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

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
For 1Q22, the STI was APACs strongest performing benchmark, with 9.1% price gains boosted to 9.6% by dividends. With 23 of 30 constituents generating positive total returns in 1Q22, the STI outpaced the FTSE APAC Index and FTSE World Index, which generated 4.9% and 4.3% respective declines in total return. 
	 </li>
	<li>
STI stocks saw S$1.15 billion of net institutional inflows in 1Q22, with Singtel, OCBC, UOB, Wilmar and CityDev drawing the most net inflows, while averaging 14% total returns. Mapletree Comm Trust, Venture, A-REIT, Mapletree Ind Trust and ComfortDelGro saw the most net institutional outflows in 1Q22, while averaging a 0.1% marginal decline. 
	 </li>
	<li>
The STI was led by Sembcorp Ind and Keppel Corp in 1Q22, with respective 34% and 25% gains. In 1Q22, Sembcorp Ind reported net profit (before exceptional items) was up 57% YoY in FY21. Keppel Corp reported net profit of S$1.02 billion in FY21, reversing the S$506 million loss in FY20. Both stocks are pursuing significant strategic initiatives. 
	 </li>
	<li>With interest rate hikes currently built into market expectations on increased inflation, key market drivers in 2Q22 also include the ongoing geopolitical implications of the Ukraine crisis, momentum in daily global cases of COVID-19, as well the outlook for overall growth deceleration, supply chain adjustments, and 1Q earnings.</li>
</ul>
 

For 1Q22, the STI was APAC’s strongest performing benchmark, with 9.1% price gains boosted by dividends to generate a 9.6% total return. The FTSE ASEAN All-Share Index also generated a 4.7% price return over the quarter, outpacing the broader APAC region. The comparative performances of key benchmarks are tabled below. 
</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-04/Capture_2.PNG' alt='1Q22 Price Return (in SGD)' />
 </figure>
 <div class='content-caption'>1Q22 Price Return (in SGD)</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
The STI was led by Sembcorp Industries and Keppel Corporation in 1Q22, with respective gains of 34% and 25%. In 1Q22, Sembcorp Industries reported its net profit (before exceptional items) was up 57% YoY in FY21, while Keppel Corporation reported a net profit of S$1.02 billion in FY21, a sharp reversal from the S$506 million loss reported for FY20. Both stocks are also pursuing significant strategic initiatives. Sembcorp Industries is pressing ahead with strategic transformation of its portfolio from brown to green energy, with an objective for sustainable solutions to make up 70% of its net profit by 2025. Keppel Corporation is also executing Vision 2030, which is a long-term strategic initiative to transform the conglomerate to an integrated solution provider for sustainable urbanisation. 
The performances of the 30 STI stocks are tabled below and sort by the strongest total returns booked in 1Q22.

