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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<li>
At 3,106.0, the STI has returned to within 20% of the 3,640 May 2018 highs, while the Index would have to decline more than 20% to return to the late October 2020 levels. The past five sessions have seen the STI oscillate around 3,100, with much of the STI’s YTD gains attributed to moves over the past 3 weeks. 
	 </li>
	<li>
Retail investors have been net sellers of STI stocks in the YTD, with YZJ Shipbuilding Holdings, SATS, DBS Group Holdings, Oversea-Chinese Banking Corporation and Singapore Airlines recipient to the highest net retail outflows proportionate to current market capitalisation, while averaging a 20% price gain. 
	 </li>
	<li>The two STI ETFs have seen S$5 million of net inflows in the YTD, with investors selling into the rally in recent weeks, which has been offset by inflows from dollar cost averaging Regular Shares Saving (RSS) plans. Combined turnover of the two ETFs is also up 88% YoY.</li>
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At 3,106.0, the Straits Times Index (“STI”) has gained 9.2% in the 2021 year to 15 March, with dividend distributions boosting the total return to 9.4%. This has seen the STI return to within 20% of the May 2018 highs, while the Index would have to decline more than 20% to return to the late October 2020 levels. 
The 120 day rolling correlation of the STI and the broader, regional FTSE ASEAN All-Share Index has gradually eased from a high of 94% on 23 March 2020 to 73% as of yesterday. During 2020 the STI generated an 8.1% decline in total return compared to the FTSE ASEAN All-Share Index declining 3.6%. Conversely, the STI’s 9.4% total return in the 2021 year to 15 March compared to a 5.3% gain for the FTSE ASEAN All-Share Index. 
The three mega sectors of Banks, Real estate and Industrials make up more than 50% of the FTSE ASEAN All-Share Index and more than 70% of the STI. Singapore stocks make up 25% of the FTSE ASEAN All-Share Index and the recent moves in global equities have been driven by expansionary monetary policies, vaccine deployment and expectations of sequential economic and earning recoveries in 2021. The Federal Reserve Balance Sheet has now grown to US$7.6 trillion, while the European Central Bank Balance Sheet now stands at €7.1 trillion. As noted in the SGX My Gateway Report (click <a href="http://edm.sgx.com/a/hBgTzAqB86%24MfB94bJNAAApi2ZY/link1?t_params=Qzjp0d4STDh3UM3m9qw%24PZhH-aRHoxCSttsRhKjsHIqJfW%24b%24%24zmYbekPW56qiGBzToDZ-MbN5afMZcWHXjxYZN">here</a>) as of 13 March, 355 million COVID-19 vaccination doses had been administered across the globe, while total recorded COVID-19 cases stood at 120 million.
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 <img src='https://api2.sgx.com/sites/default/files/2021-03/Capture%201_8.PNG' alt='STI' />
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 <div class='content-caption'>STI</div>
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The SPDR STI ETF which accounts for 76% of the trading turnover of both STI ETFs in the 2021 year to 15 March has recorded a net outflow of S$25 million over the past 10 weeks, which include total creation of S$67 million and total redemption of S$92 million, with investors selling into the rally in recent weeks. However, the Nikko AM STI ETF, recorded a net inflow of S$30 million over the same period with total creation of S$33 million and total redemption of S$3 million. 
