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>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

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>Data centres trade as real estate but do not behave like it: value is set by secured, energised power, execution capability and regulation, not by location or floor space.</li>
<li>Valuation requires triangulation across various methodologies. The metrics that matter are contracted versus energised MW, WALE by contract type, PUE trajectory and ESG compliance against regulatory thresholds.</li>
<li>Six SGX-listed vehicles offer differentiated exposure: three pure-plays (Keppel DC REIT, Digital Core REIT, NTT DC REIT) and three diversified names (CapitaLand Ascendas REIT, Mapletree Industrial Trust, CapitaLand India Trust).</li>
</ul>


Data centres trade as real estate but do not behave like it: value is set by secured, energised power, execution capability and regulation, not by location or floor space.
Valuation requires triangulation across various methodologies. The metrics that matter are contracted versus energised MW, WALE by contract type, PUE trajectory and ESG compliance against regulatory thresholds.
Six SGX-listed vehicles offer differentiated exposure: three pure-plays (Keppel DC REIT, Digital Core REIT, NTT DC REIT) and three diversified names (CapitaLand Ascendas REIT, Mapletree Industrial Trust, CapitaLand India Trust).


<ul><li>The 240 Singapore SMID stocks generated S$696 million in average daily turnover in 1H26, with 13% total returns.</li><li>Institutional net buying in 1H26 was selective, with technology and industrial stocks dominating inflows relative to market cap.</li><li>AEM Holdings recorded a 519% total return in 1H26, with a share price increase and higher trading volume.</li></ul>

The 240 Singapore SMID stocks generated S$696 million in average daily turnover in 1H26, with 13% total returns.Institutional net buying in 1H26 was selective, with technology and industrial stocks dominating inflows relative to market cap.AEM Holdings recorded a 519% total return in 1H26, with a share price increase and higher trading volume.

1H26 SMID Turnover Growth Outpaced Market Returns

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.

<ul>
<li>Amid the global tech rally, tech companies in Singapore are not left behind.</li>
<li>Compared to an 11.6% gain in the broad FTSE ST All-Share Index (which covers 98% of the SGX universe), the FTSE ST Technology Index has soared 73.9% year-to-date.</li>
<li>Trading activity has also increased in the broad market.</li>
</ul>


Amid the global tech rally, tech companies in Singapore are not left behind.
Compared to an 11.6% gain in the broad FTSE ST All-Share Index (which covers 98% of the SGX universe), the FTSE ST Technology Index has soared 73.9% year-to-date.
Trading activity has also increased in the broad market.


Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

<ul><li>Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in 1Q 2026 from US$166.6 billion in 1Q 2025.</li><li>However, the impact of the growth in industry revenue may have been uneven across companies in the semiconductor supply chain.</li><li>Accordingly, we review the year-on-year (“y-o-y”) growth in different parts of the semiconductor industry and note that the growth of wafer shipments in 1Q 2026 and equipment billings in 4Q 2025 was softer than that of the worldwide industry revenue in the corresponding periods.</li></ul>

Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in 1Q 2026 from US$166.6 billion in 1Q 2025.However, the impact of the growth in industry revenue may have been uneven across companies in the semiconductor supply chain.Accordingly, we review the year-on-year (“y-o-y”) growth in different parts of the semiconductor industry and note that the growth of wafer shipments in 1Q 2026 and equipment billings in 4Q 2025 was softer than that of the worldwide industry revenue in the corresponding periods.

Singapore

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.

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AEM (AEM SP)

90+ SMIDs Draw Institutional Buying Amid Bank-Led Outflows

Institutional net selling reached S$900 million, with STI banks contributing four-fifths of the outflow, while 93 SMIDs saw S$113 million...

Singapore Exchange Ltd (SGX)

Investing in Data Centres

Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...

Golden Section Capital

1H26 SMID Turnover Growth Outpaced Market Returns

The 240 Singapore SMID stocks generated S$696 million in average daily turnover in 1H26, with 13% total returns. Institutional net buying in 1H26...

Singapore Exchange Ltd (SGX)

Singapore Equity Strategy: June 2026

Amid the global tech rally, tech companies in Singapore are not left behind. Compared to an 11.6% gain in the broad FTSE ST All-Share Index (which...

Wealth Management Alliance

Singapore Semiconductor Market View

Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in...

FPA Financial

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

90+ SMIDs Draw Institutional Buying Amid Bank-Led Outflows

Institutional net selling reached S$900 million, with STI banks contributing four-fifths of the outflow, while 93 SMIDs saw S$113 million...

Singapore Exchange Ltd (SGX)

Investing in Data Centres

​Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...

Golden Section Capital

1H26 SMID Turnover Growth Outpaced Market Returns

The 240 Singapore SMID stocks generated S$696 million in average daily turnover in 1H26, with 13% total returns. Institutional net buying in 1H26...

Singapore Exchange Ltd (SGX)

Singapore Equity Strategy: June 2026

Amid the global tech rally, tech companies in Singapore are not left behind. Compared to an 11.6% gain in the broad FTSE ST All-Share Index (which...

Wealth Management Alliance

Singapore Semiconductor Market View

Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in...

FPA Financial

Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...