STI Trades at Fresh 2021 Highs, Extends YTD Total Return to 18%

Articles From: Singapore Exchange
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  • On 5 Nov, the STI surpassed the preceding 2021 year high made on 30 April, with further gains on the 8 Nov morning session taking the STI to a 3,270.65 high. This level was last seen in January 2020, with the January 2020 high at 3,283.89. This has taken the STI 2021 YTD total return to 18%, outpacing the 4% gain of the FTSE Asia Pacific Index.
  • Between the STI highs of 30 April and 5 Nov, of the 100 most traded Singapore stocks, 42 stocks outpaced the STI, with the 42 generating median price gains of 11% and net institutional inflows of S$1.2 billion. These 42 stocks included stocks of the Energy, Technology, Industrial and REIT Sectors, that were also among the stronger sectors across the globe for the period.   
  • The strongest performers of the 100 stocks from 30 April to 5 Nov were RH Petrogas, CFM, Hatten Land, Rex Intl, PropNex, Geo Energy, Frencken, Tuan Sing, IFAST and Raffles Medical. Geo Energy, Rex Intl, Raffles Medical, Frencken and Tuan Sing also ranked among the 25 of the 100 stocks with the highest net institutional inflows proportionate to market cap for the period.

On 5 November, the Straits Times Index (“STI”) posted a new high for 2021, breaking above the 3,237.23 high formed back on 30 April, with a morning session high of 3,248.07. The morning session on 8 November saw the STI extend its gains and trade at a fresh high of 3,270.65, a level last seen on 21 January, 2020. This has taken the STI to within 0.4% of the January 2020 high of 3,283.89.

The recent STI gains have boosted its 2021 year-to-date gain to 17.9% as of the end of the 8 November morning session, which has quadrupled the return of the FTSE Asia Pacific Index.

While the STI ended last week 0.8% above its 30 April high, as many as 42 of the 100 most traded Singapore stocks generated price returns in excess of 0.8% over the period. As a group, these 100 stocks comprise some 70% of the total stock market capitalisation of all stocks listed on Singapore Exchange, while contributing more than 85% of the day-to-day turnover.

With the 100 stocks generating a median decline of 1.4% between 30 April and 5 November, the average price performance was a skewed gain of 10.4% due to a number of outlier performances. Aside from the comparative resilience of Energy, Technology, Industrial and REIT Sectors for the period, that were also among the stronger sectors across the globe, a number of Real Estate (excl. REITs) stocks also led the local market over the period. This reverberated to the STI, with the two strongest STI stocks over the period, Hongkong Land and CapitaLand Investment.

The 10 strongest performers of the 100 stocks from 30 April to 5 Nov were all non-STI stocks, and tabled below. Note that Geo Energy Resources, Rex International Holding, Raffles Medical Group, Frencken Group and Tuan Sing Holdings also ranked among the 25 of the 100 stocks with the highest net institutional inflows proportionate to market cap for the period. Also note Hatten Land, Rex International Holding and CFM Holdings are listed on the Catalist Board.

StockCodeMkt Cap S$MPrice Change (30 Apr – 5 Nov) %Annualised Volatility (30 Apr – 5 Nov) %Net Insti Flow S$M (3 May – 5 Nov) S$MYTD Total Return %YTD Net Insti Flow S$MSector
RH PetrogasT13136607.7147.5-0.2636.0-0.2Energy/ Oil & Gas
Hatten LandPH0109116.7159.1-8.0-12.2-11.1Real Estate (excl. REITs)
Rex Intl5WH43684.151.914.9129.516.8Energy/ Oil & Gas
PropNexOYY69967.347.33.8158.62.5Real Estate (excl. REITs)
Geo Energy ResRE447455.856.521.497.923.8Energy/ Oil & Gas
FrenckenE2898247.440.614.377.826.4Technology (Hardware/ Software)
Tuan SingT2458930.741. Estate (excl. REITs)
IFASTAIY2,39328.836.58.2189.728.6Technology (Hardware/ Software)
Raffles MedicalBSL2,65623.534.053.245.369.6Healthcare

 Source: SGX, Refinitiv, Bloomberg (Data as of 5 November 2021)

For the 10 strongest performers of the 100 actives between the 30 April and 5 Nov STI highs, key themes included energy prices, semiconductor demand, resilient investment, earnings growth, provision of COVID-19 testing equipment and ongoing strategic initiatives and corporate restructures.

