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

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<li>
The FTSE Value-Stocks ASEAN Index consists of 50 quality value stocks amongst liquid and tradable ASEAN companies listed on the Indonesia Stock Exchange, Bursa Malaysia, the Philippine Stock Exchange, Singapore Exchange and the Stock Exchange of Thailand. Of the 50 constituents, 10 are listed on SGX. The next Index review is scheduled for the third Friday in May. 
	 </li>
	<li>
Over the last three years, the FTSE Value-Stocks ASEAN Index has generated a total return of 35.0% in USD terms, outperforming total returns of 32.3% and 14.4% for the FTSE/ASEAN 40 Index and the FTSE ASEAN All-Share Index respectively. 
	 </li>
	<li>The 10 SGX-listed constituents of the FTSE Value-Stocks ASEAN Index have a combined market cap of more than S$200 billion. They averaged a total return of +5.6% in the YTD, bringing their 1Y, 3Y and 5Y total returns to -8.9%, +46.0% and +53.5% respectively. They also averaged a dividend yield of 3.6%, PE ratio of 12.5 and ROE of 10.4%.</li>
</ul>
The <a href="https://www.ftse.com/products/indices/Value-Stocks">FTSE Value-Stocks ASEAN Index</a> consists of 50 quality value stocks amongst liquid and tradable ASEAN companies listed on the Indonesia Stock Exchange, Bursa Malaysia, the Philippine Stock Exchange, Singapore Exchange and the Stock Exchange of Thailand. Of the 50 constituents, 10 are listed on SGX.

FTSE Value-Stocks ASEAN Index 

The FTSE Value-Stocks ASEAN Index, launched on 12 November 2013, is a value-based index designed by Value Partners Index Services, and created, calculated and maintained by FTSE Russell. These value-based equity indexes combine FTSE’s globally recognised index expertise with Value Partners’ experience in disciplined value investing. The FTSE Value-Stocks Indexes offer market participants an opportunity to access value stocks in the respective markets through a transparent and rules-based approach.

To ensure that a continuous and accurate representation of the market is maintained, a regular review of the Index is scheduled after the close of trading on the third Friday in May and October 2019.

Constituents of the FTSE Value-Stocks Indexes must pass a proprietary value screening process which includes valuation, quality, and contrarian factors. The following factors are utilised to identify quality value stocks in these markets:

<ul>
<li>PE ratio</li>
	<li>Dividend yield</li>
	<li>Return on equity</li>
	<li>Operating profit margin</li>
	<li>Net gearing</li>
	<li>A unique contrarian factor</li>
</ul>
For more details on the methodology, click <a href="https://www.ftse.com/products/indices/Value-Stocks">here</a>.

Recent Comparative Performances

In the last three years, the FTSE Value-Stocks ASEAN Index has generated a total return of 35.0% in US dollar terms, compared with 32.3% and 14.4% for the FTSE/ASEAN 40 Index and the FTSE ASEAN All-Share Index respectively. Over a five-year time frame, the FTSE Value-Stocks ASEAN Index has clocked a total return of 14.3%, compared with 20.7% and -5.4% for the FTSE/ASEAN 40 Index and the FTSE ASEAN All-Share Index respectively. Note that the FTSE ASEAN All-Share Index ‘s inception date of 28 May 2014 was used in the calculation of its five-year total return.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-03/Capture_3.PNG" alt="Total returns in USD">
 </figure>
 <div class="content-caption">Total returns in USD</div>
Singapore Constituents of the FTSE Value-Stocks ASEAN Index

The 10 SGX-listed stocks in the FTSE Value-Stocks ASEAN Index span the consumer, real estate (including real estate investment trust), information technology, banking and finance, as well as telecoms services sectors. They are: Bukit Sembawang Estates, City Developments, DBS Group Holdings, Jardine Cycle &amp; Carriage, Mapletree Logistics Trust, Oversea-Chinese Banking Corp, Singapore Telecommunications, United Overseas Bank, UOL Group and Venture Corp.

