SGX Market Updates

SIA, ComfortDelGro, CDL Hospitality Joined FTSE Value-Stocks ASEAN Index


29 October 2019

  • Four SGX-listed constituents were removed from and three included in the FTSE Value-Stocks ASEAN Index, following FTSE Russell’s semi-annual review on 11 Oct 2019. This brings the total number of SGX-listed stocks in the Index to 11.

  • Effective last Monday, 21 Oct 2019, Singapore Airlines, ComfortDelGro and CDL Hospitality Trusts were added to the FTSE Value-Stocks ASEAN, while City Developments, UOL Group, Mapletree Industrial Trust and Bukit Sembawang Estates were removed from the Index.

  • Among these 11 SGX-listed constituents of the Index, the five best performers in the YTD were: Manulife US REIT (+30.6%), CDL Hospitality Trusts (+18.1%), ComfortDelGro (+17.8%), Singtel (+14.2%) and Venture (+13.0%). They have averaged a total return of 18.8% over the period.

The FTSE Value-Stocks ASEAN Index consists of approximately 50 value stocks amongst the most liquid and tradable companies listed on Singapore Exchange, Indonesia Stock Exchange, Bursa Malaysia, Philippine Stock Exchange, and Stock Exchange of Thailand.

Following FTSE Russell’s semi-annual review of the FTSE Value-Stocks ASEAN Index on 11 October 2019, four SGX-listed constituents were removed and three added, bringing the total number of SGX-listed stocks in the Index to 11. These changes took effect last Monday, 21 October 2019.

Constituents Added:

  • Singapore Airlines
  • ComfortDelGro Corp
  • CDL Hospitality Trusts

Constituents Removed:

  • City Developments
  • UOL Group
  • Mapletree Industrial Trust
  • Bukit Sembawang Estates

For more details of the FTSE Value-Stocks ASEAN Index’s constituent changes, click here.

The 11 SGX-listed constituents of the FTSE Value-Stocks ASEAN Index have a combined market capitalisation of over S$250 billion, and include two real estate investment trusts (REITs).

In the 2019 year-to-date, the 5 best-performing constituents of the Index were: Manulife US REIT (+30.6%), CDL Hospitality Trusts (+18.1%), ComfortDelGro Corp (+17.8%), Singtel (+14.2%) and Venture Corp (+13.0%).

These 5 have averaged a total return of 18.8% in the YTD, bringing their 3-year and 5-year total returns to 36.3% and 45.0% respectively. Note that 5-year total returns data is unavailable for Manulife US REIT, which was listed in May 2016.

The table below details the performances of the FTSE Value-Stocks ASEAN Index’s SGX-listed constituents, sorted by market cap.

Name SGX
3 Yr
5 Yr
DBS GROUP HLDGS D05 63,329 10.7 89.8 68.2
SINGTEL Z74 52,743 14.2 -3.0 12.2
OCBC BANK O39 46,904 -0.5 39.0 31.6
UNITED OVERSEAS BANK U11 4,291 11.1 54.8 45.2
JARDINE CYCLE & CARRIAGE C07 11,924 -8.1 -18.6 -5.8
GENTING SINGAPORE G13 11,213 -1.5 34.1 1.2
SINGAPORE AIRLINES C6L 10,808 -1.6 -4.5 9.7
COMFORTDELGRO CORP C52 5,241 17.8 2.8 19.0
VENTURE CORP V03 4,358 13.0 85.5 156.9
CDL HOSPITALITY TRUSTS J85 1,963 18.1 49.9 36.7
MANULIFE US REIT BTOU 1,861 30.6 46.1 0.0
Average 9.4 34.2 34.1

Source: Bloomberg & StockFacts (data as of 24 Oct 2019)

FTSE Value-Stocks ASEAN Index Methodology

The FTSE Value-Stocks ASEAN Index is a value-based index designed by Value Partners Index Services, and created, calculated and maintained by FTSE International.

Each security must be a current constituent of the FTSE Global All Cap Index. In the Index screening, Value Partners will screen each security in the ASEAN Investable Universe, and each will be ranked by three sets of value-investing screening criteria, namely ContrarianQuality and Valuation screenings. The largest capitalised stocks that meet the criteria will be selected.

As outlined in the Index ground rules:

  • Contrarian screening aims to avoid following the herd. Companies in the investable universe covered by more than 10 analysts in the forecast recommendation with a buy recommendation from over 80% of analysts will be screened out.

  • Quality screening is applied to avoid value traps, based on three fundamental factors: 3-year Average Return on Equity, Operating Profit Margin and Net Gearing.

  • Valuation screening helps to identify relatively under-valued constituents in the ASEAN Investable Universe with rankings based on Dividend Yield and Forecast Price-to-Earnings ratio.

From the ASEAN Investable Universe, the companies passing through these screenings are ranked by PE ratio and the companies with the lowest PE ratios are selected to be the constituents of the Index. The Index is free float-weighted and constituent stocks are capped at 5% weighting to avoid over-concentration in any one stock.

Reviews will be conducted on a semi-annual basis in May and October using data as at the last working day in April and September respectively.

For more details on index methodology, click here

This article is provided by SGX My Gateway.

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