PDF Singapore Equities The Monthly Digest

[Pages:7]Singapore Equities ? The Monthly Digest

April 2019

SGX Research

STI surpassed 3,400 and was best performing market globally in April

STI trailing P/E of 13.9x is near +1sd of the LT mean WTI Crude Oil returned 40.7% YTD to US$64/bbl

80

23

75

21 70

19

17

65

15

60

13

55

11 50

9

7

45

5

40

Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19

P/E

Long-term avg.

Source: Bloomberg, SGX. Data as of 30 April 2019.

+1 S.D.

-1 S.D.

Market Commentary

STI peaked at 3,400 and was April's top performing benchmark globally, fuelled by Singapore banks. STI's total returns in April were at +6.1% (or +5.7% in US$-terms), one of top performing markets globally, vs. MSCI AC Asia Pacific Index's +1.6% (US$ total returns), MSCI AC Asia ex. Japan Index's +1.9% and MSCI ACWI Index's +3.4%. Major Asia Pacific benchmarks posted gains in the month, with the exception of China, Indonesia, Malaysia. Top performing sectors in the Singapore market for April were Banks (+10.8%), Utilities (+6.6%), and Comm. Services (+4.7%). IT (-2.4%) and Health Care (-0.9%) were the only declining sectors in April, refer to page 2.

Institutional investors net sold (-S$456.1m) in April, vs. (-S$204.9m) in March. Industrials, Consumer Staples, Health Care were top net buy sectors. Top net buy sectors in April were Industrials (+S$97.6m), Consumer Staples (+S$4.8m), and Health Care (+S$3.9m). Top net sell sectors were Financials (-S$197.0m), REITs (-S$147.9m), and Consumer Discretionary (-S$111.2m). Consumer Staples saw four consecutive months of net buys. Conversely, Communication Services and Financials saw six and five consecutive months of net sells respectively.

Singapore banks outperformed overall market. Singapore banks averaged 10.8% market cap-weighted total returns in April and was the strongest performing sector in Singapore, driven by strong earnings posted by DBS. DBS recorded 9% YoY growth in 1QFY19 net profits from higher loan growth and net interest margin. Singapore banks' April total returns were at: DBS (+12.0%), UOB (+10.5%), OCBC (+9.5%). Banks average ROE of 11% (full year 2018) also improved from 10% a year ago. DBS reported higher ROE of 14% in 1QFY19.

WTI Crude Oil now at US$64/bbl, rebounded 50.3% from Dec 2018 lows. SGX's three biggest Maritime & Offshore

(MOE) counters have generated average total returns of 7.4% in April and 17.9% in the YTD, as crude oil rallied. April total returns were at: Keppel Corp (+11.3%), Sembcorp Marine (+6.2%), Yangzijiang Shipbuilding (+4.7%). Keppel Corp and Sembcorp Marine were amongst top institutional net buys for the month totalling S$76.6m. YTD performance for the stocks at: Yangzijiang Shipbuilding (+25.6% total returns), Keppel Corp (+17.1%), Sembcorp Marine (+11.0%).

1

Sector Total Returns in April 2019 and YTD

April 2019

10.8%

6.6%

4.7%

4.3%

3.1%

2.1%

2.1%

1.8%

1.7%

0.6%

Banks

Utilities

Comm. Services

Industrials

Energy

Consumer Consumer Discretionary Staples

Materials Real Estate Man & Dev.

REITs

-0.9%

Health Care

-2.4%

IT

4M 2019 25.4%

19.7%

16.2%

14.1%

IT

Utilities Consumer

Banks

Staples

13.4%

12.9% 12.2%

9.4%

7.1%

5.1%

2.3%

1.2%

REITs

Real Estate Man & Dev.

Energy

Materials

Comm. Services

Industrials Health Care Consumer Discretionary

Source: Bloomberg, SGX (April 2019).

Institutional Fund Flow in April 2019

Institutional investors net sold (-S$456.1m) in April, vs. (-S$204.9m) in March. Industrials (+S$97.6m), Consumer Staples (+S$4.8m), and Health Care (+S$3.9m) were top net buy sectors. Top performing sectors: Banks (+10.8%), Utilities (+6.6%), and Comm. Services (+4.7%).

