SG Market Updates

Industrial Sector Led Institutional Fund Inflows in July

MQ Trader
Publish date: Tue, 01 Aug 2023, 05:54 PM
  • Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include seven STI constituents. In the month of July, price performances of the 16 stocks ranged from Seatrium’s 12.8% gain to Hutchison Ports Holding Trust decline of 5.8% in (SGD terms).
     
  • While the 100 most actively traded stocks this year booked close to S$230 million of net institutional outflow in July, the contingent of 16 Industrials stocks booked S$74 million of net institutional inflow, with Seatrium, ComfortDelGro, SATS, SingPost and YZJ Shipbldg leading the net inflow.
     
  • The 16 stocks booked an average/median total return of 22%/10% over the past seven months. Among the 16 stocks, Dyna-Mac, Acesian Partners and MarcoPolo Marine have booked the highest net institutional inflow proportionate to their current market cap over the past seven months, while generating a median gain of 29%.   
     
  • The EDB Business Expectations of the Manufacturing Sector maintains a weighted 13% of manufacturers expect business conditions to improve in 2H23, while a weighted 7% foresee a weaker business outlook. This means a 6% net weighted balance of manufacturers anticipate an improved business situation in 2H23, compared to 2Q23.
     

The STI includes as many as seven stocks of the Industrial Sector which include Singapore Airlines, Jardine Matheson, Keppel Corporation, Singapore Technologies Engineering, Seatrium, Yangzijiang Shipbuilding and SATS. Together these seven stocks have generated average/median total returns of 14%/19% over the past seven months.

For the seven months the STI booked a 6.5% total return, while the FTSE ASEAN Extended 60 Index which generated a 3.3% total return in SGD terms. For the month of July the Singapore stock market booked net institutional outflow in the vicinity of S$220 million, bringing the total net institutional outflow for the past seven months to S$2.9 billion. For the month of July the number of stocks that booked net institutional outflow was fairly level with the number of stocks that booked net institutional inflow. Over the past seven months, Singapore’s 100 most traded stocks by trading turnover contributed 98% of the total trading turnover of all stocks listed on Singapore Exchange. The 100 stocks also accounted for the lion share of net institutional flow with S$2.9 billion of net institutional outflow over the seven months. As tabled below, this net outflow represented 0.43% of the total market capitalisation of the 100 stocks as of 31 July.

Sectors represented by the 100 Most Traded Singapore Stocks in YTD, sort by Highest Net Insti. Inflow in July

Number of Stocks

July Net Insti. Flow S$M

July Net Insti. Flow / Mkt Cap

YTD Net Insti. Flow S$M

YTD Net Insti. Flow / Mkt Cap

 Mkt Cap S$M

Industrials

16

74.2

0.08%

33

0.03%

96,582

Telecommunications

3

29.5

0.06%

-182

-0.37%

49,065

Cons. Non-Cycl.

11

7.1

0.01%

-15

-0.02%

66,975

Healthcare

7

-0.7

-0.01%

34

0.24%

14,158

Materials & Resources

1

-0.9

-0.90%

-6

-6.36%

97

Energy/ Oil & Gas

4

-1.4

-0.12%

11

0.96%

1,188

Real Estate (excl. REITs)

6

-7.0

-0.03%

-167

-0.63%

26,632

Utilities

2

-19.9

-0.16%

124

0.98%

12,602

Technology

8

-21.7

-0.22%

-71

-0.73%

9,803

Cons. Cycl.

