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





In Singapore, Hong Kong and Sydney, standardised FTSE Mid Cap Indices led both the Large Cap and Small Cap Indices for the month of Jan 2019. In Tokyo, the FTSE Japan Mid Cap Index outperformed its Small Cap Index &amp; almost kept pace with the Large Cap Index.    
	 
	
The FTSE ST Mid Cap Index which consists of 42 constituents with an average market cap of S$2.9 billion, generated a 7.4% total return in Jan 2019. As many as 20 of the 42 stocks represent the Real Estate Sector with a 45% Index weight.  
	 
	The five strongest performing constituents in Jan were Silverlake Axis, Venture, CDL Hospitality Trusts, Yangzijiang Shipbuilding &amp; Mapletree North Asia Commercial Trust, averaging a 14% gain, compared to the five least performing constituents averaging a 1% decline.  

The constituents of the FTSE ST Mid Cap Index pass size, free float and liquidity screens and following on from methodology enhancements in 2015, can include Straits Times Index (“STI”) constituents. The FTSE ST Mid Cap Index constituents maintain a combined market capitalisation of S$120.8 billion which implies the average capitalisation of the constituents is S$2.7 billion.

The FTSE ST Mid Cap Index generated a 7.0% price gain in January, with dividend distributions boosting the month’s return to 7.4%. 


The 0.4% boost was attributed to more than a third of the 42 Index constituents are made up of Real Estate Investment Trusts (“REITs”) with distributions going ex-distribution in the course of the month. By comparison, the STI and FTSE ST Small Cap Index gained 4.0% and 6.0% respectively. As noted on 29 January (click here) Singapore lists more than 150 stocks that represent the Real Estate Developers, REITs and Construction Sectors. 
	 
	Across the Asia Pacific Financial Centres, a similar pattern was observed, with the January FTSE Asia Monthly Report (click here) revealing similar FTSE Mid-Cap Index outperformance in Australia and Hong Kong, while in Japan the 320 constituent FTSE Japan Mid Cap Index outperformed the FTSE Japan Small Cap Index, however  marginally underperformed the FTSE Japan Large Cap Index by 0.8%.


      
    
    Indexes total return
Five Strongest FTSE ST Mid Cap Index Performers in January

The five strongest performing constituents of the  FTSE ST Mid Cap Index in January were Silverlake Axis, Venture Corporation, CDL Hospitality Trusts, Mapletree North Asia Commercial Trust and Yangzijiang Shipbuilding. The five stocks averaged a 14.4% price gain during the month. Silverlake Axis and Venture Corporation are the two largest capitalised stocks of Singapore’s Technology Sector, which was the second best performing Sector for Singapore in January after Utilities.

The five least performing stocks were Mandarin Oriental International, M1, Hutchison Port Holdings Trust, Raffles Medical Group and GuocoLand. The five stocks averaged a 1.1% decline, with Mandarin Oriental International and M1 the only two constituents of the Index generating a price decline in January.

Higher Five Year Total Returns &amp; Lower Volatility 

The strong gains in January brought the total return of the FTSE ST Mid Cap Index for the five year period (ending January 2019) to 29.9%, on 10.2% annualised volatility.

The five year total return of the FTSE ST Mid Cap Index was higher than both that of the STI at a 25.6% total return and the FTSE ST Small Cap Index which declined 16.4%. At the same time, the annualised volatility of the FTSE ST Mid Cap Index was lower than that of the STI at 11.7%, and the FTSE ST Small Cap Index at 10.5% for the five year period.

Broader Group of Singapore’s Mid-Cap Stocks Average 6.4% Total Return in 2019 YTD

While the Index is made up of 42 stocks with capitalisation spanning from over S$1 billion million to close S$6 billion, SGX lists more than 60 stocks within this market capitalisation range. The group of stocks have averaged a 5.9% price gain in the 2019 year through to 7 Feb, with early year dividends boosting the average total return to 6.4%.  The 68 stocks averaged a 5.7% total return for the month of January.




