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





Singapore’s 50 most actively traded stocks of early 2020 averaged a 2% return over the first 12 sessions of January, with performances led by AusGroup, Keppel DC REIT, Mapletree Industrial Trust, CapitaLand Commercial Trust and AEM Holdings.  
	 
	
AusGroup also saw the largest increase in 2020 YTD trading turnover compared to 2019 activity, followed by Lendlease Global Commercial REIT, Cromwell European REIT, UMS Holdings and Golden Agri-Resources. The five averaged S$32M turnover a day, more than double their combined average daily turnover of 2019. 
	 
	UMS Holdings also saw the highest net institutional inflow proportionate to market value followed by Venture Corp, AEM Holdings, CapitaLand and Hi-P International. The five stocks saw combined S$83M of net institutional inflow over the past 12 sessions.

The 30 stocks of the Straits Times Index (“STI”) have averaged a 2.0% return over the first 12 sessions of 2020 with 23 gainers and seven decliners. The 30 stocks have been recipient of S$238 million of net institutional inflow over the 12 sessions, following S$1.158 billion of inflow in 2019. The 30 stocks have also seen a combined average daily turnover of S$839 million over the past 12 sessions, up 10% from the S$763 million for the same 30 stocks in 2019.

The remaining 20 stocks that make up the 50 most active stocks by turnover have averaged a higher 3.2% gain over the first 12 sessions of 2020 with a combined average S$168 million a day in average turnover. Excluding Ascott REIT because of the well-publicised merger that became effective this year, this group of non-STI stocks have seen their trading turnover up 25% from their average 2019 levels.

Real Estate, Manufacturing &amp; Jardines Led Early 2020 Gains 

Sectors with the most representation among the 50 stocks are Real Estate and Manufacturing. These have also been amongst the strongest Sectors in both 2019, and the first 12 sessions of 2020.

One segment of the 50 stocks that has performed stronger over the past 12 sessions compared to the 2019 returns are the Jardine Group of companies. The relevant five stocks that are amongst the 50 most traded stocks have averaged 3% gains in the year to date, compared to an average 18% decline in total return in 2019. The five stocks have also been recipient of S$10 million in net institutional inflow following outflows of S$174 million in 2019.




			Name
			
			
			Code
			
			
			MKT Cap (S$M)
			
			
			2020 YTD Total Return
			
			
			2019 Total Return
			
			
			2020 YTD Average Daily Turnover (S$M)
			
			
			2019 Average Daily Turnover (S$M)
			
			
			2020 Net Insti Inflow (S$M)
			
			
			2019 Net Insti Inflow (S$M)
			
		


			HONGKONG LAND HOLDINGS
			
			
			H78
			
			
			18,452
			
			
			1%
			
			
			-7%
			
			
			16
			
			
			20
			
			
			5
			
			
			-97
			
		


			JARDINE MATHESON HLDGS
			
			
			J36
			
			
			57,740
			
			
			5%
			
			
			-19%
			
			
			15
			
			
			20
			
			
			3
			
			
			-13
			
		


			JARDINE STRATEGIC HLDGS
			
			
			J37
			
			
			48,230
			
			
			6%
			
			
			-17%
			
			
			11
			
			
			12
			
			
			2
			
			
			1
			
		


			JARDINE CYCLE &amp; CARRIAGE
			
			
			C07
			
			
			12,197
			
			
			3%
			
			
			-12%
			
			
			8
			
			
			11
			
			
			3
			
			
			-25
			
		


			DAIRY FARM INTL HLDGS
			
			
			D01
			
			
			10,372
			
			
			0%
			
			
			-36%
			
			
			5
			
			
			7
			
			
			-3
			
			
			-40
			
		


			Average
			
			
			 
			
			
			 
			
			
			3%
			
			
			-18%
			
			
			 
			
			
			Sum
			
			
			10
			
			
			-174
			
		

 Source: Thomson Reuters, Bloomberg (Data as of 17 January 2020)

AusGroup a Top 200 Stock by Turnover in 2019, Top 50 in Early 2020  

The strongest of Singapore’s 50 most traded stocks for the first 12 sessions of 2020 year was AusGroup. As a business, AusGroup offers a range of integrated service solutions to the energy, mining and industrial sectors across Australia and South East Asia. On 10 December, AusGroup announced its fourth long term maintenance, shutdown and fabrication support contract awarded for the preceding five months, as noted here; AusGroup’s subsidiary MAS Australasia Pty Ltd was awarded a three year Rope Access Services contract with Rio Tinto.

