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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Singapore’s Industrial Production has booked 9% growth for the first 5 months of 2022, following 13% growth in 2021 and 7% growth posted in 2020.  Resilient regional trade has also supported manufacturing industries, with Singapore’s NODX expanding for the past 18 months on YoY basis. 
	 </li>
	<li>
Singapore’s 20 most traded stocks with significant manufacturing activity generally span all key facets of Industrial Production, including electronics, chemicals, medical, precision engineering, transport engineering and general manufacturing. With combined S$200 million in daily trading turnover in the 2022 YTD, the 20 stocks have averaged a 4% decline in total return, bringing average annualised total returns since the end of 2019 to 13%. 
	 </li>
	<li>
Last week, NIO rallied 18%, with the designer, developer, jointly manufacturer and seller of premium smart electric vehicles, averaging close to 20% weekly trading ranges since its debut on 20 May, while also ranking among Singapore’s 50 most traded stocks.  
	 </li>
	<li>
BA.4 and BA.5 concerns also saw Riverstone and Top Glove Corp average 6% returns last week, while some global rotation into Technology saw Frencken Group, Nanofilm Technologies International, ST Engineering, ISDN Holdings, UMS Holdings, Aztech Global, AEM Holdings and Venture Corporation average 2% returns on the week. 
	 </li>
</ul>
On Friday, Singapore’s May Industrial Production (IP) was <a href="https://www.edb.gov.sg/en/about-edb/media-releases-publications/monthly-manufacturing-performance.html">reported</a> to grow 13.8% YoY, growing 8.7% for the first five months of 2022. This follows a 13.3% growth in 2021 and a 7.5% growth in 2020.  

Singapore’s most traded stocks with significant manufacturing activity broadly span all facets of Singapore’s IP, including electronics, chemicals, medical, precision engineering, transport engineering and general manufacturing. Coinciding with the importance of regional trade to manufacturing, a number of these stocks are also based in Singapore’s biggest trading partners such as China, Malaysia and Indonesia.

Singapore’s 20 most traded stocks with manufacturing related activity are tabled below. Combined, the 20 stocks have booked more than S$200 million in daily trading turnover in the 2022 year-to-date while averaging a 4% decline in total return, bringing their average annualised total returns since the end of 2019 to 13%. 
 

<table class="table table-striped"><tbody>
<tr>
<td>
			Most traded stocks with Manufacturing-related activities
			</td>
			<td>
			Code
			</td>
			<td>
			Sector
			</td>
			<td>
			Total Return Last Week (%)
			</td>
			<td>
			Total Return June MTD (%)
			</td>
			<td>
			Total Return 2022 YTD 

