In 3Q23, the STI generated a 2.1% total return, marginally outpacing the FTSE ASEAN Extended 60 Index and FTSE APAC Index. The trio of Rex International, Geo Energy Resources and RH Petrogas averaged 29% in total returns in 3Q23, mostly on the back of the oil price rally in September. Sembcorp and Keppel, which are both pivoting to sustainable solutions, averaged 3.6% declines in total return over the quarter.
With global focus to a lower carbon and more climate resilient future, multiple Singapore-listed stocks have continued to press ahead with pivots to sustainable energy which include solar and wind assets, or more fuel-efficient transportation solutions. The 3 strongest constituents of the STI, Sembcorp Industries, Keppel Corporation and Yangzijiang Shipbuilding have averaged 46.5% total returns year-to-date. The trio have all pivoted to more sustainable infrastructure or more fuel efficient solutions.
The STI finished the month of August down 4.2%. August was a heavy month for Singapore dividends, with over 100 stocks going ex-dividend over the month, including STI stocks, which reduced the STI’s decline in total return for the month to 2.5%. Together, August’s net institutional inflow at S$408 million and net retail inflow of S$600 million reversed the combined ~S$950 million net outflow of both client segments in July and June.
Sembcorp Industries will rejoin the MSCI Singapore Index (SIMSCI) on the close of 31 August 2023 and Venture Corporation will be omitted from the Index. From its deletion from the SIMSCI on 29 May 2020, through to the 11 August 2023 close, market capitalisation of Sembcorp Industries has more than quadrupled from S$2.4 billion to S$10.6 billion.
The 5.2% gain in July was the STI's strongest performing month since a 6.4% gain in November 2022. Seatrium led the STI constituents in July, gaining 12.8% while booking the highest net institutional inflow for the month at S$75.4 million. Keppel Corp was the STI’s second strongest performer.
On the move in early July, the STI posted a 2.1% decline during the first week, and a 3.5% gain the following week. Global currency, bond and stock markets saw swings on the back of fluid outlooks for US interest rates going into 2024, with China-related developments also impacting the APAC arena. Catalist-listed Acesian Partners was the strongest performing actively traded stock for the first week of July. Seatrium was the strongest performer for the 2nd week of July.
In 1H23, Singapore stocks booking net retail inflow of S$1.49 billion, compared to S$951 million in 1H22. The biggest driver of the higher net retail inflow in 1H23 vs 1H22 was less market conviction in 1H23. DBS, UOB, Venture Corp, ComfortDelGro, Mapletree Industrial Trust and Mapletree Pan Asia Commercial Trust are among the 20 stocks that booked the highest net retail fund inflow in both 1H22 and 1H23. Overall, the S-REIT Sector booked S$389 million of net retail inflow in 1H23.
For the first 6 months of 2023 (1H23), the STI declined 1.4% in price to 3,205.91, with reinvested dividends boosting the total return of Singapore’s benchmark to 1.2%. Outside of the STI, actively traded stocks that booked the highest total returns in 1H23 included Dyna-Mac, Tianjin Pharmaceutical Da Ren Tang, Delfi, Food Empire, PropNex, Marco Polo Marine & Samudera Shipping Line.
After generating an 8.4% total return in 2022, the STI has produced a 2.4% total return year-to-date as of April 14, 2023. The 2 STI tracking ETFs maintain combined AUM of S$2.2 billion. The 5 strongest performers of the STI in the year-to-date included Sembcorp Industries, Keppel Corporation, Genting Singapore, Keppel DC REIT and Mapletree Logistics Trust.
The iEdge SG Advanced Manufacturing Index is comprised of 110 stocks. For 1Q23, the Index constituents booked S$52 million of net institutional inflow, led by inflow to Sembcorp Marine, ST Engineering, Thai Beverage, Tianjin Pharmaceutical Da Ren Tang, Venture Corporation, Nanofilm Technologies, Halcyon Agri, Frencken, Top Glove, and ISDN. These 10 stocks averaged a 9.0% total return in 1Q23.
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