SGX Market Updates

Mixed Moves of SGX Listed Manufacturing Stocks in 1Q23


PUBLISHED ON |

05 April 2023

  • The iEdge SG Advanced Manufacturing Index is comprised of 110 stocks that drew 20 cents in every dollar that went to work into the Singapore stock market in 1Q23. While the Index generated a marginal 0.5% decline in total return in 1Q23, 49 of the 110 constituents booked positive returns, with 9 stocks unchanged and 52 stocks posted declines.

  • For 1Q23, the Index constituents booked S$52 million of net institutional inflow, led by inflow to Sembcorp Marine, ST Engineering, Thai Beverage, Tianjin Pharmaceutical Da Ren Tang, Venture Corporation, Nanofilm Technologies, Halcyon Agri, Frencken, Top Glove, and ISDN. These 10 stocks averaged a 9.0% total return in 1Q23.

  • The Index constituents that booked the highest net institutional inflow proportionate to quarter-end market cap in 1Q23 included Acesian Partners, ISDN and Frencken, while averaging a 28% total return. Jiutian Chemical, Yangzijiang Shipbuilding and Medtecs International booked the highest net institutional outflow proportionate to quarter-end market cap and averaged a 19% decline in total return in 1Q23.




The iEdge SG Advanced Manufacturing Index is comprised of 110 stocks that drew 20 cents in every dollar that went to work into the Singapore stock market in 1Q23. Yangzijiang Shipbuilding saw the most trading turnover in 1Q23, averaging S$42 million a day, with 20 stocks averaging more than S$1 million in traded turnover a day.



Most traded SGX constituents of iEdge Advanced Manufacturing Index in 1Q23



The iEdge SG Advanced Manufacturing Index booked S$52 million of net Institutional fund Inflow in 1Q23

While the iEdge SG Advanced Manufacturing Index generated a marginal 0.5% decline in total return in 1Q23, 49 of the 110 constituents booked positive returns, with 9 stocks unchanged and 52 stocks posted declines.

For 1Q23, the stocks of the iEdge SG Advanced Manufacturing Index booked S$52 million of net institutional fund inflow, led by inflow to Sembcorp Marine, ST Engineering, Thai Beverage, Tianjin Pharma Da Ren Tang, Venture Corporation, NanoFilm Technologies, Halcyon Agri, Frencken, Top Glove, and ISDN.

For the quarter, stocks of the Index that booked the highest net institutional inflow proportionate to quarter-end market capitalisation included Acesian Partners, ISDN and Frencken which averaged a 28% total return in 1Q23.

Meanwhile, Jiutian Chemical, Yangzijiang Shipbuilding and Medtecs International booked the highest net institutional outflow proportionate to quarter-end market capitalisation and averaged a 19% decline in total return in 1Q23.

As illustrated below, the 52-week low of the iEdge SG Advanced Manufacturing Index is 1,219 on 25 Oct, with the Index since gaining 18% to 1,438 on 26 Jan, decline 11% to 1,279 on 14 March, and recover 6% to return to 1,362 on 31 March.



iEdge Advanced Manufacturing Index Net Return



Manufacturing is a Highly International Business

The decline in the iEdge SG Advanced Manufacturing Index into October 2022, preceded Singapore's NODX reports registering y-o-y contractions since the Oct 2022 NODX report was released on 17 November. In tandem, export data for South Korea and Taiwan have also registered y-o-y contractions since October on the weak global outlook, and some moderation to the optimistic outlook for both China's economic growth, and rapprochement with US policymakers since late January.

Aside from familiar macroeconomic drivers of growth, inflation, interest rates, geopolitical tensions, and overall financial stability, manufacturing outlooks can be also shaped by global trade trends, regional integration, Industry 4.0, and inbound foreign direct investment.

Manufacturing is expected by Enterprise Singapore to play a critical role in South East Asia's growth, with multiple initiatives at work to make it easier for goods to flow within the region, by expediting cargo clearance and cutting down paperwork. ADB's Sanchita Das sees more integrated approaches to trade and transport facilitation will help to allay two of the more costly components of the supply chain, customs, and transport connectivity, and thus provide for greater trade and better engagement in value chains. While manufacturing transformation and trade readiness are in focus with the ASEAN Declaration on Industrial Transformation to Industry 4.0 and Regional Comprehensive Economic Partnership, further integration stands to benefit operational efficiency at a company level.

