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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The STI has gained 9.8% in the 2022 YTD, with Sembcorp Ind leading the 22 YTD gainers of the benchmark. On Sector composition, the STI has been the strongest APAC benchmark in the 2022 YTD, with the SET Index the next strongest APAC benchmark with a 6.5% gain. 
	 </li>
	<li>
Sembcorp Ind has pressed on with its strategic transformation of its portfolio from brown to green energy, and aims for its sustainable solutions portfolio to comprise 70% of the Group’s net profit in 2025, up from around 40% in 2020. The stock has rallied 27% in the 2022 YTD, adding to its 20% total return in 2021. 
	 </li>
	<li>
DBS, OCBC and UOB have averaged 16% gains in the 2022 YTD after averaging 25% total returns in 2021. Recent FY21 financial reports for DBS and UOB met market expectations, with OCBC to report before the 23 Feb open. Last week, expectations for a 50 bps hike (rather than 25bps) at the 16 March FOMC declined from 87% to 11%, as of present. 
	 </li>
	<li>In the 2022 YTD, Singapore stocks have drawn in S$1.9 billion in net institutional inflow, with DBS, OCBC and UOB seeing a combined S$1.4 billion in net inflow, while Sembcorp Ind ranked among the top 10 recipients of net institutional inflow with S$60 million of net inflow. </li>
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<table class="table table-striped"><tbody>
<tr>
<td>
			10 STI Stocks with Most Net Institutional Inflow in 2022 YTD
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			2022 YTD Net Insti Inflow S$M
			</td>
			<td>
			2022 YTD Total Return
			</td>
			<td>
			6M Price Volatility
			</td>
			<td>
			2021 Total Return
			</td>
		</tr>
<tr>
<td>
			OCBC Bank
			</td>
			<td>
			O39
			</td>
			<td>
			59,610
			</td>
			<td>
			686.8
			</td>
			<td>
			16%
			</td>
			<td>
			16%
			</td>
			<td>
			17%
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			54,457
			</td>
			<td>
			384.4
			</td>
			<td>
			21%
			</td>
			<td>
			16%
			</td>
			<td>
			24%
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			93,679
			</td>
			<td>
			330.2
			</td>
			<td>
			12%
			</td>
			<td>
			17%
			</td>
			<td>
			35%
			</td>
		</tr>
<tr>
<td>
			Singtel
			</td>
			<td>
			Z74
			</td>
			<td>
			42,096
			</td>
			<td>
			310.0
			</td>
			<td>
			10%
			</td>
			<td>
			16%
			</td>
			<td>
			3%
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td>
			C6L
			</td>
			<td>
			16,084
			</td>
			<td>
			109.1
			</td>
			<td>
			9%
			</td>
			<td>
			22%
			</td>
			<td>
			17%
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			29,652
			</td>
			<td>
			85.0
			</td>
			<td>
			14%
			</td>
			<td>
			20%
			</td>
			<td>
			-7%
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			10,281
			</td>
			<td>
			82.0
			</td>
			<td>
			4%
			</td>
			<td>
			19%
			</td>
			<td>
			4%
			</td>
		</tr>
<tr>
<td>
			CapitaLand Invest
			</td>
			<td>
			9CI
			</td>
			<td>
			19,280
			</td>
			<td>
			69.7
			</td>
			<td>
			10%
			</td>
			<td>
			27%
			</td>
			<td>
			N/A
			</td>
		</tr>
<tr>
<td>
			CapLand Int Comm Trust
			</td>
			<td>
			C38U
			</td>
			<td>
			14,142
			</td>
			<td>
			66.5
			</td>
			<td>
			5%
			</td>
			<td>
			17%
			</td>
			<td>
			0%
			</td>
		</tr>
<tr>
<td>
			Sembcorp Ind
			</td>
			<td>
			U96
			</td>
			<td>
			4,521
			</td>
			<td>
			60.5
			</td>
			<td>
			27%
			</td>
			<td>
			23%
			</td>
			<td>
			20%
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			343,803
			</td>
			<td>
			2,184
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			13%
			</td>
			<td>
			19%
			</td>
			<td>
			12%
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv, Bloomberg (Data as of 18 Feb 2021)
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The STI has gained 9.8% in the 2022 YTD, with Sembcorp Ind leading the 22 YTD gainers of the benchmark. On Sector composition, the STI has been the strongest APAC benchmark in the 2022 YTD, with the SET Index the next strongest APAC benchmark with a 6.5% gain.  
	 
	
Sembcorp Ind has pressed on with its strategic transformation of its portfolio from brown to green energy, and aims for its sustainable solutions portfolio to comprise 70% of the Group’s net profit in 2025, up from around 40% in 2020. The stock has rallied 27% in the 2022 YTD, adding to its 20% total return in 2021. 
	 
	
DBS, OCBC and UOB have averaged 16% gains in the 2022 YTD after averaging 25% total returns in 2021. Recent FY21 financial reports for DBS and UOB met market expectations, with OCBC to report before the 23 Feb open. Last week, expectations for a 50 bps hike (rather than 25bps) at the 16 March FOMC declined from 87% to 11%, as of present. 
	 
	In the 2022 YTD, Singapore stocks have drawn in S$1.9 billion in net institutional inflow, with DBS, OCBC and UOB seeing a combined S$1.4 billion in net inflow, while Sembcorp Ind ranked among the top 10 recipients of net institutional inflow with S$60 million of net inflow. 

 




			10 STI Stocks with Most Net Institutional Inflow in 2022 YTD
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			2022 YTD Net Insti Inflow S$M
			
			
			2022 YTD Total Return
			
			
			6M Price Volatility
			
			
			2021 Total Return
			
		


			OCBC Bank
			
			
			O39
			
			
			59,610
			
			
			686.8
			
			
			16%
			
			
			16%
			
			
			17%
			
		


			UOB
			
			
			U11
			
			
			54,457
			
			
			384.4
			
			
			21%
			
			
			16%
			
			
			24%
			
		


			DBS
			
			
			D05
			
			
			93,679
			
			
			330.2
			
			
			12%
			
			
			17%
			
			
			35%
			
		


			Singtel
			
			
			Z74
			
			
			42,096
			
			
			310.0
			
			
			10%
			
			
			16%
			
			
			3%
			
		


			SIA
			
			
			C6L
			
			
			16,084
			
			
			109.1
			
			
			9%
			
			
			22%
			
			
			17%
			
		


			Wilmar Intl
			
			
			F34
			
			
			29,652
			
			
			85.0
			
			
			14%
			
			
			20%
			
			
			-7%
			
		


			SGX
			
			
			S68
			
			
			10,281
			
			
			82.0
			
			
			4%
			
			
			19%
			
			
			4%
			
		


			CapitaLand Invest
			
			
			9CI
			
			
			19,280
			
			
			69.7
			
			
			10%
			
			
			27%
			
			
			N/A
			
		


			CapLand Int Comm Trust
			
			
			C38U
			
			
			14,142
			
			
			66.5
			
			
			5%
			
			
			17%
			
			
			0%
			
		


			Sembcorp Ind
			
			
			U96
			
			
			4,521
			
			
			60.5
			
			
			27%
			
			
			23%
			
			
			20%
			
		


			Total
			
			
			 
			
			
			343,803
			
			
			2,184
			
			
			 
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			13%
			
			
			19%
			
			
			12%
			
		

 Source: SGX, Refinitiv, Bloomberg (Data as of 18 Feb 2021)



Sembcorp Ind Leads STI in YTD, as Institutions Net Buy S$1.9b of SG Stocks 