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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<ul>
<li>
In the 4Q-to-date, Jiutian Chemical, Hi-P International and Nanofilm Technologies have been the strongest performers among Singapore’s 20 most traded manufacturers, technology solution providers and F&amp;B producers. The 20 stocks generated a median 6% QTD total return, bringing the YTD median to 35%. 
	 </li>
	<li>
The 20 stocks span multiple industries including coal-based fine chemicals, integrated contract manufacturing, nanotechnology, advanced manufacturing solutions, agriculture and F&amp;B, medical supplies and devices, and semiconductors. The 20 stocks also include multiple Catalist-listed stocks. 
	 </li>
	<li>In November, the SIPMM PMI declined to 50.4 from 50.5 in October. This was the fifth month of expansion for the overall manufacturing sector, with marginal gains in three of the four sub-indices that have seen the most declines since Jan 2018 – new orders, export orders and imports. </li>
</ul>
 

Regional stocks with a significant focus on manufacturing, technology solutions and F&amp;B production span multiple sectors, generating mixed performances in the 2020 year-to-date. Staunch sector-driven trends have seen manufacturing-related global stocks that span the Healthcare and Technology Sectors perform the strongest throughout the year, whilst those that span Energy, Basic Materials and Consumer Non-cyclical Sectors have been the strongest of the genre in the 4Q-to-date.

As illustrated below, the larger manufacturers, technology solution providers and F&amp;B producers across the region and the globe have generated median gains in the 2020 year-to-date. While the 20 most traded Singapore stocks of this group generated higher median gains in the 2020 year-to-date, they have generated more moderate gains in the 4Q-to-date. This is because more than half of the 20 stocks represent the Healthcare and Technology Sectors, and hence benefited less from the big sector rotations seen since early November.
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-12/MU1.png' alt=' Median Total Returns' />
 </figure>
 <div class='content-caption'> Median Total Returns</div>
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<html><body>In November, the SIPMM PMI marginally declined to 50.4 from 50.5 in October. On a positive note, this was the fifth month of expansion for the overall manufacturing sector, with gains in three of the four sub-indices that have seen the most declines since January 2018 – new orders, export orders and imports. Back in Janaury 2018, the SIPMM PMI recored its highest expansion since December 2009 and has not been back to the 53.1 level since. That month also coincided with the United States announcing tarrifs on Solar Panels and Washing Machines, a key onset of the US-China trade tensions.</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-12/MU2.png' alt='SIPMM PMI ' />
 </figure>
 <div class='content-caption'>SIPMM PMI </div>
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The Electronics Sector PMI posted a marginal increase of 0.1 point from the previous month to record an expansion at 51.1. This was the fourth month of expansion for the electronics sector, and is the highest reading since September 2018 when the reading was 51.4.

n the 4Q-to-date, Jiutian Chemical, Hi-P International and Nanofilm Technologies have been the strongest performers among Singapore’s 20 most traded manufacturers, technology solution providers and F&amp;B producers. More broadly, among Singapore’s 60 most traded stocks in 2020, Jiutian Chemical and Hi-P International have been the stongest performers in the 4Q-to-date, with Nanofilm Technologies  the fifth best performer after SATS and Sembcorp Industries.

Recent highlights of these three stocks include:

