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Straits Times
04-08-2025
- Business
- Straits Times
US ETF becomes substantial shareholder of SGX-listed small-cap; has stakes in 30 S'pore stocks
Sign up now: Get ST's newsletters delivered to your inbox AVDV ETF increased its stake in oil company Rex International to 5.3 per cent – or slightly over 69 million shares – on July 17 at $0.178 apiece. SINGAPORE - A US-based exchange-traded fund (ETF) has recently become a substantial shareholder of a Singapore-listed small-cap company. Avantis International Small Cap Value ETF (AVDV) increased its stake in oil company Rex International to 5.3 per cent – or slightly over 69 million shares – on July 17 at 17.8 cents apiece, according to a statement by the Singapore Exchange (SGX) on July 29. This transaction crossed the threshold of 5 per cent that qualifies it as a substantial shareholder under Singapore law. The fund is owned by American Century Investments, based in Kansas City, and focuses on a broad range of small-cap stocks listed in non-US developed markets, targeting those with low valuations and strong profitability. Industrials, materials, financials and energy sector stocks make up the bulk of its portfolio. Japan is the fund's largest market, while most of its other investments are in Europe and Australia. The ETF's year-to-date return as at July 31 is 25.26 per cent, and it closed at US$80.31 on Aug 1. Top stories Swipe. Select. Stay informed. 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American Century's investment in Rex International makes up 0.09 per cent of AVDV's assets under management, which are valued at close to US$11 billion (S$14.1 billion). This is also the first time an ETF has become a substantial shareholder of an SGX-listed small-cap company, said Mr Geoff Howie, market strategist at SGX. Small-cap stocks are valued at under $1 billion, while large-cap stocks are over $5 billion and mid-cap stocks are valued in between. 'Outside of large-cap stocks, we had not seen an ETF provider emerge as a substantial shareholder,' said Mr Howie. He added that no ETF has made similar investments to become a substantial shareholder in small-cap companies listed on other regional exchanges. Therefore, American Century's investment could spell a new positive trend for small-cap companies in Singapore, he noted. He said: 'Small-cap stocks could emerge as a new sector for investments, especially with more companies looking to capitalise on Singapore's reputation as a good place for doing business. 'There is a lot of potential for liquidity to come into the small and mid-cap sectors.' This would also bode well for the Monetary Authority of Singapore's Equity Market Development Programme (EQDP), aimed at boosting SGX-listed stocks and revitalising Singapore's stock market. Mr Vasu Menon, managing director of investment strategy at OCBC Bank, said American Century's investment in SGX-listed small-cap stocks is testament to the confidence that global institutional investors have in the EQDP. 'It is also a recognition that undiscovered gems can be found among small and mid-cap stocks here which have underperformed against large-cap stocks.' He added that AVDV's move would help to raise the profile of small-cap stocks and generate interest from other US and global institutional funds, which should augur well for such companies listed here. Mr Matthias Chan, head of equities research at SAC Capital, said: 'If more foreign-based ETFs are drawn to Singapore equities, it will more than likely target the small to mid-cap space, and for good reason. 'Although the FTSE ST Small Cap Index may have recovered over the past year in line with the market, it is still down 11 per cent over the past three years and 7 per cent over the past five years, suggesting further meaningful upside.' AVDV is currently invested in 30 stocks listed on SGX, which delivered a 42 per cent total return on average, according to SGX. Twenty-two of these stocks delivered a higher average daily turnover of $52.9 million to date in 2025 , compared with $29.3 million for the whole of 2024. The portfolio comprises a mix of Singapore and foreign companies, many of which are in the energy and industrials sectors. Mr Howie said that AVDV's investment in foreign companies listed on SGX is testament to Singapore's advantage as a financial centre in the region with a strong currency. 'If these companies were listed in emerging Asian markets instead, they would not be part of this ETF.' Chinese investment holding firm Yangzijiang Financial Holding – the financial arm of a Chinese shipbuilding company – which has a market cap of $3.27 billion, is the ETF's largest exposure to SGX stocks. It holds 89.6 million shares, or a 2.6 per cent interest, in the company, comprising 0.61 per cent of its stock weight. This investment is also the fund's ninth largest in its entire portfolio. Other SGX-listed stocks in the ETF's portfolio include Indonesian palm oil producer First Resources, with a 1 per cent stake or 15.5 million shares; Indonesian shipping company Samudera Shipping Line, with a 2.5 per cent stake or 13.5 million shares; and Hong Kong port operator Hutchison Port Holdings Trust, with a 0.6 per cent stake or 52 million shares. The portfolio also includes a number of Singapore companies, including construction company Wee Hur Holdings, with a 2.3 per cent stake or 21.4 million shares; industrial systems company CSE Global, with a 0.8 per cent stake or 5.7 million shares; and Keppel Infrastructure Trust, with a 0.1 per cent stake or 6.9 million shares. Other Singapore companies include The Hour Glass, Raffles Medical Group and Food Empire Holdings.
