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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<ul>
<li>
The 10 SG stocks beyond the 30 STI constituents that have attracted the most Net Institutional Inflows since the recent 23 March market low include NetLink NBN Trust, AEM, MINT, StarHub, FLT, Keppel REIT, Keppel DC REIT, Thomson Medical, SIAECO and Q &amp; M. 
	 </li>
	<li>
The 10 stocks have a combined market value of S$27 billion and traded a combined S$109 million in daily turnover for the first four months of 2020. Since the 23 March low, the 10 stocks were recipient to a combined net institutional inflow of S$122 million.  
	 </li>
	<li>For the month of April, these 10 stocks averaged a 20% gain, more than three times the gains of the STI. This brought their average total return for the first four months of 2020 to -1%, with AEM, Keppel DC REIT &amp; NetLink NBN Trust the strongest performers for the period. </li>
</ul>
 

At 18% on 30 April, the Straits Times Index (“STI”) 10-day annualised volatility had returned much closer to its long term normalised levels of 12%. This followed the short term volatility gauge reaching as high as 80% in late March, with the STI forming an intra-year low at 2,208 on 23 March.

In April, global stock markets continued partial recoveries from the 23 March low, and in the case of the S&amp;P 500, the alternative equally weighted index outpaced the capitalisation weighted index. Looking back, the most recent full year that saw the equally weighted S&amp;P 500 Index outperform the capitalisation weighted S&amp;P 500 Index was back in 2016, and on a monthly basis, this has generally occurred only one-third of the time since 2016. In part, this reflects the current scale of the US’ recent fiscal and monetary policy responses that are intended to support businesses well beyond the big end of town. As Federal Reserve Chair noted in last week’s press conference, as important job creators, medium-sized and small-sized businesses are worth so much more to the economy than the sum of their net assets.

10 Non-STI Stocks that Attracted Most Net Institutional Inflows since 23 March

Of the 10 SGX-listed stocks that attracted the highest net institutional inflows since 23 March that are not currently not large enough to qualify for STI conclusion, eight of the 10 stocks outpaced the STI in the month of April. For the two stocks that did not outpace the STI in April, they have been significantly more defensive that the STI over the first four months of 2020.

The 10 SGX-listed non-STI stocks that attracted the highest net institutional inflows from 24 March through to 30 April were NetLink NBN Trust, AEM Holdings, Mapletree Industrial Trust, StarHub, Frasers Logistics &amp; Commercial Trust, Keppel REIT, Keppel DC REIT, Thomson Medical Group, SIA Engineering Co and Q &amp; M Dental Group Singapore.

Reordering these 10 stocks to the high net institutional inflow proportionate to 30 April market capitalisation, they are: AEM Holdings, Q &amp; M Dental Group Singapore, NetLink NBN Trust, StarHub, Frasers Logistics &amp; Commercial Trust, Mapletree Industrial Trust, Keppel REIT, Keppel DC REIT, Thomson Medical Group, SIA Engineering Co.

<ul></ul>
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-05/April%20Total%20Return.PNG' alt='April Total Return ' />
 </figure>
 <div class='content-caption'>April Total Return </div>
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The net institutional inflows and individual price performances of the 10 stocks are tabled below.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Code
			</td>
			<td>
			Average daily Turnover in 2020 YTD S$M
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			Net Institutional Inflow since 23 March 2020 S$M 
			</td>
			<td>
			April Total Return %
			</td>
			<td>
			YTD Total Return %
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			AWX
			</td>
			<td>
			18.9
			</td>
			<td>
			671
			</td>
			<td>
			19.1
			</td>
			<td>
			46.7
			</td>
			<td>
			21.3
			</td>
		</tr>
<tr>
<td>
			Q &amp; M DENTAL GROUP SINGAPORE
			</td>
			<td>
			QC7
			</td>
			<td>
			0.7
			</td>
			<td>
			378
			</td>
			<td>
			3.1
			</td>
			<td>
			35.8
			</td>
			<td>
			4.7
			</td>
		</tr>
<tr>
<td>
			NETLINK NBN TRUST
			</td>
			<td>
			CJLU
			</td>
			<td>
			12.5
			</td>
			<td>
			3,897
			</td>
			<td>
			27.5
			</td>
			<td>
			10.5
			</td>
			<td>
			5.8
			</td>
		</tr>
<tr>
<td>
			STARHUB
			</td>
			<td>
			CC3
			</td>
			<td>
			4.2
			</td>
			<td>
			2,580
			</td>
			<td>
			15.0
			</td>
			<td>
			12.0
			</td>
			<td>
			4.9
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; COMMERCIAL
			</td>
			<td>
			BUOU
			</td>
			<td>
			12.2
			</td>
			<td>
			2,398
			</td>
			<td>
			13.6
			</td>
			<td>
			24.5
			</td>
			<td>
			-11.2
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			25.7
			</td>
			<td>
			5,613
			</td>
			<td>
			17.7
			</td>
			<td>
			4.9
			</td>
			<td>
			-0.7
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			12.0
			</td>
			<td>
			3,583
			</td>
			<td>
			9.5
			</td>
			<td>
			13.1
			</td>
			<td>
			-12.4
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			20.2
			</td>
			<td>
			3,837
			</td>
			<td>
			8.9
			</td>
			<td>
			2.6
			</td>
			<td>
			14.0
			</td>
		</tr>
<tr>
<td>
			THOMSON MEDICAL GROUP
			</td>
			<td>
			A50
			</td>
			<td>
			0.8
			</td>
			<td>
			1,613
			</td>
			<td>
			3.6
			</td>
			<td>
			35.6
			</td>
			<td>
			-4.7
			</td>
		</tr>
<tr>
<td>
			SIA ENGINEERING CO
			</td>
			<td>
			S59
			</td>
			<td>
			1.5
			</td>
			<td>
			2,095
			</td>
			<td>
			3.4
			</td>
			<td>
			9.4
			</td>
			<td>
			-33.7
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			19.5
			</td>
			<td>
			-1.2
			</td>
		</tr>
</tbody></table>
 Source: SGX, Bloomberg, Thomson Reuters (Data as of 30 April 2020

The three best performing stocks over the first four months of 2020 tabled above were AEM Holdings and Keppel DC REIT and NetLink NBN Trust, with the growth of Internet Enterprises a common thread to these stocks.

 

<ul>
<li>On 28 April, AEM Holdings reported its best quarterly performance on record in 1QFY20 (ended 31 March) with revenue up 179% to S$147 million, on increased orders from its main customer. The test and handling solutions provider for semiconductor and electronics companies (serving advanced computing, 5G and AI markets) maintains its revenue guidance for FY20 to be between S$360 million to S$380 million (was S$222 million in the FY17). Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/CLELOVPFO7OA9SES/24980385d847dc4cc83eca0c5f4f3b762ee7d67eaa51b5c32a61fc3f0d098e3b">here</a> for more. 
	 </li>
	<li>On 21 April, Keppel DC REIT reported its 1QFY20 (ended 31 March) Net Property Income grew 28.3% year-on-year, click here for more. In the FY18 AGM, Keppel DC REIT Management Limited CEO Chua Hsien Yang, reiterated policy was to not share tenant names, rather share “Trade Sector” of the REIT clients. This was due to confidentiality to the location of the data centres very important to clients. In the FY19 Annual Report, under “Trade Sector for December 2019, Internet Enterprise made up 48.5% of rental income. Furthermore at the FY18 AGM, the CEO stated that its clients included “hyperscale cloud providers that are now amongst the largest companies in the world and the risk of default are very low”. 
	 </li>
	<li>NetLink NBN Management Pte. Ltd., as trustee-manager of NetLink NBN Trust, will be announcing the financial results of NetLink NBN Trust for the full year and fourth quarter ended 31 March 2020, after the close of trading on 6 May 2020.</li>
</ul>
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The 10 SG stocks beyond the 30 STI constituents that have attracted the most Net Institutional Inflows since the recent 23 March market low include NetLink NBN Trust, AEM, MINT, StarHub, FLT, Keppel REIT, Keppel DC REIT, Thomson Medical, SIAECO and Q &amp; M.  
	 
	
The 10 stocks have a combined market value of S$27 billion and traded a combined S$109 million in daily turnover for the first four months of 2020. Since the 23 March low, the 10 stocks were recipient to a combined net institutional inflow of S$122 million.   
	 
	For the month of April, these 10 stocks averaged a 20% gain, more than three times the gains of the STI. This brought their average total return for the first four months of 2020 to -1%, with AEM, Keppel DC REIT &amp; NetLink NBN Trust the strongest performers for the period. 

 

At 18% on 30 April, the Straits Times Index (“STI”) 10-day annualised volatility had returned much closer to its long term normalised levels of 12%. This followed the short term volatility gauge reaching as high as 80% in late March, with the STI forming an intra-year low at 2,208 on 23 March.

In April, global stock markets continued partial recoveries from the 23 March low, and in the case of the S&amp;P 500, the alternative equally weighted index outpaced the capitalisation weighted index. Looking back, the most recent full year that saw the equally weighted S&amp;P 500 Index outperform the capitalisation weighted S&amp;P 500 Index was back in 2016, and on a monthly basis, this has generally occurred only one-third of the time since 2016. In part, this reflects the current scale of the US’ recent fiscal and monetary policy responses that are intended to support businesses well beyond the big end of town. As Federal Reserve Chair noted in last week’s press conference, as important job creators, medium-sized and small-sized businesses are worth so much more to the economy than the sum of their net assets.