<ul>
<li>
Catalist-listed Jiutian Chemical’s quarterly net profit for 3QFY20 (ended 30 Sep) soared 57% over 2QFY20 despite a 20-day routine maintenance shutdown in early September 2020. Jiutian Chemical’s 2QFY20 was already a record quarterly net profit since the Company was listed in 2006. With the results, the Chairman noted a surge in demand for its main products of Dimethylformamide (“DMF”) and methylamine from downstream customers who in turn are experiencing strong growth in both local and export markets for their products, in addition to rising demand for its products from users in the lithium batteries and semiconductor sectors, which are experiencing strong and sustainable growth in China. Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/QTDXEXG54PC7J6TE/5c582e197a5e4db0169fc71a6bb3e42c24c9395f9da7163f510e23a41d397f80">here</a> for the company’s most recent corporate presentation and <a href="https://links.sgx.com/1.0.0/corporate-announcements/ZTWF0SVGY1MLUHIZ/f44d9491676184387d6b97231266ad983876dd2a13f3807f63470b6d6f65a782">here</a> for the FY19 Annual Report. 
	 </li>
	<li>
Hi-P International’s net profit after tax declined marginally by 3.3% YoY to S$24.2 million for 1HFY20 (ended 30 June). The global contract manufacturer of smart phones, tablet computers and other consumer electronics s emabarked on a holistic corporate transformation project and the Group remained in a strong net cash position of S$196.9 million as of 30 June. Other than reurgent waves of COVID-19, the US-China trade tension esculations remained a key risk for the Group in July. From 6 November through to 4 December, Hi-P International has rallied 26% with S$28 million of net instituional inflow over the four weeks. For the 1HFY20 results and outlook, click <a href="https://links.sgx.com/1.0.0/corporate-announcements/RIZRQ4RCXUZTIGL1/8c145eeec38b5d72668b14151d930b4d45a7f137912f366cf9a6a8679a07f5c1">here</a>. 
	 </li>
	<li>
One of Asia’s leading providers of nanotechnology solutions, Nanofilm Technologies International made its debut on the SGX Mainboard on 30 October. With a current market capitalisation of S$2.3 billion, and a full year revenue of over S$142.9 million for its FY19 (ended 31 December), this places the company at a price-to-sales ratio of around 14 times. Nanofilm’s revenue grew at CAGR of 17 per cent from FY17 to FY19, with an adjusted EBITDA margin of 40 per cent for FY19, driven by its Advanced Materials segment. For more details on the recently listed unicorn, click <a href="https://www.sgx.com/research-education/market-updates/20201030-nanofilm-technologies-home-grown-deep-technology-firm">here</a>. 
</li>
</ul>
Singapore’s 20 most traded stocks with a focus on manufacturing, technology solutions or F&amp;B production, generated a median 6% 4Q-to-date total return, bringing the 2020 year-to-date median to 35%. The 20 stocks are tabled below and sort by the most traded stock in the 2020 year-to-date.

