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 non-interest income for DBS, OCBC, and UOB rose to S$5.72 billion in 2Q26, accounting for 41% of total income.</li><li>Combined net interest income for the trio was S$8.14 billion in 2Q26, marking the 15th consecutive quarter above S$8 billion.</li><li>Asset quality remained stable in 2Q26, with NPL ratios at 1.0% for DBS, 0.9% for OCBC, and 1.6% for UOB.</li></ul>

Combined non-interest income for DBS, OCBC, and UOB rose to S$5.72 billion in 2Q26, accounting for 41% of total income.Combined net interest income for the trio was S$8.14 billion in 2Q26, marking the 15th consecutive quarter above S$8 billion.Asset quality remained stable in 2Q26, with NPL ratios at 1.0% for DBS, 0.9% for OCBC, and 1.6% for UOB.

STI Banks' Combined NOII Reaches Record S$5.72 Billion in 2Q26

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Combating climate change is a global imperative, and is particularly urgent for Southeast Asia which faces a disproportionate share of the adverse physical, social, and economic impacts.</li>
<li>ASEAN nations have demonstrated a strong commitment to climate action and have made real progress in certain areas, but require substantial climate financing to achieve their targets.</li>
<li>All regional ASEAN banks will play a critical role in climate finance, but those at the forefront of sustainable/green finance are poised to benefit from the region's climate transition.</li>
</ul>


Combating climate change is a global imperative, and is particularly urgent for Southeast Asia which faces a disproportionate share of the adverse physical, social, and economic impacts.
ASEAN nations have demonstrated a strong commitment to climate action and have made real progress in certain areas, but require substantial climate financing to achieve their targets.
All regional ASEAN banks will play a critical role in climate finance, but those at the forefront of sustainable/green finance are poised to benefit from the region's climate transition.


Green Banking in ASEAN: An Assessment of ASEAN Banks' Sustainable Finance Policies

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There appears to be far less geopolitical risk with Singapore's banks than large globals</li>
<li>Impairment costs may be the best risk gauge, but also lending appetite</li>
<li>High oil prices and rising rates can both be highly positive to net profit</li>
</ul>


There appears to be far less geopolitical risk with Singapore's banks than large globals
Impairment costs may be the best risk gauge, but also lending appetite
High oil prices and rising rates can both be highly positive to net profit


Singapore Banks - Limited Geopolitical Risk

<ul><li>The IMF projects Singapore's GDP growth to moderate from 5.0% in 2025 to 2.7% in 2027, driven by technology-related exports and investment.</li><li>Gross capital formation is expected to rise from 22.5% of GDP in 2025 to 23.7% in 2027, supported by infrastructure and manufacturing investment.</li><li>Singapore's banking sector remains well-capitalised with a capital adequacy ratio of 18.5% in 2Q25, supporting economic stability.</li></ul>

The IMF projects Singapore's GDP growth to moderate from 5.0% in 2025 to 2.7% in 2027, driven by technology-related exports and investment.Gross capital formation is expected to rise from 22.5% of GDP in 2025 to 23.7% in 2027, supported by infrastructure and manufacturing investment.Singapore's banking sector remains well-capitalised with a capital adequacy ratio of 18.5% in 2Q25, supporting economic stability.

Singapore Equities: IMF Outlook and Structural Market Drivers

<ul><li>STI constituents are expected to deliver around 10% earnings growth in their current FYs, with similar growth implied for the following FY.</li><li>Retail flows concentrated in DBS, Singapore Telecommunications, CapitaLand Ascendas REIT, Genting Singapore, and Sembcorp Industries, with OCBC recording both net institutional and retail inflows.</li><li>SATS reported FY26 EPS of 19.2 cents, with current consensus forecast for FY27F EPS at 21.825 cents, illustrating evolving earnings expectations.</li></ul>

STI constituents are expected to deliver around 10% earnings growth in their current FYs, with similar growth implied for the following FY.Retail flows concentrated in DBS, Singapore Telecommunications, CapitaLand Ascendas REIT, Genting Singapore, and Sembcorp Industries, with OCBC recording both net institutional and retail inflows.SATS reported FY26 EPS of 19.2 cents, with current consensus forecast for FY27F EPS at 21.825 cents, illustrating evolving earnings expectations.

STI Hits Record as Focus Shifts to Earnings

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' Combined NOII Reaches Record S$5.72 Billion in 2Q26

Combined non-interest income for DBS, OCBC, and UOB rose to S$5.72 billion in 2Q26, accounting for 41% of total income. Combined net interest...

Singapore Exchange Ltd (SGX)

Green Banking in ASEAN: An Assessment of ASEAN Banks' Sustainable Finance Policies

ASEAN needs billions (probably trillions) in climate finance, and ASEAN banks are poised to play a vital role. This is an assessment of sustainable...

Kyle Rudden

Singapore Banks - Limited Geopolitical Risk

There appears to be less geopolitical risk with Singapore's banks than some other large global banks. Singapore's banks can better benefit from...

Daniel Tabbush

Singapore Equities: IMF Outlook and Structural Market Drivers

The IMF projects Singapore's GDP growth to moderate from 5.0% in 2025 to 2.7% in 2027, driven by technology-related exports and investment. Gross...

Singapore Exchange Ltd (SGX)

STI Hits Record as Focus Shifts to Earnings

STI constituents are expected to deliver around 10% earnings growth in their current FYs, with similar growth implied for the following FY. Retail...

Singapore Exchange Ltd (SGX)

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