The 10 constituents, with a combined market capitalisation of more than S$200 billion, have averaged a total return of +5.6% in the 2019 year-to-date. This brings their one-year, three-year and five-year total returns to -8.9%, +46.0% and +53.5% respectively. The 10 stocks also averaged a dividend yield of 3.6%, price-earnings ratio of 12.5 and return on equity of 10.4%.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$B)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			Total Return 5Y (%)
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			D05
			</td>
			<td>
			64.3
			</td>
			<td>
			6.0
			</td>
			<td>
			-2.7
			</td>
			<td>
			86.4
			</td>
			<td>
			89.8
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMMUNICATIONS
			</td>
			<td>
			Z74
			</td>
			<td>
			48.5
			</td>
			<td>
			1.4
			</td>
			<td>
			-7.4
			</td>
			<td>
			-9.3
			</td>
			<td>
			5.9
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORP
			</td>
			<td>
			O39
			</td>
			<td>
			46.8
			</td>
			<td>
			-2.4
			</td>
			<td>
			-11.8
			</td>
			<td>
			37.1
			</td>
			<td>
			43.2
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			U11
			</td>
			<td>
			41.7
			</td>
			<td>
			1.5
			</td>
			<td>
			-5.2
			</td>
			<td>
			49.1
			</td>
			<td>
			45.7
			</td>
		</tr>
<tr>
<td>
			JARDINE CYCLE &amp; CARRIAGE
			</td>
			<td>
			C07
			</td>
			<td>
			12.9
			</td>
			<td>
			-8.4
			</td>
			<td>
			-1.4
			</td>
			<td>
			-12.0
			</td>
			<td>
			-10.5
			</td>
		</tr>
<tr>
<td>
			CITY DEVELOPMENTS
			</td>
			<td>
			C09
			</td>
			<td>
			8.0
			</td>
			<td>
			9.2
			</td>
			<td>
			-29.9
			</td>
			<td>
			20.5
			</td>
			<td>
			1.7
			</td>
		</tr>
<tr>
<td>
			UOL GROUP
			</td>
			<td>
			U14
			</td>
			<td>
			5.7
			</td>
			<td>
			7.4
			</td>
			<td>
			-20.0
			</td>
			<td>
			20.4
			</td>
			<td>
			22.8
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			5.2
			</td>
			<td>
			16.0
			</td>
			<td>
			27.6
			</td>
			<td>
			74.8
			</td>
			<td>
			93.0
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			5.0
			</td>
			<td>
			25.1
			</td>
			<td>
			-34.3
			</td>
			<td>
			140.9
			</td>
			<td>
			208.5
			</td>
		</tr>
<tr>
<td>
			BUKIT SEMBAWANG ESTATES
			</td>
			<td>
			B61
			</td>
			<td>
			1.5
			</td>
			<td>
			-0.2
			</td>
			<td>
			-4.2
			</td>
			<td>
			51.8
			</td>
			<td>
			34.3
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			5.6
			</td>
			<td>
			-8.9
			</td>
			<td>
			46.0
			</td>
			<td>
			53.5
			</td>
		</tr>
</tbody></table>
 

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$B)
			</td>
			<td>
			P/E (x)
			</td>
			<td>
			Div Yld (%)
			</td>
			<td>
			ROE (%)
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			D05
			</td>
			<td>
			64.3
			</td>
			<td>
			11.5
			</td>
			<td>
			4.8
			</td>
			<td>
			11.3
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMMUNICATIONS
			</td>
			<td>
			Z74
			</td>
			<td>
			48.5
			</td>
			<td>
			16.1
			</td>
			<td>
			5.9
			</td>
			<td>
			10.4
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORP
			</td>
			<td>
			O39
			</td>
			<td>
			46.8
			</td>
			<td>
			10.3
			</td>
			<td>
			3.9
			</td>
			<td>
			11.0
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			U11
			</td>
			<td>
			41.7
			</td>
			<td>
			10.7
			</td>
			<td>
			4.0
			</td>
			<td>
			10.7
			</td>
		</tr>
<tr>
<td>
			JARDINE CYCLE &amp; CARRIAGE
			</td>
			<td>
			C07
			</td>
			<td>
			12.9
			</td>
			<td>
			22.6
			</td>
			<td>
			3.7
			</td>
			<td>
			11.7
			</td>
		</tr>
<tr>
<td>
			CITY DEVELOPMENTS
			</td>
			<td>
			C09
			</td>
			<td>
			8.0
			</td>
			<td>
			14.9
			</td>
			<td>
			0.9
			</td>
			<td>
			5.5
			</td>
		</tr>
<tr>
<td>
			UOL GROUP
			</td>
			<td>
			U14
			</td>
			<td>
			5.7
			</td>
			<td>
			13.1
			</td>
			<td>
			2.6
			</td>
			<td>
			4.3
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			5.2
			</td>
			<td>
			1.2
			</td>
			<td>
			5.5
			</td>
			<td>
			11.8
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			5.0
			</td>
			<td>
			13.5
			</td>
			<td>
			4.0
			</td>
			<td>
			16.4
			</td>
		</tr>
<tr>
<td>
			BUKIT SEMBAWANG ESTATES
			</td>
			<td>
			B61
			</td>
			<td>
			1.5
			</td>
			<td>
			10.7
			</td>
			<td>
			0.7
			</td>
			<td>
			11.0
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			12.5
			</td>
			<td>
			3.6
			</td>
			<td>
			10.4
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 25 March 2019)

