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>
While the STI declined 1.1% in 2Q21, this was the strongest first half of a year for the STI since 2017, with the STI generating an 11.9% total return in 1H21, compared to a 13.8% total return in 1H17. The STI was also among the strongest three APAC benchmarks in 1H21. 
	 </li>
	<li>
STI stocks that were recipient to combined net institutional and net proprietary inflows in both 1Q21 and 2Q21 included DBS, OCBC, UOB, Yangzijiang, SGX and Sembcorp Industries, with 13 of the 30 stocks recipient to combined net institutional and net proprietary outflows in both quarters.  
	 </li>
	<li>Bank stocks were among the strongest industries of the global stock market in 1H21 on resilient business investment and the 2/10 US Yield Curve averaging 130bps in 1H21, compared to 60 bps in 2H20. DBS, OCBC and UOB averaged a 19.0% total return in 1H21, in-line with the median return for the 200 largest listed global banks by market value.  </li>
</ul>
 

Ebb &amp; Flows in 1H21 
While the STI declined 1.1% in 2Q21, this was the strongest first half of a year for the STI since 2017, with the STI generating an 11.9% total return in 1H21, compared to a 13.8% total return in 1H17. The 30 constituents of the STI represent 58% of the S$902 billion combined full market capitalisation of all stocks listed in Singapore. The last trading session of 2Q21 saw the combined net institutional and net proprietary outflow from STI stocks for the quarter moderate from S$616 million to S$550 million. This was a broad indication that institutions and proprietary participants had taken the last trading session of the quarter to add to their Singapore exposure. Some moderation in flows was also observed at the end of 1Q21, with the last session of 1Q21 seeing the combined net institutional and net proprietary quarterly inflow to STI stocks moderate from S$936 million, to S$880 million. Bank stocks were among the strongest industries of the global stock market in 1H21 on resilient business investment and the 2/10 US Yield curve averaging 130bps in 1H21 compared to 60 bps in 2H20, supporting banks that generally borrow short and lend long. Together, DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank recipient to net institutional and net proprietary inflows of S$1.39 billion in 1Q21 and S$468 million in 2Q21. The trio averaged a 19.0% total return in 1H21, in-line with the median 19.8% return for the 200 largest listed global banks by market value. Nevertheless a significant rotation was observed with the Singapore bank trio recipient to S$145 million in net institutional and net proprietary outflow between 3 June and 18 June, as the 2/10 US Yield curve flattening by 28 bps on hawkish Fed Reserve comments. Global progress in getting the better of the endemic, and on a more micro level, significant corporate restructuring, were also key factors for many of the rotations across the other STI constituents. 
On the former, in the month of February, together Singapore Airlines and SATS were recipients to S$254 of combined net institutional and net proprietary outflow with the majority of the US, China, Japan &amp; UK seen to overcome COVID-19 resurgences in January. At the time this boded well for the eventual resumption of international travel, and that month, Singapore Airlines share price gained 21%, in line with the 20% gain for world’s biggest airline stocks, while SATS gained 14%. 
On the latter driver of rotations, CapitaLand was receipt to S$23 million in combined net institutional and net proprietary inflows, with a 15% price gain in three sessions that followed its 22 March corporate restructure proposal. CapitaLand is restructuring its Group business by consolidating the investment management platforms as well as lodging business into CapitaLand Investment Management, which will create Asia’s largest and the globe’s third largest real estate investment manager. Meanwhile, resilient global trade and demand for container shipping, saw Yangzijiang Shipbuilding Holdings the strongest of the STI constituents in 1H21 and recipient to combined net institutional and net proprietary inflows in both 1Q21 and 2Q21, with total inflows amounting to 4% of the stock’s current market capitalisation. As <a href="https://links.sgx.com/1.0.0/corporate-announcements/I2S623OPMTZS2P2G/0387d7686e19ab448e7cca8ae8c6950c6e10240a737f581beb40280b4ba2f61d">reported</a> yesterday, Yangzijiang Shipbuilding Holdings has secured new orders for 100 vessels worth US$5.6 billion representing its largest order wins, based on total contract value, in the Group’s history. At the same time, the STI’s second strongest constituent in 2020, Keppel DC REIT was the STI’s least strongest constituent in 1H21 with combined net institutional and net proprietary outflows amounting to 4% of the stock’s current market capitalisation. The data centre REIT generated a negative total return of 10% in 1H21, which followed on from its 38% total return in 2020, and the 2019, 66% total return that helped propel the stock into the STI. While the digital economy continues to grow, progress towards social and economic normalisation has put less demands on cloud, digital services and online services. For the broader STI move, vaccine progress provided support, however COVID-19 infections also continued to grow. While 3 billion COVID-19 vaccine doses were administered globally in 1H21, the total number of cases also grew from 84 million to above 180 million, with the contagious delta variant seeing close to 10 million more cases in 2Q21 than 1Q21. The overarching endemic theme saw the STI consolidate on its 1Q21 total return of 11.8%, adding 0.1% in 2Q21. The relatively more cautious 2Q21 was also observed across the region with the FTSE Asia Pacific Index generating 4.5% total return in 1Q21 and a 2.8% total return in 2Q21. 
For the 2H21 ahead, continued vaccine progress and curtailing new cases will remain key drivers for service-orientated stocks that have been adversely impacted by local and global containment measures. At the same time, achieving herd immunities, vaccine equity and the gradual recommencement of international travel and tourism is expected to increasingly rank highly in global policy agendas. 
The 30 STI stocks sorted by total returns in 1H21 are tabled below, and details the comparative 1Q21 and 2Q21 net institutional and net proprietary flows.

