Singapore’s Mid-Cap Stocks performed in-line with the stocks of the same market capitalisation across Asia in 2019. Of Singapore’s 40 most traded Mid-Cap Companies, 19 Companies outpaced the STI in 2019.
Of the 40 Mid-Cap Companies, the 5 strongest performers in 2019 included Hi-P International, SBS Transit, Bumitama Agri, SIA Engineering and Oxley Holdings. SBS Transit was also amongst the 5 best performers of the Mid-Cap Companies in 2018.
The 10 Mid-Cap Companies among the group of 40 that saw the highest net institutional inflows proportionate to their year-end market capitalisation, averaged a 23% total return in 2019, with their median total return at 14%.
In 2019, Singapore’s Mid-Cap Stocks that encompass both companies and trusts performed in-line with stocks of the same range in market capitalisation across Asian exchanges. In Singapore, performances were led by the relevant sized REITs which are discussed in more detail here.
Singapore’s Mid-Cap Stocks are generally categorised as listed corporations or trusts with a market capitalisation ranging from above S$1 billion to below S$6 billion as of the end of 2019. The constituents of the FTSE ST Mid-Cap Index maintain a similar range in market capitalisation.
40 Most Traded Mid-Cap Companies in Singapore
Excluding REITs and Business Trusts, Singapore’s 40 most traded Mid-Cap Companies averaged a 10% total return in 2019, with their median total return at 7%. The performance of these 40 Companies was, on average, in-line with the returns of the Straits Times Index (STI) as discussed here. In total, 19 of the Companies outpaced the STI with an average 24% total return, while 21 Companies did not keep in pace with the STI averaging a 3% decline in total return.
The group of 40 Mid-Cap companies include six current constituents of the STI. However the 5 strongest performing of the 40 stocks in 2019 were all non-STI stocks. These 5 stocks were Hi-P International, SBS Transit, Bumitama Agri, SIA Engineering and Oxley Holdings.
Two of the 5 companies, Hi-P International and SBS Transit reported net profit growth for their 9MFY19 through to 30 Sep. SIA Engineering also reported net profit growth for its 1HFY19/20 through to 30 Sep and Oxley Holdings also reported net profit for its 1QFY20 through to 30 Sep was $9.4 million, compared to a restated net loss of $3.9 million in its 1QFY19.
SBS Transit was also amongst the 5 best performers of the group in the preceding year, along with Japfa, Sheng Siong Group, ComfortDelGro and Haw Par Corporation. Hi-P International also led the current of Mid-Cap companies in total returns for 2017, with Oxley Holdings also amongst 2017’s best performers.
Singapore's Mid-Cap Companies - Strongest Gainers in 2019
- HI-P INTERNATIONAL
- SBS TRANSIT
- BUMITAMA AGRI
- SIA ENGINEERING CO
- OXLEY HOLDINGS
Singapore's Mid-Cap Companies - Strongest Gainers in 2018
- JAPFA
- SHENG SIONG GROUP
- COMFORTDELGRO CORP
- SBS TRANSiT
- HAW PAR CORP
Singapore's Mid-Cap Companies - Strongest Gainers in 2017
- HI-P INTERNATIONAL
- VENTURE CORP
- YANGZIJIANG SHIPBUILDING
- OXLEY HOLDINGS
- MANDARIN ORIENTAL INTL
5 Mid-Caps with Largest Net Institutional Inflows All Outpaced STI
Overall, the 40 Mid-Cap Companies were recipient of S$143.6 million in net institutional outflow in 2019.
All 5 stocks that were recipient to the largest net institutional inflows of the 40 companies in 2019 outpaced the STI for the year. These 5 stocks were ComfortDelGro, SATS, Hi-P International, GuocoLand and Sheng Siong Group. The broader group of 10 stocks that were recipient to the largest net institutional inflows among the 40 companies last year averaged 18% total returns, with the median total return at 13%. Meanwhile, the 10 stocks that saw the largest net institutional outflows in 2019 averaged a 4% decline in total return, with the median decline in total return at 8%.
With net institutional inflows ranked proportionate to market capitalisation as of the end of 2019, the average of the 10 stocks that ranked the highest in the more congruent measure averaged a 23% total return with the median total return at 14%. These 10 stocks were Hi-P International, ComfortDelGro, Sheng Siong Group, GuocoLand, Thomson Medical Group, SBS Transit, SATS, First Resources, Singapore Press Holdings and Singapore Post.
The full list of the 40 most traded Mid-Cap companies in 2019, sort by year-end market capitalisation are tabled below.