As tabled above, as many as three Energy stocks were among the top 10 performers of the actively traded stocks over the six months. The price of Brent Crude Oil gained 24% from US$67.25/bbl on 30 April to US$83.60/bbl during the 8 November morning session. Much of the oil price gain has been attributed by the IMF to the global economic recovery, which remains an upside risk along with lower global production capacity from reduced investment in 2020-21, and OPEC+ price support. At the same time key downside risks to the price of oil include the economic impacts of resurgences of the Delta variant, higher output from uncommitted OPEC+ members and higher output from US shale oil producers.

As noted in a recent interview, Rex International Holding’s production in Oman in its 1HFY21 (ended 30 June) was almost on par with the production for the entire FY20, and with the Brent Crude Oil price increasing four-fold from about US$20/bbl in April 2020 to above US$80/bbl at present, and production costs maintained at US$80,000 per day, higher production levels have translated into lower costs per barrel for the company. For Geo Energy Resources, China and Indonesia remain the Group’s core markets, contributing 57% and 27% respectively to the Group’s total revenue in 1HFY21 (ending 30 June). For its 1HFY21, Geo Energy Resources reported revenue increased 37% YoY to US$220 million. The group highlighted it delivered 5.4 million tonnes of coal in 1HFY21 with an average selling price per tonne of US$40.97, with the Average ICI4 coal price at US$47.78 per tonne in 1HFY21, up from US$30.61 per tonne in 1HFY20. The company also noted that the ICI4 coal price as at 18 August 2021 was at US$71.45 per tonne, up US$23.67 from 1HFY21. On 13 October, Geo Energy Resources announced it had completed redemption of all outstanding bonds and expects a strong second half performance in view of higher volumes and heightened coal prices. RH Petrogas saw a 104% YoY increase in revenue in its 2QFY21 (ended 30 June), attributable to a 139.% increase in the average realised oil price for the period from US$28 per barrel in 2QFY20 to US$67 per barrel in 2QFY21 for the crude oil lifted in both the Kepala Burung production sharing contract (“PSC”) and the Salawati PSC.

The global theme of resilient investment also saw PropNex and iFAST Corporation rank among the top 10 performers of the actively traded stocks over the six months. iFAST Corp reported 63.6% YoY increase in 9MFY21 (ended 30 Sep) net profit and has set out a Five-Year Plan to further grow its business. On the earnings growth, Tuan Sing also posted a fifteen-fold increase in its 1HFY21 (ended 30 June) net profit to $100.7 million. Raffles Medical Group’s Profit after Tax grew 138.4% in its 1HFY21 (ended 30 June) to S$38.8 million, while the Group also expanded its operations beyond air-border screening and pre-event testing to include vaccination centres, pre-departure swabbing of cruise passengers, as well as operating dedicated polymerase chain reaction (PCR) testing centres to conduct tests for those exposed to new COVID-19 clusters as they emerge. RafflesHospitalShanghai, a 770,000 square-foot, 12 storey facility with a capacity of 400 beds, also started receiving patients in late July.

On the technology front, Frencken Group has benefited from higher orders for both front-end and back-end semiconductor equipment from customers in Europe and Asia, reflecting the continued growth of the global semiconductor industry amid the Covid-19 pandemic.

Hatten Land introduced a number of strategic initiatives on 16 September that included an MOU with Singapore Myanmar Investco to Undertake ‘Green’ Crypto Mining Activities in Melaka, a Strategic Partnership Agreement with Bursa-Listed Nestcon Berhad for a Solar Energy Initiative, and a proposed Share Placement to prominent investors to accelerate the group’s new growth initiatives.

