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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While the Technology Sector has been less impacted by the challenges of 2020, the Retail and Tourism-related Sectors have been significantly tested. The 30 Singapore stocks that saw the highest net institutional inflows in 3Q20 included stocks from these Sectors. 
	 </li>
	<li>
Venture Corporation, AEM Holdings, Mapletree Industrial Trust, UMS Holdings and Hi-P International were among the 30 stocks with a combined net institutional inflow of S$154 million in 3Q20. All five stocks gained in 3Q20, averaging 16% total return for the three months. 
	 </li>
	<li>The 30 stocks also included 13 REITs, which included REITs with retail or hospitality-related assets such as Suntec REIT, Mapletree Commercial Trust, SPH REIT, CDL Hospitality Trusts and Far East Hospitality Trust. Genting Singapore, SATS and Mandarin Oriental were also among the 30 stocks.</li>
</ul>
 

Recent Economic Highlights 
The Singapore economy has entered 4Q20 on a positive note, with the preliminary 3Q20 URA Private Home Price Index gaining 0.8% from 2Q20, which in turn gained 0.3% from 1Q20. This followed Friday’s report of strong, but uneven, Industrial Production growth in August with current, consensus expectations for a marginal expansion in the September PMI (to be released by SIPMM at 9pm on 2 Oct). 
The MAS is currently scheduled to release its semi-annual monetary policy statement no later than 14 October and is expected to maintain the zero percent per annum rate of appreciation of the policy band announced on 30 March. Much of the Government’s economic responses to the lockdowns and containments of COVID-19 has been through Fiscal Policy support, with the city-state maintaining a comparatively high ratio of Fiscal Response Dollars-to-GDP. In addition a number of structural polices to support jobseekers and upskill workers have been ramped up this year. SIPMM noted with the August PMI that anecdotal evidence suggested pro-business measures initiated by the Singapore government had so far been effective. On 5 October, Deputy Prime Minister Heng Swee Keat will deliver a ministerial statement in Parliament providing an update on Singapore's efforts to combat COVID-19. 
While the Singapore economy has continued to show elements of resilient, the uneven aspect of the recovery is exemplified through the August Industrial Production report which has the sub index for Semiconductors at 121.8 (from 88.8 in Dec 2019) while the sub index for transport engineering has declined to 62.6 (from 109.5 in Dec 2019). More Sector Parallels in 3Q20 
Similarly the global stock market has been highly sector or industry-driven in 2020, with a clear divide between businesses that have seen increased demand for products or services amidst the many challenges of COVID-19, and businesses that have been adversely affected. 
The latter starts with travel-related industries and consumer-facing services and extends to most cyclical sectors that generally thrive with broad economic growth. Given so many countries have faced the same social and economic challenges with COVID-19, much of the uneven performances across stock sectors has been uniform across the world. 
For instance, the biggest sector of the Straits Times Index (“STI”) is Banks, with DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank, averaging a 21.0% decline in the first nine months of 2020. The declines were highly aligned with the top quartile of listed banks by market value across the world throughout the nine months that face the same challenges with lower interest rates, less demand for financing and need to increase provisions. The top quartile of global banks generated a 22.8% decline in total return over the first nine months of 2020. Nonetheless, the year also showed us that the Bank sector in addition to other cyclical sectors remained on stand-by and gained sharply when there were signs, albeit a very brief week in June, when it seemed the world was beating COVID-19. Institutions Net Buy Tech and Tourism Plays in 3Q20 
For 3Q20, the STI generated a 3.5% decline in total return, weighed by the banks averaging a 4.1% decline in total return. Continued increases in demand for medical equipment and supplies saw the iEdge SG All Healthcare Index gain 29% and the iEdge S-REIT Leaders Index gain 3.8% over the quarter. Much of the S&amp;P 500’s gains in the first nine months of 2020 were driven by technology stocks with the iEdge-Factset Global Internet Index gaining 55%. Likewise in 3Q20, the S&amp;P 500 gained 6.7% with the iEdge-Factset Global Internet Index gaining 10.5%. Similarly, Venture Corporation, AEM Holdings, Mapletree Industrial Trust, UMS Holdings and Hi-P International were among the 30 Singapore stocks that saw the highest net institutional inflows in 3Q20. All five stocks gained in 3Q20, averaging 16% total return for the three months. 
Hutchison Port Holdings Trust was the second strongest of the 30 stocks over the quarter with the continued economic reboot of manufacturing in China and the Business Trust’s 5-year term loan facility scheduled to expire in March 2021. At the end of August, Hutchison Port Holdings Trust maintained the highest indicative dividend yield of all the stocks that make up the 107-constituent FTSE ST All Share Index. The rally in its unit price through September now sees the Business Trust maintain the twelfth highest yield of the Index constituents.  
The 30 Singapore stocks that saw the highest net institutional buying over the quarter also included 13 REITs, which included REITs with retail or hospitality property assets such as Suntec REIT, Mapletree Commercial Trust, SPH REIT, CDL Hospitality Trusts and Far East Hospitality Trust. A number of other tourism-related stocks such as Genting Singapore, SATS and Mandarin Oriental were also amongst the stocks that saw the highest net institutional inflows.    
The 30 stocks are tabled below, and ranked by the highest 3Q20 net institutional inflow.

