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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<ul>
<li>
With an 11% YTD total return, the broader, all-encompassing FTSE ST All-Share Index, which is comprised of more than 100 Singapore-listed stocks, has kept pace with the FTSE All-World Index, which is two-thirds weighted to US &amp; Europe stocks. 
	 </li>
	<li>
Within the FTSE ST All-Share Index, five stocks have seen combined YTD net institutional and net proprietary inflows amount to more than 2.0% of their market capitalisation. The five stocks, YZJ Shipbldg, UMS, SPH, Frencken and iFAST have also averaged 64% gains in the 2021 YTD, while averaging a 2% decline in the May month-to-date. 
	 </li>
	<li>
The five stocks that saw the next highest combined YTD net institutional and net proprietary inflows proportionate to current market capitalisation included Sembcorp Industries, Food Empire, DBS, ARA LOGOS Log Trust and Sembcorp Marine. The five averaged 28% gains in the 2021 YTD, and a 5% decline in the May month-to-date. 
	 </li>
	<li>Together these 10 stocks, represent as many as seven different Sectors, with three Technology stocks. The remaining Technology stocks within the FTSE ST All-Share Index have averaged comparatively muted performances in the YTD, with Nanofilm, Valuetronics, AEM, Venture and Silverlake Axis averaging 2% gains. </li>
</ul>
 

The FTSE ST All-Share Index is comprised of 106 stocks with a combined market capitalisation of S$643 million. The Index has generated a 10.9% total return in the 2021 year to 21 May, keeping pace with the United States, Europe and UK heavy FTSE all-World Index. Combined, the 106 stocks of the FTSE ST All-Share Index have seen S$925 million of net institutional and net proprietary inflow in the 2021 year to 21 May. The Index includes all 30 STI constituents, with banks making up 35% of the FTSE ST All-Share Index Weight, while the Index also includes 36 REITS or property trusts that represent the REIT Sector (click <a href="https://research.ftserussell.com/Analytics/FactSheets/Home/DownloadSingleIssue?openfile=open&amp;issueName=SGXSERIES&amp;isManual=False&amp;_ga=2.163496188.1508219872.1621826157-875071171.1608699665">here</a> for an Index Factsheet). 
The comparative total returns of the FTSE ST All-Share Index, global and regional indices are illustrated below. 
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 <img src='https://api2.sgx.com/sites/default/files/2021-05/Capture_22.PNG' alt='Index Total Return' />
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 <div class='content-caption'>Index Total Return</div>
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The 10 stocks of the FTSE ST All-Share Index that were recipient to the highest net institutional and net proprietary inflows in the 2021 year to 21 May, proportionate to their market capitalisation are tabled below. Together the 10 stocks averaged a 46% total return in the 2021 year to 21 May. 

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			Net Insti &amp; Net Prop Inflow S$M YTD
			</td>
			<td>
			Net Insti &amp; Prop Inflow/ Mkt Cap 
			</td>
			<td>
			Price Change % MTD
			</td>
			<td>
			Total Return QTD%
			</td>
			<td>
			Total Return YTD %
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg SGD
			</td>
			<td>
			BS6
			</td>
			<td>
			5,580
			</td>
			<td>
			250
			</td>
			<td>
			4.5%
			</td>
			<td>
			1%
			</td>
			<td>
			17%
			</td>
			<td>
			56%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			UMS
			</td>
			<td>
			558
			</td>
			<td>
			709
			</td>
			<td>
			32
			</td>
			<td>
			4.5%
			</td>
			<td>
			-8%
			</td>
			<td>
			1%
			</td>
			<td>
			24%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			SPH
			</td>
			<td>
			T39
			</td>
			<td>
			2,817
			</td>
			<td>
			116
			</td>
			<td>
			4.1%
			</td>
			<td>
			-4%
			</td>
			<td>
			18%
			</td>
			<td>
			59%
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			Frencken
			</td>
			<td>
			E28
			</td>
			<td>
			713
			</td>
			<td>
			19
			</td>
			<td>
			2.7%
			</td>
			<td>
			7%
			</td>
			<td>
			11%
			</td>
			<td>
			29%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			IFAST
			</td>
			<td>
			AIY
			</td>
			<td>
			2,082
			</td>
			<td>
			49
			</td>
			<td>
			2.3%
			</td>
			<td>
			12%
			</td>
			<td>
			23%
			</td>
			<td>
			152%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Sembcorp Ind
			</td>
			<td>
			U96
			</td>
			<td>
			3,571
			</td>
			<td>
			68
			</td>
			<td>
			1.9%
			</td>
			<td>
			-6%
			</td>
			<td>
			11%
			</td>
			<td>
			19%
			</td>
			<td>
			Utilities
			</td>
		</tr>
<tr>
<td>
			Food Empire
			</td>
			<td>
			F03
			</td>
			<td>
			470
			</td>
			<td>
			9
			</td>
			<td>
			1.9%
			</td>
			<td>
			-8%
			</td>
			<td>
			-5%
			</td>
			<td>
			36%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			76,258
			</td>
			<td>
			1,071
			</td>
			<td>
			1.4%
			</td>
			<td>
			0%
			</td>
			<td>
			5%
			</td>
			<td>
			21%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			ARA LOGOS Log Tr
			</td>
			<td>
			K2LU
			</td>
			<td>
			1,108
			</td>
			<td>
			16
			</td>
			<td>
			1.4%
			</td>
			<td>
			-1%
			</td>
			<td>
			7%
			</td>
			<td>
			32%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Sembcorp Marine
			</td>
			<td>
			S51
			</td>
			<td>
			2,348
			</td>
			<td>
			31
			</td>
			<td>
			1.3%
			</td>
			<td>
			-11%
			</td>
			<td>
			10%
			</td>
			<td>
			31%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			-2%
			</td>
			<td>
			10%
			</td>
			<td>
			46%
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			-3%
			</td>
			<td>
			10%
			</td>
			<td>
			31%
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv, Bloomberg (Data as of 21 May 2021)

 

There have been multiple drivers for the performance and participation in the 10 stocks tabled above such as resilient regional trade and corporate restructures. Meanwhile the five stocks of the FTSE ST All-Share Index that were recipient to the highest net institutional and net proprietary outflows proportionate to their market capitalisation were AEM Holdings, Yoma Strategic Holdings, Asian Pay Television Trust, Sheng Siong Group and Keppel DC REIT. Three of these stocks were among the Index’s strongest performers in 2020, with AEM Holdings, Keppel DC REIT and Sheng Siong Group averaging 47.3% total returns. Global Technology Trends &amp; Supply Chains 
In the 2021 year to 21 May the Philadelphia Stock Exchange Semiconductor Index has gained 11% with UMS Holdings and Frencken Group generating respective 24% and 29% total returns. At the same time, excess semiconductor demand has challenged supply chains.

<ul>
<li>UMS Holdings’ revenue for 1QFY0 (ended 31 Mar) rose 42% to S$49.6 million YoY, while the Group’s net profit attributable to shareholders grew 44% to S$15.4 million. Last quarter, UMS Holdings saw its sales revenue in Singapore increase 51%, with Malaysia and Taiwan sales revenue growing and by grow by 93% and 70% respectively. The Group recently made an offer to acquire associate JEP Holdings, as part of its decisive steps to diversify its revenue streams. </li>
	<li>In its 1Q21 (ended 31 Mar) Business Update released 12 May, Frencken Group reported 20% year-on-year revenue growth to S$181.5 million, attributed to higher sales of the semiconductor, medical, analytical and automotive segments, partially offset by softer sales of the industrial automation segment. Frencken Group has customers across the world, and estimated back on 12 May that its semiconductor segment will post revenue growth in 1H21 as compared to 2H20, on the back of strong global demand for front-end and back-end semiconductor equipment.</li>
	<li>Supply chain design and management is a key part of Frencken Group's integrated customer solutions. In the Annual Report 2020, one of the Frencken Group Logistics Managers noted that is most memorable experience during this pandemic was freight costs increasing by 350%, showing how supply and demand determine how rapidly a market can move.</li>
</ul>
 

Container Ship Demand Impacting Multiple Stocks 

<ul>
<li>
Back on 29 April, Yangzijiang Shipbuilding reported its 1QFY21 (ended 31 Mar) earnings grew 89% YoY, with the Group maintaining the highest level in its outstanding order book since 2009. The order books includes a large proportion of container ships, which maintain higher margins than dry bulk carrier ships. Global trade has been on the upside of the K-shaped recovery. On 31 March, the World Trade Organisation estimated that global merchandise trade volume would increase by 8.0% in 2021.</li>
	<li>
Food Empire Holdings achieved revenue of US$76.8 million in 1QFY21 (ended 31 Mar) compared to US$74.2 million in 1QFY20 mainly due to higher sales contribution from the Group’s South-East Asia market, partially offset by lower contribution from the Group’s CIS and Russia markets. The Group’s net profit before tax for 1Q2021 was US$8.6 million, a YoY increase of 10.5%. The drop in the Group’s CIS and Russia markets was related to Covid-19 disruptions and logistical and supply chain delays at ports of discharge due to lack of shipping containers worldwide.</li>
</ul>
 

Significant Restructures

It is approaching one year since Sembcorp Industries and Sembcorp Marine proposed the recapitalisation of Sembcorp Marine, and demerger to focus the companies on their growth segments. Both stocks are included in the table above.

