In the third quarter of 2023, Singapore stocks booked S$113 million of net institutional fund inflow, with a near even ratio of the number of stocks that booked inflow versus outflow. 

busesLooking beyond STI stocks, ComfortDelGro, UMS, StarHub, iFast Corp and CapitaLand India Trust booked the highest net institutional fund inflow in Q3 2023.

Meanwhile, non-STI stocks that booked the highest net institutional fund outflow in Q3 2023 included Clas, Lendlease Reit, Suntec Reit, Sheng Siong Group and Nanofilm Technologies International.

ComfortDelGro saw S$71 million of net institutional fund inflow in Q3 2023, after booking S$44 million of net institutional fund outflow in H1 2023.

Comfort instiflow10.23The net fund inflow correlates with a rise in the stock price in 3Q.

In mid-August, ComfortDelGro managing director and group CEO Cheng Siak Kian highlighted with H1 2023 and Q2 2023 results that despite headwinds in some parts of the business, the overall performance had recovered.

Siak Kian ChengCheng Siak Kian, MD & Group CEO, ComfortDelGroCheng added that the group had also seen recovery accelerate in Q2 2023, particularly in its core business of public transport, and taxi and private hire.

He noted that that to sustain this momentum, the group is also exploring growth opportunities beyond its existing core business, particularly in the areas of electrification and autonomous vehicles.

This was echoed by ComfortDelGro chairman Mark Greaves, who noted as a leader in land transport, the group is committed to new technologies and future engines of growth, while at the same time remaining focused on its existing operations to improve core performance.

ComfortDelGro’s dividend payout ratio policy has also been raised to at least 70 per cent of profit after tax and minority interests (Patmi) from 50 per cent previously, to better reflect actual payouts and provide more certainty to shareholders while still allowing for growth.

UMS saw S$38 million of net institutional fund inflow in Q3 2023, after booking S$3 million of net institutional fund outflow in H1 2023.

UMS instiflow10.23The net fund inflow correlates with a rise in the stock price in 3Q.
UMS chairman and CEO Andy Luong noted in mid-August that while the ongoing global slowdown in semiconductor demand put pressure on the group’s top and bottom lines, its overall performance in H1 2023 benefitted from sustained demand in the front-end semiconductor sector and stronger contributions from its aerospace business.

andy luongAndy Luong, chairman & CEO of UMS. NextInsight file photoThis saw its H1 2023 semiconductor sales ease 8 per cent from H1 2022 to S$138 million, while revenue in aerospace climbed 45 per cent to S$10 million.

The former was on the back of semiconductor integrated system sales growing 21 per cent to S$75 million, while component sales fell 28 per cent to S$63 million in H1 2022.

Luong said that the group’s key customer expects to outperform its markets this year, and UMS had successfully renewed its integrated system contract until end 2025.

Luong added that the group had also secured an in-principle agreement with its new customer for a new renewable three-year contract.

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