The three best-yielding Singapore constituents of the FTSE Value-Stocks ASEAN Index were: Singtel (5.9%), Mapletree Logistics Trust (5.5%), and DBS (4.8%). The three constituents with the highest ROE were: Venture (16.4%), Mapletree Logistics Trust (11.8%), Jardine Cycle &amp; Carriage (11.7%). In the 2019 YTD, the three best-performing SGX-listed constituents of the FTSE Value-Stocks ASEAN Index were: Venture (25.1%), Mapletree Logistics Trust (16.0%) and City Developments (9.2%).
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The FTSE Value-Stocks ASEAN Index consists of 50 quality value stocks amongst liquid and tradable ASEAN companies listed on the Indonesia Stock Exchange, Bursa Malaysia, the Philippine Stock Exchange, Singapore Exchange and the Stock Exchange of Thailand. Of the 50 constituents, 10 are listed on SGX. The next Index review is scheduled for the third Friday in May. 
	 
	
Over the last three years, the FTSE Value-Stocks ASEAN Index has generated a total return of 35.0% in USD terms, outperforming total returns of 32.3% and 14.4% for the FTSE/ASEAN 40 Index and the FTSE ASEAN All-Share Index respectively. 
	 
	The 10 SGX-listed constituents of the FTSE Value-Stocks ASEAN Index have a combined market cap of more than S$200 billion. They averaged a total return of +5.6% in the YTD, bringing their 1Y, 3Y and 5Y total returns to -8.9%, +46.0% and +53.5% respectively. They also averaged a dividend yield of 3.6%, PE ratio of 12.5 and ROE of 10.4%.

The FTSE Value-Stocks ASEAN Index consists of 50 quality value stocks amongst liquid and tradable ASEAN companies listed on the Indonesia Stock Exchange, Bursa Malaysia, the Philippine Stock Exchange, Singapore Exchange and the Stock Exchange of Thailand. Of the 50 constituents, 10 are listed on SGX.

FTSE Value-Stocks ASEAN Index 

The FTSE Value-Stocks ASEAN Index, launched on 12 November 2013, is a value-based index designed by Value Partners Index Services, and created, calculated and maintained by FTSE Russell. These value-based equity indexes combine FTSE’s globally recognised index expertise with Value Partners’ experience in disciplined value investing. The FTSE Value-Stocks Indexes offer market participants an opportunity to access value stocks in the respective markets through a transparent and rules-based approach.

To ensure that a continuous and accurate representation of the market is maintained, a regular review of the Index is scheduled after the close of trading on the third Friday in May and October 2019.

Constituents of the FTSE Value-Stocks Indexes must pass a proprietary value screening process which includes valuation, quality, and contrarian factors. The following factors are utilised to identify quality value stocks in these markets:


PE ratio
	Dividend yield
	Return on equity
	Operating profit margin
	Net gearing
	A unique contrarian factor

For more details on the methodology, click here.

Recent Comparative Performances

In the last three years, the FTSE Value-Stocks ASEAN Index has generated a total return of 35.0% in US dollar terms, compared with 32.3% and 14.4% for the FTSE/ASEAN 40 Index and the FTSE ASEAN All-Share Index respectively. Over a five-year time frame, the FTSE Value-Stocks ASEAN Index has clocked a total return of 14.3%, compared with 20.7% and -5.4% for the FTSE/ASEAN 40 Index and the FTSE ASEAN All-Share Index respectively. Note that the FTSE ASEAN All-Share Index ‘s inception date of 28 May 2014 was used in the calculation of its five-year total return.

      
    
    Total returns in USD
Singapore Constituents of the FTSE Value-Stocks ASEAN Index

The 10 SGX-listed stocks in the FTSE Value-Stocks ASEAN Index span the consumer, real estate (including real estate investment trust), information technology, banking and finance, as well as telecoms services sectors. They are: Bukit Sembawang Estates, City Developments, DBS Group Holdings, Jardine Cycle &amp; Carriage, Mapletree Logistics Trust, Oversea-Chinese Banking Corp, Singapore Telecommunications, United Overseas Bank, UOL Group and Venture Corp.

