The Straits Times Index (STI) ended last week at 3,076.69 with a 3.4% decline on the week, which saw three consecutive closes below the 3,100 level. This brings the STI’s decline in total return terms for the 2023 year to 20 October to 1.2%, in-line with a 1.0% decline for the FTSE ASEAN Extended 60 Net Total Return Index.
At the same time, the SPDR Gold Shares ETF has generated a 10.9% gain for the 2023 year to 20 Oct, in SGD terms. The ETF ended Friday at US$183.89 per unit, maintains a minimum one-unit investment and is traded in both USD and SGD counters. Investors that seek exposure to as close as possible to one ounce of gold (~0.987 ounces) can purchase 11 units, equivalent to US$2,023 as of 20 Oct. The SPDR Gold Shares ETF is also included under the CPF Investment Scheme - Ordinary Account and Supplementary Retirement Scheme.
Flagged as a key risk for both investors and listed stocks ahead of 2023, global geopolitical concerns have escalated in recent weeks. Since the Hamas attacks in Israel on 7 Oct, the STI declined 3.1% through to 20 Oct, and the SPDR Gold Shares ETF gained 8.7% in SGD terms. The initial broad stock market gains on the view that global geopolitical concerns would reduce the case for FOMC to pursue higher interest rates was short-lived. Since 12 Oct, the STI has declined 4.4%, while the FTSE ASEAN Extended 60 Net Total Return Index has declined 3.4% and the FTSE All World Index has declined 3.1%. Other overarching factors at work in the global stock market in recent weeks include more indications of growth deceleration in the United States and China in 2024, as inflation in the former is still seen to be too high, while 10-year UST yields are staunchly trading at 5%.
The declines in the STI have seen the majority of the 50 most active Singapore-listed stocks for the year-to-date till 20 Oct trade at price-to-book ratios that are below their 5-year average price-to-book ratios. At the same time, all 48 of the 50 stocks that are maintained by Refinitiv to have coverage by more than three analysts are trading below their Refinitiv consensus estimates.
These Refinitiv consensus estimates represent the average of individual estimates provided by analysts covering the stock. Estimates also typically represent an analyst's opinion of the stock performance over the next 18 months. These consensus estimates are updated on an intra-day basis on the SGX Stock Screener, thus some of the consensus estimates may now differ from those tabled below, and these estimates can be subject to both upward and downward revisions.
