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





On 9 Apr 2019, SPH kick-started the latest quarterly reporting season with the release of its fiscal second quarter results ended 28 February 2019. 
	 
	
Today, CapitaLand Commercial Trust and Keppel Corp are scheduled to release their financial results for the first quarter of 2019. The remaining constituents of the benchmark STI are expected to report their latest quarterly or full-year results in the coming weeks. 
	 
	The STI has generated total returns of -6.5% and 9.6%  in 2018 and in the 2019 YTD respectively. With a combined market capitalisation of S$535 billion, the 30 constituents of the index have averaged Price-to-Earnings (P/E) and Price-to-Book (P/B) ratios of 18.9x and 1.9x respectively.

SPH kick-started the latest quarterly reporting season with the release of its fiscal second quarter results ended 28 February 2019, while CapitaLand Commercial Trust and Keppel Corp will release their first quarter financial results today. The rest of the constituents of the benchmark Straits Times Index (STI) are expected to report their latest quarter or full-year results in the coming weeks.

Investors can subscribe to the weekly Economic Calendar (click here) for confirmed schedules of other STI component stocks closer to the date.

The table below details the confirmed, estimated and released dates of earnings releases by STI constituent stocks, sorted by date.




			Name
			
			
			SGX Code
			
			
			Date
			
			
			Date type
			
			
			Period
			
		


			Singapore Press Holdings
			
			
			T39
			
			
			9-Apr-19
			
			
			Reported
			
			
			Q2
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			18-Apr-19
			
			
			Confirmed
			
			
			Q1
			
		


			Keppel Corp
			
			
			BN4
			
			
			18-Apr-19
			
			
			Confirmed
			
			
			Q1
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			24-Apr-19
			
			
			Confirmed
			
			
			Q1
			
		


			Singapore Exchange
			
			
			S68
			
			
			25-Apr-19
			
			
			Estimated
			
			
			Q3
			
		


			Venture Corp
			
			
			V03
			
			
			25-Apr-19
			
			
			Confirmed
			
			
			Q1
			
		


			Yangzijiang Shipbuilding
			
			
			BS6
			
			
			26-Apr-19
			
			
			Estimated
			
			
			Q1
			
		


			Hutchison Port Holdings Trust
			
			
			NS8U
			
			
			26-Apr-19
			
			
			Confirmed
			
			
			Q1
			
		


			Jardine Cycle &amp; Carriage
			
			
			C07
			
			
			26-Apr-19
			
			
			Estimated
			
			
			Q1
			
		


			Ascendas REIT
			
			
			A17U
			
			
			29-Apr-19
			
			
			Confirmed
			
			
			FY18
			
		


			DBS
			
			
			D05
			
			
			29-Apr-19
			
			
			Confirmed
			
			
			Q1
			
		


			CapitaLand
			
			
			C31
			
			
			30-Apr-19
			
			
			Confirmed
			
			
			Q1
			
		


			United Overseas Bank
			
			
			U11
			
			
			3-May-19
			
			
			Confirmed
			
			
			Q1
			
		


			UOL Group
			
			
			U14
			
			
			10-May-19
			
			
			Estimated
			
			
			Q1
			
		


			City Developments
			
			
			C09
			
			
			10-May-19
			
			
			Estimated
			
			
			Q1
			
		


			Genting Singapore
			
			
			G13
			
			
			10-May-19
			
			
			Estimated
			
			
			Q1
			
		


			Wilmar International
			
			
			F34
			
			
			10-May-19
			
			
			Estimated
			
			
			Q1
			
		


			Singapore Technologies Engineering
			
			
			S63
			
			
			10-May-19
			
			
			Estimated
			
			
			Q1
			
		


			Oversea-Chinese Banking Corp
			
			
			O39
			
			
			10-May-19
			
			
			Confirmed
			
			
			Q1
			
		


			ComfortDelGro
			
			
			C52
			
			
			14-May-19
			
			
			Confirmed
			
			
			Q1
			
		


			Golden Agri-Resources
			
			
			E5H
			
			
			15-May-19
			
			
			Estimated
			
			
			Q1
			
		


			Sembcorp Industries
			
			
			U96
			
			
			15-May-19
			
			
			Confirmed
			
			
			Q1
			
		


			Thai Beverage PCL
			
			
			Y92
			
			
			15-May-19
			
			
			Estimated
			
			
			Q2
			
		


			Singapore Telecommunications
			
			
			Z74
			
			
			17-May-19
			
			
			Estimated
			
			
			FY18
			
		


			Singapore Airlines
			
			
			C6L
			
			
			17-May-19
			
			
			Estimated
			
			
			FY18
			
		


			SATS
			
			
			S58
			
			
			30-May-19
			
			
			Estimated
			
			
			FY18
			
		


			Hongkong Land*
			
			
			H78
			
			
			26-Jul-19
			
			
			Estimated
			
			
			S1
			
		


			Dairy Farm International*
			
			
			D01
			
			
			1-Aug-19
			
			
			Confirmed
			
			
			S1
			
		


