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>Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion. </li><li>Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion. </li><li>LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund's 18.45% stake acquisition. </li></ul>

Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.  Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.  LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund's 18.45% stake acquisition.  

Stocks Surpassing Turnover Thresholds in 3Q25

Best World International / Equity Bottom-Up

<ul><li>STI constituents that booked the highest net institutional inflow proportionate to quarter-end market cap included Sembcorp Industries, Genting Singapore and Keppel DC REIT, while Keppel Corp and Yangzijiang Shipbuilding and City Developments booked the highest net institutional outflow proportionate to quarter-end market cap.</li><li>In 1Q23 Singapore’s 100 most traded stocks averaged 3% total returns, following on from the same 100 stocks averaging 10% average total returns in 2022.</li><li>Among the 100 most traded stocks in 1Q23, the 10 that booked the highest net institutional inflow proportionate to quarter-end market capitalisation averaged 19% total returns in 1Q23, compared to a 13% decline for the 10 stocks that booked the highest net institutional outflow proportionate to quarter-end market capitalisation.</li></ul>

STI constituents that booked the highest net institutional inflow proportionate to quarter-end market cap included Sembcorp Industries, Genting Singapore and Keppel DC REIT, while Keppel Corp and Yangzijiang Shipbuilding and City Developments booked the highest net institutional outflow proportionate to quarter-end market cap.In 1Q23 Singapore’s 100 most traded stocks averaged 3% total returns, following on from the same 100 stocks averaging 10% average total returns in 2022.Among the 100 most traded stocks in 1Q23, the 10 that booked the highest net institutional inflow proportionate to quarter-end market capitalisation averaged 19% total returns in 1Q23, compared to a 13% decline for the 10 stocks that booked the highest net institutional outflow proportionate to quarter-end market capitalisation.

Singapore’s Most Traded Stocks, Flows & Performances in 1Q23  

<ul><li>Close to 20 of Singapore’s most traded 200 stocks in 2022 saw average daily trading turnover at least double from 2021 levels.</li><li>In six cases, average daily trading turnover grew more than tenfold.</li><li>First Resources saw its average daily trading turnover more than double in 2022, while its share price declined 2%.</li></ul>

Close to 20 of Singapore’s most traded 200 stocks in 2022 saw average daily trading turnover at least double from 2021 levels.In six cases, average daily trading turnover grew more than tenfold.First Resources saw its average daily trading turnover more than double in 2022, while its share price declined 2%.

Stocks with Significant 2022 Trading Turnover Growth

Independent Insight Provider

Stewart Paterson

Thematic (Sector/Industry)

As Amazon and other non-traditional retailers increase their presence in ASEAN the potential for profit erosion and capital destruction at the "bricks and mortar" companies is very real. In a worst case scenario there is the potential for bankruptcy and debt default. In developed retail markets the impact of internet shopping has been very real with bankruptcies rising as Amazon and others take market share and lower prices. <a href="https://www.smartkarma.com/profiles/2" target="_blank" data-smartkarma-citation="accounts:2">Raghav Kapoor</a> has written extensively on Amazon's launch in Singapore…

As Amazon and other non-traditional retailers increase their presence in ASEAN the potential for profit erosion and capital destruction at the "bricks and mortar" companies is very real. In a worst case scenario there is the potential for bankruptcy and debt default. In developed retail markets the impact of internet shopping has been very real with bankruptcies rising as Amazon and others take market share and lower prices. Raghav Kapoor has written extensively on Amazon's launch in Singapore…

Money Matters: ASEAN Retail and the Great Disruption.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

In this note, <a href="https://www.smartkarma.com/entities/137" target="_blank" data-smartkarma-citation="entities:137:1">AMMB Holdings Bhd (AMM MK)</a> / <a href="https://www.smartkarma.com/entities/24161" target="_blank" data-smartkarma-citation="entities:24161:1">RHB Bank Bhd (RHBBANK MK)</a> rekindle a failed engagement; <a href="https://www.smartkarma.com/entities/18379" target="_blank" data-smartkarma-citation="entities:18379:1">Start Today Co Ltd (3092 JP)</a>’s Maezawa pledges a chunk of shares, potential averting a sell-down; <a href="https://www.smartkarma.com/entities/10374" target="_blank" data-smartkarma-citation="entities:10374:1">Southern Cross Media Group Ltd (SXL AU)</a> makes for an interesting target after shares touch 12-month lows, and speculative interest in <a href="https://www.smartkarma.com/entities/24157" target="_blank" data-smartkarma-citation="entities:24157:1">Pepper Group Ltd (PEP AU)</a> lifts the shadow on non-financial banking.(This report covers specific insights &amp; comments involving Stubs, Pairs, Arbitrage, share Classification and Events – or SPACE - in the past week.)

In this note, AMMB Holdings Bhd (AMM MK) / RHB Bank Bhd (RHBBANK MK) rekindle a failed engagement; Start Today Co Ltd (3092 JP)’s Maezawa pledges a chunk of shares, potential averting a sell-down; Southern Cross Media Group Ltd (SXL AU) makes for an interesting target after shares touch 12-month lows, and speculative interest in Pepper Group Ltd (PEP AU) lifts the shadow on non-financial banking.(This report covers specific insights &amp; comments involving Stubs, Pairs, Arbitrage, share Classification and Events – or SPACE - in the past week.)

Singapore

Parkson Retail Asia Ltd. is a Southeast Asia-based department store operator with stores (including a supermarket) across Malaysia, Vietnam and Indonesia. The Stores offer a wide range of branded products.

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Parkson Retail Asia (PRA SP)

Stocks Surpassing Turnover Thresholds in 3Q25

Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion. Seven stocks saw their YTD...

Singapore Exchange Ltd (SGX)

Singapore’s Most Traded Stocks, Flows & Performances in 1Q23

STI constituents that booked the highest net institutional inflow proportionate to quarter-end market cap included Sembcorp Industries, Genting...

Singapore Exchange Ltd (SGX)

Stocks with Significant 2022 Trading Turnover Growth

Close to 20 of Singapore’s most traded 200 stocks in 2022 saw average daily trading turnover at least double from 2021 levels. In six cases,...

Singapore Exchange Ltd (SGX)

Money Matters: ASEAN Retail and the Great Disruption.

As Amazon and other non-traditional retailers increase their presence in ASEAN the potential for profit erosion and capital destruction at the...

Stewart Paterson

Last Week, in Event SPACE (4 June 2017)

In this note, AMMB Holdings Bhd (AMM MK) / RHB Bank Bhd (RHBBANK MK) rekindle a failed engagement; Start Today Co Ltd (3092 JP)’s Maezawa pledges a...

David Blennerhassett

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