<table class="table table-striped"><tbody>
<tr>
<td>
			STI Stock
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			1H21 Price Change YTD % (S$)
			</td>
			<td>
			1H21 Total Return YTD % (S$)
			</td>
			<td>
			1Q21 Total Return % (S$)
			</td>
			<td>
			1Q Net Insti &amp; Net Prop Flow S$M
			</td>
			<td>
			2Q21 Total Return % (S$)
			</td>
			<td>
			2Q Net Insti &amp; Net Prop Flow S$M
			</td>
			<td>
			Price $
			</td>
			<td>
			CCY
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg SGD
			</td>
			<td>
			BS6
			</td>
			<td>
			5,426
			</td>
			<td>
			48
			</td>
			<td>
			52
			</td>
			<td>
			34
			</td>
			<td>
			141
			</td>
			<td>
			14
			</td>
			<td>
			77
			</td>
			<td>
			1.410
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Sembcorp Ind
			</td>
			<td>
			U96
			</td>
			<td>
			3,823
			</td>
			<td>
			25
			</td>
			<td>
			27
			</td>
			<td>
			8
			</td>
			<td>
			22
			</td>
			<td>
			18
			</td>
			<td>
			64
			</td>
			<td>
			2.140
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			11,950
			</td>
			<td>
			20
			</td>
			<td>
			22
			</td>
			<td>
			8
			</td>
			<td>
			3
			</td>
			<td>
			13
			</td>
			<td>
			108
			</td>
			<td>
			11.180
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			76,557
			</td>
			<td>
			19
			</td>
			<td>
			21
			</td>
			<td>
			15
			</td>
			<td>
			654
			</td>
			<td>
			5
			</td>
			<td>
			353
			</td>
			<td>
			29.810
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			OCBC Bank
			</td>
			<td>
			O39
			</td>
			<td>
			53,830
			</td>
			<td>
			19
			</td>
			<td>
			20
			</td>
			<td>
			17
			</td>
			<td>
			428
			</td>
			<td>
			3
			</td>
			<td>
			114
			</td>
			<td>
			11.950
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			HongkongLand USD
			</td>
			<td>
			H78
			</td>
			<td>
			14,939
			</td>
			<td>
			17
			</td>
			<td>
			21
			</td>
			<td>
			25
			</td>
			<td>
			6
			</td>
			<td>
			-3
			</td>
			<td>
			-6
			</td>
			<td>
			4.760
			</td>
			<td>
			USD
			</td>
		</tr>
<tr>
<td>
			JMH USD
			</td>
			<td>
			J36
			</td>
			<td>
			63,379
			</td>
			<td>
			16
			</td>
			<td>
			18
			</td>
			<td>
			21
			</td>
			<td>
			-4
			</td>
			<td>
			-2
			</td>
			<td>
			3
			</td>
			<td>
			63.920
			</td>
			<td>
			USD
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			43,297
			</td>
			<td>
			14
			</td>
			<td>
			16
			</td>
			<td>
			14
			</td>
			<td>
			304
			</td>
			<td>
			1
			</td>
			<td>
			1
			</td>
			<td>
			25.820
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td>
			C6L
			</td>
			<td>
			14,386
			</td>
			<td>
			13
			</td>
			<td>
			13
			</td>
			<td>
			30
			</td>
			<td>
			-9
			</td>
			<td>
			-13
			</td>
			<td>
			-185
			</td>
			<td>
			4.850
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			CapitaLand
			</td>
			<td>
			C31
			</td>
			<td>
			19,304
			</td>
			<td>
			13