Business Times
30-07-2025
- Business
- Business Times
US ETF outperforming S&P 500 becomes substantial shareholder in Rex, has stakes in 30 Singapore stocks
[SINGAPORE] A US-based exchange-traded fund (ETF) has recently become a substantial shareholder of Rex International after raising its stake in the oil exploration and production company. Avantis International Small Cap Value ETF (AVDV ETF), an actively managed ETF, in July increased its stake in Rex International to 5.3 per cent, or around 69 million shares. This crossed the 5 per cent threshold that qualifies substantial shareholders under Singapore law, the Singapore Exchange (SGX) said on Monday (Jul 28). The fund is managed by American Century Investment and focuses on undervalued small-cap companies with strong fundamentals in non-US developed markets. It has assets under management of close to US$11 billion. Its year-to-date return, as at Jun 30, is 24.05 per cent, according to its factsheet. That outperformed the S&P 500, which was up 5.48 per cent in the same period. The bourse operator noted that the fund's investment in 30 SGX-listed companies, including Rex International, is 'a recent milestone (that) underscores growing global interest in Singapore's capital markets'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'This recognition by a US institutional investor reflects the growing visibility and attractiveness of SGX-listed companies on the global stage. It is also a timely reminder that Singapore's capital market continues to serve as a vital gateway for international exposure, especially for nimble, well-managed small-cap companies,' it said. The ETF's SGX-listed stock holdings Of the SGX stocks in its portfolio, it has the largest exposure to Yangzijiang Financial – the former investment arm of Yangzijiang Shipbuilding that was spun-off from the Chinese vesselmaker in 2022. The investment management, wealth advisory and fund management company ranks eighth in terms of stock weight in the fund as at Jul 24. AVDV ETF holds an estimated 2.6 per cent interest in the company – or around 89.6 million shares – which accounted for about 0.6 per cent of the fund's portfolio. This was followed by First Resources , which ranks second by stock weight among the SGX-listed stocks in the fund's portfolio. The Indonesian palm oil producer accounts for about 0.2 per cent of the ETF's portfolio. The fund holds around 1 per cent or 15.6 million of its shares. AVDV ETF owns a 0.1 per cent stake, or around 6.9 million shares, in Keppel Infrastructure Trust, which occupies 0.02 per cent of its portfolio. It also owns 2.3 per cent, or around 21.4 million shares, of construction engineering company Wee Hur, which has a 0.1 per cent stock weight in the ETF. The AVDV ETF targets companies with low valuations and strong profitability with the aim of boosting expected returns, SGX said. The portfolio managers evaluate these traits using financial and market data such as shares outstanding, book value, cash flows and accruals, its ETF prospectus indicated. Value is primarily assessed via the adjusted book-to-price ratio. Profitability is measured by the adjusted cash flow-to-book value ratio, while considering other metrics. A company's industry classification, relative performance, liquidity, float and tax or governance considerations, are also taken into account. Securities that meet the criteria are included in a diversified portfolio. Their weights are based on market capitalisation and are adjusted for value, profitability and performance.
