The global focus on key economic indicators for a smooth landing in the US has resulted in four stable sessions for the STI, with a 40-point range and a 1.8% gain. Key events in September include the US August unemployment report, due on 6 Sep. If the unemployment rate remains near the 4.3% level seen in July, or is reported to be higher, it will likely lead to a 25bps Fed Funds Rate cut on 18 Sep. Currently, the CME FedWatch Tool shows two-thirds of the market expecting a 25bps rate cut, and one-third expecting a 50bps rate cut. These expectations have remained unchanged over the past four sessions.
The 1.8% 4-session STI gain coincided with S$171 million of net institutional inflow. Some of this flow can be attributed to the local earnings season which is drawing to close. As much as S$28 million of the 4-session S$171 million combined net inflow was generated by SATS on 21 August, with the stock also trading 10x its usual average daily turnover. This followed SATS reporting a turnaround 1QFY25 PATMI of S$65.0 million compared to a loss of S$29.9 million in 1QFY24. SATS attributed the turnaround to higher business volumes and a one-off gain of S$7.2 million from a loan settlement with an outgoing local partner in Indonesia. SATS’ Management noted with the continuing aviation recovery and increased air cargo volume handled, it expects positive momentum in the coming quarters. SATS has now booked the sixth highest bet institutional net inflows in the local stock market in the year-to-date, after Singapore Telecommunications, United Overseas Bank, Singapore Technologies Engineering, Oversea-Chinese Banking Corporation and Yangzijiang Shipbuilding.
By Sector, it was Financial Services and REITs that booked the most net institutional inflow over the four sessions. The 30 stocks that booked the highest net institutional inflows over the four sessions are tabled below.
Non-STI Stocks with Highest NIF on Aug 16,19 20,21. | Code | Mkt Cap S$M | 4-day Px Return % | 4-day NIF S$M | YTD Px Chg % | YTD NIF S$M | Sector |
DBS | D05 | 101,763 | 2.9 | 63.53 | 18 | -412.2 | Financial Services |
SGX | S68 | 11,328 | 3.7 | 45.86 | 8 | 118.2 | Financial Services |
SATS | S58 | 5,367 | 12.2 | 26.16 | 31 | 126.4 | Industrials |
UOB | U11 | 51,332 | 2.2 | 21.22 | 8 | 407.8 | Financial Services |
Jardine C&C | C07 | 10,909 | 4.5 | 15.53 | -7 | -73.6 | Consumer Cyclicals |
OCBC Bank | O39 | 64,463 | 2.3 | 13.77 | 10 | 150.0 | Financial Services |
Mapletree Ind Tr | ME8U | 6,748 | 3.9 | 13.47 | -5 | -85.8 | REITs |
ST Engineering | S63 | 14,217 | 0.0 | 11.97 | 17 | 176.8 | Industrials |
Frasers Cpt Tr | J69U | 4,235 | 2.2 | 7.42 | 4 | 0.4 | REITs |
CapLand Ascendas REIT | A17U | 12,268 | 3.3 | 5.57 | -8 | -124.3 | REITs |
CapitaLandInvest | 9CI | 12,887 | 2.8 | 4.50 | -18 | -125.1 | Financial Services |
Keppel | BN4 | 11,089 | 3.9 | 3.57 | -13 | -95.1 | Industrials |
Lendlease REIT | JYEU | 1,331 | 5.7 | 3.45 | -13 | -17.9 | REITs |
Seatrium | 5E2 | 4,899 | 0.7 | 3.37 | -39 | -279.5 | Industrials |
Mapletree PanAsia Com Tr | N2IU | 6,834 | 4.8 | 3.16 | -17 | -150.3 | REITs |
Singtel | Z74 | 48,384 | -3.0 | 2.96 | 19 | 616.7 | Telecommunications |
NetLink NBN Tr | CJLU | 3,410 | 2.3 | 2.74 | 4 | -22.6 | Telecommunications |
IFAST | AIY | 2,169 | 1.5 | 2.71 | -11 | 13.8 | Technology (Hardware/ Software) |
Keppel DC REIT | AJBU | 3,584 | 1.5 | 1.65 | 7 | -11.7 | REITs |
CapLand India T | CY6U | 1,461 | 0.0 | 1.59 | -4 | -3.6 | REITs |
Suntec REIT | T82U | 3,496 | 2.6 | 1.35 | -2 | 13.0 | REITs |
DFIRG USD | D01 | 3,389 | 0.9 | 1.18 | -21 | -14.5 | Consumer Non-Cyclicals |
ThaiBev | Y92 | 12,313 | 3.2 | 1.02 | -7 | 51.2 | Consumer Non-Cyclicals |
Nam Cheong | 1MZ | 120 | 5.2 | 1.01 | -24 | -7.2 | Industrials |
CapLand Ascott Trust | HMN | 3,351 | 2.9 | 1.00 | -11 | -75.0 | REITs |
SIA Engineering | S59 | 2,593 | 1.8 | 0.82 | -3 | 4.4 | Industrials |
PARAGONREIT | SK6U | 2,543 | 2.9 | 0.77 | 1 | 7.2 | REITs |
Nanofilm | MZH | 459 | 0.0 | 0.71 | -23 | -24 | Technology (Hardware/ Software) |
Emperador Inc. | EMI | 6,845 | 0.0 | 0.70 | -18 | -2 | Consumer Non-Cyclicals |
Japfa | UD2 | 703 | 1.5 | 0.69 | 57 | 2 | Consumer Non-Cyclicals |
Note NIF refers to Net Institutional Inflow, ADT refers to Average Daily Turnover, All Data as of 21 August 2024, Source: SGX
Beyond the STI constituents, stocks that contributed the most to the net institutional inflow over the four sessions included Lendlease Global Commercial REIT, NetLink NBN Trust, iFAST Corporation, Keppel DC REIT, CapitaLand India Trust, Suntec REIT and Nam Cheong as tabled below.
