SGX Market Updates

Singapore Net Institutional Fund Inflows In 3Q22 Led by DBS & OCBC Bank


PUBLISHED ON |

04 October 2022

  • The STI’s 2.4% total return in 3Q22 was mainly driven by the trio of DBS, OCBC and UOB, which averaged a 7.3% total return over the quarter. During the quarter, the trio saw S$969 million of combined net institutional fund inflows with the inflows to DBS and OCBC more than offsetting the net outflows booked by UOB.

  • Globally, Banks stocks saw less than one-third of the declines of REITs, as the hawkish tone on US interest rates notched higher and the outlook for global growth weakened. This coincided with the S-REIT Sector seeing the most net institutional fund outflows of the Singapore sectors in 3Q22.

  • The Sectors that saw the next highest net institutional fund inflows in 3Q22 were Telecommunications and Consumer Cyclicals. This was mostly driven by SingTel, while StarHub also booked net institutional fund inflows. Consumer Cyclical stocks that saw the most net institutional fund inflows over the quarter included Genting Singapore, Jardine Cycle & Carriage and The Hour Glass.




Singapore’s 200 most traded stocks for the first 9 months of 2022, that are currently listed for trading span all major Sectors. Combined the 200 stocks make up approximately 80% of the total market capitalisation of all stocks listed on Singapore Exchange, in addition to more than 95% of the total trading turnover of all stocks listed in SGX over the past 9 months.

The STI’s 2.4% total return in 3Q22 was mainly driven by the trio of DBS (SGX:D05), OCBC Bank (SGX:O39) and UOB (SGX:U11), which averaged a 7.3% total return over the quarter. During the quarter, the trio saw S$969 million of combined net institutional fund inflows with the net institutional fund inflows to DBS and OCBC Bank more than offsetting the net institutional fund outflows booked by UOB.


Sectors of the 200 Most Traded Stocks YTD No. of
Counters
Market
Cap
S$m
YTD Average
Daily
Turnover
S$M
3Q22 Net
Institutional Flow
S$M
3Q22 Average
Return
%
YTD Net
Institutional Flow
S$M
YTD Average
Return
%
Banks 3 $182,905 $329 $969 7.3 -$7 5.2
Telecommunications 6 $93,547 $85 $202 -5.4 $664 -7.5
Consumer Cyclicals 15 $63,839 $37 $146 4.7 $251 27.7
Technology 16 $12,055 $49 $54 -9.7 -$331 -28.2
Healthcare 11 $28,615 $12 $21 -12.8 -$12 -22.3
Consumer Non-Cyclicals 16 $68,492 $75 $20 -5.9 $14 -8.6
Utilities 5 $9,705 $16 $17 6.1 $182 12.8
Materials & Resources 10 $2,238 $5 -$5 26.4 $25 24.9
Energy/ Oil & Gas 9 $3,346 $22 -$6 0.1 -$23 26.1
Real Estate (excl. REITs) 22 $43,447 $49 -$33 -0.9 $285 -3.7
Industrials 38 $86,521 $186 -$44 -9.4 $306 1.3
Financial Services (Excl. Banks) 9 $42,018 $74 -$121 -9.4 -$75 -5.7
REITs 40 $100,940 $272 -$363 -8.7 -$908 -13.7
Total/Aggregate 200 $737,669 $1,213 $857 $371

Source: SGX, Refinitiv, Bloomberg (Data as of 30 Sep 2022)



Within the Bank Sector, 3Q22 total returns varied from 14% for DBS to 2% for UOB as tabled below.

During 3Q22, the trio reported that 2Q22 NIMs rose 13bps y-o-y for both DBS and OCBC, and 11bps y-o-y for UOB. For the 2Q22/1H22 loan books, UOB and OCBC maintained loan growth of 8% y-o-y, with DBS reporting loan growth of 7% y-o-y. All 3 banks expect loan growth in the mid-single digits for the remainder of the year.

During 3Q22, DBS became the first bank in Southeast Asia to announce a landmark set of decarbonisation commitments as part of the bank’s commitment to being net zero in its financed emissions by 2050.


Banks SGX
Code
Market
Cap
S$m
YTD Average
Daily Turnover
S$M
3Q22 Net
Institutional Flow
S$M
3Q22 Total
Return
%
YTD Net
Institutional Flow
S$M
YTD Total
Return
%
DBS D05 $85,934 $153.0 $667 14 -$87 6
OCBC Bank O39 $53,163 $82.9 $430 6 $459 9
UOB U11 $43,808 $92.7 -$129 2 -$379 1
Total $182,905 $329 $969 -$7
Average 7.3 5.2

Source: SGX, Refinitiv, Bloomberg (Data as of 30 Sep 2022)




Focusing on Singapore’s 200 most traded stocks for the first 9 months of 2022, that are currently listed for trading, the Sectors that saw the next highest net institutional fund inflows in 3Q22 were Telecommunications and Consumer Cyclicals. This was mostly driven by SingTel (SGX:Z74), with the 100 share per lot and 10 share per lot counters attracting inflows, while StarHub (SGX:CC3) also booked net institutional fund inflows.


