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





SGX lists more than 50 companies and trusts associated with 12 family empires managed by some of the richest families in Singapore and Asia. These companies/trusts have a combined market cap of more than S$300 billion, and include Singapore’s Wee, Kwek, Ng and Kuok families, Indonesia’s Widjaja, Riady and Salim groups, as well as the Sirivadhanabhakdis in Thailand. 
	 
	
Among these companies and trusts, the five REITs/trusts with the highest 12M dividend indicated yields are: Lippo Malls Indonesia Retail Trust (9.2%), First REIT (8.7%), OUE Hospitality Trust (7.1%), OUE Commercial REIT (7.0%) and Frasers Commercial REIT (6.5%). The five average a trailing 12M indicated yield of 7.7%. 
	 
	Among the 42, the five companies (non-REITs/trusts) with the highest 12M indicated yields are: OUE (8.6%), Haw Par (7.9%), QAF (6.7%), Golden Energy &amp; Resources (6.6%) and Hong Leong Finance (5.7%). The five average a 12M indicated yield of 7.1%. This compares with the benchmark STI’s 12M yield of about 4.0%.



			SGX lists at least 24 companies and two trusts associated with seven business empires run by some of Singapore’s richest families. These home-grown companies and/or conglomerates on SGX have a combined market capitalisation of more than S$100 billion. They belong to the Wee, Kwek, Ng, Kuok, Koh, Goi and Chua families, with many of the patriarchs being ranked among the city-state’s richest people.

			SGX also lists at least 18 companies and eight trusts associated with five foreign family empires – three Indonesian, one Thai and one British – with a combined market capitalisation of more than S$200 billion. The Indonesian business empires are associated with the Widjaja, Riady and Salim families, while Thai corporate ownership is represented by the Sirivadhanabhakdis, and the Jardine Group of companies is controlled by the Scottish/British Keswick family.

			These 42 companies and 10 trusts are involved businesses ranging from banking and finance, hospitality, real estate development and investment (including REITs), to leisure, retail, food and beverage, agriculture, commodities, utilities, shipping and healthcare.

			For a previously published Market Update on the YTD performances of family empire-linked stocks on SGX, click here. For a list of these home-grown and foreign family empires as well as the board representation for their executives, click here and here.

			Among the 42 companies and 10 trusts, the five REITs and/or business trusts with the highest 12-month dividend indicated yields are: Lippo Malls Indonesia Retail Trust (9.2%), First REIT (8.7%), OUE Hospitality Trust (7.1%), OUE Commercial REIT (7.0%) and Frasers Commercial REIT (6.5%). The five average a trailing 12-month dividend indicated yield of 7.7%.

			Among the 42 companies and 10 trusts, the five companies (non-REITs/business trusts) with the highest 12-month dividend indicated yields are: OUE (8.6%), Haw Par (7.9%), QAF (6.7%), Golden Energy &amp; Resources (6.6%) and Hong Leong Finance (5.7%). The five average a trailing 12-month dividend indicated yield of 7.1%. Note that the 12-month indicated yield calculations for OUE and Haw Par include special dividend payouts of 0.11 Singapore cents and 0.85 Singapore cents per share respectively.

			In comparison, Singapore’s benchmark Straits Times Index (STI) has a 12-month yield of about 4.0%.

			The table below details the 42 companies and 10 trusts owned by local and foreign family empires listed on SGX, sorted by trailing 12-month dividend indicated yield. 
			 

			


						Name
						
						
						SGX Code
						
						
						Market Cap (S$)
						
						
						12M Div Ind Yld (%)
						
					


						LIPPO MALLS INDONESIA RETAIL TRUST
						
						
						D5IU
						
						
						607,929,536
						
						
						9.2
						
					


						FIRST REIT
						
						
						AW9U
						
						
						780,890,368
						
						
						8.7
						
					


						OUE LTD
						
						
						LJ3
						
						
						1,370,760,320
						
						
						8.6*
						
					


						HAW PAR CORP 
						
						
						H02
						
						
						3,231,271,168
						
						
						7.9#
						
					


						OUE HOSPITALITY TRUST
						
						
						SK7
						
						
						1,266,050,304
						
						
						7.1
						
					


						OUE COMMERCIAL  REIT
						
						
						TS0U
						
						
						1,417,595,392
						
						
						7.0
						
					


						QAF LTD
						
						
						Q01
						
						
						431,451,328
						
						
						6.7
						
					


						GOLDEN ENERGY &amp; RESOURCES
						
						
						AUE
						
						
						494,151,072
						
						
						6.6
						
					


						FRASERS COMMERCIAL REIT
						
						
						ND8U
						
						
						1,327,280,128
						
						
						6.5
						
					


						FRASERS HOSPITALITY TRUST
						
						
						ACV
						
						
						1,344,893,952
						
						
						6.5
						
					


						FAR EAST HOSPITALITY TRUST
						
						
						Q5T
						
						
						1,217,495,808
						
						
						6.2
						
					


