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>Yangzijiang Shipbuilding led STI constituents in August with a 22.5% rally, record 1H26 net profit, and increased order-book growth.</li><li>Institutional flows rotated towards developers, with Hongkong Land, City Developments, and UOL accounting for 95% of S$127 million improvement.</li><li>Frencken announced a S$100 million placement for business expansion, manufacturing capacity, and strategic investments, reflecting sector demand trends.</li></ul>

Yangzijiang Shipbuilding led STI constituents in August with a 22.5% rally, record 1H26 net profit, and increased order-book growth.Institutional flows rotated towards developers, with Hongkong Land, City Developments, and UOL accounting for 95% of S$127 million improvement.Frencken announced a S$100 million placement for business expansion, manufacturing capacity, and strategic investments, reflecting sector demand trends.

August Focus: Macro Resilience, Micro Efficiency and Earnings Delivery

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

Thematic (Sector/Industry)

<ul><li>Palm oil is an edible oil with a variety of uses, including in food, consumer products, and as biodiesel feedstock.</li><li>One growing use is biodiesel, with Indonesian domestic consumption of palm oil for biodiesel exceeding that for food in around June 2023.</li><li>Accordingly, Crude Palm Oil (“CPO”) prices have been showing some correlation with crude oil prices, such that the recent rise in crude oil prices amid the ongoing U.S.-Israeli war against Iran may have raised CPO prices.</li></ul>

Palm oil is an edible oil with a variety of uses, including in food, consumer products, and as biodiesel feedstock.One growing use is biodiesel, with Indonesian domestic consumption of palm oil for biodiesel exceeding that for food in around June 2023.Accordingly, Crude Palm Oil (“CPO”) prices have been showing some correlation with crude oil prices, such that the recent rise in crude oil prices amid the ongoing U.S.-Israeli war against Iran may have raised CPO prices.

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.

<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

<ul><li>Singapore's top 10 non-cyclical consumer stocks averaged a 26.7% YTD return, driven by firm CPO prices and retail demand.</li><li>First Resources and Bumitama Agri led performance, with YTD returns of 116.7% and 59.5%, supported by biodiesel mandates.</li><li>Wilmar International reported a 12.8% increase in pre-tax profit for 1H2026, with S$276.7 million net institutional inflows.</li></ul>

Singapore's top 10 non-cyclical consumer stocks averaged a 26.7% YTD return, driven by firm CPO prices and retail demand.First Resources and Bumitama Agri led performance, with YTD returns of 116.7% and 59.5%, supported by biodiesel mandates.Wilmar International reported a 12.8% increase in pre-tax profit for 1H2026, with S$276.7 million net institutional inflows.

Sector Sweep - Defensive Consumer Stocks Deliver Robust Performance Amid Strong  Institutional Inflows 

<ul><li>American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares.</li><li>The AVDV ETF targets small-cap stocks in non-US developed markets, focusing on low valuations and strong profitability.</li><li>In 2025, 22 of 30 SGX-listed stocks in the AVDV ETF saw increased average daily turnover compared to 2024.</li></ul>

American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares.The AVDV ETF targets small-cap stocks in non-US developed markets, focusing on low valuations and strong profitability.In 2025, 22 of 30 SGX-listed stocks in the AVDV ETF saw increased average daily turnover compared to 2024.

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF 

Singapore

First Resources is a leading palm oil producer involved in cultivating oil palms, harvesting fresh fruit bunches, and milling them into crude palm oil and palm kernel. The company further processes these into higher-value palm-based products such as biodiesel, refined palm oil, and palm kernel oil. Headquartered in Singapore, the company was founded in 1992.

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First Resources (FR SP)

August Focus: Macro Resilience, Micro Efficiency and Earnings Delivery

Yangzijiang Shipbuilding led STI constituents in August with a 22.5% rally, record 1H26 net profit, and increased order-book growth. Institutional...

Singapore Exchange Ltd (SGX)

Palm Oil Sector Report (21 August 2026)

Palm oil is an edible oil with a variety of uses, including in food, consumer products, and as biodiesel feedstock. One growing use is biodiesel,...

FPA Financial

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

Sector Sweep - Defensive Consumer Stocks Deliver Robust Performance Amid Strong Institutional Inflows

Singapore's top 10 non-cyclical consumer stocks averaged a 26.7% YTD return, driven by firm CPO prices and retail demand. First Resources and...

Singapore Exchange Ltd (SGX)

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF

American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares. The AVDV ETF...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

August Focus: Macro Resilience, Micro Efficiency and Earnings Delivery

Yangzijiang Shipbuilding led STI constituents in August with a 22.5% rally, record 1H26 net profit, and increased order-book growth. Institutional...

Singapore Exchange Ltd (SGX)

Palm Oil Sector Report (21 August 2026)

Palm oil is an edible oil with a variety of uses, including in food, consumer products, and as biodiesel feedstock. One growing use is biodiesel,...

FPA Financial

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

Sector Sweep - Defensive Consumer Stocks Deliver Robust Performance Amid Strong Institutional Inflows

Singapore's top 10 non-cyclical consumer stocks averaged a 26.7% YTD return, driven by firm CPO prices and retail demand. First Resources and...

Singapore Exchange Ltd (SGX)

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF

American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares. The AVDV ETF...

Singapore Exchange Ltd (SGX)

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