To The Moon

Singapore stocks attracted S$182 million of net institutional inflows last week, following the S$152 million of net outflow for the preceding week. This brought the combined net institutional outflow for the 2022 year to 5 Aug to S$48 million.

Banks and REITs led inflows. Bank, REIT and Industrial Sectors saw the highest net institutional inflows last week, while other Financial Services, Telecommunications and Energy stocks saw the highest net institutional outflows. Both $OVERSEA-CHINESE BANKING CORP(O39.SI)$ and $DBS GROUP HOLDINGS LTD(D05.SI)$ led the net institutional inflows over the week, with nine trusts of the REIT Sector among the 30 stocks.

 The nine trusts are $CapLand IntCom T(C38U.SI)$, $Mapletree PanAsia Com Tr(N2IU.SI)$, $ASCENDAS REAL ESTATE INV TRUST(A17U.SI)$, $FRASERS HOSPITALITY TRUST(ACV.SI)$, $KEPPEL REIT(K71U.SI)$, $SPH REIT(SK6U.SI)$, $DigiCore Reit USD(DCRU.SI)$, $FAR EAST HOSPITALITY TRUST(Q5T.SI)$, $SUNTEC REAL ESTATE INV TRUST(T82U.SI)$.

30 stocks with highest insti net flow for past 5D

In contrast to the above 30 stocks, there were 25 stocks that attracted net institutional outflows of more than S$1.0 million last week, led by $UNITED OVERSEAS BANK LIMITED(U11.SI)$, $SINGAPORE TECH ENGINEERING LTD(S63.SI)$, $NETLINK NBN TRUST(CJLU.SI)$, $YANGZIJIANG SHIPBLDG HLDGS LTD(BS6.SI)$ and $YZJ Fin Hldg(YF8.SI)$.

While global GDP releases are pointing to technical recessions or near technical recessions, both earnings and employment data are providing some key qualifications to the technical readouts. 

The below earnings reports have coincided with preliminary data from the Ministry of Manpower (MOM) showing Singapore’s employment (excl. migrant domestic workers) grew by 64,400 (or up 1.9% QoQ) in 2Q22, a faster pace than seen in 1Q22. Similarly in the US, the upbeat earnings season has been accompanied by 3.3 million jobs created in the first seven months of 2022.

For the Banks, 2Q22 YoY Net Profit growth varied from $DBS GROUP HOLDINGS LTD(D05.SI)$ reporting 7%, $UNITED OVERSEAS BANK LIMITED(U11.SI)$ reporting 11% and $OVERSEA-CHINESE BANKING CORP(O39.SI)$ reporting 28%.

$OVERSEA-CHINESE BANKING CORP(O39.SI)$ also ranked among the five strongest performing STI stocks for the week. A total of four of the five of the STI’s strongest gainers last week have recently reported financial results. $OVERSEA-CHINESE BANKING CORP(O39.SI)$ reported 2Q22 net profit grew 28% YoY to S$1.48 billion.

$JARDINE CYCLE & CARRIAGE LTD(C07.SI)$ reported a 51% YoY increase in underlying profit to US$522 million on 28 July.

$WILMAR INTERNATIONAL LIMITED(F34.SI)$ reported 2Q22 core net profit more than doubled YoY to US$652 million.

$SEMBCORP INDUSTRIES LTD(U96.SI)$ reported 1H22 net profit before exceptional items was up 94% YoY to S$490 million.

$CITY DEVELOPMENTS LIMITED(C09.SI)$ will report 1H22 results before the 11 August open.

$RAFFLES MEDICAL GROUP LTD(BSL.SI)$ saw the fifth highest net institutional inflows last week while rallying 17% last week and reporting 1H22 group revenue of S$382 million, representing 11.2% YoY growth. Attributed to the return of patients to its clinics, the 1H22 healthcare division revenue of S$256 million was up 24% YoY.

$OVERSEA-CHINESE BANKING CORP(O39.SI)$, $DBS GROUP HOLDINGS LTD(D05.SI)$, $KEPPEL CORPORATION LIMITED(BN4.SI)$, $CapLand IntCom T(C38U.SI)$, $RAFFLES MEDICAL GROUP LTD(BSL.SI)$, $GENTING SINGAPORE LIMITED(G13.SI)$

$Mapletree PanAsia Com Tr(N2IU.SI)$, $CITY DEVELOPMENTS LIMITED(C09.SI)$, $SEMBCORP MARINE LTD(S51.SI)$, $SINGAPORE AIRLINES LTD(C6L.SI)$, $JARDINE MATHESON HLDGS LTD(J36.SI)$, $JARDINE CYCLE & CARRIAGE LTD(C07.SI)$

$SINGTEL(Z74.SI)$, $ASCENDAS REAL ESTATE INV TRUST(A17U.SI)$, $CapitaLandInves(9CI.SI)$, $FRASERS HOSPITALITY TRUST(ACV.SI)$, $HONGKONG LAND HOLDINGS LIMITED(H78.SI)$, $KEPPEL REIT(K71U.SI)$

$WILMAR INTERNATIONAL LIMITED(F34.SI)$, $SAMUDERA SHIPPING LINE LTD(S56.SI)$, $NIO Inc.(NIO.SI)$, $FIRST RESOURCES LIMITED(EB5.SI)$, $Aztech Gbl(8AZ.SI)$, $FRENCKEN GROUP LIMITED(E28.SI)$

$THAI BEVERAGE PUBLIC CO LTD(Y92.SI)$, $SPH REIT(SK6U.SI)$, $DigiCore Reit USD(DCRU.SI)$, $FAR EAST HOSPITALITY TRUST(Q5T.SI)$, $SUNTEC REAL ESTATE INV TRUST(T82U.SI)$, $GOLDEN AGRI-RESOURCES LTD(E5H.SI)$

Source: https://www.sgx.com/research-education/market-updates/20220808-last-weeks-institutional-rotation-banks-reits