The STI rallied 5.0% in the first half of July, with the broader Singapore stock market booking S$418 million of net institutional inflow reversing more than a third of the net institutional outflow booked in 1H24. The jolt in performance and flows over the past 11 sessions was on the back of increased expectations for of a smooth landing for the US economy in 2H24. Yesterday the STI formed its highest levels in 6 years at 3,509.20. Other key historical highs include the 3,640s reached in May 2018 and 3,906 attained in October 2007.
For the 30 Singapore-listed stocks that booked the highest net institutional inflow over the 11 sessions, half the stocks were non-STI stocks.
ARA US Hospitality Trust led the non-STI contingent for net institutional inflow over the past 11 sessions. The stapled hospitality trust booked S$46 million in net institutional inflow over the period. Last week, Acrophyte Limited completed the acquisition of a 19.0 per cent stapled security interest in ARA US Hospitality Trust, increasing the stapled security holdings owned by the Tang Group in ARA US Hospitality Trust to 28.3%. Acrophyte is a multinational conglomerate with expertise spanning the entire real estate spectrum and the hospitality sector. The company operates and invests in hospitality assets in various locations, boasting a proven track record in both operations and investments. The stapled trust will report its 1HFY24 results on 7 August.
For the contingent of STI constituents that ranked among the 30 stocks with highest net institutional inflow over the 11 sessions, DBS Group Holdings booked the highest net institutional inflow of S$118 million. This reversed the S$28 million of net institutional outflow from the stock in 1H24. Over the past 11 sessions, DBS saw its biggest session by trading turnover on 10 July, following Macquarie Research upgrading its share price target for the stock on July, from S$38.30 to S$41.00 (read here for takeaways). DBS reports its 1HFY24 financials on 8 August. Its 1QFY24 saw a new high in quarterly total income at S$5.56 billion, and ROE of 19.4%. Its 1QFY24 commercial book net interest income grew 8% YoY, lifted by a higher net interest margin (NIM) which rose 8bps YoY points to 2.77%, from higher interest rates, while loans grew 1%. Note for 2QFY24, the commercial book NIM had a comparatively higher base in 2QFY23, at 2.81%. DBS’ wealth management income in 1QFY24 increased 47% from S$365 million in 1QFY23 to S$536 million in 1QFY24, with the Citi Taiwan acquisition accounting for 12 percentage points of the growth. By comparison, wealth management income amounted to S$377 million in 2QFY23.
The 30 Singapore-listed stocks that booked the highest net institutional inflow over the 11 sessions are tabled below.
30 stocks with the highest net institutional inflow for 1-15 July | Code | Mkt Cap S$M | 1-15 July NIF S$M | 1-15 July TR% | YTD NIF S$M | YTD TR% | P/E (x) | P/B (x) | 5-year P/B (x) | Sector |
DBS | D05 | 107,792 | 117.5 | 6 | 89.6 | 29 | 11 | 1.7 | 1.4 | Financial Services |
Singtel | Z74 | 49,705 | 116.7 | 9 | 333.4 | 22 | 63 | 2.0 | 1.5 | Telecommunications |
UOB | U11 | 55,157 | 96.8 | 5 | 495.5 | 19 | 10 | 1.2 | 1.1 | Financial Services |
OCBC Bank | O39 | 68,900 | 74.9 | 6 | 298.2 | 22 | 10 | 1.3 | 1.0 | Financial Services |
SATS | S58 | 4,993 | 47.9 | 17 | 81.8 | 21 | 88 | 2.1 | 2.5 | Industrials |
ARA HTrust USD | XZL | 226 | 46.1 | 3 | 44.7 | 4 | N/A | 0.4 | 0.6 | REITs |
YZJ Shipbldg SGD | BS6 | 9,086 | 24.3 | -7 | 196.4 | 60 | 12 | 2.3 | 0.9 | Industrials |
Venture | V03 | 4,340 | 17.8 | 5 | 82.7 | 14 | 16 | 1.5 | 1.9 | Technology |
Great Eastern | G07 | 12,212 | 17.0 | 1 | 55.1 | 50 | 16 | 1.5 | 1.1 | Financial Services |
ST Engineering | S63 | 13,629 | 13.4 | 1 | 134.9 | 15 | 23 | 5.5 | 5.1 | Industrials |
Mapletree PanAsia Com Tr | N2IU | 6,992 | 12.1 | 9 | -169.7 | -12 | 12 | 0.7 | 1.1 | REITs |
Seatrium Ltd | 5E2 | 5,007 | 10.4 | 7 | -259.9 | -38 | N/A | 0.8 | 0.8 | Industrials |
CapLand IntCom Trust | C38U | 14,075 | 9.5 | 6 | -30.6 | 4 | 16 | 1.0 | 1.0 | REITs |
SGX | S68 | 10,419 | 9.3 | 3 | -43.0 | 1 | 19 | 6.1 | 7.5 | Financial Services |
Suntec REIT | T82U | 3,380 | 8.7 | 10 | -13.6 | -3 | 20 | 0.5 | 0.7 | REITs |
CityDev | C09 | 4,914 | 8.7 | 7 | -216.0 | -16 | 16 | 0.5 | 0.7 | Real Estate (excl. REITs) |
Keppel DC REIT | AJBU | 3,360 | 8.3 | 8 | -41.9 | 3 | 28 | 1.5 | 1.8 | REITs |
Nanofilm | MZH | 618 | 5.5 | 28 | -14.8 | 4 | 194 | 1.6 | 5.4 | Technology |
Dyna-Mac | NO4 | 533 | 5.5 | 23 | 23.6 | 55 | 21 | 7.6 | 4.3 | Energy/ Oil & Gas |
ComfortDelGro | C52 | 3,011 | 4.9 | 4 | 58.1 | 2 | 17 | 1.2 | 1.3 | Industrials |
ThaiBev | Y92 | 12,187 | 4.2 | 8 | 40.8 | -3 | 12 | 1.6 | 2.6 | Consumer Non-Cyclicals |
IFAST | AIY | 2,262 | 4.2 | 5 | 10.8 | -7 | 58 | 8.4 | 9.0 | Technology |
CSE Global | 544 | 319 | 3.9 | 15 | -4.7 | 11 | 13 | 1.3 | 1.3 | Technology |
Golden Agri-Res | E5H | 3,424 | 3.5 | 0 | -31.5 | 6 | 13 | 0.5 | 0.5 | Consumer Non-Cyclicals |
Yoma Strategic | Z59 | 290 | 3.0 | 5 | 4.3 | 79 | 12 | 0.4 | 0.5 | Real Estate (excl. REITs) |
AIMS APAC REIT | O5RU | 1,070 | 2.4 | 6 | -2.2 | 5 | 24 | 0.7 | 0.8 | REITs |
YZJ Fin Hldg | YF8 | 1,212 | 1.9 | -1 | 10.2 | 13 | 6 | 0.3 | 0.3 | Financial Services |
Frencken | E28 | 709 | 1.8 | 2 | 23.5 | 25 | 22 | 1.8 | 1.5 | Technology |
SIA Engineering | S59 | 2,753 | 1.6 | 6 | 1.0 | 3 | 28 | 1.6 | 1.6 | Industrials |
UOL | U14 | 4,596 | 1.3 | 5 | -119.9 | -10 | 6 | 0.4 | 0.6 | Real Estate (excl. REITs) |
Note NIF refers to Net Institutional Inflow, TR refers to Total Return.
All Data as of 15 July 2024
Source: SGX, Refinitiv, Bloomberg.
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