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Author: SGX   |   Latest post: Mon, 20 Jun 2022, 8:22 AM

 

STI Leads Global Developed Stock Benchmarks in 2022 YTD

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  • For the first four months of 2022, the STI generated an 8.7% total return, ranking as the strongest performing developed market benchmark globally for the four months. This was a significant outperformance to the FTSE Asia Pacific Index and FTSE All-World Index which saw comparative declines of 9.1% and 10.3% in SGD terms.
     
  • DBS, OCBC and UOB averaged 9.1% total returns over the first four months of 2022. For 1Q22, the combined net interest income for the three banks for 1Q22 was S$5.38 billion, up from S$5.31 billion in 4Q21, while combined non-interest income amounted to S$3.37 billion, up from S$2.97 billion in 4Q21.
     
  • Outside of the STI, the majority of actively traded stocks that saw the highest increases in turnover for the four months (relative to 2021) were impacted by higher commodity prices and economic re-openings as the Ukraine crisis continued and global COVID-19 cases returned to mid-Dec 2021 levels, following the significant upward spike in Jan. 

 

For the first four months of 2022, the STI generated a 7.5% gain, with dividends boosting the total return to 8.7%. This placed the STI the strongest performing developed market benchmark globally for the four months. This was a significant outperformance to the FTSE Asia Pacific Index and FTSE All-World Index which saw comparative declines of 9.1% and 10.3% in SGD terms. During the four months Singapore stocks were recipient to close to S$420 million of net institutional inflows, with majority of flows going into Telecommunications, Industrials and Consumer Non-Cyclicals. 

Together, DBS Group Holdings (DBS), Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB), which account for 45% of the STI weights, averaged 9.1% total returns over the first four months of 2022. For 1Q22, the combined net interest income for the three banks for 1Q22 was S$5.38 billion, up from S$5.31 billion in 4Q21, while combined non-interest income amounted to S$3.37 billion, up from S$2.97 billion in 4Q21. Across the region, the top quartile of Asia Pacific listed banks by market value (which includes DBS, OCBC and UOB) averaged 6.0% total returns over the four months. This was a contrast to the top quartile of Asia Pacific listed technology stocks by market value which averaged 25% declines. During the four months, higher inflation prints saw consensus estimates for the Federal Reserve Target Band at the end of 2022, increase from 75-100 bps to 275-300 bps, with expectations of a 50 bps rate hike at the conclusion of tonight’s FOMC.

The STI’s strongest constituents over the four months were Sembcorp Industries, Jardine Cycle & Carriage, Keppel Corporation, Yangzijiang Shipbuilding Holdings and City Developments. Sembcorp Industries, Keppel Corporation and City Developments ranked among the top 10 recipients of net institutional inflows over the four months, with Jardine Cycle & Carriage ranking #12. Over the four months, Yangzijiang Shipbuilding Holdings generated a 30.7% return adjusted for the distribution of the Yangzijiang Financial Holding spin-off, while dry bulk freight rates, gauged through the Baltic Dry Index, remain more than double that of pre-COVID rates. Moreover, on the strategic initiatives (which include sustainability), Sembcorp Industries continues aim for its sustainable solutions portfolio to comprise 70% of the Group’s net profit before exceptional items and corporate costs in 2025 (from 40% in 2020), and Keppel Corporation is accelerating its execution of Vision 2030. Meanwhile gains posted by City Developments and Jardine Cycle & Carriage have coincided with local and regional re-openings. 

Outside of the STI, actively traded stocks that moved up the ladder of turnover rankings by more than 10 places from 2021 levels included Mapletree North Asia Commercial Trust, coinciding with its merger progress with Mapletree Commercial Trust, in addition to commodity plays Rex International which transferred from Catalist to the Mainboard, Geo Energy Resources, Golden Agri-Resources, First Resources, RH Petrogas and Golden Energy and Resources and Bumitama Agri. Actively traded REITs and Stapled Trusts that also climbed the ladder of turnover rankings by more than 10 places from 2021 levels included re-opening plays Lendlease Commercial REIT, CDL Hospitality Trusts, Sasseur REIT, Far East Hospitality Trust and Frasers Hospitality Trust. Other non-STI actively traded stocks that saw similar turnover increases included Samudera Shipping, SIA Engineering, Yoma Strategic Holdings, Hong Fok Corporation, Straits Trading Corporation, mm2 Asia, The Hour Glass, Sinjia Land and Stamford Land. The shifts in turnover rankings reflected the impact interest rate normalisation, corporate restructures, higher commodity prices and economic re-opening themes had on the participation and performances of Singapore stocks in the 2022 year thus far.

