CSOP ETFs Weekly Performance Recap-20240506
•Last week, $CSOP LOW CARBON US$ (LCU.SG)$ LCU (+2.73% in USD), $CSOP SEA TECH ETF(USD) (SQU.SG)$ SQU (+0.87% in USD), $CSOP DIV ETF S$ (SHD.SG)$ SHD (+1.03% in SGD) and $CSOP STAR&CHINEXT50 SGD (SCY.SG)$ SCY (+4.43% in SGD) gained while $CSOP S-REITs INDEX ETF (SRT.SG)$ SRT (-0.69% in SGD) fell slightly amidst a backdrop of a dovish FOMC statement post FOMC meeting where rates were held constant.
•LCU’s gains were primarily attributable to industrials, financials and consumer discretionary by sectors and Japan and China by country. By individual firms, gains were due to Toyota Motor Corp, Tencent Holdings and Hitachi Ltd. $Toyota Motor (7203.JP)$ Toyota Motor Corp gained following a BI report mentioning that Japan’s auto 2024 sales is anticipated to rise in US due to better supply and strong demand for their products. $TENCENT (00700.HK)$ Tencent Holdings rose following CNG-GPC’s report that China’s domestic video-game sector in 1Q grew 7.6% y/y to 23.4 billion yuan. $Hitachi (6501.JP)$ Hitachi Ltd rose after its full-year adjusted operating income forecast beat average analyst estimates, and after it announced a 2.27% share buyback, as well as a 1-for-5 stock split effective July 1st.
•SQQ/SQU’s gains were primarily because of Astra and Sea Ltd. Astra gained after an upgrade by a Bahana Securities analyst due to its appealing stock valuation. Further, its Q1 earnings revealed a boost in its auto sector, leading to a rise in operating profit. $Sea (SE.US)$ Sea Ltd rose following Morgan Stanley's research suggesting Sea Ltd's 2025 estimated valuation aligns with e-commerce peers, which could bolster its stock performance. MS anticipates the e-commerce sector to return to profitability in 2H2024, driven by an increased market share and high-teens GMV growth. Shopee's market dominance, scale, logistics, and payment ecosystem are expected to enhance profitability in 2025.
•SRT’s losses were predominantly attributed to industrial, data center and retail by subsector, and MINT, FLT and KDCREIT by individual REITs. $MAPLETREE INDUSTRIAL TRUST (MAPIF.US)$ MINT fell after Maybank Research lowered its target price from S$2.30 to S$2.15.
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“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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