Yahoo
03-07-2025
- Business
- Yahoo
Rex International Holding's (SGX:5WH) Returns On Capital Are Heading Higher
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So on that note, Rex International Holding (SGX:5WH) looks quite promising in regards to its trends of return on capital. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Rex International Holding, this is the formula: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) 0.041 = US$19m ÷ (US$572m - US$107m) (Based on the trailing twelve months to December 2024). Therefore, Rex International Holding has an ROCE of 4.1%. Even though it's in line with the industry average of 4.3%, it's still a low return by itself. Check out our latest analysis for Rex International Holding Above you can see how the current ROCE for Rex International Holding compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Rex International Holding for free. The fact that Rex International Holding is now generating some pre-tax profits from its prior investments is very encouraging. About five years ago the company was generating losses but things have turned around because it's now earning 4.1% on its capital. And unsurprisingly, like most companies trying to break into the black, Rex International Holding is utilizing 195% more capital than it was five years ago. This can tell us that the company has plenty of reinvestment opportunities that are able to generate higher returns. To the delight of most shareholders, Rex International Holding has now broken into profitability. Investors may not be impressed by the favorable underlying trends yet because over the last five years the stock has only returned 3.5% to shareholders. Given that, we'd look further into this stock in case it has more traits that could make it multiply in the long term. If you'd like to know about the risks facing Rex International Holding, we've discovered 1 warning sign that you should be aware of. While Rex International Holding may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. 登入存取你的投資組合
Zawya
25-06-2025
- Business
- Zawya
Oman's offshore Block 50 poised for growth with updated reserves
MUSCAT: Masirah Oil Ltd, with its primary owner Rex International Holding Ltd (87.5%), is set to unlock further value from its Yumna Field in Block 50 Offshore Oman, following a comprehensive independent reserves estimation report by Exceed Torridon Ltd (XCD). The summary report, issued on June 23, 2025, highlights updated reserves figures as of December 31, 2024, and outlines an ambitious development strategy that includes several new wells aimed at enhancing recovery and extending the field's life. The Yumna Field, the first discovery in Oman's Block 50, has been a significant asset for Masirah Oil since its initial discovery in 2013 and the spudding of the first development well, Yumna-1, in December 2019. The field has shown robust performance, with production transferred to a Mobile Offshore Production Unit (MOPU) in April 2020, and subsequent wells, Yumna-2, Yumna-3, Yumna-4, and Yumna-5, contributing to its output. According to the XCD report, which was prepared in line with the Petroleum Resource Management System (PRMS) standards, the Yumna Field had produced approximately 9 million stock tank barrels (MMstb) by December 31, 2024. The updated assessment reveals significant changes in the remaining reserves, attributed to continued production, improved terms, and further optimization of the depletion plan. For the "Base 2P" category, the current report estimates gross attributable reserves to the license at 6.0 MMstb, a notable increase from the previous report's 3.7 MMstb. This 27% change underscores the positive impact of ongoing field optimization. Similarly, the "High 3P" category shows an increase to 7.0 MMstb from 4.1 MMstb, representing a 34% change. The "Low 1P" reserves also saw a slight increase to 0.5 MMstb from 0.4 MMstb. These figures are based on new assumptions for economic cut-off, with the economic limit for 1P, 2P, and 3P reserves set at December 2025, November 2030, and June 2031, respectively. A key factor in the updated reserves is the continuous refinement of the reservoir model. XCD provided Masirah Oil with an updated static and dynamic reservoir model in late 2023, which informed the drilling of the Yumna-5 well. The field exceeded initial production forecasts, prompting a further model update in October 2024 to better reflect the production trends. The report notes that this updated forecast has been accurate. The forward plan for the Yumna Field is focused on continued production optimization from the existing wells and the phased introduction of new development