Recent Manufacturing Index Gains Powered by Tech & Healthcare Sectors

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Recent Manufacturing Index Gains Powered by Tech & Healthcare Sectors

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Publish date: Mon, 14 Nov 2022, 07:01 PM

The indicative iEdge SG Advanced Manufacturing Index is comprised of more than 100 stocks, spanning multiple sectors, and is responsive to both local and regional developments. The Index has generated a 7% gain over the first 9-sessions of Nov, with S$84 million of net institutional inflows.

The recent momentum has brought the 3-year total return of the Manufacturing Index to 25%, which is comparable to the FTSE Developed Index total return, while outpacing the 12% and 2% respective total returns for the STI and the FTSE Asia Pacific Index.

The Manufacturing Index constituents also contributed 17% of Singapore’s average daily stock market turnover in the 2022 YTD. The lion’s share of the trading turnover was contributed by the Index’s 20 most traded stocks, which mostly comprise technology, industrials, consumer non-cyclical and healthcare plays.

The five of these 20 most traded stocks of the Manufacturing Index that has seen the strongest gains in early November included Frencken, Riverstone, UMS, Top Glove, YZJ Shipbldg and AEM. The five averaged 19% MTD returns, while the five least performing of the 20 stocks averaged 4% declines.

For the first nine sessions of November, the indicative iEdge SG Advanced Manufacturing Index returned 6.9%, outpacing the STI’s 4.7% return, with more alignment to FTSE Asia Pacific Index’s 7.9% return. The regional sensitivity of the iEdge SG Advanced Manufacturing Index is further exemplified with comparable one-year correlations to both the STI and FTSE Asia Pacific Index. At the same time, the recent session gains of the global stock market have been more broad and less disproportionate as observed through the first 10 months of 2022. This is due to the progress in the US headline CPI further decelerating, from 9.1% in June to 7.7% in October, and impact on the rate outlook, in addition to China optimising disease control measures, including the easing of quarantine periods for inbound visitors. China stocks were further buoyed this morning, with Reuters reporting the PBOC and CBIRC had outlined 16 steps to support the China property industry, “including loan repayment extensions, in a major push to ease the deep liquidity crunch”.

The constituents of the iEdge SG Advanced Manufacturing Index have contributed 17% of Singapore’s average daily stock market turnover in the 2022 year to 11 Nov. The lion’s share of the trading turnover was contributed by the Index’s 20 most traded stocks, tabled below, which mostly comprise technology, industrials, consumer non-cyclical and healthcare plays.

iEdge SG Adv Manu Index - Most Traded 20 Constituents ranked by highest Nov MTD gains	Code	Mkt Cap S$M	Avg. Daily T/O S$M	MTD Net Insti Flow S$M	MTD Total Ret. %	YTD Net Insti Flow S$M	YTD Total Ret. %	Sector
Frencken	E28	440	5.16	4.43	23	-51.50	-46	Technology (Hardware/ Software)
Riverstone	AP4	971	2.92	-0.86	21	31.32	13	Healthcare
UMS	558	716	7.12	-0.77	20	-25.76	-27	Technology (Hardware/ Software)
Top Glove	BVA	2,282	2.39	2.04	19	-10.04	-63	Healthcare
YZJ Shipbldg SGD	BS6	5,452	31.79	54.23	15	103.89	110	Industrials
AEM SGD	AWX	1,124	9.26	3.93	13	-23.08	-29	Technology (Hardware/ Software)
Venture	V03	5,173	15.87	23.68	12	-48.38	1	Technology (Hardware/ Software)
ISDN	I07	175	1.00	-0.06	10	-3.52	-43	Technology (Hardware/ Software)
Dyna-Mac	NO4	202	1.89	0.05	9	2.91	115	Industrials
NIO Inc. USD OV	NIO	22,447	5.09	-2.69	9	-23.89	N/A	Consumer Cyclicals
Aztech Gbl	8AZ	656	1.08	1.09	8	-6.67	6	Technology (Hardware/ Software)
Sembcorp Marine	S51	4,206	14.93	27.95	6	183.63	63	Industrials
ThaiBev	Y92	15,198	13.78	4.00	5	-62.25	-6	Consumer Non-Cyclicals
Wilmar Intl	F34	25,028	30.30	2.89	3	80.49	1	Consumer Non-Cyclicals
SIA Engineering	S59	2,494	1.46	-0.09	3	12.59	2	Industrials
ST Engineering	S63	10,523	20.74	0.85	2	-90.24	-6	Industrials
First Resources	EB5	2,386	5.68	3.60	2	5.04	5	Consumer Non-Cyclicals
Jiutian Chemical	C8R	153	2.60	-0.08	-1	20.15	10	Materials & Resources
SATS	S58	2,979	13.16	-22.98	-3	-150.66	-32	Industrials
Nanofilm	MZH	920	4.23	-14.95	-20	-92.24	-63	Technology (Hardware/ Software)

