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

Yangzijiang Shipbuilding / Equity Bottom-Up

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<li>
In February, the STI generated a 1.7% total return, led by Singapore Airlines (+21%), SATS (+14%), Yangzijiang Shipbuilding (+9%) and the trio of Banks. The three banks reported FY20 results and moved in unison over the month, each gaining 6%. 
	 </li>
	<li>
DBS, OCBC and UOB making up 40% of the STI weights, have now consistently reported more than S$5 billion in quarterly Net Interest Income for the past three years. The trio also ended their FY20 with an average Return on Equity Ratio of 8%, above the 7% median for global banks and Asia Pacific banks. 
	 </li>
	<li>
Combined, in the 2021 YTD, the 30 STI stocks saw S$142 million of net institutional inflow, S$368 million of net retail outflow, with market makers and liquidity providers contributing the balancing inflow of S$226 million. Combined, the trio of banks saw S$635 million of net institutional inflows over the two months.</li>
</ul>
 

February saw the Straits Times Index (“STI”) generate a 1.7% total return, bringing its total return for the first two months of 2021 to 3.9%. The month-on-month rebound was in-line with the regional FTSE ASEAN All-Share Index which gained 2.9% over the month, bringing its year-to-date gain to 2.4%. The 12 month rolling correlation of the two indices also edged higher over February, from 83% at the end of January to 88% at the end of February. The 30 stocks of the STI maintain a combined market capitalisation of S$528 billion, representing 59% of the combined S$888 billion market capitalisation of all stocks listed on Singapore Exchange. After the Thursday close, the results of the STI quarterly review will be published. One aspect of the quarterly review that is of added interest is the STI Reserve List, which is comprised of five stocks. The current five, Frasers Logistics &amp; Commercial Trust, Suntec REIT, Frasers Centrepoint Trust, NetLink NBN Trust and Keppel REIT, maintain a combined market capitalisation of S$21 billion. Hypothetically, if the roll of the STI Reserve List was doubled to 10 stocks, Nanofilm Technologies International would likely be joining the STI benchwarmers this month.   Recovery Rotations Continued with 140M COVID-19 Vaccines Doses Administered in Feb 
Global COVID-19 vaccine doses administered by the end of February increased to 240 million, from 100 million at the end of January. The tally, sourced from Our World in Data showed that the global vaccines doses increased from 1.28 doses per 100 people at the end of January to 3.07 doses per 100 people at the end of February.   With progress in overcoming COVID-19 the overarching market driver, stock market recovery rotations continued in February, with Singapore Airlines, the least performing STI stock of 2020, the strongest STI performing stock in February. Keppel DC REIT, among the three best performing STI stocks of 2020, was among the three least performing STI stocks in February. The first two months of the year saw S$115 million of net institutional inflow into Singapore Airlines, while Keppel DC REIT recorded net institutional outflows of S$15 million. Since the end of October, the share price of Singapore Airlines has been 90% correlated to the Bloomberg World Airlines Index. As reported in early February (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/FWEWHRQO50QZOB2H/26008175213b7705216b67735ef02585d48676822a9f41ba68a493c94b728be2">here</a> for more) the National Carrier expects to be at 25% of pre-capacity by April and flying to 45% of its pre-COVID 19 links. SATS was the STI’s second best performer in February with a 14% gain.  