SGX Market Updates

Singapore Stocks That Have Booked YTD Net Inflows From Institutions & Retail

SGX
Publish date: Mon, 11 Mar 2024, 05:17 PM
  • More than 250 Singapore-listed stocks have booked net institutional inflow over the past 10 weeks. Of these 250, 16 have also booked net retail inflow. The most traded of the 16 stocks includes three STI stocks, in addition to incoming STI constituent Frasers Centrepoint Trust.
     
  • The most traded of the 16, CapitaLand Integrated Commercial Trust, has been averaging S$48 million ADT this year, up from S$34 million ADT for the full 2023 year. Also the largest S-REIT listed on SGX by market capitalisation, its units closed Friday at S$1.96, with a P/B ratio of 0.91x and Refinitiv consensus estimate target price of S$2.17.
     
  • All seven of the 16 stocks with at least S$100k ADT in the YTD, maintain P/B ratios below their 5-year average P/B ratios. Six of the seven stocks have booked YTD declines, with Centurion Corp the exception with a 4.9% gain. Medtecs Int posted the most YTD declines of the seven, and maintains the biggest P/B discount to its 5-year average P/B ratio.

The first 10 weeks of 2024 have seen 250 stocks book S$400 million in net institutional inflow compared to 285 stocks that have booked S$1.9 billion in net institutional outflow. Of the 250 stocks that booked net institutional inflow, 16 stocks also booked net retail inflow, with seven of these 16 stocks maintaining market average daily turnover of at least S$100,000 over the past 10 weeks. As tabled below, the seven stocks represent five different Sectors, and have mostly booked declines over the past 10 weeks. All seven stocks currently maintain Price-to-Book (P/B) ratios below their respective 5-year average P/B ratios.

Most Traded Stocks by ADT with both NIF and NRF in YTD

Stock Code

YTD ADT S$M

YTD TR%

YTD NIF S$M

YTD NRF S$M

P/B (x)

5-yr P/B (x)

5-yr TR%

Sector

CapitaLand Int Com Trust

C38U

47.513

-2.1

2.0

9.4

0.919

1.026

5.7

REITs

JMH USD

J36

15.972

-4.2

19.0

1.9

0.390

0.627

-31.0

Industrials

Hongkong Land USD

H78

8.253

-6.0

4.9

12.3

0.224

0.306

-46.6

Real Estate (excl. REITs)

Frasers Cpt Tr

J69U

7.957

-0.8

4.1

0.4

0.946

1.049

26.2

REITs

First Resources

EB5

1.554

-4.9

1.7

1.0

1.226

1.631

-1.9

Consumer Non-Cyclicals

Medtecs Intl

546

1.334

-31.2

0.4

0.5

0.405

1.213

392.1

Healthcare

Centurion

OU8

0.103

4.9

0.01

0.03

0.433

0.518

16.4

Real Estate (excl. REITs)

Median

 

 

-4.2

 

 

 

 

5.7

 

Total

 

82.7

 

32.0

25.5

 

 

 

 

 Note ADT refers to average daily turnover, NIF refers to Net Institutional Inflow, NRF refers to Net Retail Flow and P/B refers to  Price-to-Book.

All Data as of 8 March 2024, Source: SGX, Refinitiv, Bloomberg.

Of the stocks tabled above, Frasers Centrepoint Trust and CapitaLand Integrated Commercial Trust, are trading at P/B ratios that a currently around 10% lower than their respective 5-year average P/B ratios. Both S-REITs are also trading around 10% below their Refinitiv consensus estimates target prices. Note Refinitiv consensus estimates represent the average of individual estimates provided by analysts covering the stock and estimates typically represent an analyst's opinion of the stock performance over the next 18 months.

The table also details that Medtecs International Corporation has seen the biggest decline in its share price over the past 10 weeks, while the stock also maintains a P/B ratio of 0.405x, which is around two-thirds lower than its 5-year P/B ratio of 1.213x. The surge in demand for Personal Protection Equipment (PPE) associated with COVID-19 saw the stock outpace the other six stocks in the table over the past 5-year period with a total return close to 400%.

For its FY23 (ended Dec 31), the leading PPE and hospital services provider reported:

  • Its net loss decreased by 22.7% to US$22.6 million from US$29.3 million in FY22. This was attributed to higher provisions for inventory losses in FY22, which was also due to a lowered global demand for the Group's PPE as a result of the easing of COVID-19 prevention measures in FY22.
  • Total assets of the Group totalled US$169 million as of 31 Dec, 2023, with total liabilities at US$39 million, bringing net assets to US$130 million.
  • For FY24, the Group plans to expand its market reach and innovation through reaching new customers as well as developing new products and channels of distribution. Examples of new product lines include health supplements, bug repellents, anti-viral disinfectants, and medical devices equipped with AI technology.

Centurion Corporation has bucked the declines of the above table stocks in the 2024 year to 8 March. As discussed here, following Centurion Corporation’s release of its FY 2023 (ended Dec 31) financial results after the Feb 28 close, executive director and joint chairman David Loh Kim Kang and CEO Kong Chee Min increased their direct interests in the company.

Further Resources and Research

  • Weekly Fund Flow Report: SGX Institutional and Retail Fund Flow Weekly Tracker (Week of 4 March 2024)

Recent Financial Results/Business Updates

Related Analyst Reports

Company interviews

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