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

Equity Bottom-Up





Of Singapore’s 50 most traded stocks in 2020, 12 stocks saw their 2020 trading activity more than double from 2019 levels. The 12 stocks generated median total returns of 23% in 2020, with nine gainers, and Singapore Airlines, SATS and CapitaLand Retail China Trust the three decliners. 
	 
	
Just as the sequential economic rebound within 2020 was uneven across industries, stocks less impacted by the social and economic measures to contain the Coronavirus outpaced stock benchmarks. The 12 stocks included UG Healthcare and Medtecs Intl which both generated exponential returns over the year.  
	 
	Top Glove, Riverstone, Keppel DC REIT, Sheng Siong, Wilmar Intl, Mapletree Ind Trust and UMS Holdings were also among the 12 stocks, with the seven all generating positive returns in 2020, and representing some of the most defensive industries of the year – medical supplies, data centres, semiconductors and consumer staples.

 

Over the second half of 2020, the number of global COVID-19 infections grew eightfold, while prevalent testing and treatments saw the mortality rate decline from 4.9% to 2.2%. Global growth is estimated to have declined by 4.4% in 2020, with advance estimates seeing a similar 5.8% decline in Singapore.  
Advance estimates released this morning have the Singapore manufacturing sector growing 7.1% in 2020, and the URA private property price index rising 2.2% for the year. Tonight the SIPMM PMI for December (Nov: 50.4) is expected to show a sixth month of expansion for Singapore’s overall manufacturing sector. While the pandemic, containment measures and vaccine development were the overarching market drivers in 2020 and are expected to remain so in 2021, global growth is expected to turnaround to 5.2% in 2021, with Singapore similarly expected to grow between 4.0% and 6.0%.  
This more optimistic outlook has been built into the share prices, particularly during the final quarter of 2020. The Straits Times Index (“STI”) generated an 8.1% decline in 2020, after generating a 9.4% total return in 2019. Just as the sequential economic rebound within 2020 was uneven across industries, stocks less impacted by the social and economic measures to contain the Coronavirus outpaced the benchmarks. At the same time, stocks less impacted and more impacted by the Cornavirus saw remarkable increases in trading activity.  Of Singapore’s 50 most traded stocks in 2020, a dozen stocks saw their 2020 trading activity more than double from 2019 levels. These 12 stocks are tabled below, with the average daily turnovers for 2020 included in the second table further below. As a group they generated median total returns of 23% in 2020, with nine gainers, and Singapore Airlines, SATS and CapitaLand Retail China Trust the three decliners. On 6 November, CapitaLand Retail China Trust proposed an acquistition of five business park properties and the balance 49% interest in Rock Square. The REIT then proceeded raised approximately S$326.1 million comprising S$245.4 million from a Private Placement and S$80.7 million from a Preferential Offering. Continued securitisation of real estate assets is expected to continue as an overall REIT Sector theme in 2021. 




			Stock
			
			
			SGX

			Code
			
			
			Mkt Cap S$M
			
			
			4Q20 Total Return
			
			
			2020 Total Return
			
			
			2020 Volatility 
			
			
			2020 Turnover Growth
			
			
			2020 Net Insti Flow (S$M)
			
			
			2019 Net Insti Flow (S$M)
			
			
			2020 Net Retail Flow (S$M)
			
			
			2019 Net Retail Flow (S$M)
			
		


			Medtecs Intl
			
			
			546
			
			
			549
			
			
			-7%
			
			
			2628%
			
			
			166%
			
			
			58263%
			
			
			22.5
			
			
			0.0
			
			
			-12.5
			
			
			-0.1
			
		


			UG Healthcare
			
			
			8K7
			
			
			361
			
			
			-30%
			
			
			1157%
			
			
			144%
			
			
			58630%
			
			
			-15.0
			
			
			-0.2
			
			
			18.8
			
			
			0.2
			
		


			Top Glove
			
			
			BVA
			
			
			16,045
			
			
			-25%
			
			
			300%
			
			
			81%
			
			
			22673%
			
			
			-72.3
			
			
			0.9
			
			
			118.7
			
			
			0.6
			
		


