SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Centurion Corporation Limited is a Singapore-based investment holding company that owns, develops, and manages specialized accommodation assets globally. It provides purpose-built worker accommodation under the "Westlite Accommodation" brand and purpose-built student accommodation under the "Dwell" and "EPIISOD" brands, alongside an optical storage media manufacturing business. The company was established in 1981 and is headquartered in Singapore.

<ul><li>Over five sessions, directors and substantial shareholders made 32 acquisitions and six disposals, with 32 companies conducting buybacks totaling S$71.5 million.</li><li>Centurion Corporation's Executive Directors acquired 1,077,500 shares, increasing their interests, while the company reported 31% revenue growth in 1HFY26.</li><li>BlackRock became a substantial unitholder of Hutchison Port Holdings Trust, increasing its deemed interest to 5.00% with 574,800 units acquired.</li></ul>

Over five sessions, directors and substantial shareholders made 32 acquisitions and six disposals, with 32 companies conducting buybacks totaling S$71.5 million.Centurion Corporation's Executive Directors acquired 1,077,500 shares, increasing their interests, while the company reported 31% revenue growth in 1HFY26.BlackRock became a substantial unitholder of Hutchison Port Holdings Trust, increasing its deemed interest to 5.00% with 574,800 units acquired.

Institutional and Insider Accumulation as Buybacks Accelerate

Comprehensive and Data-Driven Reports, RHT Capital

RHT Capital

Comprehensive and Data-Driven Reports

We are a boutique corporate finance advisory firm based in Singapore, with a focused team of experienced professionals. We advise listed companies and growing enterprises on corporate finance transactions and regulatory matters, providing practical and considered advice tailored to each client’s circumstances. We are a Capital Market Services (“CMS”) license holder from the Monetary Authority of Singapore (“MAS”), and a Full Sponsor approved by the Singapore Exchange (“SGX”).

ISDN Holdings Limited is a Singapore-based provider of industrial automation solutions, specializing in motion control and industrial computing. The company offers design, customization, assembly, installation, and after-sales support for motion control systems, alongside industrial computing products and services, and renewable energy solutions. It was founded in 1986 and is headquartered in Singapore.

<ul><li>ISDN revenues are highly leveraged to Chinese economy with 61.1% of FY2025 revenue coming from China’s industrial sector.</li><li>Largely a result of its consultancy (asset-light) model, from providing bespoke solutions and a full-service suite across different hardware equipment procurement &amp; servicing to unifying software protocols for Industrial Automation clients.</li><li>Recent efforts to diversify into higher margin Hydro-Electric portfolio seems to be paying off with an estimated 16% of revenue coming from its Indonesian hydropower business (denominated in USD).</li></ul>

ISDN revenues are highly leveraged to Chinese economy with 61.1% of FY2025 revenue coming from China’s industrial sector.Largely a result of its consultancy (asset-light) model, from providing bespoke solutions and a full-service suite across different hardware equipment procurement &amp; servicing to unifying software protocols for Industrial Automation clients.Recent efforts to diversify into higher margin Hydro-Electric portfolio seems to be paying off with an estimated 16% of revenue coming from its Indonesian hydropower business (denominated in USD).

ISDN Holdings: Asset-Light Industrial Consultancy with Hydro-Energy Infrastructure

Hutchison Port Holdings / Equity Bottom-Up

Hutchison Port Holdings Trust is a Singapore-based business trust that invests in, develops, operates, and manages deep-water container ports. It provides cargo handling and port-related services, including trucking, warehousing, and distribution, primarily in the Pearl River Delta of South China, encompassing Hong Kong and Mainland China. The trust was founded in 2011 and is headquartered in Singapore.

<ul><li>Over five sessions, directors and substantial shareholders reported 32 acquisitions and six disposals, with substantial shareholders recording 22 acquisitions and two disposals.</li><li>Centurion Corporation's Executive Directors acquired 1,077,500 shares, increasing their interests, while the company reported 31% revenue growth in 1HFY26.</li><li>BlackRock became a substantial unitholder of Hutchison Port Holdings Trust, increasing its deemed interest to 5.00% through market transactions.</li></ul>

Over five sessions, directors and substantial shareholders reported 32 acquisitions and six disposals, with substantial shareholders recording 22 acquisitions and two disposals.Centurion Corporation's Executive Directors acquired 1,077,500 shares, increasing their interests, while the company reported 31% revenue growth in 1HFY26.BlackRock became a substantial unitholder of Hutchison Port Holdings Trust, increasing its deemed interest to 5.00% through market transactions.

AEM is a global leader in providing customized, application-specific test and handling solutions for the semiconductor and electronics industries. The company's offerings, including handlers and test inserts, are crucial for ensuring the quality and reliability of advanced chips used in AI and high-performance computing. AEM was established in 1990 and is headquartered in Singapore.

<ul><li>Institutional net selling reached S$900 million, with STI banks contributing four-fifths of the outflow, while 93 SMIDs saw S$113 million inflow.</li><li>AEM Holdings led net inflows at S$61 million, with technology accounting for 70% of inflow value, spanning multiple sectors.</li><li>Among 35 NIF+ stocks, 13 showed positive EPS growth and higher ROE, recording 6.1 bps median inflow.</li></ul>

Institutional net selling reached S$900 million, with STI banks contributing four-fifths of the outflow, while 93 SMIDs saw S$113 million inflow.AEM Holdings led net inflows at S$61 million, with technology accounting for 70% of inflow value, spanning multiple sectors.Among 35 NIF+ stocks, 13 showed positive EPS growth and higher ROE, recording 6.1 bps median inflow.

90+ SMIDs Draw Institutional Buying Amid Bank-Led Outflows

Fund Manager, Privium Funds

Privium Fund Management

Fund Manager

Privium Funds

Privium Fund Management (Singapore) Pte Ltd is an MAS regulated Fund Manager holding a CMS License with a proven track record in providing Fund Management solutions for traditional and alternative asset portfolios.

Hong Leong Asia is a diversified Asian multinational with core businesses in Powertrain Solutions and Building Materials. It manufactures and distributes diesel engines for various applications, alongside producing and supplying cement, ready-mix concrete, and pre-cast concrete products. Headquartered in Singapore, the company was incorporated in 1963.

<ul><li>Hong Leong Asia (HLA) is a Singapore holding company with two key drivers: a 48.70% controlling stake in NYSE-listed China Yuchai International (“CYI”), one of China's main diesel engine makers, and an integrated building materials business in Singapore and Malaysia.</li><li>Trailing twelve-month (TTM) PATMI reached S$148.7m to 30 June 2026, more than double FY2023, as engine volumes, data centre demand and Singapore's construction upcycle lifted both segments.</li><li>About 47% of HLA's market value is covered by its listed stakes in China Yuchai and BRC Asia at market.</li></ul>

Hong Leong Asia (HLA) is a Singapore holding company with two key drivers: a 48.70% controlling stake in NYSE-listed China Yuchai International (“CYI”), one of China's main diesel engine makers, and an integrated building materials business in Singapore and Malaysia.Trailing twelve-month (TTM) PATMI reached S$148.7m to 30 June 2026, more than double FY2023, as engine volumes, data centre demand and Singapore's construction upcycle lifted both segments.About 47% of HLA's market value is covered by its listed stakes in China Yuchai and BRC Asia at market.

Hong Leong Asia Ltd. (SGX: H22): Initiation Research (6 October 2026)

Singapore Companies: from Reform to Returns