6

-42.2

-0.07%

143

0.25%

57,034

Fin. Srvs. (excl. Banks)

4

-48.3

-0.13%

17

0.05%

37,769

REITs

29

-81.5

-0.09%

-534

-0.56%

95,899

Banks

3

-114.7

-0.06%

-2,282

-1.15%

198,532

Total

100

-227.3

-0.03%

-2,895

-0.43%

666,335

Source: SGX, Refinitiv, Bloomberg (Data as of 31 July 2023)

As tabled above, 16 stocks of the 100 most traded stocks over the past seven months represented the Industrials Sector. While the 100 most actively traded stocks this year booked close to S$230 million of net institutional outflow in July, the contingent of 16 Industrials stocks booked S$74 million of net institutional inflow, with Seatrium, ComfortDelGro Corporation, SATS, Singapore Post and Yangzijiang Shipbuilding leading the net inflow for the month. The 16 stocks booked average/median total returns of 22%/10% over the past seven months. Among the 16 stocks, Dyna-Mac, Acesian Partners and MarcoPolo Marine have booked the highest net institutional inflow proportionate to their current market cap over the past seven months, while generating a median gains of 29%. The 16 stocks are tabled below.

16 Industrial Stocks among Singapore’s 100 most Traded Stocks in YTD

Code

Mkt Cap S$M

YTD Avg Daily Turnover S$M

YTD Net Insti. Flow S$M

YTD Total Return %

July Net Insti. Flow S$M

July Price Change %

P/B (x)

5 Year P/B (x)

Ind Div

Yield

%

SIA

C6L

22,396

47.4

111.0

36.2

-2.7

5.3

1.1

0.8

5.0

JMH USD

J36

19,025

18.1

-12.4

-0.5

-11.3

-4.2

0.5

0.7

4.3

Keppel Corp

BN4

13,005

29.2

-172.1

60.6

-15.1

10.0

1.2

0.7

4.6

ST Engineering

S63

11,627

15.9

35.2

13.8

-9.2

1.4

4.8

5.2

4.3

Seatrium

S51

9,621

43.2

132.6

2.2

75.4

12.8

1.2

0.9

0.0

YZJ Shipbldg SGD

BS6

6,084

33.9

-13.4

17.9

3.0

2.7

1.9

0.6

3.3

SATS

S58

4,173

16.5

-57.9

4.3

8.1

8.5

1.8

2.8

0.0

SIA Engineering

S59

2,754

0.9

4.8

7.1

1.2

-1.6

1.6

1.7

2.3

ComfortDelGro

C52

2,729

8.9

-23.9

6.1

20.4

8.6

1.1

1.4

3.7

HPH Trust USD

NS8U

2,143

1.4

-0.3

-0.5

0.0

-5.8

0.5

0.5

9.5

SingPost

S08

1,125

1.1

9.3

-3.1

3.0

11.1

0.8

1.1

1.2

China Aviation

G92

796

0.6

2.9

5.8

-0.1

-1.6

0.7

0.8

1.7

SamuderaShipping

S56

450

4.3

-4.5

27.2

0.3

-3.5

0.6

0.4

3.2

Dyna-Mac

NO4

430

2.0

17.7

123.3

2.8

7.8

9.9

3.2

0.7

MarcoPolo Marine

5LY

199

0.9

3.6

29.3

-1.7

-3.6

1.3

0.8

0.0

Acesian Partners

5FW

25

0.5

0.7

26.2

0.3

8.2

1.7

1.3

0.0

Source: SGX, Refinitiv, Bloomberg (Data as of 31 July 2023)

On 31 July, the EDB Business Expectations of the Manufacturing Sector maintained a weighted 13% of manufacturers expect business conditions to improve in 2H23, while a weighted 7% foresee a weaker business outlook. This means a 6% net weighted balance of manufacturers anticipate an improved business situation in 2H23, compared to 2Q23.

The EDB report showed that within the manufacturing sector, the transport engineering cluster remained the most optimistic with  a net weighted 43% of firms expecting an improved operating environment in 2H23. While this was led by positive sentiment in the aerospace segment, firms in the marine & offshore engineering segment also continue to anticipate more orders from the oil & gas and renewable energy industries.

As discussed here, Seatrium’s net order book is over S$19 billion deliveries till 2030, and renewables and cleaner/green solutions comprise approximately 40% of the net order book.  On 27 July, Samudera Shipping reported it had taken delivery of three containerships on long-term time charter in 1HFY23, which replace the container vessels that were off-hired and that a “younger and more efficient fleet will allow the Group to manage its operating costs more efficiently, in tandem with its asset-light strategy”. Dyna-Mac will be reporting 8 August. Based on last year’s filings, Marco Polo Marine may provide a 3QFY23 Business Update sometime around 18 August and Yangzijiang Shipbuilding may report its 1HFY23 results around 7 August.

