise in its 1QFY19 net profit to S$1.65 billion and dividends of 30 cents per share. This brings the indicative dividend yield of DBS to 4.4% (S$27.41/[S$0.30x4]) or 4.3% based on the share price at the time of writing.

The Board of DBS Group Holdings has also decided that, from FY19, dividends will be paid quarterly, rather than semi-annually, providing shareholders with more regular income streams. 

With the inclusion of DBS as one of Singapore’s 10 largest capitalised stocks that are distributing dividends on a quarterly basis, the 10 stocks total a combined market capitalisation of S$118 billion. The 10 stocks span the Financial Sector and Real Estate Sectors with average indicative dividend yields of 5%. The 10 stocks have averaged annualised returns of 11% over the past five years, ranging from 5.9% for Keppel REIT to 17.5% for Mapletree North Asia Commercial Trust.

As detailed in the chart and table below:



On average, the 10 stocks, now distributing dividends every quarter, have beat the FTSE ST All-Share Index benchmark every year since 2015.  
	 
	
Over the four time periods in the table, there were only five instances when the 10 stocks generated a decline in total return, with four of those occasions in 2018. Note that total returns assume dividends are reinvested into the stock.  
	 
	
All the five stocks of the STI Reserve List are included among the 10 stocks. For more on the STI Reserve List click here. 



      
    
    Total Returns (%)



			Name
			
			
			SGX Code
			
			
			Market Cap S$Bn
			
			
			Index
			
			
			Total Return 2016%
			
			
			Total Return 2017%
			
			
			Total Return 2018%
			
			
			Total Return 2019 % YTD
			
		


			DBS GROUP HOLDINGS
			
			
			D05
			
			
			70.1
			
			
			STI
			
			
			8.1
			
			
			47.7
			
			
			1.2
			
			
			15.7
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			8.8
			
			
			STI
			
			
			3.0
			
			
			19.5
			
			
			12.7
			
			
			6.0
			
		


			SINGAPORE EXCHANGE
			
			
			S68
			
			
			7.9
			
			
			STI
			
			
			-3.4
			
			
			7.9
			
			
			0.4
			
			
			4.5
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			5.5
			
			
			STI Reserve List
			
			
			14.9
			
			
			23.0
			
			
			7.6
			
			
			17.3
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5.4
			
			
			STI Reserve List
			
			
			10.8
			
			
			38.7
			
			
			1.5
			
			
			19.2
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			4.9
			
			
			STI Reserve List
			
			
			13.2
			
			
			37.6
			
			
			-12.8
			
			
			4.8
			
		


			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			
			
			RW0U
			
			
			4.3
			
			
			STI Reserve List
			
			
			11.7
			
			
			38.3
			
			
			-1.1
			
			
			21.2
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			4.2
			
			
			FTSE ST Mid Cap Index
			
			
			15.8
			
			
			32.2
			
			
			-0.7
			
			
			12.0
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			4.2
			
			
			STI Reserve List
			
			
			17.0
			
			
			30.1
			
			
			-5.2
			
			
			10.4
			
		


			SPH REIT
			
			
			SK6U
			
			
			2.7
			
			
			FTSE ST Mid Cap Index
			
			
			5.4
			
			
			16.8
			
			
			0.6
			
			
			6.8
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			9.7
			
			
			29.2
			
			
			0.4
			
			
			11.8
			
		


			FTSE ST All-Share Index
			
			
			 
			
			
			 
			
			
			 
			
			
			5.5
			
			
			21.8
			
			
			-6.9
			
			
			10.1
			
		

Source: SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 26 April 2019).

The 10 stocks tabled above include two companies (DBS &amp; SGX) and eight REITs.

The median Return on Equity (“RoE”) of the above 10 stocks is currently 10.4% which is comparative to the five year median RoE of 10.8%. Nine of the 10 stocks base assets or report revenues to Singapore, with a number of these stocks also reporting revenue from, or basing assets, in international markets. One of the 10 stocks, Mapletree North Asia Commercial Trust exclusively invests in international markets. 

 



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