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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Effective today, Frasers Logistic &amp; Commercial Trust has joined the STI with an indicative weight of 1.3%, taking the number of REITs within the STI to seven, with a combined Index weight of 15%. This makes REITs the third largest Sector by Index weight of the STI after Financials and Industrials. 
	 </li>
	<li>
Frasers Logistic &amp; Commercial Trust’s portfolio comprises 100 properties that span industrial and commercial real estates. The portfolio value of approximately $6.2 billion has grown by approximately 170% from the IPO portfolios of Frasers Logistics &amp; Industrial Trust and Frasers Commercial Trust.  
	 </li>
	<li>Frasers Logistic &amp; Commercial Trust replaces Jardine Strategic Holdings. Jardine Matheson Holdings is acquiring the 15% of Jardine Strategic Holdings share capital that it did not already own, and Jardine Strategic Holdings revenue exposures have been replicable through the other public listings of the Group. </li>
</ul>
 Frasers Logistic &amp; Commercial Trust has joined the Straits Times Index (“STI”) today, with Jardine Strategic Holdings omitted from the Index. Frasers Logistic &amp; Commercial Trust was the one of the five stocks of the STI Reserve List that maintained the highest market capitalisation on the 8 April close. The key reason Frasers Logistic &amp; Commercial Trust is joining the STI is because of its market capitalisation of S$5.0 billion, which is attributed to the merger of Frasers Logistics and Industrial Trust and Frasers Commercial Trust, completed in April 2020. This brings the total number of REITs within the STI to seven, with a combined Index weight of 15%. As tabled below, this makes REITs the third largest Sector of the STI, by Index weight, after Financials and Industrials.

<table class="table table-striped"><tbody>
<tr>
<td>
			Sector
			</td>
			<td>
			STI Indicative Weightage (Based on 31 Data)
			</td>
		</tr>
<tr>
<td>
			Financial Services
			</td>
			<td>
			43%
			</td>
		</tr>
<tr>
<td>
			Industrials
			</td>
			<td>
			16%
			</td>
		</tr>
<tr>
<td>
			REITs
			</td>
			<td>
			15%
			</td>
		</tr>
<tr>
<td>
			Real Estate (excl. REITs)
			</td>
			<td>
			8%
			</td>
		</tr>
<tr>
<td>
			Consumer Non-Cyclicals
			</td>
			<td>
			7%
			</td>
		</tr>
<tr>
<td>
			Telecommunications
			</td>
			<td>
			6%
			</td>
		</tr>
<tr>
<td>
			Consumer Cyclicals
			</td>
			<td>
			3%
			</td>
		</tr>
<tr>
<td>
			Technology (Hardware/ Software)
			</td>
			<td>
			2%
			</td>
		</tr>
<tr>
<td>
			Utilities
			</td>
			<td>
			1%
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv (Weights based on 31 December 2020 data available <a href="https://www.ftserussell.com/products/indices/sgx-st?fireglass_rsn=true#fireglass_params&amp;tabid=a8db633236d2e073&amp;start_with_session_counter=3&amp;application_server_address=isolation-sgx4.wss.prod.fire.glass">here</a>) 
 

Frasers Logistic &amp; Commercial Portfolio Value Up Approximately 170% Since Relevant IPOs 
Frasers Logistic &amp; Commercial Trust’s portfolio comprises 100 properties that span industrial and commercial real estates, with a portfolio value of approximately $6.2 billion. The properties diversified across five developed countries - Australia, Germany, Singapore, the United Kingdom and the Netherlands. Frasers Logistic &amp; Commercial Trust was formed by a merger of Frasers Logistics &amp; Industrial Trust and Frasers Commercial Trust in April 2020. The REIT has seen significant growth since and Frasers Commercial Trust listed in March 2006 and Frasers Logistics &amp; Industrial Trust’s listed in June 2016. Frasers Logistics &amp; Industrial Trust’s IPO portfolio of 51 industrial properties located in Australia had an appraised Value of S$1.6 billion. The portfolio of Frasers Commercial Trust, originally listed as Allco Commercial REIT, was initially comprised of two properties and an investment in the Allco Wholesale Property Fund, with a combined value at S$684 million. Frasers Logistic &amp; Commercial Trust has also outpaced the S-REIT Indices over the past 15 months generating total returns which include distributions of 27%, while currently maintaining a 4.7% dividend/distribution yield. The REIT maintains an indicative 1.35 weight in the STI, based on publically available STI weights as of 31 December 2020. The indicative weights of the STI stocks are tabled below.