Telecommunications Sector
Representation
Among the YTD
200 Most Traded Stocks
SGX
Code
Market
Cap
S$m
YTD Average
Daily Turnover
S$M
3Q22 Net
Institutional Flow
S$M
3Q22 Total
Return
%
YTD Net
Institutional Flow
S$M
YTD Total
Return
%
SingTel Z74 $43,909 $76.5 $241.68 7 $783 16.8
SingTel 10 Z77 $43,909 $0.2 $4.94 7 $6.5 16.8
StarHub CC3 $1,903 $1.6 $1.16 -9 -$23 -14.9
TOTM Technologies 42F $109 $0.3 -$1.51 -17 -$3 -40.0
Asian Pay TV Trust S7OU $190 $0.1 -$3.57 -13 -$3 -16.8
NetLink NBN Trust CJLU $3,527 $6.8 -$41.10 -7 -$96 -7.1
Total $93,547 $85 $202 $664
Average -5.4 -7.5

Source: SGX, Refinitiv, Bloomberg (Data as of 30 Sep 2022).
Note the market capitalisation of SingTel is listed twice, due to the universe of 200 stocks representing the most traded counters rather than most traded primary securities with the official market capitalisation tallies are based on the market capitalisation of the primary counter only.



As tabled below, Consumer Cyclical stocks that saw the most net institutional fund inflows over the quarter included Genting Singapore (SGX:G13), Jardine Cycle & Carriage (SGX:C07) and The Hour Glass (SGX:AGS).


Consumer Cyclical
Sector Representation
Among The YTD
200 Most Traded Stocks
SGX
Code
Market
Cap
S$m
YTD Average
Daily Turnover
S$M
3Q22 Net
Institutional Flow
S$M
3Q22 Total
Return
%
YTD Net
Institutional Flow
S$M
YTD Total
Return
%
Genting Singapore G13 $9,477 $15.7 $79.5 10 $70.6 4
Jardine Cycle & Carriage C07 $13,355 $11.9 $47.9 21 $156.7 71
The Hour Glass AGS $1,383 $1.5 $28.7 -7 $40.2 6
Parkson Retail Asia ^ O9E $33 $0.6 $0.2 40 $0.1 345
Kimly 1D0 $416 $0.1 $0.1 -12 -$0.7 -15
Mandarin Oriental M04 $3,410 $0.1 $0.1 3 $0.4 -11
Sinjia Land 5HH $5 $0.4 $0.0 -69 -$0.2 -81
Vividthree OMK $14 $0.2 $0.0 -3 $0.1 -45
Gallant Venture 5IG $699 $0.3 -$0.1 1 $0.7 -1
Stamford Land H07 $552 $0.3 -$0.2 -4 -$2.8 5
Watches.com Ltd WVJ $6 $0.2 -$0.3 -15 -$0.2 -54
MM2 Asia 1B0 $117 $0.7 -$0.3 -25 -$4.2 -18
Memories 1H4 $23 $0.1 -$0.3 171 -$0.3 207
Raffles Education NR7 $74 $0.1 -$0.8 -14 $0.6 -25
NIO Inc. NIO $34,274 $5.4 -$8.7 -26 -$10.5 N/A
Total $63,839 $37 $146 $251
Average 4.7 27.7

Source: SGX, Refinitiv, Bloomberg (Data as of 30 Sep 2022)
^ Note currently placed SGX Watch-List



Globally, REITs were among the stocks that led declines in 3Q22, as the hawkish tone on US interest rates notched higher and the outlook for global growth weakened. This coincided with the S-REIT Sector seeing the most net institutional fund outflows of the Singapore sectors in 3Q22. As tabled below, the S-REIT Sector is comprised of REITs, Stapled Trust and 2 Business Trusts.

