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%.
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)
