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>SGX's 10-share board lot initiative saw over 20,000 trades in 10-share lots, surpassing 100-share trades.</li><li>Jardine Matheson Holdings had strong adoption with one-third of trades in 10-share lots, median size 20 shares.</li><li>Liquidity remained stable; 8 of 11 stocks recorded higher average daily turnover than on 2 October.</li></ul>

SGX's 10-share board lot initiative saw over 20,000 trades in 10-share lots, surpassing 100-share trades.Jardine Matheson Holdings had strong adoption with one-third of trades in 10-share lots, median size 20 shares.Liquidity remained stable; 8 of 11 stocks recorded higher average daily turnover than on 2 October.

10-Share Lots See Immediate Uptake in First 11 Stocks

Equity Analyst

Ravi Kumar

Thematic (Sector/Industry)

<ul>
<li>The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.</li>
<li>Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.</li>
<li>Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.</li>
</ul>


The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.
Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.
Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.


Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul><li>Private capital raising has become harder compared to 2021.</li><li>IPOs are off the table until at least 2026, and most exits now happen via secondaries or distressed M&amp;A.</li><li>Investors demand profitability, not growth stories.</li></ul>

Private capital raising has become harder compared to 2021.IPOs are off the table until at least 2026, and most exits now happen via secondaries or distressed M&amp;A.Investors demand profitability, not growth stories.

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>It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio while earnings per share has stayed relatively stable. </li><li>In our view, the upward re-rating has come on the back of several key developments. • On the external front, the US will charge Singapore the baseline tariff rate of 10%. While tariffs work against every US trading partner, on a relative basis, Singapore compares well with most other countries.</li><li>Also, amid concerns over US policies and the outlook for the US dollar. anecdotal evidence points to capital flows into Singapore.</li></ul>

It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio while earnings per share has stayed relatively stable. In our view, the upward re-rating has come on the back of several key developments. • On the external front, the US will charge Singapore the baseline tariff rate of 10%. While tariffs work against every US trading partner, on a relative basis, Singapore compares well with most other countries.Also, amid concerns over US policies and the outlook for the US dollar. anecdotal evidence points to capital flows into Singapore.

<ul><li>The global fintech industry has had a long history but momentum gathered pace only with the advent of smartphones in the 1990s and modern artificial intelligence in the 2010s. Current market size is estimated at around USD320bn.</li><li>Singapore’s fintech industry took off in the 2010s with the support of government initiatives. Depending on definition and scope, there is a wide range in the estimated size of the industry in Singapore, but likely to be in the range of USD10-30bn. Importantly, industry projections point to double-digit annual growth in the coming years.</li><li>The key players in the Singapore fintech sector include traditional and digital banks, an array of private companies, and a handful of SGX listed counters.</li></ul>

The global fintech industry has had a long history but momentum gathered pace only with the advent of smartphones in the 1990s and modern artificial intelligence in the 2010s. Current market size is estimated at around USD320bn.Singapore’s fintech industry took off in the 2010s with the support of government initiatives. Depending on definition and scope, there is a wide range in the estimated size of the industry in Singapore, but likely to be in the range of USD10-30bn. Importantly, industry projections point to double-digit annual growth in the coming years.The key players in the Singapore fintech sector include traditional and digital banks, an array of private companies, and a handful of SGX listed counters.

Singapore Fintech Sector: Good Potential but a Few SGX Listings Thus Far

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)

Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...

Ravi Kumar

FinTech and Digital Banks

Private capital raising has become harder compared to 2021. IPOs are off the table until at least 2026, and most exits now happen...

ICAM

Singapore Equity Strategy: August 2025

It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio...

Wealth Management Alliance

Singapore Fintech Sector: Good Potential but a Few SGX Listings Thus Far

The global fintech industry has had a long history but momentum gathered pace only with the advent of smartphones in the 1990s and modern...

Wealth Management Alliance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

10-Share Lots See Immediate Uptake in First 11 Stocks

SGX's 10-share board lot initiative saw over 20,000 trades in 10-share lots, surpassing 100-share trades. Jardine Matheson Holdings had strong...

Singapore Exchange Ltd (SGX)

Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

​The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...

Ravi Kumar

FinTech and Digital Banks

Private capital raising has become harder compared to 2021. IPOs are off the table until at least 2026, and most exits now happen...

ICAM

Singapore Equity Strategy: August 2025

It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio...

Wealth Management Alliance

Singapore Fintech Sector: Good Potential but a Few SGX Listings Thus Far

The global fintech industry has had a long history but momentum gathered pace only with the advent of smartphones in the 1990s and modern...

Wealth Management Alliance

The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...