Date of Launch
Authorised for Sale
Asian Equities Team
Other Equities Funds
Aberdeen Singapore Equity Fund
Aims to provide holders with medium to long-term capital growth from a portfolio of Singapore equities.
Manager's Monthly Report
- The local stockmarket declined on the back of investors’ concerns over the banking,
property and energy sectors. A slowdown in loan growth weighed on the local banks,
while they continued to post healthy expansion in other markets such as China;
continued weakness in the property market subdued the local developers; while the
energy sector remained mired by low oil prices.
- First-quarter GDP growth outpaced estimates at 2.6%, owing to better-than-expected
growth in services and manufacturing. Non-oil domestic exports slowed in April, but
beat expectations of a contraction.
- In quarterly results, City Developments’ earnings were flat, as higher contributions
from property development and hotel operations were countered by higher operating
costs. There are hopes that the property cooling measures may be relaxed in the coming
quarters, which would benefit the firm considerably given its large domestic exposure.
Global Logistic Properties reported lower earnings, largely due to weaker revaluation
gains, but excluding this, profits increased thanks to robust rental demand in Brazil,
China and Japan.
- Raffles Medical invested in a joint venture with Shanghai LuJiaZui Group to develop a
400-bed international hospital in Shanghai’s Pudong district. Raffles Medical will own a
70% stake and retain full management and operating control. We are positive about the
project given the increasing demand for high-quality healthcare in China.
- ST Engineering’s results were hurt by continued weakness in its US marine division, as
well as lower earnings from land systems. On a positive note, the group’s order book
remains resilient and cash flows were robust. Management aim to achieve the same
level of sales and profits for 2015 as the prior year.
- There were no major portfolio changes over the month.