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

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
The STI (with 30 constituents) generated a 4.8% total return in the first eight months of 2019, while Singapore’s 30 most actively-traded stocks by turnover for the eight months, more than doubled the benchmark gain, with average total returns of 11.5%. 
	 </li>
	<li>
The 30 most actively traded stocks included six non-STI stocks – Mapletree Logistics Trust, Suntec REIT, Mapletree Commercial Trust, Mapletree North Asia Commercial Trust, AEM Holdings and Mapletree Industrial Trust. The six averaged a 27.8% total return over the eight months. 
	 </li>
	<li>While AEM Holdings is a top 200 stock by mkt cap, it ranked as a top 30 stock by turnover over the past eight months.  Similar turnover rankings that came in significantly ahead of mkt cap rankings, were observed with Hi-P International, UMS, Rex International, First REIT &amp; Valuetronics.</li>
</ul>
The Straits Times Index (“STI”) represents 30 of the largest capitalised and most actively traded stocks in Singapore. The STI Index generated a 4.8% total return in the first eight months of 2019,  which, in annualised terms, was approximately one-fifth lower than the average annualised total returns of 9.2% for the preceding 10 years.  By comparison, Singapore’s 30 most actively traded stocks by turnover for the first eight months, more than doubled the total return of the STI, with these most active 30 stocks averaging an 11.5% total return.

The 30 stocks included six non-STI constituents - Mapletree Logistics Trust, Suntec REIT, Mapletree Commercial Trust, Mapletree North Asia Commercial Trust, AEM Holdings and Mapletree Industrial Trust. All six of these stocks outperformed the STI, averaging a 27.8% total return.  The 30 most active stocks by turnover for the first eight months of 2019 are included in the table below.

