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 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25.</li><li>Jardine Matheson and Hongkong Land conducted buybacks worth US$217M and US$98M respectively during 5M26.</li><li>Singtel executed S$226M in share buybacks in FY26, alongside S$3.9B in asset recycling proceeds.</li></ul>

Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25.Jardine Matheson and Hongkong Land conducted buybacks worth US$217M and US$98M respectively during 5M26.Singtel executed S$226M in share buybacks in FY26, alongside S$3.9B in asset recycling proceeds.

Singapore Share Buybacks Near S$1.3B in First Five Months of 2026

<ul><li>ComfortDelGro generates over 55% of revenue from international operations, with significant growth in UK and Europe profits.</li><li>The Group offers a ~6% dividend yield, distributing at least 70% of profits, with potential for growth.</li><li>Autonomous vehicles are a strategic focus to address driver shortages, with a target of 10% fleet transition by 2030.</li></ul>

ComfortDelGro generates over 55% of revenue from international operations, with significant growth in UK and Europe profits.The Group offers a ~6% dividend yield, distributing at least 70% of profits, with potential for growth.Autonomous vehicles are a strategic focus to address driver shortages, with a target of 10% fleet transition by 2030.

kopi-C with ComfortDelGro Group CFO: From Singapore taxis to global multi-modal transport—delivering a sustainable ~6% dividend yield

<ul><li>Institutions were net sellers of Singapore stocks with a net outflow of S$125 million, reducing early 2026 inflow to S$86 million.</li><li>Keppel, The Hour Glass, and Vibrant Group conducted share buybacks totaling S$2.0 million, with Keppel buying 125,000 shares.</li><li>AcroMeta Group issues 16,666,667 new shares at S$0.06 each, raising S$1 million to strengthen working capital.</li></ul>

Institutions were net sellers of Singapore stocks with a net outflow of S$125 million, reducing early 2026 inflow to S$86 million.Keppel, The Hour Glass, and Vibrant Group conducted share buybacks totaling S$2.0 million, with Keppel buying 125,000 shares.AcroMeta Group issues 16,666,667 new shares at S$0.06 each, raising S$1 million to strengthen working capital.

Value Investor Silchester lifts ComfortDelGro stake above 6%

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>The iEdge Singapore Next 50 indices track 50 largest SGX companies beyond the top 30, with minimum S$100m market cap, 15% free float and 6-month median S$100K daily traded value.</li>
<li>The Next 50’s mid-cap constituents offer opportunities for restructuring to unlock value through governance reforms, asset optimization, and capital recycling, narrowing the gap between intrinsic value and public market prices.</li>
<li>Our study of take private offers, spin-offs and asset light transitions among the Next 50 constituents reveals that this index represents the next generation of Singaporean value plays.</li>
</ul>


The iEdge Singapore Next 50 indices track 50 largest SGX companies beyond the top 30, with minimum S$100m market cap, 15% free float and 6-month median S$100K daily traded value.
The Next 50’s mid-cap constituents offer opportunities for restructuring to unlock value through governance reforms, asset optimization, and capital recycling, narrowing the gap between intrinsic value and public market prices.
Our study of take private offers, spin-offs and asset light transitions among the Next 50 constituents reveals that this index represents the next generation of Singaporean value plays.


How Corporate Actions Are Unlocking Mid-Cap Value in the SGX the iEdge Singapore Next 50 Indices

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>The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.</li>
<li>Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.</li>
<li>The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.</li>
</ul>


The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.
Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.
The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.


The Global Footprint of the iEdge Singapore Next 50

Singapore

ComfortDelGro is a multinational land transport company that offers a comprehensive suite of transportation solutions, including bus, rail, taxi, car rental and leasing, and automotive engineering services. The company also provides inspection and testing services, driving instruction, and outdoor advertising. Headquartered in Singapore, ComfortDelGro was formed on March 29, 2003, through the merger of Comfort Group and DelGro Corporation.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ComfortDelGro (CD SP)

Value Investor Silchester lifts ComfortDelGro stake above 6%

Institutions were net sellers of Singapore stocks with a net outflow of S$125 million, reducing early 2026 inflow to S$86 million. Keppel, The...

Singapore Exchange Ltd (SGX)

How Corporate Actions Are Unlocking Mid-Cap Value in the SGX the iEdge Singapore Next 50 Indices

iEdge Singapore Next 50 index offers a prime arena to identify companies that could unlock value through governance reforms & asset optimization,...

Manishi Raychaudhuri

The Global Footprint of the iEdge Singapore Next 50

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Share Buybacks Near S$1.3B in First Five Months of 2026

Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25. Jardine Matheson and Hongkong Land conducted...

Singapore Exchange Ltd (SGX)

kopi-C with ComfortDelGro Group CFO: From Singapore taxis to global multi-modal transport—delivering a sustainable ~6% dividend yield

ComfortDelGro generates over 55% of revenue from international operations, with significant growth in UK and Europe profits. The Group offers a...

Singapore Exchange Ltd (SGX)

Value Investor Silchester lifts ComfortDelGro stake above 6%

Institutions were net sellers of Singapore stocks with a net outflow of S$125 million, reducing early 2026 inflow to S$86 million. Keppel, The...

Singapore Exchange Ltd (SGX)

How Corporate Actions Are Unlocking Mid-Cap Value in the SGX the iEdge Singapore Next 50 Indices

​iEdge Singapore Next 50 index offers a prime arena to identify companies that could unlock value through governance reforms & asset optimization,...

Manishi Raychaudhuri

The Global Footprint of the iEdge Singapore Next 50

​The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

iEdge Singapore Next 50 index offers a prime arena to identify companies that could unlock value through governance reforms & asset optimization,...

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...