The 100 most traded stocks over the past seven months sort by highest trading turnover are tabled below.

Stock

Code

Mkt Cap S$M

YTD Avg Daily Turnover S$M

YTD Net Insti. Flow S$M

YTD Total Return %

July Net Insti. Flow S$M

July Price Change %

Sector

DBS

D05

88,360

133.8

-1,328.1

5.2

31.3

8.7

Banks

UOB

U11

50,390

89.5

-840.6

0.7

-151.3

7.5

Banks

OCBC Bank

O39

59,782

62.2

-113.5

12.8

5.3

8.3

Banks

Singtel

Z74

43,918

50.6

-170.5

3.5

32.4

6.4

Telecommunications

SIA

C6L

22,396

47.4

111.0

36.2

-2.7

5.3

Industrials

Seatrium

S51

9,621

43.2

132.6

2.2

75.4

12.8

Industrials

CapLand IntCom T

C38U

13,569

37.0

-93.6

2.6

9.3

6.8

REITs

YZJ Shipbldg SGD

BS6

6,084

33.9

-13.4

17.9

3.0

2.7

Industrials

Genting Sing

G13

11,348

32.9

101.7

0.3

-37.4

0.0

Cons. Cycl.

CapLand Ascendas REIT

A17U

12,337

31.5

-43.4

7.8

-14.3

3.3

REITs

Keppel Corp

BN4

13,005

29.2

-172.1

60.6

-15.1

10.0

Industrials

CapitaLandInvest

9CI

17,414

24.8

-90.3

-3.6

-35.5

2.7

Fin Srv (Ex.Banks)

Mapletree Log Tr

M44U

8,354

23.9

-7.0

9.2

-3.4

4.3

REITs

Wilmar Intl

F34

24,097

23.3

15.0

-4.9

9.1

1.6

Cons. Non-Cycl.

Sembcorp Ind

U96

9,733

21.9

151.4

64.3

-18.5

-5.2

Utilities

JMH USD

J36

19,025

18.1

-12.4

-0.5

-11.3

-4.2

Industrials

SGX

S68

10,370

16.7

68.6

10.4

-8.5

1.0

Fin Srv (Ex.Banks)

ThaiBev

Y92

15,200

16.5

-47.0

-8.5

10.1

4.3

Cons. Non-Cycl.

SATS

S58

4,173

16.5

-57.9

4.3

8.1

8.5

Industrials

ST Engineering

S63

11,627

15.9

35.2

13.8

-9.2

1.4

Industrials

Mapletree PanAsia Com Tr

N2IU

8,652

15.8

-62.5

1.4

-22.8

1.9

REITs

Venture

V03

4,359

15.2

-98.7

-9.4

-19.5

1.8

Tech

CityDev

C09

6,702

13.5

-133.8

-8.1

13.4

10.0

Real Estate (excl. REITs)

Jardine C&C

C07

13,549

12.9

4.6

24.0

-8.3

-1.5

Cons. Cycl.

Frasers L&C Tr

BUOU

4,542

11.8

-20.6

8.1

-22.8

-2.4

REITs

Keppel DC REIT

AJBU

3,768

10.9

52.4

29.8

16.6

1.4

REITs

HongkongLand USD

H78

10,483

10.5

-40.1

-20.3

-27.9

-10.3

Real Estate (excl. REITs)

Mapletree Ind Tr

ME8U

6,344

10.3

-31.5

4.9

-7.0

1.4

REITs

Suntec REIT

T82U

3,732

10.0

-140.6

-4.0

-1.8

0.0

REITs

ComfortDelGro

C52

2,729

8.9

-23.9

6.1

20.4

8.6

Industrials

Keppel REIT

K71U

3,419

8.0

-33.9

3.0

-1.2

1.1

REITs

UOL

U14

5,939

7.3

11.1

7.3

8.6

9.5

Real Estate (excl. REITs)