Source: SGX, Refinitiv, Bloomberg (Data as of 11 Nov 2022)

Among the 20 stocks tabled above, global Integrated Technology Solutions provider Frencken Group generated the highest gains in the month to 11 Nov, while also ranking as the third least performer in the 2022 year-to-date. Frencken Group noted in August that the China government’s pandemic-related measures had heightened operating challenges in the country and besides affecting the Group’s operations, these factors delayed new product introduction programs and the production schedules of some customers.

Riverstone Holdings followed Frencken Group with a 21% gain in the month to Nov 11. In a corporate presentation last week the company acknowledged there is currently overcapacity of medical gloves in the industry, while also maintaining its two diversified streams of revenue were both premium healthcare gloves and high tech cleanroom gloves. Meanwhile smoothed daily global COVID-19 cases increased from near 320,000 on 2 Nov, to above 360,000 on Nov 12.

UMS Holdings gained 20% in the month to Nov 11. The company also provided a business update after the 11 Nov close, highlighting its best ever 9M22 performance, with record revenue of S$271.4 million and an all-time high net profit of S$85.8 million, with Malaysia operations delivering a 104% surge in sales to $5.8 million, due mainly to the commencement of first article fabrication for a new customer. Touting industry forecasts, UMS noted that “although near-term challenges remain arising from uncertainties caused by ongoing US-China tech rivalry, rising inflation and supply chain disruption caused by geopolitical tensions such as the Russia-Ukraine crisis, global chip demand is expected to stay fairly strong in the longer term”.

The full list of constituents for the iEdge SG Advanced Manufacturing Index are tabled below and ranked according to the highest daily trading turnover.

