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>Food Empire Holdings raised S$42.8 million through a treasury share placement, increasing its issued share capital to 546.8 million shares.</li><li>Nine in 10 constituents of the iEdge Singapore Next 50 Index saw higher average daily trading turnover in 3Q25.</li><li>The iEdge Singapore Next 50 Index constituents recorded a net institutional inflow of S$45 million in 3Q25.</li></ul>

Food Empire Holdings raised S$42.8 million through a treasury share placement, increasing its issued share capital to 546.8 million shares.Nine in 10 constituents of the iEdge Singapore Next 50 Index saw higher average daily trading turnover in 3Q25.The iEdge Singapore Next 50 Index constituents recorded a net institutional inflow of S$45 million in 3Q25.

New Index Stocks Leading Value and Liquidity Expansion in 3Q25

Vriddhi Consulting

Punit Khanna

Independent Insight Provider

<ul>
<li>Ready -Mix Cement market leader in Singapore which is focused on operational efficiency.</li>
<li>Remains committed to innovation, technology and sustainability of environment by reducing carbon emissions</li>
<li>Focus on improving ROE, asset light and with reasonable earnings earnings visibility </li>
</ul>


Ready -Mix Cement market leader in Singapore which is focused on operational efficiency.
Remains committed to innovation, technology and sustainability of environment by reducing carbon emissions
Focus on improving ROE, asset light and with reasonable earnings earnings visibility 


Pan United : Well Run & Technology Focused Ready Mix Cement Company Which Is Proxy to Singapore Construction Growth

Boustead Singapore Limited / Equity Bottom-Up

<ul><li>Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%.</li><li>The iEdge Next 50 Index's technology stocks recorded S$179 million net institutional inflow in 2H25, led by iFAST.</li><li>China Sunsine's ADT increased to S$606k in 2025, with a 10.4% ROE and 7.6x P/E ratio.</li></ul>

Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%.The iEdge Next 50 Index's technology stocks recorded S$179 million net institutional inflow in 2H25, led by iFAST.China Sunsine's ADT increased to S$606k in 2025, with a 10.4% ROE and 7.6x P/E ratio.

Growth in Motion: China Sunsine Married Deal & Next 50 Momentum

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.</li>
<li>We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).</li>
<li>Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.</li>
</ul>


Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.
We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).
Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.


Asian Equities: A Few Singapore Small and Mid-Cap Jewels

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>OCBC: REIT spin-off is a positive move for Boustead.</li>
<li>CDG's prequalification for Copenhagen Metro boosts profile; CityCab deal may add EPS.</li>
<li>DBS increases AEM target price to $2.10, citing Intel-Nvidia collaboration.</li>
</ul>


OCBC: REIT spin-off is a positive move for Boustead.
CDG's prequalification for Copenhagen Metro boosts profile; CityCab deal may add EPS.
DBS increases AEM target price to $2.10, citing Intel-Nvidia collaboration.


Singapore Market Roundup (19-Sep-2025): OCBC Views Boustead's REIT Spin-Off as a Positive Step.

Singapore

Pan-United Corporation Limited is an infrastructure and logistics group involved in port operations, logistics, shipping, and basic building materials activities. The Company's core businesses are focused primarily in Singapore for its basic building materials, Southeast Asia for its shipping business, and in China for its port & logistics business.

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Pan United Corp (PAN SP)

New Index Stocks Leading Value and Liquidity Expansion in 3Q25

Food Empire Holdings raised S$42.8 million through a treasury share placement, increasing its issued share capital to 546.8 million shares. Nine...

Singapore Exchange Ltd (SGX)

Pan United : Well Run & Technology Focused Ready Mix Cement Company Which Is Proxy to Singapore Construction Growth

Singapore's leading Ready-Mix Cement company prioritises operational efficiency, innovation, and sustainability while aiming to improve ROE and...

Punit Khanna

Growth in Motion: China Sunsine Married Deal & Next 50 Momentum

Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%. The iEdge Next 50 Index's technology...

Singapore Exchange Ltd (SGX)

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

Singapore Market Roundup (19-Sep-2025): OCBC Views Boustead's REIT Spin-Off as a Positive Step.

OCBC sees Boustead's REIT spin-off positively; CDG's Copenhagen Metro prequalification enhances its profile; DBS raises AEM target price to $2.10...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

New Index Stocks Leading Value and Liquidity Expansion in 3Q25

Food Empire Holdings raised S$42.8 million through a treasury share placement, increasing its issued share capital to 546.8 million shares. Nine...

Singapore Exchange Ltd (SGX)

Pan United : Well Run & Technology Focused Ready Mix Cement Company Which Is Proxy to Singapore Construction Growth

​Singapore's leading Ready-Mix Cement company prioritises operational efficiency, innovation, and sustainability while aiming to improve ROE and...

Punit Khanna

Growth in Motion: China Sunsine Married Deal & Next 50 Momentum

Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%. The iEdge Next 50 Index's technology...

Singapore Exchange Ltd (SGX)

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

​SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

Singapore Market Roundup (19-Sep-2025): OCBC Views Boustead's REIT Spin-Off as a Positive Step.

OCBC sees Boustead's REIT spin-off positively; CDG's Copenhagen Metro prequalification enhances its profile; DBS raises AEM target price to $2.10...

Singapore Market Roundup

Singapore's leading Ready-Mix Cement company prioritises operational efficiency, innovation, and sustainability while aiming to improve ROE and...

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...