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

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
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<ul>
<li>
Four SGX-listed constituents were removed from and three included in the FTSE Value-Stocks ASEAN Index, following FTSE Russell’s semi-annual review on 11 Oct 2019. This brings the total number of SGX-listed stocks in the Index to 11. 
	 </li>
	<li>
Effective last Monday, 21 Oct 2019, Singapore Airlines, ComfortDelGro and CDL Hospitality Trusts were added to the FTSE Value-Stocks ASEAN, while City Developments, UOL Group, Mapletree Industrial Trust and Bukit Sembawang Estates were removed from the Index. 
	 </li>
	<li>Among these 11 SGX-listed constituents of the Index, the five best performers in the YTD were: Manulife US REIT (+30.6%), CDL Hospitality Trusts (+18.1%), ComfortDelGro (+17.8%), Singtel (+14.2%) and Venture (+13.0%). They have averaged a total return of 18.8% over the period.</li>
</ul>
 

The FTSE Value-Stocks ASEAN Index consists of approximately 50 value stocks amongst the most liquid and tradable companies listed on Singapore Exchange, Indonesia Stock Exchange, Bursa Malaysia, Philippine Stock Exchange, and Stock Exchange of Thailand.

Following FTSE Russell’s semi-annual review of the FTSE Value-Stocks ASEAN Index on 11 October 2019, four SGX-listed constituents were removed and three added, bringing the total number of SGX-listed stocks in the Index to 11. These changes took effect last Monday, 21 October 2019.

Constituents Added:

<ul>
<li>Singapore Airlines</li>
	<li>ComfortDelGro Corp</li>
	<li>CDL Hospitality Trusts</li>
</ul>
Constituents Removed: 

<ul>
<li>City Developments</li>
	<li>UOL Group</li>
	<li>Mapletree Industrial Trust</li>
	<li>Bukit Sembawang Estates 
	 </li>
</ul>
For more details of the FTSE Value-Stocks ASEAN Index’s constituent changes, click <a href="http://www.ftse.com/products/index-notices/home/getnotice?id=2594251">here</a>. 
 

The 11 SGX-listed constituents of the FTSE Value-Stocks ASEAN Index have a combined market capitalisation of over S$250 billion, and include two real estate investment trusts (REITs).

In the 2019 year-to-date, the five best-performing constituents of the Index were: Manulife US REIT (+30.6%), CDL Hospitality Trusts (+18.1%), ComfortDelGro Corp (+17.8%), Singtel (+14.2%) and Venture Corp (+13.0%).

These five have averaged a total return of 18.8% in the YTD, bringing their three-year and five-year total returns to 36.3% and 45.0% respectively. Note that five-year total returns data is unavailable for Manulife US REIT, which was listed in May 2016.

The table below details the performances of the FTSE Value-Stocks ASEAN Index’s SGX-listed constituents, sorted by market cap.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			Total Return 5Y (%)
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HLDGS
			</td>
			<td>
			D05
			</td>
			<td>
			63,329
			</td>
			<td>
			10.7
			</td>
			<td>
			89.8
			</td>
			<td>
			68.2
			</td>
		</tr>
<tr>
<td>
			SINGTEL
			</td>
			<td>
			Z74
			</td>
			<td>
			52,743
			</td>
			<td>
			14.2
			</td>
			<td>
			-3.0
			</td>
			<td>
			12.2
			</td>
		</tr>
<tr>
<td>
			OCBC BANK
			</td>
			<td>
			O39
			</td>
			<td>
			46,904
			</td>
			<td>
			-0.5
			</td>
			<td>
			39.0
			</td>
			<td>
			31.6
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			U11
			</td>
			<td>
			4,291
			</td>
			<td>
			11.1
			</td>
			<td>
			54.8
			</td>
			<td>
			45.2
			</td>
		</tr>
<tr>
<td>
			JARDINE CYCLE &amp; CARRIAGE
			</td>
			<td>
			C07
			</td>
			<td>
			11,924
			</td>
			<td>
			-8.1
			</td>
			<td>
			-18.6
			</td>
			<td>
			-5.8
			</td>
		</tr>
<tr>
<td>
			GENTING SINGAPORE
			</td>
			<td>
			G13
			</td>
			<td>
			11,213
			</td>
			<td>
			-1.5
			</td>
			<td>
			34.1
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			SINGAPORE AIRLINES
			</td>
			<td>
			C6L
			</td>
			<td>
			10,808
			</td>
			<td>
			-1.6
			</td>
			<td>
			-4.5
			</td>
			<td>
			9.7
			</td>
		</tr>
<tr>
<td>
			COMFORTDELGRO CORP
			</td>
			<td>
			C52
			</td>
			<td>
			5,241
			</td>
			<td>
			17.8
			</td>
			<td>
			2.8
			</td>
			<td>
			19.0
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			4,358
			</td>
			<td>
			13.0
			</td>
			<td>
			85.5
			</td>
			<td>
			156.9
			</td>
		</tr>
<tr>
<td>
			CDL HOSPITALITY TRUSTS
			</td>
			<td>
			J85
			</td>
			<td>
			1,963
			</td>
			<td>
			18.1
			</td>
			<td>
			49.9
			</td>
			<td>
			36.7
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT
			</td>
			<td>
			BTOU
			</td>
			<td>
			1,861
			</td>
			<td>
			30.6
			</td>
			<td>
			46.1
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			9.4
			</td>
			<td>
			34.2
			</td>
			<td>
			34.1
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 24 Oct 2019)

