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

Singapore Telecommunications / Equity Bottom-Up

<ul><li>In 7M26, over 70 primary-listed companies in Singapore repurchased S$1.9 billion of shares, up from S$1.3 billion in 7M25.</li><li>Singtel led buyback activity, repurchasing 195.3 million shares for S$893.0 million, enhancing EPS and DPS trajectory.</li><li>Geo Energy led July buybacks among new participants, citing undervaluation and long-term growth prospects, repurchasing 5.8 million shares.</li></ul>

In 7M26, over 70 primary-listed companies in Singapore repurchased S$1.9 billion of shares, up from S$1.3 billion in 7M25.Singtel led buyback activity, repurchasing 195.3 million shares for S$893.0 million, enhancing EPS and DPS trajectory.Geo Energy led July buybacks among new participants, citing undervaluation and long-term growth prospects, repurchasing 5.8 million shares.

7M26 Buyback Consideration Reaches S$1.9 Billion

Private Capital Markets

<ul><li>GXS Bank's FlexiLoan product allows phased capital drawdowns and early repayment without penalties, addressing inefficiencies in renovation loans.</li><li>GXS Group's FY24 income was S$32.1 million, with a net loss of S$214 million due to credit reserves.</li><li>GXS Bank acquired Validus Capital to enhance SME lending capabilities, focusing on working capital loans and trade finance.</li></ul>

GXS Bank's FlexiLoan product allows phased capital drawdowns and early repayment without penalties, addressing inefficiencies in renovation loans.GXS Group's FY24 income was S$32.1 million, with a net loss of S$214 million due to credit reserves.GXS Bank acquired Validus Capital to enhance SME lending capabilities, focusing on working capital loans and trade finance.

kopi-C with GXS Group CEO Lai Pei-Si: GXS Bank’s Blueprint for Scale, Profitability and Purpose

<ul><li>In 1Q26, nearly 50 Singapore-listed companies repurchased approximately S$560 million in shares, up from S$330 million in 1Q25.</li><li>Singtel, OCBC, and Keppel were the top contributors, accounting for almost three-fifths of the total buyback consideration.</li><li>Singtel's buybacks are part of a S$2 billion programme, while OCBC and Keppel focus on capital return and recycling.</li></ul>

In 1Q26, nearly 50 Singapore-listed companies repurchased approximately S$560 million in shares, up from S$330 million in 1Q25.Singtel, OCBC, and Keppel were the top contributors, accounting for almost three-fifths of the total buyback consideration.Singtel's buybacks are part of a S$2 billion programme, while OCBC and Keppel focus on capital return and recycling.

1Q26 Buyback Consideration Surpasses S$500M

<ul><li>GXS Bank's acquisition of Validus Group's Singapore business enhances its credit offerings for MSMEs, including supply chain financing.</li><li>GXS leverages AI and ecosystem data from Grab and Singtel to assess creditworthiness and improve credit access.</li><li>GXS Bank's ecosystem strategy includes embedding financial services in digital touchpoints and expanding partnerships for sustainable growth.</li></ul>

GXS Bank's acquisition of Validus Group's Singapore business enhances its credit offerings for MSMEs, including supply chain financing.GXS leverages AI and ecosystem data from Grab and Singtel to assess creditworthiness and improve credit access.GXS Bank's ecosystem strategy includes embedding financial services in digital touchpoints and expanding partnerships for sustainable growth.

10 in 10 with GXS Bank - The Strategy Behind a Digital-First Bank

<ul><li>STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date.</li><li>STI banks' combined Non-Interest Income exceeded S$5 billion in 3Q25, with DBS, OCBC, and UOB comprising 50.4% of the Index.</li><li>ST Engineering led STI constituents with an 85% total return and a 74% target price upgrade in 2025.</li></ul>

STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date.STI banks' combined Non-Interest Income exceeded S$5 billion in 3Q25, with DBS, OCBC, and UOB comprising 50.4% of the Index.ST Engineering led STI constituents with an 85% total return and a 74% target price upgrade in 2025.

Singapore

Singapore Telecommunications is Asia's leading communications technology group, providing next-generation communication, 5G, technology services, and infotainment to consumers and businesses. It offers mobile, broadband, TV, fixed-line telephony, IT and network services, data centers, managed cloud, IoT, and cybersecurity solutions. The company is headquartered in Singapore and was founded in 1879.

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Singapore Telecommunications (ST SP)

7M26 Buyback Consideration Reaches S$1.9 Billion

In 7M26, over 70 primary-listed companies in Singapore repurchased S$1.9 billion of shares, up from S$1.3 billion in 7M25. Singtel led buyback...

Singapore Exchange Ltd (SGX)

kopi-C with GXS Group CEO Lai Pei-Si: GXS Bank’s Blueprint for Scale, Profitability and Purpose

GXS Bank's FlexiLoan product allows phased capital drawdowns and early repayment without penalties, addressing inefficiencies in renovation...

Singapore Exchange Ltd (SGX)

1Q26 Buyback Consideration Surpasses S$500M

In 1Q26, nearly 50 Singapore-listed companies repurchased approximately S$560 million in shares, up from S$330 million in 1Q25. Singtel, OCBC, and...

Singapore Exchange Ltd (SGX)

10 in 10 with GXS Bank - The Strategy Behind a Digital-First Bank

GXS Bank's acquisition of Validus Group's Singapore business enhances its credit offerings for MSMEs, including supply chain financing. GXS...

Singapore Exchange Ltd (SGX)

STI Makes New High at 4,575.91

STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date. STI banks' combined Non-Interest...

Singapore Exchange Ltd (SGX)

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