			Stock
			
			
			SGX Code
			
			
			Market Cap S$ Bn
			
			
			Jan 2019 Total Return %
			
			
			Price Change YTD 

			%
			
			
			Total Return YTD 

			%
			
			
			Total Return 2018 %
			
			
			260 Day Historical Volatility

			%
			
		


			Yangzijiang Shipbuilding
			
			
			BS6
			
			
			5.6
			
			
			12.0
			
			
			14.4
			
			
			14.4
			
			
			-11.4
			
			
			43.3
			
		


			UOL Group
			
			
			U14
			
			
			5.6
			
			
			7.3
			
			
			7.6
			
			
			7.6
			
			
			-28.8
			
			
			25.0
			
		


			SATS
			
			
			S58
			
			
			5.3
			
			
			3.9
			
			
			3.0
			
			
			3.0
			
			
			-7.2
			
			
			20.0
			
		


			Mapletree Commercial Trust
			
			
			N2IU
			
			
			5.2
			
			
			8.1
			
			
			9.7
			
			
			11.2
			
			
			7.6
			
			
			14.6
			
		


			ComfortDelGro Corp
			
			
			C52
			
			
			5.1
			
			
			8.4
			
			
			9.8
			
			
			9.8
			
			
			13.7
			
			
			27.2
			
		


			Frasers Property
			
			
			TQ5
			
			
			5.1
			
			
			9.7
			
			
			5.5
			
			
			9.2
			
			
			-17.4
			
			
			20.2
			
		


			Suntec REIT
			
			
			T82U
			
			
			5.1
			
			
			9.9
			
			
			6.2
			
			
			7.6
			
			
			-12.8
			
			
			18.2
			
		


			Mapletree Logistics Trust
			
			
			M44U
			
			
			5.0
			
			
			10.4
			
			
			10.3
			
			
			12.0
			
			
			1.5
			
			
			17.6
			
		


			Venture Corp
			
			
			V03
			
			
			4.6
			
			
			16.6
			
			
			14.7
			
			
			14.7
			
			
			-29.1
			
			
			44.1
			
		


			Sembcorp Industries
			
			
			U96
			
			
			4.6
			
			
			2.0
			
			
			0.4
			
			
			0.4
			
			
			-15.0
			
			
			23.7
			
		


			United Industrial Corp
			
			
			U06
			
			
			4.2
			
			
			9.5
			
			
			8.1
			
			
			8.1
			
			
			-16.8
			
			
			17.3
			
		


			Top Glove Corp Bhd
			
			
			BVA
			
			
			4.1
			
			
			-12.5
			
			
			-13.4
			
			
			-12.5
			
			
			40.6
			
			
			131.4
			
		


			Keppel REIT
			
			
			K71U
			
			
			4.1
			
			
			4.7
			
			
			4.4
			
			
			5.6
			
			
			-5.2
			
			
			17.7
			
		


			Singapore Press Holdings
			
			
			T39
			
			
			4.0
			
			
			6.8
			
			
			6.4
			
			
			6.4
			
			
			-6.9
			
			
			21.5
			
		


			Mapletree North Asia Commercial Trust
			
			
			RW0U
			
			
			4.0
			
			
			12.3
			
			
			9.6
			
			
			11.4
			
			
			-1.1
			
			
			17.4
			
		


			Mapletree Industrial Trust
			
			
			ME8U
			
			
			3.8
			
			
			6.3
			
			
			5.2
			
			
			6.8
			
			
			-0.7
			
			
			13.6
			
		


			Mandarin Oriental Intl
			
			
			M04
			
			
			3.3
			
			
			-6.6
			
			
			-5.3
			
			
			-5.3
			
			
			4.4
			
			
			33.2
			
		


			Sembcorp Marine
			
			
			S51
			
			
			3.3
			
			
			3.9
			
			
			2.6
			
			
			2.6
			
			
			-15.9
			
			
			38.3
			
		


			Starhub
			
			
			CC3
			
			
			3.3
			
			
			1.7
			
			
			8.0
			
			
			8.0
			
			
			-33.5
			
			
			28.0
			
		


			Fortune REIT
			
			
			F25U
			
			
			3.3
			
			
			5.8
			
			
			8.8
			
			
			8.8
			
			
			-0.4
			
			
			21.3
			
		


			Golden Agri-Resources
			
			
			E5H
			
			
			3.2
			
			
			4.1
			
			
			4.1
			
			
			4.1
			
			
			-33.6
			
			
			37.5
			
		


			Hutchison Port Holdings Trust
			
			
			NS8U
			
			
			3.1
			
			
			0.8
			
			
			5.6
			
			
			5.6
			
			
			-34.7
			
			
			32.8
			
		


			NetLink NBN Trust
			
			
			CJLU
			
			
			3.1
			
			
			2.6
			
			
			2.6
			
			
			2.6
			
			
			-1.7
			
			
			11.5
			
		


			Pan Ocean Co
			
			
			AZY
			
			
			3.0
			
			
			-4.6
			
			
			-4.6
			
			
			-4.6
			
			
			-19.5
			
			
			50.4
			
		