The 10 constituents, with a combined market capitalisation of more than S$200 billion, have averaged a total return of +5.6% in the 2019 year-to-date. This brings their one-year, three-year and five-year total returns to -8.9%, +46.0% and +53.5% respectively. The 10 stocks also averaged a dividend yield of 3.6%, price-earnings ratio of 12.5 and return on equity of 10.4%.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$B)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
			
			Total Return 5Y (%)
			
		


			DBS GROUP HOLDINGS
			
			
			D05
			
			
			64.3
			
			
			6.0
			
			
			-2.7
			
			
			86.4
			
			
			89.8
			
		


			SINGAPORE TELECOMMUNICATIONS
			
			
			Z74
			
			
			48.5
			
			
			1.4
			
			
			-7.4
			
			
			-9.3
			
			
			5.9
			
		


			OVERSEA-CHINESE BANKING CORP
			
			
			O39
			
			
			46.8
			
			
			-2.4
			
			
			-11.8
			
			
			37.1
			
			
			43.2
			
		


			UNITED OVERSEAS BANK
			
			
			U11
			
			
			41.7
			
			
			1.5
			
			
			-5.2
			
			
			49.1
			
			
			45.7
			
		


			JARDINE CYCLE &amp; CARRIAGE
			
			
			C07
			
			
			12.9
			
			
			-8.4
			
			
			-1.4
			
			
			-12.0
			
			
			-10.5
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			8.0
			
			
			9.2
			
			
			-29.9
			
			
			20.5
			
			
			1.7
			
		


			UOL GROUP
			
			
			U14
			
			
			5.7
			
			
			7.4
			
			
			-20.0
			
			
			20.4
			
			
			22.8
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5.2
			
			
			16.0
			
			
			27.6
			
			
			74.8
			
			
			93.0
			
		


			VENTURE CORP
			
			
			V03
			
			
			5.0
			
			
			25.1
			
			
			-34.3
			
			
			140.9
			
			
			208.5
			
		


			BUKIT SEMBAWANG ESTATES
			
			
			B61
			
			
			1.5
			
			
			-0.2
			
			
			-4.2
			
			
			51.8
			
			
			34.3
			
		


			Average
			
			
			 
			
			
			 
			
			
			5.6
			
			
			-8.9
			
			
			46.0
			
			
			53.5
			
		

 




			Name
			
			
			SGX Code
			
			
			Market Cap (S$B)
			
			
			P/E (x)
			
			
			Div Yld (%)
			
			
			ROE (%)
			
		


			DBS GROUP HOLDINGS
			
			
			D05
			
			
			64.3
			
			
			11.5
			
			
			4.8
			
			
			11.3
			
		


			SINGAPORE TELECOMMUNICATIONS
			
			
			Z74
			
			
			48.5
			
			
			16.1
			
			
			5.9
			
			
			10.4
			
		


			OVERSEA-CHINESE BANKING CORP
			
			
			O39
			
			
			46.8
			
			
			10.3
			
			
			3.9
			
			
			11.0
			
		


			UNITED OVERSEAS BANK
			
			
			U11
			
			
			41.7
			
			
			10.7
			
			
			4.0
			
			
			10.7
			
		


			JARDINE CYCLE &amp; CARRIAGE
			
			
			C07
			
			
			12.9
			
			
			22.6
			
			
			3.7
			
			
			11.7
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			8.0
			
			
			14.9
			
			
			0.9
			
			
			5.5
			
		


			UOL GROUP
			
			
			U14
			
			
			5.7
			
			
			13.1
			
			
			2.6
			
			
			4.3
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5.2
			
			
			1.2
			
			
			5.5
			
			
			11.8
			
		


			VENTURE CORP
			
			
			V03
			
			
			5.0
			
			
			13.5
			
			
			4.0
			
			
			16.4
			
		


			BUKIT SEMBAWANG ESTATES
			
			
			B61
			
			
			1.5
			
			
			10.7
			
			
			0.7
			
			
			11.0
			
		


			Average
			
			
			 
			
			
			 
			
			
			12.5
			
			
			3.6
			
			
			10.4
			
		

Source: Bloomberg &amp; StockFacts (data as of 25 March 2019)

The three best-yielding Singapore constituents of the FTSE Value-Stocks ASEAN Index were: Singtel (5.9%), Mapletree Logistics Trust (5.5%), and DBS (4.8%). The three constituents with the highest ROE were: Venture (16.4%), Mapletree Logistics Trust (11.8%), Jardine Cycle &amp; Carriage (11.7%). In the 2019 YTD, the three best-performing SGX-listed constituents of the FTSE Value-Stocks ASEAN Index were: Venture (25.1%), Mapletree Logistics Trust (16.0%) and City Developments (9.2%).



Highlights of Singapore’s Largest ASEAN Value Stocks