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SGX companies' market cap up 5.8% in July
But STI remains under 3,000 with big names underperforming the market
(Singapore)
THE market capitalisation of Singapore listed companies rose 5.8 per cent in July to end the month at about $763.1 billion.
That's up from $720.6 billion at the end of June and $689.8 billion at the start of the year. Familiar names in the top 10 spots retained their positions. CapitaLand moved up one notch to 10th place, pushing Hongkong Land down to the 11th spot. CapitaLand saw a 10 per cent run-up in market cap in July to $16.9 billion. In another swap of places, Prudential moved to 7th spot and OCBC to 8th.
Yeo Kee Yan and Ling Lee Keng of DBS Vickers in a note earlier this week said they expected the benchmark Straits Times Index (STI) - which closed yesterday at 2,987.70, down almost 10 points - to stay below the psychological 3,000 level. Indeed, the index was within spitting distance - just over 2 points - from 3,000 this week, but pulled back again yesterday.
'For the index to surpass this level, familiar bellwether names such as Wilmar, CapitaLand, UOB, OCBC, Noble, SingTel, Keppel Corp, SIA and Sembcorp Marine, which have mostly underperformed the market in the year to date, will have to take over the baton from the current index component leaders such as the Jardine Group and HK Land, which derive most of their revenue outside of Singapore,' said the DBS analysts. 'This has not happened in a concerted way thus far.'
SingTel again retained its crown as the largest company in Singapore by market cap, worth just shy of $50 billion after a modest 2.6 per cent gain this month.
The company's Singapore chief executive admitted this week that SingTel lost money bringing in the football World Cup broadcasts, which ended earlier this month. At least two shareholders at the company's annual general meeting yesterday afternoon spoke of frustrations with the company's relatively slow- moving share price. One noted that SingTel listed at $3.60 and is now worth $3.12, but agreed that capital returns and dividends have been substantial since. SingTel CEO Chua Sock Koong said the company had effectively returned $1.53 per share in dividends since it listed.
Wilmar stayed in second place, having climbed 8.3 per cent on the back of a series of promising acquisitions in the month, first buying Sucrogen, Australia's largest raw sugar producer, for A$1.75 billion (S$2.15 billion), then purchasing just last week a Malaysian oleochemicals producer for RM450 million (S$192 million). The palm oil giant has a market capitalisation of just over $40 billion.
The Jardine Group remained strong drivers of the local stock market, with both Jardine Strategic (3rd spot) and Jardine Matheson (4th) up 9.7 per cent in the month; Dairy Farm (14th spot) is up 7.4 per cent while Jardine C&C (15th) jumped 19.3 per cent, to $12.6 billion.
Other good performers in the month included Parkway Holdings, boosted by an ownership tussle that ended with Malaysian sovereign wealth fund K.finally beating out India's F.H.C for control. Parkway gained 10.7 per cent to $4.6 billion, taking it one spot up to 34th.
Telco StarHub too shot up 17.7 per cent, and analysts see it benefiting from the introduction of the popular iPad, which could boost data revenues.
Just three of the 50 biggest companies - commodities supplier Noble Group, aerospace and defence contractor ST Engineering, and insurer Great Eastern Holdings - saw their market capitalisation fall this month.
Other Singapore Companies Headlines
UOB Q2 profits grow 28% to $602m
Market holds its horses with NOL
DBS ups profit forecast for Genting Singapore
Sound Global Q2 profits dip 3.3%
KSH posts 54% leap in Q1 profits to $4.2m
Pacific Andes posts 35.4% Q3 profit jump
ThaiBev Q2 net profit dips 7% to 2.56b baht
China Gaoxian posts 4% rise in Q2 profit
Tiger Airways posts 42% rise in July passenger numbers
BreadTalk Q2 profit falls
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This message was edited by current on 12-Aug-2010 @ 1:16 AM
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12-Aug 2010 Thursday
1:12 AM (5009 days ago)
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