All fuelled up: Renewable energy wave pushes this Singapore stock to surge more than 370% this year

Singapore shares have had a very good year, as they outperformed many of their regional peers.

That performance has mostly been on the back of heavyweights such as the three banks, which soared to record highs. The benchmark Straits Times Index (STI) surged to a 17-year high on Nov 8.

The most traded stocks on the STI so far this year include DBS, UOB, OCBC, Singtel as well as Seatrium, based on data from the Singapore Exchange (SGX). The top most traded 100 stocks had total returns of 11 per cent in the first five months of the second half of 2024, indicated SGX.

“Comparatively broader gains across local manufacturing stocks, real estate investment trusts, in addition to adjacent Asean stocks, have seen the STI extend its 5.7 per cent total return in H1 2024 by 15.4 per cent in the first five months of H2 2024, bringing the 11-month total return to 21.9 per cent,” said SGX in a Dec 9 note. 

“This has also coincided with stronger economic momentum in both Singapore and the Asean region,” it added.

But what are some of the stocks that have surged that may have fallen under the radar?

Here are three of them – including one that soared more than 300 per cent – and recent developments surrounding the companies.

Wee Hur

This stock jumped around 120 per cent in the year to date to S$0.43, as at Thursday’s (Dec 26) close.

The company said on Dec 16 that it sold its student accommodation assets in Australia for A$1.6 billion (S$1.4 billion).

Before that, however, its shares had already rallied on talk of this potential sale.

Wee Hur will receive proceeds of about S$320 million from the sale, pending shareholders’ consent and regulatory approvals. It expects the transaction to be completed in the first half of 2025.

It plans to reinvest proceeds into existing businesses or explore high-growth areas.

Wee Hur was also the second-strongest performer of the 100 most traded stocks in the first five months of the second half of 2024, indicated SGX.

Oiltek

This vegetable and edible oil engineering process company has rocketed about 377 per cent in the year to date to S$1.02, as at Thursday’s close.

Analysts this month issued a “buy” call on the stock given its strong order book and increasing demand for sustainable aviation fuel.

The Catalist-listed renewable energy solutions provider Oiltek announced on Dec 23 that it has secured additional new contracts from Malaysia worth approximately RM9.2 million (S$2.8 million), adding to a string of new contracts it bagged so far this year.

With these new contracts, the group’s current order book amounts to about RM391.1 million and is expected to be fulfilled over the next 18 to 24 months, Oiltek said.

Beng Kuang

The stock has soared more than 220 per cent in the year to date to S$0.21, as at Thursday’s close.

The offshore and marine player has been stripping its non-core business units, pivoting to an asset-light model.

The company swung back into the black in FY2023, with its latest set of results showing a continued upswing. Revenue was up 88.1 per cent for the first half of 2024.

Beng Kuang is also looking to expand its international footprint.