Yoma, Samudera, Yangzijiang Shipbuilding lead Singapore listcos to outperform regional peers in Q2
Top performers on the FTSE ST All-share Index average 37% total returns, worst performers average 12% declines
YOMA Strategic, Samudera Shipping and Yangzijiang Shipbuilding headed the list of top-performing Singapore listed companies on the FTSE ST Allshare Index in the second quarter of 2024 as at Jun 20, as the index outperformed regional ones.
The index tracks the performance of the top 98 per cent of companies listed on the Singapore Exchange (SGX) by market capitalisation.
The index generated a 3.9 per cent total return in the second quarter, eclipsing both the FTSE Asia Pacific Index (2.7 per cent return) and FTSE Asean Allshare Index (negative 1.9 per cent return) said SGX in a market update on Friday (Jun 21).
SGX described the FTSE ST All-share Index’s year-to-date return of 3.4 per cent as “modest... reflecting varied performance across its constituents”, noting the index’s broader composition in contrast to the Straits Times Index.
A total of 43 constituents posted positive returns, three were unchanged, and 48 constituents generated declines in return, said SGX.
Myanmar-focused conglomerate Yoma Strategic led the way with 157 per cent quarter-to-date total return. Yoma’s average daily trading turnover has soared by five times from Q1, noted SGX, and reported its full-year 2023 (ended Mar 31) results with a net profit of US$21.2 million, a reversal from its net loss of US$62 million in FY22.
In quarter-to-date total return, it was followed by Samudera Shipping at 51 per cent, Yangzijiang Shipbuilding at 33 per cent, Japfa at 26 per cent, and Jardine Cycle & Carriage with 25 per cent.
DBS rounded out the top 10 with a 12 per cent quarter-to-date total return, although it had the largest net institutional flow (NIF) for the quarter to date of S$296.8 million. The amount is more than twice that of the next nearest counter, Yangzijiang Shipbuilding, with S$97.2 million.
The top 10 stocks booked NIF totalling S$478 million for the period, with the broader group of 94 index constituents booking S$62 million in contrast.
Food Empire led the worst performers with a negative 19 per cent quarterto-date total return, followed by Prime US Reit (-15 per cent) and DFI Retail Group (-13 per cent). Keppel led the way for negative net institutional flow, losing S$109.5 million.
SGX noted that the global economic outlook is mixed. While the recent policy support from China and rate cuts in some advanced economies can provide a boost, persistent high rates from the Federal Reserve and evolution of geoeconomic fragmentation pose further economic and market risks.