<table class="table table-striped"><tbody>
<tr>
<td>
			STI Stocks
			</td>
			<td>
			STI Code
			</td>
			<td>
			Prior Weights before JSH Deletion (based 31 Dec 2020 weights) 
			</td>
			<td>
			New Weights After JSH Deletion (based 31 Dec 2020 weights) 
			</td>
			<td>
			Sector/Industry
			</td>
		</tr>
<tr>
<td>
			Ascendas REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			3.55%
			</td>
			<td>
			3.58%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			CapitaLand
			</td>
			<td>
			C31
			</td>
			<td>
			3.08%
			</td>
			<td>
			3.11%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			CapitaLand Int Commercial Trust
			</td>
			<td>
			C61U
			</td>
			<td>
			3.44%
			</td>
			<td>
			3.47%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			CityDev
			</td>
			<td>
			C09
			</td>
			<td>
			1.36%
			</td>
			<td>
			1.37%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			ComfortDelGro
			</td>
			<td>
			C52
			</td>
			<td>
			1.25%
			</td>
			<td>
			1.26%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			DairyFarm USD
			</td>
			<td>
			D01
			</td>
			<td>
			0.60%
			</td>
			<td>
			0.61%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			16.31%
			</td>
			<td>
			16.45%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			Frasers Logistic &amp; Commercial Trust
			</td>
			<td>
			BUOU
			</td>
			<td>
			N/A
			</td>
			<td>
			1.31%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Genting Sing
			</td>
			<td>
			G13
			</td>
			<td>
			1.80%
			</td>
			<td>
			1.82%
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			HongkongLand USD
			</td>
			<td>
			H78
			</td>
			<td>
			2.31%
			</td>
			<td>
			2.33%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			Jardine C&amp;C
			</td>
			<td>
			C07
			</td>
			<td>
			0.71%
			</td>
			<td>
			0.72%
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			Jardine Matheson Holdings
			</td>
			<td>
			J36
			</td>
			<td>
			5.66%
			</td>
			<td>
			5.71%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Jardine Strategic Holdings
			</td>
			<td>
			J37
			</td>
			<td>
			2.18%
			</td>
			<td>
			N/A
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Keppel Corp
			</td>
			<td>
			BN4
			</td>
			<td>
			2.81%
			</td>
			<td>
			2.83%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Keppel DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			1.24%
			</td>
			<td>
			1.25%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Mapletree Commercial Trust
			</td>
			<td>
			N2IU
			</td>
			<td>
			1.70%
			</td>
			<td>
			1.71%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Mapletree Industrial Trust
			</td>
			<td>
			ME8U
			</td>
			<td>
			1.72%
			</td>
			<td>
			1.74%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Mapletree Logistics Trust
			</td>
			<td>
			M44U
			</td>
			<td>
			2.03%
			</td>
			<td>
			2.05%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			OCBC Bank
			</td>
			<td>
			O39
			</td>
			<td>
			12.83%
			</td>
			<td>
			12.94%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			0.92%
			</td>
			<td>
			0.93%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Sembcorp Ind
			</td>
			<td>
			U96
			</td>
			<td>
			0.57%
			</td>
			<td>
			0.57%
			</td>
			<td>
			Utilities
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			2.78%
			</td>
			<td>
			2.80%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td>
			C6L
			</td>
			<td>
			1.99%
			</td>
			<td>
			2.01%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Singtel
			</td>
			<td>
			Z74
			</td>
			<td>
			6.27%
			</td>
			<td>
			6.32%
			</td>
			<td>
			Telecommunications
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			2.13%
			</td>
			<td>
			2.15%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			ThaiBev
			</td>
			<td>
			Y92
			</td>
			<td>
			2.63%
			</td>
			<td>
			2.65%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			10.59%
			</td>
			<td>
			10.68%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			UOL
			</td>
			<td>
			U14
			</td>
			<td>
			1.38%
			</td>
			<td>
			1.39%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			1.84%
			</td>
			<td>
			1.86%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			3.60%
			</td>
			<td>
			3.63%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg SGD
			</td>
			<td>
			BS6
			</td>
			<td>
			0.73%
			</td>
			<td>
			0.74%
			</td>
			<td>
			Industrials
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv (Weights based on 31 December 2020 data available <a href="https://www.ftserussell.com/products/indices/sgx-st?fireglass_rsn=true#fireglass_params&amp;tabid=a8db633236d2e073&amp;start_with_session_counter=3&amp;application_server_address=isolation-sgx4.wss.prod.fire.glass">here</a>) 
 