			Riverstone
			
			
			AP4
			
			
			1,645
			
			
			-36%
			
			
			143%
			
			
			70%
			
			
			5478%
			
			
			-38.7
			
			
			-3.5
			
			
			42.8
			
			
			3.4
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			4,589
			
			
			-3%
			
			
			38%
			
			
			33%
			
			
			103%
			
			
			6.0
			
			
			20.3
			
			
			27.8
			
			
			-3.5
			
		


			Sheng Siong
			
			
			OV8
			
			
			2,330
			
			
			-4%
			
			
			29%
			
			
			30%
			
			
			289%
			
			
			-44.2
			
			
			14.6
			
			
			39.4
			
			
			-21.4
			
		


			Wilmar Intl
			
			
			F34
			
			
			29,370
			
			
			6%
			
			
			17%
			
			
			38%
			
			
			104%
			
			
			-42.1
			
			
			140.6
			
			
			116.1
			
			
			-241.5
			
		


			Mapletree Ind Tr
			
			
			ME8U
			
			
			6,794
			
			
			-9%
			
			
			16%
			
			
			40%
			
			
			114%
			
			
			-46.3
			
			
			69.5
			
			
			61.3
			
			
			-17.9
			
		


			UMS
			
			
			558
			
			
			576
			
			
			11%
			
			
			10%
			
			
			50%
			
			
			115%
			
			
			18.6
			
			
			43.3
			
			
			-10.7
			
			
			-56.6
			
		


			CapitaR China Tr
			
			
			AU8U
			
			
			2,109
			
			
			28%
			
			
			-7%
			
			
			42%
			
			
			114%
			
			
			-116.1
			
			
			3.7
			
			
			121.5
			
			
			3.2
			
		


			SATS
			
			
			S58
			
			
			4,457
			
			
			41%
			
			
			-21%
			
			
			47%
			
			
			130%
			
			
			-130.7
			
			
			7.5
			
			
			185.3
			
			
			-33.2
			
		


			SIA
			
			
			C6L
			
			
			12,690
			
			
			23%
			
			
			-33%
			
			
			40%
			
			
			207%
			
			
			-642.6
			
			
			-127.1
			
			
			794.6
			
			
			61.6
			
		


			Median
			
			
			 
			
			
			 
			
			
			-4%
			
			
			23%
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			0%
			
			
			356%
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
		

 Source: SGX StockFacts, Refinitiv and Bloomberg (Data as of 31 December 2020).

 

The full list of Singapore’s 50 most traded stocks in 2020 is tabled below and sort by highest to lowest turnover for the year. The below 50 stocks saw a combined average daily turnbover of S$1.2 billion in 2020, which compared to the 50 most traded stocks of 2019 that saw a combined average daily turnbover of S$905 million. The 50 stocks below include a trio of Catalist-listed stocks: Medtecs International, Rex International and UG Healthcare.




			Stock
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			4Q20 Total Return
			
			
			2020 Total Return
			
			
			2020 Volatility
			
			
			2020 Average  Daily Turnover S$M
			
			
			2020 Turnover Growth
			
			
			2020 Net Insti Flow (S$M)
			
			
			2019 Net Insti Flow (S$M)
			
			
			2020 Net Retail Flow (S$M)
			
			
			2019 Net Retail Flow (S$M)
			
		


			DBS
			
			
			D05
			
			
			63,879
			
			
			27%
			
			
			2%
			
			
			30%
			
			
			134
			
			
			34%
			
			
			-605.8
			
			
			-476.9
			
			
			1,026.6
			
			
			194.1
			
		


			Singtel
			
			
			Z74
			
			
			37,721
			
			
			11%
			
			
			-28%
			
			
			27%
			
			
			83
			
			
			22%
			
			
			-1,259.6
			
			
			363.2
			
			
			1,342.9
			
			
			-615.9
			
		


			UOB
			
			
			U11
			
			
			37,789
			
			
			19%
			
			
			-10%
			
			
			27%
			
			
			75
			
			
			23%
			
			
			-1,175.7
			
			
			-401.1
			
			
			1,323.2
			
			
			120.6
			
		


			OCBC Bank
			
			
			O39
			
			
			45,004
			
			
			19%
			
			
			-4%
			
			
			26%
			
			
			66
			
			
			19%
			
			
			-531.8
			
			
			-552.6
			
			
			888.2
			
			
			223.5
			
		