50 Most Traded Stocks (excl. Stocks that listed in 2022 YTD) in 2022 YTD

Stock Code

Mkt Cap S$M

YTD Net Insti Flow S$M

YTD Total Return %

Sector

DBS

D05

87,291

-380.1

4.9

Financial Services

UOB

U11

50,221

-19.2

13.7

Financial Services

OCBC Bank

O39

55,939

51.5

8.7

Financial Services

Singtel

Z74

45,727

558.8

19.4

Telecommunications

CapLand Int Com Trust

C38U

15,437

135.3

14.4

REITs

Mapletree Com Tr

N2IU

6,215

-148.1

-3.9

REITs

YZJ Shipbldg SGD

BS6

3,595

-52.4

30.7

Industrials

Wilmar Intl

F34

27,977

95.8

9.8

Consumer Non-Cyclicals

Ascendas REIT

A17U

12,006

-101.0

-0.4

REITs

SIA

C6L

16,321

59.0

10.2

Industrials

CapitaLand Invest

9CI

21,780

86.1

24.0

Financial Services

Keppel Corp

BN4

12,363

111.2

38.3

Industrials

Mapletree Log Tr

M44U

8,561

-60.8

-5.4

REITs

SGX

S68

10,652

106.7

6.1

Financial Services

ST Engineering

S63

12,784

76.2

11.7

Industrials

Venture

V03

4,985

-159.8

-6.3

Technology (Hardware/ Software)

Suntec REIT

T82U

5,281

58.7

23.6

REITs

Mapletree NAC Tr

RW0U

4,247

170.3

11.2

REITs

ComfortDelGro

C52

3,185

-45.5

5.0

Industrials

Mapletree Ind Tr

ME8U

6,986

-86.4

-2.3

REITs

JMH USD

J36

52,422

-11.3

1.8

Consumer Non-Cyclicals

Genting Sing

G13

9,778

-0.2

4.5

Consumer Cyclicals

ThaiBev

Y92

17,208

-2.1

6.0

Consumer Non-Cyclicals

CityDev

C09

7,745

193.6

25.4

Real Estate (excl. REITs)

HongkongLand USD

H78

15,129

-7.6

-4.5

Real Estate (excl. REITs)

Sembcorp Marine

S51

3,421

32.4

32.9

Industrials

Sembcorp Ind

U96

5,266

130.0

49.0

Utilities

Keppel DC REIT

AJBU

3,555

-79.9

-14.8

REITs

AEM SGD

AWX

1,487

-42.6

-8.6

Technology (Hardware/ Software)

Frasers L&C Tr

BUOU

5,352

-21.6

-4.6

REITs

SATS

S58

5,105

67.4

17.0

Industrials

Keppel REIT

K71U

4,530

38.6

10.8

REITs

Rex Intl

5WH

436

-18.4

9.8

Energy/ Oil & Gas

UMS

558

800

-59.1

-21.1

Technology (Hardware/ Software)

UOL

U14

6,164

-34.9

3.0

Real Estate (excl. REITs)

Geo Energy Res

RE4

690

16.2

60.9

Energy/ Oil & Gas

Golden Agri-Res

E5H

4,122

11.8

32.7

Consumer Non-Cyclicals

Jardine C&C

C07

11,462

73.8

40.8

Consumer Cyclicals

Frasers Cpt Tr

J69U

4,168

-7.7

6.1

REITs

Ascott Trust

HMN

3,809

39.5

14.5

REITs

First Resources

EB5

3,359

7.6

41.1

Consumer Non-Cyclicals

Frencken

E28

611

-44.0

-27.4

Technology (Hardware/ Software)

Olam Group

VC2

6,494

-5.6

-0.9

Consumer Non-Cyclicals

Nanofilm

MZH

1,776

-52.3

-29.3

Technology (Hardware/ Software)

SPH

T39

3,800

88.4

0.9

Consumer Cyclicals

NetLink NBN Tr

CJLU

3,897

-23.9

0.0

Telecommunications

CapLand China T

AU8U

1,956

-22.2

-0.2

REITs

Lendlease REIT

JYEU

1,790

-14.8

-4.5

REITs

RH Petrogas

T13

247

0.0

77.9

Energy/ Oil & Gas

DigiCore REIT USD

DCRU

1,550

-18.2

-12.0

REITs

Source: SGX, Refinitiv, Bloomberg (data as of 29 April 2022). Note stocks sort by highest turnover for the first four months of 2022.

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Related Stocks

Chart Stock Name Last Change Volume 
DBS 29.81 -0.04 (0.13%) 3,521,800 
OCBC Bank 11.33 0.00 (0.00%) 3,883,800 
UOB 26.40 -0.05 (0.19%) 1,763,700 
Sembcorp Ind 2.86 -0.01 (0.35%) 1,514,100 
Jardine C&C 28.77 -0.02 (0.07%) 444,200 
Keppel Corp 6.56 +0.04 (0.61%) 1,566,300 
YZJ Shipbldg SGD 0.95 -0.005 (0.52%) 9,512,500 
CityDev 8.16 -0.01 (0.12%) 1,397,800 

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