<table class="table table-striped"><tbody>
<tr>
<td>
			Stocks with more than S$100 million in Market Cap
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			3Q Net Insti Inflow (S$M)
			</td>
			<td>
			3Q Total Return
			</td>
			<td>
			2020 YTD Total Return
			</td>
			<td>
			180D Vol
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REAL ESTATE INV TRT
			</td>
			<td>
			A17U
			</td>
			<td>
			11,729.6
			</td>
			<td>
			108.0
			</td>
			<td>
			4%
			</td>
			<td>
			13%
			</td>
			<td>
			39%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP 
			</td>
			<td>
			V03
			</td>
			<td>
			5,576.4
			</td>
			<td>
			92.5
			</td>
			<td>
			20%
			</td>
			<td>
			24%
			</td>
			<td>
			37%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			3,863.6
			</td>
			<td>
			60.9
			</td>
			<td>
			6%
			</td>
			<td>
			-8%
			</td>
			<td>
			34%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE 
			</td>
			<td>
			S68
			</td>
			<td>
			9,801.2
			</td>
			<td>
			50.7
			</td>
			<td>
			10%
			</td>
			<td>
			5%
			</td>
			<td>
			35%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECH ENGINEERING
			</td>
			<td>
			S63
			</td>
			<td>
			10,781.7
			</td>
			<td>
			45.6
			</td>
			<td>
			6%
			</td>
			<td>
			-8%
			</td>
			<td>
			35%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; COMMERCIAL
			</td>
			<td>
			BUOU
			</td>
			<td>
			4,744.4
			</td>
			<td>
			38.0
			</td>
			<td>
			17%
			</td>
			<td>
			16%
			</td>
			<td>
			54%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			PARKWAYLIFE REAL ESTATE
			</td>
			<td>
			C2PU
			</td>
			<td>
			2,510.8
			</td>
			<td>
			36.5
			</td>
			<td>
			25%
			</td>
			<td>
			29%
			</td>
			<td>
			36%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS 
			</td>
			<td>
			AWX
			</td>
			<td>
			1,057.6
			</td>
			<td>
			28.9
			</td>
			<td>
			24%
			</td>
			<td>
			95%
			</td>
			<td>
			69%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			4,090.2
			</td>
			<td>
			26.4
			</td>
			<td>
			4%
			</td>
			<td>
			-18%
			</td>
			<td>
			45%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			UOL GROUP 
			</td>
			<td>
			U14
			</td>
			<td>
			5,610.5
			</td>
			<td>
			23.7
			</td>
			<td>
			-2%
			</td>
			<td>
			-18%
			</td>
			<td>
			30%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			6,333.5
			</td>
			<td>
			22.2
			</td>
			<td>
			-1%
			</td>
			<td>
			-14%
			</td>
			<td>
			42%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			7,774.4
			</td>
			<td>
			21.3
			</td>
			<td>
			6%
			</td>
			<td>
			21%
			</td>
			<td>
			45%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			GENTING SINGAPORE 
			</td>
			<td>
			G13
			</td>
			<td>
			8,083.4
			</td>
			<td>
			16.8
			</td>
			<td>
			-12%
			</td>
			<td>
			-25%
			</td>
			<td>
			44%
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			7,544.7
			</td>
			<td>
			15.4
			</td>
			<td>
			12%
			</td>
			<td>
			28%
			</td>
			<td>
			46%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			6,429.0
			</td>
			<td>
			14.4
			</td>
			<td>
			1%
			</td>
			<td>
			-18%
			</td>
			<td>
			43%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			MEDTECS INTERNATIONAL CORP
			</td>
			<td>
			546
			</td>
			<td>
			593.4
			</td>
			<td>
			10.5
			</td>
			<td>
			187%
			</td>
			<td>
			2846%
			</td>
			<td>
			175%
			</td>
			<td>
			Healthcare