			</td>
			<td>
			16
			</td>
			<td>
			15
			</td>
			<td>
			35
			</td>
			<td>
			1
			</td>
			<td>
			-45
			</td>
			<td>
			3.710
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Jardine C&amp;C
			</td>
			<td>
			C07
			</td>
			<td>
			8,442
			</td>
			<td>
			9
			</td>
			<td>
			11
			</td>
			<td>
			15
			</td>
			<td>
			28
			</td>
			<td>
			-3
			</td>
			<td>
			-16
			</td>
			<td>
			21.360
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Frasers L&amp;C Tr
			</td>
			<td>
			BUOU
			</td>
			<td>
			5,283
			</td>
			<td>
			2
			</td>
			<td>
			6
			</td>
			<td>
			3
			</td>
			<td>
			-15
			</td>
			<td>
			3
			</td>
			<td>
			-19
			</td>
			<td>
			1.440
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Mapletree Log Tr
			</td>
			<td>
			M44U
			</td>
			<td>
			8,793
			</td>
			<td>
			2
			</td>
			<td>
			4
			</td>
			<td>
			-3
			</td>
			<td>
			-74
			</td>
			<td>
			7
			</td>
			<td>
			47
			</td>
			<td>
			2.050
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			DairyFarm USD
			</td>
			<td>
			D01
			</td>
			<td>
			7,714
			</td>
			<td>
			2
			</td>
			<td>
			6
			</td>
			<td>
			8
			</td>
			<td>
			-9
			</td>
			<td>
			-2
			</td>
			<td>
			-11
			</td>
			<td>
			4.240
			</td>
			<td>
			USD
			</td>
		</tr>
<tr>
<td>
			Keppel Corp
			</td>
			<td>
			BN4
			</td>
			<td>
			9,953
			</td>
			<td>
			2
			</td>
			<td>
			3
			</td>
			<td>
			-1
			</td>
			<td>
			-31
			</td>
			<td>
			4
			</td>
			<td>
			1
			</td>
			<td>
			5.470
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Mapletree Com Tr
			</td>
			<td>
			N2IU
			</td>
			<td>
			7,172
			</td>
			<td>
			1
			</td>
			<td>
			4
			</td>
			<td>
			0
			</td>
			<td>
			-16
			</td>
			<td>
			4
			</td>
			<td>
			1
			</td>
			<td>
			2.160
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			12,068
			</td>
			<td>
			1
			</td>
			<td>
			4
			</td>
			<td>
			2
			</td>
			<td>
			-64
			</td>
			<td>
			2
			</td>
			<td>
			-2
			</td>
			<td>
			3.870
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Singtel
			</td>
			<td>
			Z74
			</td>
			<td>
			37,816
			</td>
			<td>
			-1
			</td>
			<td>
			-1
			</td>
			<td>
			6
			</td>
			<td>
			-110
			</td>
			<td>
			-6
			</td>
			<td>
			-216
			</td>
			<td>
			2.290
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Ascendas REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			11,869
			</td>
			<td>
			-1
			</td>
			<td>
			1
			</td>
			<td>
			3
			</td>
			<td>
			-123
			</td>
			<td>
			-1
			</td>
			<td>
			-125
			</td>
			<td>
			2.950
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			5,580
			</td>
			<td>
			-1
			</td>
			<td>
			2
			</td>
			<td>
			3
			</td>
			<td>
			-27
			</td>
			<td>
			-2
			</td>
			<td>
			-95
			</td>
			<td>
			19.210
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			4,400
			</td>
			<td>
			-1
			</td>
			<td>
			-1
			</td>
