The Straits Times Index (STI) rallied 5.0% in the first half of July, with the broader Singapore stock market booking over S$400 million in net institutional inflow. Half of the top 30 stocks with the highest net institutional inflow were non-STI stocks. By comparison the FTSE ASEAN Index and FTSE APAC Index returned 3.5% and 3.1% in S$ terms over the 11 sessions.
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Among the STI constituents, DBS led the net institutional inflow over the 11 sessions, with inflow of S$118 million, reversing S$28 million of net institutional outflow in 1H24. The 10 July session also saw the largest trading turnover for the stock since the MSCI Singapore Index rebalance on 31 May 2023.
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ARA US Hospitality Trust led the net institutional inflow into non-STI stocks with inflow of S$46.1 million. This followed Acrophyte Limited's acquisition of a significant stake in the trust. There were also another five stocks of the S-REIT sector that so ranked among the 30 stocks with the highest net institutional inflow over the 11 sessions.
The Straits Times Index (STI) rallied 5.0% in the first half of July, with the broader Singapore stock market booking S$418 million of net institutional inflow reversing more than a third of the net institutional outflow booked in 1H24. The jolt in performance and flows over the past 11 sessions was on the back of increased expectations for of a smooth landing for the US economy in 2H24.
Yesterday (15 Jul) the STI formed its highest levels in 6 years at 3,509.20. Other key historical highs of the Straits Times Index (STI) include the 3,640s reached in May 2018 and 3,906 attained in October 2007.
For the 30 Singapore-listed stocks that booked the highest net institutional inflow over the 11 sessions, half the stocks were non-STI stocks.
ARA US Hospitality Trust (SGX:XZL) led the non-STI contingent for net institutional inflow over the past 11 sessions. The stapled hospitality trust booked S$46 million in net institutional inflow over the period. Last week, Acrophyte Limited completed the acquisition of a 19.0 per cent stapled security interest in ARA US Hospitality Trust, increasing the stapled security holdings owned by the Tang Group in ARA US Hospitality Trust to 28.3%.
- Acrophyte is a multinational conglomerate with expertise spanning the entire real estate spectrum and the hospitality sector. The company operates and invests in hospitality assets in various locations, boasting a proven track record in both operations and investments. The stapled trust will report its 1HFY24 results on 7 August.
For the contingent of STI constituents that ranked among the 30 stocks with highest net institutional inflow over the 11 sessions, DBS (SGX:D05) booked the highest net institutional inflow of S$118 million. This reversed the S$28 million of net institutional outflow from the stock in 1H24. Over the past 11 sessions, DBS saw its biggest session by trading turnover on 10 July, following Macquarie Research upgrading its share price target for the stock on July, from S$38.30 to S$41.00 (read here for takeaways).
DBS will report its 1HFY24 financials on 8 August. (see earnings calendar)
- DBS saw a new high in quarterly total income at S$5.56 billion, and ROE of 19.4% in 1QFY24. Its 1QFY24 commercial book net interest income grew 8% y-o-y, lifted by a higher net interest margin (NIM) which rose 8bps y-o-y points to 2.77%, from higher interest rates, while loans grew 1%. Note for 2QFY24, the commercial book NIM had a comparatively higher base in 2QFY23, at 2.81%.
- DBS' wealth management income in 1QFY24 increased 47% from S$365 million in 1QFY23 to S$536 million in 1QFY24, with the Citi Taiwan acquisition accounting for 12 percentage points of the growth. By comparison, wealth management income amounted to S$377 million in 2QFY23.
The 30 Singapore-listed stocks that booked the highest net institutional inflow over the 11 sessions are tabled below.