			Ascendas REIT
			
			
			A17U
			
			
			12,381
			
			
			-6%
			
			
			6%
			
			
			35%
			
			
			47
			
			
			35%
			
			
			407.6
			
			
			-144.2
			
			
			77.6
			
			
			28.4
			
		


			CapLand Int Com T
			
			
			C38U
			
			
			13,977
			
			
			14%
			
			
			-8%
			
			
			40%
			
			
			41
			
			
			61%
			
			
			-129.3
			
			
			-192.3
			
			
			244.4
			
			
			45.8
			
		


			Wilmar Intl
			
			
			F34
			
			
			29,370
			
			
			6%
			
			
			17%
			
			
			38%
			
			
			41
			
			
			104%
			
			
			-42.1
			
			
			140.6
			
			
			116.1
			
			
			-241.5
			
		


			SGX
			
			
			S68
			
			
			9,941
			
			
			3%
			
			
			8%
			
			
			31%
			
			
			37
			
			
			60%
			
			
			177.7
			
			
			421.0
			
			
			-154.2
			
			
			-453.2
			
		


			SIA
			
			
			C6L
			
			
			12,690
			
			
			23%
			
			
			-33%
			
			
			40%
			
			
			34
			
			
			207%
			
			
			-642.6
			
			
			-127.1
			
			
			794.6
			
			
			61.6
			
		


			Mapletree Log Tr
			
			
			M44U
			
			
			8,306
			
			
			0%
			
			
			20%
			
			
			39%
			
			
			33
			
			
			79%
			
			
			82.0
			
			
			57.0
			
			
			-5.8
			
			
			-36.8
			
		


			CapitaLand
			
			
			C31
			
			
			17,033
			
			
			21%
			
			
			-9%
			
			
			32%
			
			
			33
			
			
			28%
			
			
			-58.7
			
			
			107.2
			
			
			214.2
			
			
			-224.4
			
		


			ComfortDelGro
			
			
			C52
			
			
			3,618
			
			
			18%
			
			
			-27%
			
			
			37%
			
			
			27
			
			
			50%
			
			
			-336.1
			
			
			23.9
			
			
			399.6
			
			
			-70.9
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			3,681
			
			
			-4%
			
			
			-11%
			
			
			32%
			
			
			26
			
			
			-25%
			
			
			-172.8
			
			
			5.5
			
			
			194.7
			
			
			-13.6
			
		


			Mapletree Com Tr
			
			
			N2IU
			
			
			7,061
			
			
			12%
			
			
			-8%
			
			
			38%
			
			
			25
			
			
			6%
			
			
			-38.1
			
			
			155.3
			
			
			15.3
			
			
			2.8
			
		


			Mapletree Ind Tr
			
			
			ME8U
			
			
			6,794
			
			
			-9%
			
			
			16%
			
			
			40%
			
			
			24
			
			
			114%
			
			
			-46.3
			
			
			69.5
			
			
			61.3
			
			
			-17.9
			
		


			Keppel Corp
			
			
			BN4
			
			
			9,778
			
			
			21%
			
			
			-19%
			
			
			30%
			
			
			24
			
			
			11%
			
			
			-73.1
			
			
			-170.1
			
			
			157.2
			
			
			50.9
			
		


			JMH USD
			
			
			J36
			
			
			54,418
			
			
			37%
			
			
			3%
			
			
			38%
			
			
			24
			
			
			18%
			
			
			-2.2
			
			
			18.0
			
			
			-7.9
			
			
			13.3
			
		


			Venture
			
			
			V03
			
			
			5,632
			
			
			1%
			
			
			25%
			
			
			33%
			
			
			24
			
			
			19%
			
			
			168.6
			
			
			-47.7
			
			
			-117.8
			
			
			4.8
			
		


			Genting Sing
			
			
			G13
			
			
			10,255
			
			
			27%
			
			
			-5%
			
			
			40%
			
			
			23
			
			
			-7%
			
			
			112.4
			
			
			-240.1
			
			
			-104.1
			
			
			156.9
			
		


