Singapore Equities The Monthly Digest
[Pages:6]Singapore Equities ? The Monthly Digest
June 2019
SGX Research
Singapore is a best performing market after May global sell-off
STI fwd P/E of 13.1x is near -1sd of the LT mean
SG developers trading below -1sd of its LT mean
19.0
1.4
17.0
1.2
15.0
1
0.8 13.0
0.6
11.0 0.4
9.0
0.2
7.0
Jan-08
Jan-10
Jan-12
Jan-14
Jan-16
Jan-18
0
Jan-08
Jan-10
Jan-12
Consensus fwd P/E
Long-term avg.
Historical P/B
+1 S.D.
-1 S.D.
+1 S.D.
Source: Bloomberg, SGX. Data as of 28 Jun 2019. STI consensus forward P/E taken from Bloomberg.
Jan-14
Jan-16
Jan-18
Long-term avg.
-1 S.D.
Market Commentary
Asian equity markets gained in Jun on improved market sentiments, SiMSCI was top performing index. STI and SiMSCI total returns in Jun were at +6.5% (or +8.3% in US$-terms) and +8.4% (or +10.15% in US$-terms) respectively, vs. MSCI ACWI Index's +6.6% (US$ total returns) and outperforming the region with MSCI AC Asia Pacific Index's +5.4% and MSCI AC Asia ex. Japan Index's +6.6%. STI's total returns for 1H19 at +10.5% (or +11.3% in US$-terms), outperforming the region with MSCI AC Asia Pacific Index at +10.8% (US$ total returns) and MSCI AC Asia ex. Japan Index at +10.7%. All sectors generated positive returns in the month. Top performing sectors were Comm. Services (+8.6%), Banks (+8.4%) and IT (+8.1%), refer to page 2.
Institutional investors net bought (+S$363.0m) in Jun, vs. (+S$49.0m) in May. REITs, Comm. Services, Industrials were the top net buy sectors. The top net buy sectors in Jun were REITs (+S$223.1m), Comm. Services (+S$181.2m), and Industrials (+S$33.7m). Top net sell sectors were Financials (-S$92.1m), Consumer Discretionary (-S$28.6m), and Health Care (-S$3.2m). Consumer Staples and Industrials have seen 6 and 3 consecutive months of net buys respectively. Conversely, Financials and Consumer Discretionary saw 7 and 5 consecutive months of net sells.
Singapore private home prices reach 5-year high. Singapore's private property price index rose to 150.5 points in URA's 2Q19 flash estimates, +1.3% q-q (vs. -0.7% in 1Q19) ? peaking in 5 years since 1Q14. Non-landed homes saw price increase of 1.6% q-q, driven by properties in Rest of Central Region (RCR) which increased by 3.0% after registering a decrease of 0.7% in the previous quarter. Landed homes saw price increase of 0.2% q-q and 1.5% y-y. Singapore property developers are trading at 0.6x P/B ratio, below the -1 S.D. of the historical mean.
STI trading at near -1 S.D. consensus forward P/E as growth expectation weakens. Amidst market volatility and a
global slowdown in manufacturing, trade and investment, Singapore's economy expanded 1.2% in 1Q19. MTI and MAS are reviewing the 1.5-2.5% forecast range for 2019's GDP, driven by weaker growth expectations. STI is now trading at c.13.1x consensus forward P/E, near the -1 S.D. of the historical mean, with a dividend yield of 3.8%.
1
Sector Total Returns in Jun 2019 and YTD
Jun 2019
8.6%
8.4%
8.1%
6.3%
5.1%
4.8%
4.3%
3.1%
2.8%
Comm.
Banks
IT
REITs
Real Estate Health Care Consumer Consumer
Energy
Services
Man & Dev.
Staples Discretionary
1.5%
1.2%
1.1%
Utilities
Materials Industrials
6M 2019
28.7%
21.2%
17.2% 16.3%
13.0%
11.5%
9.0%
8.2%
3.5%
3.4%
3.2%
-0.9%
IT
REITs
Comm. Consumer Utilities Real Estate Banks
Energy Health Care Materials Industrials Consumer
Services
Staples
Man & Dev.
Discretionary
Source: Bloomberg, SGX (Jun 2019).
Institutional Fund Flow in Jun 2019
Institutional investors net bought (+S$363.0) in Jun, following a net buy (+S$49.0m) in May. REITs? (+S$223.1m), Comm. Services (+S$181.2m), and Industrials (+S$33.7m) were the top net buy sectors. All sectors generated positive returns in the month.
Singtel tops net buy list for second consecutive month. S-REITs continue to see net buys. Sembcorp Industries defers Indian energy arm listing. Genting Singapore targets Osaka IR bid. Click here to read the fund flow report.