<table class="table table-striped"><tbody>
<tr>
<td>
			Turnover Ranking in First 8M of 2019
			</td>
			<td> </td>
			<td>
			SGX Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			First 8 Months 2019 Total Return (%)
			</td>
			<td>
			2018 Total Return (%)
			</td>
		</tr>
<tr>
<td>
			1
			</td>
			<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			D05
			</td>
			<td>
			62,665
			</td>
			<td>
			8.3
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			2
			</td>
			<td>
			SINGAPORE TELECOMMUNICATIONS
			</td>
			<td>
			Z74
			</td>
			<td>
			51,763
			</td>
			<td>
			11.7
			</td>
			<td>
			-13.2
			</td>
		</tr>
<tr>
<td>
			3
			</td>
			<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			U11
			</td>
			<td>
			41,638
			</td>
			<td>
			6.6
			</td>
			<td>
			-3.3
			</td>
		</tr>
<tr>
<td>
			4
			</td>
			<td>
			OVERSEA-CHINESE BANKING CORP
			</td>
			<td>
			O39
			</td>
			<td>
			45,982
			</td>
			<td>
			-1.3
			</td>
			<td>
			-6.2
			</td>
		</tr>
<tr>
<td>
			5
			</td>
			<td>
			ASCENDAS REAL ESTATE INV TRT
			</td>
			<td>
			A17U
			</td>
			<td>
			9,587
			</td>
			<td>
			23.1
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			6
			</td>
			<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			3,574
			</td>
			<td>
			-24.7
			</td>
			<td>
			-11.4
			</td>
		</tr>
<tr>
<td>
			7
			</td>
			<td>
			GENTING SINGAPORE
			</td>
			<td>
			G13
			</td>
			<td>
			10,731
			</td>
			<td>
			-6.8
			</td>
			<td>
			-23.2
			</td>
		</tr>
<tr>
<td>
			8
			</td>
			<td>
			CAPITALAND
			</td>
			<td>
			C31
			</td>
			<td>
			17,480
			</td>
			<td>
			15.4
			</td>
			<td>
			-9.0
			</td>
		</tr>
<tr>
<td>
			9
			</td>
			<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			8,212
			</td>
			<td>
			27.5
			</td>
			<td>
			-5.0
			</td>
		</tr>
<tr>
<td>
			10
			</td>
			<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			9,775
			</td>
			<td>
			20.8
			</td>
			<td>
			12.7
			</td>
		</tr>
<tr>
<td>
			11
			</td>
			<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			S68
			</td>
			<td>
			8,772
			</td>
			<td>
			17.0
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			12
			</td>
			<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			4,377
			</td>
			<td>
			12.2
			</td>
			<td>
			-29.1
			</td>
		</tr>
<tr>
<td>
			13
			</td>
			<td>
			KEPPEL CORP
			</td>
			<td>
			BN4
			</td>
			<td>
			10,608
			</td>
			<td>
			2.2
			</td>
			<td>
			-16.4
			</td>
		</tr>
<tr>
<td>
			14
			</td>
			<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			F34
			</td>
			<td>
			24,133
			</td>
			<td>
			25.5
			</td>
			<td>
			4.3
			</td>
		</tr>
<tr>
<td>
			15
			</td>
			<td>
			HONGKONG LAND HOLDINGS
			</td>
			<td>
			H78
			</td>
			<td>
			17,845
			</td>
			<td>
			-8.9
			</td>
			<td>
			-6.1
			</td>
		</tr>
<tr>
<td>
			16
			</td>
			<td>
			JARDINE MATHESON HLDGS
			</td>
			<td>
			J36
			</td>
			<td>
			55,689
			</td>
			<td>
			-18.2
			</td>
			<td>
			19.8
			</td>
		</tr>
<tr>
<td>
			17
			</td>
			<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			5,715
			</td>
			<td>
			29.9
			</td>
			<td>
			1.5
			</td>
		</tr>
<tr>
<td>
			18
			</td>
			<td>
			COMFORTDELGRO CORP
			</td>
			<td>
			C52
			</td>
			<td>
			5,306
			</td>
			<td>
			18.8
			</td>
			<td>
			13.7
			</td>
		</tr>
<tr>
<td>
			19
			</td>
			<td>
			THAI BEVERAGE PCL
			</td>
			<td>
			Y92
			</td>
			<td>
			22,602
			</td>
			<td>
			50.9
			</td>
			<td>
			-31.7
			</td>
		</tr>
<tr>
<td>
			20
			</td>
			<td>
			SUNTEC REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			5,400
			</td>
			<td>
			12.8
			</td>
			<td>
			-12.8
			</td>
		</tr>
<tr>
<td>
			21
			</td>
			<td>
			CITY DEVELOPMENTS
			</td>
			<td>
			C09
			</td>
			<td>
			8,688
			</td>
			<td>
			20.6
			</td>
			<td>
			-33.8
			</td>
		</tr>
<tr>
<td>
			22
			</td>
			<td>
			SINGAPORE TECH ENGINEERING
			</td>
			<td>
			S63
			</td>
			<td>
			12,288
			</td>
			<td>
			17.3
			</td>
			<td>
			11.8
			</td>
		</tr>
<tr>
<td>
			23
			</td>
			<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			6,602
			</td>
			<td>
			43.3
			</td>
			<td>
			7.6
			</td>
		</tr>
<tr>
<td>
			24
			</td>
			<td>
			JARDINE CYCLE &amp; CARRIAGE
			</td>
			<td>
			C07
			</td>
			<td>
			12,173
			</td>
			<td>
			-9.7
			</td>
			<td>
			-10.0
			</td>
		</tr>
<tr>
<td>
			25
			</td>
			<td>
			SINGAPORE AIRLINES
			</td>
			<td>
			C6L
			</td>
			<td>
			10,464
			</td>
			<td>
			-4.0
			</td>
			<td>
			-8.2
			</td>
		</tr>
<tr>
<td>
			26
			</td>
			<td>
			JARDINE STRATEGIC HLDGS
			</td>
			<td>
			J37
			</td>
			<td>
			48,639
			</td>
			<td>
			-11.5
			</td>
			<td>
			-4.6
			</td>
		</tr>
<tr>
<td>
			27
			</td>
			<td>
			MAPLETREE NORTH ASIA COMMERCIAL
			</td>
			<td>
			RW0U
			</td>
			<td>
			4,208
			</td>
			<td>
			21.1
			</td>
			<td>
			-1.1
			</td>
		</tr>
<tr>
<td>
			28
			</td>
			<td>
			AEM HOLDINGS 
			</td>
			<td>
			AWX
			</td>
			<td>
			286
			</td>
			<td>
			33.4
			</td>
			<td>
			1.5
			</td>
		</tr>
<tr>
<td>
			29
			</td>
			<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			4,675
			</td>
			<td>
			26.4
			</td>
			<td>
			-0.7
			</td>
		</tr>
<tr>
<td>
			30
			</td>
			<td>
			SINGAPORE PRESS HOLDINGS
			</td>
			<td>
			T39
			</td>
			<td>
			3,175
			</td>
			<td>
			-13.4
			</td>
			<td>
			-6.9
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			11.5
			</td>
			<td>
			-5.3
			</td>
		</tr>
</tbody></table>
Source: SGX StockFacts, Bloomberg (Data as of 31 August 2019)

