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>Retail investors net bought S$638 million in Singapore stocks by March 24, focusing on Financial Services, REITs, and Consumer Cyclicals.</li><li>CapitaLand Ascendas REIT raised S$903.5 million via oversubscribed placement and preferential offering for acquisitions in logistics, business parks, and data centres.</li><li>Retail investors demonstrated contrarian behavior, buying laggards with 8.9% average decline, while selling leaders with 4.7% returns.</li></ul>

Retail investors net bought S$638 million in Singapore stocks by March 24, focusing on Financial Services, REITs, and Consumer Cyclicals.CapitaLand Ascendas REIT raised S$903.5 million via oversubscribed placement and preferential offering for acquisitions in logistics, business parks, and data centres.Retail investors demonstrated contrarian behavior, buying laggards with 8.9% average decline, while selling leaders with 4.7% returns.

Retail Investors Chalk Up ~S$640M Net Buying in March

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/ifast-corp-ltd">iFAST</a> is a high-growth wealth management fintech platform poised to benefit from structural tailwinds in Asia, including rising wealth and digitalization.</li>
  <li>The ongoing rollout of Hong Kong's eMPF (e-Pension) project represents a significant, multi-year growth catalyst, expected to substantially increase revenue and earnings for its Hong Kong division.</li>
  <li>While the company exhibits an exceptional growth track record and expanding margins, its valuation is sensitive to global market volatility and the successful execution of large-scale projects like the eMPF.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
iFAST is a high-growth wealth management fintech platform poised to benefit from structural tailwinds in Asia, including rising wealth and digitalization.
  The ongoing rollout of Hong Kong's eMPF (e-Pension) project represents a significant, multi-year growth catalyst, expected to substantially increase revenue and earnings for its Hong Kong division.
  While the company exhibits an exceptional growth track record and expanding margins, its valuation is sensitive to global market volatility and the successful execution of large-scale projects like the eMPF.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>JP Morgan remains 'underweight' on Seatrium despite improved profit forecasts.</li><li>UOBKH's Cheong downgrades Aztech to 'hold' due to weaker second half outlook.</li><li>Analysts stay positive on CSE Global after recent site visit.</li></ul>

JP Morgan remains 'underweight' on Seatrium despite improved profit forecasts.UOBKH's Cheong downgrades Aztech to 'hold' due to weaker second half outlook.Analysts stay positive on CSE Global after recent site visit.

Singapore Market Roundup (29-Jul-2026): JP Morgan stays 'underweight' on Seatrium amid profit

<ul><li>Analysts remain optimistic on CSE Global after a recent site visit.</li><li>DBS, UOBKH, and CGSI remain positive on iFAST after 2QFY2026 profit growth.</li><li>Analysts grow cautious on Raffles Medical after weak 1HFY2026 results.</li></ul>

Analysts remain optimistic on CSE Global after a recent site visit.DBS, UOBKH, and CGSI remain positive on iFAST after 2QFY2026 profit growth.Analysts grow cautious on Raffles Medical after weak 1HFY2026 results.

Singapore Market Roundup (28-Jul-2026): Analysts stay bullish on CSE Global after recent visit.

Equity Analyst

Ravi Kumar

<ul>
<li>The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.</li>
<li>Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.</li>
<li>Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.</li>
</ul>


The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.
Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.
Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.


Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

Singapore

iFAST is a global digital banking and wealth management platform. It offers a comprehensive range of investment products such as mutual funds, bonds, stocks, ETFs, and insurance, alongside services like online discretionary portfolio management, Fintech solutions, and pension administration. The company was incorporated in 2000 and is headquartered in Singapore.

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iFAST (IFAST SP)

Retail Investors Chalk Up ~S$640M Net Buying in March

Retail investors net bought S$638 million in Singapore stocks by March 24, focusing on Financial Services, REITs, and Consumer...

Singapore Exchange Ltd (SGX)

Primer: iFAST (IFAST SP) - Feb 2026

iFAST is a high-growth wealth management fintech platform poised to benefit from structural tailwinds in Asia, including rising wealth and...

αSK Primers

Singapore Market Roundup (29-Jul-2026): JP Morgan stays 'underweight' on Seatrium amid profit

JP Morgan stays 'underweight' on Seatrium; UOBKH downgrades Aztech to 'hold' amid weak outlook; analysts remain positive on CSE Global post-site...

Singapore Market Roundup

Singapore Market Roundup (28-Jul-2026): Analysts stay bullish on CSE Global after recent visit.

Analysts are optimistic on CSE Global post-site visit, positive on iFAST after 2QFY2026 growth, but cautious on Raffles Medical after weak 1HFY2026...

Singapore Market Roundup

Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...

Ravi Kumar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Retail Investors Chalk Up ~S$640M Net Buying in March

Retail investors net bought S$638 million in Singapore stocks by March 24, focusing on Financial Services, REITs, and Consumer...

Singapore Exchange Ltd (SGX)

Primer: iFAST (IFAST SP) - Feb 2026

iFAST is a high-growth wealth management fintech platform poised to benefit from structural tailwinds in Asia, including rising wealth and...

αSK Primers

Singapore Market Roundup (29-Jul-2026): JP Morgan stays 'underweight' on Seatrium amid profit

JP Morgan stays 'underweight' on Seatrium; UOBKH downgrades Aztech to 'hold' amid weak outlook; analysts remain positive on CSE Global post-site...

Singapore Market Roundup

Singapore Market Roundup (28-Jul-2026): Analysts stay bullish on CSE Global after recent visit.

Analysts are optimistic on CSE Global post-site visit, positive on iFAST after 2QFY2026 growth, but cautious on Raffles Medical after weak 1HFY2026...

Singapore Market Roundup

Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

​The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...

Ravi Kumar

The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...