Back on 10 February, SATS reported it had narrowed its 3QFY21 (ended 31 Dec) loss to S$2.8 million, beating consensus expectations (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/6VKTR4Z5J7ZCDCJF/f53a362b74d22969b6018306251dd621c203ffb34f4bbcc3a8c12b1b30ffa938">here</a> for more).  
Yangzijiang Shipbuilding Holdings was the STI’s third best performer in February with a 9% return. On 25 February, Yangzijiang Shipbuilding Holdings, reported its Group revenue decreased by 37% in FY20 (ended 31 Dec) from FY19. However the Group noted that over the year, it secured new orders for 54 vessels worth approximately US$1.82 billion, bringing its  outstanding order book to US$3.09 billion for 83 vessels, providing stable revenue flow for the next 1.5 years (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/P2OE9H4WBJFRESA3/a91237ed89afaa016a6ec2345c4bc80de7741d6a4548d41407a5890b17c67983">here</a> for more).  The Group noted this bucked the global trend, with Clarksons Research estimating that orders for 738 vessels were placed in 2020, a decline of 40.7% compared to 1,245 vessel orders placed in 2019. Furthermore, the Group noted it had continued its order win momentum since the beginning of 2021, securing shipbuilding contracts for 29 vessels worth US$1.3 billion (announced on 8 February 2021). 
DBS Group Holdings, Oversea-Chinese Banking Corporation and United Overseas Bank reported FY20 results in February, and moved in unison over the month, each gaining 6%. As illustrated below, the three bank have consistently reported more than S$5 billion in combined quarterly Net Interest Income for the past three years. The trio also ended their FY20 with an average Return on Equity (“ROE”) Ratio of 8%, above the 7% median for global banks and Asia Pacific banks. The three banks have been recipient to S$635 million of net institutional inflows over the first two months of 2021.
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2021-03/Capture_1.PNG' alt='Combined Quarterly Net Interest Income, SORA' />
 </figure>
 <div class='content-caption'>Combined Quarterly Net Interest Income, SORA</div>
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Combined, the STI stocks in the 2021 year-to-date saw S$142 million of net institutional inflow, S$368 million of net retail outflow, with market makers and liquidity providers contributing the balancing inflow of S$226 million. This means the STI stocks saw S$5 million of average net institutional inflows over the past two months and average net retail outflows at S$12 million, compared to the STI stocks seeing S$173 million of average net institutional outflows over 2020 and average net retail inflows at S$251 million.  
The 30 STI stocks, sort by highest market capitalisation are tabled below.

