The Dogs and Puppies of STI for 2017
To recap, the Dogs and Puppies of STI for 2016 are as follows (see The Dogs and Puppies of STI for 2016 for more info):
- A-Reit
- Capitaland Mall Trust
- HPH Trust
- SembMar
- ST Engineering
- Keppel Corp
- SembCorp
- SPH
- Starhub
- UOB
How did the Dogs and Puppies perform in 2016? The results are shown below.
Price 31/12/15 | Price 31/12/16 | Div | Div Yield | Return (excl. Div) | Return (incl. Div) | |
Puppies | ||||||
A-Reit | $2.28 | $2.27 | 17.70 | 7.8% | -0.4% | 7.3% |
CapitaMall | $1.93 | $1.89 | 11.23 | 5.8% | -2.3% | 3.5% |
HPH Trust | $0.53 | $0.44 | 4.87 | 9.2% | -17.9% | -8.7% |
SembMar | $1.75 | $1.38 | 12.00 | 6.9% | -21.1% | -14.3% |
ST Engg | $3.01 | $3.23 | 16.00 | 5.3% | 7.3% | 12.6% |
Non-Puppies | ||||||
Kep Corp | $6.51 | $5.79 | 48.00 | 7.4% | -11.1% | -3.7% |
SembCorp | $3.05 | $2.85 | 16.00 | 5.2% | -6.6% | -1.3% |
SPH | $3.94 | $3.53 | 20.00 | 5.1% | -10.4% | -5.3% |
StarHub | $3.70 | $2.81 | 20.00 | 5.4% | -24.1% | -18.6% |
UOB | $19.61 | $20.40 | 110.00 | 5.6% | 4.0% | 9.6% |
Dogs | 6.4% | -8.3% | -1.9% | |||
Puppies | 7.0% | -6.9% | 0.1% | |||
STI | 2882.73 | 2880.76 | 93.00 | 3.2% | -0.1% | 3.2% |
The underperformance of the Dogs and Puppies relative to STI in 2016 reversed the overperformance in 2015. This underperformance is unexpected, as STI was virtually unchanged if dividends were not considered. Since the Dogs and Puppies contain REITs that pay high dividends, the Dogs and Puppies should in theory outperform the STI after the dividends are considered.
If you have been following this annual series of blog posts, you would know that I am not a fan of having REITs included in the STI. There are now 4 REITs/ business trusts in the STI, namely, A-Reit, Capitaland Comm Trust, Capitaland Mall Trust and HPH Trust. Since REITs/ business trusts pay high dividends, they naturally dominate the Dogs and Puppies.
For 2016, what would be the performance of the Dogs and Puppies if the REITs/ business trusts were excluded? The performance is as shown in the table below.
Price 31/12/15 | Price 31/12/16 | Div | Div Yield | Return (excl. Div) | Return (incl. Div) | |
Puppies | ||||||
SembCorp | $3.05 | $2.85 | 16.00 | 5.2% | -6.6% | -1.3% |
SembMar | $1.75 | $1.38 | 12.00 | 6.9% | -21.1% | -14.3% |
SingTel | $3.70 | $3.65 | 17.50 | 4.7% | -1.4% | 3.4% |
ST Engg | $3.01 | $3.23 | 16.00 | 5.3% | 7.3% | 12.6% |
YZJ | $1.11 | $0.82 | 5.50 | 5.0% | -26.2% | -21.3% |
Non-Puppies | ||||||
Kep Corp | $6.51 | $5.79 | 48.00 | 7.4% | -11.1% | -3.7% |
OCBC Bk | $8.80 | $8.92 | 36.00 | 4.1% | 1.4% | 5.5% |
SPH | $3.94 | $3.53 | 20.00 | 5.1% | -10.4% | -5.3% |
StarHub | $3.70 | $2.81 | 20.00 | 5.4% | -24.1% | -18.6% |
UOB | $19.61 | $20.40 | 110.00 | 5.6% | 4.0% | 9.6% |
Dogs | 5.5% | -8.8% | -3.3% | |||
Puppies | 5.4% | -9.6% | -4.2% | |||
STI | 2882.73 | 2880.76 | 93.00 | 3.2% | -0.1% | 3.2% |
Moving on to 2017, the table below shows the dividend yields of STI component stocks in descending order:
Counter | Div (cents) | Price 31/12/16 | Div Yield | Remarks |
HPH Trust US$ | 4.19 | $0.44 | 9.64% | Puppy |
StarHub | 20.00 | $2.81 | 7.12% | Dog |
CapitaMall | 11.13 | $1.89 | 5.90% | Puppy |
CapitaComm | 8.70 | $1.48 | 5.88% | Puppy |
YZJ | 4.50 | $0.82 | 5.52% | Puppy |
A-Reit | 12.19 | $2.27 | 5.37% | Puppy |
Kep Corp | 30.00 | $5.79 | 5.18% | Dog |
SPH | 18.00 | $3.53 | 5.10% | Dog |
SingTel | 17.50 | $3.65 | 4.79% | Dog |
ST Engg | 15.00 | $3.23 | 4.64% | Dog |
SIA | 44.00 | $9.67 | 4.55% | |
OCBC Bk | 36.00 | $8.92 | 4.04% | |
SGX | 28.00 | $7.16 | 3.91% | |
ComfortDelGro | 9.25 | $2.47 | 3.74% | |
SIA Engg | 12.00 | $3.37 | 3.56% | |
SembCorp | 10.00 | $2.85 | 3.51% | |
DBS | 60.00 | $17.34 | 3.46% | |
UOB | 70.00 | $20.40 | 3.43% | |
Genting SP | 3.00 | $0.91 | 3.31% | |
SATS | 16.00 | $4.85 | 3.30% | |
ThaiBev | 2.67 | $0.85 | 3.14% | |
HKLand US$ | 19.00 | $6.33 | 3.00% | |
Capitaland | 9.00 | $3.02 | 2.98% | |
GLP | 6.00 | $2.20 | 2.73% | |
JMH 400US$ | 145.00 | $55.25 | 2.62% | |
UOL | 15.00 | $5.99 | 2.50% | |
Wilmar | 8.00 | $3.59 | 2.23% | |
CityDev | 16.00 | $8.28 | 1.93% | |
Jardine C&C | 69.00 | $41.23 | 1.67% | |
GoldenAgri | 0.50 | $0.43 | 1.17% |
- A-Reit
- Capitaland Comm Trust
- Capitaland Mall Trust
- HPH Trust
- Yangzijiang
- Keppel Corp
- SingTel
- SPH
- Starhub
- ST Engineering
So far, since 2014, STI has won twice while the Dogs & Puppies have won 1 time. STI has won when it rose (2014) or was flat (2016) and lost when it fell (2015). Which will win in 2017? Let us see in 2017!
See related blog posts: