COVID-19 has wreaked havoc on stock markets globally. Locally, the Straits Times Index (STI), comprising the 30 largest and most liquid Singapore-listed companies, has tanked nearly 25.2% because the start of 2021. The STI is currently trading at 2410.74, when compared with 3222.83 at the start of the year.
You can easily see in the chart below, this decline has been quite steep, and only really started in mid-February.
Looking further back, the last time the STI hit this level was throughout the recovery of the Global Financial Crisis (GFC), in July 2009.
We look at 4 stocks, that are part of the top 30 companies on the STI, that have fallen the most.
SAT (SGX: S58)
SATS is Asia's largest provider of gateway services and food solutions primarily within the aviation sector.
With the COVID-19 epidemic leading to a significant drop in the travel and hospitality sector, amongst many more, it is no surprise that SATS is the biggest loser around the STI. With no end in sight, it is also why its share price was most severely affected. Because the start of the year, SATS' share price has plunged 42%, to $2.96 from $5.06.
On 9 March 2021, SATS announced that it expects COVID-19 to “substantially and adversely for the quarter and the full year”. Additionally, it announced a slew of cost-cutting measures, including reductions in purchase its Board of Directors, senior management team and middle management team.
Despite the gloom, it also stated that it is “in a strong position to weather disruptions” and it is “looking out for opportunities within this crisis”.
ThaiBev (SGX: Y92)
Thai Beverage, or ThaiBev, is one of the largest beverage companies in Southeast Asia, and the largest in Thailand. It mainly sells spirits, beer, non-alcoholic beverages, and food.
Since the start of the year, ThaiBev's share price has nosedived 40%, to $0.535 from $0.89. As a significant part of ThaiBev's business relies on the consumption of alcohol, which is at stake following strict measures in the region to lockdown cities and entire countries, in addition to restrict tourism-related activities.
Notwithstanding the epidemic, ThaiBev reported positive numbers in its latest announcement for October to December 2021, with healthy increases in the revenue, net profit and earnings per share.
ComfortDelGro (SGX: C52)
ComfortDelGro is one of the largest land transport companies in the world, with market leadership position in Singapore, in addition to significant overseas presence in Malaysia, China, Australia, the united kingdom and Ireland.
With COVID-19 promoting greater work-from-home initiatives, and limiting any unnecessary outdoor activities, ComfortDelGro's business will naturally be affected as well. Even while contending with COVID-19, it has also been fighting Grab in the taxi business.
Unsurprisingly, ComfortDelGro's share price has dropped 39%, to $1.48 from $2.38 at the beginning of 2002.
Jardine C&C (SGX: C07)
Jardine Cycle & Carriage, or Jardine C&C, owns a big part stake in Astra International, the largest independent automotive group in Southeast Asia. Jardine C&C also offers a strong regional automotive presence in Singapore, Malaysia, Indonesia and Myanmar. The Group also has diversified interests in other manufacturers in the car manufacturing, construction and engineering, and beverage industry.
Since the start of 2021, Jardine C&C has witnessed its stock price decline by 38%, to $18.6 from $30.1.