			(%)
			</td>
			<td>
			Annual'd Total Return since 2019 (%)
			</td>
			<td>
			Annual'd Volatility since 2019 (%)
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
			<td>
			1
			</td>
			<td>
			-3
			</td>
			<td>
			0
			</td>
			<td>
			3
			</td>
			<td>
			29
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg SGD
			</td>
			<td>
			BS6
			</td>
			<td>
			Industrials
			</td>
			<td>
			-4
			</td>
			<td>
			3
			</td>
			<td>
			45
			</td>
			<td>
			29
			</td>
			<td>
			34
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			Industrials
			</td>
			<td>
			2
			</td>
			<td>
			-2
			</td>
			<td>
			10
			</td>
			<td>
			6
			</td>
			<td>
			23
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
			<td>
			-1
			</td>
			<td>
			-7
			</td>
			<td>
			-6
			</td>
			<td>
			6
			</td>
			<td>
			25
			</td>
		</tr>
<tr>
<td>
			ThaiBev
			</td>
			<td>
			Y92
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
			<td>
			-1
			</td>
			<td>
			-7
			</td>
			<td>
			1
			</td>
			<td>
			-9
			</td>
			<td>
			28
			</td>
		</tr>
<tr>
<td>
			AEM SGD
			</td>
			<td>
			AWX
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
			<td>
			0
			</td>
			<td>
			-8
			</td>
			<td>
			-20
			</td>
			<td>
			37
			</td>
			<td>
			44
			</td>
		</tr>
<tr>
<td>
			UMS
			</td>
			<td>
			558
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
			<td>
			1
			</td>
			<td>
			-5
			</td>
			<td>
			-26
			</td>
			<td>
			17
			</td>
			<td>
			42
			</td>
		</tr>
<tr>
<td>
			First Resources
			</td>
			<td>
			EB5
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
			<td>
			-9
			</td>
			<td>
			-10
			</td>
			<td>
			18
			</td>
			<td>
			-1
			</td>
			<td>
			38
			</td>
		</tr>
<tr>
<td>
			Sembcorp Marine
			</td>
			<td>
			S51
			</td>
			<td>
			Industrials
			</td>
			<td>
			-1
			</td>
			<td>
			-9
			</td>
			<td>
			32
			</td>
			<td>
			-54
			</td>
			<td>
			58
			</td>
		</tr>
<tr>
<td>
			Frencken
			</td>
			<td>
			E28
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
			<td>
			7
			</td>
			<td>
			-4
			</td>
			<td>
			-41
			</td>
			<td>
			12
			</td>
			<td>
			48
			</td>
		</tr>
<tr>
<td>
			NIO Inc. USD OV
			</td>
			<td>
			NIO
			</td>
			<td>
			Consumer Cyclicals
			</td>
			<td>
			18
			</td>
			<td>
			38
			</td>
			<td>
			N/A
			</td>
			<td>
			N/A
			</td>
			<td>
			N/A
			</td>
		</tr>
<tr>
<td>
			Nanofilm
			</td>
			<td>
			MZH
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
			<td>
			3
			</td>
			<td>
			-2
			</td>
			<td>
			-36
			</td>
			<td>
			N/A
			</td>
			<td>
			N/A
			</td>
		</tr>
<tr>
<td>
			Olam Group
			</td>
			<td>
			VC2
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
			<td>
			1
			</td>
			<td>
			1
			</td>
			<td>
			-10
			</td>
			<td>
			0
			</td>
			<td>
			29
			</td>
		</tr>
<tr>
<td>
			Riverstone
			</td>
			<td>
			AP4
			</td>
			<td>
			Healthcare
			</td>
			<td>
			7
			</td>
			<td>
			-5
			</td>
			<td>
			15
			</td>
			<td>
			29
			</td>
			<td>
			57
			</td>
		</tr>
<tr>
<td>
			Jiutian Chemical
			</td>
			<td>
			C8R
			</td>
			<td>
			Materials &amp; Resources
			</td>
			<td>
			-5
			</td>
			<td>
			-7
			</td>
			<td>
			33
			</td>
			<td>
			108
			</td>
			<td>
			90
			</td>
		</tr>
<tr>
<td>
			Top Glove
			</td>
			<td>
			BVA
			</td>
			<td>
			Healthcare
			</td>
			<td>
			5
			</td>
			<td>
			-23
			</td>
			<td>
			-56
			</td>
			<td>
			-11
			</td>
			<td>
			65
			</td>
		</tr>
<tr>
<td>
			ISDN
			</td>
			<td>
			I07
			</td>
			<td>
			Industrials
			</td>
			<td>
			2
			</td>
			<td>
			-17
			</td>
			<td>
			-34
			</td>
			<td>
			36
			</td>
			<td>
			56
			</td>
		</tr>
<tr>
<td>
			Aztech Gbl
			</td>
			<td>
			8AZ
			</td>
			<td>
			Industrials
			</td>
			<td>
			1
			</td>
			<td>
			-6
			</td>
			<td>
			-3
			</td>
			<td>
			N/A
			</td>
			<td>
			N/A
			</td>
		</tr>
<tr>
<td>
			Japfa
			</td>
			<td>
			UD2
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
			<td>
			6
			</td>
			<td>
			-2
			</td>
			<td>
			1
			</td>
			<td>
			9
			</td>
			<td>
			41
			</td>
		</tr>
<tr>
<td>
			Haw Par
			</td>
			<td>
			H02
			</td>
			<td>
			Healthcare
			</td>
			<td>
			0
			</td>
			<td>
			-6
			</td>
			<td>
			-2
			</td>
			<td>
			-3
			</td>
			<td>
			21
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			2
			</td>
			<td>
			-4
			</td>
			<td>
			-4
			</td>
			<td>
			13
			</td>
			<td>
			43
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			1
			</td>
			<td>
			-6
			</td>
			<td>
			-2
			</td>
			<td>
			6
			</td>
			<td>
			41
			</td>
		</tr>
</tbody></table>
Source: SGX (Data as of 24 June 2022), Bloomberg &amp; Refinitiv.

