Hong Fok to join MSCI Singapore Small Cap Index

PROPERTY developer Hong Fok is set to join the MSCI Singapore Small Cap Index after the market closes on Wednesday (May 31).

In a statement on May 11, MSCI said mining company Golden Energy and Resources, Hong Fok and Super Hi International, which operates hotpot chain Haidilao, would be added to the MSCI Singapore Index, while Prime US Real Estate Investment Trust would be deleted.

The MSCI Singapore Small Cap Index is designed to measure the performance of the small-cap segment of the Singapore market.

Hong Fok, which has a market cap of S$879.3 million, has businesses in property investment, property development and construction, and property management. Shares of Hong Fok gained 6.3 per cent year to date.

SGX Research noted that Hong Fok’s net institutional inflow stood at S$4.2 million and ranks among the 80 most-traded Singapore stocks on a day-to-day basis.

The group recorded net profit of S$220 million for the full year ended Dec 31, 2022, up 466 per cent from S$38.9 million in the previous year. This came as revenue rose 70 per cent to S$153.9 million.

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Hong Fok recognised higher sales for residential units at its Concourse Skyline project, and recorded higher income from Yotel Singapore Orchard Road.

Shares of Hong Fok were trading flat at S$1.01 as at 11.59 am on Wednesday.