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

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<li>
Temasek’s portfolio had a net value of S$313 billion as at its 31 March 2019 financial year-end. The portfolio comprises at least 25 listings on SGX, including 15 companies and 10 trusts with a combined market cap of more than S$200 billion. 
	 </li>
	<li>
The five constituents in Temasek’s portfolio with the highest 10Y annualised returns were: Mapletree Logistics Trust (+14.6%), Ascendas REIT (+10.8%), CapitaLand Commercial Trust (+8.7%), DBS Group Holdings (+6.4%) and Keppel REIT (+6.2%). They averaged a 10Y annualised total return of 9.3% 
	 </li>
	<li>Mapletree Logistics Trust was also the best performer in the 2020 YTD with a 3.2% return. The trust was amongst the S-REITs that saw the highest net institutional inflows in the YTD.</li>
</ul>
 
Temasek’s portfolio had a net value of S$313 billion as at its 31 March 2019 financial year-end. The portfolio is well diversified with financial services, Telecommunications,Media &amp; Technology accounting for majority at 25% and 20 % respectively. The portfolio, with 26% exposure to Singapore, consists of at least 25 listings on SGX, including 15 companies and 10 trusts with a combined market capitalisation of more than S$200 billion. Singtel, DBS and Mapletree Investments Pte Ltd accounted for the portfolio’s biggest names at 8%,6% and 5% respectively. For a previously published Market Update on the highlights of Temasek’s SGX-listed investments for financial year ended 31 March 2019, click <a href="https://www2.sgx.com/research-education/market-updates/20190924-highlights-temaseks-sgx-listed-investments">here</a>.

The five constituents in Temasek’s portfolio with the highest annualised returns over the last 10 years were four REITs and one stock: Mapletree Logistics Trust (+14.6%), Ascendas REIT (+10.8%), CapitaLand Commercial Trust (+8.7%), DBS Group Holdings (+6.4%) and Keppel REIT (+6.2%). The five, which have a combined market cap of more than S$70 billion, averaged a 10Y annualised total return of 9.3%.
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 <img src='https://api2.sgx.com/sites/default/files/2020-05/TLC_0.png' alt='Temasek Linked Stocks' />
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 <div class='content-caption'>Temasek Linked Stocks</div>
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Mapletree Logistics Trust – which clocked the highest 10Y annualised total return – was also the best performer in the 2020 year-to-date with a 3.2% return. The trust was amongst the S-REITs that saw the highest net institutional inflows in the YTD.

S-REITs, which have a combined market value of S$90 billion, make up more than 10% of the market cap of Singapore listings. Growing investor participation in recent years has seen REITs contributing more than 20% to daily turnover in the YTD.

