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

<ul><li>The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows.</li><li>ST Engineering achieved a 78% total return, driven by diversified business and strategic digital investments.</li><li>OKP Holdings' share price surged 200% YTD, supported by a S$736M order book and AI-driven automation.</li></ul>

The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows.ST Engineering achieved a 78% total return, driven by diversified business and strategic digital investments.OKP Holdings' share price surged 200% YTD, supported by a S$736M order book and AI-driven automation.

Industrials Lead the Charge: FTSE ST Industrials Outpaced STI Since February

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul><li>Singapore’s non-oil domestic exports (NODX) unexpectedly fell 3.5% y/y in May, the worst in seven months.</li><li>The contraction was led by a slump in exports to the US (-20.6% y/y), suggesting that the front-loading ahead of US tariffs has faded.</li><li>Meanwhile, manufacturing PMI has slipped into the contractionary zone since April, last seen nearly two years ago.</li></ul>

Singapore’s non-oil domestic exports (NODX) unexpectedly fell 3.5% y/y in May, the worst in seven months.The contraction was led by a slump in exports to the US (-20.6% y/y), suggesting that the front-loading ahead of US tariffs has faded.Meanwhile, manufacturing PMI has slipped into the contractionary zone since April, last seen nearly two years ago.

<ul><li>Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500 list.</li><li>Yangzijiang Financial Holding, Centurion Corporation, and Wee Hur Holdings were among the top five stocks with significant net institutional inflow.</li><li>The FTSE ST Small Cap Index maintained a 6.3% dividend yield as of May, exceeding the FTSE Asia Pacific Small Cap Index's 2.4%.</li></ul>

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500 list.Yangzijiang Financial Holding, Centurion Corporation, and Wee Hur Holdings were among the top five stocks with significant net institutional inflow.The FTSE ST Small Cap Index maintained a 6.3% dividend yield as of May, exceeding the FTSE Asia Pacific Small Cap Index's 2.4%.

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

<ul><li>kopi-C with BRC Asia’s CEO: "We’ve become the leader in Singapore’s reinforcing steel fabrication industry’" After becoming one of Singapore’s largest reinforcing steel fabricators through an acquisition, BRC Asia plans to extend its reach to other markets.</li><li>Incorporated in 1938, BRC Asia Limited ("BRC") is a leading Pan-Asia prefabricated reinforcing steel solutions provider headquartered in Singapore and listed on the Singapore Stock Exchange.</li></ul>

kopi-C with BRC Asia’s CEO: "We’ve become the leader in Singapore’s reinforcing steel fabrication industry’" After becoming one of Singapore’s largest reinforcing steel fabricators through an acquisition, BRC Asia plans to extend its reach to other markets.Incorporated in 1938, BRC Asia Limited ("BRC") is a leading Pan-Asia prefabricated reinforcing steel solutions provider headquartered in Singapore and listed on the Singapore Stock Exchange.

kopi-C with BRC Asia’s CEO: "We’ve become the leader in Singapore’s reinforcing steel fabrication industry"

<ul><li>The FTSE ST Small Cap Index consists of more than 50 stocks, with the majority of the constituents maintaining a market cap of between S$2 billion and S$200 million.</li><li>The FTSE ST Small Cap Index constituents have attracted S$250 in aggregate net institutional outflows in the 2022 YTD.</li><li>With the FTSE ST Small Cap Index generating a decline of 8% in total return in the 2022 year to 26 August, the 52 constituents have drawn in aggregate S$250 million of net institutional outflow.</li></ul>

The FTSE ST Small Cap Index consists of more than 50 stocks, with the majority of the constituents maintaining a market cap of between S$2 billion and S$200 million.The FTSE ST Small Cap Index constituents have attracted S$250 in aggregate net institutional outflows in the 2022 YTD.With the FTSE ST Small Cap Index generating a decline of 8% in total return in the 2022 year to 26 August, the 52 constituents have drawn in aggregate S$250 million of net institutional outflow.

Riverstone, Hour Glass & Chip Eng Seng Led Small Cap Index Fund Flows in YTD

Singapore

BRC Asia Limited designs, manufactures, and markets steel mesh under the BRC brand name.  The Company's products include non-standard and customized mesh, a wide range of prefabricated products including beam and column cages, complete prefabricated beam and column reinforcement, staggered mesh, twin wire mesh, and pile cap cages.

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BRC Asia Ltd (BRC SP)

Industrials Lead the Charge: FTSE ST Industrials Outpaced STI Since February

The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows. ST Engineering achieved a 78% total return,...

Singapore Exchange Ltd (SGX)

Singapore Equity Strategy: June 2025

Singapore’s non-oil domestic exports (NODX) unexpectedly fell 3.5% y/y in May, the worst in seven months. The contraction was led by a slump...

Wealth Management Alliance

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500...

Singapore Exchange Ltd (SGX)

kopi-C with BRC Asia’s CEO: "We’ve become the leader in Singapore’s reinforcing steel fabrication industry"

kopi-C with BRC Asia’s CEO: "We’ve become the leader in Singapore’s reinforcing steel fabrication industry’" After becoming one of Singapore’s...

Singapore Exchange Ltd (SGX)

Riverstone, Hour Glass & Chip Eng Seng Led Small Cap Index Fund Flows in YTD

The FTSE ST Small Cap Index consists of more than 50 stocks, with the majority of the constituents maintaining a market cap of between S$2 billion...

Singapore Exchange Ltd (SGX)

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