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

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
Singapore’s 10 largest capitalised technology stocks averaged 9.5% total returns in Feb, with returns ranging from -7.3% for Creative Tech to 42.7% for Hi-P. All 10 stocks gained over the first two months of 2019, averaging 25.2% total returns. 
	 </li>
	<li>
Combined trading turnover for the 10 largest capitalised technology stocks in Feb soared 51% to average S$68.1 million a day, from S$45.0 million a day for the preceding 3 months with trading turnovers of three stocks (Hi-P, Valuetronics &amp; Silverlake) doubling. 
	 </li>
	<li>Eight of the 10 stocks were recipients of net institutional inflow in Feb, with the combined net institutional inflow for the 10 stocks totalling S$29 million in Feb, bringing their combined 2019 YTD net institutional inflow to S$38 million.</li>
</ul>
Singapore’s 10 largest capitalised technology stocks have made a strong start to 2019, with average total returns of 25.2% over the first two months of the year. The combined market capitalisation of these 10 stocks is S$12.9 billion and the businesses span key technology segments such as electronic manufacturing, fibre network infrastructure precision engineering, precision plastic injection moulding, semiconductors, audio and printed circuit boards.

As highlighted in the SGX My Gateway Report earlier this week (click <a href="https://bit.ly/2EEIbCj">here</a>), Venture Corporation ("Venture"), Hi-P International ("Hi-P") and Silverlake Axis ("Silverlake") are the three companies with the largest market capitalisation within Singapore's Technology Sector. NetLink NBN Trust is a Business Trust which are typically hybrid structures with elements of both companies and trusts.

Recent Performances

The gains of the 10 stocks over the first two months ranged from a 4.6% return for NetLink NBN Trust, to a 49.2% return for Hi-P. The two-month average return of 25.2% coincided with a median total return of 26.1% for the 10 stocks, indicating consistency in the returns. This followed a median decline of 17.3% for the 10 stocks in 2018 and a median 92.5% total return in 2017. The individual performances of the 10 stocks are tabled below. 

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX 

			Code
			</td>
			<td>
			Market 

			Cap S$
			</td>
			<td>
			Total 

			Return 

			2016 %
			</td>
			<td>
			Total

			Return 

			2017 %
			</td>
			<td>
			Total

			Return 

			2018 %
			</td>
			<td>
			Total 

			Return 

			2019 %
			</td>
			<td>
			Total Return Feb %
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			5,122
			</td>
			<td>
			28.0
			</td>
			<td>
			107.2
			</td>
			<td>
			-29.1
			</td>
			<td>
			27.6
			</td>
			<td>
			9.5
			</td>
		</tr>
<tr>
<td>
			NETLINK NBN TRUST
			</td>
			<td>
			CJLU
			</td>
			<td>
			3,118
			</td>
			<td>
			N/A
			</td>
			<td>
			N/A
			</td>
			<td>
			-1.7
			</td>
			<td>
			4.6
			</td>
			<td>
			1.9
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			5CP
			</td>
			<td>
			1,508
			</td>
			<td>
			-15.6
			</td>
			<td>
			9.4
			</td>
			<td>
			-24.7
			</td>
			<td>
			38.4
			</td>
			<td>
			18.4
			</td>
		</tr>
<tr>
<td>
			HI-P INTERNATIONAL
			</td>
			<td>
			H17
			</td>
			<td>
			1,056
			</td>
			<td>
			4.6
			</td>
			<td>
			266.7
			</td>
			<td>
			-50.8
			</td>
			<td>
			49.2
			</td>
			<td>
			42.7
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS
			</td>
			<td>
			558
			</td>
			<td>
			381
			</td>
			<td>
			30.8
			</td>
			<td>
			109.0
			</td>
			<td>
			-40.5
			</td>
			<td>
			24.6
			</td>
			<td>
			10.9
			</td>
		</tr>
<tr>
<td>
			CREATIVE TECHNOLOGY
			</td>
			<td>
			C76
			</td>
			<td>
			380
			</td>
			<td>
			-11.9
			</td>
			<td>
			10.9
			</td>
			<td>
			254.2
			</td>
			<td>
			33.2
			</td>
			<td>
			-7.3
			</td>
		</tr>
<tr>
<td>
			ELEC &amp; ELTEK INT CO
			</td>
			<td>
			E16
			</td>
			<td>
			369
			</td>
			<td>
			12.5
			</td>
			<td>
			75.9
			</td>
			<td>
			-11.7
			</td>
			<td>
			11.4
			</td>
			<td>
			2.5
			</td>
		</tr>
<tr>
<td>
			CHUAN HUP HOLDINGS
			</td>
			<td>
			C33
			</td>
			<td>
			316
			</td>
			<td>
			-15.7
			</td>
			<td>
			25.5
			</td>
			<td>
			-3.7
			</td>
			<td>
			23.6
			</td>
			<td>
			4.6
			</td>
		</tr>
<tr>
<td>
			VALUETRONICS HOLDINGS
			</td>
			<td>
			BN2
			</td>
			<td>
			303
			</td>
			<td>
			34.3
			</td>
			<td>
			92.5
			</td>
			<td>
			-22.8
			</td>
			<td>
			6.1
			</td>
			<td>
			-0.7
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			AWX
			</td>
			<td>
			298
			</td>
			<td>
			195.3
			</td>
			<td>
			484.3
			</td>
			<td>
			1.5
			</td>
			<td>
			33.3
			</td>
			<td>
			12.8
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			12.5
			</td>
			<td>
			92.5
			</td>
			<td>
			-17.3
			</td>
			<td>
			26.1
			</td>
			<td>
			7.0
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			29.2
			</td>
			<td>
			131.3
			</td>
			<td>
			7.1
			</td>
			<td>
			25.2
			</td>
			<td>
			9.5
			</td>
		</tr>
</tbody></table>
Source: SGX Research, SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 28 Feb 2019)

