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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

June 2014

  • Local stocks fell in June as rising geopolitical tensions in Iraq drove oil prices higher, and domestic economic data was mixed. Paring losses were dovish comments from the US Federal Reserve, while the ECB cut rates.
  • Local manufacturing output dipped, led by a drop in the pharmaceuticals sector, but leading indicators for China improved, which could foretell a pickup in export demand.
  • Domestic M&A activity in the first half hit an all-time high of US$35.9 billion, with the real estate sector contributing most. Conversely, IPO activity fell 75% over the same period amid a tepid market.
  • Keppel Corp signed a US$750 million deal to perform the world’s first conversion of a liquefied natural gas carrier into a floating liquefaction vessel.
  • SingTel will spend S$448 million to bolster its digital advertising arm named Amobee with acquisitions of the firm Adconion, that adds multi-channel digital advertising solutions; and Kontera that provides real-time digital content analysis.
  • Scoot owned by Singapore Airlines and Thailand’s Nok Air agreed to invest S$80 million to form NokScoot Airlines, a budget carrier based in Bangkok. Both companies will own 49% each, while Nok Air’s management will hold 2%. Also positive for SIA is Changi Airport’s one-year extension of discounts for ground services. In addition, there will be new incentives to foster the growth of passenger traffic.
  • We initiated a position in CapitaLand on the back of attractive valuations and the improved company structure, following the privatisation of CapitaMalls Asia and disposal of Australand. We expect a more focused management will be better placed to unlock shareholder value.