In Singapore, hi-tech manufacturers, 2 REITs investing in Data Centres, a Business Trust investing in India IT parks, have maintained median 17% annualised total returns over the past 5 years, ranging from 10% for Valuetronics and Ascendas India Trust to 87% for AEM Holdings.
Singapore lists 5 property trusts exclusively investing in China – CapitaLand Retail China Trust, Sasseur REIT, Dasin Retail Trust, EC World REIT and BHG Retail REIT. The average P/B ratio for the 5 property trusts is now 0.64x, converging with 150 property stocks listed in Singapore, Hong Kong, Japan, Australia and Taiwan, that generate all their revenue in China.
As many as 20 of Singapore’s most actively traded 50 stocks were recipient to net institutional inflows for sessions spanning 9 to 10 March that saw the STI decline 4.3%, bringing its 2020 YTD decline to 11.9%.
The FTSE Value-Stocks ASEAN Index consists of 50 stocks subject to Contrarian, Quality and Valuation screenings. With a sharp 9% decline on Monday, the FTSE Value-Stocks ASEAN Index has declined 18% in the 2020 YTD, reducing its 3-year total return to a 3% decline. The first two sessions of this week saw the Index P/B ratio trade at 1.06x, a record low of since the Index launch in Nov 2013.
The 3 largest telecommunications service providers on SGX – Singtel, NetLink NBN Trust and StarHub – have a combined market cap of about S$55 billion. Over a 12M period, the 3 telcos have averaged a total return of 14.5%.
SGX lists 3 rubber glove plays – Top Glove Corp, Riverstone Holdings and UG Healthcare Corp – which have a combined market cap of more than S$5 billion. Global demand for rubber gloves is expected to increase as countries step up efforts to contain the spread of the COVID-19.
Over the last few years, Singapore’s three banks have been expanding their wealth management income, which now accounts for an increasing share of non-interest income. For FY19, the trio averaged 18% YoY growth in their wealth management income, ranging from 16% for DBS to 20% for OCBC.
In Feb 2020, 17 SGX primary-listed stocks bought back shares for a total consideration of S$68 million. DBS, Keppel Corp and Silverlake Axis led the share buyback consideration tally, with the average buyback prices at S$24.623, S$6.720 and S$0.338 respectively. Buybacks for DBS made up S$43 million of the S$68 million total consideration.
Since 2010, DBS, OCBC & UOB have increased their combined annual income that is segmented to Greater China by 175%. Combined Greater China income grew from S$2.33 billion in 2010, to S$6.42 billion in 2019.
Manulife US REIT, Prime US REIT and Keppel Pacific Oak US REIT – are focused on the US office market. For the quarter ended 31 Dec 2019, the three trusts averaged a DPU of 1.57 US cents. The trio averaged a net property income of US$24.2 million and a gross revenue of US$38.7 million.
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