			SIA Engineering Co
			
			
			S59
			
			
			2.8
			
			
			9.3
			
			
			10.1
			
			
			10.1
			
			
			-24.5
			
			
			16.2
			
		


			First Resources
			
			
			EB5
			
			
			2.7
			
			
			11.0
			
			
			12.3
			
			
			12.3
			
			
			-14.2
			
			
			24.2
			
		


			Haw Par Corp
			
			
			H02
			
			
			2.7
			
			
			3.2
			
			
			3.2
			
			
			3.2
			
			
			7.9
			
			
			16.6
			
		


			SPH REIT
			
			
			SK6U
			
			
			2.6
			
			
			4.4
			
			
			2.0
			
			
			3.4
			
			
			0.6
			
			
			8.8
			
		


			Yanlord Land Group
			
			
			Z25
			
			
			2.6
			
			
			4.1
			
			
			9.0
			
			
			9.0
			
			
			-21.6
			
			
			25.4
			
		


			Ascott Residence Trust
			
			
			A68U
			
			
			2.5
			
			
			10.2
			
			
			7.4
			
			
			11.1
			
			
			-6.1
			
			
			14.9
			
		


			Fraser And Neave
			
			
			F99
			
			
			2.5
			
			
			-1.7
			
			
			-0.6
			
			
			1.2
			
			
			-32.1
			
			
			20.6
			
		


			Frasers Logistics &amp; Industrial Trust
			
			
			BUOU
			
			
			2.2
			
			
			4.9
			
			
			5.8
			
			
			5.8
			
			
			-4.2
			
			
			19.8
			
		


			GuocoLand
			
			
			F17
			
			
			2.2
			
			
			1.7
			
			
			1.1
			
			
			1.1
			
			
			-16.3
			
			
			22.5
			
		


			Singapore Post
			
			
			S08
			
			
			2.2
			
			
			7.7
			
			
			4.4
			
			
			4.4
			
			
			-24.1
			
			
			24.2
			
		


			Frasers Centrepoint Trust
			
			
			J69U
			
			
			2.1
			
			
			6.9
			
			
			4.1
			
			
			5.5
			
			
			2.2
			
			
			12.3
			
		


			Thomson Medical Group
			
			
			A50
			
			
			2.0
			
			
			6.8
			
			
			6.8
			
			
			6.8
			
			
			-41.9
			
			
			39.1
			
		


			CDL Hospitality Trusts
			
			
			J85
			
			
			2.0
			
			
			14.4
			
			
			14.4
			
			
			14.4
			
			
			-8.6
			
			
			16.2
			
		


			Hotel Properties
			
			
			H15
			
			
			2.0
			
			
			4.7
			
			
			5.6
			
			
			5.6
			
			
			-5.7
			
			
			19.7
			
		


			Raffles Medical Group
			
			
			BSL
			
			
			2.0
			
			
			0.9
			
			
			0.0
			
			
			0.0
			
			
			0.2
			
			
			23.1
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			2.0
			
			
			9.4
			
			
			7.4
			
			
			10.1
			
			
			-0.7
			
			
			16.3
			
		


			Keppel Infrastructure Trust
			
			
			A7RU
			
			
			1.9
			
			
			7.1
			
			
			4.1
			
			
			6.0
			
			
			-9.5
			
			
			15.9
			
		


			M1
			
			
			B2F
			
			
			1.9
			
			
			-1.9
			
			
			-1.9
			
			
			-1.9
			
			
			25.5
			
			
			31.4
			
		


			Tianjin Zhong Xin Pharm Co-S
			
			
			T14
			
			
			1.8
			
			
			-0.7
			
			
			2.5
			
			
			2.5
			
			
			-2.5
			
			
			32.6
			
		


			ParkwayLife Real Estate
			
			
			C2PU
			
			
			1.7
			
			
			9.1
			
			
			6.5
			
			
			7.7
			
			
			-7.9
			
			
			14.6
			
		


			Ho Bee Land
			
			
			H13
			
			
			1.7
			
			
			5.9
			
			
			7.2
			
			
			7.2
			
			
			0.1
			
			
			18.3
			
		


			Sheng Siong Group
			
			
			OV8
			
			
			1.7
			
			
			4.7
			
			
			5.7
			
			
			5.7
			
			
			18.4
			
			
			20.6
			
		


			Best World International
			
			
			CGN
			
			
			1.7
			
			
			1.5
			
			
			15.6
			
			
			15.6
			
			
			105.7
			
			
			46.3
			
		