<table class="table table-striped"><tbody>
<tr>
<td>
			20 Most Traded SG Stocks with Significant Manufacturing, Technology Solutions or F&amp;B production Activity
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap (S$M)
			</td>
			<td>
			Daily Average T/O YTD (S$M)
			</td>
			<td>
			Net Insti Inflow QTD (S$M)
			</td>
			<td>
			Net Insti Inflow YTD (S$M)
			</td>
			<td>
			Total Return QTD %
			</td>
			<td>
			Total Return YTD %
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			26,688
			</td>
			<td>
			42
			</td>
			<td>
			-156
			</td>
			<td>
			-81
			</td>
			<td>
			-4
			</td>
			<td>
			6
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg SGD
			</td>
			<td>
			BS6
			</td>
			<td>
			3,522
			</td>
			<td>
			25
			</td>
			<td>
			-168
			</td>
			<td>
			-188
			</td>
			<td>
			-8
			</td>
			<td>
			-15
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			5,482
			</td>
			<td>
			24
			</td>
			<td>
			-87
			</td>
			<td>
			140
			</td>
			<td>
			-2
			</td>
			<td>
			22
			</td>
		</tr>
<tr>
<td>
			Medtecs Intl
			</td>
			<td>
			546
			</td>
			<td>
			508
			</td>
			<td>
			21
			</td>
			<td>
			20
			</td>
			<td>
			23
			</td>
			<td>
			-14
			</td>
			<td>
			2,423
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			12,119
			</td>
			<td>
			21
			</td>
			<td>
			17
			</td>
			<td>
			74
			</td>
			<td>
			12
			</td>
			<td>
			3
			</td>
		</tr>
<tr>
<td>
			AEM
			</td>
			<td>
			AWX
			</td>
			<td>
			976
			</td>
			<td>
			21
			</td>
			<td>
			-49
			</td>
			<td>
			19
			</td>
			<td>
			-8
			</td>
			<td>
			80
			</td>
		</tr>
<tr>
<td>
			ThaiBev
			</td>
			<td>
			Y92
			</td>
			<td>
			18,334
			</td>
			<td>
			20
			</td>
			<td>
			44
			</td>
			<td>
			-140
			</td>
			<td>
			21
			</td>
			<td>
			-16
			</td>
		</tr>
<tr>
<td>
			Riverstone
			</td>
			<td>
			AP4
			</td>
			<td>
			2,670
			</td>
			<td>
			10
			</td>
			<td>
			-10
			</td>
			<td>
			-26
			</td>
			<td>
			-31
			</td>
			<td>
			163
			</td>
		</tr>
<tr>
<td>
			UMS
			</td>
			<td>
			558
			</td>
			<td>
			555
			</td>
			<td>
			7
			</td>
			<td>
			6
			</td>
			<td>
			10
			</td>
			<td>
			7
			</td>
			<td>
			6
			</td>
		</tr>
<tr>
<td>
			Top Glove
			</td>
			<td>
			BVA
			</td>
			<td>
			17,641
			</td>
			<td>
			6
			</td>
			<td>
			8
			</td>
			<td>
			-54
			</td>
			<td>
			-19
			</td>
			<td>
			330
			</td>
		</tr>
<tr>
<td>
			Jiutian Chemical
			</td>
			<td>
			C8R
			</td>
			<td>
			169
			</td>
			<td>
			4
			</td>
			<td>
			3
			</td>
			<td>
			3
			</td>
			<td>
			77
			</td>
			<td>
			400
			</td>
		</tr>
<tr>
<td>
			Golden Agri-Res
			</td>
			<td>
			E5H
			</td>
			<td>
			2,082
			</td>
			<td>
			4
			</td>
			<td>
			-5
			</td>
			<td>
			-11
			</td>
			<td>
			15
			</td>
			<td>
			-28
			</td>
		</tr>
<tr>
<td>
			Hi-P
			</td>
			<td>
			H17
			</td>
			<td>
			1,429
			</td>
			<td>
			4
			</td>
			<td>
			23
			</td>
			<td>
			11
			</td>
			<td>
			50
			</td>
			<td>
			18
			</td>
		</tr>
<tr>
<td>
			Frencken
			</td>
			<td>
			E28
			</td>
			<td>
			495
			</td>
			<td>
			3
			</td>
			<td>
			11
			</td>
			<td>
			4
			</td>
			<td>
			18
			</td>
			<td>
			29
			</td>
		</tr>
<tr>
<td>
			Biolidics
			</td>
			<td>
			8YY
			</td>
			<td>
			87
			</td>
			<td>
			3
			</td>
			<td>
			0
			</td>
			<td>
			-5
			</td>
			<td>
			5
			</td>
			<td>
			35
			</td>
		</tr>
<tr>
<td>
			Vicplas Intl
			</td>
			<td>
			569
			</td>
			<td>
			130
			</td>
			<td>
			3
			</td>
			<td>
			0
			</td>
			<td>
			1
			</td>
			<td>
			-18
			</td>
			<td>
			174
			</td>
		</tr>
<tr>
<td>
			Nanofilm
			</td>
			<td>
			MZH
			</td>
			<td>
			2,324
			</td>
			<td>
			2
			</td>
			<td>
			-21
			</td>
			<td>
			-21
			</td>
			<td>
			36
			</td>
			<td>
			36
			</td>
		</tr>
<tr>
<td>
			Sri Trang Agro
			</td>
			<td>
			NC2
			</td>
			<td>
			1,736
			</td>
			<td>
			2
			</td>
			<td>
			12
			</td>
			<td>
			-40
			</td>
			<td>
			-1
			</td>
			<td>
			172
			</td>
		</tr>
<tr>
<td>
			Japfa
			</td>
			<td>
			UD2
			</td>
			<td>
			1,578
			</td>
			<td>
			2
			</td>
			<td>
			6
			</td>
			<td>
			6
			</td>
			<td>
			28
			</td>
			<td>
			37
			</td>
		</tr>
<tr>
<td>
			ISDN
			</td>
			<td>
			I07
			</td>
			<td>
			178
			</td>
			<td>
			2
			</td>
			<td>
			2
			</td>
			<td>
			-4
			</td>
			<td>
			6
			</td>
			<td>
			82
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			9
			</td>
			<td>
			198
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			6
			</td>
			<td>
			35
			</td>
		</tr>
</tbody></table>
Source: Bloomberg, Refinitiv (Data as of 4 December 2020)
</body></html>





In the 4Q-to-date, Jiutian Chemical, Hi-P International and Nanofilm Technologies have been the strongest performers among Singapore’s 20 most traded manufacturers, technology solution providers and F&amp;B producers. The 20 stocks generated a median 6% QTD total return, bringing the YTD median to 35%. 
	 
