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

Frasers Logistics & Commercial Trust / Equity Bottom-Up

FLT offers investors an opportunity to invest in logistics and industrial real estate assets strategically located within major logistics and industrial markets of Australia, Germany and the Netherlands.

Frasers Logistics & Commercial Trust (FLT SP)

<ul><li>S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates. </li><li>Retail investors contributed S$961 million net inflows into S-REITs, contrasting with S$1.3 billion institutional net outflows. </li><li>Top S-REITs by retail inflows include Mapletree Industrial Trust and Keppel DC REIT, focusing on industrial and data centre segments.</li></ul>

S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates.  Retail investors contributed S$961 million net inflows into S-REITs, contrasting with S$1.3 billion institutional net outflows.  Top S-REITs by retail inflows include Mapletree Industrial Trust and Keppel DC REIT, focusing on industrial and data centre segments.

REIT Watch - 10 S-REITs which garnered over S$1 billion in total retail net inflows in 2025

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

SGX Technically Specified Rubber 20 (TSR20) Futures: Effective from 16th May 2011, this contract will be migrated from SICOM platform to the SGX-DT platform. It will cease trading on SICOM at the close of business day Friday, 13th May 2011. Trading hours are revised as 7.55am to 6.00pm (no lunch break). Please refer to SGX products website for the new revised contract specifications. Exchange symbol: TF. Product Specifications: https://www2.sgx.com/derivatives/products/sicom-rubber?cc=TF

Highlights
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October posts a sharp 20% YoY fall in export volume
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China dominates yet declines; secondary markets turn volatile
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Vietnam exports 1.47 million tons of rubber in first 10 months
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<li dir="ltr" style="list-style-type: disc;" aria-level="1">The October contraction underscored how demand-side hesitation intensified in the latter part of the year. Buyers delayed purchases amid uncertain downstream tyre demand, fluctuating currency conditions, and cautious inventory strategies.</li>
</ul>

Highlights


October posts a sharp 20% YoY fall in export volume


China dominates yet declines; secondary markets turn volatile


Vietnam exports 1.47 million tons of rubber in first 10 months

The October contraction underscored how demand-side hesitation intensified in the latter part of the year. Buyers delayed purchases amid uncertain downstream tyre demand, fluctuating currency conditions, and cautious inventory strategies.


Vietnam Rubber Faces Demand Slump in Oct, Impacting Returns

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Mandarin Oriental International / Equity Bottom-Up

Mandarin Oriental International Limited is an owner and operator of luxury hotels, resorts, and residences. The Group now operates, or has under development, hotels in the Americas, Europe, Middle East, and North Africa. Mandarin Oriental International also operates, or has under development, residences at Mandarin Oriental.

Mandarin Oriental International (MAND SP)

<ul><li>Mandarin Oriental is no longer a “normal” listed equity.</li><li>With the privatization scheme announced and shareholder-approved, it should be analyzed as a capped-upside, time-bound deal instrument until delisting, not as a multi-year compounding story.</li><li>The report therefore uses the offer value as the primary reference point and focuses on the few items that can still move outcomes before completion: conditions, timing, cash leakage, and any operational downside that could change sentiment or process risk. </li></ul>

Mandarin Oriental is no longer a “normal” listed equity.With the privatization scheme announced and shareholder-approved, it should be analyzed as a capped-upside, time-bound deal instrument until delisting, not as a multi-year compounding story.The report therefore uses the offer value as the primary reference point and focuses on the few items that can still move outcomes before completion: conditions, timing, cash leakage, and any operational downside that could change sentiment or process risk. 

Mandarin Oriental International Limited Privatization Report

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.</li>
<li>Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.</li>
<li>Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.</li>
</ul>


Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.
Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.
Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.


APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Salt Investments Limited operates as an investment holding company that provides marine transportation services in the North Asian region. The Company offers transportation services, including chartering and operating various vessels and transportation equipment for the infrastructure players in the reclamation, construction, and earthwork sectors.

<ul>
 <li>
<a href="https://smartkarma.com/entities/salt-investments-limited">Salt Investments</a>, formerly Jasper Investments, is undergoing a significant strategic pivot towards marine and shipping services, marked by recent acquisitions and a foray into digital transformation within the maritime industry.</li>
 <li>The company has recently begun generating revenue after a prolonged period of inactivity, but continues to post significant net losses and negative cash flows, reflecting the early and high-risk stage of its transformation.</li>
 <li>With a new and relatively inexperienced management team and board, the company's future success is highly contingent on its ability to successfully integrate acquisitions, achieve profitability, and navigate a competitive landscape.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Salt Investments, formerly Jasper Investments, is undergoing a significant strategic pivot towards marine and shipping services, marked by recent acquisitions and a foray into digital transformation within the maritime industry.
  The company has recently begun generating revenue after a prolonged period of inactivity, but continues to post significant net losses and negative cash flows, reflecting the early and high-risk stage of its transformation.
  With a new and relatively inexperienced management team and board, the company's future success is highly contingent on its ability to successfully integrate acquisitions, achieve profitability, and navigate a competitive landscape.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Salt Investments (JASP SP) - Dec 2025