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>The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%.</li><li>Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.</li><li>Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.</li></ul>

The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%.Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.

25 Most Net Sold Stocks by Retail in May Averaged 9% Total Returns

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

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We analysed Sheng Siong’s success over the years to see what its secret sauce is and what made the retailer so successful.
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It has punched its weight above its competitors with a set of strong financial metrics. Its ability to generate free cash flow and achieve a high return on equity are truly impressive.
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However, Sheng Siong is at an inflection point now as its revenue and net profit have stagnated since the pandemic. 
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</ul>



We analysed Sheng Siong’s success over the years to see what its secret sauce is and what made the retailer so successful.


It has punched its weight above its competitors with a set of strong financial metrics. Its ability to generate free cash flow and achieve a high return on equity are truly impressive.


However, Sheng Siong is at an inflection point now as its revenue and net profit have stagnated since the pandemic. 



Sheng Siong Group Ltd: Inflection Point for a Great Performer

<ul><li>Singapore Mid-cap stocks have a combined market capitalisation of S$75 billion and attracted S$71 million net institutional inflows.</li><li>Yangzijiang Financial Holding's ADT increased to S$14.1 million, with a 61% share price gain and S$94.3 million net institutional inflow.</li><li>Sheng Siong Group maintains a 26.7% ROE, with consistent ADT and a 4.5% revenue increase in FY24.</li></ul>

Singapore Mid-cap stocks have a combined market capitalisation of S$75 billion and attracted S$71 million net institutional inflows.Yangzijiang Financial Holding's ADT increased to S$14.1 million, with a 61% share price gain and S$94.3 million net institutional inflow.Sheng Siong Group maintains a 26.7% ROE, with consistent ADT and a 4.5% revenue increase in FY24.

Trading Activity Rises for Singapore's Mid-Cap Stocks in 1Q25

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

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<a href="https://www.smartkarma.com/entities/sheng-siong-group-ltd" target="_blank" data-smartkarma-citation="entities:6824:1" rel="noopener">Sheng Siong (SSG SP)</a>  posted stable FY24 results, with revenue/profit increasing by 4.5%/ 3.1% YoY; however, Q4 2024 saw revenue/profit +6%/- 14% YoY due to higher SG&amp;A. </li>
<li>The company opened two stores in 2025 YTD to take the store count in Singapore to 77. There are eight more tenders for stores released by HDB. </li>
<li>The stock trades at 17.8x FY24 PE, with 15% of the market cap in cash and a 3.9% dividend yield. </li>
</ul>



Sheng Siong (SSG SP)  posted stable FY24 results, with revenue/profit increasing by 4.5%/ 3.1% YoY; however, Q4 2024 saw revenue/profit +6%/- 14% YoY due to higher SG&amp;A. 
The company opened two stores in 2025 YTD to take the store count in Singapore to 77. There are eight more tenders for stores released by HDB. 
The stock trades at 17.8x FY24 PE, with 15% of the market cap in cash and a 3.9% dividend yield. 


Sheng Siong Group (SSG SP): Miss on Q4 2024/But Strong Pipeline Addition

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

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<a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail Group Holdings (DFI SP)</a>, a leading retail player in Asia, is navigating sector headwinds through strategic pivots and cost cuts to drive superior margins and returns.</li>
<li>After hitting a 10-year low in early August, DFI Retail’s stock rebounded, driven by strong 1H2024 earnings that reflected the impact of management's initiatives.</li>
<li>With an attractive dividend yield, strong cash flow, and a positive earnings growth outlook, DFI Retail offers a low-risk, high-return opportunity for investors in 2025.</li>
</ul>



DFI Retail Group Holdings (DFI SP), a leading retail player in Asia, is navigating sector headwinds through strategic pivots and cost cuts to drive superior margins and returns.
After hitting a 10-year low in early August, DFI Retail’s stock rebounded, driven by strong 1H2024 earnings that reflected the impact of management's initiatives.
With an attractive dividend yield, strong cash flow, and a positive earnings growth outlook, DFI Retail offers a low-risk, high-return opportunity for investors in 2025.


2025 High Conviction: DFI Retail - Churning Free Cash by Turning the Right Levers

Singapore

Sheng Siong Group Ltd. operates a chain of supermarket retail stores, offering a wide assortment of live, fresh, and chilled produce, pantry staples, packaged foods, and household merchandise. The company also engages in general trading, wholesale import and export, and operates an online grocery platform. Sheng Siong was founded in 1985 and is headquartered in Singapore.

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Sheng Siong (SSG SP)

25 Most Net Sold Stocks by Retail in May Averaged 9% Total Returns

The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%. Retail investors net sold S$280...

Singapore Exchange Ltd (SGX)

Sheng Siong Group Ltd: Inflection Point for a Great Performer

We analysed Sheng Siong’s success over the years to see what its secret sauce is and what made the retailer so successful. It has punched its...

Corporate Monitor Limited

Trading Activity Rises for Singapore's Mid-Cap Stocks in 1Q25

Singapore Mid-cap stocks have a combined market capitalisation of S$75 billion and attracted S$71 million net institutional inflows. Yangzijiang...

Singapore Exchange Ltd (SGX)

Sheng Siong Group (SSG SP): Miss on Q4 2024/But Strong Pipeline Addition

We summarize the FY24 results for the Sheng Siong Group (SSG SP). One of Singapore's most efficient operators with a 20% ROCE history trading at...

Sameer Taneja

2025 High Conviction: DFI Retail - Churning Free Cash by Turning the Right Levers

DFI Retail is overcoming challenges with strategic shifts and cost reductions. With an attractive dividend yield, strong cash flow, and earnings...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

25 Most Net Sold Stocks by Retail in May Averaged 9% Total Returns

The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%. Retail investors net sold S$280...

Singapore Exchange Ltd (SGX)

Sheng Siong Group Ltd: Inflection Point for a Great Performer

We analysed Sheng Siong’s success over the years to see what its secret sauce is and what made the retailer so successful. It has punched its...

Corporate Monitor Limited

Trading Activity Rises for Singapore's Mid-Cap Stocks in 1Q25

Singapore Mid-cap stocks have a combined market capitalisation of S$75 billion and attracted S$71 million net institutional inflows. Yangzijiang...

Singapore Exchange Ltd (SGX)

Sheng Siong Group (SSG SP): Miss on Q4 2024/But Strong Pipeline Addition

We summarize the FY24 results for the Sheng Siong Group (SSG SP). One of Singapore's most efficient operators with a 20% ROCE history trading at...

Sameer Taneja

2025 High Conviction: DFI Retail - Churning Free Cash by Turning the Right Levers

​DFI Retail is overcoming challenges with strategic shifts and cost reductions. With an attractive dividend yield, strong cash flow, and earnings...

Devi Subhakesan

DFI Retail is overcoming challenges with strategic shifts and cost reductions. With an attractive dividend yield, strong cash flow, and earnings...