SGX Market Updates

5 Manufacturing Stocks Attracting a Surge in Trading Volume in 2024


21 May 2024

  • The SGX iEdge SG Advanced Manufacturing Index generated a 4.3% decline in the 2024 year through to 17 May, while booking S$64 million of net institutional inflow. The 105 Index constituent performances were mixed, with a near equal amount of gainers to decliners over the past 20 weeks.

  • Five constituents that have ranked among the most traded within the Index over the 20 weeks, while also seeing more than 50% increases in their average daily turnover compared to the full 2023 year, included Dyna-Mac, Riverstone, Food Empire, Aztech Global and Beng Kuang Marine.

  • With combined average daily trading turnover of S$10 million, these five stocks all booked gains for the period, ranging from 8% for Food Empire to 150% for Beng Kuang Marine. All five also booked net institutional inflow for the period, totalling S$32 million, while maintain an average P/E of 12x, and average ROE of 32%.

  • The S&P Global ASEAN Manufacturing PMI for April 2024 indicated continued expansion in the sector, albeit at a slightly slower pace than in March. At 51.0, the PMI marks four consecutive months of expansion. This indicates ASEAN manufacturing is still on a positive trajectory, but the rate of improvement has moderated.

iEdge SG Advanced Manufacturing Index gauges the performance of the SGX-listed companies within the global manufacturing ecosystem. Parallelling Singapore's Industrial Production and Trade, these companies exemplify multiple growth avenues, representing at least six sectors while maintaining significant revenue reach across APAC.

The iEdge SG Advanced Manufacturing Index has generated a 4.3% decline in total return in the 2024 year to 17 May, with 50 gainers, 4 constituents unchanged and 51 decliners. With a 5.2% total return spanning the 17 April close through to 17 May, the past month has seen the Index retrace half its decline in total return in the 2024 year through to 17 April. (See Marginal NODX Contraction in 1Q24 Paralleled Decline in Manufacturing Index)

While the past 20 weeks have seen the 105 Index constituents book a similar level of combined trading turnover as 2023, there are more than 25 stocks that have seen their average daily turnover (ADT) surge by more than 50% as compared to the full 2023 year. This included 10 stocks that with more than S$100,000 of ADT over the past 20 weeks, and another eights stocks that traded more than S$10,000 ADT, in addition to less traded stocks which also maintained a low comparative ADT base in 2023.

The five stocks with the highest ADT for the first 20 weeks of 2024 that also saw their ADT surge by more than 50% as compared to the full 2023 year are tabled below.

Most Traded iEdge SG Advanced Manufacturing Index constituents with surge in volume

iEdge SG Advanced Manufacturing Index constituents SGX
YTD Average Daily Turnover
2023 Average Daily Turnover
Average Daily Turnover Growth (YTD vs 2023) YTD Total Return
YTD Net Institutional Inflow
Market Cap
5-Year Average P/E
Dyna-Mac NO4 3.87 1.89 105% 11.2 15.81 381.7 14.9 71.7 50.4 Energy/ Oil & Gas
Riverstone AP4 2.87 0.88 225% 38.4 6.65 1378.4 19.5 14.0 13.9 Healthcare
Food Empire F03 1.15 0.74 56% 7.6 3.32 591.9 7.9 9.1 19.7 Consumer Non-Cyclicals
Aztech 8AZ 1.01 0.66 53% 9.5 5.92 744.9 7.4 10.8 31.8 Technology
Beng Kuang Marine ^ BEZ 0.91 0.28 227% 150.0 0.47 31.9 9.3 6.4 43.7 Industrials

^ denotes on SGX Watchlist.
Source: SGX, Refinitiv (Data as of 17 May 2024)

The next two stocks with the highest average daily turnover for the first 20 weeks of 2024 that also saw their average daily turnover surge by more than 50% as compared to the full 2023 year were Mermaid Maritime and Valuetronics.