<table class="table table-striped"><tbody>
<tr>
<td>
			STI Stock
			</td>
			<td>
			Code
			</td>
			<td>
			Market Cap S$M
			</td>
			<td>
			Feb Total Return
			</td>
			<td>
			Net Insti Flow YTD S$M
			</td>
			<td>
			Net Retail Flow YTD S$M
			</td>
			<td>
			YTD Total Return %
			</td>
			<td>
			2020 Total Return %
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			68,097
			</td>
			<td>
			6%
			</td>
			<td>
			198
			</td>
			<td>
			-166
			</td>
			<td>
			6%
			</td>
			<td>
			2%
			</td>
		</tr>
<tr>
<td>
			JMH USD
			</td>
			<td>
			J36
			</td>
			<td>
			51,276
			</td>
			<td>
			-9%
			</td>
			<td>
			-36
			</td>
			<td>
			9
			</td>
			<td>
			-6%
			</td>
			<td>
			3%
			</td>
		</tr>
<tr>
<td>
			OCBC Bank
			</td>
			<td>
			O39
			</td>
			<td>
			49,169
			</td>
			<td>
			6%
			</td>
			<td>
			218
			</td>
			<td>
			-214
			</td>
			<td>
			9%
			</td>
			<td>
			-4%
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			41,285
			</td>
			<td>
			6%
			</td>
			<td>
			218
			</td>
			<td>
			-196
			</td>
			<td>
			9%
			</td>
			<td>
			-10%
			</td>
		</tr>
<tr>
<td>
			Singtel
			</td>
			<td>
			Z74
			</td>
			<td>
			38,808
			</td>
			<td>
			0%
			</td>
			<td>
			-168
			</td>
			<td>
			94
			</td>
			<td>
			2%
			</td>
			<td>
			-28%
			</td>
		</tr>
<tr>
<td>
			JSH USD
			</td>
			<td>
			J37
			</td>
			<td>
			38,220
			</td>
			<td>
			0%
			</td>
			<td>
			-8
			</td>
			<td>
			1
			</td>
			<td>
			5%
			</td>
			<td>
			-19%
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			33,354
			</td>
			<td>
			0%
			</td>
			<td>
			72
			</td>
			<td>
			-79
			</td>
			<td>
			14%
			</td>
			<td>
			17%
			</td>
		</tr>
<tr>
<td>
			ThaiBev
			</td>
			<td>
			Y92
			</td>
			<td>
			18,462
			</td>
			<td>
			-9%
			</td>
			<td>
			-149
			</td>
			<td>
			41
			</td>
			<td>
			2%
			</td>
			<td>
			-15%
			</td>
		</tr>
<tr>
<td>
			CapitaLand
			</td>
			<td>
			C31
			</td>
			<td>
			16,513
			</td>
			<td>
			-1%
			</td>
			<td>
			24
			</td>
			<td>
			-35
			</td>
			<td>
			-3%
			</td>
			<td>
			-9%
			</td>
		</tr>
<tr>
<td>
			HongkongLand USD
			</td>
			<td>
			H78
			</td>
			<td>
			14,989
			</td>
			<td>
			4%
			</td>
			<td>
			6
			</td>
			<td>
			-18
			</td>
			<td>
			18%
			</td>
			<td>
			-25%
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td>
			C6L
			</td>
			<td>
			14,766
			</td>
			<td>
			21%
			</td>
			<td>
			115
			</td>
			<td>
			-167
			</td>
			<td>
			16%
			</td>
			<td>
			-33%
			</td>
		</tr>
<tr>
<td>
			CapLand Int Com T
			</td>
			<td>
			C38U
			</td>
			<td>
			13,595
			</td>
			<td>
			-2%
			</td>
			<td>
			-27
			</td>
			<td>
			15
			</td>
			<td>
			-2%
			</td>
			<td>
			-8%
			</td>
		</tr>
<tr>
<td>
			Ascendas Reit
			</td>
			<td>
			A17U
			</td>
			<td>
			12,215
			</td>
			<td>
			-4%
			</td>
			<td>
			-38
			</td>
			<td>
			58
			</td>
			<td>
			-1%
			</td>
			<td>
			6%
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			11,713
			</td>
			<td>
			1%
			</td>
			<td>
			-59
			</td>
			<td>
			59
			</td>
			<td>
			-2%
			</td>
			<td>
			1%
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			10,693
			</td>
			<td>
			1%
			</td>
			<td>
			60
			</td>
