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>Over five sessions to 25 June, directors and CEOs reported 21 acquisitions and five disposals across 30 primary-listed stocks.</li><li>Soon Hock Enterprise's Executive Chairman increased his direct interest to 73.32% with a purchase of 2,033,000 shares.</li><li>Lum Chang Creations entered a placement agreement for up to 35 million shares, raising up to S$11.4 million.</li></ul>

Over five sessions to 25 June, directors and CEOs reported 21 acquisitions and five disposals across 30 primary-listed stocks.Soon Hock Enterprise's Executive Chairman increased his direct interest to 73.32% with a purchase of 2,033,000 shares.Lum Chang Creations entered a placement agreement for up to 35 million shares, raising up to S$11.4 million.

Director Accumulation Extends Across Established and Newly Listed Counters

<ul><li>Institutions were net sellers of Singapore stocks with a net outflow of S$282 million from April 10 to 16.</li><li>Stoneweg Europe Stapled Trust conducted buybacks, acquiring 30,000 units at €1.50 each, totaling 6.4 million units.</li><li>InnoTek completed a placement of 24.6 million shares at S$0.6506, raising approximately S$16.0 million gross.</li></ul>

Institutions were net sellers of Singapore stocks with a net outflow of S$282 million from April 10 to 16.Stoneweg Europe Stapled Trust conducted buybacks, acquiring 30,000 units at €1.50 each, totaling 6.4 million units.InnoTek completed a placement of 24.6 million shares at S$0.6506, raising approximately S$16.0 million gross.

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Company Update: 10 April 2026 Strong top line growth and improved portfolio utilisation in FY25.The Assembly Place (TAP) reported FY25 revenue of S$27.0mn (+42.4% YoY) and net profit of S$6.6mn (+6.4% YoY), while adjusted NPAT rose 24.2% YoY to S$7.7mn after excluding S$1.1mn of non-recurring IPO expenses.</li><li>The Group ended FY25 with 3,422 keys across 100 property assets, while average occupancy improved to 94.4% from 91.0% in FY24, reinforcing the resilience of its core community living platform and the scalability of its asset light operating model.</li><li>In Mar 26, TAP entered the migrant worker accommodation segment via a 60:40 JV with S11, adding 886 beds under the new Habitat brand.</li></ul>

Company Update: 10 April 2026 Strong top line growth and improved portfolio utilisation in FY25.The Assembly Place (TAP) reported FY25 revenue of S$27.0mn (+42.4% YoY) and net profit of S$6.6mn (+6.4% YoY), while adjusted NPAT rose 24.2% YoY to S$7.7mn after excluding S$1.1mn of non-recurring IPO expenses.The Group ended FY25 with 3,422 keys across 100 property assets, while average occupancy improved to 94.4% from 91.0% in FY24, reinforcing the resilience of its core community living platform and the scalability of its asset light operating model.In Mar 26, TAP entered the migrant worker accommodation segment via a 60:40 JV with S11, adding 886 beds under the new Habitat brand.

Company Report: The Assembly Place Holdings Ltd. (ASSPH SP/TAP.SI)

SAC Capital

Independent Insight Provider

<ul><li>The Assembly Place Holdings Ltd (“TAP” or “The Group”) is Singapore’s largest community living (“co-living”) operator, managing approximately 3,422 keys across 100 properties islandwide as of Dec 2025.</li><li>TAP listed on the SGX Catalyst Board on Jan 2026 offering investors a pure-play exposure to the rapidly institutionalizing “Living Sector”.</li><li>FY2024 signaled a pivotal turnaround; revenue surged to S$18.9m and net profit swung to S$6.2m, driven by a critical mass efficiency and sustained high occupancy rates exceeding 90%. </li></ul>

The Assembly Place Holdings Ltd (“TAP” or “The Group”) is Singapore’s largest community living (“co-living”) operator, managing approximately 3,422 keys across 100 properties islandwide as of Dec 2025.TAP listed on the SGX Catalyst Board on Jan 2026 offering investors a pure-play exposure to the rapidly institutionalizing “Living Sector”.FY2024 signaled a pivotal turnaround; revenue surged to S$18.9m and net profit swung to S$6.2m, driven by a critical mass efficiency and sustained high occupancy rates exceeding 90%. 

The Assembly Place Holdings Ltd: Initiation

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

<ul><li>The Assembly Place Holdings Ltd (“TAP”) offers investors early-stage exposure to a structurally expanding accommodation segment, combining visible growth with late-stage financial quality.</li><li>At listing, the Group demonstrates exceptional capital efficiency, a net cash balance sheet and strong operating cash generation, yet comes to market at a valuation that does not fully capture these attributes.</li><li>Research TAP is Singapore’s largest and most diversified Community Living operator, managing approximately 3,422 keys across 100 properties as at December 2025, implying about 34% market share by keys.</li></ul>

The Assembly Place Holdings Ltd (“TAP”) offers investors early-stage exposure to a structurally expanding accommodation segment, combining visible growth with late-stage financial quality.At listing, the Group demonstrates exceptional capital efficiency, a net cash balance sheet and strong operating cash generation, yet comes to market at a valuation that does not fully capture these attributes.Research TAP is Singapore’s largest and most diversified Community Living operator, managing approximately 3,422 keys across 100 properties as at December 2025, implying about 34% market share by keys.

The Assembly Place Initiation : Scaling Community Living with an Asset-Light Engine

Singapore

The Assembly Place Holdings Ltd. is an investment holding company that provides community-driven living accommodation and property management services. It operates co-living spaces, hotels, serviced apartments, and student housing, and offers property asset owners referral and project management services. The company is headquartered in Singapore and was founded in 2019.

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The Assembly Place (ASSPH SP)

Director Accumulation Extends Across Established and Newly Listed Counters

Over five sessions to 25 June, directors and CEOs reported 21 acquisitions and five disposals across 30 primary-listed stocks. Soon Hock...

Singapore Exchange Ltd (SGX)

Uni-Asia and TAP CEOs Add to Stakes

Institutions were net sellers of Singapore stocks with a net outflow of S$282 million from April 10 to 16. Stoneweg Europe Stapled Trust conducted...

Singapore Exchange Ltd (SGX)

Company Report: The Assembly Place Holdings Ltd. (ASSPH SP/TAP.SI)

Company Update: 10 April 2026 Strong top line growth and improved portfolio utilisation in FY25.The Assembly Place (TAP) reported FY25 revenue of...

KGI Securities

The Assembly Place Holdings Ltd: Initiation

The Assembly Place Holdings Ltd (“TAP” or “The Group”) is Singapore’s largest community living (“co-living”) operator, managing approximately...

SAC Capital

The Assembly Place Initiation : Scaling Community Living with an Asset-Light Engine

The Assembly Place Holdings Ltd (“TAP”) offers investors early-stage exposure to a structurally expanding accommodation segment, combining visible...

Tickrs

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