The 50 most traded stocks this year in Singapore are tabled below, and sorted by the most traded in the 2023 year to 20 Oct. Based on Friday close prices, compared to early Monday consensus prices, the 50 stocks were trading 26% below their Refinitiv consensus estimates, and 24% below those estimates on a median basis.
Stock |
Code |
Friday 20 Close |
Week VWAP |
Refinitiv Consensus Estimate TP 23 Oct, 930am |
Week Px Chg % |
Week Net Insti Flow S$M |
2023 TR YTD % |
Net Insti Flow 2023 YTD S$M |
5-Year Total Return % |
DBS Group Holdings |
D05 |
$33.08 |
$33.27 |
37.334 |
-2.0 |
-25.8 |
3.1 |
-964.5 |
72.8 |
United Overseas Bank |
U11 |
$27.760 |
$28.00 |
32.131 |
-2.0 |
-56.3 |
-4.4 |
-685.1 |
38.9 |
Oversea-Chinese Banking Corporation |
O39 |
$12.790 |
$12.95 |
14.412 |
-1.5 |
29.4 |
11.9 |
203.7 |
51.2 |
Singapore Telecommunications |
Z74 |
$2.330 |
$2.37 |
3.067 |
-2.1 |
-1.6 |
-6.5 |
-284.6 |
-8.1 |
Singapore Airlines |
C6L |
$5.970 |
$6.14 |
6.868 |
-7.3 |
-30.6 |
12.1 |
-38.2 |
0.3 |
Seatrium Limited |
S51 |
$0.117 |
$0.12 |
0.179 |
-7.1 |
-12.5 |
-15.2 |
165.9 |
-88.8 |
Yangzijiang Shipbuilding Holdings |
BS6 |
$1.430 |
$1.49 |
1.916 |
-12.3 |
-3.0 |
9.5 |
29.6 |
187.7 |
CapitaLand Integrated Commercial Trust |
C38U |
$1.710 |
$1.77 |
2.190 |
-6.0 |
-10.6 |
-11.6 |
-132.6 |
-3.1 |
CapitaLand Ascendas REIT |
A17U |
$2.480 |
$2.59 |
3.093 |
-7.8 |
-32.2 |
-4.8 |
-18.0 |
23.8 |
Genting Singapore |
G13 |
$0.835 |
$0.84 |
1.141 |
-0.6 |
16.5 |
-9.4 |
69.5 |
2.7 |
Keppel Corporation |
BN4 |
$6.330 |
$6.39 |
7.801 |
-5.0 |
-25.2 |
40.6 |
-211.4 |
77.7 |
Sembcorp Industries |
U96 |
$4.580 |
$4.63 |
6.699 |
-3.8 |
6.0 |
39.3 |
179.1 |
247.8 |
Capitaland Investment |
9CI |
$3.040 |
$3.05 |
4.075 |
-2.3 |
6.1 |
-13.8 |
-96.0 |
12.2 |
Mapletree Logistics Trust |
M44U |
$1.480 |
$1.53 |
1.784 |
-6.9 |
-12.7 |
-4.3 |
-19.3 |
45.9 |
Wilmar International |
F34 |
$3.440 |
$3.52 |
4.273 |
-3.9 |
1.1 |
-13.8 |
40.0 |
37.3 |
Venture Corporation |
V03 |
$11.590 |
$11.82 |
16.174 |
-4.8 |
-4.5 |
-28.6 |
-290.8 |
-11.3 |
Jardine Matheson Holdings |
J36 |
$40.460 |
$41.95 |
55.050 |
-7.5 |
-7.0 |
-16.8 |
-32.7 |
-18.0 |
Singapore Exchange |
S68 |
$9.590 |
$9.67 |
9.912 |
-1.8 |
2.9 |
10.0 |
155.2 |
64.9 |
Singapore Technologies Engineering |
S63 |
$3.790 |
$3.86 |
4.146 |
-4.5 |
-3.5 |
16.8 |
141.0 |
36.8 |
Thai Beverage PCL |
Y92 |
$0.540 |
$0.54 |
0.798 |
-1.8 |
3.5 |
-18.3 |
-87.7 |
-4.2 |
Mapletree Pan Asia Commercial Trust |
N2IU |
$1.290 |
$1.33 |
1.672 |
-6.5 |
-2.3 |
-19.6 |
-98.2 |
3.4 |
SATS |
S58 |
$2.470 |
$2.50 |
2.834 |
-4.6 |
-3.6 |
-8.0 |
-85.9 |
-43.3 |
City Developments |
C09 |
$6.280 |
$6.47 |
8.265 |
-5.8 |
-7.9 |
-21.5 |
-178.3 |
-13.0 |
Jardine Cycle & Carriage |
C07 |
$28.410 |
$29.32 |
34.833 |
-7.0 |
-13.3 |
3.9 |
0.5 |
17.6 |