			CityDev
			
			
			C09
			
			
			7,228
			
			
			5%
			
			
			-26%
			
			
			39%
			
			
			21
			
			
			29%
			
			
			-209.6
			
			
			55.2
			
			
			223.1
			
			
			-123.9
			
		


			ST Engineering
			
			
			S63
			
			
			11,901
			
			
			10%
			
			
			1%
			
			
			31%
			
			
			20
			
			
			19%
			
			
			55.2
			
			
			95.7
			
			
			7.9
			
			
			-146.0
			
		


			Medtecs Intl
			
			
			546
			
			
			549
			
			
			-7%
			
			
			2628%
			
			
			166%
			
			
			20
			
			
			58263%
			
			
			22.5
			
			
			0.0
			
			
			-12.5
			
			
			-0.1
			
		


			SATS
			
			
			S58
			
			
			4,457
			
			
			41%
			
			
			-21%
			
			
			47%
			
			
			20
			
			
			130%
			
			
			-130.7
			
			
			7.5
			
			
			185.3
			
			
			-33.2
			
		


			AEM
			
			
			AWX
			
			
			949
			
			
			-10%
			
			
			75%
			
			
			60%
			
			
			20
			
			
			90%
			
			
			16.4
			
			
			53.2
			
			
			23.2
			
			
			-66.8
			
		


			Suntec REIT
			
			
			T82U
			
			
			4,210
			
			
			4%
			
			
			-15%
			
			
			39%
			
			
			20
			
			
			19%
			
			
			-67.8
			
			
			-104.3
			
			
			69.7
			
			
			63.3
			
		


			ThaiBev
			
			
			Y92
			
			
			18,460
			
			
			21%
			
			
			-15%
			
			
			37%
			
			
			19
			
			
			29%
			
			
			-137.0
			
			
			141.5
			
			
			112.4
			
			
			-187.0
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			4,589
			
			
			-3%
			
			
			38%
			
			
			33%
			
			
			18
			
			
			103%
			
			
			6.0
			
			
			20.3
			
			
			27.8
			
			
			-3.5
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			7,727
			
			
			9%
			
			
			-32%
			
			
			39%
			
			
			15
			
			
			44%
			
			
			-206.4
			
			
			-39.2
			
			
			178.7
			
			
			25.1
			
		


			SPH
			
			
			T39
			
			
			1,797
			
			
			10%
			
			
			-47%
			
			
			40%
			
			
			15
			
			
			49%
			
			
			-204.8
			
			
			-14.9
			
			
			243.6
			
			
			-14.9
			
		


			HongkongLand USD
			
			
			H78
			
			
			12,735
			
			
			8%
			
			
			-25%
			
			
			31%
			
			
			14
			
			
			-28%
			
			
			-129.8
			
			
			-138.0
			
			
			97.2
			
			
			96.9
			
		


			Frasers L&amp;C Tr
			
			
			BUOU
			
			
			4,828
			
			
			4%
			
			
			21%
			
			
			48%
			
			
			14
			
			
			64%
			
			
			91.2
			
			
			66.2
			
			
			-75.4
			
			
			-27.3
			
		


			Sembcorp Ind
			
			
			U96
			
			
			3,046
			
			
			28%
			
			
			51%
			
			
			53%
			
			
			13
			
			
			66%
			
			
			-127.6
			
			
			-109.3
			
			
			154.1
			
			
			90.3
			
		


			JSH USD
			
			
			J37
			
			
			36,435
			
			
			22%
			
			
			-19%
			
			
			43%
			
			
			12
			
			
			-1%
			
			
			-41.8
			
			
			37.1
			
			
			6.1
			
			
			-0.8
			
		


			NetLink NBN Tr
			
			
			CJLU
			
			
			3,761
			
			
			2%
			
			
			8%
			
			
			24%
			
			
			12
			
			
			48%
			
			
			-42.0
			
			
			17.3
			
			
			64.6
			
			
			24.1
			
		


			UOL
			
			
			U14
			
			
			6,507
			
			
			16%
			
			
			-5%
			
			
			28%
			
			
			11
			
			
			20%
			
			
			43.5
			
			
			63.3
			
			
			-9.8
			
			
			-117.4
			
		