			<td>
			-14
			</td>
			<td>
			9%
			</td>
			<td>
			8%
			</td>
		</tr>
<tr>
<td>
			Genting Sing
			</td>
			<td>
			G13
			</td>
			<td>
			10,315
			</td>
			<td>
			0%
			</td>
			<td>
			-2
			</td>
			<td>
			-2
			</td>
			<td>
			1%
			</td>
			<td>
			-5%
			</td>
		</tr>
<tr>
<td>
			Keppel Corp
			</td>
			<td>
			BN4
			</td>
			<td>
			9,222
			</td>
			<td>
			1%
			</td>
			<td>
			-23
			</td>
			<td>
			28
			</td>
			<td>
			-6%
			</td>
			<td>
			-19%
			</td>
		</tr>
<tr>
<td>
			Jardine C&amp;C
			</td>
			<td>
			C07
			</td>
			<td>
			8,316
			</td>
			<td>
			-2%
			</td>
			<td>
			34
			</td>
			<td>
			-17
			</td>
			<td>
			8%
			</td>
			<td>
			-32%
			</td>
		</tr>
<tr>
<td>
			DairyFarm USD
			</td>
			<td>
			D01
			</td>
			<td>
			7,805
			</td>
			<td>
			1%
			</td>
			<td>
			8
			</td>
			<td>
			-3
			</td>
			<td>
			5%
			</td>
			<td>
			-25%
			</td>
		</tr>
<tr>
<td>
			Mapletree Log Tr
			</td>
			<td>
			M44U
			</td>
			<td>
			7,650
			</td>
			<td>
			-6%
			</td>
			<td>
			-59
			</td>
			<td>
			49
			</td>
			<td>
			-7%
			</td>
			<td>
			20%
			</td>
		</tr>
<tr>
<td>
			Mapletree Com Tr
			</td>
			<td>
			N2IU
			</td>
			<td>
			6,765
			</td>
			<td>
			-1%
			</td>
			<td>
			-13
			</td>
			<td>
			9
			</td>
			<td>
			-4%
			</td>
			<td>
			-8%
			</td>
		</tr>
<tr>
<td>
			CityDev
			</td>
			<td>
			C09
			</td>
			<td>
			6,675
			</td>
			<td>
			2%
			</td>
			<td>
			-97
			</td>
			<td>
			85
			</td>
			<td>
			-8%
			</td>
			<td>
			-26%
			</td>
		</tr>
<tr>
<td>
			Mapletree Ind Tr
			</td>
			<td>
			ME8U
			</td>
			<td>
			6,254
			</td>
			<td>
			-6%
			</td>
			<td>
			-82
			</td>
			<td>
			80
			</td>
			<td>
			-7%
			</td>
			<td>
			16%
			</td>
		</tr>
<tr>
<td>
			UOL
			</td>
			<td>
			U14
			</td>
			<td>
			6,237
			</td>
			<td>
			1%
			</td>
			<td>
			-9
			</td>
			<td>
			4
			</td>
			<td>
			-4%
			</td>
			<td>
			-5%
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			5,571
			</td>
			<td>
			-3%
			</td>
			<td>
			-30
			</td>
			<td>
			26
			</td>
			<td>
			-1%
			</td>
			<td>
			25%
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			4,927
			</td>
			<td>
			14%
			</td>
			<td>
			50
			</td>
			<td>
			-52
			</td>
			<td>
			11%
			</td>
			<td>
			-21%
			</td>
		</tr>
<tr>
<td>
			Keppel DC Reit
			</td>
			<td>
			AJBU
			</td>
			<td>
			4,459
			</td>
			<td>
			-7%
			</td>
			<td>
			-15
			</td>
			<td>
			10
			</td>
			<td>
			-1%
			</td>
			<td>
			38%
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg SGD
			</td>
			<td>
			BS6
			</td>
			<td>
			4,118
			</td>
			<td>
			9%
			</td>
			<td>
			41
			</td>
			<td>
			-34
			</td>
			<td>
			12%
			</td>
			<td>
			-11%
			</td>
		</tr>
<tr>
<td>
			ComfortDelGro
			</td>
			<td>
			C52
			</td>
			<td>
			3,488
			</td>
			<td>
			2%
			</td>
			<td>
			-91
			</td>
			<td>
			67
			</td>
			<td>
			-4%
			</td>
			<td>
			-27%
			</td>
		</tr>
<tr>
<td>
			Sembcorp Ind
			</td>
			<td>
			U96
			</td>
			<td>
			3,082
			</td>
			<td>
			5%
			</td>
			<td>
			3
			</td>
			<td>
			-3
			</td>
			<td>
			1%
			</td>
			<td>
			51%
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			528,040
			</td>
			<td>
			 