Keppel Corp top net buy post results. Other Industrials stocks amongst top net buy list. Genting Singapore top net sell post IR expansion plans. Other net sell stocks were Financials and S-REITs. Click here to read the fund flow report.

GICS? Sectors1 Institution Net Buy(+) / Sell(-) (S$M) I n d u strials Cons umer Staples Hea lth Ca re En e rgy Ma teri als Uti l ities Rea l Estate (excl. REITs?) Communication Services Information Technology Cons umer Discretionary REI Ts ? Fi nancials Total

Apr '19

+97.6 +4.8 +3.9 +2.0 +0.2 -8.6 -19.7 -27.3 -52.8 -111.2 -147.9 -197.0 -456.1

Top Institution Net Buy (+) Stocks (S$M) Keppel Corporation Ja rdi ne Ma theson Wi l mar International UOL Group OCBC Yi ng Li International Real Estate Starhill Global REIT Sembcorp Ma rine Tha i Beverage Si ngapore Post

Apr '19 Top Institution Net Sell (-) Stocks (S$M)

+63.7 Genting Singapore +26.6 UOB +20.5 SGX +19.7 DBS +17.1 Suntec REIT +15.0 Venture Corporation +14.7 Ca pi taLand +12.9 Fi rs t REIT 12.7 Ca pi taLand Ma ll Trust +11.1 As cendas REIT

Apr '19

-123.1 -92.5 -71.1 -50.5 -48.8 -37.4 -32.2 -29.1 -28.9 -27.1

Source: SGX (April 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 April 2019

By Sector - Total April Average Volume Traded vs 3 Month Average Volume Traded

49.2%

31.6%

14.4%

9.6%

5.8%

5.0%

2.1%

0.0%

Real Estate Consumer Comm. Industrials

IT

Man & Dev. Discretionary Services

REITs

Materials

Utilities

-10.3%

-34.6%

Consumer Health Care Staples

-45.6%

Energy

-50.5%

Financials

Top 10 by Stock ? Total April Average Volume Traded vs 3 Month Average Volume Traded

Company Asian Pay TV Trust First REIT ESR-REIT SPH Cache Logistics Trust Genting Singapore Singapore Post Keppel Corp Cromwell European REIT Suntec REIT

3 Month Avg Vol Traded Last Month Avg Vol Traded Vol Variance Last Price (S$) 1 Year SDAV (S$)

7,874,005

18,229,495

131.5%

0.17

1,180,692

2,335,682

3,562,695

52.5%

0.97

1,434,597

4,452,910

6,760,343

51.8%

0.53

1,398,930

3,162,799

4,376,981

38.4%

2.51

10,564,927

2,791,803

3,599,890

28.9%

0.76

1,533,961

35,987,510

46,068,343

28.0%

0.99

36,935,087

3,215,155

4,086,567

27.1%

1.04

4,776,944

3,025,420

3,798,452

25.6%

6.77

23,217,440

691,282

861,790

24.7%

0.75

1,269,154

7,189,139

8,762,657

21.9%

1.85

13,201,370

Source: Bloomberg, SGX (April 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 April 2019

April Buyback Consideration Led by OCBC, Keppel REIT & Hong Fok. Read more.

Company

OCBC Keppel REIT Hong Fok Corporation Global Investments Stamford Land Corporation Best World International Ki ml y The Straits Trading Company Trek 200 International HC Surgical Specialists Singapore Shipping Corporation Eurosports Global Tuan Sing Holdings Global Palm Resources GRP ecoWise Holdings Kim Heng Offshore & Marine Aspen Group Axcel a s i a Total Share Buybacks in April 2019

Total shares bought Total consideration in Cumulative purchased from start Total buyback Cumulative purchased as %

in April 2019

April 2019 S$

till end of April 2019

mandate

of total buyback mandate

2,200,000 2,190,700 2,442,400 14,688,300 2,239,100

420,000 1,620,600

89,100 1,211,700

190,000 364,800 500,000 200,000 248,500 308,700 496,900 150,000

60,000 9,700

29,630,500

25,559,848 2,672,678 2,183,837 1,967,884 1,109,890 805,506 382,406 201,335 117,162 112,365 106,130 100,417 78,954 52,595 40,487 14,001 9,947 8,821 894