Transcending value chains, acquisitions, the adoption of lean manufacturing, product differentiation and stout inventory management are among the strategic initiatives pursued by international manufacturers in recent years.

Wide Sector Representation Across Index Constituents

While the iEdge SG Advanced Manufacturing Index spans multiple sectors, Industrials, Technology, Consumer Non-Cyclical and Materials and Resources and Healthcare contribute 94 of the 110 constituents. The Sector bandwidth is not unlike Singapore's Industrial Production, which is comprised of Electronics, Chemicals, Precision Engineering, Biomedical Manufacturing, General Manufcaturing and Transport Engineering.

As detailed in the Index Methodology, revenue breakdown is a key part of the Index selection criteria obtained and based using the RBICS industry classification system as provided by iEdge research partner, FactSet. To be eligible for index inclusion, a company must belong to a RBICS Level 6 Sector as specified in the Appendix – Sector Criteria for iEdge SG Advanced Manufacturing Index. The sector criteria states that more than 40% of a company's revenue must be generated from the relevant index theme; the threshold is lowered to 30% for existing constituents. All companies are screened for sector eligibility in the annual September index review.

NIO maintained the highest weightage of iEdge SG Advanced Manufacturing Index at the end of 1Q23. It also ranked among the 15 most traded constituents of the Index in 1Q23, while also ranking among the five stocks of the Index with the narrowest bid-ask spread for the last week of the quarter. On average those five sessions saw the difference between the bid-ask spread at 29 basis points (bps), on par with ST Engineering at 28 bps.

NIO shares traded in Singapore and NYSE traded ADS are fully fungible, thus holders and shareholders can convert shares trading on SGX to ADS trading on NYSE, and vice-versa.


The 110 constituents of iEdge SG Advanced Manufacturing Index, sort by Index weight as of 31 March, are tabled below.