 

Recent Investor Participation

As tabled below, nine of the 10 stocks saw an increase in average daily trading values in February, compared to the preceding three months. The largest relative increases in traded value were generated by Hi-P, Valuetronics Holdings and Silverlake. Combined, the total trading turnover for the 10 stocks soared by 51% to an average of S$68.1 million a day in February, from S$45.0 million a day for the preceding three months.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Average Daily Traded Value 

			Feb 19  

			S$
			</td>
			<td>
			Average Daily Traded Value 
			1 Nov 18 - 31 Jan 19 S$
			</td>
			<td>
			Average Traded Value Increase/Decrease in Feb compared to 

			1 Nov 18 – 31 Jan 19
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			26,367,225
			</td>
			<td>
			20,105,535
			</td>
			<td>
			31%
			</td>
		</tr>
<tr>
<td>
			NETLINK NBN TRUST
			</td>
			<td>
			5,504,784
			</td>
			<td>
			3,677,111
			</td>
			<td>
			50%
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			2,922,451
			</td>
			<td>
			1,416,647
			</td>
			<td>
			106%
			</td>
		</tr>
<tr>
<td>
			HI-P INTERNATIONAL
			</td>
			<td>
			10,566,786
			</td>
			<td>
			4,511,882
			</td>
			<td>
			134%
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS
			</td>
			<td>
			3,304,255
			</td>
			<td>
			2,189,616
			</td>
			<td>
			51%
			</td>
		</tr>
<tr>
<td>
			CREATIVE TECHNOLOGY
			</td>
			<td>
			2,057,129
			</td>
			<td>
			2,246,505
			</td>
			<td>
			-8%
			</td>
		</tr>
<tr>
<td>
			ELEC &amp; ELTEK INT CO
			</td>
			<td>
			49,083
			</td>
			<td>
			41,518
			</td>
			<td>
			18%
			</td>
		</tr>
<tr>
<td>
			CHUAN HUP HOLDINGS
			</td>
			<td>
			95,539
			</td>
			<td>
			73,789
			</td>
			<td>
			29%
			</td>
		</tr>
<tr>
<td>
			VALUETRONICS HOLDINGS
			</td>
			<td>
			3,641,858
			</td>
			<td>
			1,590,404
			</td>
			<td>
			129%
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			13,590,608
			</td>
			<td>
			9,150,390
			</td>
			<td>
			49%
			</td>
		</tr>
</tbody></table>
Source: SGX Research, SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 28 Feb 2019)

The majority of the 10 stocks were also subject to net institutional inflow in February, and were led by S$16 million of net institutional inflow to Hi-P. Venture joined the Straits Times Index (“STI”) 14 months ago, and was the recipient of the most institutional net inflow in the first two months of 2019 as detailed in the table below. 

