Singapore’s REITs, stapled and property trusts contributed 24% to day-to-day turnover of Singapore’s stock market in 2019, whilst maintaining a combined market value that was 12% of Singapore’s stock market capitalisation at the end of 2019. These 43 trusts also generated average total returns of 23% in 2019, and ended 2019 with an average 6% distribution yield.
In the month of Dec 2019, 20 SGX primary-listed stocks bought back 43 million shares for a total consideration of S$70 million. This was up from S$52 million in consideration for Nov 2019, and similar to the S$78 million filed for Dec 2018. The 2019 buyback consideration tally was led by OCBC, DBS, Keppel REIT, ST Engineering and Yangzijiang.
The STI ended 2019 at 3,222.8, generating a 9.4% total return consisting of price appreciation and dividend returns. This was in-line with the STI’s 10 year average annualised total returns of 9.2% going into 2019.
Singapore’s 10 most traded manufacturing stocks of 2019 have businesses that span maritime, F&B, value chain management, aerospace and hi-tech industries. Together the 10 stocks averaged 48% total returns in 2019.
The iEdge SG Real Estate 20 Index has generated a 20.2% total return in the 2019 YTD. Real Estate Developers and Managers make up more than one third of the Index weights, with the remainder made up by REITs and Property Trusts. Despite the comparatively strong REIT market in 2019, Developers contributed two of the Index’s 5 strongest performers.
While the STI has generated an 8.6% total return in 2019 YTD, two-thirds of Singapore’s 100 most actively traded stocks by turnover outpaced the benchmark with total returns above 8.6%. The 100 stocks on a whole, generated a median total return of 17.5% and average total return of 23.5% Net institutional inflows were led by five STI stocks: SingTel, SGX, Wilmar Intl, CapitaLand and ThaiBev, which averaged total returns of 32%.
In the 2019 YTD, the Small Cap Index has generated a total return of 13.3%, compared with total returns of 8.9% and 10.5% for the benchmark STI and broader FTSE ST All-Share Index respectively. In the YTD, the five best performers of the Small Cap Index were: UMS (+84.4%), Hi-P (+83.6%), Indofood Agri Resources (+71.7%), Sasseur REIT (+53.2%) and Ascendas Hospitality Trust (+50.0%).
The Industrials Sector was the top net buy sector on SGX in Nov 2019, garnering net institutional inflows of S$112.4 million. Among the 10 largest Industrials stocks on SGX, the 5 best performers in the 2019 YTD were: CITIC Envirotech (+44.9%), SBS Transit (+41.9%), Vicom Ltd (+35.7%), SIA Engineering (+28.4%) and ST Engineering (+19.4%).
Keppel Corp and Mapletree Logistics Trust (joins STI on Dec 23) are 2 of 30 Singapore stocks with a market value above S$100M that generated the highest momentum in total returns. With market values above S$100M, Rex International, GS Holdings, AEM, UMS and Penguin International generated the highest minimum total returns over the 3-month, 1-year and 3-year time frames.
Mapletree Logistics Trust is scheduled to join the STI effective the Dec 23 open with an approximate 1.6% weightage, bringing the number of REITs in the STI to 5, with a combined Index weighting close to 10%. Mapletree Logistics Trust generated an accumulative total return of 586% since listing on July 28, 2005 (14.4% annualised).
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