• The top five performers among the 100 most traded stocks in Singapore for the year up to 17 July, were Beng Kuang Marine, Mermaid Maritime, Yoma Strategic, Yangzijiang Shipbuilding and Samudera Shipping. During this period, all five stocks saw net institutional inflow and higher trading turnover compared to the previous year.
   
• Among the broader group of Singapore’s 200 most traded stocks this year, 63 stocks have generated YTD total returns of 10% or higher. Among the 63 stocks, the Industrials Sector representing  as many as 18 (29%) of the 63 stocks, compared to the sector representing 38 (19%) of the broader group of the 200 most traded stocks. 
   
• The 63 stocks included five stocks with market cap of less than S$50 million, including King Wan, Jasper Investments, ISOTeam, Aspen and Pacific Radiance. Three of the five stocks, King Wan, Jasper Investments, and Aspen have moved into the 200 most traded stocks this year, from ranking outside the 200 in 2023. 
   
• King Wan Corporation’s 24% YTD return has brought its market cap to S$22 million. The stock's ADT this year is 2.8 times that of 2023. The company, specialising in M&E engineering services, maintains a 19.0% ROE, a P/E ratio of 2x, and a P/B ratio of 0.32x, compared to a 5-year average of 0.36x. 
   

Double-Digit Percentage Gainers Among 100 Most Actives

Singapore’s 100 most traded stocks this year by average daily turnover (ADT) have seen mixed returns, with a significant dispersion in performances for the 2024 year through to 17 July. While 29 stocks of the 100 most traded stocks have posted double-digit percentage returns, keeping pace with the STI 10.6% total return, there have also been 21 stocks among the 100 stocks with double-digit percentage declines in total return. This provided for a median total return of 0.3% for the 100 stocks (which includes 28 stocks of the REIT Sector), but more skewed average total return of 6.7%, boosted by an outlier performance by Beng Kuang Marine. 
Four of the five strongest performers among the most 100 actively traded stocks this year represent the maritime and offshore services sector. This sector encompasses a diverse range of marine-related businesses, including shipping vessels, shipyards, offshore engineering, drilling, and marine support services. Bolstered by moderately higher oil prices, with Brent Crude YTD average daily closes up 5% YoY, and the anticipation of a gradual recovery in global trade, the sector has demonstrated resilience. It has also been a robust component of Singapore's manufacturing sector over recent years, further supported by long-term sustainability initiatives.  

Beng Kuang Marine led the gainers of the 100 most traded Singapore stocks this year with a 306% gain, followed by Mermaid Maritime, Yoma Strategic Holdings, Yangzijiang Shipbuilding Holdings and Samudera Shipping Line. Recent highlights of these stocks include:

• Beng Kuang Marine has seen Ginko-AGT Global Growth Fund become a substantial shareholder in the stock this year with over 7% interest on 6 June. AGT Partners Pte Ltd, a local value-driven fund, focuses on long-term growth. With divisions in Infrastructure Engineering and Corrosion Prevention, Beng Kuang Marine reported a S$11.3 million pre-tax profit in 1QFY24, surpassing FY23's profit, boosted by a one-time S$5.8 million gain from a property sale. Note Beng Kuang Marine was added to the SGX Watch-List in June 2023.
• Mermaid Maritime, a leading international subsea and offshore services company, reported a net profit of US$0.5 million in 1QFY24, a significant improvement from a US$4.9 million net loss in 1QFY23. This follows a net profit of US$9.7 million in FY23, up from US$0.3 million in FY22, attributed to revenue growth across regions and effective cost management. Mermaid Maritime remains optimistic about the oil and gas sector in 2024 and considers itself well-positioned due to its value chain placement, strategic location, reputation, track record, and fiscal discipline.
• Yoma Strategic is the one of the five outperformers this year not representing the maritime and offshore services sector. Over the past 10 years, Yoma Strategic has built a diversified portfolio of businesses in Myanmar through organic expansions and collaborations with established international and local partners. Its ADT in the year thus far has increased close to 10-fold from 2023, with the Group reporting a US$21.2 million net profit for FY24 (ended 31 Mar), recovering from a US$63.3 million net loss in FY23. This was attributed to revenue surging by 78.6% to US$220.8 million in FY24 with improved performance across all core businesses. The period also generated a positive operating cash flow of US$104.5 million, largely attributed to Yoma Land's operational performance that saw net debt decrease from US$159.1 million to US$124.3 million over FY24. 
• Yangzijiang Shipbuilding’s 1QFY24 update highlighted its US$16.1 billion orderbook for deliveries from 2024 to 2028, as the Group anticipates a 9.5% rise in containership demand in 2024 due to environmental regulations and fleet renewal needs. On 15 July, Yangzijiang Shipbuilding announced a framework agreement with Jingjiang City for acquiring land use rights of approximately 1300 acres in Xinqiao Park for a new clean energy ship manufacturing base. The land, with 1320 meters of Yangtze River shoreline, is next to Jiangsu Yangzi Xinfu Shipbuilding, allowing for efficient expansion and enhanced productivity.
• Samudera Shipping Line's 1QFY24 business update indicated stable volumes compared to 1QFY23, and noted traditional seasonal declines from 4QFY. However, the Group noted freight rates have been decreasing since early 2023, impacting operating margins alongside challenges such as port congestions. Helping to stabilise revenue, the Group noted its fleet size has increased, with vessels fully employed under time charter contracts. A new gas carrier delivered in March 2024 is contracted for ethylene transportation. The Group's net profit after tax was US$101.0 million in FY23, a decrease from USS$323 million in FY22, which followed US$130 million in FY21. For context, the four FYs before FY21, net profits averaged US$7 million annually.

