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 FTSE ST Small Cap Index’s 49 constituents – comprising 19 REITs and 30 companies – have a combined market cap of about S$40 billion. REITs in the Index carry a weighting of approximately 69.2%, with companies accounting for the remaining 30.8%. 
	 </li>
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In the 2019 YTD, the Small Cap Index has generated a total return of 13.3%, compared with total returns of 8.9% and 10.5% for the benchmark STI and broader FTSE ST All-Share Index respectively. 
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	<li>In the YTD, the five best performers of the Small Cap Index were: UMS (+84.4%), Hi-P (+83.6%), Indofood Agri Resources (+71.7%), Sasseur REIT (+53.2%) and Ascendas Hospitality Trust (+50.0%). These five constituents have averaged a YTD total return of +68.6%.</li>
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The FTSE ST Small Cap Index is a free float-adjusted, market capitalisation-weighted index, representing the performance of small-cap companies that pass size, free float and liquidity screens and trade on SGX Mainboard.

The Index’s 49 constituents – comprising 19 Real Estate Investment Trusts (REITs) and 30 companies – have a combined market cap of about S$40 billion, ranging from S$152 million to nearly S$3 billion. REITs in the Index carry a weighting of approximately 69.2%, with companies accounting for the remaining 30.8%.

In the 2019 year-to-date, the FTSE ST Small Cap Index has generated a total return of 13.3%, compared with total returns of 8.9% and 10.5% for the benchmark Straits Times Index (STI) and broader FTSE ST All-Share Index respectively.
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 <img src='https://api2.sgx.com/sites/default/files/2019-12/YTD%20total%20returns%20small%20cap%20index.png' alt='YTD total returns' />
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 <div class='content-caption'>YTD total returns</div>
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Source: Bloomberg (data as of 13 Dec 2019)

 

In the YTD, the five best performers in the FTSE ST Small Cap Index were: UMS Holdings (+84.4%), Hi-P International (+83.6%), Indofood Agri Resources (+71.7%), Sasseur REIT (+53.2%) and Ascendas Hospitality Trust (+50.0%).

These five constituents – with a combined market cap of nearly S$5 billion – have averaged a YTD total return of +68.6%, bringing their three-year total returns to +92.1%. Note that Sasseur REIT does not have a three-year return as it was listed only in March 2018.

The table below details the 10 best-performing constituents of the FTSE ST Small Cap Index, sorted by YTD total returns.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS
			</td>
			<td>
			558
			</td>
			<td>
			533,747,776
			</td>
			<td>
			84.4
			</td>
			<td>
			143.8
			</td>
		</tr>
<tr>
<td>
			HI-P INTL
			</td>
			<td>
			H17
			</td>
			<td>
			1,240,415,744
			</td>
			<td>
			83.6
			</td>
			<td>
			267.6
			</td>
		</tr>
<tr>
<td>
			INDOFOOD AGRI RESOURCES
			</td>
			<td>
			5JS
			</td>
			<td>
			453,668,960
			</td>
			<td>
			71.7
			</td>
			<td>
			-38.8
			</td>
		</tr>
<tr>
<td>
			SASSEUR REIT
			</td>
			<td>
			CRPU
			</td>
			<td>
			1,088,809,728
			</td>
			<td>
			53.2
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			ASCENDAS HOSPITALITY TRUST
			</td>
			<td>
			Q1P
			</td>
			<td>
			1,286,626,176
			</td>
			<td>
			50.0
			</td>
			<td>
			88.0
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST
			</td>
			<td>
			CY6U
			</td>
			<td>
			1,760,633,856
			</td>
			<td>
			49.2
			</td>
			<td>
			71.3
			</td>
		</tr>
<tr>
<td>
			CITIC ENVIROTECH
			</td>
			<td>
			CEE
			</td>
			<td>
			1,314,004,352
			</td>
			<td>
			44.9
			</td>
			<td>
			-9.4
			</td>
		</tr>
<tr>
<td>
			QAF LTD
			</td>
			<td>
			Q01
			</td>
			<td>
			454,462,080
			</td>
			<td>
			44.7
			</td>
			<td>
			-31.2
			</td>
		</tr>
<tr>
<td>
			ACCORDIA GOLF TRUST
			</td>
			<td>
			ADQU
			</td>
			<td>
			747,402,944
			</td>
			<td>
			44.1
			</td>
			<td>
			33.1
			</td>
		</tr>
<tr>
<td>
			ASIAN PAY TV TRUST
			</td>
			<td>
			S7OU
			</td>
			<td>
			248,962,576
			</td>
			<td>
			42.7
			</td>
			<td>
			-45.0
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			56.9
			</td>
			<td>
			47.9
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 13 Dec 2019)

 

In the YTD, the five least-performing stocks of the FTSE ST Small Cap Index were: Breadtalk Group (-22.9%), Japfa Ltd (-17.5%), Duty Free International (-16.0%), China Sunsine Chemical (-15.1%) and Ying Li International (-12.9%). They averaged a total return of -16.9% over the period.
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The FTSE ST Small Cap Index’s 49 constituents – comprising 19 REITs and 30 companies – have a combined market cap of about S$40 billion. REITs in the Index carry a weighting of approximately 69.2%, with companies accounting for the remaining 30.8%. 
	 
