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>In 9M26, 80 SGX primary-listed companies repurchased S$2.38 billion of shares, surpassing 2025's S$2.23 billion total.</li><li>Singtel and Keppel led 9M26 buybacks with S$1.05 billion and S$365 million, representing 59% of total consideration.</li><li>Seatrium launched a new S$200 million buyback programme after fully utilising a previous S$100 million programme.</li></ul>

In 9M26, 80 SGX primary-listed companies repurchased S$2.38 billion of shares, surpassing 2025's S$2.23 billion total.Singtel and Keppel led 9M26 buybacks with S$1.05 billion and S$365 million, representing 59% of total consideration.Seatrium launched a new S$200 million buyback programme after fully utilising a previous S$100 million programme.

2026 Buyback Consideration Exceeds Full-Year 2025 Total

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>The core business continues to perform well  with a growing  order backlog</li>
<li>Due to the company's historical issues it has hugely underperformed its smaller peers</li>
<li>The disconnect from the oil price provides  asymmetric upside once the overhang clears</li>
</ul>


The core business continues to perform well  with a growing  order backlog
Due to the company's historical issues it has hugely underperformed its smaller peers
The disconnect from the oil price provides  asymmetric upside once the overhang clears


Seatrium – Overhang Remains but Huge Option Value

<ul>
<li>An overlooked old economy sector in Asia ripe for a comeback</li>
<li>Industry dynamics will provide  a long-term tailwind for the company</li>
<li>Opportunity created by  deletion from an index and corporate restructuring</li>
</ul>


An overlooked old economy sector in Asia ripe for a comeback
Industry dynamics will provide  a long-term tailwind for the company
Opportunity created by  deletion from an index and corporate restructuring


Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/seatrium-ltd">Seatrium </a>is a global leader in offshore and marine engineering, strategically positioned to capitalize on the energy transition and growing energy demand. The 2023 merger of Sembcorp Marine and Keppel Offshore &amp; Marine created a dominant player with an extensive order book and enhanced capabilities.</li>
  <li>The company has demonstrated a significant financial turnaround, returning to full-year profitability in 2024 for the first time since 2017, supported by a robust order book of over S$16 billion and a strong pipeline of future projects.</li>
  <li>Future growth is anchored in high-demand sectors, including Floating Production Storage and Offloading (FPSO) units, offshore wind infrastructure, and new energies like carbon capture and hydrogen, aligning with global decarbonization trends.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Seatrium is a global leader in offshore and marine engineering, strategically positioned to capitalize on the energy transition and growing energy demand. The 2023 merger of Sembcorp Marine and Keppel Offshore &amp; Marine created a dominant player with an extensive order book and enhanced capabilities.
  The company has demonstrated a significant financial turnaround, returning to full-year profitability in 2024 for the first time since 2017, supported by a robust order book of over S$16 billion and a strong pipeline of future projects.
  Future growth is anchored in high-demand sectors, including Floating Production Storage and Offloading (FPSO) units, offshore wind infrastructure, and new energies like carbon capture and hydrogen, aligning with global decarbonization trends.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Investment Management, 8VantEdge

8VantEdge

Investment Management

8VantEdge offers a hybrid fundamental stock picking combined with algorithmic rules based on human psychology.

Thematic (Sector/Industry)

<ul>
<li>Singapore’s offshore and marine complex is positioned as an energy transition bridge, applying established engineering, fabrication and marine capabilities across two complementary demand pools: the recovery in deepwater oil and gas and the structural expansion of offshore wind.</li>
<li>Four forces underpin this opportunity: (1) renewed offshore project sanctioning driven by reserve replacement; (2) offshore wind build-out across Europe and North Asia; (3) regional supply-chain localisation in Asia; and (4) an ageing offshore vessel fleet creating replacement demand after years of limited newbuilding.</li>
<li>Global offshore project sanctioning rose 90% year-on-year in the first half of 2026, while offshore wind continues to create demand for foundations, grid infrastructure and specialised vessels. </li>
</ul>


Singapore’s offshore and marine complex is positioned as an energy transition bridge, applying established engineering, fabrication and marine capabilities across two complementary demand pools: the recovery in deepwater oil and gas and the structural expansion of offshore wind.
Four forces underpin this opportunity: (1) renewed offshore project sanctioning driven by reserve replacement; (2) offshore wind build-out across Europe and North Asia; (3) regional supply-chain localisation in Asia; and (4) an ageing offshore vessel fleet creating replacement demand after years of limited newbuilding.
Global offshore project sanctioning rose 90% year-on-year in the first half of 2026, while offshore wind continues to create demand for foundations, grid infrastructure and specialised vessels. 


Offshore & Marine Revival: Energy Transition Bridge

Singapore

Seatrium is a Singapore-headquartered engineering firm providing innovative solutions to the global offshore, marine, and energy industries. It specializes in oil & gas newbuilds and conversions, offshore renewables, specialized shipbuilding, and repairs & upgrades. The company was formed in 2023 through the merger of Sembcorp Marine and Keppel Offshore & Marine.

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Seatrium (STM SP)

2026 Buyback Consideration Exceeds Full-Year 2025 Total

In 9M26, 80 SGX primary-listed companies repurchased S$2.38 billion of shares, surpassing 2025's S$2.23 billion total. Singtel and Keppel led 9M26...

Singapore Exchange Ltd (SGX)

Seatrium – Overhang Remains but Huge Option Value

Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.

Rikki Malik

Seatrium – Offshore Ahoy!

An old economy sector poised for a comeback with long-term growth potential due to industry dynamics. Index deletion and corporate restructuring...

Rikki Malik

Primer: Seatrium (STM SP) - Apr 2026

Seatrium is a global leader in offshore and marine engineering, strategically positioned to capitalize on the energy transition and growing...

αSK Primers

Offshore & Marine Revival: Energy Transition Bridge

Singapore’s offshore and marine complex is positioned as an energy transition bridge, applying established engineering, fabrication and marine...

8VantEdge

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2026 Buyback Consideration Exceeds Full-Year 2025 Total

In 9M26, 80 SGX primary-listed companies repurchased S$2.38 billion of shares, surpassing 2025's S$2.23 billion total. Singtel and Keppel led 9M26...

Singapore Exchange Ltd (SGX)

Seatrium – Overhang Remains but Huge Option Value

​Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.

Rikki Malik

Seatrium – Offshore Ahoy!

An old economy sector poised for a comeback with long-term growth potential due to industry dynamics. Index deletion and corporate restructuring...

Rikki Malik

Primer: Seatrium (STM SP) - Apr 2026

Seatrium is a global leader in offshore and marine engineering, strategically positioned to capitalize on the energy transition and growing...

αSK Primers

Offshore & Marine Revival: Energy Transition Bridge

Singapore’s offshore and marine complex is positioned as an energy transition bridge, applying established engineering, fabrication and marine...

8VantEdge

Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.