Prior to the March 8 open, Jardine Strategic Holdings announced that it had agreed to Jardine Matheson Holdings proposal to acquire the 15% of Jardine Strategic Holdings share capital that it does not already own. The proposal was approved at a special general meeting last night on 12 April. This has seen Jardine Strategic Holdings omitted from the STI effective today, which has made room for Frasers Logistics &amp; Commercial Trust. 
Jardine Strategic Holdings has averaged S$56 million a day in trading turnover a day in the 2021 year to 12 April. The remaining SGX listings of the Jardines Group (“Group”), Jardine Matheson Holdings, Hongkong Land, Jardine Cycle &amp; Carriage (“JC&amp;C”), Dairy Farm International and Mandarin Oriental have averaged combined trading turnover of S$70 million a day in the 2021 year to 12 April. Despite four of these five stocks maintaining a secondary listing on SGX, the majority of their day-to-day trading volume is transacted on SGX.  Jardine Matheson Holdings Generated Annualised 6.8% Total Returns over the Past 10 years 
As the listed holding company of the Group, Jardine Matheson Holdings maintains interests in Jardine Pacific, Jardine International Motors, and Jardine Strategic Holdings. Jardine Strategic Holdings has maintained interests in Hongkong Land, Dairy Farm International, Mandarin Oriental, JC&amp;C and Indonesia-listed Astra International. This means Jardine Strategic Holdings' revenue exposures have been replicable through the other public listings of the Group. 
Jardine Matheson Holdings has been the strongest performer of the SGX listings of the Group over the past 10 years, generating average annualised total returns of 6.8%. By comparison, the annualised total returns of Asia Pacific’s top quartile of Consumer cyclical stocks by market value generated a 5.7% average annualised total return, while the same measure for Industrial stocks saw a 5.3% average annualised total return. Jardine Cycle &amp; Carriage Strategically Serving ASEAN’s Urbanisation &amp; Growing Consumer Class 
JC&amp;C maintains a strong ASEAN focus and highlights that JC&amp;C is a long-term partner of Southeast Asia. Within the SGX-listed companies of the Group, JC&amp;C is a primary listing on SGX. JC&amp;C invests in businesses that participate in key sectors that provide products and services in the infrastructure, housing, energy, transportation, financing and consumables industries. JC&amp;C has a 50.1% interest in Astra, a diversified business group in Indonesia with seven core businesses. While Astra’s contribution to JC&amp;C’s FY20 profit attributable to shareholders declined 57% year-on-year to US$309 million, its Other Strategic Interests segment was comparatively defensive and declined 5% year-on-year to US$120 million. JC&amp;C has generated a total return of 42% since the broad market lows of 23 March 2020. The stock has outpaced benchmarks in the 2021 year to 12 April, with a 19% return, while recipient to net institutional and net proprietary inflows of S$39 million. Since the broad market lows, JC&amp;C has generated returns in-line with ASEAN Consumer Cyclicals. There are approximately 700 ASEAN-listed Consumer Cyclical stocks that have generated a 7% median price return in the 2021 year to 12 April, with a median 42% price recovery since 23 March 2020. 
JC&amp;C currently maintains a P/E ratio of 13x. By comparison, the median P/E of ASEAN-listed Consumer Cyclical stocks is presently 16x, with the median P/E of all Consumer Cyclical stocks listed in Hong Kong and Singapore at 14x. On a P/B basis, JC&amp;C is trading at 0.98x, compared to the ASEAN-listed Consumer Cyclicals median at 1.03x, and 0.92x median for the Consumer Cyclical stocks listed in the Hong Kong and Singapore financial centres.
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Effective today, Frasers Logistic &amp; Commercial Trust has joined the STI with an indicative weight of 1.3%, taking the number of REITs within the STI to seven, with a combined Index weight of 15%. This makes REITs the third largest Sector by Index weight of the STI after Financials and Industrials.  
	 