10 Non-STI Stocks that Attracted Most Net Institutional Inflows since 23 March

Of the 10 SGX-listed stocks that attracted the highest net institutional inflows since 23 March that are not currently not large enough to qualify for STI conclusion, eight of the 10 stocks outpaced the STI in the month of April. For the two stocks that did not outpace the STI in April, they have been significantly more defensive that the STI over the first four months of 2020.

The 10 SGX-listed non-STI stocks that attracted the highest net institutional inflows from 24 March through to 30 April were NetLink NBN Trust, AEM Holdings, Mapletree Industrial Trust, StarHub, Frasers Logistics &amp; Commercial Trust, Keppel REIT, Keppel DC REIT, Thomson Medical Group, SIA Engineering Co and Q &amp; M Dental Group Singapore.

Reordering these 10 stocks to the high net institutional inflow proportionate to 30 April market capitalisation, they are: AEM Holdings, Q &amp; M Dental Group Singapore, NetLink NBN Trust, StarHub, Frasers Logistics &amp; Commercial Trust, Mapletree Industrial Trust, Keppel REIT, Keppel DC REIT, Thomson Medical Group, SIA Engineering Co.





      
    
    April Total Return 


The net institutional inflows and individual price performances of the 10 stocks are tabled below.




			Name
			
			
			Code
			
			
			Average daily Turnover in 2020 YTD S$M
			
			
			Mkt Cap S$M
			
			
			Net Institutional Inflow since 23 March 2020 S$M 
			
			
			April Total Return %
			
			
			YTD Total Return %
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			18.9
			
			
			671
			
			
			19.1
			
			
			46.7
			
			
			21.3
			
		


			Q &amp; M DENTAL GROUP SINGAPORE
			
			
			QC7
			
			
			0.7
			
			
			378
			
			
			3.1
			
			
			35.8
			
			
			4.7
			
		


			NETLINK NBN TRUST
			
			
			CJLU
			
			
			12.5
			
			
			3,897
			
			
			27.5
			
			
			10.5
			
			
			5.8
			
		


			STARHUB
			
			
			CC3
			
			
			4.2
			
			
			2,580
			
			
			15.0
			
			
			12.0
			
			
			4.9
			
		


			FRASERS LOGISTICS &amp; COMMERCIAL
			
			
			BUOU
			
			
			12.2
			
			
			2,398
			
			
			13.6
			
			
			24.5
			
			
			-11.2
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			25.7
			
			
			5,613
			
			
			17.7
			
			
			4.9
			
			
			-0.7
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			12.0
			
			
			3,583
			
			
			9.5
			
			
			13.1
			
			
			-12.4
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			20.2
			
			
			3,837
			
			
			8.9
			
			
			2.6
			
			
			14.0
			
		


			THOMSON MEDICAL GROUP
			
			
			A50
			
			
			0.8
			
			
			1,613
			
			
			3.6
			
			
			35.6
			
			
			-4.7
			
		


			SIA ENGINEERING CO
			
			
			S59
			
			
			1.5
			
			
			2,095
			
			
			3.4
			
			
			9.4
			
			
			-33.7
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			19.5
			
			
			-1.2
			
		

 Source: SGX, Bloomberg, Thomson Reuters (Data as of 30 April 2020

The three best performing stocks over the first four months of 2020 tabled above were AEM Holdings and Keppel DC REIT and NetLink NBN Trust, with the growth of Internet Enterprises a common thread to these stocks.

 


On 28 April, AEM Holdings reported its best quarterly performance on record in 1QFY20 (ended 31 March) with revenue up 179% to S$147 million, on increased orders from its main customer. The test and handling solutions provider for semiconductor and electronics companies (serving advanced computing, 5G and AI markets) maintains its revenue guidance for FY20 to be between S$360 million to S$380 million (was S$222 million in the FY17). Click here for more. 
	 
	On 21 April, Keppel DC REIT reported its 1QFY20 (ended 31 March) Net Property Income grew 28.3% year-on-year, click here for more. In the FY18 AGM, Keppel DC REIT Management Limited CEO Chua Hsien Yang, reiterated policy was to not share tenant names, rather share “Trade Sector” of the REIT clients. This was due to confidentiality to the location of the data centres very important to clients. In the FY19 Annual Report, under “Trade Sector for December 2019, Internet Enterprise made up 48.5% of rental income. Furthermore at the FY18 AGM, the CEO stated that its clients included “hyperscale cloud providers that are now amongst the largest companies in the world and the risk of default are very low”. 
	 
	NetLink NBN Management Pte. Ltd., as trustee-manager of NetLink NBN Trust, will be announcing the financial results of NetLink NBN Trust for the full year and fourth quarter ended 31 March 2020, after the close of trading on 6 May 2020.




Top 10 Mid-Caps with Most Institutional Inflows Since 23 March

StarHub Ltd

Top 10 Mid-Caps with Most Institutional Inflows Since 23 March