			Frasers Cpt Tr
			
			
			J69U
			
			
			4,177
			
			
			5%
			
			
			-9%
			
			
			45%
			
			
			10
			
			
			63%
			
			
			-26.9
			
			
			34.1
			
			
			47.3
			
			
			-12.3
			
		


			Riverstone
			
			
			AP4
			
			
			1,645
			
			
			-36%
			
			
			143%
			
			
			70%
			
			
			9
			
			
			5478%
			
			
			-38.7
			
			
			-3.5
			
			
			42.8
			
			
			3.4
			
		


			Keppel REIT
			
			
			K71U
			
			
			3,817
			
			
			5%
			
			
			-6%
			
			
			36%
			
			
			9
			
			
			9%
			
			
			19.2
			
			
			56.7
			
			
			-8.4
			
			
			-42.0
			
		


			Mapletree NAC Tr
			
			
			RW0U
			
			
			3,331
			
			
			7%
			
			
			-11%
			
			
			37%
			
			
			9
			
			
			-28%
			
			
			-66.0
			
			
			-106.5
			
			
			59.3
			
			
			38.7
			
		


			Sembcorp Marine
			
			
			S51
			
			
			1,795
			
			
			-2%
			
			
			-83%
			
			
			66%
			
			
			9
			
			
			9%
			
			
			-107.1
			
			
			-60.0
			
			
			122.3
			
			
			56.3
			
		


			DairyFarm USD
			
			
			D01
			
			
			7,453
			
			
			7%
			
			
			-25%
			
			
			33%
			
			
			8
			
			
			26%
			
			
			-137.9
			
			
			-20.8
			
			
			69.1
			
			
			39.9
			
		


			Ascott Trust
			
			
			HMN
			
			
			3,357
			
			
			21%
			
			
			-15%
			
			
			43%
			
			
			8
			
			
			54%
			
			
			-3.4
			
			
			78.4
			
			
			31.8
			
			
			-62.0
			
		


			Rex Intl
			
			
			5WH
			
			
			190
			
			
			4%
			
			
			-29%
			
			
			80%
			
			
			7
			
			
			49%
			
			
			-1.5
			
			
			2.4
			
			
			4.3
			
			
			-3.4
			
		


			CapitaR China Tr
			
			
			AU8U
			
			
			2,109
			
			
			28%
			
			
			-7%
			
			
			42%
			
			
			7
			
			
			114%
			
			
			-116.1
			
			
			3.7
			
			
			121.5
			
			
			3.2
			
		


			UMS
			
			
			558
			
			
			576
			
			
			11%
			
			
			10%
			
			
			50%
			
			
			7
			
			
			115%
			
			
			18.6
			
			
			43.3
			
			
			-10.7
			
			
			-56.6
			
		


			Sheng Siong
			
			
			OV8
			
			
			2,330
			
			
			-4%
			
			
			29%
			
			
			30%
			
			
			6
			
			
			289%
			
			
			-44.2
			
			
			14.6
			
			
			39.4
			
			
			-21.4
			
		


			Top Glove
			
			
			BVA
			
			
			16,045
			
			
			-25%
			
			
			300%
			
			
			81%
			
			
			6
			
			
			22673%
			
			
			-72.3
			
			
			0.9
			
			
			118.7
			
			
			0.6
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,413
			
			
			5%
			
			
			-20%
			
			
			61%
			
			
			5
			
			
			65%
			
			
			-6.2
			
			
			15.6
			
			
			11.4
			
			
			-13.0
			
		


			UG Healthcare
			
			
			8K7
			
			
			361
			
			
			-30%
			
			
			1157%
			
			
			144%
			
			
			7
			
			
			58630%
			
			
			-15.0
			
			
			-0.2
			
			
			18.8
			
			
			0.2
			
		


			Manulife REIT USD
			
			
			BTOU
			
			
			1,558
			
			
			-3%
			
			
			-23%
			
			
			50%
			
			
			5
			
			
			48%
			
			
			-31.3
			
			
			22.2
			
			
			27.1
			
			
			-3.9
			
		


			Median
			
			
			 
			
			
			 
			
			
			7%
			
			
			-7%
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			8%
			
			
			79%
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
		

 Source: SGX StockFacts, Refinitiv and Bloomberg (Data as of 31 December 2020).



12 Stocks that Attracted Significant Trading Activity in 2020