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>Marco Polo Marine shifted focus to the offshore wind sector in Asia, achieving profitability with S$123.5 million revenue and S$21.7 million profit for 2024.</li><li>The company repurposed assets from offshore oil and gas to offshore wind, expanding operations in Taiwan, South Korea, and Japan.</li><li>Marco Polo Marine is enhancing its infrastructure with a new commissioning service operation vessel and a fourth drydock to support offshore wind projects.</li></ul>

Marco Polo Marine shifted focus to the offshore wind sector in Asia, achieving profitability with S$123.5 million revenue and S$21.7 million profit for 2024.The company repurposed assets from offshore oil and gas to offshore wind, expanding operations in Taiwan, South Korea, and Japan.Marco Polo Marine is enhancing its infrastructure with a new commissioning service operation vessel and a fourth drydock to support offshore wind projects.

kopi-C with Marco Polo Marine’s CEO: ‘We want to be an offshore wind leader in Asia’

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>The core business continues to perform well  with a growing  order backlog</li>
<li>Due to the company's historical issues it has hugely underperformed its smaller peers</li>
<li>The disconnect from the oil price provides  asymmetric upside once the overhang clears</li>
</ul>


The core business continues to perform well  with a growing  order backlog
Due to the company's historical issues it has hugely underperformed its smaller peers
The disconnect from the oil price provides  asymmetric upside once the overhang clears


Seatrium – Overhang Remains but Huge Option Value

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Analysts anticipate significant growth potential for LHN.</li><li>RHB raises Centurion's TP to $1.86, including Perth PBSA development.</li><li>CAREIT offers appealing diversification and decent yields, says RHB report.</li></ul>

Analysts anticipate significant growth potential for LHN.RHB raises Centurion's TP to $1.86, including Perth PBSA development.CAREIT offers appealing diversification and decent yields, says RHB report.

Singapore Market Roundup (10-Dec-2025): Analysts expect strong growth potential for LHN.

<ul><li>RHB raises Centurion's target price to $1.86, adding Perth PBSA project.</li><li>RHB calls CAREIT an appealing diversification with decent yields in an unrated report.</li><li>Analysts predict significant growth potential for LHN.</li></ul>

RHB raises Centurion's target price to $1.86, adding Perth PBSA project.RHB calls CAREIT an appealing diversification with decent yields in an unrated report.Analysts predict significant growth potential for LHN.

Singapore Market Roundup (09-Dec-2025): RHB raises Centurion's target price to $1.86 with Perth

Singapore

Marco Polo Marine Limited is an integrated shipping company. The Company provides services that include ship chartering, ship building and repair, and brokering services.

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Marco Polo Marine (MPM SP)

kopi-C with Marco Polo Marine’s CEO: ‘We want to be an offshore wind leader in Asia’

Marco Polo Marine shifted focus to the offshore wind sector in Asia, achieving profitability with S$123.5 million revenue and S$21.7 million...

Singapore Exchange Ltd (SGX)

Company Spotlight: Marco Polo Marine

Company Spotlight: Marco Polo Marine

Singapore Exchange Ltd (SGX)

Seatrium – Overhang Remains but Huge Option Value

Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.

Rikki Malik

Singapore Market Roundup (10-Dec-2025): Analysts expect strong growth potential for LHN.

Analysts see growth for LHN; RHB raises Centurion's TP to $1.86, factoring in Perth PBSA. CAREIT offers good diversification and yields, per RHB.

Singapore Market Roundup

Singapore Market Roundup (09-Dec-2025): RHB raises Centurion's target price to $1.86 with Perth

RHB raises Centurion's target price to $1.86, highlights Perth PBSA project, and sees CAREIT as a strong diversification with good yields; LHN...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

kopi-C with Marco Polo Marine’s CEO: ‘We want to be an offshore wind leader in Asia’

Marco Polo Marine shifted focus to the offshore wind sector in Asia, achieving profitability with S$123.5 million revenue and S$21.7 million...

Singapore Exchange Ltd (SGX)

Company Spotlight: Marco Polo Marine

Company Spotlight: Marco Polo Marine

Singapore Exchange Ltd (SGX)

Seatrium – Overhang Remains but Huge Option Value

​Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.

Rikki Malik

Singapore Market Roundup (10-Dec-2025): Analysts expect strong growth potential for LHN.

Analysts see growth for LHN; RHB raises Centurion's TP to $1.86, factoring in Perth PBSA. CAREIT offers good diversification and yields, per RHB.

Singapore Market Roundup

Singapore Market Roundup (09-Dec-2025): RHB raises Centurion's target price to $1.86 with Perth

RHB raises Centurion's target price to $1.86, highlights Perth PBSA project, and sees CAREIT as a strong diversification with good yields; LHN...

Singapore Market Roundup

Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.