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>SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.</li><li>Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global's 50% share price increase.</li><li>Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.</li></ul>

SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global's 50% share price increase.Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.

Fundamentals Driving Recent SMID Institutional Flows

<ul><li>City Developments recorded S$237M net institutional buying, while Advanced Holdings led by percentage with S$6.6M, 54% of market cap.</li><li>LHT Holdings saw S$9.5M net institutional buying, 19% of market cap, with DH Cornerstone Fund acquiring 18.45% interest.</li><li>Institutions net sold S$0.74 billion in 2H25, excluding STI Banks, net buying was S$0.18 billion.</li></ul>

City Developments recorded S$237M net institutional buying, while Advanced Holdings led by percentage with S$6.6M, 54% of market cap.LHT Holdings saw S$9.5M net institutional buying, 19% of market cap, with DH Cornerstone Fund acquiring 18.45% interest.Institutions net sold S$0.74 billion in 2H25, excluding STI Banks, net buying was S$0.18 billion.

Stocks with Largest Institutional Net Buys as % of Market Cap in 2H25

<ul><li>Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.</li><li>Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.</li><li>Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.</li></ul>

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.

Institutions Chalk Up S$480M in Net Buying in Early October

<ul><li>Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion.</li><li>iFAST's UK-based iGB achieved S$1.7 million profit in 1HFY25, driven by increased customer deposits and net interest revenue.</li><li>City Developments reported S$1.7 billion revenue in 1HFY25, with significant divestment gains expected from South Beach stake sale.</li></ul>

Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion.iFAST's UK-based iGB achieved S$1.7 million profit in 1HFY25, driven by increased customer deposits and net interest revenue.City Developments reported S$1.7 billion revenue in 1HFY25, with significant divestment gains expected from South Beach stake sale.

New STI Highs Extends 2025 Total Return to 20%

<ul><li>The FTSE ST Mid & Small Cap Index generated a 9% total return in 3Q25 to Aug 12, led by PropNex with a 52% gain.</li><li>The Index saw S$382 million in net institutional inflow, with Technology sector constituents accounting for S$180 million.</li><li>iFAST Corporation reported a 34.7% increase in 1HFY25 net profit, driven by growth in Hong Kong ePension business.</li></ul>

The FTSE ST Mid & Small Cap Index generated a 9% total return in 3Q25 to Aug 12, led by PropNex with a 52% gain.The Index saw S$382 million in net institutional inflow, with Technology sector constituents accounting for S$180 million.iFAST Corporation reported a 34.7% increase in 1HFY25 net profit, driven by growth in Hong Kong ePension business.

Recent Highlights of the FTSE ST Mid & Small Cap Index

Singapore

City Developments Limited (CDL) is a Singaporean multinational real estate operating company. It develops, owns, and manages a diversified portfolio of residential, commercial, and hospitality properties, including offices, hotels, serviced apartments, shopping malls, and integrated developments. CDL was founded on September 7, 1963, and is headquartered in Singapore.

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City Developments (CIT SP)

Fundamentals Driving Recent SMID Institutional Flows

SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25. Technology sector led...

Singapore Exchange Ltd (SGX)

Stocks with Largest Institutional Net Buys as % of Market Cap in 2H25

City Developments recorded S$237M net institutional buying, while Advanced Holdings led by percentage with S$6.6M, 54% of market cap. LHT Holdings...

Singapore Exchange Ltd (SGX)

Institutions Chalk Up S$480M in Net Buying in Early October

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying. Marco Polo Marine...

Singapore Exchange Ltd (SGX)

New STI Highs Extends 2025 Total Return to 20%

Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion. iFAST's UK-based...

Singapore Exchange Ltd (SGX)

Recent Highlights of the FTSE ST Mid & Small Cap Index

The FTSE ST Mid & Small Cap Index generated a 9% total return in 3Q25 to Aug 12, led by PropNex with a 52% gain. The Index saw S$382 million...

Singapore Exchange Ltd (SGX)

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