iEdge SG Advanced Manufacturing Index Constituent SGX
Code
Index
Weight
%
Market
Cap
S$M
1Q23
Total
Return
%
1Q23 Net
Institutional
Fund Inflow
S$M
1Q23 Net
Retail
Fund Inflow
S$M
Sector
NIO NIO 10.7 20,571 -0.2 1.28 10.51 Consumer Cyclicals
Wilmar F34 10.4 26,281 1.0 -14.47 6.90 Consumer Non-Cyclicals
Venture Corp V03 10.1 5,141 3.6 8.78 -30.35 Technology
ST Engineering S63 10.1 11,413 9.3 38.86 -19.71 Industrials
Thai Beverage Y92 9.8 15,829 -5.7 18.91 -19.04 Consumer Non-Cyclicals
Yangzijiang Shipbuilding BS6 7.7 4,741 -11.8 -80.29 53.08 Industrials
Keppel Infra Trust A7RU 4.7 2,621 0.6 -3.69 8.08 Utilities
SATS S58 4.0 4,150 3.9 2.99 -0.58 Industrials
Sembcorp Marine S51 3.7 8,120 -13.8 57.79 -59.79 Industrials
Emperador EMI 3.5 7,947 -1.0 0.60 -0.37 Consumer Non-Cyclicals
Sri Trang Agro NC2 2.9 1,367 7.9 0.39 -0.40 Consumer Cyclicals
Top Glove BVA 2.2 2,282 5.6 7.55 -7.70 Healthcare
Haw Par H02 2.2 2,156 1.7 -18.56 10.99 Healthcare
AEM AWX 1.8 982 -7.0 -5.01 2.51 Technology
UMS 558 1.3 744 -5.9 1.77 8.25 Technology
SIA Engineering S59 1.2 2,524 -3.8 -1.05 -0.26 Industrials
First Resources EB5 1.2 2,462 6.1 2.06 -3.25 Consumer Non-Cyclicals
NanoFilm MZH 1.1 1,055 15.8 8.50 -11.10 Technology
Tianjin Pharma Da Ren Tang T14 1.0 4,902 34.8 15.00 -16.42 Healthcare
Frencken E28 0.8 483 19.6 7.81 -7.65 Technology
Riverstone AP4 0.7 889 1.8 -4.13 2.86 Healthcare
Delfi P34 0.7 691 45.8 -2.71 1.26 Consumer Non-Cyclicals
Oceanus Group 579 0.5 307 -20.0 0.49 -0.57 Consumer Non-Cyclicals
Food Empire F03 0.5 544 60.6 2.31 -4.35 Consumer Non-Cyclicals
Aztech 8AZ 0.4 625 -2.4 -3.21 2.50 Technology
Halcyon Agri 5VJ 0.4 654 3.8 8.20 -8.80 Consumer Cyclicals
China Sunsine QES 0.4 454 10.6 0.12 -0.13 Materials & Resources
Valuetronics BN2 0.3 215 0.0 1.37 -1.32 Technology
Mewah International MV4 0.3 465 -4.6 0.44 -0.44 Consumer Non-Cyclicals
QAF Q01 0.3 489 2.4 -0.43 0.46 Consumer Non-Cyclicals
Marco Polo Marine 5LY 0.3 161 4.9 0.70 -0.65 Industrials
ISDN I07 0.3 225 17.2 5.02 -5.97 Technology
Hong Leong Asia H22 0.3 512 3.0 -1.20 1.24 Consumer Cyclicals
Micro Mechanics 5DD 0.3 279 -21.8 -0.39 0.37 Technology
Jiutian Chemical C8R 0.2 145 -9.9 -2.68 2.51 Materials & Resources
Del Monte Pacific D03 0.2 457 -29.9 -2.26 2.41 Consumer Non-Cyclicals
Tai Sin Electric 500 0.2 183 3.2 -0.01 0.01 Industrials
Yeo Hiap Seng Y03 0.2 407 0.0 0.01 -0.01 Consumer Non-Cyclicals
Sarine Technologies U77 0.2 166 23.4 -0.69 0.66 Industrials
Dyna-Mac NO4 0.2 207 6.4 1.39 -2.74 Industrials
Grand Venture JLB 0.2 173 1.0 -0.26 0.02 Industrials
Indofood Agri 5JS 0.1 433 1.6 0.23 -0.24 Consumer Non-Cyclicals
Medtecs International 546 0.1 70 -36.0 -0.80 0.72 Healthcare
Creative Technology C76 0.1 101 0.7 0.04 -0.06 Technology
PSC Corporation DM0 0.1 185 6.3 0.35 -0.35 Materials & Resources
InnoTek M14 0.1 112 0.0 0.00 0.02 Technology
Nordic Group MR7 0.1 184 2.2 -0.02 0.04 Industrials
New Toyo International N08 0.1 92 -2.3 0.04 -0.04 Materials & Resources
Baker Technology BTP 0.1 122 -7.7 0.23 -0.28 Financial Services
Sinostar Pec C9Q 0.1 104 -10.0 0.02 -0.02 Energy/ Oil & Gas
IX Biopharma 42C 0.1 65 -34.1 0.00 0.03 Healthcare
JEP Holdings 1J4 0.1 130 -7.4 -0.08 0.10 Industrials
UG Healthcare 8K7 0.1 100 -18.8 -0.05 0.02 Healthcare
Mermaid Maritime DU4 0.1 103 -1.4 0.16 -0.19 Energy/ Oil & Gas
Serial System S69 0.1 78 -6.5 0.01 -0.01 Industrials
