SGX Market Updates

Singapore Small-Caps with Significant Institutional Inflow in 2019


PUBLISHED ON |

07 January 2020

  • Singapore’s Small-Cap Stocks performed in-line with stocks of the same market capitalisations across Asia in 2019. More than 160 Singapore-listed stocks with a market cap between S$100 million and S$1 billion (as of 31 Dec) generated a median 7% total return in 2019.

  • The combined daily trading turnover of the 160 Singapore-listed stocks averaged S$55 million per day in 2019 with the most actively traded Small-Cap stocks including AEM Holdings, Rex International Holding, UMS Holdings, Eagle Hospitality Trust and First REIT.

  • AEM Holdings and UMS Holdings were also among Singapore’s 10 Small-Cap stocks that saw the highest net institutional inflows proportionate to their year-end market capitalisation. These 10 stocks averaged a 75% total return in 2019, with their median total return at 81%.




In 2019, Singapore’s Small-Cap Stocks that encompass both companies and trusts performed in-line with stocks of the same range in market capitalisation across developing Asia exchanges. More than 160 Singapore-listed stocks with a market capitalisation between S$100 million and S$1 billion (as of 31 Dec) generated a median 7% total return in 2019.

In comparison, approximately 5000 stocks of the same market capitalisation listed across Developed Asia excluding Singapore generated a median total return of 9%, while approximately 4000 of the same sized stocks in same market capitalisation listed across Emerging Asia generated a median total return of 3%. 


Median 2019 Total Return of Stocks


As discussed in the recent market update: Hi-P International, SBS Transit & Bumitama Led Mid-Cap Companies in 2019, Singapore’s Mid-Cap Stocks that encompass both companies and trusts also performed in-line with stocks of the same range in market capitalisation across Asian exchanges.



Singapore Small-Caps with Significant Institutional Inflow in 2019

Singapore stocks with a market capitalisation greater than S$100 million and less than S$1 billion maintained a combined market capitalisation of S$58.5 billion as of the end 2019. Together this current group of stocks averaged daily turnover of S$55.3 million a day in 2019. The stocks also saw net institutional outflow of S$119 million for the full 2019 year.

8 of the 10 stocks that saw the highest net institutional inflow proportionate to their end of 2019 year market capitalisation significantly outpaced the Straits Times Index (STI) 9.4% total return in 2019. This saw the average total return of these 10 stocks in 2019 at 75%, with a similar median total return showing an element of consistency in the past returns. The 2 stocks that despite proportionately large institutional inflow, did not outpace the STI, were Ying Li International Real Estate and Q&M Dental Group.

These 10 stocks are tabled below.

Name Market
Cap
S$m
Net
Institutional
Flow
in 2019
S$m
Net
Institutional
Flow /
End of 2019
Market Cap
Price
Change
2019
Total
Return
2019
Total
Return
2018
Total
Return
2017
Volatility
2019
AEM HOLDINGS 545 67 12% 145% 154% 1% 499% 45%
UMS HOLDINGS 553 57 10% 81% 90% -41% 122% 34%
FRENCKEN GROUP 392 22 6% 120% 128% -19% 132% 40%
PENGUIN INTERNATIONAL 163 9 6% 147% 154% -5% 39% 41%
INDOFOOD AGRI RESOURCES 454 25 5% 70% 72% -50% -25% 41%
GLOBAL INVESTMENTS 242 12 5% 26% 35% -16% 18% 12%
KOUFU GROUP 427 20 5% 25% 29% -1%* N/A 22%
YING LI INTERNATIONAL REAL ESTATE 302 13 4% 2% 2% -23% 1% 32%
SUNPOWER GROUP 503 20 4% 91% 92% -28% -12% 48%
Q & M DENTAL GROUP 377 14 4% -4% -2% -17% -12% 24%
Average       70% 75% -20% 85% 34%
Median       76% 81% -18% 18% 37%

Source: SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 31 December 2019)
* From 17 July 2018. 



The 10 stocks tabled above also accounted for close to a third of the combined turnover of Singapore’s Small-Cap stocks in 2019. The 5 most actively traded stocks of the 10 tabled above in 2019 were AEM Holdings, UMS Holdings, Frencken Group, Sunpower Group and Koufu Group.

AEM Holdings and UMS Holdings were also amongst the 5 most actively traded Small-Cap stocks in 2019, with Frencken Group and Sunpower Group amongst the 10 most actively traded Small-Cap stocks in 2019.