CFM Holdings announced on 3 June it had entered into a Sale and Purchase Agreement in relation to the proposed acquisition of 51% of the issued share capital of SING-SWE MM Biotechnology Pte Ltd. SING-SWE MM Biotechnology Pte Ltd was incorporated on 7 May 2021 and is involved in the distribution and sale of pharmaceutical products with the exclusive distribution rights to certain viral test and detection kits, including inter alia, nucleic acid quick tests, rapid antigen tests, antibody rapid tests, and thalassemia screening kits in Europe, Africa, South Asia, South-East Asia and Middle East, and intends to invest in and develop its own products in related fields. As a result of higher revenue generated and lower admin/marketing/finance/tax expenses, CFM Holdings also recorded a profit after tax of S$417k for its FY21 (ended 30 June) as compared to a loss after tax of S$703k in FY20.

The full 100 most traded Singapore-listed stocks in the 2021 year to 5 November are tabled below.  

StockCodeMkt Cap S$MPrice Change (30 Apr – 5 Nov) %Annualised Volatility (30 Apr – 5 Nov) %Net Insti Flow S$M (3 May – 5 Nov) S$MYTD Total Return %YTD Net Insti Flow S$MSector
DBSD0582,9318.015.6339.631.9990.7Financial Services
UOBU1146,1823.814.3168.226.8418.0Financial Services
OCBC BankO3953,837-1.917.0-147.423.1214.3Financial Services
CapitaLand Invest9CI17,83716.336.5-7.216.3-7.2Real Estate (excl. REITs)
YZJ Shipbldg SGDBS65,094-9.828.526.539.2234.1Industrials
CapLand IntCom TC38U13,9880.517.645.93.34.4REITs
Ascendas REITA17U13,1300.614.4-53.68.3-165.9REITs
Wilmar IntlF3428,068-14.820.8-249.2-0.3-248.3Consumer Non-Cyclicals
SGXS6810,223-8.619.4-278.06.3-209.0Financial Services
JMH USDJ3658,136-10.022.9-55.511.8-47.9Industrials
Genting SingG139,531-8.720.1-99.6-6.0-124.1Consumer Cyclicals
Mapletree Log TrM44U8,5930.517.521.33.5-49.7REITs
Mapletree Ind TrME8U7,234-3.614.7-34.6-1.0-141.4REITs
VentureV035,398-7.817.3-52.6-0.5-158.7Technology (Hardware/ Software)
ThaiBevY9218,3372.117.9-59.12.2-311.4Consumer Non-Cyclicals
SPHT393,39015.830.3161.091.6230.6Consumer Cyclicals
Keppel CorpBN49,571-3.020.7-37.11.2-121.2Industrials
CityDevC096,557-8.420.6-169.5-7.5-241.2Real Estate (excl. REITs)
Suntec REITT82U4,3650.017.7-65.68.7-66.6REITs
Mapletree Com TrN2IU7,141-1.817.110.65.6-31.8REITs
Keppel DC REITAJBU4,064-11.914.1-153.5-12.2-222.7REITs
ST EngineeringS6311,901-
Sembcorp MarineS512,574-55.159.1-8.1-34.148.4Industrials
Hongkong Land USDH7817,93116.725.87.447.5-12.0Real Estate (excl. REITs)
Frasers L&C TrBUOU5,6254.119.521.712.52.6REITs
AEMAWX1,3072.922.822.224.6-12.8Technology (Hardware/ Software)
Keppel REITK71U4,213-8.120.9-47.07.0-33.1REITs
IFASTAIY2,39328.836.58.2189.728.6Technology (Hardware/ Software)
UMS55886712.834.3-2.553.526.4Technology (Hardware/ Software)
Jardine C&CC078,849-3.421.2-1.518.344.7Consumer Cyclicals
NanofilmMZH2,488-24.457.2-23.0-13.9-44.3Technology (Hardware/ Software)
Sembcorp IndU963,675-2.825.044.023.989.9Utilities
Frasers Cpt TrJ69U3,997-3.315.7-54.20.4-80.9REITs
NetLink NBN TrCJLU3,9364.111.819.07.4-39.7Telecommunications