Spindex Industries 564 0.1 114 2.1 0.01 -0.01 Industrials
Avi-Tech 1R6 0.1 44 -5.6 -0.09 0.09 Technology
DiSa 532 0.1 40 33.3 0.26 -0.26 Technology
Broadway Industrial Group B69 0.1 45 -16.2 -0.15 0.14 Technology
CDW Holdings BXE 0.1 53 2.2 -0.01 0.02 Technology
PNE Industries BDA 0.1 60 -5.9 -0.21 0.21 Industrials
Chemical Industries C05 0.1 53 3.7 0.01 -0.01 Materials & Resources
Penguin International BTM 0.05 156 2.2 0.14 -0.13 Industrials
Tat Seng Packaging T12 0.05 101 0.0 -0.01 0.00 Materials & Resources
MTQ Corp M05 0.05 47 -6.5 -0.24 0.25 Energy/ Oil & Gas
Willas-Array Electronics BDR 0.04 50 17.7 0.04 -0.04 Technology
Addvalue Tech A31 0.04 36 -8.3 -0.05 0.07 Technology
Samurai 2K Y8E 0.04 54 -20.0 0.00 0.00 Materials & Resources
Global Testing AYN 0.04 37 -15.9 -0.10 0.11 Technology
Old Chang Kee 5ML 0.04 78 -3.0 -0.01 0.00 Consumer Cyclicals
Ellipsiz BIX 0.03 39 -7.8 0.00 -0.01 Technology
XMH ^ BQF 0.03 36 32.7 0.35 -0.35 Industrials
Sunright S71 0.03 29 -20.0 -0.01 0.02 Technology
Qian Hu BCV 0.03 23 -13.0 0.02 -0.01 Consumer Non-Cyclicals
Accrelist QZG 0.03 19 48.8 -0.16 0.16 Technology
AP Oil International 5AU 0.03 26 2.6 -0.01 0.02 Materials & Resources
Acesian Partners 5FW 0.03 30 47.6 0.95 -1.27 Industrials
Jubilee NHD 0.02 23 100.0 -0.08 0.08 Industrials
LHT BEI 0.02 44 21.0 0.18 -0.18 Materials & Resources
Wong Fong Industries 1A1 0.02 28 -6.3 -0.01 0.01 Industrials
Miyoshi M03 0.02 13 17.6 0.02 -0.02 Technology
Pacific Radiance RXS 0.02 21 55.2 -0.04 0.04 Energy/ Oil & Gas
ASL Marine ^ A04 0.02 25 0.0 0.00 0.00 Industrials
Global Invacom QS9 0.02 11 -23.6 0.01 0.00 Technology
Mencast 5NF 0.02 19 -2.4 -0.02 -0.04 Energy/ Oil & Gas
AMOS Group 49B 0.02 27 0.0 0.01 -0.01 Industrials
Biolidics 8YY 0.02 8 -41.7 0.04 -0.04 Healthcare
KTMG XCF 0.01 32 -4.5 0.00 0.00 Consumer Cyclicals
Yamada Green Resources BJV 0.01 20 -17.6 0.01 -0.01 Consumer Non-Cyclicals
Anchun International BTX 0.01 15 12.5 0.01 -0.01 Industrials
Trek 2000 5AB 0.01 21 -11.7 -0.01 0.01 Technology
Hoe Leong H20 0.01 45 0.0 0.00 0.00 Industrials
Advanced Systems Automation 5TY 0.01 22 0.0 0.00 0.00 Technology
Zhongxin Fruit & Juice Ltd 5EG 0.01 27 -18.8 0.00 0.00 Consumer Non-Cyclicals
Matex International M15 0.01 8 12.5 -0.01 0.01 Materials & Resources
Jadason Enterprises J03 0.01 10 -26.3 0.00 0.01 Technology
Beng Kuang Marine BEZ 0.01 7 -32.7 0.01 -0.01 Industrials
Advanced Holdings BLZ 0.01 8 14.3 0.00 0.00 Energy/ Oil & Gas
Sapphire Corp BRD 0.01 17 -20.2 -0.02 0.03 Industrials
AsiaPhos 5WV 0.01 8 -52.9 0.01 0.00 Materials & Resources
Teho International 5OQ 0.01 11 -6.2 0.00 0.00 Industrials
Jason Marine 5PF 0.01 12 -35.3 -0.01 0.01 Technology
Fuxing China Group AWK 0.004 10 -11.1 0.00 0.00 Consumer Cyclicals
ES Group 5RC 0.004 7 -9.4 0.00 0.00 Industrials
VibroPower BJD 0.004 3 -17.4 0.00 0.00 Utilities
Eindec 42Z 0.003 5 13.2 0.00 0.00 Industrials
Versalink 40N 0.003 5 1.8 0.01 -0.01 Industrials
Pharmesis International BFK 0.002 3 0.9 -0.01 0.01 Healthcare
Luxking Group BKK 0.002 2 0.0 0.00 0.00 Materials & Resources
Shanghai Turbo AWM 0.002 2 -16.1 0.00 0.00 Industrials

Source: SGX, Refinitiv, Bloomberg (Data as of 31 March 2023).
Note: Fund Flows takes account of trades in the 'Buying-in Market' and 'Unit Share Market'.
^ on SGX Watchlist.




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