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

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul><li>In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.</li><li>UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.</li><li>Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.</li></ul>

In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.

Buyback Consideration Surges 80% in 2025 to S$1.65B

<ul><li>Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion.</li><li>Industrials led net institutional inflows, driven by Keppel, Yangzijiang Shipbuilding, and Seatrium, while REITs saw the largest net outflows.</li><li>mDR's average daily trading turnover increased significantly in July, narrowing its 5-day average bid-ask spread to 150 bps.</li></ul>

Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion.Industrials led net institutional inflows, driven by Keppel, Yangzijiang Shipbuilding, and Seatrium, while REITs saw the largest net outflows.mDR's average daily trading turnover increased significantly in July, narrowing its 5-day average bid-ask spread to 150 bps.

FTSE ST Industrials Outpaces STI in July with a 13.2% Gain

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we expected an 8-10% pullback to provide a buying opportunity.</li>
<li>But that all changed last week (4/1/25 Compass and 4/3/25 Int'l Compass), when we downgraded our outlook to bearish/cautious, citing several concerning developments.</li>
<li>Despite the 90-day pause, we remain cautious and we continue to favor defensives as long as the S&amp;P 500 and ACWI-US are below their 200-day MAs.</li>
</ul>


Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we expected an 8-10% pullback to provide a buying opportunity.
But that all changed last week (4/1/25 Compass and 4/3/25 Int'l Compass), when we downgraded our outlook to bearish/cautious, citing several concerning developments.
Despite the 90-day pause, we remain cautious and we continue to favor defensives as long as the S&amp;P 500 and ACWI-US are below their 200-day MAs.


Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

<ul><li>Over the five trading sessions from Nov 29 to Dec 5, institutions were net buyers of Singapore stocks, leading to a net institutional inflow of S$418 million.</li><li>Stocks that led the net institutional inflow over the five sessions until Dec 5 inclusive were DBS, Suntec Real Estate Investment Trust (Reit), Yangzijiang Shipbuilding, Sembcorp Industries, Singtel, Keppel, Thai Beverage, Seatrium, Jardine Matheson, and Singapore Airlines.</li><li>Union Steel ranks among the 250 most-traded stocks this year, and among the 150 stocks that booked the highest net institutional inflow.</li></ul>

Over the five trading sessions from Nov 29 to Dec 5, institutions were net buyers of Singapore stocks, leading to a net institutional inflow of S$418 million.Stocks that led the net institutional inflow over the five sessions until Dec 5 inclusive were DBS, Suntec Real Estate Investment Trust (Reit), Yangzijiang Shipbuilding, Sembcorp Industries, Singtel, Keppel, Thai Beverage, Seatrium, Jardine Matheson, and Singapore Airlines.Union Steel ranks among the 250 most-traded stocks this year, and among the 150 stocks that booked the highest net institutional inflow.

Marco Polo Marine Directors Boost Shareholding

<ul><li>Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$38 million.</li><li>This marked a slight reversal from the net inflow of S$384 million observed over the five preceding sessions up to Nov 14.</li><li>Stocks that led the net institutional outflow over the five sessions through to Nov 22 were CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, DBS Group Holdings, Yangzijiang Shipbuilding Holdings, Genting Singapore, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Keppel DC REIT, Wilmar International and Keppel REIT.</li></ul>

Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$38 million.This marked a slight reversal from the net inflow of S$384 million observed over the five preceding sessions up to Nov 14.Stocks that led the net institutional outflow over the five sessions through to Nov 22 were CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, DBS Group Holdings, Yangzijiang Shipbuilding Holdings, Genting Singapore, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Keppel DC REIT, Wilmar International and Keppel REIT.

ABR Holdings managing director continues to grow interest

Singapore

Sembcorp Industries is a Singaporean state-owned energy and urban development company. It provides sustainable energy solutions, including renewable power (solar, wind, energy storage) and conventional energy (gas and related services), alongside integrated urban solutions such as industrial parks, water, and waste management. The company is headquartered in Singapore and was founded in 1998.

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Sembcorp Industries (SCI SP)

Buyback Consideration Surges 80% in 2025 to S$1.65B

In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024. UOB, DBS, and OCBC...

Singapore Exchange Ltd (SGX)

FTSE ST Industrials Outpaces STI in July with a 13.2% Gain

Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion. Industrials led net...

Singapore Exchange Ltd (SGX)

Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

Still Favor Defensives Until Market Dynamics Improve; EURO $STOXX 50 Testing Crucial 5000 Level; Watch for Resistance at $105-$117.69 on $ACWI. Buy...

Vermilion Research

Marco Polo Marine Directors Boost Shareholding

Over the five trading sessions from Nov 29 to Dec 5, institutions were net buyers of Singapore stocks, leading to a net institutional inflow of...

Singapore Exchange Ltd (SGX)

ABR Holdings managing director continues to grow interest

Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of...

Singapore Exchange Ltd (SGX)

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