STI ETF outflows were likely offset by investors adopting dollar cost averaging (DCA) approaches by investing regularly through <a href="https://www.sgxacademy.com/rssp/">Regular Shares Saving (RSS) plan</a> which offer investors a convenient way of investing by committing a fixed amount of money every month and remove the need of market timing. Note that in the 2021 year to 15 March, the combined trading turnover of the two STI tracking ETFs is up 88% year-on-year at S$553 million. Retail investors have also been net sellers of STI stocks in the 2021 year to 15 March, with S$1.008 billion of net retail outflows, following the same 30 stocks seeing S$7.5 billion of net retail inflows in 2020. Institutions have been net buyers of the 30 STI stocks in the 2021 year to 15 March with S$399 million of net inflows, following net outflows of S$5.2 billion in 2020. So far this year, market makers and liquidity providers have net bought S$609 million in STI stocks, accounting for the difference in flows between retail and institutional flows. 
The STI stocks in the 2021 year to 15 March recipient to the highest net retail inflows were Mapletree Industrial Trust, City Developments, Keppel DC REIT, Venture Corporation and ComfortDelGro Corporation.  The STI stocks in the 2021 year to 15 March recipient to the highest net retail outflows, proportionate to current market capitalisation were Yangzijiang Shipbuilding Holdings, SATS, DBS Group Holdings, Oversea-Chinese Banking Corporation and Singapore Airlines. Together these five stocks have averaged a 20.4% price gain in the 2021 year to 15 March, and three of the five, namely Singapore Airlines, Yangzijiang Shipbuilding Holdings and SATS were among the STI stocks that saw the highest net retail inflows, proportionate to current market capitalisation during 2020. 
Yangzijiang Shipbuilding pushed through its January 2020 highs last week, seeing net institutional inflows help propel the stock to an 83-week high. The stock has now been trading more than S$40 million of average daily turnover this year, which is up 50% from 2020 levels. Since the end of November, the share price of Yangzijiang Shipbuilding has gained 43%, coinciding with a 43% increase in the price of Brent Crude Oil. 
On the shipping and trade front, tomorrow at 0830 SGT, Singapore’s Non-Oil Domestic Exports (“NODX”) report for February will be released (click <a href="https://www.sgxacademy.com/economiccalendar/">here</a> for full calendar). Consensus estimates are for a third consecutive month for year-on-year (“YoY”) growth at a lesser place than January. The preceding NODX reports revealed 12.8% YoY growth in January and 6.8% YoY growth in December. Electronic NODX grew 13.5% YoY in January and 13.7% in January, attributed to the low base for Integrated Circuits in December 2019 and January 2020, amid the then global electronics down-cycle. 
The 30 STI stocks are tabled below and sort by highest market capitalisation. The five strongest stocks of the STI in the 2021 year to 15 March were Jardine Strategic Holdings, Singapore Airlines, Yangzijiang Shipbuilding Holdings, HongkongLand and Jardine Matheson Holdings. On 8 March, Jardine Matheson Holdings announced a plan to simplify the Group’s parent company structure, including the acquisition for cash of the 15% of the Jardine Strategic Holdings issued share capital that Jardine Matheson Holdings, and its wholly-owned subsidiaries do not already own (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/HCYTVKIK2QAGIA05/aecd8b16ea4bebe9104219b16e07d8c03fb8d484452d4f7dee2d9d6ae5928690">here</a> for more details).

