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>In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion.</li><li>Over the first four months of 2025, the STI banks led share buybacks with a combined S$550 million consideration.</li><li>DBS, UOB, and OCBC have announced capital management initiatives including share buybacks and special dividends for 2025.</li></ul>

In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion.Over the first four months of 2025, the STI banks led share buybacks with a combined S$550 million consideration.DBS, UOB, and OCBC have announced capital management initiatives including share buybacks and special dividends for 2025.

STI Banks Report Robust 1Q25 Financial Performance

<ul><li>Retail investors net bought S$1.165 billion in Singapore stocks in early April, primarily DBS, OCBC, and UOB.</li><li>Retail net buying reversed by S$253 million after April 14, with Singtel being the most net sold stock.</li><li>IMF downgraded 2025 global growth outlook to 2.8%, citing trade tensions and potential impacts on ASEAN growth.</li></ul>

Retail investors net bought S$1.165 billion in Singapore stocks in early April, primarily DBS, OCBC, and UOB.Retail net buying reversed by S$253 million after April 14, with Singtel being the most net sold stock.IMF downgraded 2025 global growth outlook to 2.8%, citing trade tensions and potential impacts on ASEAN growth.

Retail Investors' Bold Moves Amid STI's Volatile April

<ul><li>Net institutional outflow for Singapore stocks narrowed to S$18 million from March 14-20, totaling S$1.47 billion YTD.  </li><li>Oversea-Chinese Banking Corporation led share buybacks with 1.05 million shares at S$16.85 each, totaling S$29.8 million.  </li><li>Hosen Group's FY24 revenue increased 8.1% to S$72.75 million, with net profit doubling to S$1.974 million.</li></ul>

Net institutional outflow for Singapore stocks narrowed to S$18 million from March 14-20, totaling S$1.47 billion YTD.  Oversea-Chinese Banking Corporation led share buybacks with 1.05 million shares at S$16.85 each, totaling S$29.8 million.  Hosen Group's FY24 revenue increased 8.1% to S$72.75 million, with net profit doubling to S$1.974 million.

Daniel Lim Increases Stake in Hosen Group

<ul><li>The combined weightage of DBS, OCBC, and UOB in the Straits Times Index increased to 54.3%.</li><li>Analysts revised the 12-month Consensus Estimate Target Prices for DBS, OCBC, and UOB upwards in 2024.</li><li>DBS launched a S$3 billion share buyback program, marking its first share cancellation after buybacks.</li></ul>

The combined weightage of DBS, OCBC, and UOB in the Straits Times Index increased to 54.3%.Analysts revised the 12-month Consensus Estimate Target Prices for DBS, OCBC, and UOB upwards in 2024.DBS launched a S$3 billion share buyback program, marking its first share cancellation after buybacks.

Upcoming Earnings Reports: DBS, OCBC, and UOB in Focus

Singapore Telecommunications / Equity Bottom-Up

<ul><li>Banks DBS, OCBC, and UOB, accounting for 54% of STI's weight, averaged 3.2% returns in January 2025.  </li><li>Institutions were net sellers of Singapore stocks, with a net outflow exceeding S$500 million in January 2025.  </li><li>Keppel Pacific Oak REIT led the S-REIT sector with a 17.1% return in USD terms in January 2025.</li></ul>

Banks DBS, OCBC, and UOB, accounting for 54% of STI's weight, averaged 3.2% returns in January 2025.  Institutions were net sellers of Singapore stocks, with a net outflow exceeding S$500 million in January 2025.  Keppel Pacific Oak REIT led the S-REIT sector with a 17.1% return in USD terms in January 2025.

STI Begins New Year with 1.8% Return, Led by Singtel & Seatrium

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 Report Robust 1Q25 Financial Performance

In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion. Over the first...

Singapore Exchange Ltd (SGX)

Retail Investors' Bold Moves Amid STI's Volatile April

Retail investors net bought S$1.165 billion in Singapore stocks in early April, primarily DBS, OCBC, and UOB. Retail net buying reversed by S$253...

Singapore Exchange Ltd (SGX)

Daniel Lim Increases Stake in Hosen Group

Net institutional outflow for Singapore stocks narrowed to S$18 million from March 14-20, totaling S$1.47 billion YTD. Oversea-Chinese Banking...

Singapore Exchange Ltd (SGX)

Upcoming Earnings Reports: DBS, OCBC, and UOB in Focus

The combined weightage of DBS, OCBC, and UOB in the Straits Times Index increased to 54.3%. Analysts revised the 12-month Consensus Estimate...

Singapore Exchange Ltd (SGX)

STI Begins New Year with 1.8% Return, Led by Singtel & Seatrium

Banks DBS, OCBC, and UOB, accounting for 54% of STI's weight, averaged 3.2% returns in January 2025. Institutions were net sellers of Singapore...

Singapore Exchange Ltd (SGX)

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