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 economy grew 4.6% YoY in 1Q26, with businesses focusing on margin protection and inventory management amid rising costs.</li><li>April net institutional inflows favored Industrials, Technology, and Utilities, with notable inflows into semiconductor manufacturing and testing sectors.</li><li>Sembcorp Industries led April inflows, with significant energy platform capacity; Oiltek saw record share price gains and improved liquidity.</li></ul>

Singapore's economy grew 4.6% YoY in 1Q26, with businesses focusing on margin protection and inventory management amid rising costs.April net institutional inflows favored Industrials, Technology, and Utilities, with notable inflows into semiconductor manufacturing and testing sectors.Sembcorp Industries led April inflows, with significant energy platform capacity; Oiltek saw record share price gains and improved liquidity.

Singapore Growth Conditions and Recent Institutional Positioning

Equity Analyst, TMT & Energy Specialist

HL Tan

Thematic (Sector/Industry)

Change is the only constant, likewise visible in the once deemed 'predictable' and 'boring' telecommunications sector. This is an add-on to Toh Zhen Zhou's <a href="https://www.smartkarma.com/insights/singapore-telcos-three-bids-for-4th-mobile-license-and-this-is-just-the-beginning" target="_blank" data-smartkarma-citation="insights:5611">Singapore Telcos - Three Bids for 4th Mobile License and This Is Just the Beginning</a>.May the 4th be with you. Share prices of incumbent telecom operators' (Singtel, StarHub and M1)  have declined ~1-5% in the past week vs. FSSTI +2% wow. This was after IDA announced 3 applicants for the new 4th mobile operator license in Singapore, namely from…

Change is the only constant, likewise visible in the once deemed 'predictable' and 'boring' telecommunications sector. This is an add-on to Toh Zhen Zhou's Singapore Telcos - Three Bids for 4th Mobile License and This Is Just the Beginning.May the 4th be with you. Share prices of incumbent telecom operators' (Singtel, StarHub and M1)  have declined ~1-5% in the past week vs. FSSTI +2% wow. This was after IDA announced 3 applicants for the new 4th mobile operator license in Singapore, namely from…

Singapore Telcos - What's Next? Evaluating the 'new' New Entrant Aftermath.

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

The rise of data usage in Emerging Markets delivers increased benefits of scale to operators. Capex and spectrum holdings become key weapons to gain market share. This tends to play well for large incumbents; large dominant telcos are increasing their dominance. With increased share of profits flowing to a dominant player, returns for the smaller players can fall to unsustainable levels. &nbsp;A number of outcomes are possible.<ol><li>If the government does not own a large stake in the dominant player then asymmetric regulation is likely to benefit the smaller players.&nbsp;</li><li>Where the government owns a stake in the dominant player, asymmetric regulation is less likely and instead a deeper consolidation of smaller players may be allowed.&nbsp;</li><li>In markets where existing players generate high returns we see a risk of new entry to erode returns. Small cell challengers are likely to be part of this picture.&nbsp;</li></ol>&nbsp;

The rise of data usage in Emerging Markets delivers increased benefits of scale to operators. Capex and spectrum holdings become key weapons to gain market share. This tends to play well for large incumbents; large dominant telcos are increasing their dominance. With increased share of profits flowing to a dominant player, returns for the smaller players can fall to unsustainable levels. &nbsp;A number of outcomes are possible.If the government does not own a large stake in the dominant player then asymmetric regulation is likely to benefit the smaller players.&nbsp;Where the government owns a stake in the dominant player, asymmetric regulation is less likely and instead a deeper consolidation of smaller players may be allowed.&nbsp;In markets where existing players generate high returns we see a risk of new entry to erode returns. Small cell challengers are likely to be part of this picture.&nbsp;&nbsp;

The Urge to Merge - EM Telcos Look at Consolidation

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. </li>
<li>
<a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> subsidiary, <a href="https://www.smartkarma.com/entities/vicom-ltd" target="_blank" data-smartkarma-citation="entities:19020:1" rel="noopener">Vicom Ltd (VCM SP)</a> is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.</li>
<li>It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  </li>
</ul>


Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. 

Comfortdelgro Corp (CD SP) subsidiary, Vicom Ltd (VCM SP) is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.
It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  


Comfortdelgro (CD): Growth Evident and Cheap

<ul><li>The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%.</li><li>SIA Engineering and Singapore Land Group achieved highest gains among non-STI stocks with market capitalisation above S$3 billion.</li><li>Sheng Siong Group reported a 15% total return for 2025 to June 6, with increased revenue and net profit.</li></ul>

The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%.SIA Engineering and Singapore Land Group achieved highest gains among non-STI stocks with market capitalisation above S$3 billion.Sheng Siong Group reported a 15% total return for 2025 to June 6, with increased revenue and net profit.

The Broader Beat: Market Movers Beyond the Benchmark

Singapore

NetLink NBN Trust designs, builds, owns, and operates Singapore's passive fibre network infrastructure, forming the foundation of the nation's Next Generation Nationwide Broadband Network. This infrastructure, comprising ducts, manholes, fibre cables, and central offices, is leased to telecommunication service providers for nationwide internet access. Headquartered in Singapore, the company was listed on the Singapore Exchange in 2017.

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NetLink NBN (NETLINK SP)

Singapore Growth Conditions and Recent Institutional Positioning

Singapore's economy grew 4.6% YoY in 1Q26, with businesses focusing on margin protection and inventory management amid rising costs. April net...

Singapore Exchange Ltd (SGX)

Singapore Telcos - What's Next? Evaluating the 'new' New Entrant Aftermath.

Change is the only constant, likewise visible in the once deemed 'predictable' and 'boring' telecommunications sector. This is an add-on to Toh...

HL Tan

The Urge to Merge - EM Telcos Look at Consolidation

The rise of data usage in Emerging Markets delivers increased benefits of scale to operators. Capex and spectrum holdings become key weapons to...

New Street Research

Comfortdelgro (CD): Growth Evident and Cheap

Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...

Henry Soediarko

The Broader Beat: Market Movers Beyond the Benchmark

The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%. SIA Engineering and Singapore Land Group achieved...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Growth Conditions and Recent Institutional Positioning

Singapore's economy grew 4.6% YoY in 1Q26, with businesses focusing on margin protection and inventory management amid rising costs. April net...

Singapore Exchange Ltd (SGX)

Singapore Telcos - What's Next? Evaluating the 'new' New Entrant Aftermath.

Change is the only constant, likewise visible in the once deemed 'predictable' and 'boring' telecommunications sector. This is an add-on to Toh...

HL Tan

The Urge to Merge - EM Telcos Look at Consolidation

The rise of data usage in Emerging Markets delivers increased benefits of scale to operators. Capex and spectrum holdings become key weapons to...

New Street Research

Comfortdelgro (CD): Growth Evident and Cheap

​Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...

Henry Soediarko

The Broader Beat: Market Movers Beyond the Benchmark

The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%. SIA Engineering and Singapore Land Group achieved...

Singapore Exchange Ltd (SGX)

Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...