Total Shareholder Return
We track our total returns to our shareholder over various time periods.
Total Shareholder Return (TSR) is a compounded and annualised measure, which includes dividends paid to our shareholder and excludes capital injections from our shareholder. Our TSR over short, medium, and long time periods are a snapshot of our performance.
As at 31 March 2020, our Singapore dollar one-year TSR was -2.28%. Our three-year TSR was 3.63% and our 10-year TSR was 5%.
Our 20-year TSR was 6%, versus the Singapore 20-year annualised core inflation of under 2%. Longer term 40-year TSR was 14%.
Our TSR is measured against our risk-adjusted cost of capital, which is derived using a capital asset pricing model. The risk-adjusted cost of capital is built bottom-up, and aggregated over all our investments.
Period (in years)
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S$ Total Shareholder Return by market value
TSR by market value takes into account changes in the market value of our portfolio, dividends we paid, and nets off any new capital we received.
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Risk-adjusted cost of capital
Our risk-adjusted cost of capital accounts for different risks faced by our investments, and is derived using a capital asset pricing model. The risk‑adjusted cost of capital is built bottom‑up, and aggregated across all our investments.
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S$ Total Shareholder Return by shareholder equity
TSR by shareholder equity takes into account the underlying profitability of our portfolio companies, realised returns from our investment activities, dividends we paid, and nets off any new capital we received.
Period (in years)
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S$ Total Shareholder Return by market value
TSR by market value takes into account changes in the market value of our portfolio, dividends we paid, and nets off any new capital we received.
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MSCI Singapore
The MSCI Singapore Index measures the performance of large to mid sized companies in Singapore’s stock market.
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MSCI AC Asia ex-Japan
The MSCI AC Asia ex-Japan Index measures the performance of large to mid sized companies in Asia, excluding Japan.
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MSCI World
The MSCI World Index measures the performance of large to mid sized companies across 23 developed markets in the world.
Period (in years)
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