 NIO, Medical &amp; Tech Led Manufacturing-related stocks last week 
 

NIO Inc generated an 18% gain last week, with the tradability of the stock generating close to 20% weekly trading ranges since its debut on 20 May. NIO Inc’s stock has seen average intraday swings in the vicinity of 660 bps between its day-high and day-lows over the past 26 sessions, with the widest trading range of 1135 bps on 20 June and the narrowest range on 28 May at 171 bps (excluding the debut session). On 9 June, NIO Inc reported 1Q22 vehicle sales growth of 24.8% YoY, on the back of a 28.5% YoY increase in EV deliveries (25.8k units). Management noted it expects total revenue in 2Q22 to grow 10.6% to 19.4% YoY, with EV deliveries to grow 5.0% to 14.2% YoY.

Last week, the medical side of Singapore’s manufacturing-related stocks posted gains with the BA.4 and BA.5 variants continuing to be closely monitored, and average daily global cases crossed above the 600,000 cases threshold on Thursday, up from the 466,000 low on 30 May. This saw Riverstone Holdings and Top Glove Corp Bhd average 6% returns for the week. Catalist listings, UG Healthcare Corp and Medtecs International Corp, which in the year-to-date rank outside the most 20 trading manufacturing related stocks, averaged 8% gains for the week. Total returns for these four stocks have varied from a 25% decline for Top Glove Corp Bhd to a 533% total return for Medtecs International Corp since the end of 2019.

Resilient regional trade has supported IP growth since 2019. Singapore’s <a href="https://www.enterprisesg.gov.sg/media-centre/media-releases/2022/june/mr03522_singapore-external-trade-for-may-2022?force_isolation=true">NODX</a> has expanded on a YoY basis for the past 18 months, with exports to Indonesia, Taiwan and Malaysia leading the 12% YoY growth in May. Back on 25 May, MTI also <a href="https://www.mti.gov.sg/Newsroom/Press-Releases/2022/05/MTI-Maintains-2022-GDP-Growth-Forecast-at-3_0-to-5_0-Per-Cent">maintained</a> that Singapore’s electronics cluster is expected to expand more strongly than earlier projected, bolstered by robust global demand for semiconductors from the 5G and automotive markets, as well as cloud services and data centres. Electronics were also a main source of the May IP growth, with the semiconductors segment up 45.7% YoY. Last week, Frencken Group, Nanofilm Technologies International, ST Engineering, ISDN Holdings, UMS Holdings, Aztech Global, AEM Holdings and Venture Corporation averaged 1.8% returns, outpacing the STI’s 0.4% gain.  For the 2022 year-to-date, these eight stocks have averaged a 19% decline in total return, in-line with the technology sector which has been weighed by a 29% decline in the SOX. Higher energy prices combined with supply chain constraints and the outlook for growth deceleration has seen technology stocks across the globe the least performers in the year-to-date.  
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Singapore’s Industrial Production has booked 9% growth for the first 5 months of 2022, following 13% growth in 2021 and 7% growth posted in 2020.  Resilient regional trade has also supported manufacturing industries, with Singapore’s NODX expanding for the past 18 months on YoY basis. 
	 
	
Singapore’s 20 most traded stocks with significant manufacturing activity generally span all key facets of Industrial Production, including electronics, chemicals, medical, precision engineering, transport engineering and general manufacturing. With combined S$200 million in daily trading turnover in the 2022 YTD, the 20 stocks have averaged a 4% decline in total return, bringing average annualised total returns since the end of 2019 to 13%. 
	 