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS 
			</td>
			<td>
			558
			</td>
			<td>
			528.1
			</td>
			<td>
			9.6
			</td>
			<td>
			12%
			</td>
			<td>
			0%
			</td>
			<td>
			57%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td>
			SK6U
			</td>
			<td>
			2,445.4
			</td>
			<td>
			9.2
			</td>
			<td>
			2%
			</td>
			<td>
			-16%
			</td>
			<td>
			34%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			CDL HOSPITALITY TRUSTS
			</td>
			<td>
			J85
			</td>
			<td>
			1,281.0
			</td>
			<td>
			8.0
			</td>
			<td>
			5%
			</td>
			<td>
			-32%
			</td>
			<td>
			57%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			HI-P INTERNATIONAL 
			</td>
			<td>
			H17
			</td>
			<td>
			952.2
			</td>
			<td>
			7.6
			</td>
			<td>
			11%
			</td>
			<td>
			-21%
			</td>
			<td>
			58%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			GOLDEN AGRI-RESOURCES 
			</td>
			<td>
			E5H
			</td>
			<td>
			1,802.3
			</td>
			<td>
			6.1
			</td>
			<td>
			-4%
			</td>
			<td>
			-37%
			</td>
			<td>
			36%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			KEPPEL PACIFIC OAK US REIT
			</td>
			<td>
			CMOU
			</td>
			<td>
			931.1
			</td>
			<td>
			5.1
			</td>
			<td>
			6%
			</td>
			<td>
			0%
			</td>
			<td>
			55%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HOLDINGS TR-U
			</td>
			<td>
			NS8U
			</td>
			<td>
			1,949.6
			</td>
			<td>
			4.8
			</td>
			<td>
			76%
			</td>
			<td>
			6%
			</td>
			<td>
			60%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			FAR EAST HOSPITALITY TRUST
			</td>
			<td>
			Q5T
			</td>
			<td>
			1,077.1
			</td>
			<td>
			4.7
			</td>
			<td>
			13%
			</td>
			<td>
			-23%
			</td>
			<td>
			49%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			SATS 
			</td>
			<td>
			S58
			</td>
			<td>
			3,167.1
			</td>
			<td>
			4.7
			</td>
			<td>
			-1%
			</td>
			<td>
			-44%
			</td>
			<td>
			52%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			SINGHAIYI GROUP 
			</td>
			<td>
			5H0
			</td>
			<td>
			294.8
			</td>
			<td>
			4.5
			</td>
			<td>
			0%
			</td>
			<td>
			-25%
			</td>
			<td>
			82%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			SABANA SHARIAH COMP IND REIT
			</td>
			<td>
			M1GU
			</td>
			<td>
			384.4
			</td>
			<td>
			3.9
			</td>
			<td>
			6%
			</td>
			<td>
			-18%
			</td>
			<td>
			59%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			OUE 
			</td>
			<td>
			LJ3
			</td>
			<td>
			1,062.7
			</td>
			<td>
			3.9
			</td>
			<td>
			-1%
			</td>
			<td>
			-17%
			</td>
			<td>
			31%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			MANDARIN ORIENTAL INTL 
			</td>
			<td>
			M04
			</td>
			<td>
			3,102.0
			</td>
			<td>
			2.8
			</td>
			<td>
			17%
			</td>
			<td>
			0%
			</td>
			<td>
			45%
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			REX INTERNATIONAL HOLDING
			</td>
			<td>
			5WH
			</td>
			<td>
			183.6
			</td>
			<td>
			2.6
			</td>
			<td>
			-18%
			</td>
			<td>
			-31%
			</td>
			<td>
			92%
			</td>
			<td>
			Energy/ Oil &amp; Gas
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			14%
			</td>
			<td>
			90%
			</td>
			<td>
			53%
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			6%
			</td>
			<td>
			-11%
			</td>
			<td>
			45%
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX, Bloomberg, Refinitiv (Data as of 30 September 2020)
</body></html>





