Over the last few years, Singapore’s three banks have been expanding their wealth management income, which now accounts for an increasing share of non-interest income. For FY19, the trio averaged 18% YoY growth in their wealth management income, ranging from 16% for DBS to 20% for OCBC.
In Feb 2020, 17 SGX primary-listed stocks bought back shares for a total consideration of S$68 million. DBS, Keppel Corp and Silverlake Axis led the share buyback consideration tally, with the average buyback prices at S$24.623, S$6.720 and S$0.338 respectively. Buybacks for DBS made up S$43 million of the S$68 million total consideration.
Since 2010, DBS, OCBC & UOB have increased their combined annual income that is segmented to Greater China by 175%. Combined Greater China income grew from S$2.33 billion in 2010, to S$6.42 billion in 2019.
Manulife US REIT, Prime US REIT and Keppel Pacific Oak US REIT – are focused on the US office market. For the quarter ended 31 Dec 2019, the three trusts averaged a DPU of 1.57 US cents. The trio averaged a net property income of US$24.2 million and a gross revenue of US$38.7 million.
For the year ended 31 Dec 2019, Singapore's 3 listed banks averaged a net profit of S$5.2 billion, up 10.1% YoY. Among the 3, DBS reported the highest FY19 net profit of S$6.4 billion, reflecting a 13.6% YoY increase. Over the 2019 calendar year, the 3 banks averaged a total return of 10.0%. The 2 best performers in 2019 were DBS and UOB, with total returns of 15.5% and 12.8% respectively.
Singapore’s 43 property trusts contribute 26% of the stock market’s S$1.23 billion average daily turnover in the YTD. Trusts with the highest turnover growth, compared to 2019, include Prime US REIT, Dasin Retail Trust, Keppel Pacific Oak US REIT, CDL Hospitality Trusts & Manulife US REIT.
Singapore REITs was the top net buy sector in Jan 2020, garnering net institutional inflows of S$174.9 mln, SGX data showed. This reversed net outflows of S$102.5 mln and S$127.5 mln in Dec 2019 and Nov 2019 respectively. The top institutional net buy REITs in Jan were: CapitaLand Commercial Trust (+S$68.1 mln), Ascendas REIT (+S$64.0 mln), CapitaLand Mall Trust (+S$25.7 million) and Mapletree Industrial Trust (+S$22.3 mln).
Singapore’s 10 most traded USD denominated stocks have contributed 5% to daily stock market turnover in early 2020, while averaging 4.1% returns. Singapore’s strongest performing USD stocks in the 2020 YTD were Prime US REIT and Manulife US REIT.
Singapore’s 2 strongest sectors in the 2020 YTD have been Healthcare & REITs. The 5 trusts that have seen the highest turnover growth from 2019 were Prime US REIT, Keppel Pacific Oak US REIT, Manulife US REIT, CDL Hospitality Trusts & CapitaLand Retail China Trust.
For the quarter ended 31 December 2019, SGX's 3 largest office REITs - CapitaLand Commercial Trust, Mapletree Commercial Trust and Suntec REIT averaged a DPU of 2.362 Singapore cents, an 8.4% YoY rise in net property income to S$82.8 million, and a 9.7% YoY increase in gross revenue to S$111.9 million.
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