GICS? Sectors1 Institution Net Buy(+) / Sell(-) (S$M) REI Ts ? Communication Services I n d u strials Cons umer Staples Rea l Estate (excl. REITs?) Uti l ities En e rgy Ma teri als Information Technology Hea lth Ca re Cons umer Discretionary Fi nancials Total
Jun '19
+223.1 +181.2 +33.7 +21.1 +21.0
+7.5 +3.3 -1.9 -2.1 -3.2 -28.6 -92.1 +363.0
Top Institution Net Buy (+) Stocks (S$M) Si ngtel Ca pi taLand Commercial Trust Ya ngzijiang Shipbuilding SGX UOB Ca pi taLand Ma pl etree Industrial Trust Keppel Corporation Keppel REIT ST Engi neering
Jun '19 +168.1
Top Institution Net Sell (-) Stocks (S$M)
DBS
+58.6 Sembcorp Industries
+55.9 SIA
+33.2 Genting Singapore
+30.0 OCBC
+25.4 Uni ted Engineers
+25.4 Hongkong Land
+24.7 As cendas REIT
+22.6 Cromwel l European REIT
+19.8 ESR-REIT
Jun '19
-123.3 -42.7 -34.8 -33.6 -33.3 -21.5 -15.9 -8.3 -7.3 -7.2
Source: SGX (Jun 2019). For more fund flow reports, click here. 1Refers to Global Industry Classification Standard (GICS?).2REITs refer to MSCI GICS? Industry - Equity Real Estate Investment. Definition: Institutional fund flows is derived by subtracting retail account flow and MMLP flow from TOTAL ST markets flows. Net buy/sell amount is derived by subtracting total sell amount from total buy amount. Note: Fund flow data for all SGX-listed companies only.
2
Volume Movers in Jun 2019
By Sector - Total Jun Average Volume Traded vs 3 Month Average Volume Traded
10.0% 8.4%
8.0%
REITs
Comm. Services
Energy
-0.9%
Consumer Staples
-1.0%
IT
-2.1%
-11.3% -12.8%
Financials Consumer Materials Discretionary
-18.6% -20.1%
Industrials Health Care
-33.0%
Utilities
-42.3%
Real Estate
Man & Dev.
Top 10 by Stock ? Total Jun Average Volume Traded vs 3 Month Average Volume Traded
Company Cromwell European REIT United Engineers ESR-REIT Frasers Commercial Trust Sembcorp Industries Manulife US REIT Raffles Medical Group Si ngtel Frasers Centrepoint Trust Jardine Strategic
3 Month Avg Vol Traded Last Month Avg Vol Traded Vol Variance Last Price (S$) 1 Year SDAV (S$)
1,818,357
4,239,689
133.2%
0.74
1,503,998
507,463
1,089,612
114.7%
2.58
1,099,442
8,211,989
13,641,457
66.1%
0.52
2,012,778
2,038,192
3,041,142
49.2%
1.67
2,479,463
3,547,578
5,227,084
47.3%
2.41
9,110,598
1,753,028
2,495,479
42.4%
1.17
1,433,629
1,130,751
1,609,626
42.4%
1.04
1,448,767
21,610,340
30,584,602
41.5%
3.50
60,392,351
2,523,004
3,509,686
39.1%
2.60
3,204,458
201,052
277,742
38.1%
51.61
12,104,550
Source: Bloomberg, SGX (Jun 2019). Note: All stocks reported have a minimum SDAV of S$1,000,000. Stocks with IPO Dates within the past 3 Months have been excluded from reporting. 'Vol Variance' is the % variance of the Last Week's Average Volume Traded and 3 Month Average Volume Traded.
Share Buybacks in Jun 2019
25 Companies Conducted Share Buybacks in June. Read more.
Company
OCBC DBS Olam International Keppel REIT Stamford Land Boustead Singapore Global Investments Telechoice International KSH Holdings SGX Singapore Shipping Corporation AEM Holdings Tuan Sing Holdings Koufu Group Jumbo Group GRP Limited CDW Holding Raffles Medical Group Goodland Group Nordic Group Total Share Buybacks in Jun 2019
Total shares bought Total consideration in Cumulative purchased from start Total buyback Cumulative purchased as %
in Jun 2019
Jun 2019 S$
till end of Jun 2019
mandate
of total buyback mandate
2,250,000 500,000
2,437,300 3,350,000 5,368,200 3,298,300 12,331,600 2,600,000 1,100,000
31,900 698,400 200,000 480,000 249,300 411,000 763,000 641,800 100,000 330,000 138,500 37,500,500
24,753,300 12,056,286
4,673,113 4,165,898 2,561,500 2,544,854 1,643,505
573,952 468,220 235,291 200,179 185,124 172,237 170,066 154,196 153,319 117,687 101,151
63,307 39,865 55,135,597
5,030,000 3,100,000 2,547,900 9,740,700 43,346,700 3,298,300 24,610,300 2,600,000 1,100,000
910,748 12,520,200
1,100,000 2,795,000
349,300 503,300 1,707,200 641,800 200,000 330,000 615,600
212,257,935 51,165,438
159,528,593 170,210,715
86,408,798 49,298,483 168,741,864 45,438,718 56,973,564 107,164,240 43,701,979 27,096,300 118,620,496 55,516,300 64,109,130 19,370,161 22,724,200 179,835,340 36,059,491 39,251,910
2.37% 6.06% 1.60% 5.72% 50.16% 6.69% 14.58% 5.72% 1.93% 0.85% 28.65% 4.06% 2.36% 0.63% 0.79% 8.81% 2.82% 0.11% 0.92% 1.57%
Source: Bloomberg, SGX (Jun 2019). Note: Table above only shows the top 20 share buybacks by total consideration amount in Jun 2019.