While the Technology Sector has been less impacted by the challenges of 2020, the Retail and Tourism-related Sectors have been significantly tested. The 30 Singapore stocks that saw the highest net institutional inflows in 3Q20 included stocks from these Sectors.  
	 
	
Venture Corporation, AEM Holdings, Mapletree Industrial Trust, UMS Holdings and Hi-P International were among the 30 stocks with a combined net institutional inflow of S$154 million in 3Q20. All five stocks gained in 3Q20, averaging 16% total return for the three months.  
	 
	The 30 stocks also included 13 REITs, which included REITs with retail or hospitality-related assets such as Suntec REIT, Mapletree Commercial Trust, SPH REIT, CDL Hospitality Trusts and Far East Hospitality Trust. Genting Singapore, SATS and Mandarin Oriental were also among the 30 stocks.

 

Recent Economic Highlights  
The Singapore economy has entered 4Q20 on a positive note, with the preliminary 3Q20 URA Private Home Price Index gaining 0.8% from 2Q20, which in turn gained 0.3% from 1Q20. This followed Friday’s report of strong, but uneven, Industrial Production growth in August with current, consensus expectations for a marginal expansion in the September PMI (to be released by SIPMM at 9pm on 2 Oct).   
The MAS is currently scheduled to release its semi-annual monetary policy statement no later than 14 October and is expected to maintain the zero percent per annum rate of appreciation of the policy band announced on 30 March. Much of the Government’s economic responses to the lockdowns and containments of COVID-19 has been through Fiscal Policy support, with the city-state maintaining a comparatively high ratio of Fiscal Response Dollars-to-GDP. In addition a number of structural polices to support jobseekers and upskill workers have been ramped up this year. SIPMM noted with the August PMI that anecdotal evidence suggested pro-business measures initiated by the Singapore government had so far been effective. On 5 October, Deputy Prime Minister Heng Swee Keat will deliver a ministerial statement in Parliament providing an update on Singapore's efforts to combat COVID-19.  
While the Singapore economy has continued to show elements of resilient, the uneven aspect of the recovery is exemplified through the August Industrial Production report which has the sub index for Semiconductors at 121.8 (from 88.8 in Dec 2019) while the sub index for transport engineering has declined to 62.6 (from 109.5 in Dec 2019).  More Sector Parallels in 3Q20  
Similarly the global stock market has been highly sector or industry-driven in 2020, with a clear divide between businesses that have seen increased demand for products or services amidst the many challenges of COVID-19, and businesses that have been adversely affected.   
The latter starts with travel-related industries and consumer-facing services and extends to most cyclical sectors that generally thrive with broad economic growth. Given so many countries have faced the same social and economic challenges with COVID-19, much of the uneven performances across stock sectors has been uniform across the world.   
For instance, the biggest sector of the Straits Times Index (“STI”) is Banks, with DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank, averaging a 21.0% decline in the first nine months of 2020. The declines were highly aligned with the top quartile of listed banks by market value across the world throughout the nine months that face the same challenges with lower interest rates, less demand for financing and need to increase provisions. The top quartile of global banks generated a 22.8% decline in total return over the first nine months of 2020. Nonetheless, the year also showed us that the Bank sector in addition to other cyclical sectors remained on stand-by and gained sharply when there were signs, albeit a very brief week in June, when it seemed the world was beating COVID-19.  Institutions Net Buy Tech and Tourism Plays in 3Q20  
For 3Q20, the STI generated a 3.5% decline in total return, weighed by the banks averaging a 4.1% decline in total return. Continued increases in demand for medical equipment and supplies saw the iEdge SG All Healthcare Index gain 29% and the iEdge S-REIT Leaders Index gain 3.8% over the quarter.  Much of the S&amp;P 500’s gains in the first nine months of 2020 were driven by technology stocks with the iEdge-Factset Global Internet Index gaining 55%. Likewise in 3Q20, the S&amp;P 500 gained 6.7% with the iEdge-Factset Global Internet Index gaining 10.5%. Similarly, Venture Corporation, AEM Holdings, Mapletree Industrial Trust, UMS Holdings and Hi-P International were among the 30 Singapore stocks that saw the highest net institutional inflows in 3Q20. All five stocks gained in 3Q20, averaging 16% total return for the three months.  
Hutchison Port Holdings Trust was the second strongest of the 30 stocks over the quarter with the continued economic reboot of manufacturing in China and the Business Trust’s 5-year term loan facility scheduled to expire in March 2021. At the end of August, Hutchison Port Holdings Trust maintained the highest indicative dividend yield of all the stocks that make up the 107-constituent FTSE ST All Share Index. The rally in its unit price through September now sees the Business Trust maintain the twelfth highest yield of the Index constituents.   
The 30 Singapore stocks that saw the highest net institutional buying over the quarter also included 13 REITs, which included REITs with retail or hospitality property assets such as Suntec REIT, Mapletree Commercial Trust, SPH REIT, CDL Hospitality Trusts and Far East Hospitality Trust. A number of other tourism-related stocks such as Genting Singapore, SATS and Mandarin Oriental were also amongst the stocks that saw the highest net institutional inflows.     
The 30 stocks are tabled below, and ranked by the highest 3Q20 net institutional inflow.