 
The most recent earnings results of the six non-STI constituents included in the table above, were as follows:

<ul>
<li>
Mapletree Logistics Trust (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/MNSJUWDKXM3BQIYQ/545febd4243cd1cbbe6eff553f4d9a8bc8f8814e19523e29bc1006dedc5545c2">here</a>) reported DPU for 1QFY19/20 (ended 30 June) grew 3.5% YoY, after DPU was up 4.2% in the preceding FY18/19. The improvement in results was attributed to a stable performance from existing properties as well as contributions from the completed redevelopment of Mapletree Ouluo Logistics Park Phase 1 and accretive acquisitions completed in FY18/19. 
	 </li>
	<li>
Suntec REIT (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/ETKVBRBLN7B0H0AE/2f3b540b9404203e148524f751d88e92041f683a0394f02c3c159854900b6cc4">here</a>) reported its DPU for its 1HFY19 (ended 30 June) was 2.3% lower YoY mainly due to the enlarged unit base. CEO of the Manager, Chong Kee Hiong, noted Suntec recorded a higher distributable income from operations for its 2QFY19 – “the improved results were mainly driven by the continued strong performance of Suntec City, higher contribution from MBFC Properties, better performance and additional 25% interest in Southgate Complex. This was partially offset by higher financing costs.” 
	 </li>
	<li>
Mapletree Commercial Trust (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/SJGO9V2CL67T1D4Y/569a4642e25259fbea4ad0f0add8e4662f7637a6fa88f7ed25ab8225f3ad1832">here</a>) reported DPU for 1QFY19/20 (ended 30 June) grew 3.6% YoY, after DPU was up 1.1% in the preceding FY18/19. VivoCity’s newest anchor tenant, NTUC FairPrice, successfully soft-launched its 91,000 square feet integrated store on 16 July 2019. 
	 </li>
	<li>
Mapletree North Asia Commercial Trust (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/TUISQN3137ZUBBAT/064d32420be8586d1e7f47ddbea96aa8d335489eaf2014647b670ef814216fe1">here</a>) reported DPU for its 1QFY19/20 (ended 30 June) increased 3.7% YoY, after DPU for its FY18/19 was up 2.8% YoY. The growth was attributed to higher rental income from Festival Walk, Gateway Plaza and Sandhill Plaza, and the higher average rate of HKD, partially offset by the lower average rate of RMB. The full quarter contribution from the Japan Properties following the completion of acquisition on 25 May 2018 also added to its income stream for 1QFY19/20. 
	 </li>
	<li>
AEM Holdings (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/V16E4ZS7433S2YMO/53813aa458e305c9db78fa1b4266347a4942a60149d50181529af8ee293942d7">here</a>) aims to be among the world's leading companies providing solutions in equipment systems; precision components and related manufacturing services across various industries. It has four manufacturing plants located in Singapore, Malaysia (Penang), China (Suzhou) and Finland (Lieto).  AEM Holdings reported net profit of S$15.7 million in 2QFY19 (ended 30 June), which was up 65.4% YoY with the net profit margin increasing from 13.1% in 2QFY18 to 16.0% in 2QFY19. For 1HFY19, its  net profit increased 25.9% YoY. On 25 July, the Group announced sales orders worth S$255 million for delivery in FY19, and revised its revenue guidance for FY19 to be between S$265 million to S$280 million. By comparison its FY18 revenue was S$262 million, with FY17 revenue at S$222 million. 
	 </li>
	<li>
Mapletree Industrial Trust (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/BZK5KQGS6YWNDLL1/1a48e70d02d073a45abe99af4a8c5be7589737c0093e6a416c92e0dff6756024">here</a>) reported DPU for its 1QFY19/20 (ended 30 June) increased 3.3% YoY following DPU growth of 3.5% YoY in FY18/19. Growth for 1QFY19/20 was largely attributed to new revenue contributions from 18 Tai Seng, 30A Kallang Place and Mapletree Sunview 1.</li>
</ul>
Mapletree Industrial Trust is one of seven REITs or stapled trusts that invest in properties within in the United States.  The others, in order of their listing debuts, are Ascott Residence Trust, ManuLife US REIT, Eagle Hospitality Trust, ARA US Hospitality Trust, Keppel-KBS US REIT and Prime US REIT.  

