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>Trading activity in iEdge Next 50 constituents increased in 1Q26, with ADT rising to S$261M from S$221M.</li><li>Haw Par Corp and Ultragreen.ai join the Index, doubling Healthcare Sector representation and increasing its weighting to 6%-7%.</li><li>Ultragreen.ai's IPO raised US$162.5M, with FY25 revenue up 24% to US$142.4M, and NPAT up 14%.</li></ul>

Trading activity in iEdge Next 50 constituents increased in 1Q26, with ADT rising to S$261M from S$221M.Haw Par Corp and Ultragreen.ai join the Index, doubling Healthcare Sector representation and increasing its weighting to 6%-7%.Ultragreen.ai's IPO raised US$162.5M, with FY25 revenue up 24% to US$142.4M, and NPAT up 14%.

iEdge Next 50: Haw Par, Ultragreen to Lift Healthcare Weighting

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>Other income rose 17.3% YoY to S$211.3m in FY2025, which more than offset the small YoY decline in gross profit.</li>
<li>In plain terms, investment income did more of the heavy lifting than operating growth in FY2025.</li>
<li>The operational cost line improved in 2H2025, with distribution and marketing expense down sharply versus 2H2024, and G&amp;A also lower.</li>
</ul>


Other income rose 17.3% YoY to S$211.3m in FY2025, which more than offset the small YoY decline in gross profit.
In plain terms, investment income did more of the heavy lifting than operating growth in FY2025.
The operational cost line improved in 2H2025, with distribution and marketing expense down sharply versus 2H2024, and G&amp;A also lower.


Haw Par Corporation Limited Results Update

<ul><li>Haw Par is a Singapore-listed group built around two very different engines.</li><li>The first is Healthcare, which owns and markets the Tiger Balm and Kwan Loong brands.</li><li>These products are sold across ASEAN, North Asia and global export markets and remain the group’s main operating business. </li></ul>

Haw Par is a Singapore-listed group built around two very different engines.The first is Healthcare, which owns and markets the Tiger Balm and Kwan Loong brands.These products are sold across ASEAN, North Asia and global export markets and remain the group’s main operating business. 

Multi-Family Office & Asset Management, Phidelis Capital

Phidelis Capital

Multi-Family Office & Asset Management

A buy side firm - a multi-family office & an asset management firm - regulated by the Monetary Authority of Singapore (MAS), holding a Capital Markets Services (CMS) License under the Securities & Futures Act 2001

Thematic (Sector/Industry)

<ul><li>Phidelis Capital's inaugural Phidelis360 report assesses five SGX-listed mid-cap healthcare companies</li><li>Tianjin Pharma, Haw Par Corp, Raffles Medical Group, Thomson Medical Group, and Riverstone Holdings</li><li>Shortlisted from over thirty SGX-listed small- and mid-cap healthcare stocks, across operating and financial performance, ESG assessments, and analysts coverage.</li></ul>

Phidelis Capital's inaugural Phidelis360 report assesses five SGX-listed mid-cap healthcare companiesTianjin Pharma, Haw Par Corp, Raffles Medical Group, Thomson Medical Group, and Riverstone HoldingsShortlisted from over thirty SGX-listed small- and mid-cap healthcare stocks, across operating and financial performance, ESG assessments, and analysts coverage.

Assessing SGX-Listed Healthcare Companies’ Financial & ESG Performance

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>Welcome to <strong><em>Consumer Tales &amp; Trends</em></strong>, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.</li>
<li>
<a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods (JFC PM)</a> dives into Korea's coffee war zone with a new acquisition. But with expensive funding, selling cheap coffee isn't so cool anymore.</li>
<li>Tiger Balm, the beloved pain relief elixir, is under valued in its holding-company, <a href="https://www.smartkarma.com/entities/haw-par-corp-ltd" target="_blank" data-smartkarma-citation="entities:9898:1" rel="noopener">HawPar Corp</a> . In an aging world full of aches, it's time to let Tiger Balm roar!</li>
</ul>


Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.

Jollibee Foods (JFC PM) dives into Korea's coffee war zone with a new acquisition. But with expensive funding, selling cheap coffee isn't so cool anymore.
Tiger Balm, the beloved pain relief elixir, is under valued in its holding-company, HawPar Corp . In an aging world full of aches, it's time to let Tiger Balm roar!


Consumer Tales & Trends #July 1-10: Korea Coffee War, Crazy Rich Asians & More

Singapore

Haw Par Corporation Limited is a Singaporean multinational group involved in healthcare, investments, leisure, and property sectors. Its core business includes manufacturing and distributing topical analgesic products under the globally recognized Tiger Balm and Kwan Loong brands. The company was incorporated in 1969 and is based in Singapore.

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Haw Par Corporation (HPAR SP)

iEdge Next 50: Haw Par, Ultragreen to Lift Healthcare Weighting

Trading activity in iEdge Next 50 constituents increased in 1Q26, with ADT rising to S$261M from S$221M. Haw Par Corp and Ultragreen.ai join the...

Singapore Exchange Ltd (SGX)

Haw Par Corporation Limited Results Update

What drove the year Other income rose 17.3% YoY to S$211.3m in FY2025, which more than offset the small YoY decline in gross profit. In plain...

ICAM

Haw Par Corp Limited Initiating Coverage

Haw Par is a Singapore-listed group built around two very different engines. The first is Healthcare, which owns and markets...

ICAM

Assessing SGX-Listed Healthcare Companies’ Financial & ESG Performance

Phidelis Capital's inaugural Phidelis360 report assesses five SGX-listed mid-cap healthcare companies Tianjin Pharma, Haw Par Corp, Raffles...

Phidelis Capital

Consumer Tales & Trends #July 1-10: Korea Coffee War, Crazy Rich Asians & More

Consumer Tales & Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.

Devi Subhakesan

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)