Other Small-Cap stocks that were amongst the most actively traded in 2019 included Rex International Holding, Eagle Hospitality Trust, First REIT, Valuetronics Holdings, Cache Logistics Trust and Keppel Pacific Oak US REIT.

The FTSE ST Small-Cap Index which generated a total return of 15% in 2019, maintains 49 constituents with a similar range in market capitalisation to the group of more than 160 Small-Cap stocks in Singapore. The full list of the relevant 164 stocks can be found here.

Name Market
Cap
S$M
Net
Institutional
Flow
in 2019
(S$M)
Average
Daily
Turnover
in 2019
(S$'000)
Price
Change
2019
Total
Return
2019
Volatility
2019
AEM HOLDINGS 545 67 10,365 145% 154% 45%
REX INTERNATIONAL HOLDING 267 3 4,785 273% 273% 66%
UMS HOLDINGS 553 57 3,035 81% 90% 34%
EAGLE HOSPITALITY TRUST 639 (82) 2,709 -31% -31% 39%
FIRST REAL ESTATE INVT TRUST 794 (85) 1,899 1% 10% 19%
VALUETRONICS HOLDINGS 357 6 1,863 24% 33% 26%
FRENCKEN GROUP 392 22 1,401 120% 128% 40%
CACHE LOGISTICS TRUST 773 (1) 1,333 3% 11% 17%
KEPPEL PACIFIC OAK US REIT 980 (9) 1,067 26% 39% 17%
SUNPOWER GROUP 503 20 1,061 91% 92% 48%
YOMA STRATEGIC HLDGS 781 1 1,040 3% 3% 38%
COSCO SHIPPING INTERNATIONAL 739 9 1,015 0% 0% 33%
ASIAN PAY TELEVISION TRUST 245 (1) 1,002 33% 44% 38%
CREATIVE TECHNOLOGY 239 (3) 817 -16% -16% 50%
KOUFU GROUP 427 20 800 25% 29% 22%
EC WORLD REIT 597 (38) 791 8% 17% 13%
CHINA EVERBRIGHT WATER 915 (8) 775 7% 10% 48%
YING LI INTERNATIONAL REAL ESTATE 302 13 728 2% 2% 32%
CSE GLOBAL 279 (7) 685 45% 53% 28%
SOILBUILD BUSINESS SPACE REIT 656 (2) 677 -10% -3% 16%
CHIP ENG SENG CORP 485 (12) 669 -6% -1% 19%
BRC ASIA 356 2 667 21% 22% 23%
ACCORDIA GOLF TRUST 736 (6) 659 33% 43% 28%
LIPPO MALLS INDONESIA RETAIL TRUST 651 (10) 570 24% 35% 35%
APAC REALTY 174 (5) 512 10% 17% 31%
BREADTALK GROUP 363 (18) 431 -21% -19% 28%
BHG RETAIL REIT 348 (21) 426 -4% 2% 22%
HONG FOK CORP 679 8 411 16% 18% 23%
SUNNINGDALE TECH 255 (0) 408 -8% -2% 24%
STRAITS TRADING CO 863 (7) 394 4% 7% 14%
ARA US HOSPITALITY TRUST 664 24 381 -2% -2% 14%
FU YU CORP 192 (1) 381 34% 45% 30%
DELFI 611 (8) 366 -24% -23% 45%
SABANA SHARIAH COMP IND REIT 484 17 362 18% 26% 19%
SARINE TECHNOLOGIES 130 (10) 357 -19% -13% 56%
MERMAID MARITIME PCL 191 (1) 336 55% 55% 60%
DYNA-MAC HOLDINGS 172 (2) 309 47% 47% 60%
PENGUIN INTERNATIONAL 163 9 304 147% 154% 41%
IREIT GLOBAL 516 9 301 12% 21% 11%
HONG LEONG ASIA 501 (1) 292 37% 37% 33%
ISDN HOLDINGS 99 1 271 17% 21% 39%
INDOFOOD AGRI RESOURCES 454 25 264 70% 72% 41%
GSH CORP 686 (57) 264 3% 3% 46%
