SGX Market Updates

STI Leads APAC with +10% Total Returns in 1Q22, Draws Net Institutional Inflow of S$1.2B


PUBLISHED ON |

04 April 2022

  • For 1Q22, the STI was APACs strongest performing benchmark, with 9.1% price gains boosted to 9.6% by dividends. With 23 of 30 constituents generating positive total returns in 1Q22, the STI outpaced the FTSE APAC Index and FTSE World Index, which generated 4.9% and 4.3% respective declines in total return.

  • STI stocks saw S$1.15 billion of net institutional inflows in 1Q22, with SingTel, OCBC, UOB, Wilmar and City Developments drawing the most net inflows, while averaging 14% total returns. Mapletree Commercial Trust, Venture Corp, Ascendas REIT, Mapletree Industrial Trust and ComfortDelGro saw the most net institutional outflows in 1Q22, while averaging a 0.1% marginal decline.

  • The STI was led by Sembcorp Industries and Keppel Corp in 1Q22, with respective 34% and 25% gains. In 1Q22, Sembcorp Industries reported net profit (before exceptional items) was up 57% y-o-y in FY21. Keppel Corp reported net profit of S$1.02 billion in FY21, reversing the S$506 million loss in FY20. Both stocks are pursuing significant strategic initiatives.

  • With interest rate hikes currently built into market expectations on increased inflation, key market drivers in 2Q22 also include the ongoing geopolitical implications of the Ukraine crisis, momentum in daily global cases of COVID-19, as well the outlook for overall growth deceleration, supply chain adjustments, and 1Q earnings.




For 1Q22, the STI was APAC’s strongest performing benchmark, with 9.1% price gains boosted by dividends to generate a 9.6% total return. The FTSE ASEAN All-Share Index also generated a 4.7% price return over the quarter, outpacing the broader APAC region.



Regional Indices 1Q22 Price Return (in S$)



The STI was led by Sembcorp Industries and Keppel Corporation in 1Q22, with respective gains of 34% and 25%. In 1Q22, Sembcorp Industries reported its net profit (before exceptional items) was up 57% y-o-y in FY21, while Keppel Corporation reported a net profit of S$1.02 billion in FY21, a sharp reversal from the S$506 million loss reported for FY20. Both stocks are also pursuing significant strategic initiatives.

Sembcorp Industries is pressing ahead with strategic transformation of its portfolio from brown to green energy, with an objective for sustainable solutions to make up 70% of its net profit by 2025.

Keppel Corporation is also executing Vision 2030, which is a long-term strategic initiative to transform the conglomerate to an integrated solution provider for sustainable urbanisation.


The performances of the 30 STI stocks are tabled below and sort by the strongest total returns booked in 1Q22.

STI Stocks Sort By 1Q22 Performance SGX
Code
1Q22 Average
Daily Turnover
S$M
Market
Cap
S$m
1Q22 Net
Institutional
Flow
S$M
1Q22 Total
Return
%
2021* Total
Return
%
Sector
Sembcorp Industries U96 14 4,754 105 34 20 Utilities
Keppel Corporation BN4 28 11,559 80 25 -1 Industrials
Jardine Cycle & Carriage C07 8 9,893 54 22 9 Consumer Cyclicals
UOB U11 125 53,537 151 19 24 Banks
CapitaLand Investment 9CI 34 20,544 78 17 *16 Financial Services
City Developments C09 15 7,137 120 16 -13 Real Estate (excl. REITs)
Yangzijiang Shipbuilding BS6 28 5,988 24 14 45 Industrials
SingTel Z74 82 43,581 450 14 3 Telecommunications
Wilmar International F34 35 29,675 143 14 -7 Consumer Non-Cyclicals
SATS S58 11 4,870 24 12 -2 Industrials
Thai Beverage Y92 17 17,961 14 11 -8 Consumer Non-Cyclicals
CapitaLand Integrated Commercial Trust C38U 52 14,900 109 10 0 REITs
SIA C6L 34 16,321 66 10 17 Industrials
DBS Group D05 179 92,203 -40 10 35 Banks
ST Engineering S63 23 12,846 63 10 2 Industrials
OCBC Bank O39 111 55,601 161 9 17 Banks
SGX S68 30 10,649 101 8 4 Financial Services
ComfortDelGro C52 20 3,228 -56 6 -14 Industrials
Genting Singapore G13 17 9,839 22 5 -8 Consumer Cyclicals
Jardine Mathenson J36 18 53,836 -5 3 3 Consumer Non-Cyclicals
Ascendas REIT A17U 35 12,300 -73 2 2 REITs
Dairy Farm International D01 4 5,170 -21 2 -28 Consumer Non-Cyclicals
Mapletree Industrial Trust ME8U 20 7,200 -59 1 -1 REITs
UOL Group U14 10 5,945 -36 -1 -6 Real Estate (excl. REITs)
Hongkong Land H78 16 15,494 13 -2 35 Real Estate (excl. REITs)
Mapletree Logistics Trust M44U 29 8,848 -30 -2 -1 REITs
Frasers Logistics & Commercial Trust BUOU 13 5,389 -14 -4 14 REITs
Venture Corporation V03 21 5,105 -106 -4 -2 Technology (Hardware/ Software)
Mapletree Commercial Trust N2IU 44 6,281 -133 -6 -2 REITs
Keppel DC REIT AJBU 14 3,916 -51 -6 -8 REITs

*2021 total return from 20 Sep 2021.
Source: SGX, Refinitiv, Bloomberg (Data as of 31 March 2022)







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