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





Singapore’s Mid-Cap Stocks performed in-line with the stocks of the same market capitalisation across Asia in 2019. Of Singapore’s 40 most traded Mid-Cap Companies, 19 Companies outpaced the STI in 2019. 
	 
	
Of the 40 Mid-Cap Companies, the five strongest performers in 2019 included Hi-P International, SBS Transit, Bumitama Agri, SIA Engineering and Oxley Holdings. SBS Transit was also amongst the five best performers of the Mid-Cap Companies in 2018.   
	 
	The 10 Mid-Cap Companies among the group of 40 that saw the highest net institutional inflows proportionate to their year-end market capitalisation, averaged a 23% total return in 2019, with their median total return at 14%. 

In 2019, Singapore’s Mid-Cap Stocks that encompass both companies and trusts performed in-line with stocks of the same range in market capitalisation across Asian exchanges. In Singapore, performances were led by the relevant sized REITs which are discussed in more detail here.

Singapore’s Mid-Cap Stocks are generally categorised as listed corporations or trusts with a market capitalisation ranging from above S$1 billion to below S$6 billion as of the end of 2019. The constituents of the FTSE ST Mid-Cap Index maintain a similar range in market capitalisation.

40 Most Traded Mid-Cap Companies in Singapore

Excluding REITs and Business Trusts, Singapore’s 40 most traded Mid-Cap Companies averaged a 10% total return in 2019, with their median total return at 7%. The performance of these 40 Companies was, on average, in-line with the returns of the Straits Times Index (‘STI’) as discussed here. In total, 19 of the Companies outpaced the STI with an average 24% total return, while 21 Companies did not keep in pace with the STI averaging a 3% decline in total return.

The group of 40 Mid-Cap companies include six current constituents of the STI. However the five strongest performing of the 40 stocks in 2019 were all non-STI stocks. These five stocks were Hi-P International, SBS Transit, Bumitama Agri, SIA Engineering and Oxley Holdings.

Two of the five companies, Hi-P International and SBS Transit reported net profit growth for their 9MFY19 through to 30 Sep. SIA Engineering also reported net profit growth for its 1HFY19/20 through to 30 Sep and Oxley Holdings also reported net profit for its 1QFY20 through to 30 Sep was $9.4 million, compared to a restated net loss of $3.9 million in its 1QFY19.



      
    
    SG Mid Cap 


SBS Transit was also amongst the five best performers of the group in the preceding year, along with Japfa, Sheng Siong Group, ComfortDelGro and Haw Par Corporation. Hi-P International also led the current of Mid-Cap companies in total returns for 2017, with Oxley Holdings also amongst 2017’s best performers.

Five Mid-Caps with Largest Net Institutional Inflows All Outpaced STI

Overall, the 40 Mid-Cap Companies were recipient of S$143.6 million in net institutional outflow in 2019.

All five stocks that were recipient to the largest net institutional inflows of the 40 companies in 2019 outpaced the STI for the year. These five stocks were ComfortDelGro Corp, SATS, Hi-P International, GuocoLand and Sheng Siong Group. The broader group of 10 stocks that were recipient to the largest net institutional inflows among the 40 companies last year averaged 18% total returns, with the median total return at 13%. Meanwhile, the 10 stocks that saw the largest net institutional outflows in 2019 averaged a 4% decline in total return, with the median decline in total return at 8%.  

With net institutional inflows ranked proportionate to market capitalisation as of the end of 2019, the average of the 10 stocks that ranked the highest in the more congruent measure averaged a 23% total return with the median total return at 14%. These 10 stocks were Hi-P International, ComfortDelGro Corp, Sheng Siong Group, GuocoLand, Thomson Medical Group, SBS Transit, SATS, First Resources, Singapore Press Holdings and Singapore Post.

The full list of the 40 most traded Mid-Cap companies in 2019, sort by year-end market capitalisation are tabled below.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Price Change 2019
			
			
			Volatility 2019
			
			
			Total Return 2019
			
			
			Total Return 2018
			
			
			Total Return 2017
			
			
			Net Insti Inflow (S$M)
			
			
			Average Daily Turnover 2019 (SS$,000)
			
		


			OLAM INTERNATIONAL
			
			
			BS6
			
			
			5,767
			
			
			10%
			
			
			22%
			
			
			14%
			
			
			-16%
			
			
			6%
			
			
			13.9
			
			
			1,017
			
		


			SATS
			
			
			V03
			
			
			5,658
			
			
			9%
			
			
			16%
			
			
			13%
			
			
			-7%
			
			
			11%
			
			
			33.2
			
			
			8,694
			
		


			COMFORTDELGRO CORP
			
			
			C52
			
			
			5,155
			
			
			11%
			
			
			21%
			
			
			15%
			
			
			14%
			
			
			-16%
			
			
			70.9
			
			
			18,153
			
		