			</td>
			<td>
			142
			</td>
			<td>
			-368
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			17,601
			</td>
			<td>
			1%
			</td>
			<td>
			5
			</td>
			<td>
			-12
			</td>
			<td>
			2%
			</td>
			<td>
			-5%
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv, Bloomberg (Data as of 26 February 2021)

 

The final week of February also saw the 2-year UST and 10-year UST yield curve extend to a five year high, before moderating to 1.27% at the end of month close. As expected last week the Federal Reserve Chairman did not entertain any narrative of policy normalisation. While the prospect of an eventual policy normalisation has been increasing priced in the UST yield curve since the end of 2020, Federal Reserve yield curve targeting may again rise as a discussion point at the March 16-17 FOMC, after the merits were discounted at an FOMC six months ago (click <a href="https://www.reuters.com/article/us-usa-fed-yields-idUKKBN2427AG">here</a> for more).
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In February, the STI generated a 1.7% total return, led by Singapore Airlines (+21%), SATS (+14%), Yangzijiang Shipbuilding (+9%) and the trio of Banks. The three banks reported FY20 results and moved in unison over the month, each gaining 6%. 
	 
	
DBS, OCBC and UOB making up 40% of the STI weights, have now consistently reported more than S$5 billion in quarterly Net Interest Income for the past three years. The trio also ended their FY20 with an average Return on Equity Ratio of 8%, above the 7% median for global banks and Asia Pacific banks.  
	 
	
Combined, in the 2021 YTD, the 30 STI stocks saw S$142 million of net institutional inflow, S$368 million of net retail outflow, with market makers and liquidity providers contributing the balancing inflow of S$226 million. Combined, the trio of banks saw S$635 million of net institutional inflows over the two months.

 

February saw the Straits Times Index (“STI”) generate a 1.7% total return, bringing its total return for the first two months of 2021 to 3.9%. The month-on-month rebound was in-line with the regional FTSE ASEAN All-Share Index which gained 2.9% over the month, bringing its year-to-date gain to 2.4%. The 12 month rolling correlation of the two indices also edged higher over February, from 83% at the end of January to 88% at the end of February.  The 30 stocks of the STI maintain a combined market capitalisation of S$528 billion, representing 59% of the combined S$888 billion market capitalisation of all stocks listed on Singapore Exchange. After the Thursday close, the results of the STI quarterly review will be published. One aspect of the quarterly review that is of added interest is the STI Reserve List, which is comprised of five stocks. The current five, Frasers Logistics &amp; Commercial Trust, Suntec REIT, Frasers Centrepoint Trust, NetLink NBN Trust and Keppel REIT, maintain a combined market capitalisation of S$21 billion. Hypothetically, if the roll of the STI Reserve List was doubled to 10 stocks, Nanofilm Technologies International would likely be joining the STI benchwarmers this month.    Recovery Rotations Continued with 140M COVID-19 Vaccines Doses Administered in Feb   
Global COVID-19 vaccine doses administered by the end of February increased to 240 million, from 100 million at the end of January. The tally, sourced from Our World in Data showed that the global vaccines doses increased from 1.28 doses per 100 people at the end of January to 3.07 doses per 100 people at the end of February.    With progress in overcoming COVID-19 the overarching market driver, stock market recovery rotations continued in February, with Singapore Airlines, the least performing STI stock of 2020, the strongest STI performing stock in February. Keppel DC REIT, among the three best performing STI stocks of 2020, was among the three least performing STI stocks in February. The first two months of the year saw S$115 million of net institutional inflow into Singapore Airlines, while Keppel DC REIT recorded net institutional outflows of S$15 million. Since the end of October, the share price of Singapore Airlines has been 90% correlated to the Bloomberg World Airlines Index. As reported in early February (click here for more) the National Carrier expects to be at 25% of pre-capacity by April and flying to 45% of its pre-COVID 19 links. SATS was the STI’s second best performer in February with a 14% gain.  Back on 10 February, SATS reported it had narrowed its 3QFY21 (ended 31 Dec) loss to S$2.8 million, beating consensus expectations (click here for more).   
Yangzijiang Shipbuilding Holdings was the STI’s third best performer in February with a 9% return. On 25 February, Yangzijiang Shipbuilding Holdings, reported its Group revenue decreased by 37% in FY20 (ended 31 Dec) from FY19. However the Group noted that over the year, it secured new orders for 54 vessels worth approximately US$1.82 billion, bringing its  outstanding order book to US$3.09 billion for 83 vessels, providing stable revenue flow for the next 1.5 years (click here for more).  The Group noted this bucked the global trend, with Clarksons Research estimating that orders for 738 vessels were placed in 2020, a decline of 40.7% compared to 1,245 vessel orders placed in 2019. Furthermore, the Group noted it had continued its order win momentum since the beginning of 2021, securing shipbuilding contracts for 29 vessels worth US$1.3 billion (announced on 8 February 2021).  
DBS Group Holdings, Oversea-Chinese Banking Corporation and United Overseas Bank reported FY20 results in February, and moved in unison over the month, each gaining 6%. As illustrated below, the three bank have consistently reported more than S$5 billion in combined quarterly Net Interest Income for the past three years. The trio also ended their FY20 with an average Return on Equity (“ROE”) Ratio of 8%, above the 7% median for global banks and Asia Pacific banks. The three banks have been recipient to S$635 million of net institutional inflows over the first two months of 2021.



