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>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

<ul><li>As of 20 June, the FTSE ST All-Share Index generated a 3.9% total return in 2Q24, outpacing the FTSE Asia Pacific Index (+2.7%) and FTSE ASEAN All-Share Index (-1.9%).</li><li>The 10 strongest performers of the FTSE ST All-Share Index in 2Q24 (to 20 June) averaged 37% total returns, and were led by Yoma Strategic, Samudera Shipping and Yangzijiang Shipbuilding.</li><li>On the other side of the FTSE ST All-Share Index constituent performances, Food Empire Holdings has declined 19% in 2Q24 (to 20 June), reducing its total return since the end of 2019 to 95%.</li></ul>

As of 20 June, the FTSE ST All-Share Index generated a 3.9% total return in 2Q24, outpacing the FTSE Asia Pacific Index (+2.7%) and FTSE ASEAN All-Share Index (-1.9%).The 10 strongest performers of the FTSE ST All-Share Index in 2Q24 (to 20 June) averaged 37% total returns, and were led by Yoma Strategic, Samudera Shipping and Yangzijiang Shipbuilding.On the other side of the FTSE ST All-Share Index constituent performances, Food Empire Holdings has declined 19% in 2Q24 (to 20 June), reducing its total return since the end of 2019 to 95%.

Singapore’s Biggest Index Movers in 2Q24 

<ul><li>While Singapore's exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep drops.</li><li>External factors also affect the prospects of the iEdge SG Advanced Manufacturing Index's most traded stocks.</li><li>Some of the most traded index stocks, such as Yangzijiang Shipbuilding, Dyna-Mac and Food Empire, have high P/B ratios compared to their historical averages, indicating strong market valuation.</li></ul>

While Singapore's exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep drops.External factors also affect the prospects of the iEdge SG Advanced Manufacturing Index's most traded stocks.Some of the most traded index stocks, such as Yangzijiang Shipbuilding, Dyna-Mac and Food Empire, have high P/B ratios compared to their historical averages, indicating strong market valuation.

Taking Stock of Singapore’s Trade Contraction in 2023 

<ul><li>Actively traded high-turnover stocks in 2023 YTD This year, close to a quarter of Singapore’s 100 most actively traded stocks have registered double-digit percentage growth in daily trading turnover from their respective 2022 levels.</li><li>This saw the stock rank among the 85 most traded stocks so far this year, after ranking just outside the 170 most traded stocks in 2022.</li></ul>

Actively traded high-turnover stocks in 2023 YTD This year, close to a quarter of Singapore’s 100 most actively traded stocks have registered double-digit percentage growth in daily trading turnover from their respective 2022 levels.This saw the stock rank among the 85 most traded stocks so far this year, after ranking just outside the 170 most traded stocks in 2022.

Vibrant activity among top traded stocks on SGX

<ul><li>For 1H23, the STI booked a 2% total return, in-line with the FTSE ASEAN Extended 60 Index’s 1.0% total return with combined STI ETF AUM declining 4% to S$2.145 billion.</li><li>Outside of the STI, actively traded stocks that booked the highest total returns in 1H23 included Dyna-Mac, Tianjin Pharmaceutical Da Ren Tang Group, Delfi, Food Empire Holdings, PropNex, Marco Polo Marine & Samudera Shipping Line.</li><li>However, outlier performances within the Singapore stock market, saw the average total return of the 100 most traded stocks in 1H23 at 3.2% versus the median total return of 0.5%.</li></ul>

For 1H23, the STI booked a 2% total return, in-line with the FTSE ASEAN Extended 60 Index’s 1.0% total return with combined STI ETF AUM declining 4% to S$2.145 billion.Outside of the STI, actively traded stocks that booked the highest total returns in 1H23 included Dyna-Mac, Tianjin Pharmaceutical Da Ren Tang Group, Delfi, Food Empire Holdings, PropNex, Marco Polo Marine & Samudera Shipping Line.However, outlier performances within the Singapore stock market, saw the average total return of the 100 most traded stocks in 1H23 at 3.2% versus the median total return of 0.5%.

STI Books 1.2% Total Return in 1H23 as Global Growth Decelerates

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.

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

Food Empire (FEH SP)

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)

Singapore’s Biggest Index Movers in 2Q24

As of 20 June, the FTSE ST All-Share Index generated a 3.9% total return in 2Q24, outpacing the FTSE Asia Pacific Index (+2.7%) and FTSE ASEAN...

Singapore Exchange Ltd (SGX)

Taking Stock of Singapore’s Trade Contraction in 2023

While Singapore's exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep...

Singapore Exchange Ltd (SGX)

Vibrant activity among top traded stocks on SGX

Actively traded high-turnover stocks in 2023 YTD This year, close to a quarter of Singapore’s 100 most actively traded stocks have registered...

Singapore Exchange Ltd (SGX)

STI Books 1.2% Total Return in 1H23 as Global Growth Decelerates

For 1H23, the STI booked a 2% total return, in-line with the FTSE ASEAN Extended 60 Index’s 1.0% total return with combined STI ETF AUM declining...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)