	
Last week, NIO rallied 18%, with the designer, developer, jointly manufacturer and seller of premium smart electric vehicles, averaging close to 20% weekly trading ranges since its debut on 20 May, while also ranking among Singapore’s 50 most traded stocks.   
	 
	
BA.4 and BA.5 concerns also saw Riverstone and Top Glove Corp average 6% returns last week, while some global rotation into Technology saw Frencken Group, Nanofilm Technologies International, ST Engineering, ISDN Holdings, UMS Holdings, Aztech Global, AEM Holdings and Venture Corporation average 2% returns on the week.  
	 

On Friday, Singapore’s May Industrial Production (IP) was reported to grow 13.8% YoY, growing 8.7% for the first five months of 2022. This follows a 13.3% growth in 2021 and a 7.5% growth in 2020.  

Singapore’s most traded stocks with significant manufacturing activity broadly span all facets of Singapore’s IP, including electronics, chemicals, medical, precision engineering, transport engineering and general manufacturing. Coinciding with the importance of regional trade to manufacturing, a number of these stocks are also based in Singapore’s biggest trading partners such as China, Malaysia and Indonesia.

Singapore’s 20 most traded stocks with manufacturing related activity are tabled below. Combined, the 20 stocks have booked more than S$200 million in daily trading turnover in the 2022 year-to-date while averaging a 4% decline in total return, bringing their average annualised total returns since the end of 2019 to 13%. 
 




			Most traded stocks with Manufacturing-related activities
			
			
			Code
			
			
			Sector
			
			
			Total Return Last Week (%)
			
			
			Total Return June MTD (%)
			
			
			Total Return 2022 YTD 

			(%)
			
			
			Annual'd Total Return since 2019 (%)
			
			
			Annual'd Volatility since 2019 (%)
			
		


			Wilmar Intl
			
			
			F34
			
			
			Consumer Non-Cyclicals
			
			
			1
			
			
			-3
			
			
			0
			
			
			3
			
			
			29
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			Industrials
			
			
			-4
			
			
			3
			
			
			45
			
			
			29
			
			
			34
			
		


			ST Engineering
			
			
			S63
			
			
			Industrials
			
			
			2
			
			
			-2
			
			
			10
			
			
			6
			
			
			23
			
		


			Venture
			
			
			V03
			
			
			Technology (Hardware/ Software)
			
			
			-1
			
			
			-7
			
			
			-6
			
			
			6
			
			
			25
			
		


			ThaiBev
			
			
			Y92
			
			
			Consumer Non-Cyclicals
			
			
			-1
			
			
			-7
			
			
			1
			
			
			-9
			
			
			28
			
		


			AEM SGD
			
			
			AWX
			
			
			Technology (Hardware/ Software)
			
			
			0
			
			
			-8
			
			
			-20
			
			
			37
			
			
			44
			
		


			UMS
			
			
			558
			
			
			Technology (Hardware/ Software)
			
			
			1
			
			
			-5
			
			
			-26
			
			
			17
			
			
			42
			
		


			First Resources
			
			
			EB5
			
			
			Consumer Non-Cyclicals
			
			
			-9
			
			
			-10
			
			
			18
			
			
			-1
			
			
			38
			
		


			Sembcorp Marine
			
			
			S51
			
			
			Industrials
			
			
			-1
			
			
			-9
			
			
			32
			
			
			-54
			
			
			58
			
		


			Frencken
			
			
			E28
			
			
			Technology (Hardware/ Software)
			
			
			7
			
			
			-4
			
			
			-41
			
			
			12
			
			
			48
			
		


			NIO Inc. USD OV
			
			
			NIO
			
			
			Consumer Cyclicals
			
			
			18
			
			
			38
			
			
			N/A
			
			
			N/A
			
			
			N/A
			
		


			Nanofilm
			
			
			MZH
			
			
			Technology (Hardware/ Software)
			
			
			3
			
			
			-2
			
			
			-36
			
			
			N/A
			
			
			N/A
			
		


			Olam Group
			
			
			VC2
			
			
			Consumer Non-Cyclicals
			
			
			1
			
			
			1
			
			
			-10
			
			
			0
			
			
			29
			
		