CapLand Ascott T

HMN

3,879

6.5

16.6

8.8

-0.4

3.7

REITs

UMS

558

738

6.3

1.1

-4.1

4.2

3.8

Tech

AEM SGD

AWX

1,165

6.0

44.6

11.5

2.7

1.6

Tech

Frasers Cpt Tr

J69U

3,706

6.0

-3.2

6.2

-8.4

-0.9

REITs

Lendlease REIT

JYEU

1,580

5.0

-61.6

-0.2

-4.5

3.0

REITs

Golden Agri-Res

E5H

3,170

4.9

22.0

3.7

-5.1

2.0

Cons. Non-Cycl.

Frencken

E28

369

4.5

-8.0

-5.2

-3.7

-3.9

Tech

SamuderaShipping

S56

450

4.3

-4.5

27.2

0.3

-3.5

Industrials

Nanofilm

MZH

738

4.1

-3.8

-17.4

-9.1

-15.6

Tech

First Resources

EB5

2,365

4.0

-3.0

11.0

3.6

8.6

Cons. Non-Cycl.

ESR-LOGOS REIT

J91U

2,647

3.5

11.3

-1.3

2.7

3.0

REITs

CapLand China T

AU8U

1,756

3.4

5.2

-4.5

-0.9

2.0

REITs

Kep Infra Tr

A7RU

2,869

3.4

-27.5

0.5

-1.4

0.0

Utilities

YZJ Fin Hldg

YF8

1,204

3.3

11.8

-2.5

-2.5

-2.9

Fin Srv (Ex.Banks)

Sheng Siong

OV8

2,466

3.2

2.8

1.1

-5.4

0.0

Cons. Non-Cycl.

Olam Group

VC2

5,028

3.1

-18.3

-7.7

-3.9

-5.8

Cons. Non-Cycl.

NetLink NBN Tr

CJLU

3,351

2.9

-11.3

6.7

-3.7

0.6

Telecommunications

NIO Inc. USD OV

NIO

31,374

2.5

7.0

50.4

6.7

57.3

Cons. Cycl.

Rex Intl

5WH

236

2.4

-3.1

-13.4

2.5

19.1

Energy/ Oil & Gas

CapLand India T

CY6U

1,518

2.4

-4.5

5.2

6.8

0.0

REITs

Raffles Medical

BSL

2,605

2.4

17.9

2.7

-1.0

2.9

Healthcare

Dyna-Mac

NO4

430

2.0

17.7

123.3

2.8

7.8

Industrials

Haw Par

H02

2,127

2.0

-26.8

1.9

-4.0

2.8

Healthcare

CDL H Trust

J85

1,479

2.0

-6.7

-2.2

-6.1

-2.5

REITs

Golden Energy

AUE

475

1.9

27.8

-1.4

-3.6

0.0

Energy/ Oil & Gas

DigiCore REIT USD

DCRU

744

1.9

-9.0

-7.0

0.7

3.4

REITs

Best World

CGN

704

1.9

20.0

-9.0

-3.6

-11.5

Cons. Cycl.

DFIRG USD

D01

4,841

1.8

15.7

-8.3

-1.4

-3.9

Cons. Non-Cycl.