HRNETGROUP 629 (20) 260 -22% -19% 19%
UNUSUAL 298 (9) 255 -21% -21% 43%
ZHENENG JINJIANG ENVIRONMENT 872 2 254 30% 30% 38%
BOUSTEAD SINGAPORE 371 (5) 253 -6% -2% 17%
MM2 ASIA 355 (8) 249 -3% -3% 46%
CNMC GOLDMINE HOLDINGS 110 1 234 26% 28% 43%
SIIC ENVIRONMENT HOLDINGS 690 (3) 228 -4% 0% 40%
MOYA HOLDINGS ASIA 311 (0) 220 6% 6% 39%
THE HOUR GLASS 571 8 212 30% 35% 23%
LIAN BENG GROUP 260 (0) 211 12% 17% 23%
TUAN SING HOLDINGS 391 1 181 -8% -6% 23%
DASIN RETAIL TRUST 540 (0) 177 -3% 6% 10%
SINGAPORE MEDICAL GROUP 145 (3) 174 -25% -25% 33%
KSH HOLDINGS 256 (5) 169 -10% -5% 30%
RIVERSTONE HOLDINGS 686 (3) 164 -19% -17% 22%
AUSGROUP 113 (3) 148 16% 16% 68%
IFAST CORP 279 (4) 139 -3% 0% 20%
INNOTEK 104 (1) 137 10% 13% 37%
PROPNEX 191 (4) 136 7% 17% 26%
GEO ENERGY RESOURCES 199 5 136 -15% -13% 25%
Q & M DENTAL GROUP SINGAPORE 377 14 127 -4% -2% 24%
QAF 463 (3) 122 38% 47% 29%
PROCURRI CORP 138 (4) 121 80% 80% 46%
JUMBO GROUP 243 (3) 118 0% 3% 23%
VICOM 685 (6) 115 29% 38% 12%
PACC OFFSHORE SERVICES HOLDING 381 8 110 19% 19% 70%
STAMFORD LAND CORP 396 12 110 2% 4% 17%
SINGAPORE O&G 143 (5) 106 -14% -11% 26%
FAR EAST ORCHARD 522 (9) 106 -1% 4% 16%
PACIFIC CENTURY REGION DEVELOPMENTS 848 (4) 105 -10% 31% 41%
FOOD EMPIRE HOLDINGS 348 (1) 100 25% 27% 35%
CORDLIFE GROUP 118 1 99 22% 24% 59%
METRO HOLDINGS 777 (3) 97 -7% -3% 12%
GLOBAL INVESTMENTS 242 12 96 26% 35% 12%
KIMLY 281 (2) 91 2% 7% 23%
OVERSEAS EDUCATION 154 (5) 90 19% 30% 35%
ISEC HEALTHCARE 183 3 87 39% 49% 26%
CENTURION CORP 374 0 83 7% 12% 19%
UOB-KAY HIAN HOLDINGS 994 1 83 3% 7% 13%
CHUAN HUP HOLDINGS 214 (2) 81 -16% 15% 42%
BANYAN TREE HOLDINGS 353 2 77 -27% -26% 21%
HANWELL HOLDINGS 119 1 74 24% 52% 45%
JB FOODS 191 (1) 72 2% 6% 28%
GS HOLDINGS 136 2 68 200% 200% 105%
ISETAN SINGAPORE 201 (0) 60 45% 47% 39%
ELEC & ELTEK INT CO 430 6 56 30% 34% 29%
AVARGA 148 (3) 55 -20% -2% 41%
SINGHAIYI GROUP 392 2 55 9% 11% 21%
BOUSTEAD PROJECTS 286 (2) 52 12% 14% 21%
TIONG WOON CORP HLDG 122 (0) 49 84% 85% 51%
DUTY FREE INTERNATIONAL 191 (4) 48 -19% -12% 25%
HOTUNG INVESTMENT HOLDINGS 177 (2) 46 12% 21% 20%
SING HOLDINGS LIMITED 158 (2) 45 3% 6% 18%
PERENNIAL REAL ESTATE HOLDINGS 922 (1) 45 -10% -10% 26%
HALCYON AGRI CORP 718 3 43 15% 15% 38%
HOTEL GRAND CENTRAL 944 4 43 4% 7% 14%
GALLANT VENTURE 646 1 43 -11% -11% 16%
HEETON HOLDINGS 149 (1) 42 -9% -7% 23%
IX BIOPHARMA 146 2 41 26% 26% 74%
CHALLENGER TECHNOLOGIES 183 2 41 13% 17% 33%
MICRO-MECHANICS HOLDINGS 257 (1) 38 10% 17% 22%
WEE HUR HOLDINGS 202 (1) 38 5% 8% 36%
HATTEN LAND 124 (1) 38 -26% -26% 45%
