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

Dairy Farm International Holdings / Equity Bottom-Up

Dairy Farm International Holdings (DFI SP)

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As many as 16 of Singapore’s 20 most traded stocks with double-digit ROE ratios are trading at discounts to their 5 year P/B ratios. These 16 stocks maintain P/B ratios that are on average 25% below respective 5 year averages, while most ROEs are inline or higher than 5 year averages. 
	 </li>
	<li>
The five stocks that were at the biggest discount to their 5 year average P/B ratios on 13 May were Jardine Cycle &amp; Carriage, SATS, ComfortDelGro Corporation, Dairy Farm International and Jardine Matheson Holdings. These five stocks averaged 27% declines in the 2020 year to 13 May. 
	 </li>
	<li>
These five stocks also averaged debt-to-assets ratios of 26%, which compared to average debt-to-asset ratios of 5% for AEM, UMS and REX International which were trading at premiums to their five year P/B ratios on 13 May. 
	 </li>
</ul>
20 Most Actively Traded High ROE Stocks 
For the 2020 year to 13 May, Singapore’s 20 most traded stocks by average daily turnover, that maintained Return-on-Equity (‘ROE’) ratios of at least 10%, averaged a 16% decline in total return, with average five year annualised returns of 8%. Due to an outlier performance by AEM Holdings, the median annualised five year total return for the 20 stocks was 2%, which still outpaced the Straits Times Index (‘STI’) by 4% a year. The 20 stocks include both STI constituents and non-STI constituents.  Strongest of the High ROE Stocks in 2020 YTD included companies with Net Cash Positions 
The three strongest stocks of the 20 most traded stocks by average daily turnover that maintain ROE ratios of at least 10% in the 2020 year to 13 May, included AEM Holdings, Venture Corporation and Mapletree Industrial Trust. The three stocks were all recipient to net institutional inflows, totalling of S$184 million, with total returns ranging from 55.9% for AEM Holdings to -3.2% for Mapletree Industrial Trust. 
Aside from maintaining high ROE, a common thread of the two of companies, AEM Holdings and Venture Corporation were their low debt, and hence net cash positive positions:

<ul>
<li>With minimal borrowings, AEM Holdings maintained a strong financial position with net cash of S$107.7 million as of 31 Dec, with its cash and cash equivalents decreasing 7% from 31 Dec 2019 to S$100.2 million as of 31 March (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/CLELOVPFO7OA9SES/24980385d847dc4cc83eca0c5f4f3b762ee7d67eaa51b5c32a61fc3f0d098e3b">here</a> for more);</li>
	<li>Venture Corporation reported its net cash position improved by 19.5% for the March 2020 quarter to S$852.5 million (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/CIB61RZJ0PTHFHTH/e031d52feb4539ebd63d16ad476ac370dca20f4484ca44f8ea94ce329e095679">here</a> for more);</li>
	<li>Another company within the top five performing of these 20 stocks for the 2020 year to 13 May, UMS Holdings, reported net cash as at 1QFY2020 grew by S$6.7 million to S$31.8 million from S$25.0 million in 31 Dec 2019 (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/STNLN6DUCA2WBCVV/c5bcca3574e0a9c5adf0e5543500f48800d70640008aedc79849f46f25c6d3bd">here</a> for more). 
	 </li>
</ul>
The majority of the 20 stocks have not seen significant declines in the their current ROE relative to their respective average ROE for the past five years. According to Bloomberg data, three of the 20 stocks, Mapletree Commercial Trust, ComfortDelGro Corporation and UMS Holdings currently maintain ROEs that are lower than their average five year ROE by 10% or more. The majority of the 20 stocks are, however, trading at price-to-book (P/B) ratios than are lower than respective five years averages.  Majority of the High ROE Stocks trading at Low P/B Ratios 
As many as 16 of Singapore’s 20 most traded stocks with double-digit ROE ratios were trading at discounts to their five year P/B ratios on 13 May. These 16 stocks maintained P/B ratios that were on average 25% below respective five year averages. P/B ratios are commonly used in value investing. Note that while comparatively higher ROE can help to lessen the risk of a ‘value trap’ in value-investing, book values can also be devalued amid economic challenges, which may or may not be fully priced in.   
Of the 20 most traded stocks with the comparatively high ROE, the five stocks that maintained P/B ratios that were at the biggest discount to their five year P/B ratios on 13 May, were Jardine Cycle &amp; Carriage, SATS, ComfortDelGro Corporation, Dairy Farm International and Jardine Matheson Holdings. 
Three of those five stocks, Dairy Farm International, SATS and Jardine Cycle &amp; Carriage were also amongst the 10 of the 20 stocks with the highest ROEs. The trio averaged a 28% decline in the 2020 year to 13 May. The trio also averaged debt-to-asset ratios ranging from 53% for Dairy Farm International to 4% for SATS.  This compares to aforementioned AEM Holdings and Venture Corporation which maintained debt-to-asset ratios of less than 1%. 
The table below is sort by the stocks that were trading at the most discount to their respective and indicative five year P/B ratios on 13 May. 
 