						FRASERS CENTREPOINT TRUST
						
						
						J69U
						
						
						2,231,084,544
						
						
						5.8
						
					


						CDL HOSPITALITY TRUST
						
						
						J85
						
						
						1,942,363,904
						
						
						5.8
						
					


						HONG LEONG FINANCE
						
						
						S41
						
						
						1,171,106,560
						
						
						5.7
						
					


						FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
						
						
						BUOU
						
						
						2,351,341,824
						
						
						5.3
						
					


						FAR EAST ORCHARD
						
						
						O10
						
						
						529,016,608
						
						
						5.0
						
					


						ASPIAL CORP
						
						
						A30
						
						
						302,092,608
						
						
						4.8
						
					


						FRASERS PROPERTY TRUST
						
						
						TQ5
						
						
						5,402,419,200
						
						
						4.7
						
					


						YEO HIAP SENG
						
						
						Y03
						
						
						536,417,728
						
						
						4.3
						
					


						HO BEE LAND
						
						
						H13
						
						
						1,603,205,760
						
						
						4.2
						
					


						UOB-KAY HIAN HLDGS
						
						
						U10
						
						
						959,372,096
						
						
						4.0
						
					


						GUOCOLAND LTD
						
						
						F17
						
						
						2,319,258,368
						
						
						3.6
						
					


						HONGKONG LAND
						
						
						H78
						
						
						21,939,919,677
						
						
						3.3
						
					


						UNITED OVERSEAS INSURANCE
						
						
						U13
						
						
						428,084,992
						
						
						3.1
						
					


						SHANGRI-LA ASIA
						
						
						S07
						
						
						6,631,326,125
						
						
						3.1
						
					


						WILMAR INTL
						
						
						F34
						
						
						22,088,724,480
						
						
						3.0
						
					


						GL LTD
						
						
						B16
						
						
						1,053,409,024
						
						
						2.9
						
					


						UNITED OVERSEAS BANK
						
						
						U11
						
						
						41,421,361,152
						
						
						2.8
						
					


						JARDINE MATHESON
						
						
						J36
						
						
						61,529,251,258
						
						
						2.8
						
					


						SINARMAS LAND
						
						
						A26
						
						
						1,063,965,632
						
						
						2.8
						
					


						DAIRY FARM INTL
						
						
						D01
						
						
						14,253,578,572
						
						
						2.8
						
					


						JARDINE CYCLE &amp; CARRIAGE
						
						
						C07
						
						
						13,058,607,104
						
						
						2.6
						
					


						FRASER AND NEAVE
						
						
						F99
						
						
						2,521,080,832
						
						
						2.6
						
					


						UOL GROUP
						
						
						U14
						
						
						5,809,498,112
						
						
						2.5
						
					


						CITY DEVELOPMENTS
						
						
						C09
						
						
						7,681,454,080
						
						
						2.4
						
					


						THAI BEVERAGE
						
						
						Y92
						
						
						19,714,123,776
						
						
						2.2
						
					


						GOLDEN AGRI-RESOURCES
						
						
						E5H
						
						
						3,502,057,984
						
						
						2.1
						
					


						FIRST SPONSOR GROUP
						
						
						ADN
						
						
						961,991,296
						
						
						1.9
						
					


						MANDARIN ORIENTAL
						
						
						M04
						
						
						3,182,912,410
						
						
						1.6
						
					


						FRAGRANCE GROUP
						
						
						F31
						
						
						865,828,672
						
						
						1.6
						
					


						FOOD EMPIRE HLDGS
						
						
						F03
						
						
						277,782,432
						
						
						1.3
						
					


						UNITED INDL CORP
						
						
						U06
						
						
						4,369,325,056
						
						
						1.2
						
					


						JARDINE STRATEGIC
						
						
						J37
						
						
						53,510,494,906
						
						
						1.0
						
					


						INDOFOOD AGRI RESOURCES
						
						
						5JS
						
						
						383,873,760
						
						
						0.9
						
					


						PERENNIAL REAL ESTATE
						
						
						40S
						
						
						1,030,259,840
						
						
						0.7
						
					


						GSH CORP
						
						
						BDX
						
						
						548,501,312
						
						
						NA
						
					


						HONG LEONG ASIA
						
						
						H22
						
						
						407,560,320
						
						
						NA
						
					


						PACC OFFSHORE SERVICES
						
						
						U6C
						
						
						317,488,384
						
						
						NA
						
					


						MOYA HOLDINGS ASIA
						
						
						5WE
						
						
						327,879,712
						
						
						NA
						
					


						OUE LIPPO HEALTH CARE
						
						
						5WA
						
						
						275,474,016
						
						
						NA
						
					


						KOP LTD
						
						
						5I1
						
						
						56,506,072
						
						
						NA
						
					


						GLOBAL DRAGON
						
						
						586
						
						
						45,692,356
						
						
						NA
						
					

