SPH REIT kicked off the September quarter financial reporting season for S-REITs on 10 October with the release of its fiscal 4Q 2019 earnings. The iEdge S-REIT Index comprises 36 constituents with a combined market cap of S$102 billion. These constituents averaged a total return of 27.2% in the 2019 YTD, bringing their 1Y and 3Y total returns to 27.8% and 42.7% respectively.
Singapore’s 10 most actively traded stocks with a construction focus, and combined market value of S$2.1 billion, have averaged 11% total returns in the 2019 YTD. Pan-United has been the strongest of the 10 stocks in 2019 YTD, with a 42% total return, after it was the second least performer of the 10 in 2018 with a 43% decline. In Sept, Pan-United Concrete Pte Ltd became the first concrete firm to win the SGBC-BCA Sustainability Leadership Award.
The iEdge SG All Healthcare Index, which tracks Singapore's listed healthcare sector, comprises 34 constituents with a combined market cap of over S$34 billion. In the YTD, 5 best-performing constituents of the iEdge SG All Healthcare Index with market cap above S$100 million were: ISEC (+48.6% ), HMI (+35.1%), Parkway Life REIT (+25.1%), Haw Par (+20.8%) and iX Biopharma (+18.0%).
The 5 non-REIT constituents of the FTSE ST Small Cap Index with the highest dividend indicated yields are: UMS (7.4%), Valuetronics (7.1%), QAF (6.8%), Duty Free Intl (6.7%) and Chip Eng Seng (6.4%). They average a 12M indicated yield of 6.9%, vs the STI’s yield of about 4%, and SGS 5Y and 10Y yields of around 1.6%.
The FTSE ST Small Cap Index is a free float-adjusted, market cap-weighted index, representing the performance of small-cap companies that pass size, free float and liquidity screens and trade on SGX Mainboard. In the YTD, the 5 best-performing, non-REIT constituents of the Index were: Indofood Agri Resources (+71.7%), Hi-P (+33.8%), QAF (+33.8%), Hong Leong Asia (+23.5%) and Koufu Group (+19.7%).
Of the 36 REITs on SGX, 6 report more than half their total revenues to China or Greater China, and have a combined market cap of over S$8 billion. In 9M2019, the 3 best-performing REITs that report more than half their total revenues to China/Greater China were: Sasseur REIT (+33.6%), CapitaLand Retail China Trust (+21.3%) and Mapletree North Asia Commercial Trust (+21.1%).
For the month of September 2019, 23 primary-listed SGX stocks repurchased more than 30 million shares with a total consideration of S$15 million. September buyback consideration was led by Yangzijiang Shipbuilding, Stamford Land Corporation, Singapore Press Holdings, ST Engineering and Global Investments.
Keppel DC REIT, Mapletree Industrial Trust and Wing Tai Holdings maintain varied levels of exposure to the Data Centre ("DC") market, with all three stocks announcing acquisitions to expand their DC assets last week. Keppel DC REIT's private placement for the acquisition of two DCs in Singapore was fully covered within the first hour of bookbuilding, at the top end of the pricing range, and ended up being 9.3 times covered.
Temasek’s investment portfolio had a net value of S$313 billion as at 31 March 2019. The portfolio includes at least 25 listings on SGX, comprising 15 companies and 10 trusts with a combined market cap of more than S$260 billion. In the last 3 years, the 3 best-performing SGX-listed stocks in Temasek’s portfolio were DBS (+88.5%), ST Engineering (+33.6%) and Keppel Corp (+27.9%). The 3 best-performing SGX-listed trusts were Mapletree Logistics Trust (+84.2%), Mapletree Industrial Trust (+71.9%) and Mapletree Commercial Trust (+70.8%).
The new unified CapitaLand Group consisting of CapitaLand and Ascendas-Singbridge have eight stocks listed on SGX with a combined market cap of more than S$50 billion that contribute more than 10% of the day-to-day stock market turnover.
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