AusGroup has also averaged S$5 million a day in turnover over the first 12 sessions of 2019, compared to less than S$200,000 a day over 2019. AusGroup reported a net profit after tax of A$0.2 million for its 1QFY20 (ended 30 Sep), with the investor presentation available here. This followed AusGroup’s reporting a reporting net profit of A$2.3 million for its FY19 (click here for the FY19 Annual Report). The company also noted that in FY19 its balance sheet continued to strengthen with the net debt decreasing by A$25.4 million in FY19, mainly due to the successful placement and rights issue completed in the financial year, whose proceeds were partly used to repay debt and debt to equity conversions.

The 10 strongest stocks of the 50 most traded stocks for the past 12 sessions are tabled below.




			Name
			
			
			Code
			
			
			MKT Cap (S$M)
			
			
			2020 YTD Total Return
			
			
			2019 Total Return
			
			
			2020 YTD Average Daily Turnover (S$M)
			
			
			2019 Average Daily Turnover (S$M)
			
			
			2020 Net Insti Inflow (S$M)
			
			
			2019 Net Insti Inflow (S$M)
			
		


			AUSGROUP
			
			
			5GJ
			
			
			146
			
			
			30%
			
			
			16%
			
			
			5
			
			
			0
			
			
			-4
			
			
			-3
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			3,738
			
			
			10%
			
			
			66%
			
			
			12
			
			
			9
			
			
			6
			
			
			4
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			8,255
			
			
			8%
			
			
			19%
			
			
			28
			
			
			24
			
			
			5
			
			
			34
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			6,206
			
			
			8%
			
			
			44%
			
			
			19
			
			
			11
			
			
			7
			
			
			18
			
		


			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			13,083
			
			
			7%
			
			
			17%
			
			
			24
			
			
			17
			
			
			23
			
			
			146
			
		


			MAPLETREE NORTH ASIA COMMERCIAL
			
			
			RW0U
			
			
			3,961
			
			
			7%
			
			
			8%
			
			
			16
			
			
			12
			
			
			-10
			
			
			-39
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			583
			
			
			7%
			
			
			154%
			
			
			15
			
			
			10
			
			
			2
			
			
			67
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			11,361
			
			
			6%
			
			
			24%
			
			
			33
			
			
			35
			
			
			26
			
			
			-28
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			9,591
			
			
			6%
			
			
			13%
			
			
			30
			
			
			25
			
			
			5
			
			
			-46
			
		


			JARDINE STRATEGIC HLDGS
			
			
			J37
			
			
			48,230
			
			
			6%
			
			
			-17%
			
			
			11
			
			
			12
			
			
			2
			
			
			1
			
		

 Source: Thomson Reuters, Bloomberg (Data as of 17 January 2020)

With AusGroup seeing the largest increase in 2020 year to date trading turnover compared to 2019 activity, the next four stocks that saw the largest increases included Lendlease Global Commercial, Cromwell European REIT, UMS Holdings and Golden Agri-Resources. Combined, the five stocks averaged S$32 million turnover a day, more than double their combined average daily turnover of 2019.

UMS Holdings also saw the highest net institutional inflow proportionate to market value followed by Venture Corp, AEM Holdings, CapitaLand and Hi-P International. The five stocks saw combined S$83 of net institutional inflow over the past 12 sessions. Venture Corp saw S$15 million of net inflow, following net outflow of S$5 million in 2019.

The full 50 stocks, ranked by highest turnover over the first 12 sessions of 2020 are tabled below.




			Name
			
			
			Code
			
			
			MKT Cap (S$M)
			
			
			2020 YTD Total Return
			
			
			2019 Total Return
			
			
			2020 YTD Average Daily Turnover (S$M)
			
			
			2019 Average Daily Turnover (S$M)
			
			
			2020 Net Insti Inflow (S$M)
			
			
			2019 Net Insti Inflow (S$M)
			
		


			DBS GROUP HOLDINGS
			
			
			D05
			
			
			67,301
			
			
			2%
			
			
			16%
			
			
			153
			
			
			100
			
			
			54
			
			
			-194
			
		


			SINGAPORE TELECOMMUNICATIONS
			
			
			Z74
			
			
			53,886
			
			
			-2%
			
			
			21%
			
			
			87
			
			
			67
			
			
			-32
			
			
			616
			
		


			UNITED OVERSEAS BANK
			
			
			U11
			
			
			44,595
			
			
			1%
			
			
			13%
			
			
			58
			
			
			61
			
			
			37
			
			
			-121
			
		