			FRASERS PROPERTY
			
			
			T39
			
			
			4,946
			
			
			2%
			
			
			17%
			
			
			7%
			
			
			-17%
			
			
			39%
			
			
			2.0
			
			
			425
			
		


			VENTURE CORP
			
			
			S58
			
			
			4,673
			
			
			16%
			
			
			31%
			
			
			21%
			
			
			-29%
			
			
			115%
			
			
			-4.8
			
			
			19,936
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			U96
			
			
			4,389
			
			
			-10%
			
			
			46%
			
			
			-7%
			
			
			-11%
			
			
			86%
			
			
			13.6
			
			
			34,451
			
		


			UNITED INDUSTRIAL CORP
			
			
			S51
			
			
			4,111
			
			
			5%
			
			
			14%
			
			
			6%
			
			
			-17%
			
			
			21%
			
			
			-4.3
			
			
			168
			
		


			SEMBCORP INDUSTRIES
			
			
			H17
			
			
			4,089
			
			
			-10%
			
			
			23%
			
			
			-8%
			
			
			-15%
			
			
			9%
			
			
			-90.3
			
			
			8,046
			
		


			SINGAPORE PRESS HOLDINGS
			
			
			E5H
			
			
			3,476
			
			
			-7%
			
			
			21%
			
			
			-2%
			
			
			-7%
			
			
			-21%
			
			
			14.9
			
			
			10,359
			
		


			SIA ENGINEERING CO
			
			
			CC3
			
			
			3,159
			
			
			24%
			
			
			20%
			
			
			29%
			
			
			-25%
			
			
			-3%
			
			
			-6.2
			
			
			1,457
			
		


			MANDARIN ORIENTAL INTL
			
			
			S08
			
			
			3,092
			
			
			-12%
			
			
			28%
			
			
			-10%
			
			
			4%
			
			
			50%
			
			
			-0.5
			
			
			579
			
		


			FIRST RESOURCES
			
			
			Z25
			
			
			3,010
			
			
			23%
			
			
			26%
			
			
			25%
			
			
			-14%
			
			
			0%
			
			
			13.5
			
			
			1,672
			
		


			GOLDEN AGRI-RESOURCES
			
			
			EB5
			
			
			2,993
			
			
			-4%
			
			
			45%
			
			
			-2%
			
			
			-34%
			
			
			-11%
			
			
			-7.8
			
			
			6,699
			
		


			HAW PAR CORP
			
			
			OV8
			
			
			2,827
			
			
			6%
			
			
			16%
			
			
			15%
			
			
			8%
			
			
			27%
			
			
			-12.0
			
			
			874
			
		


			SEMBCORP MARINE
			
			
			S59
			
			
			2,762
			
			
			-14%
			
			
			33%
			
			
			-14%
			
			
			-16%
			
			
			35%
			
			
			-56.3
			
			
			7,797
			
		


			FRASER AND NEAVE
			
			
			UD2
			
			
			2,494
			
			
			0%
			
			
			15%
			
			
			3%
			
			
			-32%
			
			
			26%
			
			
			-10.6
			
			
			166
			
		


			STARHUB
			
			
			BSL
			
			
			2,459
			
			
			-19%
			
			
			24%
			
			
			-13%
			
			
			-33%
			
			
			8%
			
			
			-93.1
			
			
			3,973
			
		


			YANLORD LAND GROUP
			
			
			O32
			
			
			2,337
			
			
			-1%
			
			
			29%
			
			
			4%
			
			
			-22%
			
			
			26%
			
			
			-15.8
			
			
			2,500
			
		


			GUOCOLAND
			
			
			5CP
			
			
			2,319
			
			
			9%
			
			
			15%
			
			
			13%
			
			
			-16%
			
			
			28%
			
			
			25.1
			
			
			471
			
		


			SINGAPORE POST
			
			
			G92
			
			
			2,104
			
			
			2%
			
			
			15%
			
			
			6%
			
			
			-24%
			
			
			-14%
			
			
			7.9
			
			
			2,738
			
		


			HOTEL PROPERTIES
			
			
			H02
			
			
			2,006
			
			
			7%
			
			
			17%
			
			
			10%
			
			
			-6%
			
			
			5%
			
			
			4.5
			
			
			301
			
		


			SHENG SIONG GROUP
			
			
			5UX
			
			
			1,864
			
			
			17%
			
			
			15%
			
			
			21%
			
			
			18%
			
			
			1%
			
			
			21.4
			
			
			1,624
			
		


			RAFFLES MEDICAL GROUP
			
			
			A50
			
			
			1,828
			
			
			-9%
			
			
			17%
			
			
			-7%
			
			
			0%
			
			
			-20%
			
			
			-20.5
			
			
			1,350
			
		


			TIANJIN ZHONG XIN PHARM CO-S
			
			
			W05
			
			
			1,752
			
			
			-1%
			
			
			22%
			
			
			2%
			
			
			-2%
			
			
			-1%
			
			
			-7.5
			
			
			359
			
		