Frasers Logistics & Commercial Trust |
BUOU |
$1.010 |
$1.04 |
1.360 |
-5.6 |
-0.8 |
-10.5 |
-68.3 |
29.0 |
Keppel DC REIT |
AJBU |
$1.720 |
$1.83 |
2.142 |
-15.3 |
-20.9 |
1.4 |
17.8 |
58.1 |
Mapletree Industrial Trust |
ME8U |
$2.140 |
$2.19 |
2.471 |
-4.0 |
-0.5 |
0.4 |
-13.8 |
40.0 |
Hongkong Land Holding |
H78 |
$3.380 |
$3.44 |
4.283 |
-1.2 |
4.1 |
-22.5 |
-29.7 |
-29.9 |
Suntec Real Estate Investment Trust |
T82U |
$1.120 |
$1.13 |
1.256 |
-1.8 |
-1.6 |
-15.5 |
-176.7 |
-20.2 |
Comfortdelgro Corporation |
C52 |
$1.280 |
$1.30 |
1.480 |
-3.8 |
6.8 |
10.3 |
45.5 |
-29.2 |
Keppel REIT |
K71U |
$0.810 |
$0.83 |
0.973 |
-2.4 |
-0.2 |
-6.3 |
-47.2 |
-10.4 |
UOL Group |
U14 |
$5.940 |
$6.24 |
7.937 |
-8.8 |
-7.4 |
-9.3 |
9.2 |
7.7 |
CapitaLand Ascott Trust |
HMN |
$0.875 |
$0.89 |
1.180 |
-4.9 |
-5.1 |
-12.2 |
-35.6 |
-0.3 |
UMS Holdings |
558 |
$1.200 |
$1.29 |
1.423 |
-9.8 |
4.7 |
5.6 |
53.4 |
168.0 |
AEM Holdings |
AWX |
$3.520 |
$3.56 |
3.703 |
-4.6 |
1.2 |
4.1 |
39.2 |
390.8 |
Frasers Centrepoint Trust |
J69U |
$2.050 |
$2.09 |
2.355 |
-2.8 |
-0.3 |
0.4 |
-7.5 |
18.3 |
Lendlease Global Commercial REIT |
JYEU |
$0.495 |
$0.50 |
0.771 |
-4.8 |
-1.7 |
-24.7 |
-101.7 |
-31.0 |
Frencken Group |
E28 |
$1.060 |
$1.12 |
1.124 |
-10.2 |
1.1 |
16.2 |
8.5 |
208.0 |
Golden Agri-Resources |
E5H |
$0.265 |
$0.27 |
0.277 |
0.0 |
0.1 |
10.0 |
35.0 |
34.1 |
Nanofilm Technologies International |
MZH |
$0.905 |
$0.93 |
1.019 |
-4.2 |
0.7 |
-34.2 |
-21.5 |
-68.2 |
ESR-Logos REIT |
J91U |
$0.265 |
$0.27 |
0.364 |
-3.6 |
0.1 |
-22.3 |
4.0 |
-24.0 |
Samudera Shipping Line |
S56 |
$0.635 |
$0.65 |
N/A |
-9.3 |
-0.2 |
-0.1 |
-5.8 |
496.9 |
First Resources |
EB5 |
$1.440 |
$1.47 |
1.663 |
-4.0 |
-0.7 |
7.7 |
1.4 |
11.8 |
Keppel Infrastructure Trust |
A7RU |
$0.445 |
$0.45 |
0.617 |
-6.3 |
-5.3 |
-11.0 |
-47.6 |
30.0 |
CapitaLand China Trust |
AU8U |
$0.825 |
$0.84 |
1.198 |
-5.7 |
-1.4 |
-21.4 |
-17.7 |
-17.8 |
Yangzijiang Financial Holding |
YF8 |
$0.340 |
$0.34 |
0.550 |
-5.6 |
1.1 |
0.5 |
24.9 |
-42.5 |
NetLink NBN Trust |
CJLU |
$0.820 |
$0.83 |
0.983 |
-3.0 |
-3.2 |
1.7 |
-28.3 |
38.4 |
Sheng Siong Group |
OV8 |
$1.480 |
$1.48 |
1.910 |
-1.3 |
-4.0 |
-7.0 |
-28.2 |
68.4 |
Olam Group |
VC2 |
$0.980 |
$1.00 |
N/A |
-4.9 |
-0.8 |
-29.3 |
-13.2 |
-39.4 |
Rex International Holding |
5WH |
$0.180 |
$0.18 |
0.210 |
-1.6 |
-1.1 |
-13.9 |
-9.2 |
95.2 |
Notes:
(1) Jardine Matheson and Hongkong Land Holding prices, consensus estimates and returns in USD, while net institutional flows in SGD.
(2) Also note that 5-year total returns for stocks that have been listed within the last 5 years are taken from IPO prices.
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