• The FTSE ST Catalist Index’s top weights are Kimly, UnUsUaL, CNMC Goldmine Holdings, Alset International and ISEC Healthcare – covering a variety of industries, spanning across consumer, metals & mining and real estate operations with a combined market capitalisation of nearly S$950 million.
   
• Four out of five of the FTSE ST Catalist Index’s largest weights have double-digit Return on Equity (ROE), with UnUsUaL’s the highest at 27%, followed by Kimly at 22% and ISEC Healthcare at 16%. For its 1HFY24 (ended 30 Sep), UnUsUaL reported record top line revenue and profit.
   
• The FTSE ST Catalist index is a market capitalisation weighted index that tracks the performance of Catalist-listed, the SGX sponsor-supervised board for growth companies. The index has 164 constituents, with a combined market capitalisation of S$6.5 billion.

Catalist, the SGX sponsor-supervised board for growth companies, is now in its 17th year and home to 207 companies with a combined market capitalisation of S$7.4 billion as of 31 March.

The five biggest index weights of the FTSE ST Catalist Index are Kimly, Unusual, CNMC Goldmine Holdings, Alset International and ISEC Healthcare. These five businesses together cover a variety of industries, spanning across consumer, metals & mining and real estate operations with a combined market capitalisation of nearly S$950 million, representing roughly 25% of the benchmark Catalist Index.

As tabled below, four out five of the Catalist Index’s largest weights have double-digit Return on Equity (ROE), with UnUsUaL’s the highest, followed by Kimly and ISEC Healthcare.

Note: ADT refers to average daily turnover; NIF refers to net institutional flows; NRF refers to net retail flows; Q1 TR refers to first quarter total returns, ROE refers to Return on Equity. Source: SGX, Bloomberg (Data as of 31 March 2024).

The FTSE ST Catalist index is a market capitalisation weighted index that tracks the performance of stocks listed on Catalist, the SGX sponsor-supervised board for growth companies. The index has 164 constituents, with a combined market capitalisation of S$6.5 billion. These five stocks booked more than S$520,000 in net institutional inflow combined, while retail investors net sold more than S$430,000 in the first quarter ended 31 March 2024.

Most Recent Revenue & Financial Reports

Kimly

Kimly represents 8.75% of the Index and has averaged a 1.3% decline in total return for the 2024 year through to 5 April. According to Refinitiv and the SGX Stock Screener, Kimly maintains an ROE of 21.6%. For its full year ended 30 September 2023 (FY2023), Kimly attained a revenue of S$313.9 million, marking a year-on-year (yoy) decrease of 1.2%, largely attributable to lower revenue contribution from Food Retail Division. The Group recorded a 2.9% decrease in gross profit, totaling S$88.9 million, and a 0.5 percentage point decline in the gross profit margin to 28.3% in FY2023. The Group’s net profit attributable to the owners of the Company, excluding the gain on disposal of the Confectionary Business of S$2.5 million, remains stable at S$34.0 million. Kimly also won the "Highest Weighted Return on Equity (ROE) over three years" under the Cyclical Consumer Products and Cyclical Consumer Services sector at The Edge Centurion Dollar Club Awards 2023.

UnUsUaL

UnUsUaL represents 7.35% of the Index with an average decline of 5.9% in total return for the 2024 year through 5 April, with the highest ROE among the top five Catalist Index weights at 27.24%, according to Refinitiv and the SGX Stock Screener. UnUsUaL’s revenue increased by approximately S$60.1 million or 954.0% to approximately S$66.4 million in in its first half ended 30 September 2023 (1H FY2024) from approximately S$6.3 million in 1H FY2023. The increase was due to higher number of projects completed for the Promotion, Production and Others segments with revenue contribution of approximately S$59.1 million or 1,096.1%, $1.0 million or 136.9%, and S$25,894 or 13.2% respectively. The increase in revenue was mainly a result of robust demand for tickets and an overwhelming attendance at various shows. The Group recorded a gross profit of S$22.5 million in 1H FY2024 compared to gross profit of approximately S$2.4 million in 1H FY2023. The improvement was mainly due to substantial increase in revenue in 1H FY2024.

