Strongest Mid Cap Dividend yields over the past year

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Over the course of 2012 the FTSE ST Mid Cap Index has maintained a higher dividend yield than the Straits Times Index (STI), the broader FTSE ST All Share Index, in addition to the regional FTSE Asia Pacific All Cap Index.
 
In fact, looking back over the past 12 months the FTSE ST Mid Cap Index appreciated +22.4% in price, while providing a total return of +29.4% in Singapore Dollar terms. The approximate +7.0% difference, sourced by Bloomberg, represents reinvested dividend distributions that are weighed according to the weighting of the relevant stock within the Index. In the most recent monthly reports FTSE Group had estimated the difference between price appreciation and total return of the Mid Cap Index to be +6.2% in the 12 months ending 31 October.
 
Dividend yields for the stocks of the Mid Cap Index that distribute dividends varied from  +0.1% for Ezion Holdings [5ME] to +16.9% for STX OSV Holdings [MS7] over the 12 months ending 23 November. A recent and full list of the 12 month dividend history of the constituents can be found here
 
The five Mid Cap stocks with the strongest dividend distributions over the 12 months ending 23 November, were as follows:

  1. STX OSV Holdings paid 16.9% in dividends which included a special cash dividend in August. The yield contributed to a 12 month total return of +41.2%. Current indicative yield is 7.4%.
  2. SATS Ltd [S58] paid 9.5% in dividends (also included a special dividend) boosting 12 month total return to +34.5%. Current indicative yield is 4.0%.
  3. Hutchison Port Holdings Trust [NS8U] paid a dividend yield of 8.2%, boosting 12 month total return to +35.2%. The current indicative yield of the Trust is 8.2%.
  4. CapitaRetail China Trust [AU8U] distributed 8.1% in dividends, boosting 12 month total return to +46.4%. The current indicative yield of the REIT is 6.3%.
  5. Pacific Andes Resources Development [P11] distributed 7.3% in dividends, contributing to a total return of -16.6% over the 12 months. Current indicative yield is 7.3%.

 
Of the 50 constituent stocks of the Index, the simple average dividend yield for the past 12 months was around 4.3%. A handful of stocks did not distribute dividends. Furthermore, the simple average of 4.3% does not take into account the different impact of dividend distributions on the Index because of the relevant stock’s weighting in the Index. For instance, consider the dividend yields of Hutchison Port Holdings Trust at 8.2% and Yangzijiang Shipping Holdings [BS6] at 6.1% over the past 12 months. As of the end of October, FTSE Group maintained that Hutchison Port Holdings Trust accounted for an 8.5% weighting in the Mid Cap Index versus a 2.8% weighting for Yangzijiang Shipping Holdings. Thus, the dividend yield of Hutchison Port Holdings Trust had more Index impact than Yangzijiang Shipping Holdings. Comparing the simple average yield to the actual weighted yield associated with the Index reveals that over the past 12 months the Index was more weighted to stocks with a dividend yield above 4.3%.

 

Source: SGX My Gateway

 

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SGX Best Mid Cap Performers in October

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Over the month of October, the FTSE ST Mid Cap Index outperformed both the Straits Times Index and FTSE ST Small Cap Index. The FTSE ST Mid Cap Index added 0.15% in October, taking the 2012 year-to-date gain to 25.88%. On a total return basis, to account of dividend distributions over the ten months, the FTSE ST Mid Cap Index gained 32.00%.
 
The FTSE ST Mid Cap index is made of 50 stocks listed on Singapore Exchange (SGX) and maintains a dividend yield 4.65%.
 
The top five performing stocks of the Mid Cap Index in October were as follows: 

  1. OSIM International (O23) belongs to the Recreational Product Subsector and has a net market capitalisation of S$467 million.  The stock gained 16.07% in October. OSIM International has gained 40.26% in the year-to-date, with dividends boosting the total return to 44.80%.
  2. Super Group (S10) belongs to the Food Product Subsector and has a net market capitalisation of S$1.02 billion.  The stock gained 11.42% in October. Super Group has gained 95.44% in the year-to-date, with dividends boosting the total return to 101.13%.
  3. Suntec REIT (T82) has a net market capitalisation of S$3.58 billion.  The REIT gained 8.08% in October. Suntec REIT has gained 46.98% in the year-to-date, with dividends boosting the total return to 57.88%.  Note that Suntec REIT is the third largest constituent of the Mid Cap Index in terms of net market capitalisation.  
  4. Frasers Centrepoint Trust (J69) has a net market capitalisation of S$1.20 billion.  The REIT gained 8.01% in October. Frasers Centrepoint Trust has gained 35.76% in the year-to-date, with dividends boosting the total return to 44.23%.
  5. Hutchinson Port Holdings Trust (NS8U) has a net market capitalisation of S$4.14 billion and gained 7.11% in October. The business trust has gained 25.81% in the year-to-date, with dividends boosting the total return to 36.29%.  Note that Hutchison Port Holding Trust is the second largest constituent of the Mid Cap Index in terms of net market capitalisation.  

