Singapore's Temasek reports portfolio value drop, positive on China tech

economictimes.indiatimes.com:

Singapore investment firm Temasek Holdings on Tuesday posted a 5.2% drop in its net portfolio value to S$382 billion ($284.65 billion) in the financial year that ended in March. The drop in net portfolio value is its first since the 2019 financial year and came amid intensified global market volatility. Temasek's chief financial officer Png Chin Yee said the company, which is an investor in Chinese finance company Ant Group, was hopeful the China tech sector's troubles were over after signs a regulatory crackdown was ending.Temasek said while it Singapore investments remained resilient, its global direct investments had dropped in valuation in the past two years.

Over the last decade, Temasek has grown its net portfolio value by 77.7% to S$382 billion from S$215 billion in 2013. Its portfolio value hit a record high of S$403 billion in the year ending in March 2022. «We maintain a cautious investment stance and expect to invest at a moderated pace this financial year, given the challenging macroeconomic environment,» Temasek's Chief Investment Officer Rohit Sipahimalani said.

«However, given our strong liquidity position, we are ready to step up our investments in a market correction.» Temasek is ranked among the top 10 investors in the world. It is mainly anchored in Asia, with a 63% exposure to the region as measured by underlying assets of its portfolio companies, most of which are in Singapore and China. Temasek holds stakes in large listed Asian companies such as Singapore's biggest lender, DBS Group, and China's second largest lender China Construction Bank.