For the 2Q22 through to 17 June, the STI has declined 9.1%, with the dividend distributions of May reducing the decline to 7.6% in total return terms. This is half the declines of the FTSE Developed Index, which has generated a 15.8% decline in total return over the same 11 weeks.
The technology sector has continued to be the weakest of the global stock sectors in the 2Q22, as global inflation gauges have continued to revisit longer term record levels which has seen the majority of expectations for the end of 2022 US Fed Funds Rate (based on CME FedWatch) increase from 225-250 bps to 350-375 bps. The impact of the inflation and higher rates has also weighed global growth outlooks, with the World Bank this month reducing its 2022 global growth estimate to 2.9%, superseding a more optimistic outlook or 4.1% made in January.
Shifting of Fund Flows in 2022 YTD
Focusing on the 100 most traded stocks by turnover this year, the 20 stocks that have booked the highest net institutional inflows, not on absolute basis, but proportionate to their current market capitalisation, have averaged 22% total returns in the year-to-date. As many as 19 of the stocks generated positive total returns, while one stock, Singapore Post, remained unchanged.
The 20 stocks have also booked a total of S$1.94 billion of net institutional inflows in the year-to-date, led by Singapore Telecommunications. The 20 stocks are tabled below.
Actively Traded Singapore Stocks with Highest YTD Net Insti Flows proportionate to Mkt Cap |
Code |
Mkt Cap S$M |
Insti YTD Net Flow (S$M) |
Net Flow as % of Cap |
YTD Total Return % |
QTD Total Return % |
Sector |
Jiutian Chemical |
C8R |
195 |
23 |
12.0% |
40 |
22 |
Materials & Resources |
Riverstone |
AP4 |
971 |
36 |
3.7% |
7 |
-27 |
Healthcare |
CityDev |
C09 |
7,382 |
243 |
3.3% |
24 |
7 |
Real Estate (excl. REITs) |
Sembcorp Ind |
U96 |
4,892 |
142 |
2.9% |
38 |
4 |
Utilities |
Keppel Corp |
BN4 |
11,662 |
193 |
1.7% |
32 |
5 |
Industrials |
Samudera Shipping |
S56 |
407 |
6 |
1.5% |
55 |
1 |
Industrials |
Hong Fok |
H30 |
775 |
11 |
1.4% |
24 |
9 |
Real Estate (excl. REITs) |
Singtel |
Z74 |
40,791 |
524 |
1.3% |
6 |
-6 |
Telecommunications |
Sembcorp Marine |
S51 |
3,421 |
42 |
1.2% |
33 |
11 |
Industrials |
Ascott Trust |
HMN |
3,780 |
44 |
1.2% |
14 |
2 |
REITs |
SGX |
S68 |
10,327 |
119 |
1.1% |
4 |
-4 |
Financial Services |
Sheng Siong |
OV8 |
2,300 |
25 |
1.1% |
7 |
3 |
Consumer Non-Cyclicals |
Bumitama Agri |
P8Z |
1,179 |
13 |
1.1% |
31 |
-7 |
Consumer Non-Cyclicals |
Suntec REIT |
T82U |
4,851 |
53 |
1.1% |
15 |
-2 |
REITs |
CapLand IntCom Trust |
C38U |
14,320 |
154 |
1.1% |
6 |
-4 |
REITs |
Jardine C&C |
C07 |
11,928 |
123 |
1.0% |
51 |
24 |
Consumer Cyclicals |
Frasers H Trust |
ACV |
1,339 |
13 |
1.0% |
51 |
31 |
REITs |
Keppel REIT |
K71U |
4,206 |
41 |
1.0% |
3 |
-7 |
REITs |
ST Engineering |
S63 |
12,218 |
118 |
1.0% |
8 |
-2 |
Industrials |
SingPost |
S08 |
1,462 |
12 |
0.8% |
0 |
0 |
Industrials |
Average |
|
|
|
|
22 |
3 |
|
Total |
|
138,406 |
1,935 |
|
|
|
|
Source: SGX, Bloomberg, Refinitiv (Data as of 17 June 2022)
As shown in the table above, Jiutian Chemical Group has booked S$23 million of net institutional inflow in the year-to-date which represents 12.0% of the stock’s current market capitalisation of S$195 million. Representing the Materials & Resources sector, Catalist-listed and Henan-based company manufactures and produces dimethylformamide (“DMF”), methylamine, sodium hydrosulfate and dimethylacetamide. For its 1Q22, Jiutian Chemical Group reported net profit of RMB 201 million, a 123% increase over the same period last year, notwithstanding 15 days of lower production volume in January 2022 due to Covid related restriction affecting logistics. This followed on from its 2021 net profit growing 87% from 2020, on increased demand for its products by downstream users as well as surge in average selling prices of DMF and Methylamine. Since the end of 2019, Jiutian Chemical Group’s market capitalisation has grown sixfold from just over S$30 million to over S$190 million.
Created by SGX | Sep 12, 2024
Created by SGX | Sep 09, 2024
Created by SGX | Sep 03, 2024