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>SGX's 10-share board lot initiative saw over 20,000 trades in 10-share lots, surpassing 100-share trades.</li><li>Jardine Matheson Holdings had strong adoption with one-third of trades in 10-share lots, median size 20 shares.</li><li>Liquidity remained stable; 8 of 11 stocks recorded higher average daily turnover than on 2 October.</li></ul>

SGX's 10-share board lot initiative saw over 20,000 trades in 10-share lots, surpassing 100-share trades.Jardine Matheson Holdings had strong adoption with one-third of trades in 10-share lots, median size 20 shares.Liquidity remained stable; 8 of 11 stocks recorded higher average daily turnover than on 2 October.

10-Share Lots See Immediate Uptake in First 11 Stocks

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS: Higher inflation will boost Parkway Life REIT's income.</li><li>UOBKH and RHB raise Delfi's target prices as cocoa prices decline.</li><li>Maybank holds 'neutral' on Q&amp;M; M&amp;A execution vital for growth strategy.</li></ul>

DBS: Higher inflation will boost Parkway Life REIT's income.UOBKH and RHB raise Delfi's target prices as cocoa prices decline.Maybank holds 'neutral' on Q&amp;M; M&amp;A execution vital for growth strategy.

Singapore Market Roundup (14-Apr-2026): DBS: Higher inflation to increase Parkway Life REIT

<ul><li>Tickrs keeps 'buy' rating on Hafary, with a target price of 58 cents post pullback.</li><li>DBS keeps US$2 target on UltraGreen.ai; tariffs create buying opportunity.</li><li>CGSI and DBS uphold bullish targets for Nam Cheong after RM102.5 mil contracts.</li></ul>

Tickrs keeps 'buy' rating on Hafary, with a target price of 58 cents post pullback.DBS keeps US$2 target on UltraGreen.ai; tariffs create buying opportunity.CGSI and DBS uphold bullish targets for Nam Cheong after RM102.5 mil contracts.

Singapore Market Roundup (07-Apr-2026): Tickrs maintains 'buy' on Hafary, target price 58 cents.

<ul><li>uSmart rates GuocoLand as 'buy' with a target price offering 30% upside.</li><li>UOBKH's Loh raises YZJ target price to $4.75 after Seaspan's $825.7M stake.</li><li>JP Morgan downgrades OCBC, lowers DBS target, and raises SGX target.</li></ul>

uSmart rates GuocoLand as 'buy' with a target price offering 30% upside.UOBKH's Loh raises YZJ target price to $4.75 after Seaspan's $825.7M stake.JP Morgan downgrades OCBC, lowers DBS target, and raises SGX target.

Singapore Market Roundup (06-Apr-2026): uSmart rates GuocoLand 'buy', targeting 30% upside.

Equity Analyst

Ravi Kumar

<ul>
<li>The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.</li>
<li>Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.</li>
<li>Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.</li>
</ul>


The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.
Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.
Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.


Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

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)

Singapore Market Roundup (14-Apr-2026): DBS: Higher inflation to increase Parkway Life REIT

DBS expects higher inflation to increase Parkway Life REIT's income. UOBKH and RHB raise Delfi's targets as cocoa prices fall; Maybank stays...

Singapore Market Roundup

Singapore Market Roundup (07-Apr-2026): Tickrs maintains 'buy' on Hafary, target price 58 cents.

Tickrs maintains 'buy' on Hafary with a 58-cent target. DBS holds US$2 on UltraGreen.ai; tariffs offer a buying chance. CGSI and DBS remain bullish...

Singapore Market Roundup

Singapore Market Roundup (06-Apr-2026): uSmart rates GuocoLand 'buy', targeting 30% upside.

uSmart rates GuocoLand as 'buy' with 30% upside. UOBKH raises YZJ target to $4.75. JP Morgan downgrades OCBC, lowers DBS, and raises SGX target.

Singapore Market Roundup

Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...

Ravi Kumar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

10-Share Lots See Immediate Uptake in First 11 Stocks

SGX's 10-share board lot initiative saw over 20,000 trades in 10-share lots, surpassing 100-share trades. Jardine Matheson Holdings had strong...

Singapore Exchange Ltd (SGX)

Singapore Market Roundup (14-Apr-2026): DBS: Higher inflation to increase Parkway Life REIT

DBS expects higher inflation to increase Parkway Life REIT's income. UOBKH and RHB raise Delfi's targets as cocoa prices fall; Maybank stays...

Singapore Market Roundup

Singapore Market Roundup (07-Apr-2026): Tickrs maintains 'buy' on Hafary, target price 58 cents.

Tickrs maintains 'buy' on Hafary with a 58-cent target. DBS holds US$2 on UltraGreen.ai; tariffs offer a buying chance. CGSI and DBS remain bullish...

Singapore Market Roundup

Singapore Market Roundup (06-Apr-2026): uSmart rates GuocoLand 'buy', targeting 30% upside.

uSmart rates GuocoLand as 'buy' with 30% upside. UOBKH raises YZJ target to $4.75. JP Morgan downgrades OCBC, lowers DBS, and raises SGX target.

Singapore Market Roundup

Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

​The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...

Ravi Kumar

The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...