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.

Share Prices

Counter NameLastChange
AEM Holdings4.140-0.020
Avi-Tech Electronics0.3250.040
Broadway Ind0.157-0.003
China Sunsine0.4400.005
Food Empire0.5150.005
Fortress Minerals0.3850.010
Geo Energy Res0.365-0.015
Golden Energy0.450-0.020
GSS Energy0.060-
ISDN Holdings0.485-
IX Biopharma0.163-0.007
Jiutian Chemical0.093-0.001
KSH Holdings0.340-
Leader Env0.057-0.004
Medtecs Intl0.199-0.006
Meta Health0.0380.002
Moya Asia0.058-0.002
Nordic Group0.4000.005
Oxley Holdings0.169-0.001
REX International0.275-0.005
Sinostar PEC0.2350.025
Southern Alliance Mining0.6350.030
Straco Corp.0.410-0.005
Sunpower Group0.385-0.005
The Trendlines0.102-0.002
Totm Technologies0.149-0.001
UG Healthcare0.220-
Uni-Asia Group1.040-0.020
Wilmar Intl4.040-0.050
Yangzijiang Shipbldg0.930-

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