Source: Bloomberg &amp; StockFacts (data as of 21 May 2019) *includes special div of 0.11 cents/shr #includes special div of 0.85 cents/shr

			List of Some of Singapore and Asia’s Wealthiest Families

			Wee Family

			
Banking and property magnate Wee Cho Yaw was ranked Singapore’s sixth richest person in 2018 by Forbes, with a total net worth of US$6.4 billion. In Forbes’ 2019 list of global billionaires, Wee takes 267th spot.
				Apart from United Overseas Bank, Wee and his sons – Ee Cheong, Ee Chao and Ee Lim – also own stakes in SGX-listed United Overseas Insurance, UOL Group, UOB-Kay Hian Holdings, United Industrial Corp, and Haw Par Corp, which is the maker of the iconic Tiger Balm ointment.
			
Kwek Family

			
Property and hotel mogul Kwek Leng Beng was ranked Singapore’s 4th richest man in 2018 by Forbes, with a net worth of US$7.6 billion. In Forbes’ 2019 list of global billionaires, he took 745th position.
				His father, Kwek Hong Png, who migrated to Singapore from China’s Fujian province in the 1920s, founded the original Hong Leong Company – which means “good harvest”– in 1941.
				Kwek’s billionaire cousin, Quek Leng Chan, ranked by Forbes in 2019 as Malaysia’s second-richest man with a net worth of US$9.3 billion, runs the Group’s operations across the Causeway.
				Kwek is Executive Chairman of SGX-listed City Developments and Executive Director of Hong Leong Finance. His son, Sherman, is City Developments’ Group CEO, while nephew Eik Sheng is its Group Chief Strategy Officer. Another son, Kingston, is Non-Executive Director of SGX-listed First Sponsor Group.
				His cousin, Kwek Leng Peck, is Executive Chairman of SGX-listed Hong Leong Asia, the trading and industrial arm of the Hong Leong Group. Cousins Leng Kee and Leng Hai also hold executive and non-executive positions in SGX-listed Hong Leong Finance, GL Ltd (formerly known as GuocoLeisure) and GuocoLand Ltd.
			
Widjaja Family

			
Franky Widjaja is a son of Eka Tjipta Widjaja, founder of one of Indonesia's largest conglomerates, the Sinar Mas Group.
				The senior Widjaja, who passed away at the age of 98 in January this year, was ranked by Forbes as the third-richest person in Indonesia in 2018, with an estimated net worth of US$8.6 billion. A former immigrant from China, he founded Sinar Mas in 1962 and built it into a conglomerate with interests in the paper, agribusiness, real estate, financial services and telecoms industries.
				The Widjaja family owns stakes in SGX-listed Golden Energy and Resources, Golden Agri-Resources and Sinarmas Land through various vehicles. The Widjaja family members also hold various positions on the boards of these companies.
			
Riady Family

			
Stephen Riady is a son of Mochtar Riady, founder of the Lippo Group with estimated US$8 billion in annual revenues. Mochtar Riady was ranked by Forbes as the 12th-richest person in Indonesia last year with a net worth of US$2.3 billion. Today, Lippo Group's interests include real estate, retail, healthcare, media and education.
				Through various vehicles, the Riady family owns interests in SGX-listed OUE Ltd, OUE Lippo Healthcare, Lippo Malls Indonesia Retail Trust, OUE Commercial REIT, OUE Hospitality Trust and First REIT.
			
Salim Family

			
Anthoni Salim controls the Salim Group, a family-run holding conglomerate with investments in the food, banking, automotive, and real estate sectors. He is the youngest son of Liem Sioe Liong, who migrated to Indonesia from China in the 1930s and adopted the Indonesian name Sudono Salim.
				The Jakarta-based group owns stakes in businesses ranging from SGX-listed Indofood Agri Resources and Hong Kong-listed First Pacific Company to Indonesia’s largest instant noodle-maker Indofood Sukses Makmur, and the country’s biggest bank by market value, Bank Central Asia. The Salim family was ranked by Forbes as the fifth-richest in Indonesia in 2018, with a net worth of US$5.3 billion.
			
Sirivadhanabhakdi Family

			
Charoen Sirivadhanabhakdi is the founder and chairman of TCC Group, a Thai beverage and real estate conglomerate. He was ranked by Forbes in 2019 as Thailand’s fourth-richest man, with a net worth of US$17.4 billion.
				A number of privately held companies, in which Charoen and his wife Khunying Wanna jointly hold stakes, are substantial shareholders in various SGX-listed companies – Thai Beverage PCL, Fraser and Neave, and Frasers Logistics &amp; Industrial Trust, Frasers Centrepoint Trust, Frasers Commercial Trust, Frasers Hospitality Trust, and Frasers Property. Units of Charoen’s TCC Group, including TCC Assets and TCC Group Investments, also hold stakes in these SGX-listed firms.
			

		



Lippo Malls Indonesia Retail Trust (LMRT SP)

Dividend Yield Plays Amongst SGX’s Family Empire-Linked Stocks