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>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

<ul><li>Institutions net bought Industrials, Real Estate, Telecommunications, Consumer Cyclicals, Technology, Consumer Non-Cyclicals, and Materials & Resources sectors on SGX.</li><li>Valuemax Group's 34.8 million share block trade broadened institutional ownership, with a 6.5% discount to closing price.</li><li>Marco Polo Marine's S$21 million placement aims for fleet expansion and liquidity improvement, with a premium to NTA.</li></ul>

Institutions net bought Industrials, Real Estate, Telecommunications, Consumer Cyclicals, Technology, Consumer Non-Cyclicals, and Materials & Resources sectors on SGX.Valuemax Group's 34.8 million share block trade broadened institutional ownership, with a 6.5% discount to closing price.Marco Polo Marine's S$21 million placement aims for fleet expansion and liquidity improvement, with a premium to NTA.

Liquidity & Capital: Institutional Participation Continues to Broaden across SGX

<ul><li>Yangzijiang Maritime Development closed Nov 21 at S$0.67, up 12% from its S$0.60 offer price.</li><li>CSE Global led 2H25 net institutional inflows with S$47.5 million, achieving a 70% total return.</li><li>Addvalue Technologies recorded a 207% price gain in 2H25, with S$5.2 million net institutional inflow.</li></ul>

Yangzijiang Maritime Development closed Nov 21 at S$0.67, up 12% from its S$0.60 offer price.CSE Global led 2H25 net institutional inflows with S$47.5 million, achieving a 70% total return.Addvalue Technologies recorded a 207% price gain in 2H25, with S$5.2 million net institutional inflow.

New FTSE ST All-Share Index Inclusion and Recent Institutional Inflow Highlights 

<ul><li>Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.</li><li>Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.</li><li>Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.</li></ul>

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.

Institutions Chalk Up S$480M in Net Buying in Early October

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

<ul><li>Marco Polo Marine Ltd (“MPML”) is a marine logistics company that engages in shipping and shipyard operations.</li><li>MPML’s shipping business relates to the chartering of Offshore Supply Vessels (“OSVs”) in regional waters, e.g., Thailand, Malaysia, Indonesia, and Taiwan.</li><li>MPML also charters offshore wind vessels as well as tugboats &amp; barges. </li></ul>

Marco Polo Marine Ltd (“MPML”) is a marine logistics company that engages in shipping and shipyard operations.MPML’s shipping business relates to the chartering of Offshore Supply Vessels (“OSVs”) in regional waters, e.g., Thailand, Malaysia, Indonesia, and Taiwan.MPML also charters offshore wind vessels as well as tugboats &amp; barges. 

Initiating Coverage: Marco Polo Marine Ltd

Singapore

Marco Polo Marine is an integrated marine logistics group providing ship chartering, shipyard operations, and offshore wind services. The company charters offshore support vessels, tugboats, and barges, and offers shipbuilding, maintenance, repair, and conversion services. Headquartered in Singapore, it was founded in 1991.

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Marco Polo Marine (MPM SP)

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)

Liquidity & Capital: Institutional Participation Continues to Broaden across SGX

Institutions net bought Industrials, Real Estate, Telecommunications, Consumer Cyclicals, Technology, Consumer Non-Cyclicals, and Materials &...

Singapore Exchange Ltd (SGX)

Institutions Chalk Up S$480M in Net Buying in Early October

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying. Marco Polo Marine...

Singapore Exchange Ltd (SGX)

Initiating Coverage: Marco Polo Marine Ltd

Marco Polo Marine Ltd (“MPML”) is a marine logistics company that engages in shipping and shipyard operations. MPML’s shipping business relates to...

FPA Financial

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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)

Liquidity & Capital: Institutional Participation Continues to Broaden across SGX

Institutions net bought Industrials, Real Estate, Telecommunications, Consumer Cyclicals, Technology, Consumer Non-Cyclicals, and Materials &...

Singapore Exchange Ltd (SGX)

New FTSE ST All-Share Index Inclusion and Recent Institutional Inflow Highlights

Yangzijiang Maritime Development closed Nov 21 at S$0.67, up 12% from its S$0.60 offer price. CSE Global led 2H25 net institutional inflows with...

Singapore Exchange Ltd (SGX)

Institutions Chalk Up S$480M in Net Buying in Early October

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying. Marco Polo Marine...

Singapore Exchange Ltd (SGX)

Initiating Coverage: Marco Polo Marine Ltd

Marco Polo Marine Ltd (“MPML”) is a marine logistics company that engages in shipping and shipyard operations. MPML’s shipping business relates to...

FPA Financial