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 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.