The 29 stocks of the 100 most traded stocks in the 2024 year to 17 July, with double-digit percentage total returns for the period are tabled below. 

Note ADT refers to average daily turnover, NIF refers to Net Institutional Inflow, TR refers to Total Return. ^ denotes on SGX Watchlist All Data as of 17 July 2024
Source: SGX, Refinitiv, Bloomberg.

The 10 stocks with the smallest market capitalisation tabled above included Chasen Holdings, Beng Kuang Marine, Marco Polo Marine, Mermaid Maritime, Valuetronics, Yoma Strategic Holdings, Cosco Shipping Intl(S) Co, Samudera Shipping Line, Dyna-Mac Holdings, and Japfa. Half these stocks represent the Industrials Sector. 
 

Double-Digit Percentage Gainers Among the Next 100 Most Actives

Looking at the next 100 most traded stocks this year, they have also seen mixed returns, with a significant dispersion in performances for the 2024 year through to 17 July. 

While 34 stocks of the next 100 most traded stocks have posted double-digit percentage returns, also keeping pace with the STI 10.6% total return, there have also been 26 stocks among these 100 stocks, with double-digit percentage declines in total return. This provided for a median total return of 2.0% for the 100 stocks, but more skewed average total return of 13.7%, boosted by outlier performances by Jasper Investments and Soilbuild Construction Group.  

The 34 stocks included five stocks with market capitalisation of less than S$50 million, including King Wan Corporation, Jasper Investments and ISOTeam, which represent the Industrials sector, in addition to Aspen and Pacific Radiance.

• With a 28% return in the 2024 year to 17 July, King Wan Corporation maintains the smallest market capitalisation of the 63 stocks that have lodged double-digit percentage total returns among the most traded 200 stocks this year. King Wan Corporation’s market capitalisation is S$22 million, while the ADT of the stock so far this year has been 2.8x the ADT for the full 2023 year. The provider of mechanical and electrical engineering services for the building and construction industry presently maintains a 19.0% Return-on-Equity (ROE) ratio, Price-to-Earnings (P/E) ratio of 2x and Price-to-Book (P/B) ratio of 0.32x, which compares to a 5-year average P/B ratio of 0.36x. For its FY24 (ended 31 Mar), King Wan Corporation’s net profit reached S$12.4 million, a significant turnaround from the S$4.8 million net loss in FY23, driven by increased gross profit and a higher share of profits from associates and joint ventures, and bolstered by a fair value gain on investment properties from improved rental rates and occupancy. As at 31 March 2024, the Group’s net assets stood at S$70.0 million with cash and cash equivalents of S$9.1 million.
   
• The stock with the next smallest market capitalisation among the 63 stocks is Jasper Investments. For the 2024 year to 17 July, Jasper Investments has also led the 200 most traded stocks with a 600% gain to S$0.007. The stock was placed on the SGX watch-list in June 2023, due to pre-tax losses for the preceding three completed consecutive FYs, and an average daily market capitalisation of less than S$40 million over the preceding 6 months. In its most recent quarterly update on 6 June, the Group affirmed it was fully committed to its focus in the maritime industry. Jasper Investments also announced on 6 June that it had secured over S$9 million in capital from strategic investors to enhance its core business and advance AI-driven digitalisation in the maritime sector.
   

