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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Singapore is an international business hub with significant economic ties to both its ASEAN neighbours and the PRC. SGX also lists multiple stocks that maintain local businesses in addition to maintaining a presence in other ASEAN countries &amp; the PRC.   
	 </li>
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Singapore’s 10 largest capitalised primary-listed stocks that specifically report revenue to Singapore, in addition to other ASEAN markets and the PRC, generated an average total return of 16.5% in 2019 YTD 
	 </li>
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This more than doubled the 6.5% total return of the STI, and the 10 included four STI stocks -  DBS Group Holdings, CapitaLand, UOL group and ComfortDelGro Corp – which averaged 17.6% total returns in the 2019 YTD 
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Singapore is an international business hub with a multitude of businesses operating across the region.

There are as many as 250 stocks that reported between 1% and 100% of their recent FY revenue to ASEAN countries outside of Singapore, while there are also a very similar number of stocks that reported between 1% and 100% of their recent FY revenue to the People’s Republic of China (“PRC”). When amalgamating the stocks that report such revenues to both ASEAN countries outside of Singapore, and the PRC, the number of stocks cascades to just over 100.  

When including a third geographical presence  – Singapore – the number of just over 100 stocks declines just slightly to slightly below 100 stocks. This would be expected given, as maintained above, Singapore is an international business hub that has significant economic connections to both its ASEAN neighbours and the PRC.

The 10 primary-listed stocks below specifically reported revenue in their recent Annual Reports to all three destinations of Singapore, other ASEAN countries, in addition to the PRC. 
 

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap S$Bn
			</td>
			<td>
			Total Return YTD %
			</td>
			<td>
			12M Volatility %
			</td>
			<td>
			Greatest Revenue Contributor from Singapore, ASEAN-ex Singapore or China in Last FY
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			D05
			</td>
			<td>
			63.7
			</td>
			<td>
			10.1
			</td>
			<td>
			18
			</td>
			<td>
			Singapore
			</td>
		</tr>
<tr>
<td>
			CAPITALAND
			</td>
			<td>
			C31
			</td>
			<td>
			17.9
			</td>
			<td>
			18.3
			</td>
			<td>
			18
			</td>
			<td>
			China
			</td>
		</tr>
<tr>
<td>
			UOL GROUP
			</td>
			<td>
			U14
			</td>
			<td>
			6.3
			</td>
			<td>
			23.2
			</td>
			<td>
			20
			</td>
			<td>
			Singapore
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			5.7
			</td>
			<td>
			29.9
			</td>
			<td>
			18
			</td>
			<td>
			Singapore
			</td>
		</tr>
<tr>
<td>
			COMFORTDELGRO CORP
			</td>
			<td>
			C52
			</td>
			<td>
			5.3
			</td>
			<td>
			18.8
			</td>
			<td>
			25
			</td>
			<td>
			Singapore
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST
			</td>
			<td>
			A68U
			</td>
			<td>
			2.9
			</td>
			<td>
			28.9
			</td>
			<td>
			15
			</td>
			<td>
			ASEAN (ex-Singapore)
			</td>
		</tr>
<tr>
<td>
			GUOCOLAND
			</td>
			<td>
			F17
			</td>
			<td>
			2.4
			</td>
			<td>
			11.1
			</td>
			<td>
			17
			</td>
			<td>
			Singapore
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td>
			P40U
			</td>
			<td>
			1.6
			</td>
			<td>
			16.1
			</td>
			<td>
			14
			</td>
			<td>
			Singapore
			</td>
		</tr>
<tr>
<td>
			UNITED ENGINEERS
			</td>
			<td>
			U04
			</td>
			<td>
			1.6
			</td>
			<td>
			2.8
			</td>
			<td>
			13
			</td>
			<td>
			Singapore
			</td>
		</tr>
<tr>
<td>
			WING TAI HOLDINGS
			</td>
			<td>
			W05
			</td>
			<td>
			1.6
			</td>
			<td>
			5.7
			</td>
			<td>
			14
			</td>
			<td>
			Singapore
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			16.5
			</td>
			<td>
			17.1
			</td>
			<td> </td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			17.2
			</td>
			<td>
			17.5
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
Source: SGX StockFacts &amp; Annual Reports (Data as of 10 September 2019)