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Net Insti Fund Flow in Feb 2019 S$M
			</td>
			<td>
			Net Insti Fund Flow 2019 YTD S$M
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			12.9
			</td>
			<td>
			36.5
			</td>
		</tr>
<tr>
<td>
			NETLINK NBN TRUST
			</td>
			<td>
			CJLU
			</td>
			<td>
			-10.1
			</td>
			<td>
			-16.4
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			5CP
			</td>
			<td>
			4.8
			</td>
			<td>
			-2.5
			</td>
		</tr>
<tr>
<td>
			HI-P INTERNATIONAL
			</td>
			<td>
			H17
			</td>
			<td>
			16.0
			</td>
			<td>
			10.8
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS
			</td>
			<td>
			558
			</td>
			<td>
			4.3
			</td>
			<td>
			6.4
			</td>
		</tr>
<tr>
<td>
			CREATIVE TECHNOLOGY
			</td>
			<td>
			C76
			</td>
			<td>
			1.3
			</td>
			<td>
			-0.1
			</td>
		</tr>
<tr>
<td>
			ELEC &amp; ELTEK INT CO
			</td>
			<td>
			E16
			</td>
			<td>
			0.1
			</td>
			<td>
			0.2
			</td>
		</tr>
<tr>
<td>
			CHUAN HUP HOLDINGS
			</td>
			<td>
			C33
			</td>
			<td>
			0.4
			</td>
			<td>
			-0.04
			</td>
		</tr>
<tr>
<td>
			VALUETRONICS HOLDINGS
			</td>
			<td>
			BN2
			</td>
			<td>
			-6.0
			</td>
			<td>
			-4.8
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			AWX
			</td>
			<td>
			4.8
			</td>
			<td>
			7.7
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			28.6
			</td>
			<td>
			37.7
			</td>
		</tr>
</tbody></table>
Source: SGX Research, SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 28 Feb 2019)

Key Sector Drivers in February 

During February, optimism grew that the United States (“US”) and China could soon come to an agreement to on trade policies. The US President announced on Monday that talks had evolved to the point that the US would delay a planned tariff increase that would have commenced tomorrow. While China was the least performing stock market in 2018, it has been the strongest in the 2019 year thus far on market optimism for an eventual trade deal.