      
    
    Combined Quarterly Net Interest Income, SORA


Combined, the STI stocks in the 2021 year-to-date saw S$142 million of net institutional inflow, S$368 million of net retail outflow, with market makers and liquidity providers contributing the balancing inflow of S$226 million. This means the STI stocks saw S$5 million of average net institutional inflows over the past two months and average net retail outflows at S$12 million, compared to the STI stocks seeing S$173 million of average net institutional outflows over 2020 and average net retail inflows at S$251 million.   
The 30 STI stocks, sort by highest market capitalisation are tabled below.




			STI Stock
			
			
			Code
			
			
			Market Cap S$M
			
			
			Feb Total Return
			
			
			Net Insti Flow YTD S$M
			
			
			Net Retail Flow YTD S$M
			
			
			YTD Total Return %
			
			
			2020 Total Return %
			
		


			DBS
			
			
			D05
			
			
			68,097
			
			
			6%
			
			
			198
			
			
			-166
			
			
			6%
			
			
			2%
			
		


			JMH USD
			
			
			J36
			
			
			51,276
			
			
			-9%
			
			
			-36
			
			
			9
			
			
			-6%
			
			
			3%
			
		


			OCBC Bank
			
			
			O39
			
			
			49,169
			
			
			6%
			
			
			218
			
			
			-214
			
			
			9%
			
			
			-4%
			
		


			UOB
			
			
			U11
			
			
			41,285
			
			
			6%
			
			
			218
			
			
			-196
			
			
			9%
			
			
			-10%
			
		


			Singtel
			
			
			Z74
			
			
			38,808
			
			
			0%
			
			
			-168
			
			
			94
			
			
			2%
			
			
			-28%
			
		


			JSH USD
			
			
			J37
			
			
			38,220
			
			
			0%
			
			
			-8
			
			
			1
			
			
			5%
			
			
			-19%
			
		


			Wilmar Intl
			
			
			F34
			
			
			33,354
			
			
			0%
			
			
			72
			
			
			-79
			
			
			14%
			
			
			17%
			
		


			ThaiBev
			
			
			Y92
			
			
			18,462
			
			
			-9%
			
			
			-149
			
			
			41
			
			
			2%
			
			
			-15%
			
		


			CapitaLand
			
			
			C31
			
			
			16,513
			
			
			-1%
			
			
			24
			
			
			-35
			
			
			-3%
			
			
			-9%
			
		


			HongkongLand USD
			
			
			H78
			
			
			14,989
			
			
			4%
			
			
			6
			
			
			-18
			
			
			18%
			
			
			-25%
			
		


			SIA
			
			
			C6L
			
			
			14,766
			
			
			21%
			
			
			115
			
			
			-167
			
			
			16%
			
			
			-33%
			
		


			CapLand Int Com T
			
			
			C38U
			
			
			13,595
			
			
			-2%
			
			
			-27
			
			
			15
			
			
			-2%
			
			
			-8%
			
		


			Ascendas Reit
			
			
			A17U
			
			
			12,215
			
			
			-4%
			
			
			-38
			
			
			58
			
			
			-1%
			
			
			6%
			
		


