The FTSE ST Small Cap Index is a free float-adjusted, market cap-weighted index, representing the performance of small-cap companies that pass size, free float and liquidity screens and trade on SGX Mainboard.
The Index's 49 constituents – comprising 20 REITs and 29 companies – have a combined market cap of about S$37 billion. REIT constituents carry a weighting of approximately 71.9% in the Index, with companies accounting for the remaining 28.1%.
In the YTD, the FTSE ST Small Cap Index has generated a total return of 7.2%, compared with total returns of 3.9% and 5.8% for the benchmark STI and broader FTSE ST All-Share Index respectively.
In the YTD, the five best-performing, non-REIT constituents of the Index were: Indofood Agri Resources (+71.7%), Hi-P (+33.8%), QAF (+33.8%), Hong Leong Asia (+23.5%) and Koufu Group (+19.7%). They averaged a total return of 36.5% over the period.
The FTSE ST Small Cap Index is a free float-adjusted, market capitalisation-weighted index, representing the performance of small-cap companies that pass size, free float and liquidity screens and trade on SGX Mainboard. The Index’s 49 constituents – comprising 20 Real Estate Investment Trusts (REITs) and 29 companies – have a combined market cap of about S$37 billion, ranging from S$45 million to nearly S$3 billion.
REIT constituents in the Index carry a weighting of approximately 71.9%, with companies accounting for the remaining 28.1%. More broadly, beyond the Index are approximately another 300 stocks listed on SGX that fall within this market cap range.
In the 2019 year-to-date, the FTSE ST Small Cap Index has generated a total return of 7.2%, compared with total returns of 3.9% and 5.8% for the benchmark Straits Times Index (STI) and broader FTSE ST All-Share Index respectively.
Source: Bloomberg (data as of 4 Oct 2019)
In the YTD, the 5 best-performing, non-REIT constituents of the FTSE ST Small Cap Index were: Indofood Agri Resources (+71.7%), Hi-P International (+33.8%), QAF Ltd (+33.8%), Hong Leong Asia (+23.5%) and Koufu Group (+19.7%). They have averaged a total return of 36.5%, bringing their one-year total return to 17.0%.
These 5 stocks are categorised to the consumer staples (specifically the sub-segments of food manufacturing and restaurant operations), electronics manufacturing and construction machinery sectors. They either derive growing revenues from the Asia-Pacific, ex-Singapore markets, or are building their presence beyond domestic shores.
Note that for Indofood Agri Resources, its parent Indofood Sukses Makmur – controlled by Indonesian tycoon Anthoni Salim – has been acquiring shares of the subsidiary in the open market since its buyout offer lapsed in June.
The table below details the 10 best-performing, non-REIT constituents of the FTSE ST Small Cap Index, sorted by YTD total returns.
| Name | SGX Code |
Market Cap S$m |
Total Return YTD % |
Total Return 1 Yr % |
Total Return 3 Yr % |
|---|---|---|---|---|---|
| INDOFOOD AGRI RESOURCES | 5JS | 454 | 71.7 | 39.6 | -24.5 |
| HI-P INTL | H17 | 925 | 33.8 | 14.1 | 204.2 |
| QAF LTD | Q01 | 434 | 33.8 | 3.7 | -31.0 |
| HONG LEONG ASIA | H22 | 445 | 23.5 | 10.0 | -13.0 |
| KOUFU GROUP | VL6 | 399 | 19.7 | 17.8 | NA |
| CHINA AVIATION OIL | G92 | 998 | 13.2 | -23.1 | -8.8 |
| UMS HOLDINGS LTD | 558 | 333 | 10.9 | -12.6 | 47.9 |
| LIAN BENG GROUP | L03 | 242 | 10.2 | -5.1 | 20.4 |
| SHENG SIONG GROUP | OV8 | 1,684 | 9.1 | 1.4 | 15.1 |
| HONG LEONG FINANCE | S41 | 1,158 | 7.8 | 5.7 | 33.6 |
| Average | 23.4 | 5.2 | 24.4 |
Source: Bloomberg & StockFacts (data as of 4 Oct 2019)
In the YTD, the 5 least-performing non-REIT constituents of the FTSE ST Small Cap Index were: Japfa Ltd (-35.8%), mm2 Asia (-30.2%), Breadtalk Group (-25.4%), CITIC Envirotech (-22.2%) and Duty Free International (-20.2%). These 5 stocks have averaged a total return of -26.7% over the period.