The 34 stocks of the next 100 most traded stocks in the 2024 year to 17 July that generated total returns of 10% or greater are tabled below. 

Note ADT refers to average daily turnover, NIF refers to Net Institutional Inflow, TR refers to Total Return. ^ denotes on SGX Watchlist All Data as of 17 July 2024

Source: SGX, Refinitiv, Bloomberg.

Further Resources and Research 

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

Recent Financial Results/Business Updates

• Beng Kuang: Beng Kuang Corporate Highlights 1Q2024 | Beng Kuang Annual Report FY2023
• Mermaid Maritime: Marmaid Maritime 1Q2024 Results | Mermaid Maritime Annual Report FY2023
• Yoma Strategic: Yoma Strategic Annual Report 2024
• YZJ Shipbldg: YZJ Shipbldg 1Q2024 Business Update | YZJ Shipbldg Annual Report 2023
• Samudera Shipping: Samudera Shipping 1Q2024 Business Update | Samudera Shipping Annual Report FY2023
• Dyna-Mac:  Dyna-Mac Annual Report FY2023
• Great Eastern: Great Eastern 1Q2024 Results | Great Eastern Annual Report FY2023
• Riverstone:  Riverstone 1Q2024 Results | Riverstone Annual Report FY2023
• Best World: Best World Annual Report FY2023
• Japfa: Japfa 1Q2024 Results | Japfa Annual Report FY2023
• Top Glove: Top Glove 3QFY2024 Results
• TJ DaRenTang USD: TJ DaRenTang USD Annual Report FY2023
• Bumitama Agri: Bumitama Agri Annual Report FY2023
• Japser Inv: Jasper Inv Full Year Results FY2023 
• Soilbuild Const:  Soilbuild Const Annual Report FY2023
• Isetan:  Isetan Annual Report FY2023
• Broadway Ind: Broadway Ind Annual Report FY2023
• Oiltek:  Oiltek Annual Report FY2023
• Aspen: Aspen 1H2024 Results
• Multi-chem:  Multi-chem Annual Report 2023
• Centurion:  Centurion Annual Report FY2023
• Pan United: Pan United Annual Report FY2023
• Winking Studios: Winking Studios Annual Report FY2023
• BRC Asia: BRC Asia 1H2024 Results
• Pacific Radiance: Pacific Radiance Annual Report FY2023
• ValueMax:  ValueMax Annual Report FY2023

Related Analyst Reports

• Mermaid Maritime: Lim & Tan – Mermaid Maritime Initiation: Mermaid: Seas the day!
• Yoma Strategic: Phillip Capital – Yoma Strategic Holdings Update: A new substantial shareholder
• YZJ Shipbldg: CGS-CIMB – Yangzijiang Shipbuilding update: “Clean’-ing up the orderbook | DBS – Yangzijiang Shipbuilding Update : Making New Highs
• Dyna-Mac:  OCBC – Dyna-Mac Holdings Update: Positive profit guidance for 1H24 |  Lim & Tan – The best is yet to be 
• Bumitama Agri: OCBC – Bumitama Agri Update: Where flowers bloom, so does hope | DBS – Bumitama Agri Update: Strong productivity to drive firm profitability outlook
• Soilbuild Const: SAC Capital – SoilBuild Construction Group Initiation: Emerging Stronger, a remarkable recovery in 2H23
• Oiltek:  SAC Capital – Oiltek International Initiation : Positioned for long-term success in renewable energy | Phillip Capital - Oiltek International Initiation : Riding major capex cycles
• Centurion:  KGI Securities (Singapore) - Centurion Corp Update: Centre of excellence | CGSI Securities - Centurion Corporation Ltd update : Further positive rental reversions in FY24F
• Winking Studios: KGI Securities (Singapore) – Winking Studios Initiation: Visualizing the future of gaming
• PacificRadiance:  DBS – Keppel Pacific Oak US REIT update: Down the same path

Company interviews 

• Dyna-Mac:  kopi-C with Dyna-Mac’s CEO: “’We went from near-bankruptcy to having a record order book’ 
• Japfa: 5 in 5 with Japfa – Growing Towards Mutual Prosperity
• Centurion:  Smartkarma Insights: Centurion Corp – Paving the Way for Workers and Students
• Winking Studios: 10 in 10 with Winking Studios – Capitalising on the Growing Gaming Industry

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