			ST Engineering
			
			
			S63
			
			
			11,713
			
			
			1%
			
			
			-59
			
			
			59
			
			
			-2%
			
			
			1%
			
		


			SGX
			
			
			S68
			
			
			10,693
			
			
			1%
			
			
			60
			
			
			-14
			
			
			9%
			
			
			8%
			
		


			Genting Sing
			
			
			G13
			
			
			10,315
			
			
			0%
			
			
			-2
			
			
			-2
			
			
			1%
			
			
			-5%
			
		


			Keppel Corp
			
			
			BN4
			
			
			9,222
			
			
			1%
			
			
			-23
			
			
			28
			
			
			-6%
			
			
			-19%
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			8,316
			
			
			-2%
			
			
			34
			
			
			-17
			
			
			8%
			
			
			-32%
			
		


			DairyFarm USD
			
			
			D01
			
			
			7,805
			
			
			1%
			
			
			8
			
			
			-3
			
			
			5%
			
			
			-25%
			
		


			Mapletree Log Tr
			
			
			M44U
			
			
			7,650
			
			
			-6%
			
			
			-59
			
			
			49
			
			
			-7%
			
			
			20%
			
		


			Mapletree Com Tr
			
			
			N2IU
			
			
			6,765
			
			
			-1%
			
			
			-13
			
			
			9
			
			
			-4%
			
			
			-8%
			
		


			CityDev
			
			
			C09
			
			
			6,675
			
			
			2%
			
			
			-97
			
			
			85
			
			
			-8%
			
			
			-26%
			
		


			Mapletree Ind Tr
			
			
			ME8U
			
			
			6,254
			
			
			-6%
			
			
			-82
			
			
			80
			
			
			-7%
			
			
			16%
			
		


			UOL
			
			
			U14
			
			
			6,237
			
			
			1%
			
			
			-9
			
			
			4
			
			
			-4%
			
			
			-5%
			
		


			Venture
			
			
			V03
			
			
			5,571
			
			
			-3%
			
			
			-30
			
			
			26
			
			
			-1%
			
			
			25%
			
		


			SATS
			
			
			S58
			
			
			4,927
			
			
			14%
			
			
			50
			
			
			-52
			
			
			11%
			
			
			-21%
			
		


			Keppel DC Reit
			
			
			AJBU
			
			
			4,459
			
			
			-7%
			
			
			-15
			
			
			10
			
			
			-1%
			
			
			38%
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			4,118
			
			
			9%
			
			
			41
			
			
			-34
			
			
			12%
			
			
			-11%
			
		


			ComfortDelGro
			
			
			C52
			
			
			3,488
			
			
			2%
			
			
			-91
			
			
			67
			
			
			-4%
			
			
			-27%
			
		


			Sembcorp Ind
			
			
			U96
			
			
			3,082
			
			
			5%
			
			
			3
			
			
			-3
			
			
			1%
			
			
			51%
			
		


			Total
			
			
			 
			
			
			528,040
			
			
			 
			
			
			142
			
			
			-368
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			17,601
			
			
			1%
			
			
			5
			
			
			-12
			
			
			2%
			
			
			-5%
			
		

 Source: SGX, Refinitiv, Bloomberg (Data as of 26 February 2021)

 

The final week of February also saw the 2-year UST and 10-year UST yield curve extend to a five year high, before moderating to 1.27% at the end of month close. As expected last week the Federal Reserve Chairman did not entertain any narrative of policy normalisation. While the prospect of an eventual policy normalisation has been increasing priced in the UST yield curve since the end of 2020, Federal Reserve yield curve targeting may again rise as a discussion point at the March 16-17 FOMC, after the merits were discounted at an FOMC six months ago (click here for more).



Frasers Logistics & Commercial Trust (FLT SP)

STI Books Feb Gain, Led by SIA, SATS, YZJ & Banks