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
- Local stocks fell in September as indicators from China continued to weaken, along with
expectations of higher interest rates in the US. Domestic data was mixed and pointed
towards moderate growth. Partly mitigating losses were hopes of further stimulus
measures in China and Europe.
- In corporate news, Far East Hospitality Trust is collaborating with Far East Organisation
to develop a S$443.8 million hotel project on Sentosa Island, Singapore. While it
is uncommon for Singapore-based real estate investment trusts (REITs) to develop
properties, we see this as positive as the REIT will participate in potential property gains
and will acquire its stake at a discount.
- Offshore marine and rig builders Keppel Corp and Sembcorp Marine reported new
developments. Keppel Corp will perform the world’s first conversion of a liquefied
natural gas carrier, into a floating vessel that can convert gas into liquid form for
transportation. Keppel will also take a 10% stake in the project. Additionally, the firm
secured its fifth rig contract worth US$227 million from Gulf Drilling International in
Qatar. Meanwhile, Sembcorp will invest S$222 million in a steel fabrication facility,
while also building another three dry docks to meet demand.
- Over the month, we participated in the OCBC rights issue as the 25% discount is
attractive and helps shore up the bank’s balance sheet, after the acquisition of Wing
Hang Bank. We also added to CapitaLand on the back of appealing valuations, and
management’s renewed focus on unlocking shareholder value.