The above six stocks averaged daily turnover of S$84 million a day. Note the next 10 most actively traded stocks outside the 30 tabled above, included four STI stocks and six non-STI stocks. Together these 10 stocks almost doubled the total return of the STI over the first eight months of 2019. These 10 stocks are tabled below.

<table class="table table-striped"><tbody>
<tr>
<td>
			Turnover Ranking in First 8M of 2019
			</td>
			<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			2019 YTD Total Return (%)
			</td>
			<td>
			2018 Total Return (%)
			</td>
		</tr>
<tr>
<td>
			31
			</td>
			<td>
			UOL GROUP
			</td>
			<td>
			U14
			</td>
			<td>
			6,198
			</td>
			<td>
			21.5
			</td>
			<td>
			-28.8
			</td>
		</tr>
<tr>
<td>
			32
			</td>
			<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			5,367
			</td>
			<td>
			5.8
			</td>
			<td>
			-7.2
			</td>
		</tr>
<tr>
<td>
			33
			</td>
			<td>
			SEMBCORP MARINE 
			</td>
			<td>
			S51
			</td>
			<td>
			2,382
			</td>
			<td>
			-26.0
			</td>
			<td>
			-15.9
			</td>
		</tr>
<tr>
<td>
			34
			</td>
			<td>
			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			</td>
			<td>
			BUOU
			</td>
			<td>
			2,744
			</td>
			<td>
			24.6
			</td>
			<td>
			-4.2
			</td>
		</tr>
<tr>
<td>
			35
			</td>
			<td>
			KEPPEL REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			4,178
			</td>
			<td>
			11.7
			</td>
			<td>
			-5.2
			</td>
		</tr>
<tr>
<td>
			36
			</td>
			<td>
			NETLINK NBN TRUST
			</td>
			<td>
			CJLU
			</td>
			<td>
			3,468
			</td>
			<td>
			19.8
			</td>
			<td>
			-1.7
			</td>
		</tr>
<tr>
<td>
			37
			</td>
			<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			U96
			</td>
			<td>
			3,700
			</td>
			<td>
			-17.2
			</td>
			<td>
			-15.0
			</td>
		</tr>
<tr>
<td>
			38
			</td>
			<td>
			HI-P INTERNATIONAL 
			</td>
			<td>
			H17
			</td>
			<td>
			893
			</td>
			<td>
			29.1
			</td>
			<td>
			-50.8
			</td>
		</tr>
<tr>
<td>
			39
			</td>
			<td>
			KEPPEL DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			2,475
			</td>
			<td>
			42.2
			</td>
			<td>
			-0.7
			</td>
		</tr>
<tr>
<td>
			40
			</td>
			<td>
			DAIRY FARM INTL HLDGS 
			</td>
			<td>
			D01
			</td>
			<td>
			13,454
			</td>
			<td>
			-17.1
			</td>
			<td>
			20.4
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			9.4
			</td>
			<td>
			-10.9
			</td>
		</tr>
</tbody></table>
Source: SGX StockFacts, Bloomberg (Data as of 31 August 2019)

 

Outside of the 40 most active stocks by turnover for the eight months, other activity highlights saw UMS Holdings, Rex International Holding, First REIT and Valuetronics rank within the top 60 stocks by turnover. UMS Holdings is a top 200 stock by market capitalisation, Rex International Holding is a top 300 stock by market capitalisation, First REIT is a top 150 stock by market capitalisation and Valuetronics is a top 200 stock by market capitalisation.
</body></html>





The STI (with 30 constituents) generated a 4.8% total return in the first eight months of 2019, while Singapore’s 30 most actively-traded stocks by turnover for the eight months, more than doubled the benchmark gain, with average total returns of 11.5%.  
	 