	
Frasers Logistic &amp; Commercial Trust’s portfolio comprises 100 properties that span industrial and commercial real estates. The portfolio value of approximately $6.2 billion has grown by approximately 170% from the IPO portfolios of Frasers Logistics &amp; Industrial Trust and Frasers Commercial Trust.   
	 
	Frasers Logistic &amp; Commercial Trust replaces Jardine Strategic Holdings. Jardine Matheson Holdings is acquiring the 15% of Jardine Strategic Holdings share capital that it did not already own, and Jardine Strategic Holdings revenue exposures have been replicable through the other public listings of the Group. 

 Frasers Logistic &amp; Commercial Trust has joined the Straits Times Index (“STI”) today, with Jardine Strategic Holdings omitted from the Index. Frasers Logistic &amp; Commercial Trust was the one of the five stocks of the STI Reserve List that maintained the highest market capitalisation on the 8 April close. The key reason Frasers Logistic &amp; Commercial Trust is joining the STI is because of its market capitalisation of S$5.0 billion, which is attributed to the merger of Frasers Logistics and Industrial Trust and Frasers Commercial Trust, completed in April 2020. This brings the total number of REITs within the STI to seven, with a combined Index weight of 15%. As tabled below, this makes REITs the third largest Sector of the STI, by Index weight, after Financials and Industrials.




			Sector
			
			
			STI Indicative Weightage (Based on 31 Data)
			
		


			Financial Services
			
			
			43%
			
		


			Industrials
			
			
			16%
			
		


			REITs
			
			
			15%
			
		


			Real Estate (excl. REITs)
			
			
			8%
			
		


			Consumer Non-Cyclicals
			
			
			7%
			
		


			Telecommunications
			
			
			6%
			
		


			Consumer Cyclicals
			
			
			3%
			
		


			Technology (Hardware/ Software)
			
			
			2%
			
		


			Utilities
			
			
			1%
			
		

 Source: SGX, Refinitiv (Weights based on 31 December 2020 data available here)  
 

Frasers Logistic &amp; Commercial Portfolio Value Up Approximately 170% Since Relevant IPOs  
Frasers Logistic &amp; Commercial Trust’s portfolio comprises 100 properties that span industrial and commercial real estates, with a portfolio value of approximately $6.2 billion. The properties diversified across five developed countries - Australia, Germany, Singapore, the United Kingdom and the Netherlands. Frasers Logistic &amp; Commercial Trust was formed by a merger of Frasers Logistics &amp; Industrial Trust and Frasers Commercial Trust in April 2020.  The REIT has seen significant growth since and Frasers Commercial Trust listed in March 2006 and Frasers Logistics &amp; Industrial Trust’s listed in June 2016. Frasers Logistics &amp; Industrial Trust’s IPO portfolio of 51 industrial properties located in Australia had an appraised Value of S$1.6 billion. The portfolio of Frasers Commercial Trust, originally listed as Allco Commercial REIT, was initially comprised of two properties and an investment in the Allco Wholesale Property Fund, with a combined value at S$684 million.  Frasers Logistic &amp; Commercial Trust has also outpaced the S-REIT Indices over the past 15 months generating total returns which include distributions of 27%, while currently maintaining a 4.7% dividend/distribution yield. The REIT maintains an indicative 1.35 weight in the STI, based on publically available STI weights as of 31 December 2020. The indicative weights of the STI stocks are tabled below.