	
In the 2019 YTD, the Small Cap Index has generated a total return of 13.3%, compared with total returns of 8.9% and 10.5% for the benchmark STI and broader FTSE ST All-Share Index respectively. 
	 
	In the YTD, the five best performers of the Small Cap Index were: UMS (+84.4%), Hi-P (+83.6%), Indofood Agri Resources (+71.7%), Sasseur REIT (+53.2%) and Ascendas Hospitality Trust (+50.0%). These five constituents have averaged a YTD total return of +68.6%.

 

The FTSE ST Small Cap Index is a free float-adjusted, market capitalisation-weighted index, representing the performance of small-cap companies that pass size, free float and liquidity screens and trade on SGX Mainboard.

The Index’s 49 constituents – comprising 19 Real Estate Investment Trusts (REITs) and 30 companies – have a combined market cap of about S$40 billion, ranging from S$152 million to nearly S$3 billion. REITs in the Index carry a weighting of approximately 69.2%, with companies accounting for the remaining 30.8%.

In the 2019 year-to-date, the FTSE ST Small Cap Index has generated a total return of 13.3%, compared with total returns of 8.9% and 10.5% for the benchmark Straits Times Index (STI) and broader FTSE ST All-Share Index respectively.



      
    
    YTD total returns


Source: Bloomberg (data as of 13 Dec 2019)

 

In the YTD, the five best performers in the FTSE ST Small Cap Index were: UMS Holdings (+84.4%), Hi-P International (+83.6%), Indofood Agri Resources (+71.7%), Sasseur REIT (+53.2%) and Ascendas Hospitality Trust (+50.0%).

These five constituents – with a combined market cap of nearly S$5 billion – have averaged a YTD total return of +68.6%, bringing their three-year total returns to +92.1%. Note that Sasseur REIT does not have a three-year return as it was listed only in March 2018.

The table below details the 10 best-performing constituents of the FTSE ST Small Cap Index, sorted by YTD total returns.




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


			UMS HOLDINGS
			
			
			558
			
			
			533,747,776
			
			
			84.4
			
			
			143.8
			
		


			HI-P INTL
			
			
			H17
			
			
			1,240,415,744
			
			
			83.6
			
			
			267.6
			
		


			INDOFOOD AGRI RESOURCES
			
			
			5JS
			
			
			453,668,960
			
			
			71.7
			
			
			-38.8
			
		


			SASSEUR REIT
			
			
			CRPU
			
			
			1,088,809,728
			
			
			53.2
			
			
			NA
			
		


			ASCENDAS HOSPITALITY TRUST
			
			
			Q1P
			
			
			1,286,626,176
			
			
			50.0
			
			
			88.0
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			1,760,633,856
			
			
			49.2
			
			
			71.3
			
		


			CITIC ENVIROTECH
			
			
			CEE
			
			
			1,314,004,352
			
			
			44.9
			
			
			-9.4
			
		


			QAF LTD
			
			
			Q01
			
			
			454,462,080
			
			
			44.7
			
			
			-31.2
			
		


			ACCORDIA GOLF TRUST
			
			
			ADQU
			
			
			747,402,944
			
			
			44.1
			
			
			33.1
			
		


			ASIAN PAY TV TRUST
			
			
			S7OU
			
			
			248,962,576
			
			
			42.7
			
			
			-45.0
			
		


			Average
			
			
			 
			
			
			 
			
			
			56.9
			
			
			47.9
			
		

Source: Bloomberg &amp; StockFacts (data as of 13 Dec 2019)

 

In the YTD, the five least-performing stocks of the FTSE ST Small Cap Index were: Breadtalk Group (-22.9%), Japfa Ltd (-17.5%), Duty Free International (-16.0%), China Sunsine Chemical (-15.1%) and Ying Li International (-12.9%). They averaged a total return of -16.9% over the period.



Small Cap Index’s Five Best-Performing Constituents Returned 69% in YTD      

Hi P International

Small Cap Index’s Five Best-Performing Constituents Returned 69% in YTD