Last Week’s Institutional Rotation into Banks & REITs

• Last week, OCBC and DBS attracted a combined S$142M of net insti inflow, with UOB seeing S$35M of net outflow. The REIT Sector also attracted S$25M of net insti inflow, led by CICT and MPACT. Combined, Singapore-listed stocks attracted S$182M of net insti inflows last week, curbing net outflow in the 2022 YTD to S$48M.
   
• Over the week, the STI gained 2.2%, returning to 9 May levels, with Jardine C&C, Wilmar Int, Sembcorp Ind, OCBC and City Dev leading the Index. The STI has generated a 7.6% total return in the 2022 YTD compared to an 11.7% decline for the FTSE Developed Index. The SDPR STI ETF, which turned 20-years in April 2022, will go ex-div on 11 Aug.
   
• City Dev will also report 1H22 results on 11 Aug. On 28 July, Jardine C&C reported a 51% YoY increase in underlying profit. Last week, Wilmar Int reported 2Q22 core net profit more than doubled YoY to US$652M, Sembcorp Ind reported 1H22 net profit before exceptional items was up 94% YoY & OCBC reported 2Q22 net profit grew 28% YoY.
   
• Raffles Medical Group saw the fifth highest net institutional inflows last week, while rallying 17% last week and reporting 1H22 group revenue of S$382M, representing 11.2% YoY growth. Attributed to the return of patients to its clinics, the 1H22 healthcare division revenue of S$256 million was up 24% YoY.

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