			Jardine Matheson*
			
			
			J36
			
			
			2-Aug-19
			
			
			Confirmed
			
			
			S1
			
		


			Jardine Strategic*
			
			
			J37
			
			
			2-Aug-19
			
			
			Confirmed
			
			
			S1
			
		

Source: Bloomberg &amp; StockFacts as of 17 Apr 2019

*These stocks report earnings on a semi-annual basis

Performance of the STI Constituents

The STI has generated a total return of 9.6% in the 2019 year-to-date, after registering a total return of -6.5% in 2018. The 30 constituents of the Index have a combined market capitalisation of over S$535 billion and have averaged Price-to-Earnings (P/E) and Price-to-Book (P/B) ratios of 18.9x and 1.9x respectively. The STI also has a dividend yield of 4%.

The table below details the comparative performances of the 30 constituents of the STI, sorted by market capitalisation.




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


			DBS
			
			
			D05
			
			
			69,483
			
			
			16.0
			
			
			1.6
			
			
			98.7
			
		


			Singapore Telecommunications
			
			
			Z74
			
			
			51,272
			
			
			6.8
			
			
			-1.8
			
			
			-4.9
			
		


			Oversea-Chinese Banking Corp
			
			
			O39
			
			
			49,626
			
			
			4.1
			
			
			-8.5
			
			
			40.3
			
		


			Jardine Matheson^
			
			
			J36
			
			
			46,635
			
			
			-7.0
			
			
			7.3
			
			
			17.5
			
		


			United Overseas Bank
			
			
			U11
			
			
			44,408
			
			
			9.4
			
			
			-1.5
			
			
			52.6
			
		


			Jardine Strategic^
			
			
			J37
			
			
			40,928
			
			
			1.8
			
			
			-1.3
			
			
			23.5
			
		


			Wilmar International
			
			
			F34
			
			
			23,034
			
			
			18.3
			
			
			21.0
			
			
			13.9
			
		


			Thai Beverage PCL
			
			
			Y92
			
			
			20,216
			
			
			35.5
			
			
			4.2
			
			
			26.5
			
		


			Hongkong Land^
			
			
			H78
			
			
			16,752
			
			
			15.0
			
			
			3.9
			
			
			22.6
			
		


			CapitaLand
			
			
			C31
			
			
			15,239
			
			
			18.3
			
			
			4.1
			
			
			28.3
			
		


			Jardine Cycle &amp; Carriage
			
			
			C07
			
			
			13,628
			
			
			1.8
			
			
			6.4
			
			
			-8.6
			
		


			Singapore Technologies Engineering
			
			
			S63
			
			
			12,018
			
			
			10.6
			
			
			12.0
			
			
			31.1
			
		


			Keppel Corp
			
			
			BN4
			
			
			12,010
			
			
			14.4
			
			
			-9.6
			
			
			24.7
			
		


			Singapore Airlines
			
			
			C6L
			
			
			11,659
			
			
			4.9
			
			
			-4.9
			
			
			-4.1
			
		


			Genting Singapore
			
			
			G13
			
			
			11,635
			
			
			-1.5
			
			
			-16.8
			
			
			23.1
			
		


			Dairy Farm International^
			
			
			D01
			
			
			10,673
			
			
			-11.2
			
			
			-2.0
			
			
			32.1
			
		


			Ascendas REIT
			
			
			A17U
			
			
			9,177
			
			
			14.4
			
			
			16.9
			
			
			38.4
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			8,704
			
			
			3.8
			
			
			17.6
			
			
			26.2
			
		


			City Developments
			
			
			C09
			
			
			8,452
			
			
			14.0
			
			
			-25.2
			
			
			10.5
			
		


			Singapore Exchange
			
			
			S68
			
			
			7,756
			
			
			2.5
			
			
			2.3
			
			
			3.4
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			7,386
			
			
			12.9
			
			
			11.9
			
			
			62.3
			
		


			Yangzijiang Shipbuilding
			
			
			BS6
			
			
			6,353
			
			
			27.2
			
			
			38.1
			
			
			74.3
			
		


			UOL Group
			
			
			U14
			
			
			6,265
			
			
			25.7
			
			
			-8.3
			
			
			37.2
			
		


			SATS
			
			
			S58
			
			
			5,850
			
			
			12.7
			
			
			3.2
			
			
			43.6
			
		


			ComfortDelGro
			
			
			C52
			
			
			5,652
			
			
			21.9
			
			
			25.8
			
			
			1.9
			
		


			Venture Corp
			
			
			V03
			
			
			5,573
			
			
			37.8
			
			
			-30.2
			
			
			165.8
			
		


			Sembcorp Industries
			
			
			U96
			
			
			4,861
			
			
			7.5
			
			
			-10.1
			
			
			-3.9
			
		


			Singapore Press Holdings
			
			
			T39
			
			
			3,915
			
			
			4.7
			
			
			-0.6
			
			
			-30.5
			
		


			Golden Agri-Resources
			
			
			E5H
			
			
			3,820
			
			
			24.5
			
			
			-11.3
			
			
			-23.6
			
		