<table class="table table-striped"><tbody>
<tr>
<td>
			STI Stocks
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap S$M 
			</td>
			<td>
			3 Day Price Change
			</td>
			<td>
			MTD Price Change 
			</td>
			<td>
			YTD Price Change
			</td>
			<td>
			YTD Net Insti Inflow S$M
			</td>
			<td>
			YTD Net Retail Flow S$M
			</td>
			<td>
			12M Total Return
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			71,471
			</td>
			<td>
			0.4%
			</td>
			<td>
			5.0%
			</td>
			<td>
			11.7%
			</td>
			<td>
			524
			</td>
			<td>
			-558
			</td>
			<td>
			52%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			JMH USD
			</td>
			<td>
			J36
			</td>
			<td>
			64,300
			</td>
			<td>
			0.4%
			</td>
			<td>
			25.4%
			</td>
			<td>
			18.2%
			</td>
			<td>
			-17
			</td>
			<td>
			-5
			</td>
			<td>
			21%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			OCBC Bank
			</td>
			<td>
			O39
			</td>
			<td>
			52,320
			</td>
			<td>
			0.2%
			</td>
			<td>
			6.4%
			</td>
			<td>
			16.2%
			</td>
			<td>
			352
			</td>
			<td>
			-397
			</td>
			<td>
			36%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			JSH USD
			</td>
			<td>
			J37
			</td>
			<td>
			49,297
			</td>
			<td>
			0.8%
			</td>
			<td>
			29.0%
			</td>
			<td>
			35.3%
			</td>
			<td>
			-42
			</td>
			<td>
			-11
			</td>
			<td>
			28%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			42,640
			</td>
			<td>
			0.5%
			</td>
			<td>
			3.3%
			</td>
			<td>
			12.8%
			</td>
			<td>
			239
			</td>
			<td>
			-267
			</td>
			<td>
			34%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			Singtel
			</td>
			<td>
			Z74
			</td>
			<td>
			39,303
			</td>
			<td>
			0.0%
			</td>
			<td>
			1.3%
			</td>
			<td>
			3.0%
			</td>
			<td>
			-237
			</td>
			<td>
			121
			</td>
			<td>
			-6%
			</td>
			<td>
			Telecommunications
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			33,581
			</td>
			<td>
			0.4%
			</td>
			<td>
			0.8%
			</td>
			<td>
			14.4%
			</td>
			<td>
			67
			</td>
			<td>
			-95
			</td>
			<td>
			62%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			ThaiBev
			</td>
			<td>
			Y92
			</td>
			<td>
			18,337
			</td>
			<td>
			-0.7%
			</td>
			<td>
			-0.7%
			</td>
			<td>
			-0.7%
			</td>
			<td>
			-171
			</td>
			<td>
			63
			</td>
			<td>
			15%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			CapitaLand
			</td>
			<td>
			C31
			</td>
			<td>
			16,910
			</td>
			<td>
			0.6%
			</td>
			<td>
			2.2%
			</td>
			<td>
			-0.9%
			</td>
			<td>
			9
			</td>
			<td>
			-39
			</td>
			<td>
			7%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td>
			C6L
			</td>
			<td>
			16,693
			</td>
			<td>
			7.9%
			</td>
			<td>
			13.1%
			</td>
			<td>
			31.5%
			</td>
			<td>
			90
			</td>
			<td>
			-126
			</td>
			<td>
			11%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			HongkongLand USD
			</td>
			<td>
			H78
			</td>
			<td>
			16,170
			</td>
			<td>
			-2.0%
			</td>
			<td>
			7.9%
			</td>
			<td>
			27.0%
			</td>
			<td>
			13
			</td>
			<td>
			-28
			</td>
			<td>
			18%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			CapLand Int Com T
			</td>
			<td>
			C38U
			</td>
			<td>
			13,789
			</td>
			<td>
			1.9%
			</td>
			<td>
			1.4%
			</td>
			<td>
			-1.4%
			</td>
			<td>
			-32
			</td>
			<td>
			12
			</td>
			<td>
			2%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Ascendas REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			12,257
			</td>
			<td>
			3.1%
			</td>
			<td>
			0.3%
			</td>
			<td>
			-1.0%
			</td>
			<td>
			-97
			</td>
			<td>
			111
			</td>
			<td>
			3%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			12,116
			</td>
			<td>
			0.8%
			</td>
			<td>
			3.5%
			</td>
			<td>
			1.8%
			</td>
			<td>
			-58
			</td>
			<td>
			47
			</td>
			<td>
			9%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Genting Sing
			</td>
			<td>
			G13
			</td>
			<td>
			11,100
			</td>
			<td>
			5.1%
			</td>
			<td>