	
The 20 stocks span multiple industries including coal-based fine chemicals, integrated contract manufacturing, nanotechnology, advanced manufacturing solutions, agriculture and F&amp;B, medical supplies and devices, and semiconductors. The 20 stocks also include multiple Catalist-listed stocks. 
	 
	In November, the SIPMM PMI declined to 50.4 from 50.5 in October. This was the fifth month of expansion for the overall manufacturing sector, with marginal gains in three of the four sub-indices that have seen the most declines since Jan 2018 – new orders, export orders and imports. 

 

Regional stocks with a significant focus on manufacturing, technology solutions and F&amp;B production span multiple sectors, generating mixed performances in the 2020 year-to-date. Staunch sector-driven trends have seen manufacturing-related global stocks that span the Healthcare and Technology Sectors perform the strongest throughout the year, whilst those that span Energy, Basic Materials and Consumer Non-cyclical Sectors have been the strongest of the genre in the 4Q-to-date.

As illustrated below, the larger manufacturers, technology solution providers and F&amp;B producers across the region and the globe have generated median gains in the 2020 year-to-date. While the 20 most traded Singapore stocks of this group generated higher median gains in the 2020 year-to-date, they have generated more moderate gains in the 4Q-to-date. This is because more than half of the 20 stocks represent the Healthcare and Technology Sectors, and hence benefited less from the big sector rotations seen since early November.



      
    
     Median Total Returns

In November, the SIPMM PMI marginally declined to 50.4 from 50.5 in October. On a positive note, this was the fifth month of expansion for the overall manufacturing sector, with gains in three of the four sub-indices that have seen the most declines since January 2018 – new orders, export orders and imports. Back in Janaury 2018, the SIPMM PMI recored its highest expansion since December 2009 and has not been back to the 53.1 level since. That month also coincided with the United States announcing tarrifs on Solar Panels and Washing Machines, a key onset of the US-China trade tensions.


      
    
    SIPMM PMI 


The Electronics Sector PMI posted a marginal increase of 0.1 point from the previous month to record an expansion at 51.1. This was the fourth month of expansion for the electronics sector, and is the highest reading since September 2018 when the reading was 51.4.

n the 4Q-to-date, Jiutian Chemical, Hi-P International and Nanofilm Technologies have been the strongest performers among Singapore’s 20 most traded manufacturers, technology solution providers and F&amp;B producers. More broadly, among Singapore’s 60 most traded stocks in 2020, Jiutian Chemical and Hi-P International have been the stongest performers in the 4Q-to-date, with Nanofilm Technologies  the fifth best performer after SATS and Sembcorp Industries.

Recent highlights of these three stocks include:



Catalist-listed Jiutian Chemical’s quarterly net profit for 3QFY20 (ended 30 Sep) soared 57% over 2QFY20 despite a 20-day routine maintenance shutdown in early September 2020. Jiutian Chemical’s 2QFY20 was already a record quarterly net profit since the Company was listed in 2006. With the results, the Chairman noted a surge in demand for its main products of Dimethylformamide (“DMF”) and methylamine from downstream customers who in turn are experiencing strong growth in both local and export markets for their products, in addition to rising demand for its products from users in the lithium batteries and semiconductor sectors, which are experiencing strong and sustainable growth in China. Click here for the company’s most recent corporate presentation and here for the FY19 Annual Report. 
	 
	
Hi-P International’s net profit after tax declined marginally by 3.3% YoY to S$24.2 million for 1HFY20 (ended 30 June). The global contract manufacturer of smart phones, tablet computers and other consumer electronics s emabarked on a holistic corporate transformation project and the Group remained in a strong net cash position of S$196.9 million as of 30 June. Other than reurgent waves of COVID-19, the US-China trade tension esculations remained a key risk for the Group in July. From 6 November through to 4 December, Hi-P International has rallied 26% with S$28 million of net instituional inflow over the four weeks. For the 1HFY20 results and outlook, click here. 
	 
	
One of Asia’s leading providers of nanotechnology solutions, Nanofilm Technologies International made its debut on the SGX Mainboard on 30 October. With a current market capitalisation of S$2.3 billion, and a full year revenue of over S$142.9 million for its FY19 (ended 31 December), this places the company at a price-to-sales ratio of around 14 times. Nanofilm’s revenue grew at CAGR of 17 per cent from FY17 to FY19, with an adjusted EBITDA margin of 40 per cent for FY19, driven by its Advanced Materials segment. For more details on the recently listed unicorn, click here. 