<table class="table table-striped"><tbody>
<tr>
<td>
			STI Stocks Sort by Most Strongest Performing Stocks in 1Q22 
			</td>
			<td>
			Code
			</td>
			<td>
			1Q22 Average Daily T/O (S$M)
			</td>
			<td>
			Mkt Cap S$M 
			</td>
			<td>
			1Q22 Net Insti Flow (S$M)
			</td>
			<td>
			1Q22 Total Return %
			</td>
			<td>
			2021 Total Return %
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			Sembcorp Ind
			</td>
			<td>
			U96
			</td>
			<td>
			14
			</td>
			<td>
			4,754
			</td>
			<td>
			105
			</td>
			<td>
			34
			</td>
			<td>
			20
			</td>
			<td>
			Utilities
			</td>
		</tr>
<tr>
<td>
			Keppel Corp
			</td>
			<td>
			BN4
			</td>
			<td>
			28
			</td>
			<td>
			11,559
			</td>
			<td>
			80
			</td>
			<td>
			25
			</td>
			<td>
			-1
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Jardine C&amp;C
			</td>
			<td>
			C07
			</td>
			<td>
			8
			</td>
			<td>
			9,893
			</td>
			<td>
			54
			</td>
			<td>
			22
			</td>
			<td>
			9
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			125
			</td>
			<td>
			53,537
			</td>
			<td>
			151
			</td>
			<td>
			19
			</td>
			<td>
			24
			</td>
			<td>
			Banks
			</td>
		</tr>
<tr>
<td>
			CapitaLand Invest
			</td>
			<td>
			9CI
			</td>
			<td>
			34
			</td>
			<td>
			20,544
			</td>
			<td>
			78
			</td>
			<td>
			17
			</td>
			<td>
			*16
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			CityDev
			</td>
			<td>
			C09
			</td>
			<td>
			15
			</td>
			<td>
			7,137
			</td>
			<td>
			120
			</td>
			<td>
			16
			</td>
			<td>
			-13
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg
			</td>
			<td>
			BS6
			</td>
			<td>
			28
			</td>
			<td>
			5,988
			</td>
			<td>
			24
			</td>
			<td>
			14
			</td>
			<td>
			45
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Singtel
			</td>
			<td>
			Z74
			</td>
			<td>
			82
			</td>
			<td>
			43,581
			</td>
			<td>
			450
			</td>
			<td>
			14
			</td>
			<td>
			3
			</td>
			<td>
			Telecommunications
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			35
			</td>
			<td>
			29,675
			</td>
			<td>
			143
			</td>
			<td>
			14
			</td>
			<td>
			-7
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			11
			</td>
			<td>
			4,870
			</td>
			<td>
			24
			</td>
			<td>
			12
			</td>
			<td>
			-2
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			ThaiBev
			</td>
			<td>
			Y92
			</td>
			<td>
			17
			</td>
			<td>
			17,961
			</td>
			<td>
			14
			</td>
			<td>
			11
			</td>
			<td>
			-8
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			CapLand IntCom Trust
			</td>
			<td>
			C38U
			</td>
			<td>
			52
			</td>
			<td>
			14,900
			</td>
			<td>
			109
			</td>
			<td>
			10
			</td>
			<td>
			0
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td>
			C6L
			</td>
			<td>
			34
			</td>
			<td>
			16,321
			</td>
			<td>
			66
			</td>
			<td>
			10
			</td>
			<td>
			17
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			179
			</td>
			<td>
			92,203
			</td>
			<td>
			-40
			</td>
			<td>
			10
			</td>
			<td>
			35
			</td>
			<td>
			Banks
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			23
			</td>
			<td>
			12,846
			</td>
			<td>
			63
			</td>
			<td>
			10
			</td>
			<td>
			2
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			OCBC Bank
			</td>
			<td>
			O39
			</td>
			<td>
			111
			</td>
			<td>
			55,601
			</td>
			<td>
			161
			</td>
			<td>
			9
			</td>
			<td>
			17
			</td>
			<td>
			Banks
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			30
			</td>
			<td>
			10,649
			</td>
			<td>
			101
			</td>
			<td>
			8
			</td>
			<td>
			4
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			ComfortDelGro
			</td>
			<td>
			C52
			</td>
			<td>
			20
			</td>
			<td>
			3,228
			</td>
			<td>
			-56
			</td>
			<td>
			6
			</td>
			<td>
			-14
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Genting Sing
			</td>
			<td>
			G13
			</td>
			<td>
			17
			</td>
			<td>
			9,839
			</td>
			<td>
			22
			</td>
			<td>
			5
			</td>
			<td>
			-8
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			JMH USD
			</td>
			<td>
			J36
			</td>
			<td>
			18
			</td>
			<td>
			53,836
			</td>
			<td>
			-5
			</td>
			<td>
			3
			</td>
			<td>
			3
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Ascendas REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			35
			</td>
			<td>
			12,300
			</td>
			<td>
			-73
			</td>
			<td>
			2
			</td>
			<td>
			2
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Dairy Farm USD
			</td>
			<td>
			D01
			</td>
			<td>
			4
			</td>
			<td>
			5,170
			</td>
			<td>
			-21
			</td>
			<td>
			2
			</td>
			<td>
			-28
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Mapletree Ind Trust
			</td>
			<td>
			ME8U
			</td>
			<td>
			20
			</td>
			<td>
			7,200
			</td>
			<td>
			-59
			</td>
			<td>
			1
			</td>
			<td>
			-1
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			UOL
			</td>
			<td>
			U14
			</td>
			<td>
			10
			</td>
			<td>
			5,945
			</td>
			<td>
			-36
			</td>
			<td>
			-1
			</td>
			<td>
			-6
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			Hongkong Land USD
			</td>
			<td>
			H78
			</td>
			<td>
			16
			</td>
			<td>
			15,494
			</td>
			<td>
			13
			</td>
			<td>
			-2
			</td>
			<td>
			35
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			Mapletree Log Trust
			</td>
			<td>
			M44U
			</td>
			<td>
			29
			</td>
			<td>
			8,848
			</td>
			<td>
			-30
			</td>
			<td>
			-2
			</td>
			<td>
			-1
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Frasers L&amp;C Trust
			</td>
			<td>
			BUOU
			</td>
			<td>
			13
			</td>
			<td>
			5,389
			</td>
			<td>
			-14
			</td>
			<td>
			-4
			</td>
			<td>
			14
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			21
			</td>
			<td>
			5,105
			</td>
			<td>
			-106
			</td>
			<td>
			-4
			</td>
			<td>
			-2
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Mapletree Com Trust
			</td>
			<td>
			N2IU
			</td>
			<td>
			44
			</td>
			<td>
			6,281
			</td>
			<td>
			-133
			</td>
			<td>
			-6
			</td>
			<td>
			-2
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Keppel DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			14
			</td>
			<td>
			3,916
			</td>
			<td>
			-51
			</td>
			<td>
			-6
			</td>
			<td>
			-8
			</td>
			<td>
			REITs
			</td>
		</tr>
</tbody></table>
*2021 total return from 20 Sep 2021. Source: SGX, Refinitiv, Bloomberg (Data as of 31 March 2022)
</body></html>