Dyna-Mac Holdings (SGX:NO4)

Dyna-Mac specialises in fabricating topside modules for Floating Production Storage and Offloading Vessels (FPSOs). FPSOs are favored in the region for their versatility, dominating over 60% of the floating production systems market. Dyna-Mac maintain that the demand for floating production systems is also increasing due to higher energy needs and new exploration in deeper waters. Its FY23 (ended 31 Dec) gross profit increased 59% from FY22, to S$50.1 million, due to higher revenue recognised coupled with a higher profit margin. On 3 April, Dyna-Mac Holdings reported newly secured contracts/orders had increased its net order book to a record S$896 million, with project deliveries stretching to 2026.

Riverstone Holdings (SGX:AP4)

After the 9 May close, Riverstone reported 1QFY24 (ended 31 March) net profit came in 54.5% higher than 1QFY23 at RM72.2 million, marking the fifth consecutive quarter of sequential growth. Its share price has rallied from S$0.775 on 9 May, to S$0.89 on 10 May, and S$0.93 on the 17 May close. Over this period, the Refinitiv consensus estimates target price was revised significantly upward from S$0.83 to S$1.04. The Mid-Cap stock maintains ranks among Singapore's top traded 50 stocks and top 20 stocks by net institutional inflows over the past 20 weeks.

S&P Global ASEAN Manufacturing PMI at 51.0 in April

The mixed moves in the iEdge SG Advanced Manufacturing Index has coincided with regional manufacturing in expansion mode, albeit within a challenging operating environment. S&P Global's April PMI data showed an overall improvement in the ASEAN manufacturing sector.

The ASEAN Manufacturing PMI remained above the neutral 50.0 threshold for the fourth consecutive month. The PMI for April was 51.0, a slight decrease from 51.5 in March, indicating a slower pace of improvement. New orders and output expanded, although the growth rate of output decreased slightly. At the same time, purchasing activity increased, allowing firms to build up pre-production inventories. Employment declined, marking the first job losses in six months. The rise in new orders was the fastest since mid-2023, however again mainly driven by domestic demand as export sales continuing to decline, marking 23 months of downturn.

The S&P Global ASEAN Manufacturing PMI is compiled by S&P Global from responses to monthly questionnaires sent to purchasing managers in panels across ASEAN, totalling around 2,100 manufacturers.

The recovery in global trade and manufacturing on the back of a potential resurgence in the technology cycle has been an overarching driver for regional stocks in 2024, however like less tight financial conditions, is currently anticipated to start taking effect in 2H24.

This article is provided by SGX My Gateway.

SGX My Gateway

SGX's investor education portal with market, product and investment information and events. Sign up now at to receive our investment updates and economic calendar.

This document is not intended for distribution to, or for use by or to be acted on by any person or entity located in any jurisdiction where such distribution, use or action would be contrary to applicable laws or regulations or would subject Singapore Exchange Limited (“SGX”) to any registration or licensing requirement. This document is not an offer or solicitation to buy or sell, nor financial advice or recommendation for any investment product. This document is for general circulation only. It does not address the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a financial adviser regarding the suitability of any investment product before investing or adopting any investment strategies. Use of and/or reliance on this document is entirely at the reader’s own risk. Further information on this investment product may be obtained from Investment products are subject to significant investment risks, including the possible loss of the principal amount invested. Past performance of investment products is not indicative of their future performance. Examples provided are for illustrative purposes only. While each of SGX and its affiliates (collectively, the SGX Group Companies) have taken reasonable care to ensure the accuracy and completeness of the information provided, each of the SGX Group Companies disclaims any and all guarantees, representations and warranties, expressed or implied, in relation to this document and shall not be responsible or liable (whether under contract, tort (including negligence) or otherwise) for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind, including without limitation loss of profit, loss of reputation and loss of opportunity) suffered or incurred by any person due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information, or arising from and/or in connection with this document. The information in this document may have been obtained via third party sources and which have not been independently verified by any SGX Group Company. No SGX Group Company endorses or shall be liable for the content of information provided by third parties. The SGX Group Companies may deal in investment products in the usual course of their business, and may be on the opposite side of any trades. SGX is an exempt financial adviser under the Financial Advisers Act (Cap. 110) of Singapore. The information in this document is subject to change without notice. This document shall not be reproduced, republished, uploaded, linked, posted, transmitted, adapted, copied, translated, modified, edited or otherwise displayed or distributed in any manner without SGX’s prior written consent.

SGX Stock / REIT Search


Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🎁