Note this is not necessary an exclusive list, as it does not take into account stocks that segment revenue regionally (i.e. South East Asia and Greater China) rather it is based on stocks that segment revenue at a country level (i.e. Singapore and PRC). As a minimum the 10 stocks report revenues to all of the three geographies, and in many cases like Ascott Residence Trust, may report revenues to other parts of the world as well.  
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Singapore is an international business hub with significant economic ties to both its ASEAN neighbours and the PRC. SGX also lists multiple stocks that maintain local businesses in addition to maintaining a presence in other ASEAN countries &amp; the PRC.   
	 
	
Singapore’s 10 largest capitalised primary-listed stocks that specifically report revenue to Singapore, in addition to other ASEAN markets and the PRC, generated an average total return of 16.5% in 2019 YTD 
	 
	
This more than doubled the 6.5% total return of the STI, and the 10 included four STI stocks -  DBS Group Holdings, CapitaLand, UOL group and ComfortDelGro Corp – which averaged 17.6% total returns in the 2019 YTD 
	 

Singapore is an international business hub with a multitude of businesses operating across the region.

There are as many as 250 stocks that reported between 1% and 100% of their recent FY revenue to ASEAN countries outside of Singapore, while there are also a very similar number of stocks that reported between 1% and 100% of their recent FY revenue to the People’s Republic of China (“PRC”). When amalgamating the stocks that report such revenues to both ASEAN countries outside of Singapore, and the PRC, the number of stocks cascades to just over 100.  

When including a third geographical presence  – Singapore – the number of just over 100 stocks declines just slightly to slightly below 100 stocks. This would be expected given, as maintained above, Singapore is an international business hub that has significant economic connections to both its ASEAN neighbours and the PRC.

The 10 primary-listed stocks below specifically reported revenue in their recent Annual Reports to all three destinations of Singapore, other ASEAN countries, in addition to the PRC. 
 




			Name
			
			
			SGX Code
			
			
			Market Cap S$Bn
			
			
			Total Return YTD %
			
			
			12M Volatility %
			
			
			Greatest Revenue Contributor from Singapore, ASEAN-ex Singapore or China in Last FY
			
		


			DBS GROUP HOLDINGS
			
			
			D05
			
			
			63.7
			
			
			10.1
			
			
			18
			
			
			Singapore
			
		


			CAPITALAND
			
			
			C31
			
			
			17.9
			
			
			18.3
			
			
			18
			
			
			China
			
		


			UOL GROUP
			
			
			U14
			
			
			6.3
			
			
			23.2
			
			
			20
			
			
			Singapore
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5.7
			
			
			29.9
			
			
			18
			
			
			Singapore
			
		


			COMFORTDELGRO CORP
			
			
			C52
			
			
			5.3
			
			
			18.8
			
			
			25
			
			
			Singapore
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2.9
			
			
			28.9
			
			
			15
			
			
			ASEAN (ex-Singapore)
			
		


			GUOCOLAND
			
			
			F17
			
			
			2.4
			
			
			11.1
			
			
			17
			
			
			Singapore
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1.6
			
			
			16.1
			
			
			14
			
			
			Singapore
			
		


			UNITED ENGINEERS
			
			
			U04
			
			
			1.6
			
			
			2.8
			
			
			13
			
			
			Singapore
			
		


			WING TAI HOLDINGS
			
			
			W05
			
			
			1.6
			
			
			5.7
			
			
			14
			
			
			Singapore
			
		


			Average
			
			
			 
			
			
			 
			
			
			16.5
			
			
			17.1
			
			 
		


			Median
			
			
			 
			
			
			 
			
			
			17.2
			
			
			17.5
			
			
			 
			
		

Source: SGX StockFacts &amp; Annual Reports (Data as of 10 September 2019)

Note this is not necessary an exclusive list, as it does not take into account stocks that segment revenue regionally (i.e. South East Asia and Greater China) rather it is based on stocks that segment revenue at a country level (i.e. Singapore and PRC). As a minimum the 10 stocks report revenues to all of the three geographies, and in many cases like Ascott Residence Trust, may report revenues to other parts of the world as well.  



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