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>BCA forecasts construction demand of S$47 billion to S$53 billion in 2026, with S$39 billion to S$46 billion annually from 2027 to 2030.</li><li>Boustead Singapore reported an engineering order backlog of S$840 million and secured S$461 million in new contracts in FY27.</li><li>Volare Group AG increased its stake in BBR Holdings to 14.69% through acquisitions totaling 43 million shares for S$12.9 million.</li></ul>

BCA forecasts construction demand of S$47 billion to S$53 billion in 2026, with S$39 billion to S$46 billion annually from 2027 to 2030.Boustead Singapore reported an engineering order backlog of S$840 million and secured S$461 million in new contracts in FY27.Volare Group AG increased its stake in BBR Holdings to 14.69% through acquisitions totaling 43 million shares for S$12.9 million.

Construction, Capital & Market Participation 

Nam Lee Pressed Metal Industries / Equity Bottom-Up

Nam Lee Pressed Metal Industries (NLPM SP)

<ul><li>The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover.</li><li>InnoTek, Frencken, AEM, and CSE Global show semiconductor-adjacent and engineering-driven focus, with significant institutional inflows.</li><li>Huationg Global completed a S$7 million share placement, attracting institutional investors, with a market cap of S$142 million.</li></ul>

The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover.InnoTek, Frencken, AEM, and CSE Global show semiconductor-adjacent and engineering-driven focus, with significant institutional inflows.Huationg Global completed a S$7 million share placement, attracting institutional investors, with a market cap of S$142 million.

Singapore SMIDs: Where Institutional Flows Are Concentrating in Early 1Q26

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.</li>
<li>Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  </li>
<li>In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.</li>
</ul>


Since the Evolve Capital team began its foray into equity research in late 2024, we’ve been active in providing coverage within the small-mid cap space.
Singapore’s economy has outperformed expectations despite tariff-related headwinds. In light of this resilience, we remain constructive on Singapore’s prospects in the year ahead.  
In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.


<ul><li>Institutions were net sellers of Singapore stocks with a S$61.6 million outflow, reducing January's net inflow to S$211.0 million.</li><li>Seven primary-listed companies conducted share buybacks totaling S$3.6 million, with Jardine Matheson and Hongkong Land also participating.</li><li>Skylink Holdings plans to issue 26 million new shares at S$0.27 each, raising up to S$7.02 million.</li></ul>

Institutions were net sellers of Singapore stocks with a S$61.6 million outflow, reducing January's net inflow to S$211.0 million.Seven primary-listed companies conducted share buybacks totaling S$3.6 million, with Jardine Matheson and Hongkong Land also participating.Skylink Holdings plans to issue 26 million new shares at S$0.27 each, raising up to S$7.02 million.

Institutions Turn Net Sellers as New Share Placements Hit the Market

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/huationg-global-ltd">Huationg Global</a> is a well-established civil engineering firm in Singapore, poised to benefit from a robust public infrastructure spending pipeline, including major projects like the Changi Airport Terminal 5 and various MRT lines.</li>
  <li>The company has demonstrated a strong growth trajectory, with a 3-year net income compound annual growth rate (CAGR) of 45.35% and operating cash flow CAGR of 65.09%, indicating efficient execution and strong project management.</li>
  <li>Valuation appears attractive, with a very low P/E ratio and a strong net cash position. The company also offers a compelling dividend yield, which has been consistently high over the past three years.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Huationg Global is a well-established civil engineering firm in Singapore, poised to benefit from a robust public infrastructure spending pipeline, including major projects like the Changi Airport Terminal 5 and various MRT lines.
  The company has demonstrated a strong growth trajectory, with a 3-year net income compound annual growth rate (CAGR) of 45.35% and operating cash flow CAGR of 65.09%, indicating efficient execution and strong project management.
  Valuation appears attractive, with a very low P/E ratio and a strong net cash position. The company also offers a compelling dividend yield, which has been consistently high over the past three years.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Huationg Global (HUAGL SP) - Oct 2025

Singapore

Huationg Global Limited is a Singapore-based company primarily engaged in civil engineering services for infrastructure projects, inland logistics support, and the sale of construction materials, including Liquefied Soil Stabiliser (LSS) and Recycled Concrete Aggregate (RCA). The company was established in 1983 and is headquartered in Singapore.

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Huationg Global (HUAGL SP)

Construction, Capital & Market Participation

BCA forecasts construction demand of S$47 billion to S$53 billion in 2026, with S$39 billion to S$46 billion annually from 2027 to 2030. Boustead...

Singapore Exchange Ltd (SGX)

Singapore SMIDs: Where Institutional Flows Are Concentrating in Early 1Q26

The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover. InnoTek, Frencken, AEM,...

Singapore Exchange Ltd (SGX)

Catalist GEMs Poised to Shine (2026)

In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.

Evolve Capital Advisory Pte Ltd

Primer: Huationg Global (HUAGL SP) - Oct 2025

Huationg Global is a well-established civil engineering firm in Singapore, poised to benefit from a robust public infrastructure spending...

αSK Primers

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Construction, Capital & Market Participation

BCA forecasts construction demand of S$47 billion to S$53 billion in 2026, with S$39 billion to S$46 billion annually from 2027 to 2030. Boustead...

Singapore Exchange Ltd (SGX)

Singapore SMIDs: Where Institutional Flows Are Concentrating in Early 1Q26

The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover. InnoTek, Frencken, AEM,...

Singapore Exchange Ltd (SGX)

Catalist GEMs Poised to Shine (2026)

In this note, we present our top ten picks within the SGX Catalist for 2026, which we have primarily selected through bottom-up analysis.

Evolve Capital Advisory Pte Ltd

Institutions Turn Net Sellers as New Share Placements Hit the Market

Institutions were net sellers of Singapore stocks with a S$61.6 million outflow, reducing January's net inflow to S$211.0 million. Seven...

Singapore Exchange Ltd (SGX)

Primer: Huationg Global (HUAGL SP) - Oct 2025

Huationg Global is a well-established civil engineering firm in Singapore, poised to benefit from a robust public infrastructure spending...

αSK Primers