Meanwhile, cyclical factors in the Technology Sector and broader outlook for decelerating growth weighed the Sector in 2018. During February, the majority of the 10 largest capitalised stocks of the Sector reported earnings for the previous quarter and in multiple instances full FY18 results. To view these results in detail, click the links below.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Period
			</td>
			<td>
			Results
			</td>
			<td>
			Total Return Feb %
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			FY18
			</td>
			<td>
			<a href="https://links.sgx.com/1.0.0/corporate-announcements/F0UYSJD0FE7803UP/64160ce66331ac891d1c1de6e74c8f8e9fd1a8df4886780e8125657b6f15b456">Click here</a>
			</td>
			<td>
			9.5
			</td>
		</tr>
<tr>
<td>
			NETLINK NBN TRUST
			</td>
			<td>
			CJLU
			</td>
			<td>
			3QFY19
			</td>
			<td>
			<a href="https://links.sgx.com/1.0.0/corporate-announcements/KCZSLAO9Z3Q63B8W/687a73aadacc441c681f2f8035251e7fa95e4d79aa7d15ae16f8702438dd6727">Click here</a>
			</td>
			<td>
			1.9
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			5CP
			</td>
			<td>
			1HFY19
			</td>
			<td>
			<a href="https://links.sgx.com/1.0.0/corporate-announcements/X3R0E9W7ZFSSDYJ6/3c69457b4b5338324850ea25f7852f5abe101c74e20d031fdfcc87b6b296f932">Click here</a>
			</td>
			<td>
			18.4
			</td>
		</tr>
<tr>
<td>
			HI-P INTERNATIONAL
			</td>
			<td>
			H17
			</td>
			<td>
			FY18
			</td>
			<td>
			<a href="https://links.sgx.com/1.0.0/corporate-announcements/C0G3PO5A37D8EKD2/e2ae09230ae53d8318b8fc851a96d82094a026048ec06b3d324e8bdea7aa7c33">Click here</a>
			</td>
			<td>
			42.7
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS
			</td>
			<td>
			558
			</td>
			<td>
			FY18
			</td>
			<td>
			<a href="https://links.sgx.com/1.0.0/corporate-announcements/W59IX0BJ843UTO2B/0a6bfda398d79345803f0577a17cc51406521f72abe45e8767382c5ef57a6ea6">Click here</a>
			</td>
			<td>
			10.9
			</td>
		</tr>
<tr>
<td>
			CREATIVE TECHNOLOGY
			</td>
			<td>
			C76
			</td>
			<td>
			1HFY19
			</td>
			<td>
			<a href="https://links.sgx.com/1.0.0/corporate-announcements/7KYBRF9XPD382B37/144479abb02d27b9328bc58f2624721717e09bf541a2f06f1f7cdc3f2c12dc28">Click here</a>
			</td>
			<td>
			-7.3
			</td>
		</tr>
<tr>
<td>
			ELEC &amp; ELTEK INT CO**
			</td>
			<td>
			E16
			</td>
			<td>
			FY18
			</td>
			<td>
			<a href="https://docisolation.prod.fire.glass/?guid=d73a7dfe-9c0a-45a4-62c5-afd564968242">Click here</a>
			</td>
			<td>
			2.5
			</td>
		</tr>
<tr>
<td>
			CHUAN HUP HOLDINGS
			</td>
			<td>
			C33
			</td>
			<td>
			1HFY19
			</td>
			<td>
			<a href="https://links.sgx.com/1.0.0/corporate-announcements/J9586Z7XO3LF2UZO/c7002ddc57a9585b4143f1796211c0d6ef44484fe91b2e52d61d26eb85fb6033">Click here</a>
			</td>
			<td>
			4.6
			</td>
		</tr>
<tr>
<td>
			VALUETRONICS HOLDINGS
			</td>
			<td>
			BN2
			</td>
			<td>
			3QFY19
			</td>
			<td>
			<a href="https://links.sgx.com/1.0.0/corporate-announcements/E2IUK66QXXG3J6ZB/02edffe9ddc29262b6786532518de3302b199b79656f84c437a86818c2dcbc69">Click here</a>
			</td>
			<td>
			-0.7
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			AWX
			</td>
			<td>
			FY18
			</td>
			<td>
			<a href="https://links.sgx.com/1.0.0/corporate-announcements/27EUZKO6EHHPHFZO/75b55a441eaa406adc83d90ec6f10d12111952db005491ec6aef4e3273006d1e">Click here</a>
			</td>
			<td>
			12.8
			</td>
		</tr>
</tbody></table>
**Note Elec &amp; Eltek INT CO is yet to report results, with a Board meeting to be held today (1 March) for the purpose of, amongst other matters, approving the release and publication of the final results of the Company and its subsidiaries for the year ended 31 December 2018.
</body></html>





Singapore’s 10 largest capitalised technology stocks averaged 9.5% total returns in Feb, with returns ranging from -7.3% for Creative Tech to 42.7% for Hi-P. All 10 stocks gained over the first two months of 2019, averaging 25.2% total returns. 
	 
	
Combined trading turnover for the 10 largest capitalised technology stocks in Feb soared 51% to average S$68.1 million a day, from S$45.0 million a day for the preceding 3 months with trading turnovers of three stocks (Hi-P, Valuetronics &amp; Silverlake) doubling. 
	 
	Eight of the 10 stocks were recipients of net institutional inflow in Feb, with the combined net institutional inflow for the 10 stocks totalling S$29 million in Feb, bringing their combined 2019 YTD net institutional inflow to S$38 million.

Singapore’s 10 largest capitalised technology stocks have made a strong start to 2019, with average total returns of 25.2% over the first two months of the year. The combined market capitalisation of these 10 stocks is S$12.9 billion and the businesses span key technology segments such as electronic manufacturing, fibre network infrastructure precision engineering, precision plastic injection moulding, semiconductors, audio and printed circuit boards.

As highlighted in the SGX My Gateway Report earlier this week (click here), Venture Corporation ("Venture"), Hi-P International ("Hi-P") and Silverlake Axis ("Silverlake") are the three companies with the largest market capitalisation within Singapore's Technology Sector. NetLink NBN Trust is a Business Trust which are typically hybrid structures with elements of both companies and trusts.

Recent Performances

The gains of the 10 stocks over the first two months ranged from a 4.6% return for NetLink NBN Trust, to a 49.2% return for Hi-P. The two-month average return of 25.2% coincided with a median total return of 26.1% for the 10 stocks, indicating consistency in the returns. This followed a median decline of 17.3% for the 10 stocks in 2018 and a median 92.5% total return in 2017. The individual performances of the 10 stocks are tabled below. 




