(as at 31 March 2015)

S$ Total Shareholder Return and Risk-adjusted Hurdle Rate (%)


Total Shareholder Return (TSR) is a compounded and annualised measure, which includes dividends paid to our shareholder and excludes capital injections from our shareholder. As a long term investor, we track our TSR over various time periods.

As at 31 March 2015, our Singapore dollar one-year TSR was 19.20%. Our three-year TSR was 9.62% and our five-year TSR was 6.94%. Our 20-year TSR was 7%, versus the Singapore 20-year annualised core inflation of under 2%. TSR since our inception 41 years ago was 16%.

Our TSR is measured against our risk-adjusted hurdle rate, which is derived using a capital asset pricing model. The hurdle rate is built bottom-up, and aggregated over all our investments.

TSR in US$ terms was 9%, 6%, 7%, 11%, 7%, 18% and 17% for 1, 3, 5, 10, 20, 30 and 41-year periods respectively.
As of the year ended March 2015, annualised core inflation in Singapore was 1.7%, 2.1%, 1.6% for 1, 10 and 20-year periods respectively (Source: Monetary Authority of Singapore).