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>Seven Singapore sectors recorded net institutional inflows in 4M26, led by Industrials with S$485 million, Technology S$326 million, and Consumer Non-Cyclicals S$206 million.</li><li>Hong Lai Huat's Executive Deputy Chairman acquired 244,400 shares, increasing his interest to 47.34% after a FY25 profit return.</li><li>Hong Leong Asia announced a placement of 50 million new shares at S$2.90, raising S$145 million for corporate purposes.</li></ul>

Seven Singapore sectors recorded net institutional inflows in 4M26, led by Industrials with S$485 million, Technology S$326 million, and Consumer Non-Cyclicals S$206 million.Hong Lai Huat's Executive Deputy Chairman acquired 244,400 shares, increasing his interest to 47.34% after a FY25 profit return.Hong Leong Asia announced a placement of 50 million new shares at S$2.90, raising S$145 million for corporate purposes.

Industrials lead institutional inflows year-to-date

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-leong-asia-ltd" target="_blank" data-smartkarma-citation="entities:6087:1" rel="noopener">Hong Leong Asia (HLA SP)</a> is looking to raise up to US$114m in a primary offering. </li>
<li>This is a large deal to digest, representing 28.8 days of ADV and 6.3% of shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Hong Leong Asia (HLA SP) is looking to raise up to US$114m in a primary offering. 
This is a large deal to digest, representing 28.8 days of ADV and 6.3% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Hong Leong Asia Placement - Large Deal to Digest but Continues to Ride Tailwinds

<ul><li>The Avantis International Small Cap Value ETF holds over 1,700 developed ex-US stocks, including 40 SGX-listed stocks.  </li><li>The 40 SGX-listed stocks have a combined market cap of S$50 billion and S$123 million ADT YTD.  </li><li>Global Resource Construction's ADT increased to S$3.1 million in 2026, reducing its bid-offer spread to 116bps.</li></ul>

The Avantis International Small Cap Value ETF holds over 1,700 developed ex-US stocks, including 40 SGX-listed stocks.  The 40 SGX-listed stocks have a combined market cap of S$50 billion and S$123 million ADT YTD.  Global Resource Construction's ADT increased to S$3.1 million in 2026, reducing its bid-offer spread to 116bps.

Channelling Global Small‑Cap Capital into Singapore Equities

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/hong-leong-asia-ltd">Hong Leong Asia</a> (HLA) is a diversified industrial conglomerate with primary operations in China and Southeast Asia, focusing on two core segments: Powertrain Solutions and Building Materials.</li>
  <li>The company has demonstrated a strong growth trajectory, with a 3-year Net Income CAGR of 27.42% and a significant increase in dividends, reflecting robust operational performance, particularly from its China-based diesel engine subsidiary, Yuchai.</li>
  <li>Valuation appears elevated compared to peers, with a P/E ratio of 22.5. Future growth is closely tied to the economic cycles of the construction and heavy-duty truck markets in its key operating regions, presenting both opportunities from infrastructure spending and risks from potential slowdowns.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Hong Leong Asia (HLA) is a diversified industrial conglomerate with primary operations in China and Southeast Asia, focusing on two core segments: Powertrain Solutions and Building Materials.
  The company has demonstrated a strong growth trajectory, with a 3-year Net Income CAGR of 27.42% and a significant increase in dividends, reflecting robust operational performance, particularly from its China-based diesel engine subsidiary, Yuchai.
  Valuation appears elevated compared to peers, with a P/E ratio of 22.5. Future growth is closely tied to the economic cycles of the construction and heavy-duty truck markets in its key operating regions, presenting both opportunities from infrastructure spending and risks from potential slowdowns.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hong Leong Asia (HLA SP) - Feb 2026

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

<ul>
<li>Hong Leong Asia Ltd (HLA) operates two main business divisions, powertrain solutions and building materials.</li>
<li>Its powertrain division is a market leader in China, supplying engines for trucks, buses, construction, and agricultural equipment, as well as marine applications.</li>
<li>HLA’s building materials arm operates across Singapore and Malaysia, offering ready-mix concrete, precast, cement, circular economy solutions, and trading of aggregates and granite.</li>
</ul>


Hong Leong Asia Ltd (HLA) operates two main business divisions, powertrain solutions and building materials.
Its powertrain division is a market leader in China, supplying engines for trucks, buses, construction, and agricultural equipment, as well as marine applications.
HLA’s building materials arm operates across Singapore and Malaysia, offering ready-mix concrete, precast, cement, circular economy solutions, and trading of aggregates and granite.


Hong Leong Asia: Strong Position in the Growing Powertrain and Building Materials Markets

Singapore

Hong Leong Asia is a diversified Asian multinational with core businesses in Powertrain Solutions and Building Materials. It manufactures and distributes diesel engines for various applications, alongside producing and supplying cement, ready-mix concrete, and pre-cast concrete products. Headquartered in Singapore, the company was incorporated in 1963.

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Hong Leong Asia (HLA SP)

Industrials lead institutional inflows year-to-date

Seven Singapore sectors recorded net institutional inflows in 4M26, led by Industrials with S$485 million, Technology S$326 million, and Consumer...

Singapore Exchange Ltd (SGX)

Aequitas: Hong Leong Asia Placement - Large Deal to Digest but Continues to Ride Tailwinds

Hong Leong Asia (HLA) is looking to raise up to US$114m in a primary offering. In this note, we will talk about the placement and run the deal...

Nicholas Tan

Channelling Global Small‑Cap Capital into Singapore Equities

The Avantis International Small Cap Value ETF holds over 1,700 developed ex-US stocks, including 40 SGX-listed stocks. The 40 SGX-listed stocks...

Singapore Exchange Ltd (SGX)

Primer: Hong Leong Asia (HLA SP) - Feb 2026

Hong Leong Asia (HLA) is a diversified industrial conglomerate with primary operations in China and Southeast Asia, focusing on two core...

αSK Primers

Hong Leong Asia: Strong Position in the Growing Powertrain and Building Materials Markets

Hong Leong Asia Ltd (HLA) operates two main business divisions, powertrain solutions and building materials. Its powertrain division is a market...

uSMART Securities

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