2021 has largely been a rewarding year for investors, with the stock market (especially US stock markets making new highs. However, some may say that this positive market sentiment hasn’t been felt as much in our local stock bourse – the Singapore Exchange (SGX). Despite its strong performance this year, the STI has yet to break its 2007- high of 3906.
Nevertheless, the SGX attracted the listing of 13 new companies on the Mainboard and Catalist this year. This is more than the 10 listings in 2020. Apart from the ETF and REIT listings, companies in the healthcare, technology and food manufacturing industries joined the SGX this year.
The public offering for some of these companies was subscribed to many times over. This may have left you wondering, how these companies have fared since their listing. We investigate the performance of these 13 IPO listings and compute how much you would have earned had you theoretically invested $1,000 in all of the IPOs.
Note: This is a theoretical computation and excludes the possible fees incurred if you have actually invested in these IPOs. Additionally, even if you have wanted to invest in every IPO, you may not be successfully allocated $1,000 worth of shares in each IPO exercise.
If You Have Successfully Invested $1,000 In Every SGX IPO In 2021
Of the 13 listings, 8 were listed on the Mainboard and 5 on the Catalist. Had you invested $1,000 each in all 13 IPO listings, you would have lost $405.75 or a -3.12% return on your $13,000 capital. The best performing IPO is the latest debutant, Digital Core Reit; generating a return of 29.4% from its IPO price and the worst performer, ironically, is the first listing of 2021, Aztech Global; which is currently trading 37.5% lower than its IPO price.
Some of the IPO listings on the Catalist had strong performances of 40 – 70% in the first one to two weeks from their listing dates, before fizzling out by the year end.
Contrastingly, if you had put the same amount of money into an STI ETF (SGX: ES3) at the start of this year, your return to date would be 11.47%, excluding dividends.
2021 IPOs On The SGX Catalist And Mainboard
Current prices are based on the close of 24 December 2021.
|#||Company||Listing||IPO Price||Current Price||Units Bought with $1,000||Return to Date|
|1||AZTECH GLOBAL LTD||Mainboard||$1.28||$0.80||781||-37.49% (-$374.88)|
|2||ECON HEALTHCARE (ASIA) LIMITED||Catalist||$0.28||$0.295||3570||5.36% ($53.55)|
|3||SRI TRANG GLOVES (THAILAND)PCL||Mainboard||#$1.845||$1.27||542||-31% (-$311.66)|
|4||OTS HOLDINGS LIMITED||Catalist||$0.23||$0.265||4347||15.22% ($152.15)|
|5||LION-OCBC SEC CHINA LEADERS||Mainboard||$$2.00||$2.027||500
|6||CAPITALAND INVESTMENT LIMITED||Mainboard||*$2.823||$3.37||354||19.30% ($192.98)|
|7||AUDIENCE ANALYTICS LIMITED||Catalist||$0.30||$0.22||3333||-26.67% (-$266.74)|
|8||TRANS-CHINA AUTOMOTIVE HOLDINGS LIMITED||Catalist||$0.23||$0.25||4347||8.7% ($86.94)|
|9||CSOP IEDGE SREIT LDRS IDX E||Mainboard||$1.00||$0.970||1000||-3% (-$30)|
|10||UOB APAC GREEN REIT ETF||Mainboard||$1.00||$0.975||1000||-2.5% (-$25)|
|11||MOOREAST HOLDINGS LTD||Catalist||$0.22||$0.178||4545||-19.09% (-$190.89)|
|12||DAIWA HOUSE LOGISTICS TRUST||Mainboard||$0.80||$0.800||12500||0%|
|13||DIGITAL CORE REIT||Mainboard||USD$0.88 / $1.205||USD$1.15 / $1.56||829||29.4% ($294.30)|
*Value of one share of CapitaLand Investment received by CapitaLand shareholders.
