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>Institutions were net sellers of Singapore stocks with a net outflow of S$592 million from Sep 19 to 25.</li><li>Food Empire Holdings raised S$42.8 million by placing 17 million treasury shares at S$2.52 each on Sep 24.</li><li>Prime US REIT launched a private placement to raise at least US$25 million, issuing new units at US$0.1935.</li></ul>

Institutions were net sellers of Singapore stocks with a net outflow of S$592 million from Sep 19 to 25.Food Empire Holdings raised S$42.8 million by placing 17 million treasury shares at S$2.52 each on Sep 24.Prime US REIT launched a private placement to raise at least US$25 million, issuing new units at US$0.1935.

<ul><li>Food Empire Holdings raised S$42.8 million through a treasury share placement, increasing its issued share capital to 546.8 million shares.</li><li>Nine in 10 constituents of the iEdge Singapore Next 50 Index saw higher average daily trading turnover in 3Q25.</li><li>The iEdge Singapore Next 50 Index constituents recorded a net institutional inflow of S$45 million in 3Q25.</li></ul>

Food Empire Holdings raised S$42.8 million through a treasury share placement, increasing its issued share capital to 546.8 million shares.Nine in 10 constituents of the iEdge Singapore Next 50 Index saw higher average daily trading turnover in 3Q25.The iEdge Singapore Next 50 Index constituents recorded a net institutional inflow of S$45 million in 3Q25.

New Index Stocks Leading Value and Liquidity Expansion in 3Q25

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>Singapore’s small- and mid-cap equities have surged over the past month, defying a generally cautious macroeconomic backdrop.</li>
<li>The rally is widely linked to expectations of significant capital inflows from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).</li>
<li>A firm Singapore dollar and comparatively attractive dividend yields have further supported investor interest in these stocks.</li>
</ul>


Singapore’s small- and mid-cap equities have surged over the past month, defying a generally cautious macroeconomic backdrop.
The rally is widely linked to expectations of significant capital inflows from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).
A firm Singapore dollar and comparatively attractive dividend yields have further supported investor interest in these stocks.


55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

<ul><li>Institutions were net buyers of Singapore stocks, with a net inflow of S$113 million from July 11 to 17.</li><li>Aberdeen Group plc increased its interest in CapitaLand India Trust to 6.15% after acquiring over 2.5 million units.</li><li>United Overseas Bank led share buybacks, purchasing 1 million shares at an average price of S$36.80.</li></ul>

Institutions were net buyers of Singapore stocks, with a net inflow of S$113 million from July 11 to 17.Aberdeen Group plc increased its interest in CapitaLand India Trust to 6.15% after acquiring over 2.5 million units.United Overseas Bank led share buybacks, purchasing 1 million shares at an average price of S$36.80.

Aberdeen Extends CLINT Deemed Interest to 6% 

<ul><li>Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500 list.</li><li>Yangzijiang Financial Holding, Centurion Corporation, and Wee Hur Holdings were among the top five stocks with significant net institutional inflow.</li><li>The FTSE ST Small Cap Index maintained a 6.3% dividend yield as of May, exceeding the FTSE Asia Pacific Small Cap Index's 2.4%.</li></ul>

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500 list.Yangzijiang Financial Holding, Centurion Corporation, and Wee Hur Holdings were among the top five stocks with significant net institutional inflow.The FTSE ST Small Cap Index maintained a 6.3% dividend yield as of May, exceeding the FTSE Asia Pacific Small Cap Index's 2.4%.

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

Singapore

Food Empire is a multinational food and beverage manufacturing and distribution group. The company primarily produces instant coffee beverages, alongside other instant drinks like tea and hot chocolate, snack foods such as potato crisps, and food ingredients. Headquartered in Singapore, the company was founded in 1982.

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Food Empire (FEH SP)

New Index Stocks Leading Value and Liquidity Expansion in 3Q25

Food Empire Holdings raised S$42.8 million through a treasury share placement, increasing its issued share capital to 546.8 million shares. Nine...

Singapore Exchange Ltd (SGX)

55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

List of 55 SGX stocks (> USD 100 mn Mkt cap) that appreciated more than 15% in the past month - likely driven by anticipated impact of fund inflows...

Devi Subhakesan

Aberdeen Extends CLINT Deemed Interest to 6%

Institutions were net buyers of Singapore stocks, with a net inflow of S$113 million from July 11 to 17. Aberdeen Group plc increased its interest...

Singapore Exchange Ltd (SGX)

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rising Spotlight on Share Placements

Institutions were net sellers of Singapore stocks with a net outflow of S$592 million from Sep 19 to 25. Food Empire Holdings raised S$42.8...

Singapore Exchange Ltd (SGX)

New Index Stocks Leading Value and Liquidity Expansion in 3Q25

Food Empire Holdings raised S$42.8 million through a treasury share placement, increasing its issued share capital to 546.8 million shares. Nine...

Singapore Exchange Ltd (SGX)

55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

List of 55 SGX stocks (> USD 100 mn Mkt cap) that appreciated more than 15% in the past month - likely driven by anticipated impact of fund inflows...

Devi Subhakesan

Aberdeen Extends CLINT Deemed Interest to 6%

Institutions were net buyers of Singapore stocks, with a net inflow of S$113 million from July 11 to 17. Aberdeen Group plc increased its interest...

Singapore Exchange Ltd (SGX)

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500...

Singapore Exchange Ltd (SGX)