			<td>
			9
			</td>
			<td>
			50
			</td>
			<td>
			-10
			</td>
			<td>
			-18
			</td>
			<td>
			3.930
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Genting Sing
			</td>
			<td>
			G13
			</td>
			<td>
			10,074
			</td>
			<td>
			-2
			</td>
			<td>
			-1
			</td>
			<td>
			8
			</td>
			<td>
			31
			</td>
			<td>
			-8
			</td>
			<td>
			-36
			</td>
			<td>
			0.835
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Mapletree Ind Tr
			</td>
			<td>
			ME8U
			</td>
			<td>
			7,526
			</td>
			<td>
			-2
			</td>
			<td>
			1
			</td>
			<td>
			-4
			</td>
			<td>
			-119
			</td>
			<td>
			6
			</td>
			<td>
			-15
			</td>
			<td>
			2.830
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			ComfortDelGro
			</td>
			<td>
			C52
			</td>
			<td>
			3,555
			</td>
			<td>
			-2
			</td>
			<td>
			-1
			</td>
			<td>
			2
			</td>
			<td>
			-19
			</td>
			<td>
			-3
			</td>
			<td>
			-30
			</td>
			<td>
			1.640
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			28,374
			</td>
			<td>
			-2
			</td>
			<td>
			0
			</td>
			<td>
			17
			</td>
			<td>
			88
			</td>
			<td>
			-15
			</td>
			<td>
			-140
			</td>
			<td>
			4.500
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			CapLand Int Com T
			</td>
			<td>
			C38U
			</td>
			<td>
			13,535
			</td>
			<td>
			-3
			</td>
			<td>
			-2
			</td>
			<td>
			1
			</td>
			<td>
			-21
			</td>
			<td>
			-4
			</td>
			<td>
			-11
			</td>
			<td>
			2.090
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			UOL
			</td>
			<td>
			U14
			</td>
			<td>
			6,163
			</td>
			<td>
			-5
			</td>
			<td>
			-3
			</td>
			<td>
			2
			</td>
			<td>
			1
			</td>
			<td>
			-6
			</td>
			<td>
			-22
			</td>
			<td>
			7.300
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			CityDev
			</td>
			<td>
			C09
			</td>
			<td>
			6,611
			</td>
			<td>
			-8
			</td>
			<td>
			-7
			</td>
			<td>
			0
			</td>
			<td>
			-58
			</td>
			<td>
			-7
			</td>
			<td>
			-103
			</td>
			<td>
			7.290
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			ThaiBev
			</td>
			<td>
			Y92
			</td>
			<td>
			16,955
			</td>
			<td>
			-8
			</td>
			<td>
			-5
			</td>
			<td>
			3
			</td>
			<td>
			-103
			</td>
			<td>
			-8
			</td>
			<td>
			-105
			</td>
			<td>
			0.675
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			Keppel DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			4,068
			</td>
			<td>
			-11
			</td>
			<td>
			-10
			</td>
			<td>
			-2
			</td>
			<td>
			-54
			</td>
			<td>
			-8
			</td>
			<td>
			-122
			</td>
			<td>
			2.490
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td> </td>
			<td> </td>
			<td>
			522,842
			</td>
			<td> </td>
			<td> </td>
			<td> </td>
			<td>
			936
			</td>
			<td> </td>
			<td>
			-550
			</td>
			<td> </td>
			<td> </td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv, Bloomberg (Data as of 30 June 2021) 
</body></html>





