SGX Market Updates

2018 March Quarter STI Earnings Highlights and Schedule


PUBLISHED ON |

24 April 2018

  • 5 of the 30 STI constituents have released earnings over the first two weeks of April, while the remainder are expected to report their quarterly or FY results in the coming weeks. 

  • Of the 6 STI constituents that have reported their latest quarterly results, five achieved positive YoY percentage growth in quarterly net profits. They are Hutchison Port Holdings Trust, Ascendas REIT, CapitaLand Commercial Trust, SGX and Keppel Corp. SPH unveiled a YoY percentage decline in earnings for the fiscal quarter ended 28 February. 

  • In the 2018 year-to-date, the 30 STI constituents have averaged a total return of 0.9%, bringing their total return over the last 12 months to 11.9%.




5 of the 30 constituents of the benchmark Straits Times Index (STI) have released their earnings over the first two weeks of April, while the remainder are expected to report their quarterly or FY results in the coming weeks.

Of the 6 constituents that have reported their latest quarterly results, five achieved positive YoY percentage growth in quarterly net profits. They are Hutchison Port Holdings Trust, Ascendas REIT, CapitaLand Commercial Trust, SGX and Keppel Corporation. SPH, however, unveiled a YoY percentage decline in earnings for the fiscal quarter ended 28 February. 

Investors can subscribe to the weekly Economic Calendar (click here) for confirmed schedules of other STI component stocks closer to the event. The table below details the confirmed, estimated and released dates of earnings reports by STI constituent stocks, sorted by date. 

Name SGX Code Date Date Type Period
SPH T39 Tuesday, April 10, 2018 Released Q2 18
Hutchison Port Hldgs Trust NS8U Friday, April 13, 2018 Released Q1 18
Keppel Corp BN4 Thursday, April 19, 2018 Released Q1 18
CapitaLand Mall Trust C38U Friday, April 20, 2018 Released Q1 18
Singapore Exchange S68 Friday, April 20, 2018 Released Q3 18
Ascendas REIT A17U Monday, April 23, 2018 Released Y 18
CapitaLand Commercial Trust C61U Tuesday, April 24, 2018 Released Q1 18
Venture Corp  V03 Wednesday, April 25, 2018 Confirmed Q1 18
Jardine Cycle & Carriage C07 Friday, April 27, 2018 Estimated Q1 18
Yangzijiang Shipbuilding Hldgs BS6 Friday, April 27, 2018 Estimated Q1 18
DBS Group Hldgs D05 Monday, April 30, 2018 Confirmed Q1 18
CapitaLand C31 Monday, April 30, 2018 Confirmed Q1 18
United Overseas Bank U11 Thursday, May 03, 2018 Confirmed Q1 18
Sembcorp Industries U96 Thursday, May 03, 2018 Confirmed Q1 18
StarHub CC3 Thursday, May 03, 2018 Confirmed Q1 18
Oversea-Chinese Banking Corp O39 Monday, May 07, 2018 Confirmed Q1 18
Wilmar International F34 Thursday, May 10, 2018 Confirmed Q1 18
Genting Singapore PLC G13 Friday, May 11, 2018 Estimated Q1 18
UOL Group U14 Friday, May 11, 2018 Estimated Q1 18
Thai Beverage PCL Y92 Friday, May 11, 2018 Estimated Q2 18
City Developments C09 Friday, May 11, 2018 Estimated Q1 18
ST Engineering S63 Friday, May 11, 2018 Estimated Q1 18
ComfortDelGro C52 Friday, May 11, 2018 Confirmed Q1 18
Golden Agri-Resources E5H Tuesday, May 15, 2018 Estimated Q1 18
Singtel Z74 Friday, May 18, 2018 Estimated Y 18
Singapore Airlines C6L Friday, May 18, 2018 Estimated Y 18
SATS S58 Friday, May 18, 2018 Estimated Y 18

Source: Bloomberg & SGX StockFacts (Data as of 23 April 2018)



Performances of the STI Constituents

In the 2018 year-to-date, the 30 STI constituents have averaged a total return of 0.9%, bringing their total return over the last 12 months to 11.9%. They have also averaged a price-to-earnings ratio (P/E) of 17.6x, below their five-year average of 18.6x, and a dividend yield of 3.4%.

The table below shows the comparative performances of the STI constituents, sorted by market capitalisation.