<ul>
<li>One of the more recent stocks to propose a significant business restructure, Singapore Press Holdings, is also included in the table above.</li>
	<li>Multiple companies and trusts have over the past 12 months either reviewed operations, pursue restructures, made acquisitions or divestments, or transformed product lines and services. Moves to bolster efficiency while creating shareholder value has been somewhat expected, given Singapore has taken the top rank, back-to-back, in the IMD World Competitiveness Rankings for 2019 and 2020. </li>
	<li>Sembcorp Industries has continued its focus on growing its renewable energy capacity, and continues to operate an international portfolio of wind, solar and energy storage assets. Within its balanced energy portfolio of over 12,700MW, there is more than 3,200MW of renewable energy capacity comprising solar, wind and energy storage globally. For its sustainable urban developments, Sembcorp Industries maintains a project portfolio that spans over 11,000 hectares across Asia. On 11 May, Sembcorp Industries announced the launch of the Sembcorp Green Financing Framework. This means Sembcorp Industries may now issue Climate Bonds Initiative-certified green bonds and other green financial instruments to support the financing and/or refinancing of eligible green projects</li>
</ul>
 

Recent Earnings Growth 

<ul>
<li>iFAST Corporation reported its net profit for 1QFY21 (ended 31 Mar) was a record S$8.82 million, an increase of 142.5% compared to 1QFY20, achieved on the back of a 51.4% YoY increase in net revenue, and a 43.8% YoY increase in gross revenue.</li>
	<li>DBS Group Holdings’ 1Q21 (ended 31 Mar) net profit doubled from the previous quarter and increased 72% from a year ago to SGD2.01 billion. It was the first time quarterly earnings crossed SGD 2 billion. Business momentum accelerated during the quarter, with loans growing 3% and deposits increased 2% from the previous quarter, fee income rising to a record and Treasury Markets income reached a new high. During 1Q21, the US yield curve steepened from 80 bps to 160 bps, and coupled with resilient investment, globally banks were the strongest stock market performers during the quarter.</li>
	<li>In its business update for 1Q21 (ended 31 Mar), ARA LOGOS Logistics Trust declared a DPU of 1.353 Singapore cents, representing a 35.7% increment YoY. With gross revenue gaining 8.2% YoY, management noted that growth has been underpinned by stronger portfolio performance due to the commencement of new leases at several properties as well as higher revenue generated from the Australia portfolio on the back of the strengthening Australian dollar, and the portfolio committed occupancy rose to 99.1%.</li>
</ul>
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With an 11% YTD total return, the broader, all-encompassing FTSE ST All-Share Index, which is comprised of more than 100 Singapore-listed stocks, has kept pace with the FTSE All-World Index, which is two-thirds weighted to US &amp; Europe stocks. 
	 
	
Within the FTSE ST All-Share Index, five stocks have seen combined YTD net institutional and net proprietary inflows amount to more than 2.0% of their market capitalisation. The five stocks, YZJ Shipbldg, UMS, SPH, Frencken and iFAST have also averaged 64% gains in the 2021 YTD, while averaging a 2% decline in the May month-to-date.  
	 
	
The five stocks that saw the next highest combined YTD net institutional and net proprietary inflows proportionate to current market capitalisation included Sembcorp Industries, Food Empire, DBS, ARA LOGOS Log Trust and Sembcorp Marine. The five averaged 28% gains in the 2021 YTD, and a 5% decline in the May month-to-date.  
	 
	Together these 10 stocks, represent as many as seven different Sectors, with three Technology stocks. The remaining Technology stocks within the FTSE ST All-Share Index have averaged comparatively muted performances in the YTD, with Nanofilm, Valuetronics, AEM, Venture and Silverlake Axis averaging 2% gains. 