iEdge SG Adv Manu Index – Ranked by highest Trading Turnover	Code	Mkt Cap S$M	Avg. Daily T/O S$M	MTD Net Insti Flow S$M	MTD Total Return %	YTD Net Insti Flow S$M	YTD Total Return %	Sector
YZJ Shipbldg SGD	BS6	5,452	31.79	54.23	15	103.89	110	Industrials
Wilmar Intl	F34	25,029	30.30	2.89	3	80.49	1	Consumer Non-Cyclicals
ST Engineering	S63	10,523	20.74	0.85	2	-90.24	-6	Industrials
Venture	V03	5,173	15.87	23.68	12	-48.38	1	Technology (Hardware/ Software)
Sembcorp Marine	S51	4,206	14.93	27.95	6	183.63	63	Industrials
ThaiBev	Y92	15,198	13.78	4.00	5	-62.25	-6	Consumer Non-Cyclicals
SATS	S58	2,979	13.16	-22.98	-3	-150.66	-32	Industrials
AEM SGD	AWX	1,124	9.26	3.93	13	-23.08	-29	Technology (Hardware/ Software)
UMS	558	716	7.12	-0.77	20	-25.76	-27	Technology (Hardware/ Software)
First Resources	EB5	2,386	5.68	3.60	2	5.04	5	Consumer Non-Cyclicals
Frencken	E28	440	5.16	4.43	23	-51.50	-46	Technology (Hardware/ Software)
NIO Inc. USD OV	NIO	22,447	5.09	-2.69	9	-23.89	N/A	Consumer Cyclicals
Nanofilm	MZH	920	4.23	-14.95	-20	-92.24	-63	Technology (Hardware/ Software)
Riverstone	AP4	971	2.92	-0.86	21	31.32	13	Healthcare
Jiutian Chemical	C8R	153	2.60	-0.08	-1	20.15	10	Materials & Resources
Top Glove	BVA	2,282	2.39	2.04	19	-10.04	-63	Healthcare
Dyna-Mac	NO4	202	1.89	0.05	9	2.91	115	Industrials
SIA Engineering	S59	2,494	1.46	-0.09	3	12.59	2	Industrials
Aztech Gbl	8AZ	656	1.08	1.09	8	-6.67	6	Technology (Hardware/ Software)
ISDN	I07	175	1.00	-0.06	10	-3.52	-43	Technology (Hardware/ Software)
Haw Par	H02	2,120	1.00	-0.97	1	-26.85	-13	Healthcare
MarcoPolo Marine	5LY	152	0.87	-0.17	16	3.58	59	Industrials
Acesian Partners	5FW	24	0.73	0.09	45	0.64	200	Industrials
Oceanus	579	409	0.49	-0.10	45	-17.28	-47	Consumer Non-Cyclicals
Medtecs Intl	546	90	0.47	-0.57	-6	-0.01	-51	Healthcare
Mencast^	5NF	21	0.32	-0.02	24	0.06	48	Energy/ Oil & Gas
Grand Venture	JLB	170	0.26	-0.06	2	1.09	-58	Industrials
Delfi	P34	464	0.24	-0.04	8	-5.87	5	Consumer Non-Cyclicals
UGHealthcare	8K7	128	0.22	0.10	3	0.91	-36	Healthcare
Valuetronics	BN2	206	0.19	-0.03	10	3.09	-7	Technology (Hardware/ Software)
AsiaPhos	5WV	20	0.17	-0.16	12	0.12	58	Materials & Resources
DISA	532	30	0.15	0.00	0	0.62	-57	Technology (Hardware/ Software)
Del Monte Pac	D03	593	0.15	0.07	3	-0.75	-20	Consumer Non-Cyclicals
Mermaid Maritime	DU4	110	0.13	-0.06	11	-0.19	4	Energy/ Oil & Gas
Food Empire	F03	289	0.12	-0.11	8	-5.71	-27	Consumer Non-Cyclicals
Biolidics	8YY	12	0.12	-0.15	12	-2.58	-79	Healthcare
Halcyon Agri	5VJ	463	0.11	0.09	18	-1.28	26	Consumer Cyclicals
G Invacom	QS9	15	0.10	0.00	12	-0.08	-26	Technology (Hardware/ Software)
Matex Intl	M15	8	0.10	0.00	4	0.30	-10	Materials & Resources
Sarine Tech	U77	133	0.09	0.09	7	0.15	-34	Industrials
QAF	Q01	475	0.09	0.01	3	-3.90	2	Consumer Non-Cyclicals
ChinaSunsine	QES	431	0.09	-0.16	6	-0.72	-3	Materials & Resources
Broadway Ind	B69	59	0.09	0.00	2	-0.92	-38	Technology (Hardware/ Software)
Hong Leong Asia	H22	490	0.08	0.06	4	0.37	-20	Consumer Cyclicals
Beng Kuang	BEZ	12	0.07	0.00	13	-0.26	-29	Industrials
Addvalue Tech	A31	42	0.07	0.01	0	0.93	-7	Technology (Hardware/ Software)
Micro-Mechanics	5DD	374	0.07	-0.01	-2	-1.41	-17	Technology (Hardware/ Software)
Global Testing	AYN	42	0.06	-0.01	7	-0.14	118	Technology (Hardware/ Software)
InnoTek	M14	100	0.06	-0.01	0	-1.47	-42	Technology (Hardware/ Software)
Creative	C76	106	0.05	-0.01	18	0.84	-37	Technology (Hardware/ Software)