			ESR-REIT
			
			
			J91U
			
			
			1.6
			
			
			4.6
			
			
			1.0
			
			
			2.6
			
			
			-1.8
			
			
			17.5
			
		


			United Engineers
			
			
			U04
			
			
			1.6
			
			
			0.8
			
			
			0.4
			
			
			0.4
			
			
			-2.7
			
			
			12.8
			
		


			Cromwell European REIT
			
			
			CNNU
			
			
			1.6
			
			
			8.8
			
			
			6.5
			
			
			6.5
			
			
			-13.3
			
			
			27.0
			
		


			Wing Tai Holdings
			
			
			W05
			
			
			1.6
			
			
			6.2
			
			
			5.2
			
			
			5.2
			
			
			-11.8
			
			
			21.9
			
		


			Starhill Global REIT
			
			
			P40U
			
			
			1.5
			
			
			5.1
			
			
			4.4
			
			
			6.1
			
			
			-6.5
			
			
			14.1
			
		


			Japfa
			
			
			UD2
			
			
			1.5
			
			
			13.7
			
			
			11.6
			
			
			11.6
			
			
			44.6
			
			
			37.6
			
		


			Manulife US Real Estate Investment Trust
			
			
			BTOU
			
			
			1.5
			
			
			9.0
			
			
			10.5
			
			
			10.5
			
			
			-7.2
			
			
			17.7
			
		


			Bukit Sembawang Estates
			
			
			B61
			
			
			1.5
			
			
			-0.7
			
			
			-0.7
			
			
			-0.7
			
			
			-7.0
			
			
			19.0
			
		


			CapitaLand Retail China Trust
			
			
			AU8U
			
			
			1.5
			
			
			10.3
			
			
			8.8
			
			
			8.8
			
			
			-12.5
			
			
			17.6
			
		


			OUE Commercial Real Estate I
			
			
			TS0U
			
			
			1.4
			
			
			8.7
			
			
			9.8
			
			
			9.8
			
			
			-22.6
			
			
			17.9
			
		


			Frasers Hospitality Trust
			
			
			ACV
			
			
			1.4
			
			
			5.0
			
			
			5.0
			
			
			5.0
			
			
			-4.7
			
			
			14.4
			
		


			OUE
			
			
			LJ3
			
			
			1.4
			
			
			7.0
			
			
			6.3
			
			
			6.3
			
			
			-22.2
			
			
			20.7
			
		


			Frasers Commercial Trust
			
			
			ND8U
			
			
			1.4
			
			
			10.6
			
			
			10.2
			
			
			12.1
			
			
			-1.7
			
			
			15.5
			
		


			Silverlake Axis
			
			
			5CP
			
			
			1.3
			
			
			16.9
			
			
			19.3
			
			
			19.3
			
			
			-24.7
			
			
			30.7
			
		


			OUE Hospitality Trust
			
			
			SK7
			
			
			1.3
			
			
			9.7
			
			
			6.0
			
			
			7.9
			
			
			-16.0
			
			
			18.9
			
		


			Oxley Holdings
			
			
			5UX
			
			
			1.3
			
			
			3.4
			
			
			5.2
			
			
			5.2
			
			
			-44.7
			
			
			35.9
			
		


			Far East Hospitality Trust
			
			
			Q5T
			
			
			1.2
			
			
			9.9
			
			
			9.1
			
			
			9.1
			
			
			-10.8
			
			
			18.9
			
		


			Bumitama Agri
			
			
			P8Z
			
			
			1.2
			
			
			11.3
			
			
			12.1
			
			
			12.1
			
			
			-13.4
			
			
			26.0
			
		


			Hong Leong Finance
			
			
			S41
			
			
			1.2
			
			
			3.1
			
			
			3.9
			
			
			3.9
			
			
			-2.0
			
			
			10.5
			
		


			Ascendas India Trust
			
			
			CY6U
			
			
			1.2
			
			
			0.0
			
			
			4.6
			
			
			4.6
			
			
			0.2
			
			
			21.4
			
		


			Sinarmas Land
			
			
			A26
			
			
			1.1
			
			
			0.0
			
			
			8.0
			
			
			8.0
			
			
			-36.1
			
			
			42.9
			
		


			Average:
			
			
			 
			
			
			 
			
			
			5.7
			
			
			5.9
			
			
			6.4
			
			
			-7.3
			
			
			24.8
			
		

Source: SGX StockFacts, Bloomberg (Data as of 7 February 2019)



Mapletree Pan Asia Commercial Trust (MCT SP)

Mid Cap Stocks Strongest Across APAC Financial Centres in January  