• On 27 May, the STI closed at 3,318.45, its highest close since August 2023. From the mid-April lows to 27 May, the STI has gained 5.5%, with dividends boosting the total return to 7.4%, and the local benchmark marginally outpacing the FTSE APAC Index.
   
• The overall Singapore stock market booked a moderate amount of S$300 million in net institutional inflow over the six weeks, with more Sectors booking net outflow than net inflow. Banks, Financial Services and the Real Estate Management and Development Sectors led net institutional inflow.
   
• STI stocks within the Real Estate Management and Development sector - Hongkong Land, City Developments and UOL Group - all booked net institutional inflow while averaging 7.1% total returns. Outside the STI, Yoma Strategic, Centurion, GuocoLand, Bukit Sembawang and Hong Fok booked net institutional inflow and generated median 8.8% total returns. 
   
• Among the most actively traded stocks, Yoma Strategic also booked the second highest net institutional inflow relative to market cap, after Samudera Shipping. Maritime-related stocks were clearly in play over the six weeks, as YZJ Shipbuilding, Dyna-Mac and Marco Polo Marine made up the next three stocks in the ranking.
   

The STI ended the 27 May session at 3,318.45, its highest close since August 2023. From the 16 April close at 3,144.76, though to the 27 May close, the STI has gained 5.5%, with dividends boosting the total return to 7.4%. This compares to the 5.3% total return in SGD terms for the broader FTSE Asia Pacific Index. Over the six weeks, the two STI ETFs moved in tandem, averaging 7.1% returns. The increasingly cautiously optimistic outlook for industrial-driven global growth into 2025 has also seen the iEdge SG Manufacturing Index move in tandem with the STI with an 8.0% total return. At the same time the sustained less dovish outlook for global interest rates into 2025 saw the iEdge S-REIT Index generate a 1.1% total return. Majority expectations remain anchored to 50bps of cuts to the Fed Funds Rate between now and the end of 1Q25.  

Over the six week period the Singapore stock market booked approximately S$330 million of net institutional inflow. The three Sectors that booked the most net institutional inflow in absolute terms included Banks, Financial Services and Real Estate Management and Development. The Healthcare and Energy sector also booked net institutional inflow, whereas the remaining sectors booked net institutional outflow.

Among the 200 most traded stocks this year by Average Daily Turnover (ADT), the 30 stocks that booked the most net institutional inflow from the 16 April close through to the 27 May close are tabled below. The trio of STI Banks clearly led the broader market net institutional inflow with combined net inflow of close to S$600 million from 16 April through to 27 March, while the trio averaged 10% total returns. More on their recent results and outlooks can be read here. 

Note: ADT refers to average daily turnover; NIF refers to net institutional flows; TR refers to total returns. ^ denotes on SGX Watchlist. Group of actively traded stocks ranked among 200 stocks with highest YTD ADT.  Source: SGX, Refinitiv, Bloomberg (Data as of 27 May 2024).

Real Estate (Ex-REITs) Sector has Booked Net Institutional Inflow since 16 April 

As noted above, the Real Estate Management and Development Sector also referred to as Real Estate (Ex-REITs) booked the third highest net institutional inflow since 16 April. The 10 stocks of the Sector that booked the highest net institutional inflow over the period are tabled below. Note the 10 stocks also booked gains over the six weeks, ranging from a 0.2% gain for UOL Group to a 63.4% total return for Yoma Strategic Holdings. 

Note: ADT refers to average daily turnover; NIF refers to net institutional flows; TR refers to total returns. ^ denotes on SGX Watchlist. Group of actively traded stocks ranked among 200 stocks with highest YTD ADT.  Source: SGX, Refinitiv, Bloomberg (Data as of 27 May 2024).

Yoma Strategic Holdings maintains a with a diversified portfolio of businesses in Real Estate, Mobile Financial, Services, Leasing, F&B, Automotive & Heavy Equipment and Investments in Myanmar. The stock has ranked among the 100 most traded stocks by ADT in the 2024 year through to 27 May, with its ADT up 125% from the full 2023 year. 

Actively Traded Stocks that Booked Highest Net Institutional Inflow Proportionate to Market Cap since 16 April

Among the most actively traded stocks, Yoma Strategic Holdings also booked the second highest net institutional inflow relative to market capitalisation, after Samudera Shipping. Maritime-related stocks were clearly in play over the six weeks, as Yangzijiang Shipbuilding, Dyna-Mac Holdings and Marco Polo Marine made up the next three stocks in the ranking. 

In its 1QFY24 Business Update released after the 27 May close, Yangzijiang Shipbuilding relayed industry research that global demand for containerships would grow 9.5% in 2024 on the back of environmental regulatory shifts and fleet renewal. LPG Carrier demand was also cited to grow at a 5.5% CAGR through to 2029 on strong growth in shale gas production, and rising demand for LPG heating, ventilation, and air conditioning applications.   

Note: ADT refers to average daily turnover; NIF refers to net institutional flows; TR refers to total returns. ^ denotes on SGX Watchlist. Group of actively traded stocks ranked among 200 stocks with highest YTD ADT.  Source: SGX, Refinitiv, Bloomberg (Data as of 27 May 2024).

Further Resources and Research 

• Weekly Fund Flow Report: Data Reports - Singapore Exchange (SGX) 

Recent Financial Results/Business Updates

• Hongkong Land: Hongkong Land Annual Report 2023 
• City Developments: 1QFY24 Operational Update| City Developments Annual Report 2023 
• UOL Group: UOL Group Annual Report 2023 
• Yoma Strategic: Yoma Strategic 2HFY23 Financial Results 
• Centurion:  Centurion Corporation 1QFY24 Business Updates | Centurion Corporation Annual report 2023 
• GuocoLand: GuocoLand 2HFY23 Financial Results 
• Samudera Shipping: Samudera Shipping Line 1QFY24 Business Update | Samudera Shipping Line Annual Report 2023 
• Yangzijiang Shipbuilding: Yangzijiang Shipbuilding 1QFY24 Business Updates | Yangzijiang Shipbuilding Annual Report 2023
• Dyna-Mac:  Dyna-Mac 2023 Annual Report 
• Marco Polo Marine: Marco Polo Marine 1HFY2024 Results |Marco Polo Marine Annual Report 2023 

Related Analyst Reports

• Hongkong Land: DBS - Hongkong Land update : Strong embedded value 
• City Developments: DBS - City Developments update : Reactivate asset recycling mode 
• UOL Group: DBS - UOL Group update : Blockbuster end to a rough year 
• Yoma Strategic: Phillip Capital - Yoma Strategic holdings visit note : Capitalising on the new challenges 
• Centurion:  KGI Securities (Singapore) - Centurion Corp Update: Centre of excellence | CGSI Securities - Centurion Corporation Ltd update : Further positive rental reversions in FY24F
• GuocoLand:  DBS - GuocoLand Update : The best is yet to come 
• Yangzijiang Shipbuilding: DBS - Yangzijiang Shipbuilding update : Making New Highs | CGS-CIMB - Yangzijiang Shipbuilding update : Record-high FY23F net profit likely
• Dyna-Mac: OCBC - Dyna-Mac Holdings Update : Order wins galore | Lim & Tan Securities - Dyna-Mac Initiation : The best is yet to be

Company interviews 

• Centurion: Smartkarma Insights: Centurion Corp - Paving the Way for Workers and Students | kopi-C with Centurion Corporation’s CEO: “We offer residents more than just a place to stay”
• Marco Polo Marine: 10 in 10 with Marco Polo Marine - Voyage into a sustainable future
   

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