			THOMSON MEDICAL GROUP
			
			
			B61
			
			
			1,692
			
			
			-12%
			
			
			30%
			
			
			-12%
			
			
			-42%
			
			
			5%
			
			
			14.6
			
			
			802
			
		


			HO BEE LAND
			
			
			M04
			
			
			1,603
			
			
			2%
			
			
			13%
			
			
			6%
			
			
			0%
			
			
			24%
			
			
			-3.0
			
			
			147
			
		


			WING TAI HOLDINGS
			
			
			F17
			
			
			1,553
			
			
			5%
			
			
			12%
			
			
			7%
			
			
			-12%
			
			
			47%
			
			
			-7.5
			
			
			686
			
		


			OXLEY HOLDINGS
			
			
			TQ5
			
			
			1,501
			
			
			22%
			
			
			30%
			
			
			26%
			
			
			-45%
			
			
			72%
			
			
			0.6
			
			
			809
			
		


			BUMITAMA AGRI
			
			
			T14
			
			
			1,390
			
			
			29%
			
			
			29%
			
			
			34%
			
			
			-13%
			
			
			-8%
			
			
			-3.0
			
			
			326
			
		


			OUE
			
			
			LJ3
			
			
			1,344
			
			
			4%
			
			
			19%
			
			
			13%
			
			
			-22%
			
			
			8%
			
			
			-0.5
			
			
			342
			
		


			HI-P INTERNATIONAL
			
			
			P8Z
			
			
			1,232
			
			
			73%
			
			
			51%
			
			
			101%
			
			
			-51%
			
			
			327%
			
			
			28.4
			
			
			6,978
			
		


			BUKIT SEMBAWANG ESTATES
			
			
			S41
			
			
			1,212
			
			
			-17%
			
			
			13%
			
			
			-14%
			
			
			-7%
			
			
			47%
			
			
			-34.1
			
			
			617
			
		


			HONG LEONG FINANCE
			
			
			H15
			
			
			1,198
			
			
			5%
			
			
			12%
			
			
			11%
			
			
			-2%
			
			
			32%
			
			
			-12.4
			
			
			319
			
		


			SBS TRANSIT
			
			
			B16
			
			
			1,194
			
			
			42%
			
			
			22%
			
			
			47%
			
			
			12%
			
			
			21%
			
			
			9.2
			
			
			224
			
		


			FIRST SPONSOR GROUP
			
			
			S61
			
			
			1,106
			
			
			9%
			
			
			17%
			
			
			11%
			
			
			2%
			
			
			7%
			
			
			0.4
			
			
			42
			
		


			GL
			
			
			U06
			
			
			1,101
			
			
			10%
			
			
			14%
			
			
			13%
			
			
			-10%
			
			
			13%
			
			
			-1.3
			
			
			299
			
		


			CHINA AVIATION OIL SINGAPORE
			
			
			F99
			
			
			1,092
			
			
			20%
			
			
			25%
			
			
			24%
			
			
			-33%
			
			
			19%
			
			
			-4.3
			
			
			915
			
		


			SILVERLAKE AXIS
			
			
			H13
			
			
			1,081
			
			
			-1%
			
			
			29%
			
			
			3%
			
			
			-25%
			
			
			19%
			
			
			-13.2
			
			
			982
			
		


			JAPFA
			
			
			ADN
			
			
			1,081
			
			
			-21%
			
			
			37%
			
			
			-18%
			
			
			45%
			
			
			-43%
			
			
			-18.3
			
			
			1,367
			
		


			SINARMAS LAND
			
			
			A26
			
			
			1,064
			
			
			0%
			
			
			41%
			
			
			1%
			
			
			-36%
			
			
			-4%
			
			
			-1.6
			
			
			34
			
		


			Average
			
			
			 
			
			
			 
			
			
			6%
			
			
			24%
			
			
			10%
			
			
			-13%
			
			
			25%
			
			
			 
			
			
			 
			
		


			Median
			
			
			 
			
			
			 
			
			
			4%
			
			
			21%
			
			
			7%
			
			
			-15%
			
			
			12%
			
			
			 
			
			
			 
			
		

As discussed here, total returns are accumulative returns and assume dividends are reinvested into units or shares on the ex-dividend date. Note 2019 best performers do not include CITIC Envirotech or United Engineers due to recent developments in cash offers. A formal exit offer was made for CITIC Envirotech on 3 January (click here) with an exit offer price of S$0.55 a share that represents a 68.5% premium over the VWAP of S$0.326 for the three month period up to and including 1 Nov 2019. Source: SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 31 December 2019).



Hi-P Int, SBS Transit & Bumitama Led Mid-Cap Companies in 2019 

Comfortdelgro Corp

Hi-P Int, SBS Transit & Bumitama Led Mid-Cap Companies in 2019