 

The FTSE ST All-Share Index is comprised of 106 stocks with a combined market capitalisation of S$643 million. The Index has generated a 10.9% total return in the 2021 year to 21 May, keeping pace with the United States, Europe and UK heavy FTSE all-World Index. Combined, the 106 stocks of the FTSE ST All-Share Index have seen S$925 million of net institutional and net proprietary inflow in the 2021 year to 21 May. The Index includes all 30 STI constituents, with banks making up 35% of the FTSE ST All-Share Index Weight, while the Index also includes 36 REITS or property trusts that represent the REIT Sector (click here for an Index Factsheet).  
The comparative total returns of the FTSE ST All-Share Index, global and regional indices are illustrated below. 



      
    
    Index Total Return


The 10 stocks of the FTSE ST All-Share Index that were recipient to the highest net institutional and net proprietary inflows in the 2021 year to 21 May, proportionate to their market capitalisation are tabled below. Together the 10 stocks averaged a 46% total return in the 2021 year to 21 May. 




			Stock
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Net Insti &amp; Net Prop Inflow S$M YTD
			
			
			Net Insti &amp; Prop Inflow/ Mkt Cap 
			
			
			Price Change % MTD
			
			
			Total Return QTD%
			
			
			Total Return YTD %
			
			
			Sector
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			5,580
			
			
			250
			
			
			4.5%
			
			
			1%
			
			
			17%
			
			
			56%
			
			
			Industrials
			
		


			UMS
			
			
			558
			
			
			709
			
			
			32
			
			
			4.5%
			
			
			-8%
			
			
			1%
			
			
			24%
			
			
			Technology (Hardware/ Software)
			
		


			SPH
			
			
			T39
			
			
			2,817
			
			
			116
			
			
			4.1%
			
			
			-4%
			
			
			18%
			
			
			59%
			
			
			Consumer Cyclicals
			
		


			Frencken
			
			
			E28
			
			
			713
			
			
			19
			
			
			2.7%
			
			
			7%
			
			
			11%
			
			
			29%
			
			
			Technology (Hardware/ Software)
			
		


			IFAST
			
			
			AIY
			
			
			2,082
			
			
			49
			
			
			2.3%
			
			
			12%
			
			
			23%
			
			
			152%
			
			
			Technology (Hardware/ Software)
			
		


			Sembcorp Ind
			
			
			U96
			
			
			3,571
			
			
			68
			
			
			1.9%
			
			
			-6%
			
			
			11%
			
			
			19%
			
			
			Utilities
			
		


			Food Empire
			
			
			F03
			
			
			470
			
			
			9
			
			
			1.9%
			
			
			-8%
			
			
			-5%
			
			
			36%
			
			
			Consumer Non-Cyclicals
			
		


			DBS
			
			
			D05
			
			
			76,258
			
			
			1,071
			
			
			1.4%
			
			
			0%
			
			
			5%
			
			
			21%
			
			
			Financial Services
			
		


			ARA LOGOS Log Tr
			
			
			K2LU
			
			
			1,108
			
			
			16
			
			
			1.4%
			
			
			-1%
			
			
			7%
			
			
			32%
			
			
			REITs
			
		


			Sembcorp Marine
			
			
			S51
			
			
			2,348
			
			
			31
			
			
			1.3%
			
			
			-11%
			
			
			10%
			
			
			31%
			
			
			Industrials
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			-2%
			
			
			10%
			
			
			46%
			
			
			 
			
		


			Median
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			-3%
			
			
			10%
			
			
			31%
			
			
			 
			
		

 Source: SGX, Refinitiv, Bloomberg (Data as of 21 May 2021)

 

There have been multiple drivers for the performance and participation in the 10 stocks tabled above such as resilient regional trade and corporate restructures. Meanwhile the five stocks of the FTSE ST All-Share Index that were recipient to the highest net institutional and net proprietary outflows proportionate to their market capitalisation were AEM Holdings, Yoma Strategic Holdings, Asian Pay Television Trust, Sheng Siong Group and Keppel DC REIT. Three of these stocks were among the Index’s strongest performers in 2020, with AEM Holdings, Keppel DC REIT and Sheng Siong Group averaging 47.3% total returns.  Global Technology Trends &amp; Supply Chains  
In the 2021 year to 21 May the Philadelphia Stock Exchange Semiconductor Index has gained 11% with UMS Holdings and Frencken Group generating respective 24% and 29% total returns. At the same time, excess semiconductor demand has challenged supply chains.


