Maybank Research says 43% of Singapore’s active listings have net cash balance sheets, with a sizable proportion of small and mid caps with cash exceeding their market caps.

Notable corporates where cash is at least 10% of market cap include HRnetGroup, Aztech, Credit Bureau Asia, ComfortDelGro, AEM and Venture Corp.

The broker's report titled "Fishing in Troubled Waters" sought to identify stock picks that would continue to do well in a challenging macro environment ahead.

netcash6.22Source: Bloomberg

The broker also noted strong consensus 3-year dividend growth CAGR expectations for Genting Singapore, Singapore Post, Lendlease Global Commercial REIT, ComfortDelGro, SingTel, and AEM.

Separately, it noted rising share buybacks from Keppel Corp, AEM, Wilmar, Nanofilm, Yangzijiang Shipbuilding that have YTD purchased more than a third of what was bought in 2021.

Furthermore, significant insider buying activity is observed across sectors particularly Vertex Technology, Chip Eng Seng, and Propnex.

Overall, this data notably overlaps with the broker’s key conviction picks including ComfortDelGro, SingTel and Venture.

"For completeness, our other top picks include: Bumitama, CapitaLand Integrated Commercial Trust, CDL Hospitality Trusts, CapitaLand Investments, DBS, OCBC, SGX which balance between defense and structural growth."

Full report here.

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Counter NameLastChange
AEM Holdings3.280-
Avi-Tech Electronics0.250-
Best World1.7100.030
Broadway Ind0.091-0.001
China Sunsine0.395-
Delfi Limited1.130-
Food Empire1.090-
Fortress Minerals0.310-
Geo Energy Res0.280-
GSS Energy0.027-0.001
Hong Leong Finance2.4900.010
Hongkong Land (USD)3.2000.010
ISDN Holdings0.3350.005
IX Biopharma0.0440.001
Jiutian Chemical0.026-
KSH Holdings0.3000.010
Leader Env0.052-0.001
Medtecs Intl0.1410.001
Nordic Group0.400-
Oxley Holdings0.100-
REX International0.164-0.002
Sinostar PEC0.135-
Southern Alliance Mining0.660-0.010
Straco Corp.0.470-
Sunpower Group0.2500.010
The Trendlines0.091-
Totm Technologies0.038-
Uni-Asia Group0.900-0.005
Wilmar Intl3.580-0.040
Yangzijiang Shipbldg1.5100.020

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