3
Links to SGX Research Thematic Market Updates
Asia's Healthcare Story
SGX's Asian Family Empires
Five Best-Performing Healthcare Services Stocks Return 15% in YTD Highlights of Foreign Family Empires Listed on SGX
Three Best-Performing Pharmaceutical Stocks Returned 23% in YTD Highlights of Home-Grown Family Empires on SGX
Five Best-Yielding Healthcare Stocks Average 5% Dividend Yield
YTD Performances of Family Empire Plays on SGX
Highlights of Singapore's Healthcare Services Stocks
Dividend Yield Plays Amongst SGX's Family Empire-Linked
Highlights of SGX's Largest, Best-Performing Healthcare Services
Stocks
Stocks
Healthcare Sector's Growth Prospects Draw Fund Flows
China's Belt & Road Initiative
Shift to Services
SGX Stocks Set to Gain From China's Belt & Road Initiative
Highlights of Singapore's Healthcare Services Stocks
SGX's Three Largest Water Plays Averaged 24% Total Return in YTD Highlights of SGX's 10 Largest Transport-Linked Stocks
Five Best-Performing China-Based Plays Avg 41% Total Return in
Liquidity-themed Consumer Sector Index Posts 10% YTD
Jan-Feb
Gain
Highlights of China-Related S-REITs and Developers
Big Utility Stocks Began 2019 with Momentum
FTSE ST China Index's Five Best Performers Avg 18% Total Return in Tourism-Related Stocks Ride Growth in Visitor Arrivals
YTD
Healthcare Sector's Growth Prospects Draw Fund Flows
Interest Rates
Three Best-Performing Office REITs Avg 7% Total Return in 2H18To-Date
ASEAN's Biggest Primary-Listed Stock Began Trading 50 Years Ago Tomorrow
Mapletree REITs Amongst the Most Defensive Stocks in 2018 S-REITs Rank Above Regional Peers in Dividend Yields Singapore's 10 Largest Developers Avg 6% Rebound From 12M
Troughs DBS, OCBC & UOB Avg 25% Net Profit Growth in 9MFY18
Commodities
SGX Oil & Gas Stocks Gained in 3Q18 as Crude Oil Climbed
Five Largest OSV Plays Average 21% Rebound From 12M Lows in 3Q18
Three Largest Agriculture Stocks Averaged 8% Total Return in 3Q18
Thermal Coal Demand Underpinned by Uptick in Asian Consumption
Gold Opportunities in Focus as Bullion Jumps to 10-Week High
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Upcoming Dividends, Rights, and Bonus Issues
Company Chemical Industries ISDN Holdings UMS Holdings SIA Engineering Singapore Post Si ngtel SATS Japan Foods Samurai 2K Aerosol Ban Leong Technologies
Type DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND
Ex-Date Record Date Date Paid/Payable
Particulars
9-Jul-19 10-Jul-19
18-Jul-19 SGD 0.015 FINAL ONE-TIER TAX
9-Jul-19 10-Jul-19
28-Aug-19 SGD 0.007 FINAL ONE-TIER TAX
10-Jul-19 11-Jul-19
26-Jul-19 SGD 0.005 INTERIM ONE-TIER TAX
24-Jul-19 25-Jul-19
8-Aug-19 SGD 0.08 FINAL ONE-TIER TAX
24-Jul-19 25-Jul-19
7-Aug-19 SGD 0.02 FINAL ONE-TIER TAX
26-Jul-19 29-Jul-19
15-Aug-19 SGD 0.107 FINAL ONE-TIER TAX
29-Jul-19 30-Jul-19
8-Aug-19 SGD 0.13 FINAL ONE-TIER TAX
30-Jul-19 31-Jul-19
16-Aug-19 SGD 0.011 FINAL ONE-TIER TAX
30-Jul-19 31-Jul-19
8-Aug-19 SGD 0.005 FINAL ONE-TIER TAX
31-Jul-19 1-Aug-19
15-Aug-19 SGD 0.01 FINAL ONE-TIER TAX
Source: SGX, upcoming dividends, rights, and bonus issues with ex-dates in the month of Jul 2019. For full list, click here.