REIT Sector
Representation
Among the YTD
200 Most Traded Stocks
SGX
Code
Market
Cap
S$m
YTD Average
Daily Turnover
S$M
3Q22 Net
Institutional Flow
S$M
3Q22 Total
Return
%
YTD Net
Institutional Flow
S$M
YTD Total
Return
%
CapitaLand Ascendas REIT A17U $11,301 $33.5 $22 -3 -$69 -3.8
Mapletree Pan Asia Commercial Trust N2IU $9,002 $29.5 $22 -4 -$133 -10.1
Mapletree Logistics Trust M44U $7,492 $25.4 $11 -6 -$61 -15.4
Far East Hospitality Trust* Q5T $1,162 $1.2 $3 -6 -$1 4.2
Dasin Retail Trust** CEDU $229 $0.2 $0 -10 -$2 -17.5
Sabana Industrial REIT M1GU $471 $0.4 $0 -2 $9 3.7
ARA US Hospitality Trust* XZL $310 $0.1 $0 -15 $1 -16.0
EC World REIT BWCU $405 $0.4 -$1 7 -$4 -30.4
Cromwell European REIT (SGD) CWCU $1,417 $0.1 -$1 -8 -$1 -29.9
Starhill Global REIT P40U $1,213 $1.2 -$1 -4 -$10 -12.2
Digital Core REIT DCRU $1,135 $5.3 -$1 -3 -$10 -34.0
OUE Commercial REIT TS0U $1,856 $0.8 -$1 -9 -$15 -18.0
Lendlease Global Commercial REIT JYEU $1,731 $6.4 -$2 -3 $3 -7.2
CDL Hospitality Trusts* J85 $1,446 $2.9 -$2 -6 $5 4.1
Cromwell European REIT (EUR) CWBU $1,417 $1.0 -$2 -8 -$11 -29.9
Elite Commercial REIT MXNU $361 $0.4 -$3 -26 -$8 -32.6
United Hampshire US REIT ODBU $434 $0.4 -$3 -6 -$13 -8.3
First REIT AW9U $544 $0.5 -$5 -1 -$10 -7.0
Lippo Malls Indo Retail Trust D5IU $277 $0.2 -$5 -28 -$7 -29.6
Daiwa House Logistics Trust DHLU $406 $0.8 -$5 2 -$21 -18.0
Frasers Hospitality Trust* ACV $925 $2.2 -$5 -31 $11 4.3
Keppel Pacific Oak US REIT CMOU $824 $0.9 -$6 -15 -$16 -20.9
ParkwayLife REIT C2PU $2,565 $2.8 -$6 -12 -$19 -15.5
Sasseur REIT CRPU $866 $1.6 -$7 -8 -$37 -10.9
ESR-LOGOS REIT J91U $2,378 $4.2 -$7 -11 -$25 -22.1
AIMS APAC REIT O5RU $918 $1.8 -$8 -4 -$20 -7.2
Prime US REIT OXMU $915 $1.2 -$8 -13 -$20 -24.4
IREIT Global (SGD) UD1U $578 $0.3 -$9 -15 -$11 -17.7
Manulife US REIT BTOU $1,084 $2.1 -$11 -19 -$19 -28.9
SPH REIT SK6U $2,527 $2.6 -$12 -2 -$11 -6.0
Suntec REIT T82U $4,396 $18.2 -$14 -4 $25 5.8
Frasers Logistics & Commercial Trust BUOU $4,546 $12.8 -$15 -8 -$47 -16.8
Frasers Centrepoint Trust J69U $3,693 $7.3 -$15 -5 -$30 -3.6
CapitaLand India Trust** CY6U $1,218 $3.2 -$19 -7 -$45 -21.1
CapitaLand Ascott Trust* HMN $3,373 $7.4 -$25 -11 $16 -0.4
Keppel DC REIT AJBU $2,921 $11.6 -$28 -12 -$147 -28.3
CapitaLand China Trust AU8U $1,741 $5.2 -$30 -6 -$69 -8.1
Keppel REIT K71U $3,694 $10.1 -$39 -7 -$10 -7.6
Mapletree Industrial Trust ME8U $6,436 $16.9 -$49 -7 -$154 -8.6
CapitaLand Integrated Commercial Trust C38U $12,734 $49.4 -$75 -9 $79 -3.5
Total $100,940 $272 -$363 -$908
Average -8.7 -13.7

Source: SGX, Refinitiv, Bloomberg (Data as of 30 Sep 2022).
* Stapled Trust, ** Business Trust.
Note the market capitalisation of Cromwell European REIT is listed twice, due to the universe of 200 stocks representing the most traded counters rather than most traded primary securities with the official market capitalisation tallies are based on the market capitalisation of the primary counter only.



For the 4Q22 ahead, local markets will be looking towards the MAS October Monetary Policy Statement and the 3Q22 earnings and business updates that will begin in earnest in mid-to-late October. The opening of the 20th National Congress of the Chinese Communist Party on 16 October and FOMC meetings scheduled for 2 November and 14 December will also be significant international events. With governments looking to accelerate growth and decelerate inflation, the final sessions of 3Q22 also served a reminder that international financial stability risk can stem from fiscal origins.







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