SINGAPORE, July 21 — Singapore-based, Temasek, today reported a preliminary net portfolio value (NPV) of S$306 billion (RM937.6 billion) as at March 31, 2020.
The investment firm said its preliminary NPV of S$306 billion, had tripled over 16 years, up from S$90 billion as at March 31, 2004.
“On the whole, we are pleased with our performance, despite the sharp correction due to Covid-19,” said chief executive officer of Temasek International, Dilhan Pillay in a statement here.
Pillay said Temasek had a good mix of listed and unlisted investments, a good balance between portfolio stalwarts and new investments into emerging and longer-term trends.
“These help to add to our resilience,” he said.
Temasek was providing its preliminary portfolio performance, ahead of the September release of its final audited annual consolidated group financials and portfolio performance.
The final audited performance was expected to be finalised in September, due to delays in receipt of the audited results of companies and associates in the Temasek portfolio.
The delays were due to lockdowns, circuit breakers and other business and community restrictions arising from Covid-19 responses across the world.
Pillay said the impact of Covid-19 had exacerbated the uncertainties for long-term investors and asset owners arising from geopolitical and trade tensions.
However, he said: “We may see investors sharpen their focus in some areas, like digitalisation and healthcare.”
Meanwhile, Temasek’ one-year Total Shareholder Return (TSR) was -2.3 per cent while its 16-year TSR was a compounded 7.5 per cent from March 31, 2004.
Its TSR since inception in 1974 remains a robust 14 per cent compounded annually.
TSR takes into account all dividend distributed to shareholders, less any capital injections.
Temasek said it ended the year in a net cash position with a strong balance sheet, meaning it has the capacity to work with its portfolio companies to position them for the future.
It noted that it also stands ready to invest in opportunities arising from volatile market conditions during and post Covid-19 recovery.
As for its investment approach, Temasek said it maintains a strong focus on delivering sustainable value over the long term.
Temasek said its portfolio “stayed resilient” with a 2.3 per cent decline, compared with the MSCI Singapore Index and the MSCI AC Asia ex-Japan Index, which declined 18.3 per cent and 9.0 per cent respectively.
Most of these declines were the result of the sharp market correction in the last quarter up to March 31, due to the coronavirus outbreak, it said.
Globally, the MSCI World Index fell 5.8 per cent. — Bernama