<table class="table table-striped"><tbody>
<tr>
<td>
			 
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			YTD Average Daily Turnover S$M
			</td>
			<td>
			YTD 

			Net Inst.

			Flow 

			S$M
			</td>
			<td>
			ROE
			</td>
			<td>
			P/B (x)
			</td>
			<td>
			5 Year Average P/B (x) 
			</td>
			<td>
			YTD Total Return
			</td>
			<td>
			5 Year Annualised Total Return
			</td>
		</tr>
<tr>
<td>
			Jardine C&amp;C
			</td>
			<td>
			C07
			</td>
			<td>
			8,039
			</td>
			<td>
			11.7
			</td>
			<td>
			-50
			</td>
			<td>
			14%
			</td>
			<td>
			0.8
			</td>
			<td>
			1.5
			</td>
			<td>
			-32%
			</td>
			<td>
			-10%
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			3,085
			</td>
			<td>
			18.4
			</td>
			<td>
			-200
			</td>
			<td>
			14%
			</td>
			<td>
			1.9
			</td>
			<td>
			3.4
			</td>
			<td>
			-45%
			</td>
			<td>
			1%
			</td>
		</tr>
<tr>
<td>
			ComfortDelGro
			</td>
			<td>
			C52
			</td>
			<td>
			3,336
			</td>
			<td>
			24.5
			</td>
			<td>
			-200
			</td>
			<td>
			10%
			</td>
			<td>
			1.3
			</td>
			<td>
			2.0
			</td>
			<td>
			-35%
			</td>
			<td>
			-9%
			</td>
		</tr>
<tr>
<td>
			DairyFarm USD
			</td>
			<td>
			D01
			</td>
			<td>
			9,276
			</td>
			<td>
			8.3
			</td>
			<td>
			-30
			</td>
			<td>
			28%
			</td>
			<td>
			5.4
			</td>
			<td>
			8.4
			</td>
			<td>
			-7%
			</td>
			<td>
			-8%
			</td>
		</tr>
<tr>
<td>
			JMH USD
			</td>
			<td>
			J36
			</td>
			<td>
			46,391
			</td>
			<td>
			24.0
			</td>
			<td>
			-20
			</td>
			<td>
			10%
			</td>
			<td>
			0.5
			</td>
			<td>
			0.8
			</td>
			<td>
			-13%
			</td>
			<td>
			-2%
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			48,953
			</td>
			<td>
			166.1
			</td>
			<td>
			-1,403
			</td>
			<td>
			13%
			</td>
			<td>
			1.0
			</td>
			<td>
			1.2
			</td>
			<td>
			-23%
			</td>
			<td>
			3%
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			32,871
			</td>
			<td>
			84.5
			</td>
			<td>
			-750
			</td>
			<td>
			12%
			</td>
			<td>
			0.8
			</td>
			<td>
			1.3
			</td>
			<td>
			-25%
			</td>
			<td>
			0%
			</td>
		</tr>
<tr>
<td>
			OCBC Bank
			</td>
			<td>
			O39
			</td>
			<td>
			38,894
			</td>
			<td>
			75.5
			</td>
			<td>
			-516
			</td>
			<td>
			11%
			</td>
			<td>
			0.8
			</td>
			<td>
			1.2
			</td>
			<td>
			-19%
			</td>
			<td>
			0%
			</td>
		</tr>
<tr>
<td>
			Frasers Cpt Trust
			</td>
			<td>
			J69U
			</td>
			<td>
			2,262
			</td>
			<td>
			9.6
			</td>
			<td>
			-8
			</td>
			<td>
			10%
			</td>
			<td>
			0.9
			</td>
			<td>
			1.1
			</td>
			<td>
			-27%
			</td>
			<td>
			5%
			</td>
		</tr>
<tr>
<td>
			CapitaLand
			</td>
			<td>
			C31
			</td>
			<td>
			14,652
			</td>
			<td>
			37.2
			</td>
			<td>
			38
			</td>
			<td>
			10%
			</td>
			<td>
			0.6
			</td>
			<td>
			0.8
			</td>
			<td>
			-23%
			</td>
			<td>
			-2%
			</td>
		</tr>
<tr>
<td>
			ThaiBev
			</td>
			<td>
			Y92
			</td>
			<td>
			17,330
			</td>
			<td>
			16.3
			</td>
			<td>
			-66
			</td>
			<td>
			19%
			</td>
			<td>
			3.2
			</td>
			<td>
			3.8
			</td>
			<td>
			-21%
			</td>
			<td>
			1%
			</td>
		</tr>
<tr>
<td>
			Mapletree Com Trust
			</td>
			<td>
			N2IU
			</td>
			<td>
			6,129
			</td>
			<td>
			35.9