			Stocks with more than S$100 million in Market Cap
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			3Q Net Insti Inflow (S$M)
			
			
			3Q Total Return
			
			
			2020 YTD Total Return
			
			
			180D Vol
			
			
			Sector
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			11,729.6
			
			
			108.0
			
			
			4%
			
			
			13%
			
			
			39%
			
			
			REITs
			
		


			VENTURE CORP 
			
			
			V03
			
			
			5,576.4
			
			
			92.5
			
			
			20%
			
			
			24%
			
			
			37%
			
			
			Technology (Hardware/ Software)
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			3,863.6
			
			
			60.9
			
			
			6%
			
			
			-8%
			
			
			34%
			
			
			Industrials
			
		


			SINGAPORE EXCHANGE 
			
			
			S68
			
			
			9,801.2
			
			
			50.7
			
			
			10%
			
			
			5%
			
			
			35%
			
			
			Financial Services
			
		


			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			10,781.7
			
			
			45.6
			
			
			6%
			
			
			-8%
			
			
			35%
			
			
			Industrials
			
		


			FRASERS LOGISTICS &amp; COMMERCIAL
			
			
			BUOU
			
			
			4,744.4
			
			
			38.0
			
			
			17%
			
			
			16%
			
			
			54%
			
			
			REITs
			
		


			PARKWAYLIFE REAL ESTATE
			
			
			C2PU
			
			
			2,510.8
			
			
			36.5
			
			
			25%
			
			
			29%
			
			
			36%
			
			
			REITs
			
		


			AEM HOLDINGS 
			
			
			AWX
			
			
			1,057.6
			
			
			28.9
			
			
			24%
			
			
			95%
			
			
			69%
			
			
			Technology (Hardware/ Software)
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			4,090.2
			
			
			26.4
			
			
			4%
			
			
			-18%
			
			
			45%
			
			
			REITs
			
		


			UOL GROUP 
			
			
			U14
			
			
			5,610.5
			
			
			23.7
			
			
			-2%
			
			
			-18%
			
			
			30%
			
			
			Real Estate (excl. REITs)
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			6,333.5
			
