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>Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62.  </li><li>Non-REIT SMIDs with ROEs above 10% showed a median ROE of 29.8% and median P/B of 2.9x.  </li><li>S-REITs had lower ROEs, with Alpha Integrated REIT at 13.2%, influenced by distribution yields and asset quality.</li></ul>

Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62.  Non-REIT SMIDs with ROEs above 10% showed a median ROE of 29.8% and median P/B of 2.9x.  S-REITs had lower ROEs, with Alpha Integrated REIT at 13.2%, influenced by distribution yields and asset quality.

Capital Efficiency Continued to Support SGX SMID Valuations 

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>MoneyMax Financial Services Ltd. (“MoneyMax”) is a financial services provider, retailer and trader of luxury products in Southeast Asia.</li><li><div>The Group provides both pawnbroking services as well as secured financing services to its customers.</div></li><li><div>Headquartered in Singapore and listed on the Mainboard of the Singapore Exchange (“SGX”), the Group currently has a network of over 110 outlets across Singapore and Malaysia, making it one of the largest pawnbroking and retail chains in the region.</div></li></ul>

MoneyMax Financial Services Ltd. (“MoneyMax”) is a financial services provider, retailer and trader of luxury products in Southeast Asia.The Group provides both pawnbroking services as well as secured financing services to its customers.Headquartered in Singapore and listed on the Mainboard of the Singapore Exchange (“SGX”), the Group currently has a network of over 110 outlets across Singapore and Malaysia, making it one of the largest pawnbroking and retail chains in the region.

MoneyMax Financial Services - Initiating Coverage (24 July 2026)

Thematic (Sector/Industry)

<ul><li>Singapore’s luxury goods sector remains supported by a combination of cyclical recovery and structural growth drivers.</li><li>While global luxury demand has softened, the outlook for Singapore continues to stand out, underpinned by resilient tourism inflows and a rapidly expanding UHNW population.</li><li>Recent data also points to sustained strength in luxury consumption, with sales of watches and jewellery rising by 6.2% y-o-y in March, outperforming total retail sales growth of 4.8% y-o-y. </li></ul>

Singapore’s luxury goods sector remains supported by a combination of cyclical recovery and structural growth drivers.While global luxury demand has softened, the outlook for Singapore continues to stand out, underpinned by resilient tourism inflows and a rapidly expanding UHNW population.Recent data also points to sustained strength in luxury consumption, with sales of watches and jewellery rising by 6.2% y-o-y in March, outperforming total retail sales growth of 4.8% y-o-y. 

<ul><li>Institutions were net sellers of Singapore stocks, with a net outflow of S$631 million from April 17-23.  </li><li>Singtel led share buybacks, purchasing 15.2 million shares under its S$2 billion value realisation programme.  </li><li>CICT raised S$750 million via private placement to finance the acquisition of Paragon on Orchard Road.</li></ul>

Institutions were net sellers of Singapore stocks, with a net outflow of S$631 million from April 17-23.  Singtel led share buybacks, purchasing 15.2 million shares under its S$2 billion value realisation programme.  CICT raised S$750 million via private placement to finance the acquisition of Paragon on Orchard Road.

JEP, XMH Chairs Up Stakes; AGT Becomes OKP Substantial Shareholder; MoneyMax Placement

<ul><li>January saw S$17 million net institutional outflows in Singapore-listed Consumer Cyclical stocks, with MoneyMax, ValueMax, and Aspial Lifestyle drawing S$8.5 million inflows.</li><li>MoneyMax led with S$4.0 million inflow, 53% share price surge, and applied to transfer from Catalist to Mainboard.</li><li>ValueMax and Aspial Lifestyle recorded S$2.7 million and S$1.8 million inflows, with 18% and 30% price gains respectively.</li></ul>

January saw S$17 million net institutional outflows in Singapore-listed Consumer Cyclical stocks, with MoneyMax, ValueMax, and Aspial Lifestyle drawing S$8.5 million inflows.MoneyMax led with S$4.0 million inflow, 53% share price surge, and applied to transfer from Catalist to Mainboard.ValueMax and Aspial Lifestyle recorded S$2.7 million and S$1.8 million inflows, with 18% and 30% price gains respectively.

Trio of Gold‑Linked Financial Retailers Topped January Consumer‑Cyclical Inflows

Singapore

MoneyMax Financial Services is a leading financial services provider, retailer, and trader of luxury products in Southeast Asia. The company's core business segments include pawnbroking, retail and trading of gold and luxury items, and secured lending for automotive and property financing. It also offers general insurance and operates an online platform for shopping, selling, and appraising valuables. Headquartered in Singapore, the company was founded in 2008.

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MoneyMax (MMFS SP)

Capital Efficiency Continued to Support SGX SMID Valuations

Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62. Non-REIT SMIDs with ROEs above 10%...

Singapore Exchange Ltd (SGX)

MoneyMax Financial Services - Initiating Coverage (24 July 2026)

MoneyMax Financial Services Ltd. (“MoneyMax”) is a financial services provider, retailer and trader of luxury products in Southeast Asia.

FPA Financial

Singapore Luxury Goods Market View

Singapore’s luxury goods sector remains supported by a combination of cyclical recovery and structural growth drivers. While global luxury demand...

FPA Financial

JEP, XMH Chairs Up Stakes; AGT Becomes OKP Substantial Shareholder; MoneyMax Placement

Institutions were net sellers of Singapore stocks, with a net outflow of S$631 million from April 17-23. Singtel led share buybacks, purchasing...

Singapore Exchange Ltd (SGX)

Trio of Gold‑Linked Financial Retailers Topped January Consumer‑Cyclical Inflows

January saw S$17 million net institutional outflows in Singapore-listed Consumer Cyclical stocks, with MoneyMax, ValueMax, and Aspial Lifestyle...

Singapore Exchange Ltd (SGX)

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