	
The 30 most actively traded stocks included six non-STI stocks – Mapletree Logistics Trust, Suntec REIT, Mapletree Commercial Trust, Mapletree North Asia Commercial Trust, AEM Holdings and Mapletree Industrial Trust. The six averaged a 27.8% total return over the eight months. 
	 
	While AEM Holdings is a top 200 stock by mkt cap, it ranked as a top 30 stock by turnover over the past eight months.  Similar turnover rankings that came in significantly ahead of mkt cap rankings, were observed with Hi-P International, UMS, Rex International, First REIT &amp; Valuetronics.

The Straits Times Index (“STI”) represents 30 of the largest capitalised and most actively traded stocks in Singapore. The STI Index generated a 4.8% total return in the first eight months of 2019,  which, in annualised terms, was approximately one-fifth lower than the average annualised total returns of 9.2% for the preceding 10 years.   By comparison, Singapore’s 30 most actively traded stocks by turnover for the first eight months, more than doubled the total return of the STI, with these most active 30 stocks averaging an 11.5% total return.

The 30 stocks included six non-STI constituents - Mapletree Logistics Trust, Suntec REIT, Mapletree Commercial Trust, Mapletree North Asia Commercial Trust, AEM Holdings and Mapletree Industrial Trust. All six of these stocks outperformed the STI, averaging a 27.8% total return.  The 30 most active stocks by turnover for the first eight months of 2019 are included in the table below.




			Turnover Ranking in First 8M of 2019
			
			 
			
			SGX Code
			
			
			Mkt Cap S$M
			
			
			First 8 Months 2019 Total Return (%)
			
			
			2018 Total Return (%)
			
		


			1
			
			
			DBS GROUP HOLDINGS
			
			
			D05
			
			
			62,665
			
			
			8.3
			
			
			1.2
			
		


			2
			
			
			SINGAPORE TELECOMMUNICATIONS
			
			
			Z74
			
			
			51,763
			
			
			11.7
			
			
			-13.2
			
		


			3
			
			
			UNITED OVERSEAS BANK
			
			
			U11
			
			
			41,638
			
			
			6.6
			
			
			-3.3
			
		


			4
			
			
			OVERSEA-CHINESE BANKING CORP
			
			
			O39
			
			
			45,982
			
			
			-1.3
			
			
			-6.2
			
		


			5
			
			
			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			9,587
			
			
			23.1
			
			
			0.3
			
		


			6
			
			
			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			3,574
			
			
			-24.7
			
			
			-11.4
			
		


			7
			
			
			GENTING SINGAPORE
			
			
			G13
			
			
			10,731
			
			
			-6.8
			
			
			-23.2
			
		


			8
			
			
			CAPITALAND
			
			
			C31
			
			
			17,480
			
			
			15.4
			
			
			-9.0
			
		


			9
			
			
			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			8,212
			
			
			27.5
			
			
			-5.0
			
		


			10
			
			
			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			9,775
			
			
			20.8
			
			
			12.7
			
		


			11
			
			
			SINGAPORE EXCHANGE
			
			
			S68
			
			
			8,772
			
			
			17.0
			
			
			0.4
			
		


			12
			
			
			VENTURE CORP
			
			
			V03
			
			
			4,377
			
			
			12.2
			
			
			-29.1
			
		


			13
			
			
			KEPPEL CORP
			
			
			BN4
			
			
			10,608
			
			
			2.2
			
			
			-16.4
			
		


			14
			
			
			WILMAR INTERNATIONAL
			
			
			F34
			
			
			24,133
			
			
			25.5
			
			
			4.3
			
		