UMS Holdings’ revenue for 1QFY0 (ended 31 Mar) rose 42% to S$49.6 million YoY, while the Group’s net profit attributable to shareholders grew 44% to S$15.4 million. Last quarter, UMS Holdings saw its sales revenue in Singapore increase 51%, with Malaysia and Taiwan sales revenue growing and by grow by 93% and 70% respectively. The Group recently made an offer to acquire associate JEP Holdings, as part of its decisive steps to diversify its revenue streams. 
	In its 1Q21 (ended 31 Mar) Business Update released 12 May, Frencken Group reported 20% year-on-year revenue growth to S$181.5 million, attributed to higher sales of the semiconductor, medical, analytical and automotive segments, partially offset by softer sales of the industrial automation segment. Frencken Group has customers across the world, and estimated back on 12 May that its semiconductor segment will post revenue growth in 1H21 as compared to 2H20, on the back of strong global demand for front-end and back-end semiconductor equipment.
	Supply chain design and management is a key part of Frencken Group's integrated customer solutions. In the Annual Report 2020, one of the Frencken Group Logistics Managers noted that is most memorable experience during this pandemic was freight costs increasing by 350%, showing how supply and demand determine how rapidly a market can move.

 

Container Ship Demand Impacting Multiple Stocks 



Back on 29 April, Yangzijiang Shipbuilding reported its 1QFY21 (ended 31 Mar) earnings grew 89% YoY, with the Group maintaining the highest level in its outstanding order book since 2009. The order books includes a large proportion of container ships, which maintain higher margins than dry bulk carrier ships. Global trade has been on the upside of the K-shaped recovery. On 31 March, the World Trade Organisation estimated that global merchandise trade volume would increase by 8.0% in 2021.
	
Food Empire Holdings achieved revenue of US$76.8 million in 1QFY21 (ended 31 Mar) compared to US$74.2 million in 1QFY20 mainly due to higher sales contribution from the Group’s South-East Asia market, partially offset by lower contribution from the Group’s CIS and Russia markets. The Group’s net profit before tax for 1Q2021 was US$8.6 million, a YoY increase of 10.5%. The drop in the Group’s CIS and Russia markets was related to Covid-19 disruptions and logistical and supply chain delays at ports of discharge due to lack of shipping containers worldwide.

 

Significant Restructures

It is approaching one year since Sembcorp Industries and Sembcorp Marine proposed the recapitalisation of Sembcorp Marine, and demerger to focus the companies on their growth segments. Both stocks are included in the table above.


One of the more recent stocks to propose a significant business restructure, Singapore Press Holdings, is also included in the table above.
	Multiple companies and trusts have over the past 12 months either reviewed operations, pursue restructures, made acquisitions or divestments, or transformed product lines and services. Moves to bolster efficiency while creating shareholder value has been somewhat expected, given Singapore has taken the top rank, back-to-back, in the IMD World Competitiveness Rankings for 2019 and 2020. 
	Sembcorp Industries has continued its focus on growing its renewable energy capacity, and continues to operate an international portfolio of wind, solar and energy storage assets. Within its balanced energy portfolio of over 12,700MW, there is more than 3,200MW of renewable energy capacity comprising solar, wind and energy storage globally. For its sustainable urban developments, Sembcorp Industries maintains a project portfolio that spans over 11,000 hectares across Asia. On 11 May, Sembcorp Industries announced the launch of the Sembcorp Green Financing Framework. This means Sembcorp Industries may now issue Climate Bonds Initiative-certified green bonds and other green financial instruments to support the financing and/or refinancing of eligible green projects

 

Recent Earnings Growth 


iFAST Corporation reported its net profit for 1QFY21 (ended 31 Mar) was a record S$8.82 million, an increase of 142.5% compared to 1QFY20, achieved on the back of a 51.4% YoY increase in net revenue, and a 43.8% YoY increase in gross revenue.
	DBS Group Holdings’ 1Q21 (ended 31 Mar) net profit doubled from the previous quarter and increased 72% from a year ago to SGD2.01 billion. It was the first time quarterly earnings crossed SGD 2 billion. Business momentum accelerated during the quarter, with loans growing 3% and deposits increased 2% from the previous quarter, fee income rising to a record and Treasury Markets income reached a new high. During 1Q21, the US yield curve steepened from 80 bps to 160 bps, and coupled with resilient investment, globally banks were the strongest stock market performers during the quarter.
	In its business update for 1Q21 (ended 31 Mar), ARA LOGOS Logistics Trust declared a DPU of 1.353 Singapore cents, representing a 35.7% increment YoY. With gross revenue gaining 8.2% YoY, management noted that growth has been underpinned by stronger portfolio performance due to the commencement of new leases at several properties as well as higher revenue generated from the Australia portfolio on the back of the strengthening Australian dollar, and the portfolio committed occupancy rose to 99.1%.




Broader Index Stocks Most Sought By Institutions in 2021 YTD