4
Indices, Macro Indicators and Currency
Regional & Global Equity Indices
Asia Pacific FTSE Straits Times Index MSCI Singapore Free Index ASX 200 Index FTSE Bursa Malaysia KLCI Index Hang Seng Index Hang Seng China Enterprises Index Jakarta SE Composite Index Korea SE KOSPI Index Nikkei 225 Index Shanghai SE Composite Index Shenzhen SE Compostite Index Stock Exchange of Thailand SET Index Other Developed Markets Dow Jones Industrial Average FTSE 100 Index NASDAQ Composite Index S&P 500 Index MSCI Indices MSCI ACWI Index MSCI AC APAC Index MSCI AC Asia Ex. Japan Index
SGX Equity Indices
Selected SGX Indices (Singapore) iEdge SG All Healthcare Index iEdge SG MOE Index iEdge SG MOG Index iEdge SG Real Estate Index iEdge SG S-REIT Index iEdge SG Resources Index
Macro Indicators and Currency
Macro WTI Crude Oil (US$/bbl) Brent Crude Oil (US$/bbl) Gold Spot (US$/oz) Rubber (TSR20) (US$/kg) Baltic Dry Index Singapore Singapore 10Y Govt Bond Yield (%) 1M SIBOR 3M SIBOR USD/SGD SPOT SGD/CNY SPOT SGD/HKD SPOT AUD/SGD SPOT EUR/SGD SPOT
Last 3,322
378 6,619 1,672 28,543 10,882 6,359 2,131 21,276 2,979 1,562 1,730
Last 26,600
7,426 8,006 2,942
Last 523 160 653
Last 1,420
191 122 1,270 1,424 513
Last 58 67 1,410 146 1,354 Current 2.00 1.88 2.00 1.35 5.07 5.77 0.95 1.54
7D 0.0% 0.3% -0.5% -0.6% 0.2% -0.4% 0.7% 0.2% 0.1% -0.8% -1.0% 0.8%
7D -0.4% 0.2% -0.3% -0.3%
7D 0.0% 0.5% 0.5%
7D 0.0% -0.5% -0.7% 0.7% 1.4% 0.0%
7D 1.8% 2.1% 0.7% -1.4% 9.3% 3M Prior 2.07 1.83 1.94 -0.2% 0.3% 0.1% 1.2% -0.1%
Source: Bloomberg (28 Jun 2019). Price change based on local currency terms. 5
1M 6.5% 8.4% 3.5% 1.3% 6.1% 4.8% 2.4% 4.4% 3.3% 2.8% 2.0% 6.8%
1M 7.2% 3.7% 7.4% 6.9%
1M 6.4% 5.0% 6.1%
1M 3.7% 3.8% 13.0% 6.8% 7.1% 5.5%
1M 9.3% 3.2% 8.0% -4.1% 23.5% 6M Prior 2.09 1.76 1.89 -1.6% 1.1% 1.2% -0.4% 0.2%
YTD 8.2% 10.3% 17.2% -1.1% 10.4% 7.5% 2.6% 4.4% 6.3% 19.4% 23.2% 10.6% YTD 14.0% 10.4% 20.7% 17.3% YTD 14.9% 9.1% 9.4%
YTD 4.1% -6.4% -7.4% 15.4% 18.2% 2.1%
YTD 28.8% 23.7%
9.9% 13.9%
6.5% 9M Prior
2.53 1.52 1.64 -0.7% 0.5% 0.5% -1.1% -1.5%
1YR 2.0% 3.3% 6.5% 0.4% 0.2% 0.1% 12.2% -7.9% -4.5% 6.9% 0.4% 8.2% 1YR 9.8% -2.5% 6.7% 8.3% 1YR 4.3% -2.8% -1.2%
1YR -5.5% -34.3% -24.0% 10.3% 18.4% -9.6%
1YR -20.4% -14.5% 12.9%
8.2% 1.9% 12M Prior 2.55 1.40 1.52 -1.1% 4.6% 0.6% -5.5% -2.7%
Recent SGX Market Related News
6 Jun 2019: Straits Times Index (STI) Quarterly Review ? June 2019, read more. 10 Jun 2019: SGX welcomes REVEZ Corporation Ltd. to Catalist, read more. 18 Jun 2019: SGX welcomes TrickleStar Limited to Catalist, read more. 21 Jun 2019: SGX welcomes Astrea V private equity bond retail offering, read more.
10 in 10 Reports in June
10 in 10 with Excelpoint Technology - Empowering Future Technology 10 in 10 with Clearbridge Health - Redefining Asian Healthcare with Precision
SGX Research is now on Bloomberg, visit [SGXR] & [BRC]
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