 
The remaining three of the five biggest Mid Cap Index stocks and their respective moves for October are Ascendas REIT (-2.07%), CapitaCommercial Trust (+5.02%) and UOL Group (-1.22%). The five Mid Cap stocks that underperformed in October and the respective declines on the month were Biosensors International Group (-11.07%), Cosco Corp (-8.81%), Indofood Agri Resources (-7.69%), Yangzijiang Shipbuilding Holdings (-7.65%) and GMG Global (-7.35%).
 
Of the 50 Mid Cap stocks, there are 14 Real Estate Investment Trusts (REITs) that account for 40% of the Index Weightings. The year-to-date volatility of the FTSE ST Mid Cap Index at 10.56%, is lower than its 16.58% volatility of 2011.
 
On a total return basis, the FTSE Asia Monthly Index Performance Report for October revealed that in the year-to-date the FTSE ST Mid Cap Index has outperformed similar indices for Malaysia, Indonesia, Hong Kong, Taiwan, South Korea, Japan, China and India.

 

Source: SGX My Gateway

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Three biggest Business Trusts & REITs outperform in October MTD

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During the first four weeks of October, the Straits Times Index (STI) ended essentially flat with a marginal decline of -0.09%. Over the same timeframe the Dow Jones Industrial Average declined -2.46% or -2.96% in Singapore Dollar terms. The FTSE ST All Share Index which also includes a number of Trusts in its 161 constituents also ended essentially flat with a marginal gain of +0.19% over the first four weeks of October. The total return of the FTSE ST All Share Index, which includes dividend yield, over the period was +0.27%.
 
On a total return basis, the three largest Business Trusts (BTs) and Real Estate Investment Trusts (REITs), in terms of market capitalisation listed on SGX, have outperformed the STI & FTSE ST All Share Index in the month-to-date.
 
The five largest BTs listed on SGX that maintain an indicative distribution yield are:

  1. Hutchison Port Holdings Trust (USD) [NS8U], which gained +8.28% in the month-the-date. The market capitalisation of the Trust is approximately S$8.2 billion and indicative dividend yield currently 8.06%. HPHT Trust also has a SGD counter. The investor relations page can be found (Here).
     
  2. Ascendas India Trust [CY6U], which declined -1.31% in price in the month-the-date, however a dividend distribution boosted the total return of the Trust to +1.88% over the first four weeks of October. The market capitalisation of the trust is approximately S$688 million and indicative dividend yield currently 6.62%. The investor relations page can be found (Here).
     
  3. CitySpring Infrastructure Trust [A7RU] gained +3.45% in the month-the-date. The market capitalisation of the Trust is approximately S$675 million and indicative dividend yield currently 7.37%. The investor relations page can be found (Here).
     
  4. K-Green Trust [LH4U] which declined -0.49% in the month-to-date. The market capitalisation of the Trust is approximately S$639 million and indicative dividend yield currently 6.17%. The investor relations page can be found (Here).
     
  5. Perennial China Retail Trust [N9LU] which declined -1.01% in the month-to-date. The market capitalisation of the Trust is approximately S$557 million and indicative dividend yield currently 7.68%. The investor relations page can be found (Here).

 
The five largest REITs listed on SGX are:

  1. CapitaMall Trust [C38U], which gained +7.92% in the month-to-date, with dividend distributions boosting the total return to +9.12%. The market capitalisation of the REIT is approximately S$7.3 billion and indicative dividend yield currently 4.44%. The investor relations page can be found (Here).
     
  2. Ascendas REIT [A17U], which gained +2.49% in the month-to-date, with dividend distributions boosting the total return to +3.98%. The market capitalisation of the REIT is approximately S$5.5 billion and indicative dividend yield currently 5.72%. The investor relations page can be found (Here)
     
  3. CapitaCommercial Trust [C61U], which gained +5.69% in the month-to-date. The market capitalisation of the REIT is approximately S$4.5 billion and indicative dividend yield currently 5.01%. The investor relations page can be found (Here)
     
  4. Suntec REIT [T82U], which gained +7.74% in the month-to-date. The market capitalisation of the REIT is approximately S$3.6 billion and indicative dividend yield currently 5.88%. The investor relations page can be found (Here)
     
  5. Keppel REIT [K71U], which gained +2.95% in the month-to-date, with dividend distributions boosting the total return to +4.60%.  The market capitalisation of the REIT is approximately S$3.2 billion and indicative dividend yield currently 6.43%. The investor relations page can be found (Here)

 
These two types of trusts have different structures and legislative requirements. REITs are governed by the Code on Collective Investment Scheme while Business Trust legislation is governed by the Business Trust Act. One commonality of the two types of trusts is the trust objective of investing in assets that generate a pool of income to distribute to investors in the form of a yield (akin to dividend yield). In the REIT case, the Trust invests in property-related assets. In the BT case, the Trust might invest in property, infrastructure, utilities or shipping-related assets. Note not all business trusts maintain an indicative dividend yield.  More information on Trusts can be found in the Market Update section on My Gateway [click here].

 

Source: SGX My Gateway

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