			7.6%
			</td>
			<td>
			8.2%
			</td>
			<td>
			8
			</td>
			<td>
			-24
			</td>
			<td>
			40%
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			10,786
			</td>
			<td>
			0.9%
			</td>
			<td>
			0.9%
			</td>
			<td>
			8.6%
			</td>
			<td>
			56
			</td>
			<td>
			-30
			</td>
			<td>
			23%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			Keppel Corp
			</td>
			<td>
			BN4
			</td>
			<td>
			9,446
			</td>
			<td>
			-0.2%
			</td>
			<td>
			2.2%
			</td>
			<td>
			-3.5%
			</td>
			<td>
			-38
			</td>
			<td>
			15
			</td>
			<td>
			1%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Jardine C&amp;C
			</td>
			<td>
			C07
			</td>
			<td>
			8,940
			</td>
			<td>
			-1.5%
			</td>
			<td>
			7.5%
			</td>
			<td>
			15.7%
			</td>
			<td>
			58
			</td>
			<td>
			-35
			</td>
			<td>
			4%
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			DairyFarm USD
			</td>
			<td>
			D01
			</td>
			<td>
			8,099
			</td>
			<td>
			-4.8%
			</td>
			<td>
			3.8%
			</td>
			<td>
			8.7%
			</td>
			<td>
			9
			</td>
			<td>
			-2
			</td>
			<td>
			11%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Mapletree Log Tr
			</td>
			<td>
			M44U
			</td>
			<td>
			7,924
			</td>
			<td>
			3.9%
			</td>
			<td>
			0.0%
			</td>
			<td>
			-8.0%
			</td>
			<td>
			-88
			</td>
			<td>
			66
			</td>
			<td>
			12%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Mapletree Com Tr
			</td>
			<td>
			N2IU
			</td>
			<td>
			6,831
			</td>
			<td>
			3.5%
			</td>
			<td>
			1.0%
			</td>
			<td>
			-3.3%
			</td>
			<td>
			-18
			</td>
			<td>
			10
			</td>
			<td>
			2%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			CityDev
			</td>
			<td>
			C09
			</td>
			<td>
			6,802
			</td>
			<td>
			-0.1%
			</td>
			<td>
			1.9%
			</td>
			<td>
			-5.9%
			</td>
			<td>
			-98
			</td>
			<td>
			81
			</td>
			<td>
			-8%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			UOL
			</td>
			<td>
			U14
			</td>
			<td>
			6,254
			</td>
			<td>
			-0.5%
			</td>
			<td>
			0.3%
			</td>
			<td>
			-3.9%
			</td>
			<td>
			-23
			</td>
			<td>
			6
			</td>
			<td>
			12%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			Mapletree Ind Tr
			</td>
			<td>
			ME8U
			</td>
			<td>
			6,207
			</td>
			<td>
			4.8%
			</td>
			<td>
			-0.8%
			</td>
			<td>
			-8.7%
			</td>
			<td>
			-121
			</td>
			<td>
			116
			</td>
			<td>
			2%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			5,571
			</td>
			<td>
			0.6%
			</td>
			<td>
			0.0%
			</td>
			<td>
			-1.1%
			</td>
			<td>
			-82
			</td>
			<td>
			64
			</td>
			<td>
			31%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			5,062
			</td>
			<td>
			4.1%
			</td>
			<td>
			2.7%
			</td>
			<td>
			13.6%
			</td>
			<td>
			62
			</td>
			<td>
			-59
			</td>
			<td>
			26%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg SGD
			</td>
			<td>
			BS6
			</td>
			<td>
			4,734
			</td>
			<td>
			7.0%
			</td>
			<td>
			15.0%
			</td>
			<td>
			28.8%
			</td>
			<td>
			144
			</td>
			<td>
			-117
			</td>
			<td>
			62%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Keppel DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			4,263
			</td>
			<td>
			2.4%
			</td>
			<td>
			-4.4%
			</td>
			<td>
			-7.1%
			</td>
			<td>
			-60
			</td>
			<td>
			50
			</td>
			<td>
			26%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			ComfortDelGro
			</td>
			<td>
			C52
			</td>
			<td>
			3,662
			</td>
			<td>
			0.0%
			</td>
			<td>
			5.0%
			</td>
			<td>
			1.2%
			</td>
			<td>
			-70
			</td>
			<td>
			38
			</td>
			<td>
			2%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Sembcorp Ind
			</td>
			<td>
			U96
			</td>
			<td>
			3,242
			</td>
			<td>
			0.0%
			</td>
			<td>
			5.2%
			</td>
			<td>
			6.4%
			</td>
			<td>
			19
			</td>
			<td>
			-16
			</td>
			<td>
			125%
			</td>
			<td>
			Utilities
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv and Bloomberg (Data as 15 March 2021)
</body></html>