| Name | SGX Code |
Market Cap S$m |
Price Change 2019 |
Volatility 2019 |
Total Return 2019 |
Total Return 2018 |
Total Return 2017 |
Net Instituition Inflow S$m |
Average Daily Turnover 2019 (SS$,000) |
|---|---|---|---|---|---|---|---|---|---|
| OLAM INTERNATIONAL | BS6 | 5,767 | 10% | 22% | 14% | -16% | 6% | 13.9 | 1,017 |
| SATS | V03 | 5,658 | 9% | 16% | 13% | -7% | 11% | 33.2 | 8,694 |
| COMFORTDELGRO | C52 | 5,155 | 11% | 21% | 15% | 14% | -16% | 70.9 | 18,153 |
| FRASERS PROPERTY | T39 | 4,946 | 2% | 17% | 7% | -17% | 39% | 2.0 | 425 |
| VENTURE CORP | S58 | 4,673 | 16% | 31% | 21% | -29% | 115% | -4.8 | 19,936 |
| YANGZIJIANG SHIPBUILDING | U96 | 4,389 | -10% | 46% | -7% | -11% | 86% | 13.6 | 34,451 |
| UNITED INDUSTRIAL CORP | S51 | 4,111 | 5% | 14% | 6% | -17% | 21% | -4.3 | 168 |
| SEMBCORP INDUSTRIES | H17 | 4,089 | -10% | 23% | -8% | -15% | 9% | -90.3 | 8,046 |
| SINGAPORE PRESS HOLDINGS | E5H | 3,476 | -7% | 21% | -2% | -7% | -21% | 14.9 | 10,359 |
| SIA ENGINEERING CO | CC3 | 3,159 | 24% | 20% | 29% | -25% | -3% | -6.2 | 1,457 |
| MANDARIN ORIENTAL INTL | S08 | 3,092 | -12% | 28% | -10% | 4% | 50% | -0.5 | 579 |
| FIRST RESOURCES | Z25 | 3,010 | 23% | 26% | 25% | -14% | 0% | 13.5 | 1,672 |
| GOLDEN AGRI-RESOURCES | EB5 | 2,993 | -4% | 45% | -2% | -34% | -11% | -7.8 | 6,699 |
| HAW PAR CORP | OV8 | 2,827 | 6% | 16% | 15% | 8% | 27% | -12.0 | 874 |
| SEMBCORP MARINE | S59 | 2,762 | -14% | 33% | -14% | -16% | 35% | -56.3 | 7,797 |
| FRASER AND NEAVE | UD2 | 2,494 | 0% | 15% | 3% | -32% | 26% | -10.6 | 166 |
| STARHUB | BSL | 2,459 | -19% | 24% | -13% | -33% | 8% | -93.1 | 3,973 |
| YANLORD LAND GROUP | O32 | 2,337 | -1% | 29% | 4% | -22% | 26% | -15.8 | 2,500 |
| GUOCOLAND | 5CP | 2,319 | 9% | 15% | 13% | -16% | 28% | 25.1 | 471 |
| SINGAPORE POST | G92 | 2,104 | 2% | 15% | 6% | -24% | -14% | 7.9 | 2,738 |
| HOTEL PROPERTIES | H02 | 2,006 | 7% | 17% | 10% | -6% | 5% | 4.5 | 301 |
| SHENG SIONG GROUP | 5UX | 1,864 | 17% | 15% | 21% | 18% | 1% | 21.4 | 1,624 |
| RAFFLES MEDICAL GROUP | A50 | 1,828 | -9% | 17% | -7% | 0% | -20% | -20.5 | 1,350 |
| TIANJIN ZHONG XIN PHARM CO-S | W05 | 1,752 | -1% | 22% | 2% | -2% | -1% | -7.5 | 359 |
| THOMSON MEDICAL GROUP | B61 | 1,692 | -12% | 30% | -12% | -42% | 5% | 14.6 | 802 |
| HO BEE LAND | M04 | 1,603 | 2% | 13% | 6% | 0% | 24% | -3.0 | 147 |
| WING TAI HOLDINGS | F17 | 1,553 | 5% | 12% | 7% | -12% | 47% | -7.5 | 686 |
| OXLEY HOLDINGS | TQ5 | 1,501 | 22% | 30% | 26% | -45% | 72% | 0.6 | 809 |
| BUMITAMA AGRI | T14 | 1,390 | 29% | 29% | 34% | -13% | -8% | -3.0 | 326 |
| OUE | LJ3 | 1,344 | 4% | 19% | 13% | -22% | 8% | -0.5 | 342 |
| HI-P INTERNATIONAL | P8Z | 1,232 | 73% | 51% | 101% | -51% | 327% | 28.4 | 6,978 |
| BUKIT SEMBAWANG ESTATES | S41 | 1,212 | -17% | 13% | -14% | -7% | 47% | -34.1 | 617 |
| HONG LEONG FINANCE | H15 | 1,198 | 5% | 12% | 11% | -2% | 32% | -12.4 | 319 |
| SBS TRANSIT | B16 | 1,194 | 42% | 22% | 47% | 12% | 21% | 9.2 | 224 |
| FIRST SPONSOR GROUP | S61 | 1,106 | 9% | 17% | 11% | 2% | 7% | 0.4 | 42 |
| GL | U06 | 1,101 | 10% | 14% | 13% | -10% | 13% | -1.3 | 299 |
| CHINA AVIATION OIL SINGAPORE | F99 | 1,092 | 20% | 25% | 24% | -33% | 19% | -4.3 | 915 |
| SILVERLAKE AXIS | H13 | 1,081 | -1% | 29% | 3% | -25% | 19% | -13.2 | 982 |
| JAPFA | ADN | 1,081 | -21% | 37% | -18% | 45% | -43% | -18.3 | 1,367 |
| SINARMAS LAND | A26 | 1,064 | 0% | 41% | 1% | -36% | -4% | -1.6 | 34 |
| Average | 6% | 24% | 10% | -13% | 25% | ||||
| Median | 4% | 21% | 7% | -15% | 12% |
Source: SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 31 December 2019).
As discussed here, total returns are accumulative returns and assume dividends are reinvested into units or shares on the ex-dividend date. Note 2019 best performers do not include CITIC Envirotech and United Engineers due to recent developments in cash offers. A formal exit offer was made for CITIC Envirotech on 3 January (click here) with an exit offer price of S$0.55 a share that represents a 68.5% premium over the VWAP of S$0.326 for the three month period up to and including 1 Nov 2019.