			15
			
			
			HONGKONG LAND HOLDINGS
			
			
			H78
			
			
			17,845
			
			
			-8.9
			
			
			-6.1
			
		


			16
			
			
			JARDINE MATHESON HLDGS
			
			
			J36
			
			
			55,689
			
			
			-18.2
			
			
			19.8
			
		


			17
			
			
			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5,715
			
			
			29.9
			
			
			1.5
			
		


			18
			
			
			COMFORTDELGRO CORP
			
			
			C52
			
			
			5,306
			
			
			18.8
			
			
			13.7
			
		


			19
			
			
			THAI BEVERAGE PCL
			
			
			Y92
			
			
			22,602
			
			
			50.9
			
			
			-31.7
			
		


			20
			
			
			SUNTEC REIT
			
			
			T82U
			
			
			5,400
			
			
			12.8
			
			
			-12.8
			
		


			21
			
			
			CITY DEVELOPMENTS
			
			
			C09
			
			
			8,688
			
			
			20.6
			
			
			-33.8
			
		


			22
			
			
			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			12,288
			
			
			17.3
			
			
			11.8
			
		


			23
			
			
			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			6,602
			
			
			43.3
			
			
			7.6
			
		


			24
			
			
			JARDINE CYCLE &amp; CARRIAGE
			
			
			C07
			
			
			12,173
			
			
			-9.7
			
			
			-10.0
			
		


			25
			
			
			SINGAPORE AIRLINES
			
			
			C6L
			
			
			10,464
			
			
			-4.0
			
			
			-8.2
			
		


			26
			
			
			JARDINE STRATEGIC HLDGS
			
			
			J37
			
			
			48,639
			
			
			-11.5
			
			
			-4.6
			
		


			27
			
			
			MAPLETREE NORTH ASIA COMMERCIAL
			
			
			RW0U
			
			
			4,208
			
			
			21.1
			
			
			-1.1
			
		


			28
			
			
			AEM HOLDINGS 
			
			
			AWX
			
			
			286
			
			
			33.4
			
			
			1.5
			
		


			29
			
			
			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			4,675
			
			
			26.4
			
			
			-0.7
			
		


			30
			
			
			SINGAPORE PRESS HOLDINGS
			
			
			T39
			
			
			3,175
			
			
			-13.4
			
			
			-6.9
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			11.5
			
			
			-5.3
			
		

Source: SGX StockFacts, Bloomberg (Data as of 31 August 2019)

 
The most recent earnings results of the six non-STI constituents included in the table above, were as follows:



Mapletree Logistics Trust (click here) reported DPU for 1QFY19/20 (ended 30 June) grew 3.5% YoY, after DPU was up 4.2% in the preceding FY18/19. The improvement in results was attributed to a stable performance from existing properties as well as contributions from the completed redevelopment of Mapletree Ouluo Logistics Park Phase 1 and accretive acquisitions completed in FY18/19. 
	 
	
Suntec REIT (click here) reported its DPU for its 1HFY19 (ended 30 June) was 2.3% lower YoY mainly due to the enlarged unit base. CEO of the Manager, Chong Kee Hiong, noted Suntec recorded a higher distributable income from operations for its 2QFY19 – “the improved results were mainly driven by the continued strong performance of Suntec City, higher contribution from MBFC Properties, better performance and additional 25% interest in Southgate Complex. This was partially offset by higher financing costs.” 
	 
	
Mapletree Commercial Trust (click here) reported DPU for 1QFY19/20 (ended 30 June) grew 3.6% YoY, after DPU was up 1.1% in the preceding FY18/19. VivoCity’s newest anchor tenant, NTUC FairPrice, successfully soft-launched its 91,000 square feet integrated store on 16 July 2019. 
	 
	
Mapletree North Asia Commercial Trust (click here) reported DPU for its 1QFY19/20 (ended 30 June) increased 3.7% YoY, after DPU for its FY18/19 was up 2.8% YoY. The growth was attributed to higher rental income from Festival Walk, Gateway Plaza and Sandhill Plaza, and the higher average rate of HKD, partially offset by the lower average rate of RMB. The full quarter contribution from the Japan Properties following the completion of acquisition on 25 May 2018 also added to its income stream for 1QFY19/20. 
	 