			Riverstone
			
			
			AP4
			
			
			Healthcare
			
			
			7
			
			
			-5
			
			
			15
			
			
			29
			
			
			57
			
		


			Jiutian Chemical
			
			
			C8R
			
			
			Materials &amp; Resources
			
			
			-5
			
			
			-7
			
			
			33
			
			
			108
			
			
			90
			
		


			Top Glove
			
			
			BVA
			
			
			Healthcare
			
			
			5
			
			
			-23
			
			
			-56
			
			
			-11
			
			
			65
			
		


			ISDN
			
			
			I07
			
			
			Industrials
			
			
			2
			
			
			-17
			
			
			-34
			
			
			36
			
			
			56
			
		


			Aztech Gbl
			
			
			8AZ
			
			
			Industrials
			
			
			1
			
			
			-6
			
			
			-3
			
			
			N/A
			
			
			N/A
			
		


			Japfa
			
			
			UD2
			
			
			Consumer Non-Cyclicals
			
			
			6
			
			
			-2
			
			
			1
			
			
			9
			
			
			41
			
		


			Haw Par
			
			
			H02
			
			
			Healthcare
			
			
			0
			
			
			-6
			
			
			-2
			
			
			-3
			
			
			21
			
		


			Average
			
			
			 
			
			
			 
			
			
			2
			
			
			-4
			
			
			-4
			
			
			13
			
			
			43
			
		


			Median
			
			
			 
			
			
			 
			
			
			1
			
			
			-6
			
			
			-2
			
			
			6
			
			
			41
			
		

Source: SGX (Data as of 24 June 2022), Bloomberg &amp; Refinitiv.

 NIO, Medical &amp; Tech Led Manufacturing-related stocks last week 
 

NIO Inc generated an 18% gain last week, with the tradability of the stock generating close to 20% weekly trading ranges since its debut on 20 May. NIO Inc’s stock has seen average intraday swings in the vicinity of 660 bps between its day-high and day-lows over the past 26 sessions, with the widest trading range of 1135 bps on 20 June and the narrowest range on 28 May at 171 bps (excluding the debut session). On 9 June, NIO Inc reported 1Q22 vehicle sales growth of 24.8% YoY, on the back of a 28.5% YoY increase in EV deliveries (25.8k units). Management noted it expects total revenue in 2Q22 to grow 10.6% to 19.4% YoY, with EV deliveries to grow 5.0% to 14.2% YoY.

Last week, the medical side of Singapore’s manufacturing-related stocks posted gains with the BA.4 and BA.5 variants continuing to be closely monitored, and average daily global cases crossed above the 600,000 cases threshold on Thursday, up from the 466,000 low on 30 May. This saw Riverstone Holdings and Top Glove Corp Bhd average 6% returns for the week. Catalist listings, UG Healthcare Corp and Medtecs International Corp, which in the year-to-date rank outside the most 20 trading manufacturing related stocks, averaged 8% gains for the week. Total returns for these four stocks have varied from a 25% decline for Top Glove Corp Bhd to a 533% total return for Medtecs International Corp since the end of 2019.

Resilient regional trade has supported IP growth since 2019. Singapore’s NODX has expanded on a YoY basis for the past 18 months, with exports to Indonesia, Taiwan and Malaysia leading the 12% YoY growth in May. Back on 25 May, MTI also maintained that Singapore’s electronics cluster is expected to expand more strongly than earlier projected, bolstered by robust global demand for semiconductors from the 5G and automotive markets, as well as cloud services and data centres. Electronics were also a main source of the May IP growth, with the semiconductors segment up 45.7% YoY. Last week, Frencken Group, Nanofilm Technologies International, ST Engineering, ISDN Holdings, UMS Holdings, Aztech Global, AEM Holdings and Venture Corporation averaged 1.8% returns, outpacing the STI’s 0.4% gain.  For the 2022 year-to-date, these eight stocks have averaged a 19% decline in total return, in-line with the technology sector which has been weighed by a 29% decline in the SOX. Higher energy prices combined with supply chain constraints and the outlook for growth deceleration has seen technology stocks across the globe the least performers in the year-to-date.  



Singapore-listed Manufacturing Stocks on the Move