SINGAPORE SHIPPING CORP 119 2 37 0% 3% 17%
GOLDEN ENERGY & RESOURCES 369 0 34 -29% -28% 38%
PAN-UNITED CORP 252 (0) 33 50% 57% 46%
STRACO CORPORATION 582 (1) 32 -4% 1% 24%
SING INVESTMENTS & FINANCE 225 1 28 -1% 3% 15%
MINDCHAMPS PRESCHOOL 115 (1) 28 -7% -5% 37%
LUM CHANG HOLDINGS 137 2 27 9% 15% 20%
PEC 152 2 27 3% 7% 23%
SINOSTAR PEC HOLDINGS 120 1 27 1% 3% 71%
ROXY-PACIFIC HLDGS 502 (0) 27 -1% 1% 27%
TAN CHONG INTERNATIONAL 734 (2) 27 -12% -7% 29%
MEWAH INTERNATIONAL INC 360 0 27 -4% 0% 49%
HOCK LIAN SENG HOLDINGS 192 (0) 26 14% 20% 34%
FORTRESS MINERALS 118 (0) 25 18% 20% 63%
FRAGRANCE GROUP 899 (0) 24 -1% -1% 30%
HEALTHWAY MEDICAL CORP 117 (2) 24 -19% -19% 59%
HWA HONG CORP 209 2 23 10% 14% 34%
AMARA HOLDINGS 259 (1) 21 7% 12% 21%
SLB DEVELOPMENT 111 1 20 -27% -27% 90%
FIRST SHIP LEASE TRUST 129 1 19 62% 62% 54%
HIAP HOE 376 (1) 18 -8% -6% 12%
NERA TELECOMMUNICATIONS 101 1 18 4% 11% 29%
VALUEMAX GROUP 178 (0) 18 14% 20% 33%
INTERNATIONAL CEMENT GROUP 115 4 17 0% 0% 356%
NSL 351 0 16 -16% -12% 31%
UNITED OVERSEAS INSURANCE 422 0 16 1% 4% 17%
KEONG HONG HOLDINGS 103 (1) 16 -12% -8% 29%
GP INDUSTRIES 288 (2) 15 -3% 3% 23%
NORDIC GROUP 114 (0) 15 -28% -25% 59%
UNITED GLOBAL 155 (1) 13 14% 15% 43%
LOW KENG HUAT SINGAPORE 314 (1) 13 -17% -14% 35%
SINGAPURA FINANCE 140 (0) 13 -2% 2% 24%
SINGAPORE REINSURANCE CORP 179 (1) 13 4% 8% 23%
YEO HIAP SENG 545 (0) 12 7% 13% 21%
MAXI-CASH FINANCIAL SERVICES 144 (0) 11 3% 12% 23%
CHINA SUNSINE CHEMICAL HLDGS 502 0 10 -18% -14% 28%
DEL MONTE PACIFIC 266 (0) 10 10% 15% 55%
BONVESTS HOLDINGS 478 (0) 10 -5% -4% 24%
GK GOH HOLDINGS 276 0 10 -6% -4% 29%
CIVMEC 185 (0) 10 -8% -6% 50%
YHI INTERNATIONAL 101 (0) 10 -21% -16% 45%
BUND CENTER INVESTMENT 436 0 9 0% 4% 32%
RAFFLES EDUCATION CORP 123 (0) 9 -22% -22% 57%
AF GLOBAL 158 (0) 9 -6% 38% 74%
AMOS GROUP 106 0 9 78% 78% 334%
TALKMED GROUP 677 (0) 8 -14% -11% 35%
ASPIAL CORP 296 (0) 8 -30% -26% 47%
ENGRO CORP 114 (0) 8 10% 13% 43%
OUE LIPPO HEALTHCARE 258 0 7 -11% -11% 78%
THE PLACE HOLDINGS 106 0 6 -42% -42% 199%
HOTEL ROYAL 303 (0) 5 0% 2% 43%
HAI LECK HOLDINGS 110 (0) 5     -1% 5% 64%
CORTINA HOLDINGS 255 1 4 62% 69% 84%
SRI TRANG AGRO-INDUSTRY 668 (0) 3 -39% -37% 80%
ZHONGMIN BAIHUI RETAIL GROUP 142 (0) 3 -16% -12% 95%
MALAYSIA SMELTING CORP BHD 112 (0) 2 40% 43% 115%
MYP 162 0 1 -35% -35% 147%
AVJENNINGS 234 0 1 20% 26% 99%
Average       12% 16% 41%
Median       3% 7% 32%

Source: SGX StockFacts, Thomson Reuters, Bloomberg (Data as of 31 December 2019)







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