At 3,106.0, the STI has returned to within 20% of the 3,640 May 2018 highs, while the Index would have to decline more than 20% to return to the late October 2020 levels. The past five sessions have seen the STI oscillate around 3,100, with much of the STI’s YTD gains attributed to moves over the past 3 weeks.  
	 
	
Retail investors have been net sellers of STI stocks in the YTD, with YZJ Shipbuilding Holdings, SATS, DBS Group Holdings, Oversea-Chinese Banking Corporation and Singapore Airlines recipient to the highest net retail outflows proportionate to current market capitalisation, while averaging a 20% price gain. 
	 
	The two STI ETFs have seen S$5 million of net inflows in the YTD, with investors selling into the rally in recent weeks, which has been offset by inflows from dollar cost averaging Regular Shares Saving (RSS) plans. Combined turnover of the two ETFs is also up 88% YoY.

 

At 3,106.0, the Straits Times Index (“STI”) has gained 9.2% in the 2021 year to 15 March, with dividend distributions boosting the total return to 9.4%. This has seen the STI return to within 20% of the May 2018 highs, while the Index would have to decline more than 20% to return to the late October 2020 levels.  
The 120 day rolling correlation of the STI and the broader, regional FTSE ASEAN All-Share Index has gradually eased from a high of 94% on 23 March 2020 to 73% as of yesterday. During 2020 the STI generated an 8.1% decline in total return compared to the FTSE ASEAN All-Share Index declining 3.6%. Conversely, the STI’s 9.4% total return in the 2021 year to 15 March compared to a 5.3% gain for the FTSE ASEAN All-Share Index.  
The three mega sectors of Banks, Real estate and Industrials make up more than 50% of the FTSE ASEAN All-Share Index and more than 70% of the STI. Singapore stocks make up 25% of the FTSE ASEAN All-Share Index and the recent moves in global equities have been driven by expansionary monetary policies, vaccine deployment and expectations of sequential economic and earning recoveries in 2021. The Federal Reserve Balance Sheet has now grown to US$7.6 trillion, while the European Central Bank Balance Sheet now stands at €7.1 trillion. As noted in the SGX My Gateway Report (click here) as of 13 March, 355 million COVID-19 vaccination doses had been administered across the globe, while total recorded COVID-19 cases stood at 120 million.



      
    
    STI


The SPDR STI ETF which accounts for 76% of the trading turnover of both STI ETFs in the 2021 year to 15 March has recorded a net outflow of S$25 million over the past 10 weeks, which include total creation of S$67 million and total redemption of S$92 million, with investors selling into the rally in recent weeks. However, the Nikko AM STI ETF, recorded a net inflow of S$30 million over the same period with total creation of S$33 million and total redemption of S$3 million.  
STI ETF outflows were likely offset by investors adopting dollar cost averaging (DCA) approaches by investing regularly through Regular Shares Saving (RSS) plan which offer investors a convenient way of investing by committing a fixed amount of money every month and remove the need of market timing. Note that in the 2021 year to 15 March, the combined trading turnover of the two STI tracking ETFs is up 88% year-on-year at S$553 million.  Retail investors have also been net sellers of STI stocks in the 2021 year to 15 March, with S$1.008 billion of net retail outflows, following the same 30 stocks seeing S$7.5 billion of net retail inflows in 2020. Institutions have been net buyers of the 30 STI stocks in the 2021 year to 15 March with S$399 million of net inflows, following net outflows of S$5.2 billion in 2020. So far this year, market makers and liquidity providers have net bought S$609 million in STI stocks, accounting for the difference in flows between retail and institutional flows.  
The STI stocks in the 2021 year to 15 March recipient to the highest net retail inflows were Mapletree Industrial Trust, City Developments, Keppel DC REIT, Venture Corporation and ComfortDelGro Corporation.  The STI stocks in the 2021 year to 15 March recipient to the highest net retail outflows, proportionate to current market capitalisation were Yangzijiang Shipbuilding Holdings, SATS, DBS Group Holdings, Oversea-Chinese Banking Corporation and Singapore Airlines. Together these five stocks have averaged a 20.4% price gain in the 2021 year to 15 March, and three of the five, namely Singapore Airlines, Yangzijiang Shipbuilding Holdings and SATS were among the STI stocks that saw the highest net retail inflows, proportionate to current market capitalisation during 2020.   
Yangzijiang Shipbuilding pushed through its January 2020 highs last week, seeing net institutional inflows help propel the stock to an 83-week high. The stock has now been trading more than S$40 million of average daily turnover this year, which is up 50% from 2020 levels. Since the end of November, the share price of Yangzijiang Shipbuilding has gained 43%, coinciding with a 43% increase in the price of Brent Crude Oil.  
On the shipping and trade front, tomorrow at 0830 SGT, Singapore’s Non-Oil Domestic Exports (“NODX”) report for February will be released (click here for full calendar). Consensus estimates are for a third consecutive month for year-on-year (“YoY”) growth at a lesser place than January. The preceding NODX reports revealed 12.8% YoY growth in January and 6.8% YoY growth in December. Electronic NODX grew 13.5% YoY in January and 13.7% in January, attributed to the low base for Integrated Circuits in December 2019 and January 2020, amid the then global electronics down-cycle.  
The 30 STI stocks are tabled below and sort by highest market capitalisation. The five strongest stocks of the STI in the 2021 year to 15 March were Jardine Strategic Holdings, Singapore Airlines, Yangzijiang Shipbuilding Holdings, HongkongLand and Jardine Matheson Holdings. On 8 March, Jardine Matheson Holdings announced a plan to simplify the Group’s parent company structure, including the acquisition for cash of the 15% of the Jardine Strategic Holdings issued share capital that Jardine Matheson Holdings, and its wholly-owned subsidiaries do not already own (click here for more details).