While the STI declined 1.1% in 2Q21, this was the strongest first half of a year for the STI since 2017, with the STI generating an 11.9% total return in 1H21, compared to a 13.8% total return in 1H17. The STI was also among the strongest three APAC benchmarks in 1H21. 
	 
	
STI stocks that were recipient to combined net institutional and net proprietary inflows in both 1Q21 and 2Q21 included DBS, OCBC, UOB, Yangzijiang, SGX and Sembcorp Industries, with 13 of the 30 stocks recipient to combined net institutional and net proprietary outflows in both quarters.   
	 
	Bank stocks were among the strongest industries of the global stock market in 1H21 on resilient business investment and the 2/10 US Yield Curve averaging 130bps in 1H21, compared to 60 bps in 2H20. DBS, OCBC and UOB averaged a 19.0% total return in 1H21, in-line with the median return for the 200 largest listed global banks by market value.  

 

Ebb &amp; Flows in 1H21  
While the STI declined 1.1% in 2Q21, this was the strongest first half of a year for the STI since 2017, with the STI generating an 11.9% total return in 1H21, compared to a 13.8% total return in 1H17. The 30 constituents of the STI represent 58% of the S$902 billion combined full market capitalisation of all stocks listed in Singapore.  The last trading session of 2Q21 saw the combined net institutional and net proprietary outflow from STI stocks for the quarter moderate from S$616 million to S$550 million. This was a broad indication that institutions and proprietary participants had taken the last trading session of the quarter to add to their Singapore exposure. Some moderation in flows was also observed at the end of 1Q21, with the last session of 1Q21 seeing the combined net institutional and net proprietary quarterly inflow to STI stocks moderate from S$936 million, to S$880 million.  Bank stocks were among the strongest industries of the global stock market in 1H21 on resilient business investment and the 2/10 US Yield curve averaging 130bps in 1H21 compared to 60 bps in 2H20, supporting banks that generally borrow short and lend long. Together, DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank recipient to net institutional and net proprietary inflows of S$1.39 billion in 1Q21 and S$468 million in 2Q21. The trio averaged a 19.0% total return in 1H21, in-line with the median 19.8% return for the 200 largest listed global banks by market value. Nevertheless a significant rotation was observed with the Singapore bank trio recipient to S$145 million in net institutional and net proprietary outflow between 3 June and 18 June, as the 2/10 US Yield curve flattening by 28 bps on hawkish Fed Reserve comments.   Global progress in getting the better of the endemic, and on a more micro level, significant corporate restructuring, were also key factors for many of the rotations across the other STI constituents.   
On the former, in the month of February, together Singapore Airlines and SATS were recipients to S$254 of combined net institutional and net proprietary outflow with the majority of the US, China, Japan &amp; UK seen to overcome COVID-19 resurgences in January. At the time this boded well for the eventual resumption of international travel, and that month, Singapore Airlines share price gained 21%, in line with the 20% gain for world’s biggest airline stocks, while SATS gained 14%.  
On the latter driver of rotations, CapitaLand was receipt to S$23 million in combined net institutional and net proprietary inflows, with a 15% price gain in three sessions that followed its 22 March corporate restructure proposal. CapitaLand is restructuring its Group business by consolidating the investment management platforms as well as lodging business into CapitaLand Investment Management, which will create Asia’s largest and the globe’s third largest real estate investment manager.  Meanwhile, resilient global trade and demand for container shipping, saw Yangzijiang Shipbuilding Holdings the strongest of the STI constituents in 1H21 and recipient to combined net institutional and net proprietary inflows in both 1Q21 and 2Q21, with total inflows amounting to 4% of the stock’s current market capitalisation. As reported yesterday, Yangzijiang Shipbuilding Holdings has secured new orders for 100 vessels worth US$5.6 billion representing its largest order wins, based on total contract value, in the Group’s history.  At the same time, the STI’s second strongest constituent in 2020, Keppel DC REIT was the STI’s least strongest constituent in 1H21 with combined net institutional and net proprietary outflows amounting to 4% of the stock’s current market capitalisation. The data centre REIT generated a negative total return of 10% in 1H21, which followed on from its 38% total return in 2020, and the 2019, 66% total return that helped propel the stock into the STI. While the digital economy continues to grow, progress towards social and economic normalisation has put less demands on cloud, digital services and online services.  For the broader STI move, vaccine progress provided support, however COVID-19 infections also continued to grow. While 3 billion COVID-19 vaccine doses were administered globally in 1H21, the total number of cases also grew from 84 million to above 180 million, with the contagious delta variant seeing close to 10 million more cases in 2Q21 than 1Q21. The overarching endemic theme saw the STI consolidate on its 1Q21 total return of 11.8%, adding 0.1% in 2Q21. The relatively more cautious 2Q21 was also observed across the region with the FTSE Asia Pacific Index generating 4.5% total return in 1Q21 and a 2.8% total return in 2Q21.  
For the 2H21 ahead, continued vaccine progress and curtailing new cases will remain key drivers for service-orientated stocks that have been adversely impacted by local and global containment measures. At the same time, achieving herd immunities, vaccine equity and the gradual recommencement of international travel and tourism is expected to increasingly rank highly in global policy agendas.  
The 30 STI stocks sorted by total returns in 1H21 are tabled below, and details the comparative 1Q21 and 2Q21 net institutional and net proprietary flows.




