• Effective from the 19 Sep market open, Emperador will join the STI with an indicative weight of 0.4%, taking the number of stocks representing the Consumer Non-cyclical Sector to four, with a combined indicative Sector weightage of 6%, based on Index weights as of 30 June.

• Emperador is a prominent high-growth international spirits company with a deep portfolio of globally recognised, market-leading whisky and brandy brands distributed in over 100 countries. The stock is also a member of the Philippines Stock Exchange PSEi Index and debuted as an SGX secondary listing on 14 July.

• The 5 stocks on the STI reserve list will comprise Olam Group, Suntec REIT, Keppel REIT, Frasers Centrepoint Trust and Ascott Residence Trust. The STI Reserve List is used in the event that one or more of the STI constituents are deleted during the period up to the next quarterly review.

For the 2022 year to 2 Sep, the STI has generated a 6.3% total return, ranking among the most defensive developed economy benchmarks due to its heavy weightage of Banks, which comprise more than 40% of the index. The trio of DBS Group, OCBC Bank and UOB have averaged 5.8% total return in the 2022 year to 2 Sep, with the trio reporting a combined S$6.0 billion in Net Interest Income for 2Q22.

Following the recent semi-annual rebalance announcement, Emperador Inc. (SGX:EMI) will join the STI effective the Monday 19 Sep, replacing ComfortDelGro (SGX:C52). Emperador will take an indicative 0.4% weight in the STI, based on constituent weights as of 30 June. This means the Banks will continue to maintain a more than 40% weightage in the STI, and Consumer Non-Cyclical Sector will represent approximately 6% of the STI.

Emperador is the Philippines’ largest global liquor company, with a secondary listing debut on Singapore Exchange on 14 July. Since its 14 July close, the stock has gained 13.3%, with the company also reporting its 1H22 financials on 10 August.

Emperador’s portfolio of whiskies and brandies features more than 300 years of heritage comprising some of the world’s bestselling brandies by volume and some of the most iconic single malt Scotch whiskies. Its whisky portfolio comprises some of the most recognised single malts including Dalmore, Jura, and Tamnavulin, which are among the top 20 single malts in the world. Emperador maintains production facilities comprising distilleries, blending, and bottling facilities, vineyards, and a glass manufacturing plant located across the Philippines, the United Kingdom, Spain, and Mexico. Emperador also believes its Asian identity allows it to understand Asian consumers better and deliver based on Asian preferences as compared to other western spirits giants who brought their brands to China. Its tailored efforts in China and other Asian markets have proven to be successful as they were able to overtake some long-standing brands in just a few years.

The STI constituents with effect from 19 September 2022 are table below.

Source: SGX, Refinitiv, Bloomberg (Data as of 2 Sep 2022)

The 5 stocks of the STI reserve list will comprise Olam Group (SGX:VC2), Suntec REIT (SGX:T82U), Keppel REIT (SGX:K71U), Frasers Centrepoint Trust (SGX:J69U), and Ascott Residence Trust (SGX:HMN). The STI Reserve List is used in the event that one or more of the STI constituents are deleted during the period up to the next quarterly review.

Source: SGX, Refinitiv, Bloomberg (Data as of 2 Sep 2022)