| Stocks | SGX Code | Market Cap S$M |
1-15July Net Institutional Inflow S$M |
1-15July Total Return % |
YTD Net Institutional Inflow S$M |
YTD Total Return % |
P/E (x) |
P/B (x) |
5-Year P/B (x) |
Sector |
|---|---|---|---|---|---|---|---|---|---|---|
| DBS | D05 | 107,792 | 117.5 | 6 | 89.6 | 29 | 11 | 1.7 | 1.4 | Financial Services |
| SingTel | Z74 | 49,705 | 116.7 | 9 | 333.4 | 22 | 63 | 2.0 | 1.5 | Telecommunications |
| UOB | U11 | 55,157 | 96.8 | 5 | 495.5 | 19 | 10 | 1.2 | 1.1 | Financial Services |
| OCBC | O39 | 68,900 | 74.9 | 6 | 298.2 | 22 | 10 | 1.3 | 1.0 | Financial Services |
| SATS | S58 | 4,993 | 47.9 | 17 | 81.8 | 21 | 88 | 2.1 | 2.5 | Industrials |
| ARA US Hospitality Trust | XZL | 226 | 46.1 | 3 | 44.7 | 4 | N/A | 0.4 | 0.6 | REITs |
| Yangzijiang Shipbuilding | BS6 | 9,086 | 24.3 | -7 | 196.4 | 60 | 12 | 2.3 | 0.9 | Industrials |
| Venture Corp | V03 | 4,340 | 17.8 | 5 | 82.7 | 14 | 16 | 1.5 | 1.9 | Technology |
| Great Eastern | G07 | 12,212 | 17.0 | 1 | 55.1 | 50 | 16 | 1.5 | 1.1 | Financial Services |
| ST Engineering | S63 | 13,629 | 13.4 | 1 | 134.9 | 15 | 23 | 5.5 | 5.1 | Industrials |
| Mapletree Pan Asia Commercial Trust | N2IU | 6,992 | 12.1 | 9 | -169.7 | -12 | 12 | 0.7 | 1.1 | REITs |
| Seatrium | 5E2 | 5,007 | 10.4 | 7 | -259.9 | -38 | N/A | 0.8 | 0.8 | Industrials |
| CapitaLand Integrated Commercial Trust | C38U | 14,075 | 9.5 | 6 | -30.6 | 4 | 16 | 1.0 | 1.0 | REITs |
| SGX | S68 | 10,419 | 9.3 | 3 | -43.0 | 1 | 19 | 6.1 | 7.5 | Financial Services |
| Suntec REIT | T82U | 3,380 | 8.7 | 10 | -13.6 | -3 | 20 | 0.5 | 0.7 | REITs |
| City Developments | C09 | 4,914 | 8.7 | 7 | -216.0 | -16 | 16 | 0.5 | 0.7 | Real Estate (excl. REITs) |
| Keppel DC REIT | AJBU | 3,360 | 8.3 | 8 | -41.9 | 3 | 28 | 1.5 | 1.8 | REITs |
| NanoFilm | MZH | 618 | 5.5 | 28 | -14.8 | 4 | 194 | 1.6 | 5.4 | Technology |
| Dyna-Mac | NO4 | 533 | 5.5 | 23 | 23.6 | 55 | 21 | 7.6 | 4.3 | Energy/ Oil & Gas |
| ComfortDelGro | C52 | 3,011 | 4.9 | 4 | 58.1 | 2 | 17 | 1.2 | 1.3 | Industrials |
| Thai Beverage | Y92 | 12,187 | 4.2 | 8 | 40.8 | -3 | 12 | 1.6 | 2.6 | Consumer Non-Cyclicals |
| iFAST | AIY | 2,262 | 4.2 | 5 | 10.8 | -7 | 58 | 8.4 | 9.0 | Technology |
| CSE Global | 544 | 319 | 3.9 | 15 | -4.7 | 11 | 13 | 1.3 | 1.3 | Technology |
| Golden Agri-Resources | E5H | 3,424 | 3.5 | 0 | -31.5 | 6 | 13 | 0.5 | 0.5 | Consumer Non-Cyclicals |
| Yoma Strategic | Z59 | 290 | 3.0 | 5 | 4.3 | 79 | 12 | 0.4 | 0.5 | Real Estate (excl. REITs) |
| AIMS APAC REIT | O5RU | 1,070 | 2.4 | 6 | -2.2 | 5 | 24 | 0.7 | 0.8 | REITs |
| Yangzijiang Financial | YF8 | 1,212 | 1.9 | -1 | 10.2 | 13 | 6 | 0.3 | 0.3 | Financial Services |
| Frencken | E28 | 709 | 1.8 | 2 | 23.5 | 25 | 22 | 1.8 | 1.5 | Technology |
| SIA Engineering | S59 | 2,753 | 1.6 | 6 | 1.0 | 3 | 28 | 1.6 | 1.6 | Industrials |
| UOL Group | U14 | 4,596 | 1.3 | 5 | -119.9 | -10 | 6 | 0.4 | 0.6 | Real Estate (excl. REITs) |
Source: SGX, Refinitiv, Bloomberg.
All Data as of 15 July 2024