The table below details the 15 companies and 10 trusts in Temasek’s portfolio listed on SGX, sorted by 10Y annualised returns.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$ billion)
			</td>
			<td>
			Annualised Total Return 10Y (%)
			</td>
			<td>
			Annualised Total Return 5Y (%)
			</td>
			<td>
			Total Return YTD (%)
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			6.7
			</td>
			<td>
			14.6
			</td>
			<td>
			14.5
			</td>
			<td>
			3.2
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			10.5
			</td>
			<td>
			10.8
			</td>
			<td>
			9.9
			</td>
			<td>
			-1.1
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMM TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			6.0
			</td>
			<td>
			8.7
			</td>
			<td>
			4.4
			</td>
			<td>
			-19.6
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			D05
			</td>
			<td>
			49.0
			</td>
			<td>
			6.4
			</td>
			<td>
			2.2
			</td>
			<td>
			-25.8
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			3.6
			</td>
			<td>
			6.2
			</td>
			<td>
			2.4
			</td>
			<td>
			-13.0
			</td>
		</tr>
<tr>
<td>
			SATS LTD
			</td>
			<td>
			S58
			</td>
			<td>
			3.4
			</td>
			<td>
			5.8
			</td>
			<td>
			2.9
			</td>
			<td>
			-39.3
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			S68
			</td>
			<td>
			10.4
			</td>
			<td>
			5.8
			</td>
			<td>
			6.9
			</td>
			<td>
			11.0
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST
			</td>
			<td>
			A68U
			</td>
			<td>
			2.7
			</td>
			<td>
			4.6
			</td>
			<td>
			-0.2
			</td>
			<td>
			-33.8
			</td>
		</tr>
<tr>
<td>
			ST ENGINEERING
			</td>
			<td>
			S63
			</td>
			<td>
			10.2
			</td>
			<td>
			4.6
			</td>
			<td>
			2.1
			</td>
			<td>
			-16.5
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			6.7
			</td>
			<td>
			4.5
			</td>
			<td>
			1.4
			</td>
			<td>
			-25.1
			</td>
		</tr>
<tr>
<td>
			SINGTEL LTD
			</td>
			<td>
			Z74
			</td>
			<td>
			45.5
			</td>
			<td>
			4.4
			</td>
			<td>
			-4.1
			</td>
			<td>
			-16.9
			</td>
		</tr>
<tr>
<td>
			STARHUB LTD
			</td>
			<td>
			CC3
			</td>
			<td>
			2.5
			</td>
			<td>
			1.2
			</td>
			<td>
			-14.2
			</td>
			<td>
			2.1
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORPORATION
			</td>
			<td>
			BN4
			</td>
			<td>
			10.9
			</td>
			<td>
			0.4
			</td>
			<td>
			-4.3
			</td>
			<td>
			-11.8
			</td>
		</tr>
<tr>
<td>
			CAPITALAND LTD
			</td>
			<td>
			C31
			</td>
			<td>
			15.2
			</td>
			<td>
			0.1
			</td>
			<td>
			-1.7
			</td>
			<td>
			-20.8
			</td>
		</tr>
<tr>
<td>
			SINGAPORE POST
			</td>
			<td>
			S08
			</td>
			<td>
			1.6
			</td>
			<td>
			-0.2
			</td>
			<td>
			-15.0
			</td>
			<td>
			-23.1
			</td>
		</tr>
<tr>
<td>
			SIA ENGINEERING
			</td>
			<td>
			S59
			</td>
			<td>
			2.1
			</td>
			<td>
			-2.1
			</td>
			<td>
			-11.6
			</td>
			<td>
			-34.4
			</td>
		</tr>
<tr>
<td>
			OLAM INTL
			</td>
			<td>
			O32
			</td>
			<td>
			4.8
			</td>
			<td>
			-3.0
			</td>
			<td>
			-3.1
			</td>
			<td>
			-18.2
			</td>
		</tr>
<tr>
<td>
			SINGAPORE AIRLINES
			</td>
			<td>
			C6L
			</td>
			<td>
			7.3
			</td>
			<td>
			-5.4
			</td>
			<td>
			-10.2
			</td>
			<td>
			-32.6
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			U96
			</td>
			<td>
			2.8
			</td>
			<td>
			-6.7
			</td>
			<td>
			-16.8
			</td>
			<td>
			-31.0
			</td>
		</tr>
<tr>
<td>
			SEMBCORP MARINE
			</td>
			<td>
			S51
			</td>
			<td>
			1.5
			</td>
			<td>
			-13.9
			</td>
			<td>
			-23.4
			</td>
			<td>
			-43.9
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMM TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			6.2
			</td>
			<td>
			NA
			</td>
			<td>
			10.0
			</td>
			<td>
			-20.3
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			5.5
			</td>
			<td>
			NA
			</td>
			<td>
			16.0
			</td>
			<td>
			-1.5
			</td>
		</tr>
<tr>
<td>
			MAPLETREE N ASIA COMM TRUST
			</td>
			<td>
			RW0U
			</td>
			<td>
			3.0
			</td>
			<td>
			NA
			</td>
			<td>
			3.2
			</td>
			<td>
			-21.5
			</td>
		</tr>
<tr>
<td>
			NETLINK NBN TRUST
			</td>
			<td>
			CJLU
			</td>
			<td>
			3.8
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
			<td>
			3.7
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HLDGS TRUST
			</td>
			<td>
			NS8U
			</td>
			<td>
			1.6
			</td>
			<td>
			NA
			</td>
			<td>
			-21.1
			</td>
			<td>
			-22.5
			</td>
		</tr>
</tbody></table>
 Source: Bloomberg &amp; SGX (data as of 29 Apr 2020)
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Temasek’s portfolio had a net value of S$313 billion as at its 31 March 2019 financial year-end. The portfolio comprises at least 25 listings on SGX, including 15 companies and 10 trusts with a combined market cap of more than S$200 billion. 
	 
	
The five constituents in Temasek’s portfolio with the highest 10Y annualised returns were: Mapletree Logistics Trust (+14.6%), Ascendas REIT (+10.8%), CapitaLand Commercial Trust (+8.7%), DBS Group Holdings (+6.4%) and Keppel REIT (+6.2%). They averaged a 10Y annualised total return of 9.3% 
	 
	Mapletree Logistics Trust was also the best performer in the 2020 YTD with a 3.2% return. The trust was amongst the S-REITs that saw the highest net institutional inflows in the YTD.

 
Temasek’s portfolio had a net value of S$313 billion as at its 31 March 2019 financial year-end. The portfolio is well diversified with financial services, Telecommunications,Media &amp; Technology accounting for majority at 25% and 20 % respectively. The portfolio, with 26% exposure to Singapore, consists of at least 25 listings on SGX, including 15 companies and 10 trusts with a combined market capitalisation of more than S$200 billion. Singtel, DBS and Mapletree Investments Pte Ltd accounted for the portfolio’s biggest names at 8%,6% and 5% respectively. For a previously published Market Update on the highlights of Temasek’s SGX-listed investments for financial year ended 31 March 2019, click here.