CNMC Goldmine

Representing 3.43% of the Catalist Index, CNMC Goldmine has averaged gains in total return of 2.4% for the year until 5 April, maintaining a double-digit ROE of 10.24%. For the 12 months ended 31 December 2023 (FY2023), CNMC Goldmine’s revenue more than doubled to an all-time high of US$52.17 million from US$25.60 million in the previous year (FY2022) as the Group produced and sold more gold and recognised its first full year of exports of lead and zinc concentrates. Domestic sales of gold doré bars accounted for US$33.70 million or nearly two-thirds of its FY2023 revenue, while shipments of lead and zinc concentrates to China made up the remainder. The Group’s total output for FY2023, comprising gold and base metals, amounted to 26,617 gold equivalent ounces, valued at US$1,960 per ounce. The marked improvement enabled the Group to generate US$13.76 million in net cash from operations in FY2023. It ended the year with US$10.77 million in cash and cash equivalents, up from just US$1.28 million as at 31 December 2022. 

Alset International

Alset International represents 3.24% of the index and maintains a negative ROE of -3.74% in the year until 5 April. For the full year ended 31 December 2023 (FY2023), the Group’s revenue of S$25.5 million and gross profit of S$9.8 was mainly attributable to two factors:

• The Group’s revenue generated from property investment and development increased from S$1.8 million in FY2022 to S$24.4 million in FY2023 mainly due to sales of 335 lots from the Black Oak project. It generated S$9.1 million gross profit with the cost of sales of S$15.3 million in FY2023.
• The Group generated S$1.1 million revenue, $0.3 million cost of sales, and S$0.8 million gross profit in FY2023 under the food and beverage business in Singapore

The loss for the year decreased by S$43.1 million to S$3.3 million in FY2023 from S$46.4 million in FY2022.

ISEC Healthcare

ISEC Healthcare represents 3.03% of the Catalist Index and maintains a double-digit ROE of 16.15% in the year until 5 April. The Group recorded revenue of S$69.99 million in FY2023, an increase of 11% from S$62.95 million in FY2022. The Group’s specialised health services revenue increased by S$7.50 million to S$66.02 million in FY2023, largely due to significant increase in patient visits and business activities which was seen with the lifting of international travel restrictions and easing of movement control measures in Singapore, Malaysia and Myanmar since second quarter of 2022.  The Group’s gross profit increased by 8% to S$31.04 million in FY2023, compared to S$28.77 million in FY2022. Gross profit margins in both FY2022 and FY2023 were 45.7% and 44.3% respectively, a decrease of 1.4 percentage points between both years. The Group reported a net profit of S$13.15 million in FY2023, an increase of S$0.42 million from FY2022.
 

What is Return on Equity (ROE)?

ROE is the measure of a company's net income divided by its shareholders' equity. ROE is a gauge of a corporation's profitability and how efficiently it generates those profits. The higher the ROE, the better a company is at converting its equity financing into profits.

The SGX Stock Screener calculates ROEs by taking is the Income Available to Common Stockholders for the trailing twelve months divided by the Average Common Equity and is expressed as a percentage. Average Common Equity is calculated by adding the Common Equity for the 5 most recent quarters and dividing by 5. The ROEs provided on the SGX Stock Screener are based on latest available financial statements. Note that the ROEs are not forward looking and do not take profit guidance into account.

SGX Catalist Board: Catering to Fast Growing Companies

Many of the Catalist-listed businesses have regional and global exposure including as Southeast Asia, North Asia, Australia and Europe – and spans across diverse sectors including Consumer, Technology, Healthcare, Energy and Industrials. With a view to expand their offerings and geographical footprint, these Catalist-listings provide accessibility in the capital formation process for comparatively new businesses.

The Catalist Board is also built to facilitate the growth of fast growing local and international companies in a more efficient and timely manner. Companies seeking a primary listing on the Catalist Board must be brought to list by approved sponsors via an Initial Public Offering or a Reverse Takeover. There are no quantitative entry criteria required by SGX. Instead, sponsors decide if the listing applicant is suitable to be listed using their house criteria. The quotation, trading and settlement of a stock listed on Catalist works the same way as a stock listed on the SGX Mainboard. Read more about them here.

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