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>Singapore's trade is influenced by policy-driven flows and sector-specific demand, with electronics leading on AI demand.</li><li>Frencken Group's FY26 guidance shows improved visibility with a potential 2H26 recovery, impacting analyst recommendations.</li><li>ST Engineering, Yangzijiang Shipbuilding, and ISDN report strong orderbooks, revenue growth, and strategic shifts towards higher value offerings.</li></ul>

Singapore's trade is influenced by policy-driven flows and sector-specific demand, with electronics leading on AI demand.Frencken Group's FY26 guidance shows improved visibility with a potential 2H26 recovery, impacting analyst recommendations.ST Engineering, Yangzijiang Shipbuilding, and ISDN report strong orderbooks, revenue growth, and strategic shifts towards higher value offerings.

Engineering, Orderbooks and Guidance Under Trade Shifts

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>Keppel is undergoing a significant transformation under its 'Vision 2030' strategy, pivoting from a diversified conglomerate to an integrated global asset manager and operator focused on sustainable urbanization, with key segments in Infrastructure, Real Estate, and Connectivity.</li>
 <li>Financial performance shows a strategic shift towards an asset-light model, aiming to boost recurring income. While recent net income has declined from a 2023 high, and cash flow has been inconsistent, the company is focused on growing its funds under management (FUM) to S$200 billion by 2030.</li>
 <li>The company faces execution risks related to its ambitious transformation, high leverage, and concerns over the sustainability of its dividend payments, as highlighted by negative free cash flow in recent years. The competitive landscape is intense across all operating segments.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Keppel is undergoing a significant transformation under its 'Vision 2030' strategy, pivoting from a diversified conglomerate to an integrated global asset manager and operator focused on sustainable urbanization, with key segments in Infrastructure, Real Estate, and Connectivity.
  Financial performance shows a strategic shift towards an asset-light model, aiming to boost recurring income. While recent net income has declined from a 2023 high, and cash flow has been inconsistent, the company is focused on growing its funds under management (FUM) to S$200 billion by 2030.
  The company faces execution risks related to its ambitious transformation, high leverage, and concerns over the sustainability of its dividend payments, as highlighted by negative free cash flow in recent years. The competitive landscape is intense across all operating segments.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul><li>Higher dividends are usually taken as a signal that the company is doing well, but Keppel should be treated as an exception.</li><li>Shareholders should question whether Keppel really has the cash to pay for the ordinary and special dividends, announced together with its 2025 results.</li><li>Keppel reported a 16% lower net profit in 2025 compared to 2024, yet it celebrated the achievement of “New Keppel”, whose profit increased by 39% year on year, return on equity (ROE) was 18.7%, and net debt to EBITDA was only 2x.</li></ul>

Higher dividends are usually taken as a signal that the company is doing well, but Keppel should be treated as an exception.Shareholders should question whether Keppel really has the cash to pay for the ordinary and special dividends, announced together with its 2025 results.Keppel reported a 16% lower net profit in 2025 compared to 2024, yet it celebrated the achievement of “New Keppel”, whose profit increased by 39% year on year, return on equity (ROE) was 18.7%, and net debt to EBITDA was only 2x.

Keppel Ltd - "Blurry" Vision 2030: Dividends Are Just Illusory

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are not fighting the trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring a few potential concerns</li>
<li>Concerns: notably global Consumer Staples (KXI-US) near 5.5-month RS highs, crude oil prices bottoming, and gasoline prices (UGA) breaking out from a 3.5+ year downtrend</li>
<li>Actionable Themes: Energy, Materials, Transports, Real Estate, Telecom, and Utilities. Remain Overweight Emerging Markets, Taiwan, Korea, Spain, Japan, and Canada</li>
</ul>


We are not fighting the trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring a few potential concerns
Concerns: notably global Consumer Staples (KXI-US) near 5.5-month RS highs, crude oil prices bottoming, and gasoline prices (UGA) breaking out from a 3.5+ year downtrend
Actionable Themes: Energy, Materials, Transports, Real Estate, Telecom, and Utilities. Remain Overweight Emerging Markets, Taiwan, Korea, Spain, Japan, and Canada


Opportunity in Global Cyclical Value and Defensives: Energy, Materials, Real Estate, Telecom, Utes

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul>
<li>Digital Realty, Equinix, STT GDC, and Keppel have gained rights to expand data centers in Singapore.</li>
<li>In Malaysia, DayOne has purchased a data center site for $153 million after a significant IPO filing.</li>
<li>Henderson Land reported a 41% profit increase, reflecting Hong Kong's economic recovery and growth.</li>
</ul>


Digital Realty, Equinix, STT GDC, and Keppel have gained rights to expand data centers in Singapore.
In Malaysia, DayOne has purchased a data center site for $153 million after a significant IPO filing.
Henderson Land reported a 41% profit increase, reflecting Hong Kong's economic recovery and growth.


Asia Real Estate Tracker (24-Aug-2026): Data centers in Singapore gain expansion rights.

Singapore

Keppel Ltd. is a Singaporean global asset manager and operator, providing critical infrastructure and services for renewables, clean energy, decarbonization, sustainable urban renewal, and digital connectivity. The company operates across Infrastructure, Real Estate, Connectivity, and Fund Management & Investment platforms. Keppel is headquartered in Singapore and was founded in 1968.

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Keppel (KEP SP)

Engineering, Orderbooks and Guidance Under Trade Shifts

Singapore's trade is influenced by policy-driven flows and sector-specific demand, with electronics leading on AI demand. Frencken Group's FY26...

Singapore Exchange Ltd (SGX)

Primer: Keppel Corp (KEP SP) - Apr 2026

Keppel is undergoing a significant transformation under its 'Vision 2030' strategy, pivoting from a diversified conglomerate to an integrated...

αSK Primers

Keppel Ltd - "Blurry" Vision 2030: Dividends Are Just Illusory

Higher dividends are usually taken as a signal that the company is doing well, but Keppel should be treated as an exception. Shareholders...

Corporate Monitor Limited

Opportunity in Global Cyclical Value and Defensives: Energy, Materials, Real Estate, Telecom, Utes

Opportunity in Global Cyclical Value and Defensives; Actionable Themes: Energy, Materials, Transports, Real Estate, Telecom, and Utilities....

Vermilion Research

Asia Real Estate Tracker (24-Aug-2026): Data centers in Singapore gain expansion rights.

Digital Realty, Equinix, STT GDC, and Keppel expand in Singapore, while CapitaLand and IOI near a $1.9B deal; DayOne buys a Malaysian site for...

Asia Real Estate Tracker

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