Create annual SMB and HML factors of the Singapore stock market between $2006$ and $2022.$ Form $5$ x $5$ portfolios $($total $25$ portfolios$)$ on Size and M$/$B then estimate their factor loadings on SMB and HML using the $3-$factor model $($Use STI Index return as market portfolio return and assume that the risk$-$free rate is zero$).$ Show your findings on $5$ x $5$ matrices. Based on the factor loading estimates, discuss whether SMB and HML may be a suitable factor in Singapore stock market.