In the 2024 year-to-date as of September 3, the STI generated a 12.7% total return. Singtel has posted a 29% total return, while the stock's average daily turnover has surged 80% from S$50M in 2023 to S$90M in the 2024-to-date. Singtel has also booked the highest net institutional inflow of S$660M in the Singapore stock market for the period.
Beyond the STI, more than 100 stocks have seen average daily turnover more than double this year vs 2023, with the majority of these stocks representing the Industrials, Consumer Cyclicals and Technology Sectors. Within the group, the 30 stocks that have also booked the highest average daily turnover in the 2024-to-date generated 33% median total returns for the period.
While generating a 63% total return in 2024-to-date, Dyna-Mac has seen its average daily turnover accelerate by 132%, with the increased trading volume coinciding with the group's 1HFY24 revenue increasing 42.5% to $259.7 million, mainly due to the completion of major projects in 1HFY24.
The STI generated a 12.7% total return in the 2024 year through to September 3. STI constituents that have seen the biggest increases in average daily turnover (ADT) this year from 2023 levels include SingTel (SGX:Z74), Jardine Cycle & Carriage (SGX:C07) and Mapletree Pan Asia Commercial Trust (SGX:N2IU).
SingTel (SGX:Z74)'s average daily turnover increased by 80%, from S$50.3 million in 2023 to S$90.4 million in 2024 year-to-date as of September 3.
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Singtel's 12 month consensus estimate target price has increased from S$3.08 at the end of 2023, to S$3.50 as of September 3. This has coincided with its share price gaining 26% from S$2.47 at the end of 2023 to S$3.10 on Sep 3.
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Singtel also paid a S$0.079 dividend, which went ex-dividend on August 1, with the group committed to growing total dividends on a sustainable basis.
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In business update announced on August 15, Singtel also highlighted a strong start to FY25 with improvements in its core businesses in Singapore and Australia, strong bookings for NCS, and Nxera's new data centre project in Malaysia.
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For its 1QFY25, Singtel's underlying net profit was up 5.4% to S$603 million, and would have increased 8.7% in constant currency terms from strong core operating performance, partly offset by lower profit contributions from Airtel and Telkomsel. This followed Singtel launching ST28, a new growth plan to enhance customer experiences and deliver sustained shareholder value in May, following on from its successful strategic reset initiated in 2021 to leverage technology and digitalisation accelerated by COVID.
Beyond the STI constituents are a slate of stocks that have seen significant increases in average daily turnover which in most cases has outpaced price gains, reflecting higher trading volumes for 2024-to-date versus respective 2023 levels. Of the 110 stocks that have seen average daily turnover double so far in 2024 from 2023 levels, the 30 with the highest average daily turnover this year are tabled below.
| Stocks | SGX Code |
Market Cap S$m |
2024 YTD Average Daily Turnover S$m |
2023 Average Daily Turnover S$m |
Average Daily Turnover Growth % |
2024 YTD Price Change % |
2024 YTD Net Institutional Inflow S$m |
Sector |
|---|---|---|---|---|---|---|---|---|
| Dyna-Mac | NO4 | 601 | 4.37 | 1.89 | 132% | 63 | 29.3 | Energy/ Oil & Gas |
| Riverstone | AP4 | 1,314 | 2.76 | 0.88 | 212% | 28 | 8.9 | Healthcare |
| Yoma Strategic | Z59 | 239 | 2.43 | 0.22 | 979% | 39 | 3.8 | Real Estate (excl. REITs) |
| Great Eastern | G07 | 12,213 | 2.27 | 0.49 | 364% | 47 | 55.1 | Financial Services |
| Cosco Shipping | F83 | 284 | 1.41 | 0.36 | 298% | -4 | -0.9 | Industrials |
| Mermaid Maritime | DU4 | 191 | 0.96 | 0.16 | 516% | 42 | 4.3 | Energy/ Oil & Gas |
| Beng Kuang Marine ^ | BEZ | 46 | 0.92 | 0.28 | 232% | 259 | 0.6 | Industrials |
| Chasen | 5NV | 39 | 0.91 | 0.04 | 2458% | 18 | -1.0 | Industrials |
| Silverlake Axis | 5CP | 1,025 | 0.47 | 0.17 | 175% | 36 | 19.0 | Technology |
| Soilbuild Construction | S7P | 137 | 0.47 | 0.00 | 24877% | 173 | -1.3 | Industrials |
| Straits Trading | S20 | 618 | 0.43 | 0.18 | 142% | -25 | -16.9 | Materials & Resources |
| Valuetronics | BN2 | 264 | 0.39 | 0.17 | 128% | 17 | -1.0 | Technology |
| ARA US Hospitality Trust | XZL | 173 | 0.38 | 0.05 | 660% | -25 | 43.3 | REITs |
| Centurion | OU8 | 336 | 0.33 | 0.10 | 220% | 79 | -9.9 | Real Estate (excl. REITs) |
| GuocoLand | F17 | 1,799 | 0.33 | 0.10 | 216% | 3 | -0.7 | Real Estate (excl. REITs) |
| UG Healthcare | 8K7 | 75 | 0.25 | 0.12 | 104% | -28 | -0.4 | Healthcare |
| Aspen Group | 1F3 | 47 | 0.21 | 0.04 | 433% | 95 | 0.4 | Real Estate (excl. REITs) |
| Global Invacom ^ | QS9 | 8 | 0.19 | 0.02 | 773% | -36 | 0.4 | Technology |
| Wee Hur | E3B | 215 | 0.16 | 0.02 | 819% | 18 | 3.7 | Industrials |
| ISOTeam | 5WF | 43 | 0.14 | 0.07 | 104% | 42 | 0.0 | Industrials |
| Broadway Industrial Group | B69 | 84 | 0.13 | 0.01 | 2161% | 102 | -1.3 | Technology |
| Pacific Radiance | RXS | 63 | 0.13 | 0.06 | 116% | 77 | -0.1 | Energy/ Oil & Gas |
| F&N | F99 | 1,850 | 0.11 | 0.04 | 166% | 20 | 0.6 | Consumer Non-Cyclicals |
| Trans-China Automotive | VI2 | 41 | 0.11 | 0.04 | 199% | -37 | -0.6 | Consumer Cyclicals |
| Hong Leong Asia | H22 | 595 | 0.11 | 0.04 | 145% | 30 | 0.7 | Consumer Cyclicals |
| Isetan | I15 | 296 | 0.10 | 0.00 | 4968% | 156 | 1.3 | Consumer Cyclicals |
| CNMC Goldmine | 5TP | 94 | 0.10 | 0.04 | 152% | 15 | -1.1 | Materials & Resources |
| Pan-United | P52 | 372 | 0.09 | 0.02 | 358% | 39 | 3.6 | Materials & Resources |
| Sinarmas Land | A26 | 1,069 | 0.07 | 0.01 | 836% | 30 | -0.1 | Industrials |
| Oiltek International | HQU | 64 | 0.07 | 0.01 | 578% | 105 | -1.5 | Consumer Non-Cyclicals |
Source: SGX. Data as of 3 Sep 2024.