Name SGX
Code
Market
Cap
S$B
23 April
Closing
Price
Total
Return
YTD
%
Total
Return
12M
%
Dvd
Ind
Yld
%
P/E
(x)
5 Year
Avg P/E
(x)
DBS Group Hldgs D05 76.0 29.670 19.2 62.7 3.1 17.3 11.7
Jardine Matheson Hldgs* J36 59.2 61.120 2.3 -2.7 2.6 6.1 10.0
Oversea-Chinese Banking Corp O39 57.3 13.650 10.6 47.7 2.7 14.1 11.2
Jardine Strategic Hldgs* J37 55.9 37.950 -4.0 -8.5 0.8 5.4 8.8
Singtel Z74 55.8 3.410 -4.2 -3.2 5.1 9.9 16.6
United Overseas Bank U11 49.2 29.580 12.0 40.3 2.7 14.6 11.7
Hongkong Land Hldgs* H78 22.2 7.080 2.5 -4.6 2.8 3.0 7.9
Wilmar International F34 20.4 3.220 4.2 -6.3 3.1 12.5 13.5
Thai Beverage PCL Y92 20.2 0.830 -10.6 -11.7 3.4 16.1 N/A
CapitaLand C31 15.8 3.720 6.2 6.4 3.2 10.3 12.5
Keppel Corp BN4 15.0 8.260 12.8 30.3 2.7 51.2 20.5
Genting Singapore PLC G13 14.5 1.190 -8.4 14.6 2.9 24.0 49.5
Jardine Cycle & Carriage C07 13.8 34.880 -14.1 -23.7 3.2 12.9 13.9
Singapore Airlines C6L 12.7 10.730 0.9 8.0 1.9 22.2 31.1
City Developments C09 11.5 12.590 1.3 25.1 0.6 21.9 13.6
ST Engineering S63 11.3 3.500 11.0 -0.6 4.1 22.0 19.9
Singapore Exchange S68 8.2 7.620 4.1 6.9 3.7 22.6 23.2
Ascendas REIT A17U 7.9 2.680 -0.4 9.5 6.6 16.5 15.5
CapitaLand Mall Trust C38U 7.5 2.080 0.0 10.9 5.3 11.2 12.0
Venture Corp V03 7.3 23.870 24.9 127.2 2.1 19.3 18.0
UOL Group U14 7.3 8.650 -1.7 23.7 2.0 8.0 10.3
CapitaLand Commercial Trust C61U 6.6 1.800 -3.6 20.6 4.7 9.7 12.5
SATS S58 6.1 5.360 4.4 15.1 3.1 23.0 18.8
Sembcorp Industries U96 5.7 3.210 6.3 6.6 1.6 30.6 15.1
ComfortDelGro C52 4.7 2.180 10.6 -15.1 4.6 15.7 17.7
Yangzijiang Shipbuilding Hldgs BS6 4.7 1.200 -19.0 11.8 3.6 7.5 7.8
Golden Agri-Resources E5H 4.5 0.350 -5.4 6.7 2.4 46.3 82.9
SPH T39 4.3 2.710 2.3 -16.1 3.3 12.3 17.4
StarHub CC3 4.0 2.270 -18.9 -13.1 6.9 16.3 18.0
Hutchison Port Hldgs Trust* NS8U 3.8 0.330 -17.9 -12.8 7.9 24.4 N/A
Average 0.9 11.9 3.4 17.6 18.6

* SGD equivalents shown for Jardine Matheson Holdings, Jardine Strategic Holdings, Hongkong Land Holdings and Hutchison Port Hldgs Trust traded in USD. 
Source: SGX StockFacts & Bloomberg (Data as of 23 April 2018).



Earnings Highlights of STI Constituents

The three largest STI constituents by market capitalisation that have reported their full-year and/or quarterly results are as follows:


Keppel Corp

On 19 April, 2018, Keppel Corp reported 1QFY18 net profit of S$337 million, up 34% YoY, driven by contributions from its property division, which recorded a 298% YoY increase in earnings for the first three months of 2018. Group revenue for the quarter grew 18% YoY to S$1.47 billion, mainly due to higher Property and Infrastructure revenues. Keppel Corp CEO Mr Loh Chin Hua noted that the Group’s resilient outlook is underpinned by its multi-business strategy, and that it aims to pursue new markets to build stable and recurring incomes.  For the full financial results, click here.


Singapore Exchange

On 20 April, 2018, Singapore Exchange reported a 3QFY18 net profit of S$100 million, up 21% YoY and hitting new 10-year record. Revenue grew 10% YoY to S$222 million, reaching the highest level since its public listing in 2000. Looking ahead, SGX CEO Loh Boon Chye highlighted that SGX would continue to build on its multi-asset offering and increase servicing and marketing efforts across its domestic and international client base. It would also strengthen its network of strategic partnerships and alliances globally.  For the full financial results, click here.


Ascendas REIT

On 23 April, 2018, Ascendas REIT reported a distribution per unit (DPU) of 16.0 Singapore cents for the financial year ended 31 March 2018, up 1.6% YoY. Net property income rose 3.0% to S$629.4 million, while gross revenue gained 3.8% to S$862.1 million. Looking ahead, the trust highlighted that the global outlook is still subjected to downside risks, including growing trade tensions between US and China. Despite volatile market conditions, Ascendas REIT will continue to adopt a prudent capital management strategy to achieve an optimal financial position and mitigate impact of rising interest rates. For the full financial results, click here.







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