SGX Market Updates

SGX 5 Best-Performing Indonesia-Based Stocks Average 19% Return in YTD


26 February 2019

  • SGX lists more than 700 companies with a combined market cap of nearly US$670 billion, with overseas listings contributing more than 45% to this total market cap. In particular, Southeast Asian-based companies account for more than 20% of SGX’s total market cap.

  • SGX has strong links to the different ASEAN markets. It lists over 20 companies which are either headquartered or have their core operations based in Indonesia, and these stocks have a combined market cap of nearly S$20 billion.

  • The 5 best-performing Indonesia-based stocks in the YTD were: Lippo Malls Indonesia Retail Trust (+26.4%), QAF (+17.9%), Moya Holdings (+17.1%), Golden Agri-Resources (+16.3%), and Indofood Agri Resources (+15.2%). They averaged a total return of +18.6% in the YTD.

Singapore Exchange lists more than 700 companies with a combined market capitalisation of nearly US$670 billion. Overseas listings comprise more than 45% of this total market capitalisation. In comparison, the proportion of foreign companies listed on other exchanges ranges from over 1% for Stock Exchange of Hong Kong, 5% for the Nasdaq, more than 20% for London Stock Exchange and zero for Tokyo Stock Exchange.

Foreign vs Domestic Listings on SGX

Strong Links to ASEAN

In particular, SGX has strong connectivity to the ASEAN economies – the exchange lists over 40 companies which are either headquartered or have their core operations based in Malaysia, while companies which have Indonesia as their principal place of business number more than 20. Three listings have core operations in Thailand, while another three have operations based in Myanmar, and one has the Philippines as its principal place of business. These Southeast Asian-based companies account for more than 20% of SGX’s total market cap.

No. of ASEAN Companies listed on SGX

Steady Growth Forecast for ASEAN

The Association of Southeast Asian Nations (ASEAN), with a population of about 600 million, is the world’s sixth-largest economy with a gross domestic product (GDP) of nearly US$3 trillion. It is forecast to be the fourth-largest economy in the world by 2030, after the US, China and the EU, Singapore’s Prime Minister Lee Hsien Loong said in a speech last August.

According to FocusEconomics, ASEAN expanded 4.8% year-on-year in the fourth quarter of 2018, marking an uptick from the third quarter’s revised 4.6% expansion. Indonesia, which accounts for over a third of the region’s nominal GDP, registered sturdy growth, supported by both domestic demand and an improvement in the external sector. Government social assistance in the build-up to April’s general elections likely underpinned consumer spending, the research consultancy noted in a report published last month.

SGX’s Indonesia-Based Stocks

More than 20 stocks listed on SGX are either headquartered in Indonesia or have core operations based in Southeast Asia’s largest economy, and have a combined market capitalisation of nearly S$20 billion. Their businesses are categorised under the consumer staples, consumer discretionary, real estate, energy, materials and industrials sectors.

Among these Indonesia-based listings, the 5 best performers in the 2019 year-to-date were: Lippo Malls Indonesia Retail Trust (+26.4%), QAF Ltd (+17.9%), Moya Holdings Asia (+17.1%), Golden Agri-Resources (+16.3%), and Indofood Agri Resources (+15.2%). These five stocks have averaged a total return of +18.6% in the YTD, bringing their one-year and three-year total returns to -27.4% and +11.7% respectively. They also average a dividend yield of 4.9%.

The table below details SGX’s 10 best-performing Indonesia-based stocks in the YTD, sorted by YTD total return.

Name SGX
Div Yld
LIPPO MALLS INDONESIA RETAIL TRUST D5IU 644 26.4 -36.4 -5.1 0.6* 5.4 11.3^
QAF LTD Q01 397 17.9 -32.7 -22.6 69.0 0.8 8.7
MOYA HOLDINGS 5WE 345 17.1 -10.9 156.2 11.5 11.8 NA
GOLDEN AGRI-RESOURCES E5H 3,438 16.3 -20.6 -20.0 NA -2.5 0.5
INDOFOOD AGRI RESOURCES 5JS 307 15.2 -36.6 -49.9 46.9 0.3 3.0
GOLDEN ENERGY AND RESOURCES AUE 565 13.6 -33.1 -65.2 6.2 26.8 9.7
JAPFA LTD UD2 1,550 11.6 75.2 83.2 18.1 13.1 0.6
GEO ENERGY RE4 263 11.3 -20.2 75.8 7.1 16.2 5.4
BUMITAMA AGRI P8Z 1,191 10.5 1.9 -3.3 9.9 17.9 3.8
FIRST RESOURCES EB5 2,693 10.4 1.2 -8.3 14.8 15.1 2.0
Average 15.0 -11.2 14.1 18.4 10.5 4.5

Source: Bloomberg & StockFacts (data as of 22 Feb 2019)
* P/B ratio instead of P/E as more relevant for REITs
^ Annualised distribution yield as provided by LMIRT in its latest results presentation

This article is provided by SGX My Gateway.

SGX My Gateway

SGX's investor education portal with market, product and investment information and events. Sign up now at to receive our investment updates and economic calendar.

This document is not intended for distribution to, or for use by or to be acted on by any person or entity located in any jurisdiction where such distribution, use or action would be contrary to applicable laws or regulations or would subject Singapore Exchange Limited (“SGX”) to any registration or licensing requirement. This document is not an offer or solicitation to buy or sell, nor financial advice or recommendation for any investment product. This document is for general circulation only. It does not address the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a financial adviser regarding the suitability of any investment product before investing or adopting any investment strategies. Use of and/or reliance on this document is entirely at the reader’s own risk. Further information on this investment product may be obtained from Investment products are subject to significant investment risks, including the possible loss of the principal amount invested. Past performance of investment products is not indicative of their future performance. Examples provided are for illustrative purposes only. While each of SGX and its affiliates (collectively, the SGX Group Companies) have taken reasonable care to ensure the accuracy and completeness of the information provided, each of the SGX Group Companies disclaims any and all guarantees, representations and warranties, expressed or implied, in relation to this document and shall not be responsible or liable (whether under contract, tort (including negligence) or otherwise) for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind, including without limitation loss of profit, loss of reputation and loss of opportunity) suffered or incurred by any person due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information, or arising from and/or in connection with this document. The information in this document may have been obtained via third party sources and which have not been independently verified by any SGX Group Company. No SGX Group Company endorses or shall be liable for the content of information provided by third parties. The SGX Group Companies may deal in investment products in the usual course of their business, and may be on the opposite side of any trades. SGX is an exempt financial adviser under the Financial Advisers Act (Cap. 110) of Singapore. The information in this document is subject to change without notice. This document shall not be reproduced, republished, uploaded, linked, posted, transmitted, adapted, copied, translated, modified, edited or otherwise displayed or distributed in any manner without SGX’s prior written consent.

Stock / REIT Search