For 1Q22, the STI was APACs strongest performing benchmark, with 9.1% price gains boosted to 9.6% by dividends. With 23 of 30 constituents generating positive total returns in 1Q22, the STI outpaced the FTSE APAC Index and FTSE World Index, which generated 4.9% and 4.3% respective declines in total return. 
	 
	
STI stocks saw S$1.15 billion of net institutional inflows in 1Q22, with Singtel, OCBC, UOB, Wilmar and CityDev drawing the most net inflows, while averaging 14% total returns. Mapletree Comm Trust, Venture, A-REIT, Mapletree Ind Trust and ComfortDelGro saw the most net institutional outflows in 1Q22, while averaging a 0.1% marginal decline. 
	 
	
The STI was led by Sembcorp Ind and Keppel Corp in 1Q22, with respective 34% and 25% gains. In 1Q22, Sembcorp Ind reported net profit (before exceptional items) was up 57% YoY in FY21. Keppel Corp reported net profit of S$1.02 billion in FY21, reversing the S$506 million loss in FY20. Both stocks are pursuing significant strategic initiatives. 
	 
	With interest rate hikes currently built into market expectations on increased inflation, key market drivers in 2Q22 also include the ongoing geopolitical implications of the Ukraine crisis, momentum in daily global cases of COVID-19, as well the outlook for overall growth deceleration, supply chain adjustments, and 1Q earnings.

 

For 1Q22, the STI was APAC’s strongest performing benchmark, with 9.1% price gains boosted by dividends to generate a 9.6% total return. The FTSE ASEAN All-Share Index also generated a 4.7% price return over the quarter, outpacing the broader APAC region. The comparative performances of key benchmarks are tabled below. 



      
    
    1Q22 Price Return (in SGD)


The STI was led by Sembcorp Industries and Keppel Corporation in 1Q22, with respective gains of 34% and 25%. In 1Q22, Sembcorp Industries reported its net profit (before exceptional items) was up 57% YoY in FY21, while Keppel Corporation reported a net profit of S$1.02 billion in FY21, a sharp reversal from the S$506 million loss reported for FY20. Both stocks are also pursuing significant strategic initiatives. Sembcorp Industries is pressing ahead with strategic transformation of its portfolio from brown to green energy, with an objective for sustainable solutions to make up 70% of its net profit by 2025. Keppel Corporation is also executing Vision 2030, which is a long-term strategic initiative to transform the conglomerate to an integrated solution provider for sustainable urbanisation.  
The performances of the 30 STI stocks are tabled below and sort by the strongest total returns booked in 1Q22.




			STI Stocks Sort by Most Strongest Performing Stocks in 1Q22 
			
			
			Code
			
			
			1Q22 Average Daily T/O (S$M)
			
			
			Mkt Cap S$M 
			
			
			1Q22 Net Insti Flow (S$M)
			
			
			1Q22 Total Return %
			
			
			2021 Total Return %
			
			
			Sector
			
		


			Sembcorp Ind
			
			
			U96
			
			
			14
			
			
			4,754
			
			
			105
			
			
			34
			
			
			20
			
			
			Utilities
			
		


			Keppel Corp
			
			
			BN4
			
			
			28
			
			
			11,559
			
			
			80
			
			
			25
			
			
			-1
			
			
			Industrials
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			8
			
			
			9,893
			
			
			54
			
			
			22
			
			
			9
			
			
			Consumer Cyclicals
			
		


			UOB
			
			
			U11
			
			
			125
			
			
			53,537
			
			
			151
			
			
			19
			
			
			24
			
			
			Banks
			
		


			CapitaLand Invest
			
			
			9CI
			
			
			34
			
			
			20,544
			
			
			78
			
			
			17
			
			
			*16
			
			
			Financial Services
			
		


			CityDev
			
			
			C09
			
			
			15
			
			
			7,137
			
			
			120
			
			
			16
			
			
			-13
			
			
			Real Estate (excl. REITs)
			
