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 fell in August as data from China and Europe was weak, while
geopolitical tensions heightened between the West and Russia over Ukraine.
- Domestic economic growth slowed to 2.4% in the second quarter, as the
manufacturing sector softened, while the services and construction segments also
moderated. Non-oil domestic exports contracted by 3.3% year-on-year in July, but the
rate of decline decelerated, possibly indicating that shipments of manufactured goods
were bottoming out.
- In corporate news, amid an increasingly competitive domestic environment,
performance among the local banks was mixed, although loan growth remained
robust. On an individual level, DBS had a solid quarter with non-performing loans on
a downward trend and improving net-interest margins. OCBC was buoyed by higher
trading income and life assurance profits. The bank has announced plans to raise $3.3
billion in a rights issue to fund its acquisition of Wing Hang Bank. UOB registered the
most muted performance of the three local banks, in view of its loan book having the
largest exposure to the slowing domestic real estate sector, although profits were lifted
by trading gains.
- Singapore Telecommunications was resilient, marking better profits after adjusting for
one-off items. In the healthcare sector, Raffles Medical’s earnings were higher on the
back of clinic expansion and more patients seen.
- Over the month, we completed our initiation of KrisEnergy, an undervalued oil
exploration and production company with reserves encompassing a number of fields in
Asia, and managed by a seasoned team with a strong track record.