			STI Stocks
			
			
			Code
			
			
			Mkt Cap S$M 
			
			
			3 Day Price Change
			
			
			MTD Price Change 
			
			
			YTD Price Change
			
			
			YTD Net Insti Inflow S$M
			
			
			YTD Net Retail Flow S$M
			
			
			12M Total Return
			
			
			Sector
			
		


			DBS
			
			
			D05
			
			
			71,471
			
			
			0.4%
			
			
			5.0%
			
			
			11.7%
			
			
			524
			
			
			-558
			
			
			52%
			
			
			Financial Services
			
		


			JMH USD
			
			
			J36
			
			
			64,300
			
			
			0.4%
			
			
			25.4%
			
			
			18.2%
			
			
			-17
			
			
			-5
			
			
			21%
			
			
			Industrials
			
		


			OCBC Bank
			
			
			O39
			
			
			52,320
			
			
			0.2%
			
			
			6.4%
			
			
			16.2%
			
			
			352
			
			
			-397
			
			
			36%
			
			
			Financial Services
			
		


			JSH USD
			
			
			J37
			
			
			49,297
			
			
			0.8%
			
			
			29.0%
			
			
			35.3%
			
			
			-42
			
			
			-11
			
			
			28%
			
			
			Industrials
			
		


			UOB
			
			
			U11
			
			
			42,640
			
			
			0.5%
			
			
			3.3%
			
			
			12.8%
			
			
			239
			
			
			-267
			
			
			34%
			
			
			Financial Services
			
		


			Singtel
			
			
			Z74
			
			
			39,303
			
			
			0.0%
			
			
			1.3%
			
			
			3.0%
			
			
			-237
			
			
			121
			
			
			-6%
			
			
			Telecommunications
			
		


			Wilmar Intl
			
			
			F34
			
			
			33,581
			
			
			0.4%
			
			
			0.8%
			
			
			14.4%
			
			
			67
			
			
			-95
			
			
			62%
			
			
			Consumer Non-Cyclicals
			
		


			ThaiBev
			
			
			Y92
			
			
			18,337
			
			
			-0.7%
			
			
			-0.7%
			
			
			-0.7%
			
			
			-171
			
			
			63
			
			
			15%
			
			
			Consumer Non-Cyclicals
			
		


			CapitaLand
			
			
			C31
			
			
			16,910
			
			
			0.6%
			
			
			2.2%
			
			
			-0.9%
			
			
			9
			
			
			-39
			
			
			7%
			
			
			Real Estate (excl. REITs)
			
		


			SIA
			
			
			C6L
			
			
			16,693
			
			
			7.9%
			
			
			13.1%
			
			
			31.5%
			
			
			90
			
			
			-126
			
			
			11%
			
			
			Industrials
			
		


			HongkongLand USD
			
			
			H78
			
			
			16,170
			
			
			-2.0%
			
			
			7.9%
			
			
			27.0%
			
			
			13
			
			
			-28
			
			
			18%
			
			
			Real Estate (excl. REITs)
			
		


			CapLand Int Com T
			
			
			C38U
			
			
			13,789
			
			
			1.9%
			
			
			1.4%
			
			
			-1.4%
			
			
			-32
			
			
			12
			
			
			2%
			
			
			REITs
			
		


			Ascendas REIT
			
			
			A17U
			
			
			12,257
			
			
			3.1%
			
			
			0.3%
			
			
			-1.0%
			
			
			-97
			
			
			111
			
			
			3%
			
			
			REITs
			
		