 

FTSE Value-Stocks ASEAN Index Methodology

The FTSE Value-Stocks ASEAN Index is a value-based index designed by Value Partners Index Services, and created, calculated and maintained by FTSE International. 
 

Each security must be a current constituent of the FTSE Global All Cap Index. In the Index screening, Value Partners will screen each security in the ASEAN Investable Universe, and each will be ranked by three sets of value-investing screening criteria, namely Contrarian, Quality and Valuation screenings. The largest capitalised stocks that meet the criteria will be selected. 
 

As outlined in the Index ground rules:

<ul>
<li>
Contrarian screening aims to avoid following the herd. Companies in the investable universe covered by more than 10 analysts in the forecast recommendation with a buy recommendation from over 80% of analysts will be screened out.</li>
	<li>
Quality screening is applied to avoid value traps, based on three fundamental factors: 3-year Average Return on Equity, Operating Profit Margin and Net Gearing.</li>
	<li>
Valuation screening helps to identify relatively under-valued constituents in the ASEAN Investable Universe with rankings based on Dividend Yield and Forecast Price-to-Earnings ratio. 
	 </li>
</ul>
From the ASEAN Investable Universe, the companies passing through these screenings are ranked by PE ratio and the companies with the lowest PE ratios are selected to be the constituents of the Index. The Index is free float-weighted and constituent stocks are capped at 5% weighting to avoid over-concentration in any one stock.

Reviews will be conducted on a semi-annual basis in May and October using data as at the last working day in April and September respectively.

 

For more details on index methodology, click <a href="http://www.ftse.com/products/downloads/FTSE_Value_Stocks_ASEAN_Index__English_.pdf?78">here</a>. 
</body></html>





Four SGX-listed constituents were removed from and three included in the FTSE Value-Stocks ASEAN Index, following FTSE Russell’s semi-annual review on 11 Oct 2019. This brings the total number of SGX-listed stocks in the Index to 11. 
	 
	
Effective last Monday, 21 Oct 2019, Singapore Airlines, ComfortDelGro and CDL Hospitality Trusts were added to the FTSE Value-Stocks ASEAN, while City Developments, UOL Group, Mapletree Industrial Trust and Bukit Sembawang Estates were removed from the Index. 
	 
	Among these 11 SGX-listed constituents of the Index, the five best performers in the YTD were: Manulife US REIT (+30.6%), CDL Hospitality Trusts (+18.1%), ComfortDelGro (+17.8%), Singtel (+14.2%) and Venture (+13.0%). They have averaged a total return of 18.8% over the period.

 

The FTSE Value-Stocks ASEAN Index consists of approximately 50 value stocks amongst the most liquid and tradable companies listed on Singapore Exchange, Indonesia Stock Exchange, Bursa Malaysia, Philippine Stock Exchange, and Stock Exchange of Thailand.

Following FTSE Russell’s semi-annual review of the FTSE Value-Stocks ASEAN Index on 11 October 2019, four SGX-listed constituents were removed and three added, bringing the total number of SGX-listed stocks in the Index to 11. These changes took effect last Monday, 21 October 2019.

Constituents Added:


Singapore Airlines
	ComfortDelGro Corp
	CDL Hospitality Trusts

Constituents Removed: 


City Developments
	UOL Group
	Mapletree Industrial Trust
	Bukit Sembawang Estates 
	 

For more details of the FTSE Value-Stocks ASEAN Index’s constituent changes, click here. 
 

