In January, CapitaLand proposed a merger of CapitaLand Commercial Trust (CCT) and CapitaLand Mall Trust (CMT) in an S$8.3 billion cash-and-stock deal. In July, ESR-REIT and Sabana REIT announced a proposed merger, by way of a trust scheme of arrangement, which will see ESR-REIT acquiring all units of Sabana REIT from the unitholders of Sabana REIT
For 1H2020, the three banks averaged a net profit of S$1.80 billion, down an average 32.5% y-o-y. DBS reported the highest net profit figure of S$2.41 billion, and registered the smallest y-o-y decline in earnings, at 25.9%.
The FTSE Singapore Growth Index generated a 1.9% total return for the three years ending 31 Aug. Singapore’s 20 stocks with the highest growth factor exposure were led by AEM, represent multiple Sectors, and generated a median gain of 0.1%. 3 of the 20 stocks – Dasin Retail Trust, China Everbright Water and Sasseur REIT report all their revenue to China and 2 of the 20 stocks - Yangzijiang Shipbuilding and China Sunsine Chemicals report more than half their revenue to China.
DBS, OCBC & UOB averaged 4.2% total returns in August, outpacing 1.6% flat median returns of the top quartile of global banking stocks by market value. DBS and OCBC remain amongst the top ten constituents of the FTSE Developed Asia Pacific ex-Japan Sustainable Yield Index.
SGX lists 3 rubber glove plays – Top Glove Corp, Riverstone Holdings and UG Healthcare Corp. Due to the exponential increase in glove demand, the three rubber glove makers reported stellar results for their respective financial periods, with earnings surging as much as five-fold.
Healthcare service providers listed on SGX operate patient care services and facilities, both locally and worldwide. Two of three largest healthcare services providers – IHH Healthcare Bhd and Thomson Medical Group were also among the 30 stocks that saw the highest net institutional inflows in the 2020 YTD.
Singapore’s 30 actively traded stocks that were recipient to the highest net institutional inflows over the first eight months of 2020, included nine STI stocks, in addition to multiple healthcare, technology and real estate plays. More than one-third of the 30 stocks maintain a market capitalisation of less than S$1 billion including Medtecs Intl, Accordia Golf Trust, GL, Hong Fok, UMS, Sabana REIT, Q&M Dental, Jumbo Group, Sing Holdings, Synagie and Kitchen Culture.
In August, 18 SGX primary-listed stocks bought back shares for a total consideration of S$15 million, higher than the S$3 million in consideration for July 2020, and seasonally lower than the S$70 million buyback consideration reported in August 2019. STI constituents ST Engineering and Keppel Corporation led the buyback consideration in August. As many as 11 companies commenced new mandates, which included Keppel Corporation, AEM Holdings, First Resources and Straco Corporation
Sabana REIT saw the S-REITs’ highest proportionate net institutional inflows since 9 June. As the Manger reiterated on 28 Aug, the proposed ESR REIT merger offers opportunities for re-rating and for reducing the NAV discount in the long term as part of a larger, more liquid and scalable REIT, backed by a developer-sponsor.
5 of Singapore’s 10 stocks with the highest positive quality factor exposure (with high ROE and low Debt-to-Equity) represent the Technology Sector and include AEM, Valuetronics, Silverlake Axis, Venture Corp and UMS.
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