			STI Stocks
			
			
			STI Code
			
			
			Prior Weights before JSH Deletion (based 31 Dec 2020 weights) 
			
			
			New Weights After JSH Deletion (based 31 Dec 2020 weights) 
			
			
			Sector/Industry
			
		


			Ascendas REIT
			
			
			A17U
			
			
			3.55%
			
			
			3.58%
			
			
			REITs
			
		


			CapitaLand
			
			
			C31
			
			
			3.08%
			
			
			3.11%
			
			
			Real Estate (excl. REITs)
			
		


			CapitaLand Int Commercial Trust
			
			
			C61U
			
			
			3.44%
			
			
			3.47%
			
			
			REITs
			
		


			CityDev
			
			
			C09
			
			
			1.36%
			
			
			1.37%
			
			
			Real Estate (excl. REITs)
			
		


			ComfortDelGro
			
			
			C52
			
			
			1.25%
			
			
			1.26%
			
			
			Industrials
			
		


			DairyFarm USD
			
			
			D01
			
			
			0.60%
			
			
			0.61%
			
			
			Consumer Non-Cyclicals
			
		


			DBS
			
			
			D05
			
			
			16.31%
			
			
			16.45%
			
			
			Financial Services
			
		


			Frasers Logistic &amp; Commercial Trust
			
			
			BUOU
			
			
			N/A
			
			
			1.31%
			
			
			REITs
			
		


			Genting Sing
			
			
			G13
			
			
			1.80%
			
			
			1.82%
			
			
			Consumer Cyclicals
			
		


			HongkongLand USD
			
			
			H78
			
			
			2.31%
			
			
			2.33%
			
			
			Real Estate (excl. REITs)
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			0.71%
			
			
			0.72%
			
			
			Consumer Cyclicals
			
		


			Jardine Matheson Holdings
			
			
			J36
			
			
			5.66%
			
			
			5.71%
			
			
			Industrials
			
		


			Jardine Strategic Holdings
			
			
			J37
			
			
			2.18%
			
			
			N/A
			
			
			Industrials
			
		


			Keppel Corp
			
			
			BN4
			
			
			2.81%
			
			
			2.83%
			
			
			Industrials
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			1.24%
			
			
			1.25%
			
			
			REITs
			
		


			Mapletree Commercial Trust
			
			
			N2IU
			
			
			1.70%
			
			
			1.71%
			
			
			REITs
			
		


			Mapletree Industrial Trust
			
			
			ME8U
			
			
			1.72%
			
			
			1.74%
			
			
			REITs
			
		


			Mapletree Logistics Trust
			
			
			M44U
			
			
			2.03%
			
			
			2.05%
			
			
			REITs
			
		


			OCBC Bank
			
			
			O39
			
			
			12.83%
			
			
			12.94%
			
			
			Financial Services
			
		


			SATS
			
			
			S58
			
			
			0.92%
			
			
			0.93%
			
			
			Industrials
			
		


			Sembcorp Ind
			
			
			U96
			
			
			0.57%
			
			
			0.57%
			
			
			Utilities
			
		


			SGX
			
			
			S68
			
			
			2.78%
			
			
			2.80%
			
			
			Financial Services
			
		


			SIA
			
			
			C6L
			
			
			1.99%
			
			
			2.01%
			
			
			Industrials
			
		


			Singtel
			
			
			Z74
			
			
			6.27%
			
			
			6.32%
			
			
			Telecommunications
			
		


			ST Engineering
			
			
			S63
			
			
			2.13%
			
			
			2.15%
			
			
			Industrials
			
		


			ThaiBev
			
			
			Y92
			
			
			2.63%
			
			
			2.65%
			
			
			Consumer Non-Cyclicals
			
		


			UOB
			
			
			U11
			
			
			10.59%
			
			
			10.68%
			
			
			Financial Services
			
		


			UOL
			
			
			U14
			
			
			1.38%
			
			
			1.39%
			
			
			Real Estate (excl. REITs)
			
		


			Venture
			
			
			V03
			
			
			1.84%
			
			
			1.86%
			
			
			Technology (Hardware/ Software)
			
		


			Wilmar Intl
			
			
			F34
			
			
			3.60%
			
			
			3.63%
			
			
			Consumer Non-Cyclicals
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			0.73%
			