			OVERSEA-CHINESE BANKING CORP
			
			
			O39
			
			
			49,284
			
			
			2%
			
			
			2%
			
			
			57
			
			
			55
			
			
			83
			
			
			-224
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			4,546
			
			
			4%
			
			
			-7%
			
			
			40
			
			
			34
			
			
			-9
			
			
			14
			
		


			SINGAPORE EXCHANGE
			
			
			S68
			
			
			9,382
			
			
			-1%
			
			
			29%
			
			
			34
			
			
			23
			
			
			-27
			
			
			453
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			11,361
			
			
			6%
			
			
			24.3%
			
			
			33
			
			
			35
			
			
			26
			
			
			-28
			
		


			CAPITALAND
			
			
			C31
			
			
			19,817
			
			
			5%
			
			
			25%
			
			
			30
			
			
			26
			
			
			61
			
			
			224
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			9,591
			
			
			6%
			
			
			13%
			
			
			30
			
			
			25
			
			
			5
			
			
			-46
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			8,255
			
			
			8%
			
			
			19%
			
			
			28
			
			
			24
			
			
			5
			
			
			34
			
		


			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			13,083
			
			
			7%
			
			
			17%
			
			
			24
			
			
			17
			
			
			23
			
			
			146
			
		


			COMFORTDELGRO CORP
			
			
			C52
			
			
			4,851
			
			
			-6%
			
			
			15%
			
			
			24
			
			
			18
			
			
			-50
			
			
			71
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			8,101
			
			
			3%
			
			
			53%
			
			
			23
			
			
			23
			
			
			5
			
			
			-3
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			10,284
			
			
			4%
			
			
			38%
			
			
			21
			
			
			16
			
			
			14
			
			
			124
			
		


			WILMAR INTERNATIONAL
			
			
			F34
			
			
			26,952
			
			
			3%
			
			
			36%
			
			
			20
			
			
			20
			
			
			15
			
			
			241
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			6,873
			
			
			4%
			
			
			46%
			
			
			19
			
			
			19
			
			
			2
			
			
			37
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			6,206
			
			
			8%
			
			
			44%
			
			
			19
			
			
			11
			
			
			7
			
			
			18
			
		


			GENTING SINGAPORE
			
			
			G13
			
			
			11,334
			
			
			2%
			
			
			-2%
			
			
			18
			
			
			25
			
			
			3
			
			
			-157
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			5,266
			
			
			2%
			
			
			9%
			
			
			18
			
			
			16
			
			
			-3
			
			
			-63
			
		


			HONGKONG LAND HOLDINGS
			
			
			H78
			
			
			18,452
			
			
			1%
			
			
			-7%
			
			
			16
			
			
			20
			
			
			5
			
			
			-97
			
		


			VENTURE CORP
			
			
			V03
			
			
			4,801
			
			
			3%
			
			
			21%
			
			
			16
			
			
			20
			
			
			15
			
			
			-5
			
		


			MAPLETREE NORTH ASIA COMMERCIAL
			
			
			RW0U
			
			
			3,961
			
			
			7%
			
			
			8%
			
			
			16
			
			
			12
			
			
			-10
			
			
			-39
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			583
			
			
			7%
			
			
			154%
			
			
			15
			
			
			10
			
			
			2
			
			
			67
			
		


			JARDINE MATHESON HLDGS
			
			
			J36
			
			
			57,740
			
			
			5%
			
			
			-19%
			
			
			15
			
			
			20
			
			
			3
			
			
			-13
			
		


			KEPPEL CORP
			
			
			BN4
			
			
			12,424
			
			
			1%
			
			
			19%
			
			
			14
			
			
			22
			
			
			19
			
			
			-51
			
		


			THAI BEVERAGE PCL
			
			
			Y92
			
			
			21,849
			
			
			-2%
			
			
			49%
			
			
			13
			
			
			15
			
			
			-27
			
			
			187
			
		


			GOLDEN AGRI-RESOURCES
			
			
			E5H
			
			
			2,993
			
			
			0%
			
			
			-2%
			
			
			13
			
			
			7
			
			
			1
			
			
			-8
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			3,738
			
			
			10%
			
			
			66%
			
			
			12
			
			
			9
			
			
			6
			
			
			4
			
		


			JARDINE STRATEGIC HLDGS
			
			
			J37
			
			
			48,230
			
			
			6%
			
			
			-17%
			
			
			11
			
			
			12
			
			
			2
			
			
			1
			
		


