• From the end of 2019 to 9 Jan 2023, the iEdge SG Adv Manufacturing Index generated a 21% total return. The indicative and multi-Sector thematic Index formed its three year high in 2Q21, the same quarter that saw Singapore’s Industrial Production print its two strongest months of YoY gains since 2010.    

• The 10 stocks of the Index that booked the most net fund inflow in 2022 included Sembcorp Marine, Wilmar International, Yangzijiang Shipbuilding, Riverstone, Jiutian Chemical, Halcyon Agri Corp, SIA Engineering, Valuetronics, Dyna-Mac and Indofood Agri Resources.  

• Four of the 10 - Yangzijiang Shipbuilding, Dyna-Mac, Halcyon Agri Corp and Sembcorp Marine were among the strongest seven strongest performers of the Index in 2022, with micro-caps Acesian Partners, Global Testing Corp, XMH Holdings the three strongest Index performers for the year.

• Catalist-listed Acesian Partners, a homegrown engineering/duct manufacturer, saw its trading turnover soar in 2022 and finished the year among Singapore’s 100 most traded stocks, after ranking among the 600 most traded in 2021. In April, the company announced several significant new sales orders for supply of coated ducts and fittings.

• Weakening global consumer demand, supply chain challenges and operational cost pressures are challenges expected to remain in focus in 2023. The EDB’s most recent business expectations of the manufacturing sector, conducted prior to the recent optimisation of China’s COVID controls, showed a net weighted balance of 20% of manufacturing firms anticipating a less favourable business situation for Oct 2022 to Mar 2023, compared to 3Q22.

In 2022, the indicative iEdge SG Advanced Manufacturing Index generated a 6.7% decline in total return, as global Industrial and Technology stocks posted declines of more than 15% and more than 30% respectively. Together these two sectors comprise more than 50% of combined weightage of the iEdge SG Advanced Manufacturing Index. Since 2019, the iEdge SG Advanced Manufacturing Index has generated a 21% total return which is close to the mid-point of the gains booked by global Industrial and Technology stocks since 2019.

As shown in the chart below, the iEdge SG Advanced Manufacturing Index formed its three year high in 2Q21, and had rallied 41% for the 18 months that spanned the end of 2019 through to the end of 2Q21. The same period saw the STI generated a 3% total return. Coinciding with global investors rotating to sectors more aligned with re-opening themes, the next six quarters saw the STI generate a 10% total return, while the iEdge SG Advanced Manufacturing Index declined 14%.

The iEdge SG Advanced Manufacturing Index decline in 2022 also coincided with the SIPMM Singapore PMI moving into contraction for the final four months of the year, and Singapore’s Industrial Production (‘IP’) printing YoY percentage declines in Oct and Nov. The chart below also shows that the IP YoY gains have gradually moderated since 2Q21, when Singapore’s IP printed two strongest months of YoY gains since 2010.  

For the 2022 year the iEdge SG Advanced Manufacturing Index booked S$291 million of net fund outflows. The 10 stocks of the Index that booked the most net fund inflow in 2022 included Sembcorp Marine, Wilmar International, Yangzijiang Shipbuilding Holdings, Riverstone Holdings, Jiutian Chemical, Halcyon Agri Corp, SIA Engineering Co, Valuetronics Holdings, Dyna-Mac Holdings and Indofood Agri Resources.

Source: SGX, Refinitiv, Bloomberg (Data as of 9 Jan 2023)


Four of these 10 stocks tabled above - Yangzijiang Shipbuilding Holdings, Dyna-Mac Holdings, Halcyon Agri Corp and Sembcorp Marine were among the strongest seven strongest performers of the Index in 2022, with micro-caps Acesian Partners, Global Testing Corp, XMH Holdings the three strongest Index performers for the year. Note XMH Holdings was placed on the watch-list due to Financial Entry Criterion with effect from 4 Dec 2019.

^ note on SGX Watchlist
Source: SGX, Refinitiv, Bloomberg (Data as of 9 Jan 2023); Please note the 10 Index constitutes that generated the most declines in 2022 averaged 60% declines.


The strongest performing stock of the Index in 2022, Catalist-listed Acesian Partners, is a homegrown engineering/duct manufacturer. The stock saw its trading turnover soar in 2022, to finish the year among Singapore’s 100 most traded stocks, after ranking among the 600 most traded in 2021. On 27 April, Acesian Partners announced several significant new sales orders from existing customers, for the supply of coated ducts and fittings with an aggregate value of approximately S$16.7 million. After providing guidance on 21 July, Acesian Partners on 11 Aug, announced Group 1H22 (ended 30 June) gross profit increased 206% to $5.7 million. Noted in view of the current geopolitical tensions and strong infrastructure support in Singapore, it is expected to draw interest from overseas semiconductor manufacturers to set up a plant in Singapore. However, the rising business costs (in unstable raw material prices and labour costs) and shortage of manpower pose a significant challenge and may erode the gross margin of its manufacturing segment.

For the segment of manufacturing stocks as a whole, weakening global consumer demand, supply chain challenges and operational cost pressures are challenges expected to remain in focus in 2023. The EDB’s most recent business expectations of the manufacturing sector, conducted prior to the recent optimisation of China’s COVID controls, showed a net weighted balance of 20% of manufacturing firms anticipating a less favourable business situation for Oct 2022 to Mar 2023, compared to 3Q22.

The 30 stocks that maintain the largest weight within the Index are tabled below.

Source: SGX, Refinitiv, Bloomberg (Data as of 9 Jan 2023)