			
			0.74%
			
			
			Industrials
			
		

 Source: SGX, Refinitiv (Weights based on 31 December 2020 data available here)  
 

Prior to the March 8 open, Jardine Strategic Holdings announced that it had agreed to Jardine Matheson Holdings proposal to acquire the 15% of Jardine Strategic Holdings share capital that it does not already own. The proposal was approved at a special general meeting last night on 12 April. This has seen Jardine Strategic Holdings omitted from the STI effective today, which has made room for Frasers Logistics &amp; Commercial Trust.  
Jardine Strategic Holdings has averaged S$56 million a day in trading turnover a day in the 2021 year to 12 April. The remaining SGX listings of the Jardines Group (“Group”), Jardine Matheson Holdings, Hongkong Land, Jardine Cycle &amp; Carriage (“JC&amp;C”), Dairy Farm International and Mandarin Oriental have averaged combined trading turnover of S$70 million a day in the 2021 year to 12 April. Despite four of these five stocks maintaining a secondary listing on SGX, the majority of their day-to-day trading volume is transacted on SGX.   Jardine Matheson Holdings Generated Annualised 6.8% Total Returns over the Past 10 years  
As the listed holding company of the Group, Jardine Matheson Holdings maintains interests in Jardine Pacific, Jardine International Motors, and Jardine Strategic Holdings. Jardine Strategic Holdings has maintained interests in Hongkong Land, Dairy Farm International, Mandarin Oriental, JC&amp;C and Indonesia-listed Astra International. This means Jardine Strategic Holdings' revenue exposures have been replicable through the other public listings of the Group.   
Jardine Matheson Holdings has been the strongest performer of the SGX listings of the Group over the past 10 years, generating average annualised total returns of 6.8%. By comparison, the annualised total returns of Asia Pacific’s top quartile of Consumer cyclical stocks by market value generated a 5.7% average annualised total return, while the same measure for Industrial stocks saw a 5.3% average annualised total return.  Jardine Cycle &amp; Carriage Strategically Serving ASEAN’s Urbanisation &amp; Growing Consumer Class  
JC&amp;C maintains a strong ASEAN focus and highlights that JC&amp;C is a long-term partner of Southeast Asia. Within the SGX-listed companies of the Group, JC&amp;C is a primary listing on SGX. JC&amp;C invests in businesses that participate in key sectors that provide products and services in the infrastructure, housing, energy, transportation, financing and consumables industries. JC&amp;C has a 50.1% interest in Astra, a diversified business group in Indonesia with seven core businesses. While Astra’s contribution to JC&amp;C’s FY20 profit attributable to shareholders declined 57% year-on-year to US$309 million, its Other Strategic Interests segment was comparatively defensive and declined 5% year-on-year to US$120 million.  JC&amp;C has generated a total return of 42% since the broad market lows of 23 March 2020. The stock has outpaced benchmarks in the 2021 year to 12 April, with a 19% return, while recipient to net institutional and net proprietary inflows of S$39 million. Since the broad market lows, JC&amp;C has generated returns in-line with ASEAN Consumer Cyclicals. There are approximately 700 ASEAN-listed Consumer Cyclical stocks that have generated a 7% median price return in the 2021 year to 12 April, with a median 42% price recovery since 23 March 2020.  
JC&amp;C currently maintains a P/E ratio of 13x. By comparison, the median P/E of ASEAN-listed Consumer Cyclical stocks is presently 16x, with the median P/E of all Consumer Cyclical stocks listed in Hong Kong and Singapore at 14x. On a P/B basis, JC&amp;C is trading at 0.98x, compared to the ASEAN-listed Consumer Cyclicals median at 1.03x, and 0.92x median for the Consumer Cyclical stocks listed in the Hong Kong and Singapore financial centres.



Dairy Farm International Holdings (DFI SP)

Frasers Logistics & Commercial Trust (FLT SP)

Frasers L&C Trust Joins STI, Boosting the Benchmark’s REIT Exposure to 15% 

Comfortdelgro Corp

Frasers L&C Trust Joins STI, Boosting the Benchmark’s REIT Exposure to 15%