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>SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.</li><li>Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global's 50% share price increase.</li><li>Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.</li></ul>

SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global's 50% share price increase.Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.

Fundamentals Driving Recent SMID Institutional Flows

<ul><li>The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows.</li><li>ST Engineering achieved a 78% total return, driven by diversified business and strategic digital investments.</li><li>OKP Holdings' share price surged 200% YTD, supported by a S$736M order book and AI-driven automation.</li></ul>

The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows.ST Engineering achieved a 78% total return, driven by diversified business and strategic digital investments.OKP Holdings' share price surged 200% YTD, supported by a S$736M order book and AI-driven automation.

Industrials Lead the Charge: FTSE ST Industrials Outpaced STI Since February

<ul><li>In 2025, Singapore's Industrials sector saw increased trading activity, with over one-third experiencing over 50% ADT growth.  </li><li>ST Engineering led the STI in performance, supported by diversified revenue streams and investments in digital technologies.  </li><li>OKP Holdings reported a 95% share price gain, driven by technology integration, productivity boosts, and geographical diversification.</li></ul>

In 2025, Singapore's Industrials sector saw increased trading activity, with over one-third experiencing over 50% ADT growth.  ST Engineering led the STI in performance, supported by diversified revenue streams and investments in digital technologies.  OKP Holdings reported a 95% share price gain, driven by technology integration, productivity boosts, and geographical diversification.

Industrial Evolution: Adapting to Policies and Innovation

<ul><li>OKP Holdings reported a 135.4% increase in gross profit for FY2024 to S$58.2 million, with a gross profit margin of 32.0%.</li><li>The construction and maintenance segments generated revenues of S$114.0 million and S$61.7 million, respectively, in FY2024.</li><li>OKP's order book stands at S$600.7 million, supported by a strong balance sheet with S$124.3 million in cash.</li></ul>

OKP Holdings reported a 135.4% increase in gross profit for FY2024 to S$58.2 million, with a gross profit margin of 32.0%.The construction and maintenance segments generated revenues of S$114.0 million and S$61.7 million, respectively, in FY2024.OKP's order book stands at S$600.7 million, supported by a strong balance sheet with S$124.3 million in cash.

10 in 10 with OKP Holdings - Charting Growth in Construction

<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 

Singapore

OKP Holdings Ltd is a road builder and construction company which, with its subsidiaries, construct urban and arterial roads, expressways, vehicular bridges and flyovers. The Group also reconstructs work performed on roads, road reserves, pavements, footpaths and kerb, guardrails, railings, drains, signboards as well as bus bays and shelters.

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OKP Holdings (OKP SP)

Fundamentals Driving Recent SMID Institutional Flows

SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25. Technology sector led...

Singapore Exchange Ltd (SGX)

Industrials Lead the Charge: FTSE ST Industrials Outpaced STI Since February

The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows. ST Engineering achieved a 78% total return,...

Singapore Exchange Ltd (SGX)

Industrial Evolution: Adapting to Policies and Innovation

In 2025, Singapore's Industrials sector saw increased trading activity, with over one-third experiencing over 50% ADT growth. ST Engineering led...

Singapore Exchange Ltd (SGX)

10 in 10 with OKP Holdings - Charting Growth in Construction

OKP Holdings reported a 135.4% increase in gross profit for FY2024 to S$58.2 million, with a gross profit margin of 32.0%. The construction and...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Fundamentals Driving Recent SMID Institutional Flows

SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25. Technology sector led...

Singapore Exchange Ltd (SGX)

Industrials Lead the Charge: FTSE ST Industrials Outpaced STI Since February

The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows. ST Engineering achieved a 78% total return,...

Singapore Exchange Ltd (SGX)

Industrial Evolution: Adapting to Policies and Innovation

In 2025, Singapore's Industrials sector saw increased trading activity, with over one-third experiencing over 50% ADT growth. ST Engineering led...

Singapore Exchange Ltd (SGX)

10 in 10 with OKP Holdings - Charting Growth in Construction

OKP Holdings reported a 135.4% increase in gross profit for FY2024 to S$58.2 million, with a gross profit margin of 32.0%. The construction and...

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)