			</td>
			<td>
			-25
			</td>
			<td>
			10%
			</td>
			<td>
			1.1
			</td>
			<td>
			5.4
			</td>
			<td>
			-22%
			</td>
			<td>
			10%
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			10,457
			</td>
			<td>
			24.7
			</td>
			<td>
			12
			</td>
			<td>
			26%
			</td>
			<td>
			4.7
			</td>
			<td>
			1.2
			</td>
			<td>
			-15%
			</td>
			<td>
			2%
			</td>
		</tr>
<tr>
<td>
			CapitaLand Ret China Trust
			</td>
			<td>
			AU8U
			</td>
			<td>
			1,626
			</td>
			<td>
			6.8
			</td>
			<td>
			-38
			</td>
			<td>
			10%
			</td>
			<td>
			0.9
			</td>
			<td>
			1.0
			</td>
			<td>
			-15%
			</td>
			<td>
			2%
			</td>
		</tr>
<tr>
<td>
			Frasers L&amp;C Trust
			</td>
			<td>
			BUOU
			</td>
			<td>
			2,443
			</td>
			<td>
			13.0
			</td>
			<td>
			31
			</td>
			<td>
			11%
			</td>
			<td>
			1.1
			</td>
			<td>
			1.2
			</td>
			<td>
			-10%
			</td>
			<td>
			12%*
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			4,543
			</td>
			<td>
			25.2
			</td>
			<td>
			104
			</td>
			<td>
			15%
			</td>
			<td>
			1.8
			</td>
			<td>
			1.9
			</td>
			<td>
			-3%
			</td>
			<td>
			19%
			</td>
		</tr>
<tr>
<td>
			Mapletree Ind Trust
			</td>
			<td>
			ME8U
			</td>
			<td>
			5,416
			</td>
			<td>
			25.0
			</td>
			<td>
			54
			</td>
			<td>
			11%
			</td>
			<td>
			1.5
			</td>
			<td>
			1.5
			</td>
			<td>
			-3%
			</td>
			<td>
			16%
			</td>
		</tr>
<tr>
<td>
			Rex Intl
			</td>
			<td>
			5WH
			</td>
			<td>
			169
			</td>
			<td>
			8.7
			</td>
			<td>
			-3
			</td>
			<td>
			15%
			</td>
			<td>
			0.8
			</td>
			<td>
			1.6
			</td>
			<td>
			-37%
			</td>
			<td>
			-15%
			</td>
		</tr>
<tr>
<td>
			UMS
			</td>
			<td>
			558
			</td>
			<td>
			501
			</td>
			<td>
			6.0
			</td>
			<td>
			-3
			</td>
			<td>
			14%
			</td>
			<td>
			1.8
			</td>
			<td>
			0.7
			</td>
			<td>
			-9%
			</td>
			<td>
			25%
			</td>
		</tr>
<tr>
<td>
			AEM
			</td>
			<td>
			AWX
			</td>
			<td>
			862
			</td>
			<td>
			20.5
			</td>
			<td>
			26
			</td>
			<td>
			47%
			</td>
			<td>
			6.2
			</td>
			<td>
			3.0
			</td>
			<td>
			56%
			</td>
			<td>
			118%
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			16%
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			-16%
			</td>
			<td>
			8%
			</td>
		</tr>
</tbody></table>
*Note Frasers L&amp;C Trust annualised five year total return from 21 June 2016 &amp; SGX excluded from analysis. Source: SGX StockFacts, Thomson Reuters, Bloomberg. Note ROE and P/B can vary amongst Data providers with StockFacts measures applied to the majority of the stocks above (Data as of 13 May 2020)

 

 

 
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As many as 16 of Singapore’s 20 most traded stocks with double-digit ROE ratios are trading at discounts to their 5 year P/B ratios. These 16 stocks maintain P/B ratios that are on average 25% below respective 5 year averages, while most ROEs are inline or higher than 5 year averages.  
	 
	
The five stocks that were at the biggest discount to their 5 year average P/B ratios on 13 May were Jardine Cycle &amp; Carriage, SATS, ComfortDelGro Corporation, Dairy Farm International and Jardine Matheson Holdings. These five stocks averaged 27% declines in the 2020 year to 13 May. 
	 