			STI Stock
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			1H21 Price Change YTD % (S$)
			
			
			1H21 Total Return YTD % (S$)
			
			
			1Q21 Total Return % (S$)
			
			
			1Q Net Insti &amp; Net Prop Flow S$M
			
			
			2Q21 Total Return % (S$)
			
			
			2Q Net Insti &amp; Net Prop Flow S$M
			
			
			Price $
			
			
			CCY
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			5,426
			
			
			48
			
			
			52
			
			
			34
			
			
			141
			
			
			14
			
			
			77
			
			
			1.410
			
			
			SGD
			
		


			Sembcorp Ind
			
			
			U96
			
			
			3,823
			
			
			25
			
			
			27
			
			
			8
			
			
			22
			
			
			18
			
			
			64
			
			
			2.140
			
			
			SGD
			
		


			SGX
			
			
			S68
			
			
			11,950
			
			
			20
			
			
			22
			
			
			8
			
			
			3
			
			
			13
			
			
			108
			
			
			11.180
			
			
			SGD
			
		


			DBS
			
			
			D05
			
			
			76,557
			
			
			19
			
			
			21
			
			
			15
			
			
			654
			
			
			5
			
			
			353
			
			
			29.810
			
			
			SGD
			
		


			OCBC Bank
			
			
			O39
			
			
			53,830
			
			
			19
			
			
			20
			
			
			17
			
			
			428
			
			
			3
			
			
			114
			
			
			11.950
			
			
			SGD
			
		


			HongkongLand USD
			
			
			H78
			
			
			14,939
			
			
			17
			
			
			21
			
			
			25
			
			
			6
			
			
			-3
			
			
			-6
			
			
			4.760
			
			
			USD
			
		


			JMH USD
			
			
			J36
			
			
			63,379
			
			
			16
			
			
			18
			
			
			21
			
			
			-4
			
			
			-2
			
			
			3
			
			
			63.920
			
			
			USD
			
		


			UOB
			
			
			U11
			
			
			43,297
			
			
			14
			
			
			16
			
			
			14
			
			
			304
			
			
			1
			
			
			1
			
			
			25.820
			
			
			SGD
			
		


			SIA
			
			
			C6L
			
			
			14,386
			
			
			13
			
			
			13
			
			
			30
			
			
			-9
			
			
			-13
			
			
			-185
			
			
			4.850
			
			
			SGD
			
		


			CapitaLand
			
			
			C31
			
			
			19,304
			
			
			13
			
			
			16
			
			
			15
			
			
			35
			
			
			1
			
			
			-45
			
			
			3.710
			
			
			SGD
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			8,442
			
			
			9
			
			
			11
			
			
			15
			
			
			28
			
			
			-3
			
			
			-16
			
			
			21.360
			
			
			SGD
			
		


			Frasers L&amp;C Tr
			
			
			BUOU
			
			
			5,283
			
			
			2
			
			
			6
			
			
			3
			
			
			-15
			
			
			3
			
			
			-19
			
			
			1.440
			
			
			SGD
			
		


			Mapletree Log Tr
			
			
			M44U
			
			
			8,793
			
			
			2
			
			
			4
			
			
			-3
			
			
			-74
			
			
			7
			
			
			47
			
			
			2.050
			
			
			SGD
			
		


