2023: Best and Worst Performing Stocks in Singapore

Sembcorp, Keppel, and STE were among the biggest gainers in 2023.

Kate Lin 08.01.2024
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Top Singapore Large-Cap Stock Gainers in 2023

Sembcorp Industries Ltd (U96), which provides engineering and contracting services, topped the annual charts with a 61.53% gain in 2023. In December, shares of Sembcorp edged up by 3.31%.

A leading conglomerate in Singapore, Keppel Corp (BN4) climbed 42.66% in 2023, including a 6% gain in December. Even after the robust increase, Morningstar analysts think Keppel’s shares are currently moderately undervalued with a 4-star rating.

Singapore Airlines Ltd (C6L) rank third as it rose 25.34% in 2023 and 5.05% in December. While the carrier doesn’t have a moat, the shares remain undervalued, trading 27% below its fair value estimate.

Singapore Technologies Engineering Ltd (S63) delivered a 21.22% return in 2023. Having a narrow economic moat rating, the company continues to trade below its fair value estimate.

Mapletree Industrial Trust (ME8U) had a strong December as the REIT gave out a 10.09% return, lifting the yearly gain to 19.86%. After the strong performance in 2023, the no-moat REIT is trading 4% above its fair value estimate.

Top Singapore Large-Cap Stock Losers in 2023

Thai Beverage PLC (Y92) struggled the most in 2023 as shares in the alcoholic beverage maker slumped 20.42%.

Hongkong Land Holdings Ltd (H78), which owns premium office and mall properties in Hong Kong, closely followed Thai Beverage and ranked second with a 20.27% drop for the year. Over the past 12 months, the dividend yield totaled 6.45%. Hongkong Land’s December gain of 8.07% was unable to cover the accumulated weakness in 2023 and the slump brought shares deeper into the undervaluation range. At the end of the year, our analysts rate it a 5-star stock with a narrow economic moat.

Real estate company City Developments Ltd (C09) fell 16.79% over the course of 2023, making the stock about 22.67% below its 52-week high reached in February.

Seatrium Ltd (S51) is an engineering company formed between Sembcorp Marine and Keppel Offshore & Marine. The marine arm did not follow Sembcorp and Keppel’s growth trajectory as its shares retreated 14.49% in 2023. It had a relatively strong month in December, with gains amounting to 12.38%. The 3-star stock does not have a moat.

CapitaLand Investment Ltd (9CI) saw a 4.29% gain for December and a 10.92% loss for the whole year. The retreat in REIT made the unit price currently undervalued by 22% against its fair value estimate.

Top Singapore Large-Cap Stock Gainers in Dec 2023

Chinese electric vehicle maker NIO Inc (NIO) led the board with a 28.87% in December, narrowing the year-to-date loss to 7.72%. The December rally lifted the shares closer to the previous high. The room before NIO rises back to its 52-week high of SGD 15.78 remains considerable.

Mapletree Pan Asia Commercial Trust Units REIT (N2IU) gained 14.6% in December and gave out a flat loss of 0.38% for the year. The no-moat REIT is priced 11% below its fair value estimate. 

CapitaLand Integrated Commercial Trust (C38U) brought REIT investors a 13.19% gain in December and a 6.65% gain in 2023. The REIT is trading a moderate undervaluation with a 4-star rating after the unit price increase.

Seatrium Ltd (S51) ranked fourth, posting a gain of 12.38% in December.

Mapletree Industrial Trust (ME8U) registered a 10.09% increase in December.

Top Singapore Large-Cap Stock Losers in Dec 2023

Wilmar International Ltd (F34), involved in oil palm cultivation and other agricultural commodities, was the only large-cap company that registered a loss in December. After the 1.65% drop in the last month, the edible oil company aggregated a 10.6% loss in 2023.

U.K. insurer Prudential PLC (K6S) and Swiss biotech company Lonza Group Ltd (O6Z) recorded flat returns for the month.

Great Eastern Holdings Ltd (G07), an insurance group in Asia, edged up by 1.27% and brought investors a flat return in 2023.

Philippines-based liquor maker Emperador Inc (EMI) returned 1.92% in December and 5.36% in 2023.  

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About Author

Kate Lin

Kate Lin  is an Editor for Morningstar Asia, and is based in Hong Kong

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