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Aberdeen Singapore Equity Fund

Objective

Aims to provide holders with medium to long-term capital growth from a portfolio of Singapore equities.

 

Manager's Monthly Report

July 2014

  • The local stockmarket rose in July on the back of better economic data from China and the US, while heightened geopolitical risk over Ukraine pared gains. Positive newsflow from the domestic banks also lifted the index, such as OCBC’s successful acquisition of Hong Kong’s Wing Hang Bank, and DBS’s results that beat forecasts.
  • Estimated second-quarter GDP grew by 2.1%, weighed down by weak manufacturing output mainly in electronics.
  • In corporate news and second-quarter results, Oversea-Chinese Banking Corp (OCBC) garnered enough shares to delist Hong Kong lender Wing Hang Bank, despite the hedge fund Elliott Management’s attempt to block the privatisation. We are positive about OCBC’s expansion into the Greater China region. Elsewhere, DBS posted robust earnings growth on the back of healthy increases in loans and deposits, along with wider interest margins; while UOB was relatively weaker. Singapore Exchange suffered from a quiet IPO market and lower trading volumes.
  • In other results, Keppel Corp posted robust profits on the back of its offshore and marine division, which offset weakness in its property and infrastructure segments. The firm, together with Sembcorp Marine, added to their solid orderbooks even as the offshore and marine sector is going through a period of adjustment. Meanwhile, Kris Energy expanded its reserves through an acquisition in Indonesia.
  • Over the month, we topped up our position in Yoma Strategic Holdings on relative price weakness, and trimmed Raffles Medical and Jardine Cycle & Carriage on strong price performance.