• In 1H24, nearly half the stocks that saw their average daily turnover (ADT) more than triple CY23 levels represented the Industrials and Consumer Cyclical Sectors. Industrial stocks included COSCO SHP SG, Chasen, Beng Kuang Marine, Soilbuild Construction and Wee Hur, while Consumer Cyclical stocks included Isetan and ValueMax.
   
• Soilbuild Construction has seen its ADT grow 10-fold in 1H24, from CY23 levels, while the stock generated a 210% price gain. The surge in trading turnover followed the Group reporting it had clinched a S$647.5 million construction contract, bringing the Group’s order books beyond $1.2 billion for the first time.  
   
• With a market capitalisation of S$47 million, Beng Kuang Marine booked S$2.4 million of net institutional inflow in 1H24, with a new substantial shareholder emerging, Ginko-AGT Global Growth Fund, which increased its direct interest in the stock to above 7% on 6 June.
   

More than 50 Singapore-listed stocks saw average daily turnover (ADT) grow at least 3-fold in 1H24 versus the full 2023 year (CY23). 

Among these stocks, Riverstone Holdings and Great Eastern Holdings moved into the top 50 traded stocks by ADT in 1H24. While the latter is subject to a well-publicised voluntary unconditional general offer by Oversea-Chinese Banking Corporation, the former reported its 1QFY24 (ended 31 March) net profit increased 54.5% YoY, totalling RM 72.2 million. This marked the company’s fifth consecutive quarter of sequential growth.

COSCO SHIPPING International (Singapore) Co, Yoma Strategic Holdings, Chasen Holdings, Beng Kuang Marine and Mermaid Maritime Public Co all saw their ADT more than triple in 1H24 from CY23 levels. As a result, these five companies have climbed to the top 100 most traded stocks in 1H24, having previously been outside the top 100 in CY23. 

The 20 stocks with both the highest 1H24 ADT and 1H24 ADT that at least tripled CY23 levels, are tabled below.

Note: ADT refers to average daily turnover, NIF refers to Net Institutional Inflow, TR refers to Total Return.

Note: *Listed on Catalist ^On SGX-ST watchlist; Source: SGX, Refinitiv, Bloomberg. All Data as of 30 June 2024

Soilbuild Construction has seen its ADT grow 10-fold in 1H24 to S$194,833, from S$1,867 in CY23. This was the highest percentage growth of ADT across the two periods for the 20 stocks tabled above. The stock generated a 210% price gain in 1H24 bringing the total return of the stock since the end of 2019 to 71%. The surge in trading turnover followed the Group reporting it had clinched a S$647.5 million construction contract, bringing the Group’s order books beyond S$1.2 billion for the first time. As of the end of June, the stock maintained S$139 million market capitalisation with a P/E ratio of 18x and ROE of 23%. The market capitalisation has since increased to S$150 million, with the P/E ratio at 19x in early July.  

With a market capitalisation of S$47 million, Beng Kuang Marine booked S$2.4 million of net institutional inflow in 1H24. The S$2.4 million represented 5% of the end of June market capitalisation, the highest ratio of 1H24 net institutional inflow to June end market capitalisation in the above table. In 1H24, a new substantial shareholder for Beng Kuang Marine emerged, Ginko-AGT Global Growth Fund, which increased its direct interest in the stock to above 7% on 6 June. AGT Partners Pte Ltd is a local fund that adopts value-driven strategies, focusing on bottom-up stock picking with an emphasis on long-term growth appreciation. Beng Kuang Marine operates two core business divisions: Infrastructure Engineering and Corrosion Prevention. Back on 2 May, Beng Kuang Marine released a 1QFY24 business update, highlighting its S$11.3 million profit before tax in 1QFY24 (boosted by a S$5.8M one-time gain from a partial property sale) surpassed its FY23 turnaround profit before tax of S$10.8 million. Beng Kuang Marine was placed on the SGX Watch-List under the Financial Entry Criteria in June 2023.

Note the while the above 20 stocks generated average/media total returns of 106%/48% in 1H24, they have also seen higher volatility in their share prices over the past six months. 

The next 20 stocks with both the highest 1H24 ADT and 1H24 ADT that at least tripled CY23 levels, are tabled below. Note that multiple stocks in the table below maintain comparatively low market capitalisation and ADT. 

Note: ADT refers to average daily turnover, NIF refers to Net Institutional Inflow, TR refers to Total Return.

Note: *Listed on Catalist ^On SGX-ST watchlist; Source: SGX, Refinitiv, Bloomberg. All Data as of 30 June 2024

Further Resources and Research 

• Weekly Fund Flow Report: Data Reports - Singapore Exchange (SGX)

Recent Financial Results/Business Updates

• Riverstone: Riverstone Annual Report 2023
• Great Eastern: Great Eastern 1Q24 Financial Summary |  Great Eastern Annual Report 2023
• Yoma Strategic: Yoma Strategic Interim Financial Results 
• Chasen: Chasen Condensed Financial Statements FY2024Q4
• Beng Kuang: Beng Kuang Group 1Q24 Corporate Highlights 
• Mermaid Maritime: Mermaid Maritime 1Q24 Business Update
• AF Global: AF Global Annual Report 2023 
• Azeus: Azeus FY2024 Results 
• 5E Resources: 5E Resources Annual Report 2023 
• Heatec Jietong: Heatec Jietong Annual Report 2023 
• Willas-Array: Willas-Array Annual Report 2023 
• Plato Capital: Plato Capital Annual Report 2023 
• New Toyo: New Toyo Annual Report 2023 
• Intraco: Intraco Annual Report 2023 
• Asia Enterprises: Asia Enterprises Annual Report 2023 
• KTMG: KTMG Annual Report 2023 
• MSC: MSC Annual Report 2023 Part I | MSC Annual Report 2023 Part II 
• Ying Li International: Ying Li Annual Report 2023 
• Taka Jewellery: Taka Jewellery Annual Report 2023 
• Metis Energy : Metis Energy Annual Report 2023 
• Old Chang Kee: Old Chang Kee Annual Report 2023 
• Zheneng Jinjiang: Zheneng Jinjiang Annual Report 2023 
• KOP: KOP Annual Report 2023 
• Kori: Kori Annual Report 2023 
• LifeBrandz: LifeBrandz Annual Report 2023 
• Hosen: Hosen Annual Report 2023

Related Analyst Reports

• Yoma Strategic: Phillip Capital - Yoma Strategic Holdings Update : Deleveraging and growing
• SoilBuild Construction: SAC Capital - SoilBuild Construction Group Initiation : Emergingstronger; a remarkable recovery in 2H23
   

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