SGX Market Updates

DBS, SGX, SATS & UOB Led The Net Institutional Inflow In Past 4 Trading Sessions


PUBLISHED ON |

22 August 2024

  • Global focus on key economic indicators for a smooth US landing has led to 4 stable trading sessions of Singapore stock market with a 40-point range and 1.8% gain in the Straits Times Index (STI), as markets look to the US August unemployment report on 6 Sep and potential Fed Funds Rate cut on 18 Sep.

  • Institutions have also been net buyers over the past 4 sessions, with S$171 million of net inflow, led by Financials, REITs, and SATS. The global air cargo champion reported a turnaround 1QFY25 net profit of S$65 million on 20 Aug, while also expecting positive momentum in the coming quarters.

  • Beyond STI constituents, stocks that contributed to the net 4-session institutional inflow included Lendlease Global Commercial REIT, NetLink NBN Trust, iFAST, Keppel DC REIT, CapitaLand India Trust, Suntec REIT & Nam Cheong. On 13 Aug, Nam Cheong reported 1HFY24 NPAT of RM 635.8 million, up from RM 31.7 million in 1HFY23, primarily due to the waiver of debts.




The global focus on key economic indicators for a smooth landing in the US has resulted in four stable sessions for the STI, with a 40-point range and a 1.8% gain. Key events in September include the US August unemployment report, due on 6 Sep. If the unemployment rate remains near the 4.3% level seen in July, or is reported to be higher, it will likely lead to a 25bps Fed Funds Rate cut on 18 Sep. Currently, the CME FedWatch Tool shows two-thirds of the market expecting a 25bps rate cut, and one-third expecting a 50bps rate cut. These expectations have remained unchanged over the past four sessions from 16 to 21 Aug.

The 1.8% 4-session STI gain coincided with S$171 million of net institutional inflow. Some of this flow can be attributed to the local earnings reporting season which is drawing to close. As much as S$28 million of the 4-session S$171 million combined net inflow was generated by SATS (SGX:S58) on 21 August, with the stock also trading 10x its usual average daily turnover.

  • Refer to SATS's announcement dated 20 Aug – The company reported a turnaround 1QFY25 PATMI of S$65.0 million compared to a loss of S$29.9 million in 1QFY24.
  • SATS attributed the turnaround to higher business volumes and a one-off gain of S$7.2 million from a loan settlement with an outgoing local partner in Indonesia.
  • SATS’s management noted with the continuing aviation recovery and increased air cargo volume handled, it expects positive momentum in the coming quarters.

SATS has now booked the sixth highest bet institutional net inflows in the local stock market in the year-to-date, after SingTel (SGX:Z74), UOB (SGX:U11), ST Engineering (SGX:S63), OCBC (SGX:O39) and Yangzijiang Shipbuilding (SGX:BS6).

By Sector, it was Financial Services and REITs that booked the most net institutional inflow over the four sessions.

The 30 Singapore listed stocks that booked the highest net institutional inflows over the 4 sessions from 16 Aug to 21 Aug

Stock SGX
Code
Market Cap
S$M
4-Day Price Change
%
4-Day Net Institutional Inflow
S$M
YTD Price Change
%
YTD Net Institutional Inflow
S$M
Sector
DBS D05 101,763 2.9 63.53 18 -412.2 Financial Services
SGX S68 11,328 3.7 45.86 8 118.2 Financial Services
SATS S58 5,367 12.2 26.16 31 126.4 Industrials
UOB U11 51,332 2.2 21.22 8 407.8 Financial Services
Jardine Cycle & Carriage C07 10,909 4.5 15.53 -7 -73.6 Consumer Cyclicals
OCBC O39 64,463 2.3 13.77 10 150.0 Financial Services
Mapletree Industrial Trust ME8U 6,748 3.9 13.47 -5 -85.8 REITs
ST Engineering S63 14,217 0.0 11.97 17 176.8 Industrials
Frasers Centrepoint Trust J69U 4,235 2.2 7.42 4 0.4 REITs
CapitaLand Ascendas REIT A17U 12,268 3.3 5.57 -8 -124.3 REITs
CapitaLand Investment 9CI 12,887 2.8 4.50 -18 -125.1 Financial Services
Keppel BN4 11,089 3.9 3.57 -13 -95.1 Industrials
Lendlease REIT JYEU 1,331 5.7 3.45 -13 -17.9 REITs
Seatrium 5E2 4,899 0.7 3.37 -39 -279.5 Industrials
Mapletree Pan Asia Commercial Trust N2IU 6,834 4.8 3.16 -17 -150.3 REITs
SingTel Z74 48,384 -3.0 2.96 19 616.7 Telecommunications
NetLink Trust CJLU 3,410 2.3 2.74 4 -22.6 Telecommunications
iFAST AIY 2,169 1.5 2.71 -11 13.8 Technology (Hardware/ Software)
Keppel DC REIT AJBU 3,584 1.5 1.65 7 -11.7 REITs
CapitaLand India Trust CY6U 1,461 0.0 1.59 -4 -3.6 REITs
Suntec REIT T82U 3,496 2.6 1.35 -2 13.0 REITs
DFI Retail D01 3,389 0.9 1.18 -21 -14.5 Consumer Non-Cyclicals
Thai Beverage Y92 12,313 3.2 1.02 -7 51.2 Consumer Non-Cyclicals
Nam Cheong 1MZ 120 5.2 1.01 -24 -7.2 Industrials
CapitaLand Ascott Trust HMN 3,351 2.9 1.00 -11 -75.0 REITs
SIA Engineering S59 2,593 1.8 0.82 -3 4.4 Industrials
Paragon REIT SK6U 2,543 2.9 0.77 1 7.2 REITs
NanoFilm MZH 459 0.0 0.71 -23 -24 Technology (Hardware/ Software)
Emperador EMI 6,845 0.0 0.70 -18 -2 Consumer Non-Cyclicals
Japfa UD2 703 1.5 0.69 57 2 Consumer Non-Cyclicals

