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 Maritime Development closed Nov 21 at S$0.67, up 12% from its S$0.60 offer price.</li><li>CSE Global led 2H25 net institutional inflows with S$47.5 million, achieving a 70% total return.</li><li>Addvalue Technologies recorded a 207% price gain in 2H25, with S$5.2 million net institutional inflow.</li></ul>

Yangzijiang Maritime Development closed Nov 21 at S$0.67, up 12% from its S$0.60 offer price.CSE Global led 2H25 net institutional inflows with S$47.5 million, achieving a 70% total return.Addvalue Technologies recorded a 207% price gain in 2H25, with S$5.2 million net institutional inflow.

New FTSE ST All-Share Index Inclusion and Recent Institutional Inflow Highlights 

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

<ul><li>Frencken's diversified business model, improving semiconductor end-market dynamics, and strong financial position support a balanced yet constructive investment case: 1.</li><li>Trusted Manufacturing Partner with Diversified Exposure With a 60-year operating history, Frencken provides end-to-end OEM/ODM solutions for world-class multinationals across semiconductors, life sciences, healthcare, industrial automation, and automotive sectors.</li><li>This broad exposure yields resilience, as weakness in one segment can be buffered by stability in others.</li></ul>

Frencken's diversified business model, improving semiconductor end-market dynamics, and strong financial position support a balanced yet constructive investment case: 1.Trusted Manufacturing Partner with Diversified Exposure With a 60-year operating history, Frencken provides end-to-end OEM/ODM solutions for world-class multinationals across semiconductors, life sciences, healthcare, industrial automation, and automotive sectors.This broad exposure yields resilience, as weakness in one segment can be buffered by stability in others.

Frencken Group Initiation : Riding the Semiconductor Upcycle

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>Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in 1Q 2026 from US$166.6 billion in 1Q 2025.</li><li>However, the impact of the growth in industry revenue may have been uneven across companies in the semiconductor supply chain.</li><li>Accordingly, we review the year-on-year (“y-o-y”) growth in different parts of the semiconductor industry and note that the growth of wafer shipments in 1Q 2026 and equipment billings in 4Q 2025 was softer than that of the worldwide industry revenue in the corresponding periods.</li></ul>

Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in 1Q 2026 from US$166.6 billion in 1Q 2025.However, the impact of the growth in industry revenue may have been uneven across companies in the semiconductor supply chain.Accordingly, we review the year-on-year (“y-o-y”) growth in different parts of the semiconductor industry and note that the growth of wafer shipments in 1Q 2026 and equipment billings in 4Q 2025 was softer than that of the worldwide industry revenue in the corresponding periods.

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>CGSI raises Sheng Siong target price to $3.40, citing increased cost of living support.</li><li>Tickrs keeps 'buy' rating and 58-cent target for Hafary after price pullback.</li><li>Tan of DBS keeps US$2 target on UltraGreen.ai; tariffs create buy opportunity.</li></ul>

CGSI raises Sheng Siong target price to $3.40, citing increased cost of living support.Tickrs keeps 'buy' rating and 58-cent target for Hafary after price pullback.Tan of DBS keeps US$2 target on UltraGreen.ai; tariffs create buy opportunity.

Singapore Market Roundup (08-Apr-2026): CGSI raises Sheng Siong target price to $3.40 amid higher

<ul><li>uSmart rates GuocoLand as 'buy' with a target price offering 30% upside.</li><li>UOBKH's Loh raises YZJ target price to $4.75 after Seaspan's $825.7M stake.</li><li>JP Morgan downgrades OCBC, lowers DBS target, and raises SGX target.</li></ul>

uSmart rates GuocoLand as 'buy' with a target price offering 30% upside.UOBKH's Loh raises YZJ target price to $4.75 after Seaspan's $825.7M stake.JP Morgan downgrades OCBC, lowers DBS target, and raises SGX target.

Singapore Market Roundup (06-Apr-2026): uSmart rates GuocoLand 'buy', targeting 30% upside.

Malaysia

Frencken Group is a global integrated technology solutions company that provides original design, original equipment, and diversified integrated manufacturing solutions. It operates through two segments: Mechatronics, which designs and produces precision-engineered systems and components for industries like semiconductors and medical, and Integrated Manufacturing Services, offering contract manufacturing for automotive and office automation. The company's registered office is in Singapore, and it was founded in 1999.

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Frencken Group (FRKN SP)

Frencken Group Initiation : Riding the Semiconductor Upcycle

Frencken's diversified business model, improving semiconductor end-market dynamics, and strong financial position support a balanced yet...

Tickrs

Singapore Semiconductor Market View

Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in...

FPA Financial

Singapore Market Roundup (08-Apr-2026): CGSI raises Sheng Siong target price to $3.40 amid higher

CGSI raises Sheng Siong target to $3.40; Tickrs maintains 'buy' on Hafary at 58 cents; DBS keeps US$2 target on UltraGreen.ai amid tariff...

Singapore Market Roundup

Singapore Market Roundup (06-Apr-2026): uSmart rates GuocoLand 'buy', targeting 30% upside.

uSmart rates GuocoLand as 'buy' with 30% upside. UOBKH raises YZJ target to $4.75. JP Morgan downgrades OCBC, lowers DBS, and raises SGX target.

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

New FTSE ST All-Share Index Inclusion and Recent Institutional Inflow Highlights

Yangzijiang Maritime Development closed Nov 21 at S$0.67, up 12% from its S$0.60 offer price. CSE Global led 2H25 net institutional inflows with...

Singapore Exchange Ltd (SGX)

Frencken Group Initiation : Riding the Semiconductor Upcycle

Frencken's diversified business model, improving semiconductor end-market dynamics, and strong financial position support a balanced yet...

Tickrs

Singapore Semiconductor Market View

Based on data provided by the World Semiconductor Trade Statistics (“WSTS”), worldwide semiconductor revenue rose by 79.2% to US$298.5 billion in...

FPA Financial

Singapore Market Roundup (08-Apr-2026): CGSI raises Sheng Siong target price to $3.40 amid higher

CGSI raises Sheng Siong target to $3.40; Tickrs maintains 'buy' on Hafary at 58 cents; DBS keeps US$2 target on UltraGreen.ai amid tariff...

Singapore Market Roundup

Singapore Market Roundup (06-Apr-2026): uSmart rates GuocoLand 'buy', targeting 30% upside.

uSmart rates GuocoLand as 'buy' with 30% upside. UOBKH raises YZJ target to $4.75. JP Morgan downgrades OCBC, lowers DBS, and raises SGX target.

Singapore Market Roundup