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>Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow.</li><li>iFAST Corporation saw S$50.3 million net institutional inflow, reversing its year-to-date outflow to S$42.9 million inflow.</li><li>Raffles Medical and Keppel led share buybacks, with Raffles purchasing 3.3 million shares and Keppel announcing a S$500 million program.</li></ul>

Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow.iFAST Corporation saw S$50.3 million net institutional inflow, reversing its year-to-date outflow to S$42.9 million inflow.Raffles Medical and Keppel led share buybacks, with Raffles purchasing 3.3 million shares and Keppel announcing a S$500 million program.

iFAST Books S$50M Net Institutional Inflow 5 Five sessions

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Shares of integrated private healthcare provider <strong><a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical Group (RFMD SP)</a></strong> are currently languishing around a three low. RMG <em>does</em> look attractive compared to regional healthcare plays. </li>
<li>FY23 numbers did no favours - top/bottom line y-o-y contraction of 14.1% and 37.1% respectively.  Yet its emerging China ops show promise. </li>
<li>Of interest is Loo Choon Yong, RMG's founder and major shareholder, who continues adding to his stake, and now holds 54.944%, up from <a href="https://links.sgx.com/FileOpen/_Form%201%20-%20Dr%20Loo%20Choon%20Yong%20-%2028%20February%202024.ashx?App=Announcement&amp;FileID=790183" target="_blank" rel="noopener">53.033%</a> at the beginning of the year.</li>
</ul>


Shares of integrated private healthcare provider Raffles Medical Group (RFMD SP) are currently languishing around a three low. RMG does look attractive compared to regional healthcare plays. 
FY23 numbers did no favours - top/bottom line y-o-y contraction of 14.1% and 37.1% respectively.  Yet its emerging China ops show promise. 
Of interest is Loo Choon Yong, RMG's founder and major shareholder, who continues adding to his stake, and now holds 54.944%, up from 53.033% at the beginning of the year.


Raffles Medical (RFMD SP): Loo Sees A Bargain

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical Group (RFMD SP)</a> reported mixed 2024 result. However, 2H24 revenue increased 15% YoY, operating profit rose 5% YoY, and adjusted PATMI jumped 38% YoY.</li>
<li>China operation is recovering, with revenue growing 10% YoY to S$65M in 2024. Three general hospitals in China have demonstrated strong potential for growth and have a positive outlook ahead.</li>
<li>Raffles has revised its dividend policy to pay out at least 50%. The company intends to buy back up to 100M ordinary shares over the next two years.</li>
</ul>



Raffles Medical Group (RFMD SP) reported mixed 2024 result. However, 2H24 revenue increased 15% YoY, operating profit rose 5% YoY, and adjusted PATMI jumped 38% YoY.
China operation is recovering, with revenue growing 10% YoY to S$65M in 2024. Three general hospitals in China have demonstrated strong potential for growth and have a positive outlook ahead.
Raffles has revised its dividend policy to pay out at least 50%. The company intends to buy back up to 100M ordinary shares over the next two years.


Raffles Medical (RFMD SP): 2H24 Result, China Recovery, Buyback, and Dividend Raise Expectation

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Four stocks remain, 10 stocks added into portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 294% versus MSCI ASEAN’s 57%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Four stocks remain, 10 stocks added into portfolio
Since its inception, the portfolio has generated a before-fee total return of 294% versus MSCI ASEAN’s 57%


<ul><li>SIA Engineering, UOL, Sheng Siong, Raffles Medical, and DFI Retail Group led FTSE ST Mid Cap Index in 1H25.  </li><li>Sheng Siong maintains the highest ROE at 26.7% among FTSE ST Mid Cap Index constituents as of June 25, 2025.  </li><li>ParkwayLife REIT achieved a 10.5% total return in 2025, driven by new acquisitions and step-up leases.</li></ul>

SIA Engineering, UOL, Sheng Siong, Raffles Medical, and DFI Retail Group led FTSE ST Mid Cap Index in 1H25.  Sheng Siong maintains the highest ROE at 26.7% among FTSE ST Mid Cap Index constituents as of June 25, 2025.  ParkwayLife REIT achieved a 10.5% total return in 2025, driven by new acquisitions and step-up leases.

Five Stocks that Led the FTSE ST Mid Cap Index in 1H25

Singapore

Raffles Medical Group Limited is a health care provider.  The Company operates medical clinics, imaging centers, and medical laboratories.  Raffles provides general and specialized medical, medical evacuation, medical advisory, and dental treatment services.

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Raffles Medical Group (RFMD SP)

iFAST Books S$50M Net Institutional Inflow 5 Five sessions

Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow. iFAST Corporation saw...

Singapore Exchange Ltd (SGX)

Raffles Medical (RFMD SP): Loo Sees A Bargain

Loo buying is positive. I doubt this is a pre-cursor to the family relinquishing control, or a third party takeover. More one of the Loo family...

David Blennerhassett

Raffles Medical (RFMD SP): 2H24 Result, China Recovery, Buyback, and Dividend Raise Expectation

Raffles Medical reports strong growth in 2H24 revenue and adjusted PATMI. China operations show potential for growth. Dividend policy revised to...

Tina Banerjee

The Stocks to Own in ASEAN – Vol. 52

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Four stocks remain, 10 stocks added.

A. Stotz Investment Research

Five Stocks that Led the FTSE ST Mid Cap Index in 1H25

SIA Engineering, UOL, Sheng Siong, Raffles Medical, and DFI Retail Group led FTSE ST Mid Cap Index in 1H25. Sheng Siong maintains the highest...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

iFAST Books S$50M Net Institutional Inflow 5 Five sessions

Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow. iFAST Corporation saw...

Singapore Exchange Ltd (SGX)

Raffles Medical (RFMD SP): Loo Sees A Bargain

Loo buying is positive. I doubt this is a pre-cursor to the family relinquishing control, or a third party takeover. More one of the Loo family...

David Blennerhassett

Raffles Medical (RFMD SP): 2H24 Result, China Recovery, Buyback, and Dividend Raise Expectation

​Raffles Medical reports strong growth in 2H24 revenue and adjusted PATMI. China operations show potential for growth. Dividend policy revised to...

Tina Banerjee

The Stocks to Own in ASEAN – Vol. 52

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Four stocks remain, 10 stocks added.

A. Stotz Investment Research

Five Stocks that Led the FTSE ST Mid Cap Index in 1H25

SIA Engineering, UOL, Sheng Siong, Raffles Medical, and DFI Retail Group led FTSE ST Mid Cap Index in 1H25. Sheng Siong maintains the highest...

Singapore Exchange Ltd (SGX)

Raffles Medical reports strong growth in 2H24 revenue and adjusted PATMI. China operations show potential for growth. Dividend policy revised to...