UOLU146,012-7.516.4-20.8-5.9-38.5Real Estate (excl. REITs)
Mapletree NAC TrRW0U3,454-9.217.3-69.88.8-54.8REITs
Jiutian ChemicalC8R163-17.239.7-4.53.8-4.1Materials & Resources
Sheng SiongOV82,270-2.618.7-40.01.3-127.7Consumer Non-Cyclicals
Top GloveBVA6,486-55.735.8-18.0-54.9-60.4Healthcare
CapLand China TAU8U1,991-13.017.6-95.2-8.6-79.0REITs
Medtecs Intl546191-68.564.64.5-62.95.7Healthcare
FrenckenE2898247.440.614.377.826.4Technology (Hardware/ Software)
Ascott TrustHMN3,4690.021.9-14.12.6-20.9REITs
Rex Intl5WH43684.151.914.9129.516.8Energy/ Oil & Gas
Oceanus5799480.050.70.544.4-18.2Consumer Non-Cyclicals
Golden Agri-ResE5H3,4278.041.022.873.146.2Consumer Non-Cyclicals
DairyFarm USDD016,229-20.618.0-33.0-13.4-47.3Consumer Non-Cyclicals
Aztech Gbl8AZ805-27.330.6-51.3-17.6-67.9Technology (Hardware/ Software)
Olam IntlO326,2741.028.829.320.618.8Consumer Non-Cyclicals
Kep Infra TrA7RU2,695-1.812.8-60.36.0-86.1Utilities
ARA LOGOS Log TrK2LU1,30015.522.071.458.282.9REITs
Thomson MedicalA502,221-16.838.4-3.068.320.2Healthcare
Raffles MedicalBSL2,65623.534.053.245.369.6Healthcare
Cromwell REIT EURCWBU2,2786.818.940.112.724.0REITs
HPH Trust USDNS8U2,646-8.638.3-0.725.5-1.1Industrials
Lendlease REITJYEU1,0398.023.525.127.527.1REITs
JapfaUD21,331-29.031.8-19.3-20.5-8.3Consumer Non-Cyclicals
ParkwayLife REITC2PU2,89214.616.9-7.126.6-4.3REITs
Q&M DentalQC75328.539.3-18.355.85.5Healthcare
Yanlord LandZ252,183- Estate (excl. REITs)
ManulifeREIT USDBTOU1,555-3.817.6-2.66.2-38.0REITs
First ResourcesEB52,6198.529.417.532.615.1Consumer Non-Cyclicals
Haw ParH022,796-4.316.524.520.770.3Healthcare
The Place HldgE27565-29.466.52.7190.93.3Consumer Cyclicals
AIMS APAC REITO5RU1,0405.021.413.225.912.0REITs
StarhillGbl REITP40U1,42713.322.632.735.835.8REITs
CDL HTrustJ851,476-4.025.0-3.4-1.8-9.5REITs
KepPacOakREIT USDCMOU1,1239.018.018.530.09.7REITs
Geo Energy ResRE447455.856.521.497.923.8Energy/ Oil & Gas
RH PetrogasT13136607.7147.5-0.2636.0-0.2Energy/ Oil & Gas
Sarine TechU7724617.645.61.973.2-3.8Industrials
Sasseur REITCRPU1,038-7.616.2-4.710.6-11.1REITs
COSCO SHP SGF83593-19.729.40.7-5.46.4Industrials
SIA EngineeringS592,492-2.621.9-4.612.7-5.0Industrials
Tuan SingT2458930.741. Estate (excl. REITs)
OUE Com REITTS0U2,4209.925.236.723.438.2REITs
Prime US REIT USDOXMU1,3782.714.38.522.71.0REITs
Hatten LandPH0109116.7159.1-8.0-12.2-11.1Real Estate (excl. REITs)
Yoma StrategicZ59300-11.322.76.5-53.8-32.0Real Estate (excl. REITs)
Totm Tech42F19023.087.912.289.615.8Technology (Hardware/ Software)
Far East HTrustQ5T1,2641.622.715.07.710.1REITs
PropNexOYY69967.347.33.8158.62.5Real Estate (excl. REITs)
AvargaU09269-10.626.52.411.18.6Materials & Resources
Leader EnvLS9111-
MM2 Asia1B0130-16.450.86.6-50.26.6Consumer Cyclicals
Total 651,367  -799 -889 
Average  10.332.5 29.7  
Median  -1.422.8 10.8  

 Source: SGX, Refinitiv, Bloomberg (Data as of 5 November 2021)

Originally Posted on November 8, 2021 – STI Trades at Fresh 2021 Highs, Extends YTD Total Return to 18%

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