Singapore’s 20 most traded stocks with a focus on manufacturing, technology solutions or F&amp;B production, generated a median 6% 4Q-to-date total return, bringing the 2020 year-to-date median to 35%. The 20 stocks are tabled below and sort by the most traded stock in the 2020 year-to-date.




			20 Most Traded SG Stocks with Significant Manufacturing, Technology Solutions or F&amp;B production Activity
			
			
			Code
			
			
			Mkt Cap (S$M)
			
			
			Daily Average T/O YTD (S$M)
			
			
			Net Insti Inflow QTD (S$M)
			
			
			Net Insti Inflow YTD (S$M)
			
			
			Total Return QTD %
			
			
			Total Return YTD %
			
		


			Wilmar Intl
			
			
			F34
			
			
			26,688
			
			
			42
			
			
			-156
			
			
			-81
			
			
			-4
			
			
			6
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			3,522
			
			
			25
			
			
			-168
			
			
			-188
			
			
			-8
			
			
			-15
			
		


			Venture
			
			
			V03
			
			
			5,482
			
			
			24
			
			
			-87
			
			
			140
			
			
			-2
			
			
			22
			
		


			Medtecs Intl
			
			
			546
			
			
			508
			
			
			21
			
			
			20
			
			
			23
			
			
			-14
			
			
			2,423
			
		


			ST Engineering
			
			
			S63
			
			
			12,119
			
			
			21
			
			
			17
			
			
			74
			
			
			12
			
			
			3
			
		


			AEM
			
			
			AWX
			
			
			976
			
			
			21
			
			
			-49
			
			
			19
			
			
			-8
			
			
			80
			
		


			ThaiBev
			
			
			Y92
			
			
			18,334
			
			
			20
			
			
			44
			
			
			-140
			
			
			21
			
			
			-16
			
		


			Riverstone
			
			
			AP4
			
			
			2,670
			
			
			10
			
			
			-10
			
			
			-26
			
			
			-31
			
			
			163
			
		


			UMS
			
			
			558
			
			
			555
			
			
			7
			
			
			6
			
			
			10
			
			
			7
			
			
			6
			
		


			Top Glove
			
			
			BVA
			
			
			17,641
			
			
			6
			
			
			8
			
			
			-54
			
			
			-19
			
			
			330
			
		


			Jiutian Chemical
			
			
			C8R
			
			
			169
			
			
			4
			
			
			3
			
			
			3
			
			
			77
			
			
			400
			
		


			Golden Agri-Res
			
			
			E5H
			
			
			2,082
			
			
			4
			
			
			-5
			
			
			-11
			
			
			15
			
			
			-28
			
		


			Hi-P
			
			
			H17
			
			
			1,429
			
			
			4
			
			
			23
			
			
			11
			
			
			50
			
			
			18
			
		


			Frencken
			
			
			E28
			
			
			495
			
			
			3
			
			
			11
			
			
			4
			
			
			18
			
			
			29
			
		


			Biolidics
			
			
			8YY
			
			
			87
			
			
			3
			
			
			0
			
			
			-5
			
			
			5
			
			
			35
			
		


			Vicplas Intl
			
			
			569
			
			
			130
			
			
			3
			
			
			0
			
			
			1
			
			
			-18
			
			
			174
			
		


			Nanofilm
			
			
			MZH
			
			
			2,324
			
			
			2
			
			
			-21
			
			
			-21
			
			
			36
			
			
			36
			
		


			Sri Trang Agro
			
			
			NC2
			
			
			1,736
			
			
			2
			
			
			12
			
			
			-40
			
			
			-1
			
			
			172
			
		


			Japfa
			
			
			UD2
			
			
			1,578
			
			
			2
			
			
			6
			
			
			6
			
			
			28
			
			
			37
			
		


			ISDN
			
			
			I07
			
			
			178
			
			
			2
			
			
			2
			
			
			-4
			
			
			6
			
			
			82
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			9
			
			
			198
			
		


			Median
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			6
			
			
			35
			
		

Source: Bloomberg, Refinitiv (Data as of 4 December 2020)



Jiutian Chemical, Hi-P & Nanofilm Lead Gainers in 4Q-to-date