	
AEM Holdings (click here) aims to be among the world's leading companies providing solutions in equipment systems; precision components and related manufacturing services across various industries. It has four manufacturing plants located in Singapore, Malaysia (Penang), China (Suzhou) and Finland (Lieto).  AEM Holdings reported net profit of S$15.7 million in 2QFY19 (ended 30 June), which was up 65.4% YoY with the net profit margin increasing from 13.1% in 2QFY18 to 16.0% in 2QFY19. For 1HFY19, its  net profit increased 25.9% YoY. On 25 July, the Group announced sales orders worth S$255 million for delivery in FY19, and revised its revenue guidance for FY19 to be between S$265 million to S$280 million. By comparison its FY18 revenue was S$262 million, with FY17 revenue at S$222 million. 
	 
	
Mapletree Industrial Trust (click here) reported DPU for its 1QFY19/20 (ended 30 June) increased 3.3% YoY following DPU growth of 3.5% YoY in FY18/19. Growth for 1QFY19/20 was largely attributed to new revenue contributions from 18 Tai Seng, 30A Kallang Place and Mapletree Sunview 1.

Mapletree Industrial Trust is one of seven REITs or stapled trusts that invest in properties within in the United States.  The others, in order of their listing debuts, are Ascott Residence Trust, ManuLife US REIT, Eagle Hospitality Trust, ARA US Hospitality Trust, Keppel-KBS US REIT and Prime US REIT.  

The above six stocks averaged daily turnover of S$84 million a day. Note the next 10 most actively traded stocks outside the 30 tabled above, included four STI stocks and six non-STI stocks. Together these 10 stocks almost doubled the total return of the STI over the first eight months of 2019. These 10 stocks are tabled below.




			Turnover Ranking in First 8M of 2019
			
			
			Name
			
			
			SGX Code
			
			
			Mkt Cap S$M
			
			
			2019 YTD Total Return (%)
			
			
			2018 Total Return (%)
			
		


			31
			
			
			UOL GROUP
			
			
			U14
			
			
			6,198
			
			
			21.5
			
			
			-28.8
			
		


			32
			
			
			SATS
			
			
			S58
			
			
			5,367
			
			
			5.8
			
			
			-7.2
			
		


			33
			
			
			SEMBCORP MARINE 
			
			
			S51
			
			
			2,382
			
			
			-26.0
			
			
			-15.9
			
		


			34
			
			
			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			
			
			BUOU
			
			
			2,744
			
			
			24.6
			
			
			-4.2
			
		


			35
			
			
			KEPPEL REIT
			
			
			K71U
			
			
			4,178
			
			
			11.7
			
			
			-5.2
			
		


			36
			
			
			NETLINK NBN TRUST
			
			
			CJLU
			
			
			3,468
			
			
			19.8
			
			
			-1.7
			
		


			37
			
			
			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			3,700
			
			
			-17.2
			
			
			-15.0
			
		


			38
			
			
			HI-P INTERNATIONAL 
			
			
			H17
			
			
			893
			
			
			29.1
			
			
			-50.8
			
		


			39
			
			
			KEPPEL DC REIT
			
			
			AJBU
			
			
			2,475
			
			
			42.2
			
			
			-0.7
			
		


			40
			
			
			DAIRY FARM INTL HLDGS 
			
			
			D01
			
			
			13,454
			
			
			-17.1
			
			
			20.4
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			9.4
			
			
			-10.9
			
		

Source: SGX StockFacts, Bloomberg (Data as of 31 August 2019)

 

Outside of the 40 most active stocks by turnover for the eight months, other activity highlights saw UMS Holdings, Rex International Holding, First REIT and Valuetronics rank within the top 60 stocks by turnover. UMS Holdings is a top 200 stock by market capitalisation, Rex International Holding is a top 300 stock by market capitalisation, First REIT is a top 150 stock by market capitalisation and Valuetronics is a top 200 stock by market capitalisation.



Top 30 Stocks By Turnover Outpaced STI in First 8 Months of 2019

OCBC

Top 30 Stocks By Turnover Outpaced STI in First 8 Months of 2019