			
			22.2
			
			
			-1%
			
			
			-14%
			
			
			42%
			
			
			REITs
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			7,774.4
			
			
			21.3
			
			
			6%
			
			
			21%
			
			
			45%
			
			
			REITs
			
		


			GENTING SINGAPORE 
			
			
			G13
			
			
			8,083.4
			
			
			16.8
			
			
			-12%
			
			
			-25%
			
			
			44%
			
			
			Consumer Cyclicals
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			7,544.7
			
			
			15.4
			
			
			12%
			
			
			28%
			
			
			46%
			
			
			REITs
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			6,429.0
			
			
			14.4
			
			
			1%
			
			
			-18%
			
			
			43%
			
			
			REITs
			
		


			MEDTECS INTERNATIONAL CORP
			
			
			546
			
			
			593.4
			
			
			10.5
			
			
			187%
			
			
			2846%
			
			
			175%
			
			
			Healthcare
			
		


			UMS HOLDINGS 
			
			
			558
			
			
			528.1
			
			
			9.6
			
			
			12%
			
			
			0%
			
			
			57%
			
			
			Technology (Hardware/ Software)
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,445.4
			
			
			9.2
			
			
			2%
			
			
			-16%
			
			
			34%
			
			
			REITs
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			1,281.0
			
			
			8.0
			
			
			5%
			
			
			-32%
			
			
			57%
			
			
			REITs
			
		


			HI-P INTERNATIONAL 
			
			
			H17
			
			
			952.2
			
			
			7.6
			
			
			11%
			
			
			-21%
			
			
			58%
			
			
			Industrials
			
		


			GOLDEN AGRI-RESOURCES 
			
			
			E5H
			
			
			1,802.3
			
			
			6.1
			
			
			-4%
			
			
			-37%
			
			
			36%
			
			
			Consumer Non-Cyclicals
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			CMOU
			
			
			931.1
			
			
			5.1
			
			
			6%
			
			
			0%
			
			
			55%
			
			
			REITs
			
		


			HUTCHISON PORT HOLDINGS TR-U
			
			
			NS8U
			
			
			1,949.6
			
			
			4.8
			
			
			76%
			
			
			6%
			
			
			60%
			
			
			Industrials
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			1,077.1
			
			
			4.7
			
			
			13%
			
			
			-23%
			
			
			49%
			
			
			REITs
			
		


			SATS 
			
			
			S58
			
			
			3,167.1
			
			
			4.7
			
			
			-1%
			
			
			-44%
			
			
			52%
			
			
			Industrials
			
		


			SINGHAIYI GROUP 
			
			
			5H0
			
			
			294.8
			
			
			4.5
			
			
			0%
			
			
			-25%
			
			
			82%
			
			
			Real Estate (excl. REITs)
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			384.4
			
			
			3.9
			
			
			6%
			
			
			-18%
			
			
			59%
			
			
			REITs
			
		


			OUE 
			
			
			LJ3
			
			
			1,062.7
			
			
			3.9
			
			
			-1%
			
			
			-17%
			
			
			31%
			
			
			Real Estate (excl. REITs)
			
		


			MANDARIN ORIENTAL INTL 
			
			
			M04
			
			
			3,102.0
			
			
			2.8
			
			
			17%
			
			
			0%
			
			
			45%
			
			
			Consumer Cyclicals
			
		


			REX INTERNATIONAL HOLDING
			
			
			5WH
			
			
			183.6
			
			
			2.6
			
			
			-18%
			
			
			-31%
			
			
			92%
			
			
			Energy/ Oil &amp; Gas
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			14%
			
			
			90%
			
			
			53%
			
			
			 
			
		


			Median
			
			
			 
			
			
			 
			
			
			 
			
			
			6%
			
			
			-11%
			
			
			45%
			
			
			 
			
		

 Source: SGX, Bloomberg, Refinitiv (Data as of 30 September 2020)



Mapletree Pan Asia Commercial Trust (MCT SP)

Mandarin Oriental International (MAND SP)

Frasers Logistics & Commercial Trust (FLT SP)

Institutions Net Buyers of Tech and Retail/Tourism Plays in 3Q20

UOB

Institutions Net Buyers of Tech and Retail/Tourism Plays in 3Q20