wells. Yumna-6 is slated to begin in the second half of 2025 as a sidetrack from the existing Yumna-2 well, targeting reserves in the northwest. Following this, a new well, Yumna-7, will be a step-out to the northeast, and Yumna-8, featuring a horizontal completion, will target reserves in the far northern part of the field, north of Yumna-2 and Yumna-6. These three wells (Yumna-6, Yumna-7, and Yumna-8) are included in the 2P development plan. Beyond these, the 3P scenario includes the drilling of Yumna-9, Yumna-10, and Yumna-11, further expanding the field's drainage. The technical review within the report indicates a positive development of the estimated in-place resource. Well data, including from the recently drilled Yumna-5, has identified additional reserves and reduced uncertainty in the volume estimations between 2020 and 2024. The field continues to experience a strong water drive from a very large aquifer, and based on production data, a recovery factor of approximately 45% is considered appropriate. The reservoir properties observed in Yumna-5 align with predictions, with effective sweep and residual oil saturations in the lowermost part of the reservoir. In 2024, the Yumna Field produced 0.864 MMstb gross oil from four wells: Yumna-2, Yumna-3, Yumna-4, and Yumna-5. While Yumna-1 was shut-in due to Electrical Submersible Pump (ESP) issues and Yumna-2 was temporarily shut-in for gas lift optimization, the field's oil rate peaked at 4,300 stb/d on April 26, 2024, before slowly declining to 2,700 stb/d. A constant Brent price of $65/bbl was used for economic calculations to determine the cut-off limit for production in this report.
Business Times
23-06-2025
- Business
- Business Times
Singapore, Asia-Pacific markets fall after US strikes on Iran; oil prices surge, dollar strengthens
[SINGAPORE] Asia-Pacific markets declined in early trade on Monday (Jun 23) morning, as oil prices surged and the greenback reacted, after the US launched strikes against three nuclear facilities in Iran over the weekend. Singapore shares opened Monday lower, with the Straits Times Index (STI) down 0.9 per cent or 35.64 points at 3,847.79 as at 9.01 am. Across the broader market, losers outnumbered gainers 96 to 25 after around 80 million securities worth S$140.2 million changed hands. Thai Beverage was the most actively traded counter by volume. It was down 2.3 per cent or S$0.01 at S$0.435, with some 13.6 million shares changing hands. Other actively traded counters included CapitaLand Integrated Commercial Trust , which was down 0.9 per cent or S$0.02 at S$2.15 and multinational oil exploration and production company Rex International which was up 4.6 per cent or S$0.01 at S$0.23. The trio of Singapore banks were trading lower at open. DBS declined 1.6 per cent per cent or S$0.69 to S$43.19. OCBC slid 0.5 per cent or S$0.08 to S$15.82 and UOB fell 1 per cent or S$0.34 to S$34.55. Japan's Nikkei 225 tumbled 0.69 per cent while South Korea's Kospi fell over 1 per cent. Australia's ASX was down around 0.3 per cent. Oil prices surged in early trade on Monday, with Brent and the main US crude contract WTI both climbing more than four per cent to hit their highest price since January before paring gains. Brent last jumped 2.66 per cent to $79.06 per barrel after 9 am Singapore time and WTI was up 2.75 per cent at US$75.87. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Crude prices had already spiked last week after Israel attacked Iran. Brent has risen 13 per cent since the conflict began on Jun 3, while WTI has gained around 10 per cent, according to Reuters data on Monday. The US dollar index rose nearly 0.4 per cent, strengthening slightly around 0.17 per cent to the Singapore dollar at around S$1.2895, after 9am Singapore time. On Saturday, US President Donald Trump announced strikes against three Iranian nuclear facilities, boosting Israel's efforts to destroy Iran's nuclear programme. This followed more than a week of Israeli air attacks on Iran's nuclear and military facilities and US attempts to persuade Iran to reach a deal to dismantle its nuclear programme. In response, Iran on Sunday threatened US bases in the Middle East, intensifying concern of a deepening of conflict in the region. An adviser to Iran's supreme leader Ayatollah Ali Khamenei Ali said bases used by US forces could be attacked in retaliation given that the US 'has attacked the heart of the Islamic world and must await irreparable consequences'. He warned that countries in the region or elsewhere used by US forces to strike Iran would be considered legitimate targets for Iran's armed forces. Please check back for more updates.
