CSOP ETFs Weekly Performance Recap- 20240429
Last week, $CSOP LOW CARBON US(LCU.SG$ LCU (+3.06% in USD), $CSOP SEA TECH ETF(USD)(SQU.SG$ SQU (+4.24% in USD), $CSOP S-REITs INDEX ETF(SRT.SG$ SRT (+2.54% in SGD), and $CSOP STAR&CHINEXT50 SGD(SCY.SG$ SCY (+2.55% in SGD) gained while $CSOP DIV ETF S(SHD.SG$ SHD (-4.30% in SGD) fell.
SRT’s gains were predominantly attributed to industrial, office and retail by subsectors, and CICT, FLT and MPACT by individual REITs. CICT $CapLand IntCom T(C38U.SG$ rose after UBS reports that its management has been seeing an uptick in leasing activity, leading to an increase in office/retail reversion from mid to high single digits. MPACT $Mapletree PanAsia Com Tr(N2IU.SG$ increased after better-than-expected earnings which has also sparked a rating upgrade by CLSA analyst from 'reduce' to 'accumulate'.
LCU’s gains were primarily attributable to financials, consumer discretionary and communication services by sectors, and China, Japan and Australia by geographies. By individual firms, gains were led by Tencent Holdings, Alibaba Group and Meituan. $TENCENT(00700.HK$ Tencent Holdings rose as its adjusted net income is projected to return to sequential growth in 1Q, increasing 33% from the same period last year. 2Q profit growth is also postulated to accelerate in 2Q, propelled by a rise in domestic game revenue and a seasonal rebound in advertising sales growth. $BABA-SW(09988.HK$ Alibaba Group increased following news that it may invest 100b won in South Korean fashion platform ABLY.
SQQ/SQU’sgains were primarily because of Sea Ltd, Delta Electronics and Grab Holdings. $Sea(SE.US$ Sea Ltd gained after BofA Securities upgraded it from neutral to buy, due to better take-rates and stable competition. Morgan Stanley upgraded the stock from equal weight to overweight, citing a more favorable risk profile due to Shopee's market share trend, GMV growth, improved unit economics, competitor commission strategies, and management outlook. Grab $Grab Holdings(GRAB.US$ gained as Jefferies analysts predict that its revenue and EBITDA will meet Q1 estimates, with potential growth in mobility services due to offline concerts in Singapore, leading to a buy rating.
Source: Bloomberg, as of 20240426.Past performance is not indicative of future performance.
Disclaimers
“The investment product(s), as mentioned in this document, is/are registered under section 286 of the Securities and Futures Act (Cap. 289) of Singapore (the “SFA”).This material and the information contained in this material shall not be regarded as an offer or solicitation of business in any jurisdiction to any person to whom it is unlawful to offer or solicit business in such jurisdictions.
CSOP Asset Management Pte. Ltd. (“CSOP”) which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete, and reliable. However, CSOP does not warrant the accuracy and completeness of the information, and shall not be liable to the recipient or controlling shareholders of the recipient resulting from its use. CSOP is under no obligation to keep the information up-to-date. The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract. The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not be reproduced, copied or made available to others without the written consent of CSOP.
Advice should be sought from a financial adviser regarding the suitability of the investment and/or investment product before making an investment. Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not necessarily indicative of future performance. Investor should read the prospectus and product highlights sheet, which can be obtained on CSOP website or authorized participating dealers, before deciding whether to invest. This document has not been reviewed by the Monetary Authority of Singapore.”
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