Decade-Fourbaggers In Singapore

[Kaimin]

From the early 2000s, there is one 10-bagger that is very obvious to me - Dairy Farm. It was sub-$1 and grew to $10, but for the last five years was going nowhere. Growth has plateau-ed. There are more 4-baggers - look at VICOM, it was sub-$1 before the 08 GFC, now is $6.

Many multi-baggers have also been taken private because they were undervalued for prolonged periods. My assessment of the reason is that our capital markets are not mature enough. Investors wanting dividends is part of it, but another big part is that the Singapore bourse does not attract the big fund international fund managers nowadays. So many solid companies with great fundamentals taken private (Osim, Cerebos, Super Group, Pokka, etc) at low prices.

I think that the SG market is indeed too small and agree with d.o.g. that the SEA market is too diverse. Language, consumer tastes, legal systems, currency exchange, cultural differences means that there is no synergy or negative synergy for a company that does well in SG to expand outward to ASEAN. Not impossible, but just a higher hurdle to cross than with a homogenous "hinterland" to expand to. For a $50m market cap company to expand to $500mil, from SG to ASEAN, is much much harder than a $50m company to grow to $500m in USA, China or EU. Or for that matter, for a $500m company to reach $5b.

When was Dairy Farm sub $1? I can only find prices from 2005 onwards where it was ~$3.