August 2020
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August 2020
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Singapore’s Temasek portfolio may be worth over S$300 billion, CEO says

Singapore cityscape
By Asia Asset Management  
July 10, 2020

Singapore’s Temasek Holdings’ portfolio may be valued at over S$300 billion (US$215 billion) or “not very far from that” at the end of its last financial year on March 31, according to Ho Ching, chief executive officer of the state-owned investment company.

Her remarks, which were published on her Facebook page on July 7, suggest the portfolio value may have declined around 4% year-on-year as the coronavirus pandemic hurt the market value of Temasek’s investee companies.

Temasek’s portfolio was valued at $$313 billion as at March 31, 2020.

Ms. Ching was responding to reports that the value could be “north of S$300 billion” as of end-March 2020.

“I’m impressed with the analyses, and it’s pretty close to our own management estimates too,” Ms. Ho, who is the wife of Singapore Prime Minister Lee Hsien Loong, wrote on Facebook.

She says the announcement of the results will be delayed from July to September, mainly because of social distancing and quarantine measures to curb the spread of Covid-19, the disease caused by the coronavirus.

Typically, auditors would “camp in the company with a room to themselves to comb through the papers and financials in order to close the financial accounts”, she says. “With Covid-19 this has not been possible.”

Ms. Ho says Temasek isn’t fazed by “minute to minute, or quarter to quarter gyrations in our portfolio value”.

“Instead, the Temasek team continues to focus on the longer-term trends, and try our best to deliver for the long term in a sustainable way, by investing into these long-term trends,” she says.