The 11 SGX-listed constituents of the FTSE Value-Stocks ASEAN Index have a combined market capitalisation of over S$250 billion, and include two real estate investment trusts (REITs).

In the 2019 year-to-date, the five best-performing constituents of the Index were: Manulife US REIT (+30.6%), CDL Hospitality Trusts (+18.1%), ComfortDelGro Corp (+17.8%), Singtel (+14.2%) and Venture Corp (+13.0%).

These five have averaged a total return of 18.8% in the YTD, bringing their three-year and five-year total returns to 36.3% and 45.0% respectively. Note that five-year total returns data is unavailable for Manulife US REIT, which was listed in May 2016.

The table below details the performances of the FTSE Value-Stocks ASEAN Index’s SGX-listed constituents, sorted by market cap.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 3Y (%)
			
			
			Total Return 5Y (%)
			
		


			DBS GROUP HLDGS
			
			
			D05
			
			
			63,329
			
			
			10.7
			
			
			89.8
			
			
			68.2
			
		


			SINGTEL
			
			
			Z74
			
			
			52,743
			
			
			14.2
			
			
			-3.0
			
			
			12.2
			
		


			OCBC BANK
			
			
			O39
			
			
			46,904
			
			
			-0.5
			
			
			39.0
			
			
			31.6
			
		


			UNITED OVERSEAS BANK
			
			
			U11
			
			
			4,291
			
			
			11.1
			
			
			54.8
			
			
			45.2
			
		


			JARDINE CYCLE &amp; CARRIAGE
			
			
			C07
			
			
			11,924
			
			
			-8.1
			
			
			-18.6
			
			
			-5.8
			
		


			GENTING SINGAPORE
			
			
			G13
			
			
			11,213
			
			
			-1.5
			
			
			34.1
			
			
			1.2
			
		


			SINGAPORE AIRLINES
			
			
			C6L
			
			
			10,808
			
			
			-1.6
			
			
			-4.5
			
			
			9.7
			
		


			COMFORTDELGRO CORP
			
			
			C52
			
			
			5,241
			
			
			17.8
			
			
			2.8
			
			
			19.0
			
		


			VENTURE CORP
			
			
			V03
			
			
			4,358
			
			
			13.0
			
			
			85.5
			
			
			156.9
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			1,963
			
			
			18.1
			
			
			49.9
			
			
			36.7
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			1,861
			
			
			30.6
			
			
			46.1
			
			
			0.0
			
		


			Average
			
			
			 
			
			
			 
			
			
			9.4
			
			
			34.2
			
			
			34.1
			
		

Source: Bloomberg &amp; StockFacts (data as of 24 Oct 2019)

 

FTSE Value-Stocks ASEAN Index Methodology

The FTSE Value-Stocks ASEAN Index is a value-based index designed by Value Partners Index Services, and created, calculated and maintained by FTSE International. 
 

Each security must be a current constituent of the FTSE Global All Cap Index. In the Index screening, Value Partners will screen each security in the ASEAN Investable Universe, and each will be ranked by three sets of value-investing screening criteria, namely Contrarian, Quality and Valuation screenings. The largest capitalised stocks that meet the criteria will be selected. 
 

As outlined in the Index ground rules:



Contrarian screening aims to avoid following the herd. Companies in the investable universe covered by more than 10 analysts in the forecast recommendation with a buy recommendation from over 80% of analysts will be screened out.
	
Quality screening is applied to avoid value traps, based on three fundamental factors: 3-year Average Return on Equity, Operating Profit Margin and Net Gearing.
	
Valuation screening helps to identify relatively under-valued constituents in the ASEAN Investable Universe with rankings based on Dividend Yield and Forecast Price-to-Earnings ratio. 
	 

From the ASEAN Investable Universe, the companies passing through these screenings are ranked by PE ratio and the companies with the lowest PE ratios are selected to be the constituents of the Index. The Index is free float-weighted and constituent stocks are capped at 5% weighting to avoid over-concentration in any one stock.

Reviews will be conducted on a semi-annual basis in May and October using data as at the last working day in April and September respectively.

 

For more details on index methodology, click here. 



SIA, ComfortDelGro, CDL Hospitality Joined FTSE Value-Stocks ASEAN Index      