All Data as of 21 August 2024.
Source: SGX



Beyond the STI constituents, stocks that contributed the most to the net institutional inflow over the four sessions included Lendlease Global Commercial REIT (SGX:JYEU), NetLink NBN Trust (SGX:CJLU), iFAST (SGX:AIY), Keppel DC REIT (SGX:AJBU), CapitaLand India Trust (SGX:CY6U), Suntec REIT (SGX:T82U) and Nam Cheong (SGX:1MZ).

Non-STI Constituents with highest net institutional inflow from 16 Aug to 21 Aug.

Stock SGX
Code
Market Cap
S$M
4-Day Price Change
%
4-Day Net Institutional Inflow
S$M
YTD Price Change
%
YTD Net Institutional Inflow
S$M
YTD Average Daily Turnover
S$M
Sector
Lendlease REIT JYEU 1,331 5.7 3.45 -13 -17.9 2.6 REITs
NetLink Trust CJLU 3,410 2.3 2.74 4 -22.6 3.3 Telecommunications
iFAST AIY 2,169 1.5 2.71 -11 13.8 4.0 Technology (Hardware/ Software)
Keppel DC REIT AJBU 3,584 1.5 1.65 7 -11.7 11.0 REITs
CapitaLand India Trust CY6U 1,461 0.0 1.59 -4 -3.6 2.5 REITs
Suntec REIT T82U 3,496 2.6 1.35 -2 13.0 8.8 REITs
Nam Cheong 1MZ 120 5.2 1.01 -24 -7.2 0.6 Industrials
CapitaLand Ascott Trust HMN 3,351 2.9 1.00 -11 -75.0 5.1 REITs
SIA Engineering S59 2,593 1.8 0.82 -3 4.4 0.6 Industrials
Paragon REIT SK6U 2,543 2.9 0.77 1 7.2 0.7 REITs
NanoFilm MZH 459 0.0 0.71 -23 -24 3.8 Technology (Hardware/ Software)
Emperador EMI 6,845 0.0 0.70 -18 -2 0.6 Consumer Non-Cyclicals
Japfa UD2 703 1.5 0.69 57 2 0.5 Consumer Non-Cyclicals
First Resources EB5 2,215 2.1 0.54 0 3 1.7 Consumer Non-Cyclicals
Far East Hospitality Trust Q5T 1,267 2.4 0.49 -5 -10 0.9 REITs
Mandarin Oriental M04 2,673 -1.2 0.41 3 2 0.1 Consumer Cyclicals
First REIT AW9U 532 0.0 0.40 -4 -2 0.3 REITs
Prime US REIT OXMU 301 -4.5 0.39 -20 -4 1.2 REITs
Yangzijiang Financial YF8 1,212 1.5 0.38 6 19 1.9 Financial Services
OUE REIT TS0U 1,565 5.6 0.38 0 -1 0.6 REITs
Keppel Pacific Oak US REIT CMOU 327 0.9 0.37 -37 -15 1.2 REITs
Best World CGN 1,070 -0.4 0.37 45 11 1.2 Consumer Cyclicals
Hutchison Port Holdings Trust NS8U 1,444 0.3 0.35 -15 -6 0.9 Industrials
Keppel REIT K71U 3,265 1.8 0.31 -8 -24 6.2 REITs
Bumitama Agri P8Z 1,223 0.0 0.28 17 8 0.4 Consumer Non-Cyclicals
CSE Global 544 315 -2.2 0.27 6 2 1.0 Technology (Hardware/ Software)
ValueMax T6I 404 5.8 0.26 42 1 0.0 Consumer Cyclicals
Digital Core REIT DCRU 1,027 2.1 0.24 -7 6 2.3 REITs
Revez RCU 11 0.0 0.24 -71 0 0.0 Technology (Hardware/ Software)
The Hour Glass AGS 992 1.3 0.23 -8 -6 0.4 Consumer Cyclicals

All Data as of 21 August 2024.
Source: SGX.



Refer to Nam Cheong's announcement dated 13 Aug – The Group reported 1HFY24 NPAT of RM 635.8 million, up from RM 31.7 million in 1HFY23, primarily due to the waiver of debts. At the same time, the global offshore marine group noted its business recovery is gathering pace with revenue growing 56% from 1HFY23 to RM 312.0 million for 1HFY24.

Since its humble beginnings in 1968 building only fishing vessels, Nam Cheong (SGX:1MZ) is now Malaysia’s largest Offshore Support Vessels (OSV) builder, owning and operating one of the largest shipbuilding yards for OSVs in Malaysia. Nam Cheong's CEO noted with the results that the Group's performance continues to improve, driven by higher daily charter rates and increased utilisation of larger vessels, adding that with one of the youngest and largest fleets in the region, the Group is well-positioned to capitalise on the sustained demand in the O&G market.







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