To The Moon

As of the close on Friday, $Straits Times Index(STI.SI)$ closed at 3,306.02 points, up 0.26% points last week.

During the last 5 trading days, $Delta TH SDR(TDED.SI)$, $Riverstone(AP4.SI)$, $HPH Trust USD(NS8U.SI)$, $Jardine C&C(C07.SI)$ and $Bumitama Agri(P8Z.SI)$ are the top 5 weekly gainers, up 7.80%, 7.45%, 6.50%, 6.11% and 5.88% respectively.

$Prudential USD(K6S.SI)$, $Kasikorn Bank TH SDR(TKKD.SI)$, $ParkwayLife Reit(C2PU.SI)$, $TJ DaRenTang USD(T14.SI)$ and $Seatrium Ltd(5E2.SI)$ are top 5 decliners of SGX stocks which market capital above S$1 Bln.

Below are key analyses of the TOP 5 gainers:

1. $Delta TH SDR(TDED.SI)$

• Delta Electronics (Thailand) Public Company Limited, together with its subsidiaries, researches and develops, manufactures, and distributes electronic products. Following global easing expectations, Delta TH SDR once again topped the leaderboard last week, with a cumulative weekly gain of 9.28%, building on the previous week's increase of 6.5%.

• Last week, unexpected softness in U.S. retail sales for May caused the stock market to increase bets on the US Fed cutting interest rates twice this year. Against this backdrop, both the S&P 500 and Nasdaq hit intraday record highs consecutively. Nvidia briefly claimed the title of the world's largest market capitalization before receding.

• Turning to Delta TH SDR itself, on 20th June, Delta Electronics (Thailand) PCL. presented its range of industrial automation products and process solutions aimed at enhancing efficiency and intelligence in electronics production at Manufacturing Expo 2024, held at BITEC in Bangkok. This year, Delta Thailand partnered with Universal Instruments, a global leader in precision automation solutions for smart manufacturing.

2. $Riverstone(AP4.SI)$

• According to Lianhe Zaobao, global stock markets are expected to continue improving in the third quarter, driven by the anticipated interest rate cuts by the US Fed, improvements in the global macroeconomic environment, and the momentum of AI. Cheuk Wan Fan, Chief Investment Officer for Asia at HSBC Global Private Banking and Wealth Management, suggests that investors consider increasing their holdings in Asia-Pacific stocks, as this region is the fastest-growing market.

• Last week, Riverstone secured the second position on the leaderboard with a gain of 7.45%. Riverstone's share price has risen by 99% over the last five years, significantly outperforming the market's decline of around 21% (excluding dividends), as Simply Wall St. stated.

• According to Simply Wall St., it is encouraging to see that Riverstone has rewarded its shareholders with a total shareholder return of 85% over the past twelve months, including dividends. This performance surpasses the annualized return of 27% over the last five years, suggesting that the company has been performing better recently. An optimistic perspective might view this recent improvement in total shareholder return as a sign that the business itself is improving over time.

3. $HPH Trust USD(NS8U.SI)$

• HPH Trust USD is a private holding company incorporated in the British Virgin Islands and operates as a subsidiary of CK Hutchison Holdings. Mr. Li Ka-shing has served as the Senior Advisor for both CK Asset Holdings Limited and CK Hutchison Holdings Limited since May 10, 2018. Some of the company's operations are listed on the Singapore Exchange under Hutchison Port Holdings Trust.

• In the Hong Kong stock market, the Hang Seng Index saw a slight increase last week. CK Asset Holdings Limited ( $CK ASSET(01113)$ ) has been consistently repurchasing its shares in the Hong Kong market. Data shows that as of June 20, CK Asset Holdings Limited has spent a total of HK$ 1.534 billion on share repurchases since the beginning of 2024.

• Last week, Moody's confirmed the issuer rating of CK Asset Holdings Limited as "A2". Additionally, Moody's confirmed the following ratings, unconditionally and irrevocably guaranteed by CK Asset Holdings: (1) the provisional "(P) A2" senior unsecured rating for CK Property Finance (MTN) Limited's medium-term note program, and (2) the "A2" senior unsecured rating for notes issued by CK Property Finance (MTN) Limited and Panther Ventures Limited.

4. $Jardine C&C(C07.SI)$

• Jardine C&C is the investment holding company of the Jardine Matheson Group in Southeast Asia. Jardine C&C's stock has risen significantly by 25.52% since the second quarter.

• In an article, Simply Wall St. explored the factors behind Jardine C&C's recent stock performance. Simply Wall St. noted that Jardine C&C has a respectable ROE, particularly impressive when compared to the industry average of 7.9%. This strong ROE provides context for the company's solid 11% net income growth over the past five years.

• Additionally, Jardine C&C has a healthy balance with a moderate three-year median payout ratio of 44% (or a retention ratio of 56%) and a respectable earnings growth, indicating that the company has been efficiently utilizing its profits.

5. $Bumitama Agri(P8Z.SI)$

• According to information from the Bumitama website, Bumitama Agri Ltd is a prominent producer of palm oil and palm kernel in Indonesia. The company has been publicly listed on the Singapore Stock Exchange since 2012 and operates in Central and West Kalimantan, as well as Riau.

• Last week, Bumitama revealed its inclusion in the recently launched Fortune Southeast Asia 500 (Fortune SEA 500) index. This milestone underscores the company's exceptional financial performance and steadfast dedication to sustainable agricultural practices.

• Earlier this month, Simply Wall St. recommended paying attention to Bumitama due to its 6.98% dividend yield. Simply Wall St. believes that dividend stocks in Singapore provide a potential source of stable income, making them an appealing addition to diversified investment portfolios, especially in times of uncertainty.