Page 4 - Valuation in Abnormally Uncertain Times
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SECTION 1 :
ANALYSIS OF SINGAPORE LISTCOS PRE AND POST COVID-19
COVID-19 HAS CAUSED A SIGNIFICANT DECLINE IN MARKET VALUE
We have analysed the change in Market Capitalisation of Singapore ListCos from 31 December 2019 to 30 April 2020 and set out
the analysis categorised by industries below:
Market Capitalisation (SGD MIllions) 31 December 2019 to 30 April 2020
Industry
31/12/2019 31/01/2020 29/02/2020 31/03/2020 30/04/2020 Change
Communication Services 65,782 64,454 59,261 50,826 55,814 (9,967)
Consumer Discretionary 39,644 37,886 35,884 28,391 30,653 (8,991)
Consumer Staples 81,215 75,599 74,277 60,817 67,332 (13,884)
Energy 3,223 2,965 2,854 2,170 2,393 (830)
Financials 183,454 179,962 173,426 140,178 152,227 (31,227)
Health Care 11,562 11,704 11,040 9,521 10,717 (845)
Industrials 131,035 128,421 123,162 100,490 102,373 (28,661)
Information Technology 11,857 11,324 10,817 8,709 10,428 (1,429)
Materials 3,421 3,281 3,100 2,571 2,783 (638)
Real Estate 194,886 194,229 185,118 147,168 161,079 (33,808)
Utilities 5,277 5,029 4,951 4,039 4,422 (855)
Total 731,356 714,855 683,889 554,880 600,221 (131,135)
% change from 31 December 2019 -2% -6% -24% -18%
Source: CapitalIQ
▪ The total market value of shareholders equity of Singapore Listcos declined from SGD731 billion to SGD555 billion from 31
December 2019 to 31 March 2020. By the end of first quarter of 2020, a total of SGD176 billion of shareholders value had
evaporated, equivalent to a 24% decline.
▪ There was a slight rebound of the total market value by the end of April 2020 to about SGD600 billion equivalent to a total
decline of 131 billion or approximately 18% from 31 December 2019 to 30 April 2020. It is, however, uncertain if the rebound will
last.
▪ Industries that were hit the hardest (by 30 April 2020) were Real Estate (loss of SGD34 billion), followed by Financials (loss of
SGD31 billion) and Industrials (loss of SGD29 billion).
▪ In terms of the decline rate, Energy was hit the hardest (26%), followed by Consumer Discretionary (23%) by 30 April 2020.
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