	
These five stocks also averaged debt-to-assets ratios of 26%, which compared to average debt-to-asset ratios of 5% for AEM, UMS and REX International which were trading at premiums to their five year P/B ratios on 13 May. 
	 

20 Most Actively Traded High ROE Stocks   
For the 2020 year to 13 May, Singapore’s 20 most traded stocks by average daily turnover, that maintained Return-on-Equity (‘ROE’) ratios of at least 10%, averaged a 16% decline in total return, with average five year annualised returns of 8%. Due to an outlier performance by AEM Holdings, the median annualised five year total return for the 20 stocks was 2%, which still outpaced the Straits Times Index (‘STI’) by 4% a year. The 20 stocks include both STI constituents and non-STI constituents.   Strongest of the High ROE Stocks in 2020 YTD included companies with Net Cash Positions  
The three strongest stocks of the 20 most traded stocks by average daily turnover that maintain ROE ratios of at least 10% in the 2020 year to 13 May, included AEM Holdings, Venture Corporation and Mapletree Industrial Trust. The three stocks were all recipient to net institutional inflows, totalling of S$184 million, with total returns ranging from 55.9% for AEM Holdings to -3.2% for Mapletree Industrial Trust.  
Aside from maintaining high ROE, a common thread of the two of companies, AEM Holdings and Venture Corporation were their low debt, and hence net cash positive positions:


With minimal borrowings, AEM Holdings maintained a strong financial position with net cash of S$107.7 million as of 31 Dec, with its cash and cash equivalents decreasing 7% from 31 Dec 2019 to S$100.2 million as of 31 March (click here for more);
	Venture Corporation reported its net cash position improved by 19.5% for the March 2020 quarter to S$852.5 million (click here for more);
	Another company within the top five performing of these 20 stocks for the 2020 year to 13 May, UMS Holdings, reported net cash as at 1QFY2020 grew by S$6.7 million to S$31.8 million from S$25.0 million in 31 Dec 2019 (click here for more). 
	 

The majority of the 20 stocks have not seen significant declines in the their current ROE relative to their respective average ROE for the past five years. According to Bloomberg data, three of the 20 stocks, Mapletree Commercial Trust, ComfortDelGro Corporation and UMS Holdings currently maintain ROEs that are lower than their average five year ROE by 10% or more. The majority of the 20 stocks are, however, trading at price-to-book (P/B) ratios than are lower than respective five years averages.   Majority of the High ROE Stocks trading at Low P/B Ratios  
As many as 16 of Singapore’s 20 most traded stocks with double-digit ROE ratios were trading at discounts to their five year P/B ratios on 13 May. These 16 stocks maintained P/B ratios that were on average 25% below respective five year averages.  P/B ratios are commonly used in value investing. Note that while comparatively higher ROE can help to lessen the risk of a ‘value trap’ in value-investing, book values can also be devalued amid economic challenges, which may or may not be fully priced in.    
Of the 20 most traded stocks with the comparatively high ROE, the five stocks that maintained P/B ratios that were at the biggest discount to their five year P/B ratios on 13 May, were Jardine Cycle &amp; Carriage, SATS, ComfortDelGro Corporation, Dairy Farm International and Jardine Matheson Holdings.  
Three of those five stocks, Dairy Farm International, SATS and Jardine Cycle &amp; Carriage were also amongst the 10 of the 20 stocks with the highest ROEs. The trio averaged a 28% decline in the 2020 year to 13 May. The trio also averaged debt-to-asset ratios ranging from 53% for Dairy Farm International to 4% for SATS.  This compares to aforementioned AEM Holdings and Venture Corporation which maintained debt-to-asset ratios of less than 1%.  
The table below is sort by the stocks that were trading at the most discount to their respective and indicative five year P/B ratios on 13 May. 
 




			 
			
			
			SGX Code
			
			
			Mkt Cap S$M
			
			
			YTD Average Daily Turnover S$M
			
			
			YTD 

			Net Inst.

			Flow 

			S$M
			
			
			ROE
			
			
			P/B (x)
			
			
			5 Year Average P/B (x) 
			
			
			YTD Total Return
			
			
			5 Year Annualised Total Return
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			8,039
			
			
			11.7
			
			
			-50
			
			
			14%
			
			
			0.8
			
			
			1.5
			
			
			-32%
			
			
			-10%
			
		


			SATS
			
			
			S58
			
			
			3,085
			
			
			18.4
			
			
			-200
			
			
			14%
			
			
			1.9
			
			
			3.4
			
			
			-45%
			
			
			1%
			
		


			ComfortDelGro
			
			
			C52
			
			
			3,336
			
			
			24.5
			
			
			-200
			
			
			10%
			
			
			1.3
			
			
			2.0
			
			
			-35%
			
			
			-9%
			
		


			DairyFarm USD
			
			
			D01
			
			
			9,276
			
			
			8.3
			
			
			-30
			
			
			28%
			
			
			5.4
			
			
			8.4
			
			
			-7%
			
			
			-8%
			
		


			JMH USD
			
			
			J36
			
			
			46,391
			
			
			24.0
			
			
			-20
			
			
			10%
			
			
			0.5
			
			
			0.8
			
			
			-13%
			
			
			-2%
			
		


			DBS
			
			
			D05
			
			
			48,953
			
			
			166.1
			
			
			-1,403
			
			
			13%
			
			
			1.0
			
			
			1.2
			
			
			-23%
			
			
			3%
			
		


			UOB
			
			
			U11
			
			
			32,871
			
			
			84.5
			
			
			-750
			
			
			12%
			
			
			0.8
			
			
			1.3
			
			
			-25%
			
			
			0%
			
		


			OCBC Bank
			
			
			O39
			
			
			38,894
			
			
			75.5
			
			
			-516
			
			
			11%
			
			
			0.8
			
			
			1.2
			
			
			-19%
			
			
			0%
			
		


			Frasers Cpt Trust
			
			
			J69U
			
			
			2,262
			
			
			9.6
			
			
			-8
			
			
			10%
			
			
			0.9
			
			
			1.1
			
			
			-27%
			
			
			5%
			
		


			CapitaLand
			
			
			C31
			
			
			14,652
			
			
			37.2
			
			
			38
			
			
			10%
			
			
			0.6
			
			
			0.8
			
			
			-23%
			
			
			-2%
			
		


			ThaiBev
			
			
			Y92
			
			
			17,330
			
			
			16.3
			
			
			-66
			
			
			19%
			
			
			3.2
			
			
			3.8
			
			
			-21%
			
			
			1%
			
		


			Mapletree Com Trust
			
			
			N2IU
			
			
			6,129
			
			
			35.9
			
			
			-25
			
			
			10%
			
			
			1.1
			
			
			5.4
			
			
			-22%
			
			
			10%
			
		


			ST Engineering
			
			
			S63
			
			
			10,457
			
			
			24.7
			
			
			12
			
			
			26%
			
			
			4.7
			
			
			1.2
			
			
			-15%
			
			
			2%
			
		


			CapitaLand Ret China Trust
			
			
			AU8U
			
			
			1,626
			
			
			6.8
			
			
			-38
			
			
			10%
			
			
			0.9
			
			
			1.0
			
			
			-15%
			
			
			2%
			
		


			Frasers L&amp;C Trust
			
			
			BUOU
			
			
			2,443
			
			
			13.0
			
			
			31
			
			
			11%
			
			
			1.1
			
			
			1.2
			
			
			-10%
			
			
			12%*
			
		


			Venture
			
			
			V03
			
			
			4,543
			
			
			25.2
			
			
			104
			
			
			15%
			
			
			1.8
			
			
			1.9
			
			
			-3%
			
			
			19%
			
		


			Mapletree Ind Trust
			
			
			ME8U
			
			
			5,416
			
			
			25.0
			
			
			54
			
			
			11%
			
			
			1.5
			
			
			1.5
			
			
			-3%
			
			
			16%
			
		


			Rex Intl
			
			
			5WH
			
			
			169
			
			
			8.7
			
			
			-3
			
			
			15%
			
			
			0.8
			
			
			1.6
			
			
			-37%
			
			
			-15%
			
		


			UMS
			
			
			558
			
			
			501
			
			
			6.0
			
			
			-3
			
			
			14%
			
			
			1.8
			
			
			0.7
			
			
			-9%
			
			
			25%
			
		


			AEM
			
			
			AWX
			
			
			862
			
			
			20.5
			
			
			26
			
			
			47%
			
			
			6.2
			
			
			3.0
			
			
			56%
			
			
			118%
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			16%
			
			
			 
			
			
			 
			
			
			-16%
			
			
			8%
			
		

*Note Frasers L&amp;C Trust annualised five year total return from 21 June 2016 &amp; SGX excluded from analysis. Source: SGX StockFacts, Thomson Reuters, Bloomberg. Note ROE and P/B can vary amongst Data providers with StockFacts measures applied to the majority of the stocks above (Data as of 13 May 2020)

 

 

 



Valuations of Singapore’s Most Traded High ROE Stocks