Indofood Agri	5JS	426	0.05	0.08	3	1.88	-4	Consumer Non-Cyclicals
Zhongxin Fruit	5EG	36	0.04	0.00	13	-0.03	17	Consumer Non-Cyclicals
IX Biopharma	42C	99	0.04	-0.08	4	0.00	-34	Healthcare
Nordic	MR7	184	0.03	0.00	2	-0.30	17	Industrials
JEP	1J4	134	0.03	-0.01	5	1.35	14	Industrials
China Star Food	42W	28	0.03	0.00	18	0.07	-9	Consumer Non-Cyclicals
PSC Corporation	DM0	183	0.03	0.00	-3	-0.09	-20	Materials & Resources
Sri Trang Agro	NC2	1,160	0.03	0.08	8	-0.36	-35	Consumer Cyclicals
Miyoshi	M03	11	0.024	0.00	-16	-0.77	-27	Technology (Hardware/ Software)
H2G Green	5AI	22	0.023	0.00	5	-0.07	-31	Consumer Cyclicals
Mewah Intl	MV4	495	0.022	-0.05	0	0.96	-11	Consumer Non-Cyclicals
Willas-Array	BDR	44	0.016	0.00	-9	0.19	-14	Technology (Hardware/ Software)
Tai Sin Electric	500	178	0.015	0.04	-5	-0.27	9	Industrials
Serial System	S69	64	0.015	0.00	-9	-0.43	-33	Industrials
Penguin Intl	BTM	154	0.014	0.01	-3	-0.45	20	Industrials
Baker Technology	BTP	97	0.013	0.00	3	-0.12	23	Financial Services
CDW	BXE	47	0.010	0.00	0	-0.35	-11	Technology (Hardware/ Software)
MTQ	M05	48	0.010	0.00	0	-0.80	-10	Energy/ Oil & Gas
Yeo Hiap Seng	Y03	398	0.009	-0.02	-1	-0.49	-22	Consumer Non-Cyclicals
Sinostar Pec	C9Q	115	0.008	0.00	6	-0.07	-37	Energy/ Oil & Gas
Hoe Leong	H20	41	0.007	0.00	0	-0.36	50	Industrials
Tat Seng Pkg	T12	105	0.006	0.00	12	0.20	-9	Materials & Resources
Sunright	S71	31	0.005	0.00	6	0.02	-44	Technology (Hardware/ Software)
PNE Industries	BDA	63	0.005	0.00	0	-0.03	-6	Industrials
Eindec	42Z	5	0.005	0.00	-11	0.00	-22	Industrials
Karin Tech	K29	75	0.005	0.00	4	0.14	32	Technology (Hardware/ Software)
AP Oil	5AU	23	0.004	0.00	-13	-0.54	-9	Materials & Resources
LHT	BEI	37	0.004	0.00	6	-0.36	6	Materials & Resources
Samurai 2K	Y8E	90	0.004	0.00	0	-0.32	-18	Materials & Resources
Accrelist Ltd	QZG	12	0.004	0.00	8	0.00	-31	Technology (Hardware/ Software)
New Toyo	N08	92	0.003	0.01	5	0.06	12	Materials & Resources
Teho Intl	5OQ	13	0.003	0.00	12	0.02	41	Industrials
Ellipsiz	BIX	48	0.003	0.00	-2	0.00	-9	Technology (Hardware/ Software)
Jubilee	NHD	11	0.002	0.00	-18	0.01	-38	Industrials
ES	5RC	0.0	0.002	0.00	0	-0.11	0	Industrials
Jadason	J03	11	0.002	0.00	-6	-0.01	-40	Technology (Hardware/ Software)
Chemical Ind	C05	54	0.002	0.01	1	0.06	-4	Materials & Resources
ASL Marine^	A04	25	0.002	0.00	-2	-0.05	-33	Industrials
Qian Hu	BCV	20	0.002	0.00	0	-0.03	-15	Consumer Non-Cyclicals
Anchun Intl	BTX	13	0.002	0.00	-2	-0.14	20	Industrials
MFG Integration	M11	12	0.002	0.00	4	-0.02	-24	Technology (Hardware/ Software)
Trek 2000 Intl	5AB	21	0.001	0.00	0	0.06	-33	Technology (Hardware/ Software)
XMH^	BQF	22	0.001	0.00	14	0.17	76	Industrials
Advanced	BLZ	6	0.001	0.00	-4	-0.06	-27	Energy/ Oil & Gas
Wong Fong Ind	1A1	32	0.001	-0.06	-18	-0.06	-5	Industrials
Old Chang Kee	5ML	74	0.001	0.00	-6	0.02	-10	Consumer Cyclicals
Fuxing China	AWK	11	0.001	0.00	0	-0.06	-20	Consumer Cyclicals
Versalink	40N	14	0.001	0.00	-5	-0.03	63	Industrials
Jason Marine	5PF	17	0.001	0.00	0	-0.05	28	Technology (Hardware/ Software)
KTMG	XCF	34	0.000	0.00	0	0.00	3	Consumer Cyclicals
VibroPower	BJD	5	0.000	0.00	0	0.00	24	Utilities
Pharmesis Intl	BFK	2	0.000	0.00	-1	0.00	-37	Healthcare
Shanghai Turbo	AWM	2	0.000	0.00	-25	0.00	-83	Industrials
Total		116,058	197.8	84.2		-206.52

Source: SGX, Refinitiv, Bloomberg (Data as of 11 Nov 2022) ^Note currently placed on SGX Watchlist.

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