		


			YZJ Shipbldg
			
			
			BS6
			
			
			28
			
			
			5,988
			
			
			24
			
			
			14
			
			
			45
			
			
			Industrials
			
		


			Singtel
			
			
			Z74
			
			
			82
			
			
			43,581
			
			
			450
			
			
			14
			
			
			3
			
			
			Telecommunications
			
		


			Wilmar Intl
			
			
			F34
			
			
			35
			
			
			29,675
			
			
			143
			
			
			14
			
			
			-7
			
			
			Consumer Non-Cyclicals
			
		


			SATS
			
			
			S58
			
			
			11
			
			
			4,870
			
			
			24
			
			
			12
			
			
			-2
			
			
			Industrials
			
		


			ThaiBev
			
			
			Y92
			
			
			17
			
			
			17,961
			
			
			14
			
			
			11
			
			
			-8
			
			
			Consumer Non-Cyclicals
			
		


			CapLand IntCom Trust
			
			
			C38U
			
			
			52
			
			
			14,900
			
			
			109
			
			
			10
			
			
			0
			
			
			REITs
			
		


			SIA
			
			
			C6L
			
			
			34
			
			
			16,321
			
			
			66
			
			
			10
			
			
			17
			
			
			Industrials
			
		


			DBS
			
			
			D05
			
			
			179
			
			
			92,203
			
			
			-40
			
			
			10
			
			
			35
			
			
			Banks
			
		


			ST Engineering
			
			
			S63
			
			
			23
			
			
			12,846
			
			
			63
			
			
			10
			
			
			2
			
			
			Industrials
			
		


			OCBC Bank
			
			
			O39
			
			
			111
			
			
			55,601
			
			
			161
			
			
			9
			
			
			17
			
			
			Banks
			
		


			SGX
			
			
			S68
			
			
			30
			
			
			10,649
			
			
			101
			
			
			8
			
			
			4
			
			
			Financial Services
			
		


			ComfortDelGro
			
			
			C52
			
			
			20
			
			
			3,228
			
			
			-56
			
			
			6
			
			
			-14
			
			
			Industrials
			
		


			Genting Sing
			
			
			G13
			
			
			17
			
			
			9,839
			
			
			22
			
			
			5
			
			
			-8
			
			
			Consumer Cyclicals
			
		


			JMH USD
			
			
			J36
			
			
			18
			
			
			53,836
			
			
			-5
			
			
			3
			
			
			3
			
			
			Consumer Non-Cyclicals
			
		


			Ascendas REIT
			
			
			A17U
			
			
			35
			
			
			12,300
			
			
			-73
			
			
			2
			
			
			2
			
			
			REITs
			
		


			Dairy Farm USD
			
			
			D01
			
			
			4
			
			
			5,170
			
			
			-21
			
			
			2
			
			
			-28
			
			
			Consumer Non-Cyclicals
			
		


			Mapletree Ind Trust
			
			
			ME8U
			
			
			20
			
			
			7,200
			
			
			-59
			
			
			1
			
			
			-1
			
			
			REITs
			
		


			UOL
			
			
			U14
			
			
			10
			
			
			5,945
			
			
			-36
			
			
			-1
			
			
			-6
			
			
			Real Estate (excl. REITs)
			
		


			Hongkong Land USD
			
			
			H78
			
			
			16
			
			
			15,494
			
			
			13
			
			
			-2
			
			
			35
			
			
			Real Estate (excl. REITs)
			
		


			Mapletree Log Trust
			
			
			M44U
			
			
			29
			
			
			8,848
			
			
			-30
			
			
			-2
			
			
			-1
			
			
			REITs
			
		


			Frasers L&amp;C Trust
			
			
			BUOU
			
			
			13
			
			
			5,389
			
			
			-14
			
			
			-4
			
			
			14
			
			
			REITs
			
		


			Venture
			
			
			V03
			
			
			21
			
			
			5,105
			
			
			-106
			
			
			-4
			
			
			-2
			
			
			Technology (Hardware/ Software)
			
		


			Mapletree Com Trust
			
			
			N2IU
			
			
			44
			
			
			6,281
			
			
			-133
			
			
			-6
			
			
			-2
			
			
			REITs
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			14
			
			
			3,916
			
			
			-51
			
			
			-6
			
			
			-8
			
			
			REITs
			
		

*2021 total return from 20 Sep 2021. Source: SGX, Refinitiv, Bloomberg (Data as of 31 March 2022)



STI Leads APAC with +10% Total Returns in 1Q22, Draws Net Insti Inflow of S$1.2B