^ Beng Kuang Marine and Global Invacom are on SGX Watchlist.
Dyna-Mac (SGX:NO4) tops the table above with its average daily turnover increasing 132% from S$1.89 million in 2023 to S$4.37 million in the 2024, year-to-date as of September 3.
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On August 6, Dyna-Mac announced its 1HFY24 revenue grew by S$77.4 million (42.5%) from 1HFY23 to $259.7 million, mainly due to the completion of major projects. Its 1HFY24 net profit also increased by 280.3% to S$38.8 million, driven by improved productivity and higher project volumes.
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Dyna-Mac maintains it is optimistic about future growth, supported by a $681.3 million orderbook and recent strategic initiatives to expand capacity and explore new sectors. It also asserts the outlook for fabricating topside modules for FPSO vessels remains strong, with the global market projected to grow from US$6.8 billion in 2020 to US$34.7 billion in 2032.
The 20 stocks with the highest percentage growth in average daily turnover this year as compared to 2023 are tabled below. Note multiple stocks maintained a low base in average daily turnover in 2023, or have maintained average daily turnover of less than S$10,000 this year or maintain market capitalisation below S$10 million.
| Stocks | SGX Code |
Market Cap S$m |
2024 YTD Average Daily Turnover S$ |
2023 Average Daily Turnover S$ |
Average Daily Turnover Growth % |
2024 YTD Price Change % |
Sector |
|---|---|---|---|---|---|---|---|
| Shanaya | SES | 10.2 | 30,951 | 92 | 33,363% | 11 | Industrials |
| Soilbuild Construction | S7P | 137.1 | 466,354 | 1,867 | 24,877% | 173 | Industrials |
| Heatec Jietong | 5OR | 5.5 | 16,202 | 255 | 6,258% | 29 | Industrials |
| Jasper Investments | FQ7 | 26.1 | 38,623 | 724 | 5,232% | 500 | Industrials |
| Livingstone Health | PRH | 18.3 | 37,446 | 715 | 5,137% | 0 | Healthcare |
| Isetan | I15 | 295.8 | 101,006 | 1,993 | 4,968% | 156 | Consumer Cyclicals |
| Kori Holdings | 5VC | 14.7 | 3,838 | 103 | 3,638% | -13 | Industrials |
| Chasen | 5NV | 38.5 | 907,416 | 35,479 | 2,458% | 18 | Industrials |
| China Mining | BHD | 9.0 | 2,817 | 111 | 2,431% | -8 | Real Estate (excl. REITs) |
| Broadway Industrial Group | B69 | 84.5 | 133,988 | 5,927 | 2,161% | 102 | Technology |
| VibroPower | BJD | 1.7 | 1,375 | 73 | 1,789% | 10 | Utilities |
| GSS Energy | 41F | 15.8 | 43,929 | 2,356 | 1,765% | -7 | Industrials |
| Willas-Array Electronics | BDR | 48.1 | 32,781 | 2,174 | 1,408% | 88 | Technology |
| Hor Kew | BBP | 22.7 | 4,845 | 359 | 1,250% | 93 | Industrials |
| ONEAPEX | 5SY | 12.7 | 617 | 47 | 1,199% | 0 | Real Estate (excl. REITs) |
| Natural Cool | 5IF | 13.0 | 2,690 | 226 | 1,093% | 160 | Industrials |
| Metis Energy | L02 | 97.0 | 19,156 | 1,645 | 1,065% | -27 | Utilities |
| Yoma Strategic | Z59 | 238.7 | 2,426,655 | 224,904 | 979% | 39 | Real Estate (excl. REITs) |
| KTMG | XCF | 17.5 | 6,742 | 631 | 969% | -31 | Consumer Cyclicals |
| Jason Marine | 5PF | 12.7 | 1,916 | 202 | 849% | -16 | Technology |
Source: SGX. Data as of 3 Sep 2024.
^ Jasper Investments and Metis Energy are on SGX Watchlist.