			Name
			
			
			SGX 

			Code
			
			
			Market 

			Cap S$
			
			
			Total 

			Return 

			2016 %
			
			
			Total

			Return 

			2017 %
			
			
			Total

			Return 

			2018 %
			
			
			Total 

			Return 

			2019 %
			
			
			Total Return Feb %
			
		


			VENTURE CORP
			
			
			V03
			
			
			5,122
			
			
			28.0
			
			
			107.2
			
			
			-29.1
			
			
			27.6
			
			
			9.5
			
		


			NETLINK NBN TRUST
			
			
			CJLU
			
			
			3,118
			
			
			N/A
			
			
			N/A
			
			
			-1.7
			
			
			4.6
			
			
			1.9
			
		


			SILVERLAKE AXIS
			
			
			5CP
			
			
			1,508
			
			
			-15.6
			
			
			9.4
			
			
			-24.7
			
			
			38.4
			
			
			18.4
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			1,056
			
			
			4.6
			
			
			266.7
			
			
			-50.8
			
			
			49.2
			
			
			42.7
			
		


			UMS HOLDINGS
			
			
			558
			
			
			381
			
			
			30.8
			
			
			109.0
			
			
			-40.5
			
			
			24.6
			
			
			10.9
			
		


			CREATIVE TECHNOLOGY
			
			
			C76
			
			
			380
			
			
			-11.9
			
			
			10.9
			
			
			254.2
			
			
			33.2
			
			
			-7.3
			
		


			ELEC &amp; ELTEK INT CO
			
			
			E16
			
			
			369
			
			
			12.5
			
			
			75.9
			
			
			-11.7
			
			
			11.4
			
			
			2.5
			
		


			CHUAN HUP HOLDINGS
			
			
			C33
			
			
			316
			
			
			-15.7
			
			
			25.5
			
			
			-3.7
			
			
			23.6
			
			
			4.6
			
		


			VALUETRONICS HOLDINGS
			
			
			BN2
			
			
			303
			
			
			34.3
			
			
			92.5
			
			
			-22.8
			
			
			6.1
			
			
			-0.7
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			298
			
			
			195.3
			
			
			484.3
			
			
			1.5
			
			
			33.3
			
			
			12.8
			
		


			Median
			
			
			 
			
			
			 
			
			
			12.5
			
			
			92.5
			
			
			-17.3
			
			
			26.1
			
			
			7.0
			
		


			Average
			
			
			 
			
			
			 
			
			
			29.2
			
			
			131.3
			
			
			7.1
			
			
			25.2
			
			
			9.5
			
		

Source: SGX Research, SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 28 Feb 2019)

 

Recent Investor Participation

As tabled below, nine of the 10 stocks saw an increase in average daily trading values in February, compared to the preceding three months. The largest relative increases in traded value were generated by Hi-P, Valuetronics Holdings and Silverlake. Combined, the total trading turnover for the 10 stocks soared by 51% to an average of S$68.1 million a day in February, from S$45.0 million a day for the preceding three months.




			Name
			
			
			Average Daily Traded Value 

			Feb 19  

			S$
			
			
			Average Daily Traded Value 
			1 Nov 18 - 31 Jan 19 S$
			
			
			Average Traded Value Increase/Decrease in Feb compared to 

			1 Nov 18 – 31 Jan 19
			
		


			VENTURE CORP
			
			
			26,367,225
			
			
			20,105,535
			
			
			31%
			
		


			NETLINK NBN TRUST
			
			
			5,504,784
			
			
			3,677,111
			
			
			50%
			
		


			SILVERLAKE AXIS
			
			
			2,922,451
			
			
			1,416,647
			
			
			106%
			
		


			HI-P INTERNATIONAL
			
			
			10,566,786
			
			
			4,511,882
			
			
			134%
			
		


			UMS HOLDINGS
			
			
			3,304,255
			
			
			2,189,616
			
			
			51%
			
		


			CREATIVE TECHNOLOGY
			
			
			2,057,129
			
			
			2,246,505
			
			
			-8%
			
		


			ELEC &amp; ELTEK INT CO
			
			
			49,083
			
			
			41,518
			
			
			18%
			
		


			CHUAN HUP HOLDINGS
			
			
			95,539
			
			
			73,789
			
			
			29%
			
		


			VALUETRONICS HOLDINGS
			
			
			3,641,858
			
			
			1,590,404
			
			
			129%
			
		


			AEM HOLDINGS
			
			
			13,590,608
			
			
			9,150,390
			
			
			49%
			
		

Source: SGX Research, SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 28 Feb 2019)

The majority of the 10 stocks were also subject to net institutional inflow in February, and were led by S$16 million of net institutional inflow to Hi-P. Venture joined the Straits Times Index (“STI”) 14 months ago, and was the recipient of the most institutional net inflow in the first two months of 2019 as detailed in the table below. 




