Singapore’s Most Traded Stocks Average Double-Digit Returns in 2H24

• Comparatively broader gains across local Manufacturing stocks, REITs, in addition to adjacent ASEAN stocks, has seen the STI extend its 5.7% total return in 1H24 by 15.4% in the first five months of 2H24, bringing the 11-month total return to 21.9%. This has also coincided with stronger economic momentum in both Singapore and the ASEAN region.   
• Singapore’s most traded 100 stocks in 2024 have reversed three quarters of their combined 1H24 net institutional outflow in 2H24, while also extending returns, with the 100 stocks averaging 3% total returns in 1H24, and 11% total returns in the first five months of 2H24.  
• Among the 100 stocks, Bumitama Agri, DBS, Wee Hur, SATS, and Mermaid Maritime have experienced the largest percentage turnaround from net institutional outflow in the first half of 2024 to net institutional inflow in 2H24. Wee Hur was also the second strongest performer of the 100 stocks in the first five months of 2H24, after Nam Cheong. 

The STI’s 15.4% total return over the past five months has brought the Singapore benchmark to within 6% of its all-time high of 3,906.16, set in October 2007. Stronger economic momentum since 1H24, has seen broad gains across the local stock market, with the iEdge SG Manufacturing Index and iEdge S-REIT Index generating respective 8.0% and 7.5% total returns in the first five months of 2H24. Stronger growth across the ASEAN region has also seen the FTSE ASEAN All-Share Index generate an 8.4% total return over the past five months.

For the month of November, most of the STI’s 5.1% price gain, and 5.8% total return occurred in the three sessions following the unexpected decisive US election result, during which the STI rallied 3.4%. Before the US election, the consensus was for a very tight race, leading to an uncertainty discount in broad risk markets due to potential public challenges from Donald Trump on a narrow win by the Democrats. The immediate post-election rally was attributed to the certain result, rather than the campaign promises of lesser corporate taxes in FY26 or reduction in red tape across the Financial, Technology, and Energy Sectors. By the end of November, tariff and energy policies were impacting not just currencies but also beginning to affect local stocks. It is expected that these policies will provide more cues for local and regional markets in early 2025.

The STI outpaced global and regional stocks over the past 5 months, with the FTSE All-World Index and FTSE APAC Index generating total returns of 7.0% and 2.2% since 30 June, respectively. Singapore’s100 most traded stocks this year averaged 3% total returns in 1H24 and 11% total returns in the first five months of 2H24. As a group, in the first five months of 2H24, the 100 stocks also reversed three quarters of their combined net institutional outflow in 1H24.

Among the 100 stocks, Bumitama Agri, DBS Group Holdings, Wee Hur Holdings, SATS, and Mermaid Maritime have experienced the largest percentage turnaround from net institutional outflow in 1H24 to net institutional inflow in the 2H24. This saw Bumitama Agri book net institutional outflow of S$1.1 million in 1H24, followed by S$11.5 million of net institutional inflow over the past five months. Bumitama Agri’s plantations and mills are in Indonesia, where the company focuses on the cultivation of oil palm, harvesting fresh fruit bunches and processing them into crude palm oil and palm kernel oil. Its facilities are strategically located in areas with favorable precipitation and temperature, which are well-suited for oil palm cultivation. This setup helps Bumitama Agri maintain high productivity and cost efficiency in their operations. The company maintain that despite price volatility in the market, Bumitama’s financial management has ensured robust performance. Over the past five FYs through to FY23, the company maintain its revenue has doubled, and net profit has grown at a compound annual growth rate of 37.4%.

Wee Hur Holdings booked S$2.7 million in net institutional outflow in 1H24, then more than reversed this with S$14.7 million of net institutional inflow over the past five months. Wee Hur Holdings noted on Oct 17 that it is in early-stage confidential discussions regarding its Australian student accommodation business, which may or may not lead to a transaction, following an article in The Australian Financial Review about Greystar acquiring GIC’s stake. Back on 8 Aug, Wee Hur Holdings also reported its profit from continuing operations for 1HFY24 was S$75.1 million, a 488% increase of S$62.3 million from S$12.8 million in 1HFY23, primarily due to improved performance at Tuas View Dormitory and higher profits from investments in associates and joint ventures.

Wee Hur Holdings was also the second strongest performer of the 100 stocks in the first five months of 2H24, after Nam Cheong. Nam Cheong announced last week that it had secured multi-year OSV charter contracts worth up to RM1.22 billion, chartering 12 vessels on 3-year contracts with extension options, highlighting its commercial capability, operational track record, and quality fleet, positioning it well to capitalise on growing demand in Sarawak, Malaysia.

The comparative net institutional flows, and total returns of the 100 most traded stocks across both 1H24 and the first five months of 2H24 are tabled below.

All Data as of 30 Nov 2024, Source: SGX & Refinitiv. Note ADT refers to Average Daily Trading Turnover; NIF refers to Net Institutional Inflow. Table does not include stocks that are below required free float ratio.

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