35,525,155

15,825,000 2,190,700 9,140,900

36,423,800 37,978,500

1,345,000 2,050,700

417,600 2,867,900

370,000 11,752,400

2,691,400 200,000 278,500 310,700 496,900 150,000 82,600 9,700

209,128,622 170,210,715

87,061,124 168,741,864

86,408,798 55,032,011 115,489,763 40,767,817 32,288,792 14,917,573 43,701,979 26,500,000 118,620,496 19,628,200 19,370,161 95,748,302 70,883,230 96,361,790 16,032,000

7.57% 1.29% 10.50% 21.59% 43.95% 2.44% 1.78% 1.02% 8.88% 2.48% 26.89% 10.16% 0.17% 1.42% 1.60% 0.52% 0.21% 0.09% 0.06%

Source: Bloomberg, SGX (April 2019).

3

Links to SGX Research Thematic Market Updates

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

Highlights of SGX's 10 Largest Transport-Linked Stocks

Return in YTD

Liquidity-themed Consumer Sector Index Posts 10% YTD Gain

Five Best-Performing China-Based Plays Avg 41% Total

Big Utility Stocks Began 2019 with Momentum

Return in Jan-Feb

Tourism-Related Stocks Ride Growth in Visitor Arrivals

Highlights of China-Related S-REITs and Developers

Healthcare Sector's Growth Prospects Draw Fund Flows

FTSE ST China Index's Five Best Performers Avg 18% Total

Return in YTD

Interest Rates

Commodities

Three Best-Performing Office REITs Avg 7% Total Return in SGX Oil & Gas Stocks Gained in 3Q18 as Crude Oil Climbed

2H18-To-Date

Five Largest OSV Plays Average 21% Rebound From 12M Lows in

ASEAN's Biggest Primary-Listed Stock Began Trading 50

3Q18

Years Ago Tomorrow

Three Largest Agriculture Stocks Averaged 8% Total Return in

Mapletree REITs Amongst the Most Defensive Stocks in

3Q18

2018

Thermal Coal Demand Underpinned by Uptick in Asian

S-REITs Rank Above Regional Peers in Dividend Yields

Consumption

Singapore's 10 Largest Developers Avg 6% Rebound From

Gold Opportunities in Focus as Bullion Jumps to 10-Week High

12M Troughs

DBS, OCBC & UOB Avg 25% Net Profit Growth in 9MFY18

Consumer ? Regional & Domestic

SGX Mid/Small Caps

Three Liquid FTSE ST Consumer Index Stocks Avg 28% YTD Small Cap Index's Five Best-Performing Constituents Avg 36% YTD

Total Return

Return

China and Singapore Retail REITS Outperform Benchmark

Small Cap Index's Five Best-Yielding, Non-REIT Constituents Avg

Indices

6% Yield

SGX's Tourism Stocks that Benefited from Increased

FTSE ST Small Cap Index Constituents With Highest ROE Levels

Tourist Inflows

SGX's 10 Largest Restaurant Stocks Offer Local & Overseas

SGX Retail Stocks Adapt to Ride E-Commerce Wave

Exposure

Five Best-Performing Small-Cap Consumer Stocks Avg 26% YTD

Return

Five Best-Performing Small-Cap China Plays Avg 82% YTD Return

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Upcoming Dividends, Rights, and Bonus Issues

Company Ascendas REIT Ascendas REIT Centurion Corporation Chip Eng Seng Citic Envirotech Combine Will International Hock Lian Seng iFAST Corporation InnoTek InnoTek

Type DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND

Ex-Date Record Date Date Paid/Payable

Particulars

7-May-19 8-May-19

30-May-19 011018 - 310319 SGD 0.01057

7-May-19 8-May-19

30-May-19 011018 - 310319 SGD 0.07089 FINAL LESS 17% TAX

7-May-19 8-May-19

23-May-19 SGD 0.01 FINAL ONE-TIER TAX

7-May-19 8-May-19

23-May-19 SGD 0.04 FINAL ONE-TIER TAX

7-May-19 8-May-19

22-May-19 SGD 0.0075 FINAL ONE-TIER TAX

7-May-19 8-May-19

21-May-19 SGD 0.05 FINAL ONE-TIER TAX

7-May-19 8-May-19

22-May-19 SGD 0.018 FINAL ONE-TIER TAX

7-May-19 8-May-19

22-May-19 SGD 0.0075 INTERIM ONE-TIER TAX

7-May-19 8-May-19

22-May-19 SGD 0.005 SPECIAL ONE-TIER TAX

7-May-19 8-May-19

22-May-19 SGD 0.01 FINAL ONE-TIER TAX

Source: SGX, upcoming dividends, rights, and bonus issues with ex-dates in the month of May 2019. For full list, click here.