			UOL GROUP
			
			
			U14
			
			
			7,162
			
			
			2%
			
			
			38%
			
			
			11
			
			
			9
			
			
			8
			
			
			117
			
		


			SINGAPORE PRESS HOLDINGS
			
			
			T39
			
			
			3,365
			
			
			-3%
			
			
			-2%
			
			
			11
			
			
			10
			
			
			-2
			
			
			15
			
		


			SINGAPORE AIRLINES
			
			
			C6L
			
			
			10,725
			
			
			0%
			
			
			-1%
			
			
			9
			
			
			11
			
			
			-11
			
			
			-62
			
		


			JARDINE CYCLE &amp; CARRIAGE
			
			
			C07
			
			
			12,197
			
			
			3%
			
			
			-12%
			
			
			8
			
			
			11
			
			
			3
			
			
			-25
			
		


			REX INTERNATIONAL HOLDING
			
			
			5WH
			
			
			250
			
			
			-6%
			
			
			273%
			
			
			8
			
			
			5
			
			
			0
			
			
			3
			
		


			FRASERS LOGISTICS &amp; INDUSTRI
			
			
			BUOU
			
			
			2,756
			
			
			-2%
			
			
			28%
			
			
			8
			
			
			8
			
			
			-3
			
			
			27
			
		


			SATS
			
			
			S58
			
			
			5,636
			
			
			0%
			
			
			13%
			
			
			7
			
			
			9
			
			
			1
			
			
			33
			
		


			ASCOTT REIT
			
			
			HMN
			
			
			4,193
			
			
			2%
			
			
			N/A 
			
			
			6
			
			
			N/A
			
			
			-6
			
			
			N/A
			
		


			UMS HOLDINGS
			
			
			558
			
			
			558
			
			
			1%
			
			
			90%
			
			
			6
			
			
			3
			
			
			2
			
			
			57
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			4,242
			
			
			2%
			
			
			14%
			
			
			6
			
			
			8
			
			
			2
			
			
			42
			
		


			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			4,137
			
			
			1%
			
			
			-8%
			
			
			6
			
			
			8
			
			
			8
			
			
			-90
			
		


			AUSGROUP
			
			
			5GJ
			
			
			146
			
			
			30%
			
			
			16%
			
			
			5
			
			
			0
			
			
			-4
			
			
			-3
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			1,240
			
			
			1%
			
			
			101%
			
			
			5
			
			
			7
			
			
			3
			
			
			28
			
		


			NETLINK NBN TRUST
			
			
			CJLU
			
			
			3,702
			
			
			1%
			
			
			31%
			
			
			5
			
			
			8
			
			
			-6
			
			
			-24
			
		


			CAPITALAND RETAIL CHINA TRUS
			
			
			AU8U
			
			
			2,007
			
			
			3%
			
			
			28%
			
			
			5
			
			
			3
			
			
			-2
			
			
			-3
			
		


			DAIRY FARM INTL HLDGS
			
			
			D01
			
			
			10,372
			
			
			0%
			
			
			-36%
			
			
			5
			
			
			7
			
			
			-3
			
			
			-40
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			3,207
			
			
			2%
			
			
			36%
			
			
			5
			
			
			6
			
			
			0
			
			
			12
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			2,075
			
			
			0%
			
			
			28%
			
			
			5
			
			
			2
			
			
			0
			
			
			-24
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			2,699
			
			
			-2%
			
			
			-14%
			
			
			5
			
			
			8
			
			
			2
			
			
			-56
			
		


			MANULIFE US REAL ESTATE INV
			
			
			BTOU
			
			
			2,093
			
			
			-1%
			
			
			40%
			
			
			4
			
			
			3
			
			
			-2
			
			
			4
			
		


			LENDLEASE GLOBAL COMMERCIAL
			
			
			JYEU
			
			
			1,080
			
			
			-1%
			
			
			0%
			
			
			4
			
			
			2
			
			
			-3
			
			
			-39
			
		


			Average
			
			
			 
			
			
			 
			
			
			2%
			
			
			27%
			
			
			 
			
			
			Sum
			
			
			224
			
			
			1162
			
		

Source: Thomson Reuters, Bloomberg (Data as of 17 January 2020) 



Active Stocks in Early Jan - AusGroup Led Returns & Turnover Growth 

Ausgroup Ltd

Active Stocks in Early Jan - AusGroup Led Returns & Turnover Growth