• The 30 Singapore stocks that have attracted the highest net institutional buying since 31 Jan, include 19 STI stocks and 11 non-STI stocks. The 30 stocks comprise multiple sectors and a similar number of stocks trading above and below pre-COVID book valuations.
   
• The 30 stocks drew S$960 million in net institutional buying and averaged 6% gains over the first seven sessions of Feb, with the remaining Singapore-listed stocks drawing S$145 million in net institutional selling. This has brought overall net institutional buying to S$815 million since 31 Jan. 
   
• As many as half of these 30 stocks have attracted net institutional inflows since 31 Dec after drawing net institutional outflows in 2021. The majority of these 15 stocks are also presently trading at a lower P/B ratio than respective ratios at the end of 2019.

While  sequentially uneven global economic recoveries spanning 2020 through 2021 fueled divergent returns across the big stock sectors, the inflation concerns of early 2022 have also seen divergent sector returns. Tied to cause and effect, energy and bank sectors have led global stocks, while technology stocks have underperformed to this point. In both the new Calendar and Lunar New Years to date, the three banks - Oversea-Chinese Banking Corporation, DBS Group Holdings and United Overseas Bank have led net institutional buying of Singapore stocks. For the Lunar New Year, the 30 stocks that have drawn the most net institutional buying saw S$960 million in net institutional buying while all generating gains over the seven sessions. The remaining Singapore-listed stocks drew S$145 million in net institutional selling.  On the energy front, Rex International Holding, Geo Energy Resources and Sembcorp Industries have ranked among the 30 Singapore stocks that have attracted the highest net institutional buying since 31 Jan, while leading the performances of these 30 stocks in the 2022 YTD. 

Recent Stock Rotations

Themes such as the gradual re-opening outlook, the aforementioned global inflation, ongoing strategic initiatives to restructure businesses, in addition to valuations are possible factors that have had an impact on the 30 stocks that have drawn the most net institutional inflows since 31 Jan.  Among the 30 stocks, those that have attracted net institutional buying in early February, after drawing net institutional selling in January include ComfortDelGro Corporation, in addition to manufacturers Singapore Technology Engineering and Venture Corporation.

Looking back a little longer, of the 30 stocks, as many as 15 have attracted net institutional inflows since 31 Dec after drawing net institutional outflows in 2021. These include Keppel Corporation, CapitaLand Integrated Commercial Trust, Singapore Airlines, Genting Singapore, Riverstone Holdings, Singapore Telecommunications, Singapore Exchange, Suntec REIT, Wilmar International, Sheng Siong Group, Hongkong Land Holdings, City Developments, Keppel REIT, Jiutian Chemical Group and Mapletree North Asia Commercial Trust. The majority of these 15 stocks are presently trading at a lower price-to-book ratio than their respective ratio at the end of 2019. Meanwhile, the majority of the 30 stocks that have attracted net institutional buying in both in the 2022 YTD and in 2021 are presently trading at a higher price-to-book ratio than their respective ratio at the end of 2019.

The 30 Singapore-listed stocks that have seen the most net institutional buying over the first seven sessions of the Year of the Tiger are tabled below, and sort by the most net institutional buying over the seven sessions. The non-STI stocks include - Suntec REIT, Mapletree North Asia Commercial Trust, Sheng Siong Group, Keppel REIT, Geo Energy Resources, Golden Agri-Resources, Olam International, Jiutian Chemical Group, Rex International Holding, Hutchison Port Holdings Trust and Riverstone Holdings.
 

Source: SGX, Refinitiv, Bloomberg (Data as of 14 Feb 2022). Note table does include flows from Keong Hong Holdings and Singapore Press Holdings.