4

Indices, Macro Indicators and Currency

Regional & Global Equity Indices

Asia Pacific FTSE Straits Times 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 3,400 6,325 1,642 29,699 11,542 6,455 2,204 22,259 3,078 1,637 1,674

Last 26,593

7,418 8,095 2,946

Last 525 162 676

Last 1,408

205 120 1,230 1,341 544

Last 64 73 1,284 150 1,011 Current 2.17 1.82 1.95 1.36 4.95 5.77 0.96 1.53

7D 1.4% 0.1% 0.9% -0.9% -1.6% -0.1% -0.8% 0.0% -3.8% -5.3% 0.1%

7D -0.2% -1.4% -0.3% 0.4%

7D 0.1% -0.4% -0.8%

7D 0.4% -2.1% -3.6% 0.9% 1.8% -2.3%

7D -3.6% -2.3% 0.9% -0.9% 23.1% 3M Prior 2.20 1.77 1.89 0.3% -0.1% -0.2% -0.5% 0.2%

Source: Bloomberg (30 April 2019). Price change based on local currency terms.

5

30D 5.8% 2.3% -0.1% 2.2% 1.4% -0.2% 2.9% 5.0% -0.4% -3.5% 2.1% 30D 2.6% 1.9% 4.7% 3.9% 30D 3.2% 1.6% 1.8%

30D 1.4% 4.4% 1.1% 0.4% 0.5% 4.1%

30D 6.3% 6.4% -0.7% 5.3% 46.7% 6M Prior 2.50 1.52 1.64 0.4% -0.2% -0.4% -0.3% 0.4%

YTD 10.8% 12.0% -2.9% 14.9% 14.0%

4.2% 8.0% 11.2% 23.4% 29.1% 7.0% YTD 14.0% 10.3% 22.0% 17.5% YTD 15.2% 10.7% 13.3%

YTD 3.3% 0.8% -8.8% 11.7% 11.3% 8.2%

YTD 40.7% 35.3%

0.1% 17.2% -20.5% 9M Prior 2.48 1.51 1.63 -0.2% -2.0%

0.4% -0.2% -2.3%

1YR -5.9% 5.7% -12.2% -3.6% -6.4% 7.7% -12.4% -0.9% -0.1% -7.9% -6.0%

1YR 10.1% -1.2% 14.6% 11.2%

1YR 3.0% -6.8% -6.3%

1YR -8.1% -37.8% -31.7% -0.7% 5.6% -15.2%

1YR -6.8% -3.2% -2.4% 7.6% -24.6% 12M Prior 2.53 1.38 1.51 2.6% 3.5% -2.6% -4.0% -4.7%

Recent SGX Market Related News

1 Mar 2019: SGX welcomes Sim Leisure Group Limited to Catalist, read more. 11 Mar 2019: SGX welcomes Reclaims Global Limited to Catalist, read more. 15 Mar 2019: SGX and The Straits Times partner to enhance investors' understanding and use of equity research

content, read more. 27 Mar 2019: SGX welcomes Fortress Minerals Limited to Catalist, read more. 28 Apr 2019: UOB, SGX and CCOIC sign MOU to help Chinese enterprises use Singapore as a launchpad for ASEAN

expansion, read more.

10 in 10 with Boustead Projects ? Developing Tomorrow, Today

Established in 1996, Boustead Projects Limited is a leading industrial real estate solutions provider in Singapore, with core engineering expertise in the design?and?build and development of industrial facilities for multinational corporations and local enterprises. It has constructed and developed over 3 million sq m of industrial real estate in Singapore, China, Malaysia and Vietnam to-date. Boustead Projects is a 53%-owned subsidiary of Boustead Singapore.

Read more on how Boustead Projects aims to be a leading private sector builder of eco-sustainable facilities.

New SGX Research Product

SREIT & Property Trusts Chartbook ? April 2019 (Link)

Notes

Contact Us

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