			ST Engineering
			
			
			S63
			
			
			12,116
			
			
			0.8%
			
			
			3.5%
			
			
			1.8%
			
			
			-58
			
			
			47
			
			
			9%
			
			
			Industrials
			
		


			Genting Sing
			
			
			G13
			
			
			11,100
			
			
			5.1%
			
			
			7.6%
			
			
			8.2%
			
			
			8
			
			
			-24
			
			
			40%
			
			
			Consumer Cyclicals
			
		


			SGX
			
			
			S68
			
			
			10,786
			
			
			0.9%
			
			
			0.9%
			
			
			8.6%
			
			
			56
			
			
			-30
			
			
			23%
			
			
			Financial Services
			
		


			Keppel Corp
			
			
			BN4
			
			
			9,446
			
			
			-0.2%
			
			
			2.2%
			
			
			-3.5%
			
			
			-38
			
			
			15
			
			
			1%
			
			
			Industrials
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			8,940
			
			
			-1.5%
			
			
			7.5%
			
			
			15.7%
			
			
			58
			
			
			-35
			
			
			4%
			
			
			Consumer Cyclicals
			
		


			DairyFarm USD
			
			
			D01
			
			
			8,099
			
			
			-4.8%
			
			
			3.8%
			
			
			8.7%
			
			
			9
			
			
			-2
			
			
			11%
			
			
			Consumer Non-Cyclicals
			
		


			Mapletree Log Tr
			
			
			M44U
			
			
			7,924
			
			
			3.9%
			
			
			0.0%
			
			
			-8.0%
			
			
			-88
			
			
			66
			
			
			12%
			
			
			REITs
			
		


			Mapletree Com Tr
			
			
			N2IU
			
			
			6,831
			
			
			3.5%
			
			
			1.0%
			
			
			-3.3%
			
			
			-18
			
			
			10
			
			
			2%
			
			
			REITs
			
		


			CityDev
			
			
			C09
			
			
			6,802
			
			
			-0.1%
			
			
			1.9%
			
			
			-5.9%
			
			
			-98
			
			
			81
			
			
			-8%
			
			
			Real Estate (excl. REITs)
			
		


			UOL
			
			
			U14
			
			
			6,254
			
			
			-0.5%
			
			
			0.3%
			
			
			-3.9%
			
			
			-23
			
			
			6
			
			
			12%
			
			
			Real Estate (excl. REITs)
			
		


			Mapletree Ind Tr
			
			
			ME8U
			
			
			6,207
			
			
			4.8%
			
			
			-0.8%
			
			
			-8.7%
			
			
			-121
			
			
			116
			
			
			2%
			
			
			REITs
			
		


			Venture
			
			
			V03
			
			
			5,571
			
			
			0.6%
			
			
			0.0%
			
			
			-1.1%
			
			
			-82
			
			
			64
			
			
			31%
			
			
			Technology (Hardware/ Software)
			
		


			SATS
			
			
			S58
			
			
			5,062
			
			
			4.1%
			
			
			2.7%
			
			
			13.6%
			
			
			62
			
			
			-59
			
			
			26%
			
			
			Industrials
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			4,734
			
			
			7.0%
			
			
			15.0%
			
			
			28.8%
			
			
			144
			
			
			-117
			
			
			62%
			
			
			Industrials
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			4,263
			
			
			2.4%
			
			
			-4.4%
			
			
			-7.1%
			
			
			-60
			
			
			50
			
			
			26%
			
			
			REITs
			
		


			ComfortDelGro
			
			
			C52
			
			
			3,662
			
			
			0.0%
			
			
			5.0%
			
			
			1.2%
			
			
			-70
			
			
			38
			
			
			2%
			
			
			Industrials
			
		


			Sembcorp Ind
			
			
			U96
			
			
			3,242
			
			
			0.0%
			
			
			5.2%
			
			
			6.4%
			
			
			19
			
			
			-16
			
			
			125%
			
			
			Utilities
			
		

 Source: SGX, Refinitiv and Bloomberg (Data as 15 March 2021)



STI Books 9% YTD Gain, with ETF Turnover up 88% YoY    

Comfortdelgro Corp

STI Books 9% YTD Gain, with ETF Turnover up 88% YoY