Non-STI Stocks with Highest NIF on Aug 16,19 20,21. | Code | Mkt Cap S$M | 4-day Px Return % | 4-day NIF S$M | YTD Px Chg % | YTD NIF S$M | YTD ADT S$M | Sector |
Lendlease REIT | JYEU | 1,331 | 5.7 | 3.45 | -13 | -17.9 | 2.6 | REITs |
NetLink NBN Tr | CJLU | 3,410 | 2.3 | 2.74 | 4 | -22.6 | 3.3 | Telecommunications |
IFAST | AIY | 2,169 | 1.5 | 2.71 | -11 | 13.8 | 4.0 | Technology (Hardware/ Software) |
Keppel DC REIT | AJBU | 3,584 | 1.5 | 1.65 | 7 | -11.7 | 11.0 | REITs |
CapLand India T | CY6U | 1,461 | 0.0 | 1.59 | -4 | -3.6 | 2.5 | REITs |
Suntec REIT | T82U | 3,496 | 2.6 | 1.35 | -2 | 13.0 | 8.8 | REITs |
Nam Cheong | 1MZ | 120 | 5.2 | 1.01 | -24 | -7.2 | 0.6 | Industrials |
CapLand Ascott T | HMN | 3,351 | 2.9 | 1.00 | -11 | -75.0 | 5.1 | REITs |
SIA Engineering | S59 | 2,593 | 1.8 | 0.82 | -3 | 4.4 | 0.6 | Industrials |
PARAGON REIT | SK6U | 2,543 | 2.9 | 0.77 | 1 | 7.2 | 0.7 | REITs |
Nanofilm | MZH | 459 | 0.0 | 0.71 | -23 | -24 | 3.8 | Technology (Hardware/ Software) |
Emperador Inc. | EMI | 6,845 | 0.0 | 0.70 | -18 | -2 | 0.6 | Consumer Non-Cyclicals |
Japfa | UD2 | 703 | 1.5 | 0.69 | 57 | 2 | 0.5 | Consumer Non-Cyclicals |
First Resources | EB5 | 2,215 | 2.1 | 0.54 | 0 | 3 | 1.7 | Consumer Non-Cyclicals |
Far East HTrust | Q5T | 1,267 | 2.4 | 0.49 | -5 | -10 | 0.9 | REITs |
Man Oriental USD | M04 | 2,673 | -1.2 | 0.41 | 3 | 2 | 0.1 | Consumer Cyclicals |
First REIT | AW9U | 532 | 0.0 | 0.40 | -4 | -2 | 0.3 | REITs |
Prime US REIT USD | OXMU | 301 | -4.5 | 0.39 | -20 | -4 | 1.2 | REITs |
YZJ Fin Hldg | YF8 | 1,212 | 1.5 | 0.38 | 6 | 19 | 1.9 | Financial Services |
OUE REIT | TS0U | 1,565 | 5.6 | 0.38 | 0 | -1 | 0.6 | REITs |
KepPacOak REIT USD | CMOU | 327 | 0.9 | 0.37 | -37 | -15 | 1.2 | REITs |
Best World | CGN | 1,070 | -0.4 | 0.37 | 45 | 11 | 1.2 | Consumer Cyclicals |
HPH Trust USD | NS8U | 1,444 | 0.3 | 0.35 | -15 | -6 | 0.9 | Industrials |
Keppel REIT | K71U | 3,265 | 1.8 | 0.31 | -8 | -24 | 6.2 | REITs |
Bumitama Agri | P8Z | 1,223 | 0.0 | 0.28 | 17 | 8 | 0.4 | Consumer Non-Cyclicals |
CSE Global | 544 | 315 | -2.2 | 0.27 | 6 | 2 | 1.0 | Technology (Hardware/ Software) |
ValueMax | T6I | 404 | 5.8 | 0.26 | 42 | 1 | 0.0 | Consumer Cyclicals |
DigiCore REIT USD | DCRU | 1,027 | 2.1 | 0.24 | -7 | 6 | 2.3 | REITs |
Revez | RCU | 11 | 0.0 | 0.24 | -71 | 0 | 0.0 | Technology (Hardware/ Software) |
The Hour Glass | AGS | 992 | 1.3 | 0.23 | -8 | -6 | 0.4 | Consumer Cyclicals |
Note NIF refers to Net Institutional Inflow, ADT refers to Average Daily Turnover, All Data as of 21 August 2024, Source: SGX
On 13 Aug, Nam Cheong reported 1HFY24 NPAT of RM 635.8 million, up from RM 31.7 million in 1HFY23, primarily due to the waiver of debts. At the same time, the global offshore marine group noted its business recovery is gathering pace with revenue growing 56% from 1HFY23 to RM 312.0 million for 1HFY24. Since its humble beginnings in 1968 building only fishing vessels, the Group is now Malaysia’s largest Offshore Support Vessels (OSV) builder, owning and operating one of the largest shipbuilding yards for OSVs in Malaysia. The Nam Cheong CEO noted with the results that the Group's performance continues to improve, driven by higher daily charter rates and increased utilisation of larger vessels, adding that with one of the youngest and largest fleets in the region, the Group is well-positioned to capitalise on the sustained demand in the O&G market.
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Created by SGX | Dec 02, 2024