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>Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in 2H25.</li><li>The Group operates three hospitals in China, with the Beijing hospital profitable and others showing steady improvement in services and patient volumes.</li><li>Raffles Medical Group is listed on the Singapore Exchange and operates in 12 cities across five countries in Asia.</li></ul>

Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in 2H25.The Group operates three hospitals in China, with the Beijing hospital profitable and others showing steady improvement in services and patient volumes.Raffles Medical Group is listed on the Singapore Exchange and operates in 12 cities across five countries in Asia.

kopi-C with Raffles Medical Group CEO: “There’s no quick money in healthcare”

<ul><li>Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme.</li><li>Aspial Lifestyle's Chairman increased his stake, acquiring 2,108,300 shares, amid a fund-raising initiative and earnings growth.</li><li>Raffles Medical's Chairman increased his stake to 252,445,223 shares, focusing on China expansion and capital management.</li></ul>

Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme.Aspial Lifestyle's Chairman increased his stake, acquiring 2,108,300 shares, amid a fund-raising initiative and earnings growth.Raffles Medical's Chairman increased his stake to 252,445,223 shares, focusing on China expansion and capital management.

Directors Increase Stakes, Including Aspial Lifestyle, Raffles Medical and Centurion

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.</li>
<li>Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.</li>
<li>The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.</li>
</ul>


The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.
Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.
The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.


The Global Footprint of the iEdge Singapore Next 50

Offering Senior Secured Loans, Kilde

Kilde

Offering Senior Secured Loans

Kilde connects family offices, funds, and accredited investors to investment-ready private credit deals in developed and emerging markets. We offer senior secured loans from last-mile lending companies with strong capitalization, a healthy balance sheet, and a capable management team.

<ul><li>Singapore’s tourism sector is experiencing a robust recovery, with international visitor arrivals reaching 16.5 million in 2024, marking a 21% YoY increase. The recovery is driven by strong inbound demand from China, Indonesia, India, Malaysia, and Australia, alongside increasing long-haul arrivals from the U.S. and Europe.</li><li>The surge in visitor arrivals is translating into record-breaking tourism receipts, projected to exceed S$30 billion in 2025E, surpassing previous highs. </li><li>The rebound in tourism is benefiting multiple industries, particularly aviation, hospitality, gaming, retail, and transportation.</li></ul>

Singapore’s tourism sector is experiencing a robust recovery, with international visitor arrivals reaching 16.5 million in 2024, marking a 21% YoY increase. The recovery is driven by strong inbound demand from China, Indonesia, India, Malaysia, and Australia, alongside increasing long-haul arrivals from the U.S. and Europe.The surge in visitor arrivals is translating into record-breaking tourism receipts, projected to exceed S$30 billion in 2025E, surpassing previous highs. The rebound in tourism is benefiting multiple industries, particularly aviation, hospitality, gaming, retail, and transportation.

Rising Tourism In Singapore: A Strong Recovery with Long-Term Growth Potential

<ul><li>Institutions recorded a net outflow of S$41 million from Singapore stocks, with notable outflows from DBS, Sembcorp, and CapitaLand.</li><li>Singapore Telecommunications led share buybacks, spending S$50 million on 10.15 million shares under its Value Realisation Share Buy-back programme.</li><li>Geo Energy Resources and Aoxin Q&M Dental Group raised S$14.9 million and S$17.0 million, respectively, through share placements for capital enhancement.</li></ul>

Institutions recorded a net outflow of S$41 million from Singapore stocks, with notable outflows from DBS, Sembcorp, and CapitaLand.Singapore Telecommunications led share buybacks, spending S$50 million on 10.15 million shares under its Value Realisation Share Buy-back programme.Geo Energy Resources and Aoxin Q&M Dental Group raised S$14.9 million and S$17.0 million, respectively, through share placements for capital enhancement.

Buybacks & Director Filings Surge Following Heavy Earnings Season

Singapore

Raffles Medical Group is a leading integrated private healthcare provider in Asia. It operates hospitals and a network of medical and dental clinics, offering a wide range of services including primary, specialist, and tertiary care, as well as health insurance and consumer healthcare products. The company was founded in 1976 and is headquartered in Singapore.

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Raffles Medical Group (RFMD SP)

kopi-C with Raffles Medical Group CEO: “There’s no quick money in healthcare”

Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in...

Singapore Exchange Ltd (SGX)

Directors Increase Stakes, Including Aspial Lifestyle, Raffles Medical and Centurion

Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme. Aspial Lifestyle's Chairman...

Singapore Exchange Ltd (SGX)

The Global Footprint of the iEdge Singapore Next 50

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

Rising Tourism In Singapore: A Strong Recovery with Long-Term Growth Potential

Singapore’s tourism sector is experiencing a robust recovery, with international visitor arrivals reaching 16.5 million in 2024, marking a 21% YoY...

Kilde

Buybacks & Director Filings Surge Following Heavy Earnings Season

Institutions recorded a net outflow of S$41 million from Singapore stocks, with notable outflows from DBS, Sembcorp, and CapitaLand. Singapore...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

kopi-C with Raffles Medical Group CEO: “There’s no quick money in healthcare”

Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in...

Singapore Exchange Ltd (SGX)

Directors Increase Stakes, Including Aspial Lifestyle, Raffles Medical and Centurion

Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme. Aspial Lifestyle's Chairman...

Singapore Exchange Ltd (SGX)

The Global Footprint of the iEdge Singapore Next 50

​The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

Rising Tourism In Singapore: A Strong Recovery with Long-Term Growth Potential

Singapore’s tourism sector is experiencing a robust recovery, with international visitor arrivals reaching 16.5 million in 2024, marking a 21% YoY...

Kilde

Buybacks & Director Filings Surge Following Heavy Earnings Season

Institutions recorded a net outflow of S$41 million from Singapore stocks, with notable outflows from DBS, Sembcorp, and CapitaLand. Singapore...

Singapore Exchange Ltd (SGX)

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...