Over the past 12 months, the outlook for decelerating global growth coupled with increased pace of inflation has seen the FTSE ST Small Cap Index decline 12%, in-line with the FTSE Asia Pacific Index which declined 15% in SGD terms.
Dividends reduced the 12-month decline in total return for the FTSE ST Small Cap Index to 7%, with the indicative yield of the Index at 5.7% as of the end of July. Of the current 52 constituents of the FTSE ST Small Cap Index, 19 constituents generated positive total returns over the past 12 months, with one stock unchanged and 32 stocks generating declines in total return.
With the FTSE ST Small Cap Index generating a decline of 8% in total return in the 2022 year to 26 August, the 52 constituents have drawn in aggregate S$250 million of net institutional outflow. The Index is mostly weighted to the Real Estate sector, which has been among the laggard global sectors in the 2022 year to 26 August, with double-digit percentage declines.
The 10 stocks that drew the most net institutional inflow over the 34 weeks, generated total return ranging from a decline of 0.9% to a gain of 68.4%, and are tabled below.
FTSE ST Small Cap Index – 10 constituents recipient to highest YTD Net Institutional Inflows |
SGX Code |
Market Cap S$M |
Total Return QTD % |
YTD Net Insti Flow S$M |
Total Return YTD % |
Total Return 12M % |
Riverstone Holdings |
AP4 |
1,052 |
-4.1 |
37.7 |
16.2 |
-31.2 |
The Hour Glass |
AGS |
1,568 |
4.8 |
33.9 |
19.2 |
74.2 |
Chip Eng Seng Corp |
C29 |
518 |
21.1 |
16.0 |
68.4 |
53.4 |
Silverlake Axis |
5CP |
941 |
-5.1 |
14.2 |
36.4 |
43.9 |
Bumitama Agri |
P8Z |
1,101 |
-4.5 |
13.1 |
22.5 |
40.6 |
Lendlease Global Commercial REIT |
JYEU |
1,890 |
6.1 |
10.1 |
1.3 |
4.2 |
Sabana Industrial REIT |
M1GU |
487 |
2.5 |
8.5 |
8.6 |
7.4 |
OUE |
LJ3 |
1,166 |
5.5 |
8.0 |
0.0 |
3.0 |
BRC Asia |
BEC |
469 |
-1.1 |
2.1 |
20.9 |
24.2 |
Straits Trading Co |
S20 |
1,385 |
11.9 |
2.0 |
-0.9 |
0.3 |
Source: SGX (Data as of 26 August 2022)
The three stocks tabled above that saw the highest net institutional inflows over the past 34 weeks included:
In addition to The Hour Glass, BRC Asia was added to the Index along with seven other stocks in the March semi-annual review. BRC Asia has generated a 20.9% total return over the past 34 weeks while ranking outside the most 100 traded stocks by turnover. On 2 Aug, the company provided a business update for its 3QFY22 (ended 30 June), reporting after tax profit doubled to S$20.4 million for the quarter, up from S$10.2 million in 3QFY21. The company noted that as of 30 June, its sales order book stood at approximately S$1.135 billion.
By comparison the 10 stocks of the Index that saw the most net institutional outflow over the 34 weeks all saw declines in total return, ranging from a decline of 0.6% for AIMS APAC REIT to a decline of 39.4 per cent for Frencken Group.
The results of the September Index review are expected to be released after the Thu 1 Sep close.
Created by MQ Trader | Jul 01, 2024
Created by MQ Trader | Jun 18, 2024