			Name
			
			
			SGX Code
			
			
			Net Insti Fund Flow in Feb 2019 S$M
			
			
			Net Insti Fund Flow 2019 YTD S$M
			
		


			VENTURE CORP
			
			
			V03
			
			
			12.9
			
			
			36.5
			
		


			NETLINK NBN TRUST
			
			
			CJLU
			
			
			-10.1
			
			
			-16.4
			
		


			SILVERLAKE AXIS
			
			
			5CP
			
			
			4.8
			
			
			-2.5
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			16.0
			
			
			10.8
			
		


			UMS HOLDINGS
			
			
			558
			
			
			4.3
			
			
			6.4
			
		


			CREATIVE TECHNOLOGY
			
			
			C76
			
			
			1.3
			
			
			-0.1
			
		


			ELEC &amp; ELTEK INT CO
			
			
			E16
			
			
			0.1
			
			
			0.2
			
		


			CHUAN HUP HOLDINGS
			
			
			C33
			
			
			0.4
			
			
			-0.04
			
		


			VALUETRONICS HOLDINGS
			
			
			BN2
			
			
			-6.0
			
			
			-4.8
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			4.8
			
			
			7.7
			
		


			Total
			
			
			 
			
			
			28.6
			
			
			37.7
			
		

Source: SGX Research, SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 28 Feb 2019)

Key Sector Drivers in February 

During February, optimism grew that the United States (“US”) and China could soon come to an agreement to on trade policies. The US President announced on Monday that talks had evolved to the point that the US would delay a planned tariff increase that would have commenced tomorrow. While China was the least performing stock market in 2018, it has been the strongest in the 2019 year thus far on market optimism for an eventual trade deal.

Meanwhile, cyclical factors in the Technology Sector and broader outlook for decelerating growth weighed the Sector in 2018. During February, the majority of the 10 largest capitalised stocks of the Sector reported earnings for the previous quarter and in multiple instances full FY18 results. To view these results in detail, click the links below.




			Name
			
			
			SGX Code
			
			
			Period
			
			
			Results
			
			
			Total Return Feb %
			
		


			VENTURE CORP
			
			
			V03
			
			
			FY18
			
			
			Click here
			
			
			9.5
			
		


			NETLINK NBN TRUST
			
			
			CJLU
			
			
			3QFY19
			
			
			Click here
			
			
			1.9
			
		


			SILVERLAKE AXIS
			
			
			5CP
			
			
			1HFY19
			
			
			Click here
			
			
			18.4
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			FY18
			
			
			Click here
			
			
			42.7
			
		


			UMS HOLDINGS
			
			
			558
			
			
			FY18
			
			
			Click here
			
			
			10.9
			
		


			CREATIVE TECHNOLOGY
			
			
			C76
			
			
			1HFY19
			
			
			Click here
			
			
			-7.3
			
		


			ELEC &amp; ELTEK INT CO**
			
			
			E16
			
			
			FY18
			
			
			Click here
			
			
			2.5
			
		


			CHUAN HUP HOLDINGS
			
			
			C33
			
			
			1HFY19
			
			
			Click here
			
			
			4.6
			
		


			VALUETRONICS HOLDINGS
			
			
			BN2
			
			
			3QFY19
			
			
			Click here
			
			
			-0.7
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			FY18
			
			
			Click here
			
			
			12.8
			
		

**Note Elec &amp; Eltek INT CO is yet to report results, with a Board meeting to be held today (1 March) for the purpose of, amongst other matters, approving the release and publication of the final results of the Company and its subsidiaries for the year ended 31 December 2018.



Early 2019 Tech Sector Gains Propelled By Strong Volume         

Creative Technology

Early 2019 Tech Sector Gains Propelled By Strong Volume