SGX Market Updates

Wilmar, Sembcorp Industries & Keppel DC REIT Led STI’s 2-Week Rebound


07 November 2022

  • The STI gained 5.4% over the past fortnight, recovering half of the declines posted between 13 Sep and 21 Oct. This has brought the STI’s 2022-to-date total return to 4%, which compares to an 18% decline for the FTSE Developed Index and 21% decline for the FTSE Asia Pacific Index.

  • The STI’s 5 strongest stocks since 21 Oct included Wilmar International, Sembcorp Industries, Keppel DC REIT, UOB and Keppel Corp, with four of the five stocks providing financials or business updates over the period. UOB was among the most defensive STI stocks between 13 Sep and 21 Oct, in addition to Yangzijiang Shipbuilding, Genting Singapore, DBS, Emperador.

  • Underpinning the STI’s 5.4% partial recovery, the trio of DBS, OCBC & UOB averaged 6.7% gains over the past fortnight. As noted in financial updates, the combined 3Q22 Net Interest Income of the trio, climbed to S$7.4 billion, up S$1.3 billion from 2Q22, on net interest margin expansions and loan growth.

During the 2H22-to-date, the STI has closed as high as 3,301.96 on 11 Aug, and as low as 2,969.95 on 21 Oct, with a similar 10% variance between the outermost daily closes observed in 1H22. Current global outlooks for growth, trade and inflation, in addition to the Ukraine Crisis remain highly fluid, creating dynamic market conditions which has seen the Singapore stock market on the move for much of 2022.

During the 5-week decline through to 21 Oct, SATS and 6 of the 7 STI REITs led the STI lower, whilst the last 9 sessions have seen more diversified leaderboard in terms of the performances.

During the 5-week decline through to 21 Oct, the higher for longer US rate outlook saw the 7 REITs in the STI average 18.7% declines, while the trio of DBS (SGX:D05), OCBC (SGX:O39) and UOB (SGX:U11) were comparatively more defensive with 5.1% declines, as both segments generally moved in-line with global peers.

Since 21 Oct, the U.S. 10-Year Treasury Note yields have not pushed any higher, while locally the spotlight gravitated to earnings and business updates.

For the 9 trading sessions that followed the 21 Oct close of 2,969.95 through to 4 Nov, the STI gained 5.4% to 3,130.11, with the ~160 point partial rebound representing half of the ~320 point decline from 13 Sep to 21 Oct.

The STI’s 5 strongest stocks over the past two weeks included Wilmar International (SGX:F34), Sembcorp Industries (SGX:U96), Keppel DC REIT (SGX:AJBU), UOB (SGX:U11) and Keppel Corp (SGX:BN4).

The STI stocks, sorted by highest gains posted since 21 Oct, are tabled below.

Price Change
Price Change
Fund Flow
YTD Total
Wilmar International F34 -13.3 12.5 24,654 73.7 -1 Consumer Non-Cyclicals
Sembcorp Industries U96 -15.7 10.0 5,485 193.1 58 Utilities
Keppel DC REIT AJBU -18.8 10.0 3,025 -139.9 -26 REITs
UOB U11 -5.7 9.3 47,559 -265.8 10 Financial Services
Keppel Corporation BN4 -13.0 8.7 12,456 369.6 46 Industrials
DFI Retail Group * D01 -17.0 8.4 4,458 -11.5 -12 Consumer Non-Cyclicals
CapitaLand Integrated Commercial Trust C38U -17.9 6.9 12,336 119.9 -6 REITs
City Developments C09 -14.6 6.8 7,092 303.3 21 Real Estate (excl. REITs)
ST Engineering S63 -16.4 6.7 10,369 -84.4 -7 Industrials
DBS D05 -3.7 6.4 88,713 -13.4 9 Financial Services
SIA C6L -7.0 6.0 15,863 54.4 7 Industrials
SingTel Z74 -12.8 5.9 41,599 817.8 11 Telecommunications
UOL U14 -17.0 5.2 5,287 -3.5 -10 Real Estate (excl. REITs)
Yangzijiang Shipbuilding BS6 23.9 4.9 5,057 60.7 95 Industrials
OCBC Bank O39 -6.0 4.4 54,105 509.6 11 Financial Services
Mapletree Logistics Trust M44U -18.3 4.2 7,156 -60.5 -18 REITs
CapitaLand Ascendas REIT A17U -14.8 3.6 10,754 -73.1 -8 REITs
Genting Singapore G13 -1.3 3.2 9,718 111.9 7 Consumer Cyclicals
SGX S68 -15.7 2.9 9,026 3.4 -6 Financial Services
Thai Beverage Y92 -11.7 2.7 14,570 -65.7 -9 Consumer Non-Cyclicals
Jardine C&C C07 -12.4 2.6 12,371 135.7 58 Consumer Cyclicals
Venture Corporation V03 -12.0 2.5 4,696 -73.5 -8 Technology (Hardware/ Software)
Mapletree Industrial Trust ME8U -18.1 1.9 5,868 -169.4 -15 REITs
Frasers Logistics & Commercial Trust BUOU -23.6 1.9 4,029 -74.1 -26 REITs
CapitaLand Investment 9CI -15.7 1.6 16,416 51.3 -2 Financial Services
SATS S58 -35.5 1.5 3,002 -136.7 -31 Industrials
Mapletree Pan Asia Commercial Trust N2IU -19.7 0.6 8,164 -127.1 -18 REITs
Jardine Matheson * J36 -11.3 0.0 19,711 -42.0 -5 Industrials
Hongkong Land * H78 -13.5 -2.0 13,702 20.1 -13 Real Estate (excl. REITs)
Emperador Inc. EMI -4.9 -2.0 7,554 -2.8 N/A Consumer Non-Cyclicals

Source: SGX, Refinitiv, Bloomberg (Data as of 4 Nov 2022).
* Price Returns in USD.

On the earnings front of 5 strongest STI stocks over the past two weeks:

  • On 28 Oct, Wilmar International reported 3Q22 core net profit surged 38.2% y-o-y, with its record results were driven by good performance across all core segments.

  • Sembcorp Industries did not report over the period, however did announce a new milestone for its solar portfolio in Singapore, also announcing it had entered strategic partnerships with the Japanese government and various corporations, to progress hydrogen and other decarbonisation initiatives.

  • On 26 Oct, Keppel DC REIT provided an operational update, noting 3 Q22 distributable income and DPU increased by 9.0% and 5.0% y-o-y respectively, mainly due to contributions from acquisitions and investment, as well as completed asset enhancement initiatives.

  • On 28 Oct, UOB provided a performance update, highlighting its 3Q22 saw a record high of S$1.4 billion net profit, up 34% y-o-y, driven by strong net interest income, higher customer-related treasury income and lower credit allowance. Note Banks continue to command a 40% weight in the STI, with the trio of DBS, OCBC & UOB and underpinning the STI’s 5.4% partial recovery over the past fortnight. DBS, OCBC & UOB averaged 6.7% gains with combined 3Q22 Net Interest Income of the trio climbing to S$7.4 billion, up S$1.3 billion from 2Q22, on net interest margin expansions and loan growth.

  • On 27 Oct, Keppel Corporation provided a business update, noting that while 3Q22 net profit was lower y-o-y, mainly due to the absence of the gain from the en-bloc sale of a project in China in 3Q21, 9M22 revenue from both continued and discontinued operations grew 24% y-o-y, while the urbansiation solution provider reported good progress towards Vision 2030.

This article is provided by SGX My Gateway.

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