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.

Private Capital Markets

<ul>
<li>Charge+ completed a Series A funding round of US$8 million in 2024, led by TRIVE Venture Capital.</li>
<li>Charge+ secured a S$21 million green loan from DBS Bank and is preparing a US$20 million Series B for 2026.</li>
<li>Charge+ aims to operate 30,000 charging points globally by 2030, expanding its current 6,000 points across Southeast Asia.</li>
</ul>


Charge+ completed a Series A funding round of US$8 million in 2024, led by TRIVE Venture Capital.
Charge+ secured a S$21 million green loan from DBS Bank and is preparing a US$20 million Series B for 2026.
Charge+ aims to operate 30,000 charging points globally by 2030, expanding its current 6,000 points across Southeast Asia.


kopi-C with Charge+: The 5,000-kilometre bet on an electric Southeast Asia

Equity Bottom-Up

<ul><li>Combined 1Q26 non-interest income for DBS, OCBC, and UOB reached S$5.16 billion, accounting for 39% of total income.</li><li>The trio reported 1Q26 net interest income of S$8.04 billion, marking the fourteenth consecutive quarter above S$8.0 billion.</li><li>Asset quality remained stable with unchanged NPL ratios in 1Q26, supported by low NPA formation and disciplined provisioning.</li></ul>

Combined 1Q26 non-interest income for DBS, OCBC, and UOB reached S$5.16 billion, accounting for 39% of total income.The trio reported 1Q26 net interest income of S$8.04 billion, marking the fourteenth consecutive quarter above S$8.0 billion.Asset quality remained stable with unchanged NPL ratios in 1Q26, supported by low NPA formation and disciplined provisioning.

<ul><li>Retail investors net bought S$638 million in Singapore stocks by March 24, focusing on Financial Services, REITs, and Consumer Cyclicals.</li><li>CapitaLand Ascendas REIT raised S$903.5 million via oversubscribed placement and preferential offering for acquisitions in logistics, business parks, and data centres.</li><li>Retail investors demonstrated contrarian behavior, buying laggards with 8.9% average decline, while selling leaders with 4.7% returns.</li></ul>

Retail investors net bought S$638 million in Singapore stocks by March 24, focusing on Financial Services, REITs, and Consumer Cyclicals.CapitaLand Ascendas REIT raised S$903.5 million via oversubscribed placement and preferential offering for acquisitions in logistics, business parks, and data centres.Retail investors demonstrated contrarian behavior, buying laggards with 8.9% average decline, while selling leaders with 4.7% returns.

Retail Investors Chalk Up ~S$640M Net Buying in March

Singapore Telecommunications / Equity Bottom-Up

<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.

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul><li>In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.</li><li>UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.</li><li>Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.</li></ul>

In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.

Buyback Consideration Surges 80% in 2025 to S$1.65B

Singapore

DBS Group Holdings Ltd is a leading financial services group in Asia, providing retail, small and medium-sized enterprise, corporate, and investment banking services. Its offerings include current and savings accounts, loans, cards, payments, investment, and insurance products. The company was founded in 1968 and is headquartered in Singapore.

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DBS Group (DBS SP)

kopi-C with Charge+: The 5,000-kilometre bet on an electric Southeast Asia

Charge+ completed a Series A funding round of US$8 million in 2024, led by TRIVE Venture Capital. Charge+ secured a S$21 million green loan from...

Singapore Exchange Ltd (SGX)

STI Banks Beat 1Q26 on Strong NOII

Combined 1Q26 non-interest income for DBS, OCBC, and UOB reached S$5.16 billion, accounting for 39% of total income. The trio reported 1Q26 net...

Singapore Exchange Ltd (SGX)

Retail Investors Chalk Up ~S$640M Net Buying in March

Retail investors net bought S$638 million in Singapore stocks by March 24, focusing on Financial Services, REITs, and Consumer...

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)

Buyback Consideration Surges 80% in 2025 to S$1.65B

In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024. UOB, DBS, and OCBC...

Singapore Exchange Ltd (SGX)

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