#Based on first opening price on SGX-ST. Source: SGX
13 Companies Listed on The SGX In 2021
Here is a brief run-down of all the 13 IPOs listed on the SGX in 2021.
#13 Digital Core REIT (SGX:DCRU)
Date Listed: 6 December 2021 on the Mainboard
Digital Core REIT is billed as a pure-play REIT (real estate investment trust) on data centres. This latest listing brings the total SGX-listed REIT and property trust to 44. Despite its US-dollar denomination, it had a strong debut on SGX, with the retail investor tranche oversubscribed by 16.1 times. It has a forecasted dividend yield of 4.75% in 2022 and has been the best performing IPO-to-date in 2021.
Performance to date: 29.4%
#12 Daiwa House Logistics Trust (SGX:DHLU)
Date Listed: 26 November 2021 on the Mainboard
Daiwa House Logistics Trust (DHLT) is the first of two REIT listings in 2021. DHLT held 14 logistics properties in Japan as part of its initial IPO portfolio, although it had an investment strategy to invest in logistics and industrial assets across Asia. According to the prospectus, DHLT had forecasted an annualised distribution yield of 6.3% in 2021 and 6.5% in 2022. Despite the strong initial demand for its stock, with the public offer being oversubscribed by 9.5 times, the stock’s performance has been flat to-date.
Performance to date: 0%
#11 MOOREAST HOLDINGS LTD (SGX:1V3)
Date Listed: 24 November 2021 on the Catalist
Mooreast is a total mooring solutions specialist serving the offshore oil and gas, marine and offshore renewable energy industries. It is backed by EDBI, the investment arm of Singapore’s Economic Development Board. The company had a strong debut on the catalist-board, opening at $0.29 or 31.8% higher than the IPO price, before reaching a high of $0.305. However, since then, the stock price has dropped by 40% from its peak.
Performance to date: -19.09%
#10 UOB APAC GREEN REIT ETF (SGX:GRN)
Date Listed: 23 November 2021 on the Mainboard
The UOB APAC Green REIT is the first such ETF that allows individuals to invest in quality green REITs across the Asia Pacific Region with dividend yields. The ETF aims to closely monitor the performance of the benchmark index – iEdge-UOB APAC Yield Focus Green REIT Index. The REIT ETF also projected to distribute a dividend yield of up to 4%. Since its listing, the stock’s performance has been flat and is currently below its IPO price.
Performance to date: -2.5%
#9 CSOP IEDGE SREIT LDRS IDX E (SGX:SRT)
Date Listed: 18 November 2021 on the Mainboard
The CSOP iEdge S-REIT Leaders Index ETF is available for trading in the Singapore Dollar (SGX: SRT) and the US Dollar (SGX: SRU). The fund seeks to replicate the performance of the iEdge S-REIT Leaders Index (benchmark index) by investing in a portfolio of S-REITS. The trading volume on both counters has been low, with the stock price currently trading below the IPO price.
Performance to date: -3%
#8 TRANS-CHINA AUTOMOTIVE HOLDINGS LIMITED (SGX:VI2)
Date Listed: 11 November 2021 on the Catalist
TRANS-CHINA Automotive Holdings (TCA) operates in China’s affluent Greater Bay area and specialises in car dealerships in the premium and ultra-premium market segments under the BMW, McLaren and Lotus brands. TCA had strong IPO participation from retail investors, with its public offer 8 times subscribed. The stock had a strong performance in the first 5 days of trading and rose to a high of $0.35 or a 50% increase from its IPO price. However, since then, prices have corrected heavily to $0.25, which is just above its opening day price of $0.245.
Performance to date: 8.7%
#7 AUDIENCE ANALYTICS LIMITED (SGX:1AZ)
Date Listed: 30 September 2021 on the Catalist
Audience Analytics (AA) provides companies with a range of solutions that help them better understand the nature of their business, so they can make better decisions, promote and grow their business. AA also offers a wide portfolio of awards, exhibitions, conferences, digital and print media and business analytics that enables it to support companies at different stages of their growth. The stock has had a lacklustre performance since its listing and has dropped by 26% to-date.
Performance to date: -26.67%
#6 CAPITALAND INVESTMENT LIMITED (SGX:9CI)
Date Listed: 20 September 2021 on the Mainboard
CapitaLand Investment (CLI) is a real estate investment management business that was formed as one of two restructured companies of the previously listed, CapitaLand Limited. Shareholders of CapitaLand Limited received equivalent CLI shares worth $2.823 each. CLI debuted at $2.95 on 20 September and had a strong performance, with the price reaching a high of $3.62 in the first 6 weeks of trading. It is the second-best performing IPO in our list.
Performance to date: 19.3%
#5 LION-OCBC SEC CHINA LEADERS (SGX:YYY)
Date Listed: 2 August 2021 on the Mainboard
The listing of the Lion-OCBC Securities China Leaders exchange-traded fund (ETF) came at the back of Beijing’s regulatory clampdown on the private education and technology sectors in China. The ETF tracks the Hang Seng Stock Connect China 80 Index, which comprises of 80 large Chinese companies across 12 industries. The ETF has been rangebound with the current price at $2.02, just slightly above its IPO price of $2.
Performance to date: 1.35%
#4 OTS HOLDINGS LIMITED (SGX:OTS)
Date Listed: 17 June 2021 on the Catalist
OTS Holdings is a food manufacturing group in the consumer industry, holding popular brands like Golden Bridge, Kelly’s, Golden Lion and Orchid in its portfolio. Its core business includes the manufacturing of ready-to-cook meat and ready-to-eat products such as waxed sausage, meat floss and luncheon meat for the Malaysia and Singapore markets. OTS had a strong debut week, with the price rising by 50% of the IPO price. After reaching a high of $0.385 in its second week of trading, prices have tumbled to $0.26, though still above the IPO price.
Performance to date: 15.22%
#3 SRI TRANG GLOVES (THAILAND)PCL (SGX:STG)
Date Listed: 10 May 2021 on the Mainboard
The secondary listing of Sri Trang Gloves (Thailand) PLC, brings a new addition to SGX’s healthcare sector. It is one of the largest glove manufacturers globally, manufacturing and distributing rubber gloves for a wide range of industries including healthcare and medical. Trading on the stock began on 10 May at $1.845, but low trading interest and volume saw it drop to a low of $1.13 by 12 November. It has been one of the two worst performing IPO listings.
Performance to date: -31%
#2 ECON HEALTHCARE (ASIA) LIMITED (SGX:EHG)
Date Listed: 19 April 2021 on the Catalist
Econ Healthcare is the leading premium private nursing home operator with over 10 medicare centres and nursing homes in Singapore and Malaysia. Econ Healthcare has also expanded into China with its first establishment at Chongqing Nursing Home. The Group intends to issue dividends of at least 35% of its profits for FY2021 to 2023. The public offer for the relisting of Econ Healthcare saw strong interest from retail investors. Despite the application, oversubscribed by 86.9 times, it had a rather muted debut on 19 April. However, the next 3 days saw prices rocketing to $0.421 or 50% from the first day’s close. Prices were not able to sustain the momentum and have since stabilised within the $0.30 range.
Performance to date: 5.36%
#1 AZTECH GLOBAL LTD (SGX:8AZ)
Date Listed: 12 March 2021 on the Mainboard
AZTECH Global is the first IPO for 2021 and is seen as a key technology enabler with a focus on providing one-stop design and manufacturing services. Its key services cater to the Internet of Things (IoT), data-communications and LED lighting industries. Given its reputation and track record for the past 3 decades, its IPO attracted strong demand from investors, who subscribed 18.4 times for the public offer. However, the stock’s performance has been less than stellar, with a drop of more than 32% from its IPO price, making it the worst performing IPO stock to-date.
Performance to date: -37.49%
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