AIMS APAC REIT

O5RU

1,010

1.8

-5.5

6.5

-2.0

0.8

REITs

ParkwayLife REIT

C2PU

2,347

1.7

-16.2

5.0

-4.7

-0.5

REITs

Geo Energy Res

RE4

306

1.6

-16.4

-21.6

-1.6

-2.2

Energy/ Oil & Gas

Manulife REIT USD

BTOU

248

1.5

-23.0

-62.6

-4.8

-40.4

REITs

Top Glove

BVA

2,122

1.5

9.9

-1.9

-0.4

12.8

Healthcare

HPH Trust USD

NS8U

2,143

1.4

-0.3

-0.5

0.0

-5.8

Industrials

RH Petrogas

T13

171

1.3

3.1

9.0

1.3

13.3

Energy/ Oil & Gas

IFAST

AIY

1,673

1.3

1.3

-2.5

7.0

23.0

Tech

Medtecs Intl

546

77

1.2

-2.6

-29.5

0.0

6.8

Healthcare

Prime US REITUSD

OXMU

287

1.2

-38.2

-52.4

-4.8

-14.8

REITs

SingPost

S08

1,125

1.1

9.3

-3.1

3.0

11.1

Industrials

Yanlord Land

Z25

1,565

1.1

-8.3

-20.6

-0.3

5.9

Real Estate (excl. REITs)

ISDN

I07

194

1.0

1.2

3.0

-2.1

-4.3

Tech

PARAGONREIT

SK6U

2,706

1.0

20.3

8.0

0.5

0.0

REITs

Sasseur REIT

CRPU

884

1.0

-17.9

-1.1

0.4

1.4

REITs

TJ DaRenTang USD

T14

4,714

1.0

40.6

96.3

-0.4

0.2

Healthcare

StarHub

CC3

1,795

1.0

-0.5

2.5

0.8

0.0

Telecommunications

Delfi

P34

739

1.0

-5.6

60.8

-0.6

-6.2

Cons. Non-Cycl.

MarcoPolo Marine

5LY

199

0.9

3.6

29.3

-1.7

-3.6

Industrials

Riverstone

AP4

926

0.9

6.4

11.3

6.7

0.8

Healthcare

SIA Engineering

S59

2,754

0.9

4.8

7.1

1.2

-1.6

Industrials

Far East H Trust

Q5T

1,290

0.8

7.4

6.8

1.1

2.4

REITs

Hong Fok

H30

811

0.8

6.3

5.2

-0.4

-0.5

Real Estate (excl. REITs)

Emperador Inc.

EMI

8,026

0.8

-0.7

1.4

-2.6

-1.9

Cons. Non-Cycl.

Parkson Retail^

O9E

59

0.8

2.0

7.3

0.6

18.9

Cons. Cycl.

Food Empire

F03

573

0.8

10.4

77.6

3.2

5.9

Cons. Non-Cycl.

Thomson Medical

A50

1,586

0.8

-11.1

-23.1

-1.6

1.7

Healthcare

PropNex

OYY

1,132

0.7

-2.2

37.6

-0.4

1.0

Real Estate (excl. REITs)

StarhillGbl REIT

P40U

1,161

0.7

-6.1

-1.6

-1.9

0.0

REITs

Great Eastern

G07

8,780

0.6

27.1

3.5

-1.8

5.0

Fin Srv (Ex.Banks)

KepPacOakREITUSD

CMOU

458

0.6

-16.7

-25.1

-2.6

2.9

REITs

China Aviation

G92

796

0.6

2.9

5.8

-0.1

-1.6

Industrials

Jiutian Chemical

C8R

97

0.6

-6.2

-28.5

-0.9

-10.9

Materials & Resources

Cromwell REIT EUR

CWBU

1,324

0.6

-8.6

15.0

-1.0

2.2

REITs

Halcyon Agri*

5VJ

N/A

0.5

8.1

N/A

N/A

N/A

Cons. Cycl.

Japfa

UD2

468

0.5

-6.9

-30.4

0.3

7.0

Cons. Non-Cycl.

Sabana REIT

M1GU

457

0.5

4.2

2.5

-1.0

-4.6

REITs

Acesian Partners

5FW

25

0.5

0.7

26.2

0.3

8.2

Industrials

OUE Com REIT

TS0U

1,697

0.5

-1.6

-4.7

-3.1

-6.1

REITs

Aztech Gbl

8AZ

567

0.5

-9.0

-6.1

-1.2

2.1

Tech

Source: SGX, Refinitiv, Bloomberg (Data as of 31 July 2023) ^Note on SGX Watchlist, *currently suspended from trading following mandatory conditional cash offer for Halcyon Agri at S$0.413 per share by China Hainan Rubber Industry Group’s wholly-owned subsidiary. 

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