			Hutchison Port Holdings Trust^
			
			
			NS8U
			
			
			2,047
			
			
			2.4
			
			
			-20.8
			
			
			-38.7
			
		


			Average
			
			
			 
			
			
			 
			
			
			11.6
			
			
			0.8
			
			
			26.1
			
		

 




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


			DBS
			
			
			D05
			
			
			69,483
			
			
			12.8
			
			
			1.3
			
			
			4.4
			
		


			Singapore Telecommunications
			
			
			Z74
			
			
			51,272
			
			
			16.5
			
			
			2.0
			
			
			5.6
			
		


			Oversea-Chinese Banking Corp
			
			
			O39
			
			
			49,626
			
			
			11.0
			
			
			1.3
			
			
			3.7
			
		


			Jardine Matheson^
			
			
			J36
			
			
			46,635
			
			
			13.8
			
			
			0.9
			
			
			2.7
			
		


			United Overseas Bank
			
			
			U11
			
			
			44,408
			
			
			11.5
			
			
			1.2
			
			
			3.7
			
		


			Jardine Strategic^
			
			
			J37
			
			
			40,928
			
			
			11.5
			
			
			1.4
			
			
			0.9
			
		


			Wilmar International
			
			
			F34
			
			
			23,034
			
			
			15.0
			
			
			0.9
			
			
			2.9
			
		


			Thai Beverage PCL
			
			
			Y92
			
			
			20,216
			
			
			20.9
			
			
			4.3
			
			
			2.1
			
		


			Hongkong Land^
			
			
			H78
			
			
			16,752
			
			
			6.8
			
			
			0.5
			
			
			3.1
			
		


			CapitaLand
			
			
			C31
			
			
			15,239
			
			
			9.5
			
			
			0.8
			
			
			3.3
			
		


			Jardine Cycle &amp; Carriage
			
			
			C07
			
			
			13,628
			
			
			25.0
			
			
			1.9
			
			
			3.3
			
		


			Singapore Technologies Engineering
			
			
			S63
			
			
			12,018
			
			
			24.5
			
			
			4.6
			
			
			3.9
			
		


			Keppel Corp
			
			
			BN4
			
			
			12,010
			
			
			13.1
			
			
			1.2
			
			
			3.7
			
		


			Singapore Airlines
			
			
			C6L
			
			
			11,659
			
			
			17.7
			
			
			0.9
			
			
			3.9
			
		


			Genting Singapore
			
			
			G13
			
			
			11,635
			
			
			15.3
			
			
			2.1
			
			
			3.7
			
		


			Dairy Farm International^
			
			
			D01
			
			
			10,673
			
			
			116.0
			
			
			6.3
			
			
			2.7
			
		


			Ascendas REIT
			
			
			A17U
			
			
			9,177
			
			
			18.1
			
			
			1.3
			
			
			4.5
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			8,704
			
			
			12.3
			
			
			1.1
			
			
			4.2
			
		


			City Developments
			
			
			C09
			
			
			8,452
			
			
			16.2
			
			
			1.2
			
			
			1.5
			
		


			Singapore Exchange
			
			
			S68
			
			
			7,756
			
			
			21.0
			
			
			8.2
			
			
			4.8
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			7,386
			
			
			13.6
			
			
			1.1
			
			
			3.8
			
		


			Yangzijiang Shipbuilding
			
			
			BS6
			
			
			6,353
			
			
			8.7
			
			
			1.1
			
			
			2.8
			
		


			UOL Group
			
			
			U14
			
			
			6,265
			
			
			15.1
			
			
			0.8
			
			
			2.3
			
		


			SATS
			
			
			S58
			
			
			5,850
			
			
			22.2
			
			
			3.7
			
			
			3.4
			
		


			ComfortDelGro
			
			
			C52
			
			
			5,652
			
			
			18.7
			
			
			1.6
			
			
			4.0
			
		


			Venture Corp
			
			
			V03
			
			
			5,573
			
			
			13.8
			
			
			2.7
			
			
			3.6
			
		


			Sembcorp Industries
			
			
			U96
			
			
			4,861
			
			
			14.1
			
			
			0.8
			
			
			1.5
			
		


			Singapore Press Holdings
			
			
			T39
			
			
			3,915
			
			
			14.4
			
			
			1.2
			
			
			3.5
			
		


			Golden Agri-Resources
			
			
			E5H
			
			
			3,820
			
			
			-
			
			
			0.9
			
			
			1.9
			
		


			Hutchison Port Holdings Trust^
			
			
			NS8U
			
			
			2,047
			
			
			-
			
			
			0.7
			
			
			10.4
			
		


			Average
			
			
			 
			
			
			 
			
			
			18.9
			
			
			1.9
			
			
			3.5
			
		

Source: Bloomberg &amp; StockFacts (17 April 2019)

^These stocks are traded in USD, with their SGD equivalents shown in table.



Capitaland Integrated Commercial Trust (CICT SP)

March Quarter Earnings Schedule for STI Constituents