			DairyFarm USD
			
			
			D01
			
			
			7,714
			
			
			2
			
			
			6
			
			
			8
			
			
			-9
			
			
			-2
			
			
			-11
			
			
			4.240
			
			
			USD
			
		


			Keppel Corp
			
			
			BN4
			
			
			9,953
			
			
			2
			
			
			3
			
			
			-1
			
			
			-31
			
			
			4
			
			
			1
			
			
			5.470
			
			
			SGD
			
		


			Mapletree Com Tr
			
			
			N2IU
			
			
			7,172
			
			
			1
			
			
			4
			
			
			0
			
			
			-16
			
			
			4
			
			
			1
			
			
			2.160
			
			
			SGD
			
		


			ST Engineering
			
			
			S63
			
			
			12,068
			
			
			1
			
			
			4
			
			
			2
			
			
			-64
			
			
			2
			
			
			-2
			
			
			3.870
			
			
			SGD
			
		


			Singtel
			
			
			Z74
			
			
			37,816
			
			
			-1
			
			
			-1
			
			
			6
			
			
			-110
			
			
			-6
			
			
			-216
			
			
			2.290
			
			
			SGD
			
		


			Ascendas REIT
			
			
			A17U
			
			
			11,869
			
			
			-1
			
			
			1
			
			
			3
			
			
			-123
			
			
			-1
			
			
			-125
			
			
			2.950
			
			
			SGD
			
		


			Venture
			
			
			V03
			
			
			5,580
			
			
			-1
			
			
			2
			
			
			3
			
			
			-27
			
			
			-2
			
			
			-95
			
			
			19.210
			
			
			SGD
			
		


			SATS
			
			
			S58
			
			
			4,400
			
			
			-1
			
			
			-1
			
			
			9
			
			
			50
			
			
			-10
			
			
			-18
			
			
			3.930
			
			
			SGD
			
		


			Genting Sing
			
			
			G13
			
			
			10,074
			
			
			-2
			
			
			-1
			
			
			8
			
			
			31
			
			
			-8
			
			
			-36
			
			
			0.835
			
			
			SGD
			
		


			Mapletree Ind Tr
			
			
			ME8U
			
			
			7,526
			
			
			-2
			
			
			1
			
			
			-4
			
			
			-119
			
			
			6
			
			
			-15
			
			
			2.830
			
			
			SGD
			
		


			ComfortDelGro
			
			
			C52
			
			
			3,555
			
			
			-2
			
			
			-1
			
			
			2
			
			
			-19
			
			
			-3
			
			
			-30
			
			
			1.640
			
			
			SGD
			
		


			Wilmar Intl
			
			
			F34
			
			
			28,374
			
			
			-2
			
			
			0
			
			
			17
			
			
			88
			
			
			-15
			
			
			-140
			
			
			4.500
			
			
			SGD
			
		


			CapLand Int Com T
			
			
			C38U
			
			
			13,535
			
			
			-3
			
			
			-2
			
			
			1
			
			
			-21
			
			
			-4
			
			
			-11
			
			
			2.090
			
			
			SGD
			
		


			UOL
			
			
			U14
			
			
			6,163
			
			
			-5
			
			
			-3
			
			
			2
			
			
			1
			
			
			-6
			
			
			-22
			
			
			7.300
			
			
			SGD
			
		


			CityDev
			
			
			C09
			
			
			6,611
			
			
			-8
			
			
			-7
			
			
			0
			
			
			-58
			
			
			-7
			
			
			-103
			
			
			7.290
			
			
			SGD
			
		


			ThaiBev
			
			
			Y92
			
			
			16,955
			
			
			-8
			
			
			-5
			
			
			3
			
			
			-103
			
			
			-8
			
			
			-105
			
			
			0.675
			
			
			SGD
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			4,068
			
			
			-11
			
			
			-10
			
			
			-2
			
			
			-54
			
			
			-8
			
			
			-122
			
			
			2.490
			
			
			SGD
			
		

 
			 
			
			522,842
			
			 
			 
			 
			
			936
			
			 
			
			-550
			
			 
			 
		

 Source: SGX, Refinitiv, Bloomberg (Data as of 30 June 2021) 



STI Chalks Up 12% Return in 1H21 on Multiple Rotations