DBS, OCBC & UOB have averaged a 5% return in the QTD on net institutional inflow close to S$200 million, boosting their 2019 YTD total return to 12%. By comparison, APAC’s largest 100 capitalised banks generated a median 4% QTD return and 7% total return in the 2019 YTD.
Consumer Cyclicals was among the top net buy sectors on SGX in Oct – garnering institutional inflows of S$18.5 million. Among the Consumer Stocks with more cyclical businesses, at least 24 have a market cap of S$200 million and above. The 3 best performers in 10M2019 were: Department store operator Isetan (Singapore) (+48.4%), as well as luxury watch retailers Cortina Holdings (+44.5%) and The Hour Glass (+33.7%). The trio averaged a total return of 42.2%.
In October, 5 REITs issued S$940 million in new units pursuant to secondary fund raising activities. This followed placements by Mapletree Commercial Trust and Keppel Pacific Oak US REIT and rights issue offerings by Keppel DC REIT, Manulife US REIT & ESR-REIT. The 5 REITs that maintained the most increases in their relative trading turnover and generated positive total returns in October were Manulife US REIT, Mapletree Commercial REIT, Ascott Residence Trust, Mapletree Industrial Trust and IREIT Global.
For the month of October, 21 primary-listed SGX stocks repurchased more than 50 million shares with a total consideration of S$15 million. October buyback consideration was led by Keppel REIT, Stamford Land Corporation, Yangzijiang Shipbuilding, Singapore Shipping Corporation and Global Investments.
The 3 largest telecom players on SGX – Singtel, NetLink NBN Trust and StarHub – have a combined market cap of about S$60 billion. Last month, Singapore unveiled plans to issue licences to operate two full-fledged 5G networks and two smaller ones with limited coverage. In the month of October, the trio averaged a total return of 3.7%. In the YTD, Singtel and NetLink were the strongest performers, averaging total returns of 16.3% and 25.2% respectively.
Aside from the broad market drivers, gains by Asia Pacific’s largest capitalised hi-tech hardware stocks in October coincided with 5G roll outs ahead of schedule globally. Significant gains were also observed with AEM, Hi-P International, UMS. Singapore’s 50 most traded stocks by turnover in October, also averaged 4% gains in October. The top performer of the 50 stocks in the month of October was Rex International Holding. On October 16, the Catalist-listed stock announced an oil and gas discovery had been made from exploration and appraisal wells drilled in the Norwegian Sea.
Effective last Monday, 21 Oct 2019, Singapore Airlines, ComfortDelGro and CDL Hospitality Trusts were added to the FTSE Value-Stocks ASEAN, while City Developments, UOL Group, Mapletree Industrial Trust and Bukit Sembawang Estates were removed from the Index. This brings the total number of SGX-listed stocks in the Index to 11.
SGX lists more than 20 transport-related stocks, which include companies that provide air, road, rail and sea transport, as well as businesses that supply ancillary services to these transport operators. In the YTD, the 5 best-performing transport-linked plays with market cap above S$100 million were: Penguin Intl (+128.1%), SBS Transit (+56.5%), First Ship Lease Trust (+26.7%), SIA Engineering (+19.3%), and ComfortDelGro Corp (+17.3%).
Last week, Mapletree Commercial Trust kick-started the quarterly reporting season for the constituents of the benchmark STI by releasing its results for the fiscal second quarter ended 30 September 2019. Singapore Press Holdings, Keppel Corp and CapitaLand Mall Trust followed suit with their FY19 and Q3 earnings releases last week, while CapitaLand Commercial Trust and Singapore Exchange are scheduled to unveil their results tomorrow and on Thursday respectively.
The Utilities Sector is typically made up of stocks that provide gas, electricity or water, with population growth the underlying driver of demand for these services. As a result, the sector has traditionally been seen as more defensive than cyclical in nature. In the YTD, the 3 largest, best-performing Utilities stocks were: China Jinjiang Environment (+28.3%), Keppel Infrastructure Trust (+21.5%) and China Everbright Water (+8.7%).
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