The five constituents in Temasek’s portfolio with the highest annualised returns over the last 10 years were four REITs and one stock: Mapletree Logistics Trust (+14.6%), Ascendas REIT (+10.8%), CapitaLand Commercial Trust (+8.7%), DBS Group Holdings (+6.4%) and Keppel REIT (+6.2%). The five, which have a combined market cap of more than S$70 billion, averaged a 10Y annualised total return of 9.3%.



      
    
    Temasek Linked Stocks


Mapletree Logistics Trust – which clocked the highest 10Y annualised total return – was also the best performer in the 2020 year-to-date with a 3.2% return. The trust was amongst the S-REITs that saw the highest net institutional inflows in the YTD.

S-REITs, which have a combined market value of S$90 billion, make up more than 10% of the market cap of Singapore listings. Growing investor participation in recent years has seen REITs contributing more than 20% to daily turnover in the YTD.

The table below details the 15 companies and 10 trusts in Temasek’s portfolio listed on SGX, sorted by 10Y annualised returns.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$ billion)
			
			
			Annualised Total Return 10Y (%)
			
			
			Annualised Total Return 5Y (%)
			
			
			Total Return YTD (%)
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			6.7
			
			
			14.6
			
			
			14.5
			
			
			3.2
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			10.5
			
			
			10.8
			
			
			9.9
			
			
			-1.1
			
		


			CAPITALAND COMM TRUST
			
			
			C61U
			
			
			6.0
			
			
			8.7
			
			
			4.4
			
			
			-19.6
			
		


			DBS GROUP HOLDINGS
			
			
			D05
			
			
			49.0
			
			
			6.4
			
			
			2.2
			
			
			-25.8
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			3.6
			
			
			6.2
			
			
			2.4
			
			
			-13.0
			
		


			SATS LTD
			
			
			S58
			
			
			3.4
			
			
			5.8
			
			
			2.9
			
			
			-39.3
			
		


			SINGAPORE EXCHANGE
			
			
			S68
			
			
			10.4
			
			
			5.8
			
			
			6.9
			
			
			11.0
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2.7
			
			
			4.6
			
			
			-0.2
			
			
			-33.8
			
		


			ST ENGINEERING
			
			
			S63
			
			
			10.2
			
			
			4.6
			
			
			2.1
			
			
			-16.5
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			6.7
			
			
			4.5
			
			
			1.4
			
			
			-25.1
			
		


			SINGTEL LTD
			
			
			Z74
			
			
			45.5
			
			
			4.4
			
			
			-4.1
			
			
			-16.9
			
		


			STARHUB LTD
			
			
			CC3
			
			
			2.5
			
			
			1.2
			
			
			-14.2
			
			
			2.1
			
		


			KEPPEL CORPORATION
			
			
			BN4
			
			
			10.9
			
			
			0.4
			
			
			-4.3
			
			
			-11.8
			
		


			CAPITALAND LTD
			
			
			C31
			
			
			15.2
			
			
			0.1
			
			
			-1.7
			
			
			-20.8
			
		


			SINGAPORE POST
			
			
			S08
			
			
			1.6
			
			
			-0.2
			
			
			-15.0
			
			
			-23.1
			
		


			SIA ENGINEERING
			
			
			S59
			
			
			2.1
			
			
			-2.1
			
			
			-11.6
			
			
			-34.4
			
		


			OLAM INTL
			
			
			O32
			
			
			4.8
			
			
			-3.0
			
			
			-3.1
			
			
			-18.2
			
		


			SINGAPORE AIRLINES
			
			
			C6L
			
			
			7.3
			
			
			-5.4
			
			
			-10.2
			
			
			-32.6
			
		


			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			2.8
			
			
			-6.7
			
			
			-16.8
			
			
			-31.0
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			1.5
			
			
			-13.9
			
			
			-23.4
			
			
			-43.9
			
		


			MAPLETREE COMM TRUST
			
			
			N2IU
			
			
			6.2
			
			
			NA
			
			
			10.0
			
			
			-20.3
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			5.5
			
			
			NA
			
			
			16.0
			
			
			-1.5
			
		


			MAPLETREE N ASIA COMM TRUST
			
			
			RW0U
			
			
			3.0
			
			
			NA
			
			
			3.2
			
			
			-21.5
			
		


			NETLINK NBN TRUST
			
			
			CJLU
			
			
			3.8
			
			
			NA
			
			
			NA
			
			
			3.7
			
		


			HUTCHISON PORT HLDGS TRUST
			
			
			NS8U
			
			
			1.6
			
			
			NA
			
			
			-21.1
			
			
			-22.5
			
		

 Source: Bloomberg &amp; SGX (data as of 29 Apr 2020)



Best-Performing Temasek-Linked Stocks in Past Decade