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>Combined 1Q26 non-interest income for DBS, OCBC, and UOB reached S$5.16 billion, accounting for 39% of total income.</li><li>The trio reported 1Q26 net interest income of S$8.04 billion, marking the fourteenth consecutive quarter above S$8.0 billion.</li><li>Asset quality remained stable with unchanged NPL ratios in 1Q26, supported by low NPA formation and disciplined provisioning.</li></ul>

Combined 1Q26 non-interest income for DBS, OCBC, and UOB reached S$5.16 billion, accounting for 39% of total income.The trio reported 1Q26 net interest income of S$8.04 billion, marking the fourteenth consecutive quarter above S$8.0 billion.Asset quality remained stable with unchanged NPL ratios in 1Q26, supported by low NPA formation and disciplined provisioning.

<ul><li>Over 50 primary-listed Singapore stocks repurchased S$911M in shares in 4M26, up from S$750M in 4M25.</li><li>Singtel, OCBC, and Keppel led buybacks with a combined S$636M, while non-STI stocks contributed S$28.5M.</li><li>Hong Lai Huat repurchased 35.3M shares, 6.8% of capital, with FY25 buybacks at S$0.086 per share.</li></ul>

Over 50 primary-listed Singapore stocks repurchased S$911M in shares in 4M26, up from S$750M in 4M25.Singtel, OCBC, and Keppel led buybacks with a combined S$636M, while non-STI stocks contributed S$28.5M.Hong Lai Huat repurchased 35.3M shares, 6.8% of capital, with FY25 buybacks at S$0.086 per share.

Buyback Consideration Surpasses S$900M in Early 2026

Private Markets Research and Data, Reimagined, pvtIQ

Ben Lim

Private Markets Research and Data, Reimagined

pvtIQ

pvtIQ leverages Smartkarma’s technology and distribution to deliver high-quality research and data on Asian private markets.

Private Capital Markets

<ul>
<li>
Ecosystem-Driven Strategy: As the digital banking subsidiary of Sea Limited, MariBank leverages a high-efficiency customer acquisition model by embedding its financial services directly into the Shopee ecosystem.</li>
<li dir="ltr" style="list-style-type: disc;" aria-level="1">
Rapid Market Traction: Since its soft-launch in March 2023, the bank has demonstrated exponential growth, scaling its deposit base from S$2 million (2022) to S$1.5 billion (2024), adapting to market needs and adhering to regulatory progression requirements.</li>
<li>
Product Differentiation via Simplicity: In contrast to peers like GXS Bank that utilize loyalty programmes and Trust Bank that gamifies rewards, MariBank Singapore (“MariBank”) captures market share through radical transparency, simplicity and speed.</li>
</ul>



Ecosystem-Driven Strategy: As the digital banking subsidiary of Sea Limited, MariBank leverages a high-efficiency customer acquisition model by embedding its financial services directly into the Shopee ecosystem.

Rapid Market Traction: Since its soft-launch in March 2023, the bank has demonstrated exponential growth, scaling its deposit base from S$2 million (2022) to S$1.5 billion (2024), adapting to market needs and adhering to regulatory progression requirements.

Product Differentiation via Simplicity: In contrast to peers like GXS Bank that utilize loyalty programmes and Trust Bank that gamifies rewards, MariBank Singapore (“MariBank”) captures market share through radical transparency, simplicity and speed.


MariBank Singapore: Leveraging Integration and Growth (Initiation)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/oversea-chinese-banking-corp">OCBC</a> is a well-diversified financial services group with a strong presence in ASEAN and Greater China, underpinned by its core banking, wealth management (Bank of Singapore), and insurance (Great Eastern Holdings) businesses.</li>
 <li>The bank is pursuing a 'One Group' strategy to enhance synergies across its segments and geographies, focusing on capturing trade, investment, and wealth flows in Asia. However, its new 'Next Frontier' strategy lacks clear targets, creating uncertainty around future capital returns.</li>
 <li>While demonstrating solid loan growth and strong performance in wealth management, the company faces headwinds from a guided reduction in its dividend payout ratio from FY26 onwards and potential margin pressure from competition and interest rate fluctuations.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
OCBC is a well-diversified financial services group with a strong presence in ASEAN and Greater China, underpinned by its core banking, wealth management (Bank of Singapore), and insurance (Great Eastern Holdings) businesses.
  The bank is pursuing a 'One Group' strategy to enhance synergies across its segments and geographies, focusing on capturing trade, investment, and wealth flows in Asia. However, its new 'Next Frontier' strategy lacks clear targets, creating uncertainty around future capital returns.
  While demonstrating solid loan growth and strong performance in wealth management, the company faces headwinds from a guided reduction in its dividend payout ratio from FY26 onwards and potential margin pressure from competition and interest rate fluctuations.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Singapore

OCBC Bank is a Singaporean multinational banking and financial services corporation. It offers a comprehensive suite of services including consumer, corporate, investment, and private banking, alongside insurance, asset management, and stockbroking. The company is headquartered in Singapore and was founded on October 31, 1932.

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OCBC Bank (OCBC SP)

STI Banks Beat 1Q26 on Strong NOII

Combined 1Q26 non-interest income for DBS, OCBC, and UOB reached S$5.16 billion, accounting for 39% of total income. The trio reported 1Q26 net...

Singapore Exchange Ltd (SGX)

Buyback Consideration Surpasses S$900M in Early 2026

Over 50 primary-listed Singapore stocks repurchased S$911M in shares in 4M26, up from S$750M in 4M25. Singtel, OCBC, and Keppel led buybacks with...

Singapore Exchange Ltd (SGX)

MariBank Singapore: Leveraging Integration and Growth (Initiation)

Ecosystem-Driven Strategy: As the digital banking subsidiary of Sea Limited, MariBank leverages a high-efficiency customer acquisition model by...

pvtIQ

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Primer: OCBC (OCBC SP) - Apr 2026

OCBC is a well-diversified financial services group with a strong presence in ASEAN and Greater China, underpinned by its core banking, wealth...

αSK

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