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Temasek chairman Lim Boon Heng
Singapore state holding firm Temasek reported a net portfolio value of S$389 billion ($288 billion) for its financial year to the end of March, up S$7 billion from a year ago, as investment returns from the US and India offset a laggard China.
On a mark-to-market basis, which adjusts asset values to reflect market conditions, NPV reached S$420 billion, up S$9 billion from a year earlier, as the unlisted portfolio delivered S$31 billion in value uplift, the government-owned investor said Tuesday in a release.
Outside of Singapore, the US continued to be the top destination for Temasek’s capital, followed by India and Europe. The firm also stepped up investment activities in Japan.
“Amidst global uncertainties, we maintained a cautious but steady investment pace, building a resilient and forward-looking portfolio,” said Temasek deputy CEO Chia Song Hwee. “Over the last decade, we have doubled our exposure to the US and Europe, and increased our investments in India. However, our returns have been offset by the underperformance of China’s capital markets over the last three years.”
China Fervour Fades
After benefiting from China exposure during the decade since the 2004 launch of its first Asian offices, Temasek nearly doubled its allocation to the Americas, Europe, the Middle East and Africa from 18 percent in 2014 to 35 percent in 2024. Despite the trend, the portfolio remains anchored in Asia.
Temasek executive director and CEO Dilhan Pillay
“In an era of unprecedented global challenges, the resilience of our portfolio remains our core strength,” said Temasek executive director and CEO Dilhan Pillay.
During the financial year, Temasek ploughed S$26 billion into sectors including technology, financial services, sustainability, consumer and healthcare, aligning with the four structural trends of digitisation, sustainable living, future of consumption and longer lifespans.
Divestments totalled S$33 billion, with S$10 billion due to redemption of capital by Singapore Airlines and Pavilion Energy for mandatory convertible bonds and preferential shares, respectively. Net divestment of S$7 billion compared with net investment of S$4 billion for the previous financial year.
“We continued to maintain a high level of liquidity, ending the year in a net cash position,” said Temasek, which fully owns Singapore property giants Mapletree Investments and CapitaLand.
Mapletree reported a net loss of S$577.2 million for its fiscal year to the end of March, reversing a year-earlier net profit of S$1.1 billion, as the company marked down asset values amid a global upturn in interest rates. SGX-listed CapitaLand Investment’s 2023 attributable profit fell 79 percent to S$181 million for similar reasons.
Golden Jubilee
In addition to the Singapore headquarters, Temasek operates out of 12 offices in nine countries, including Asian outposts in Beijing, Hanoi, Mumbai, Shanghai and Shenzhen.
Temasek chairman Lim Boon Heng highlighted 2024 as a special year for the firm as it marks its 50th anniversary.
“Since our inception in 1974, Temasek has transformed from a Singapore holding company into a global investment company,” Lim said. “As we learn from our past, we look ahead to the future with courage and conviction. We aspire to do well, do right, and do good for current and future generations, always with tomorrow in mind.”
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