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

Hutchison Port Holdings Trust / Equity Bottom-Up

<ul><li>Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.</li><li>Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.</li><li>Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.</li></ul>

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.

FTSE ST Industrials Index Holds 40% YTD Total Return in November 

Singtel (Singapore Telecommunications) / Equity Bottom-Up

<ul><li>STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date.</li><li>STI banks' combined Non-Interest Income exceeded S$5 billion in 3Q25, with DBS, OCBC, and UOB comprising 50.4% of the Index.</li><li>ST Engineering led STI constituents with an 85% total return and a 74% target price upgrade in 2025.</li></ul>

STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date.STI banks' combined Non-Interest Income exceeded S$5 billion in 3Q25, with DBS, OCBC, and UOB comprising 50.4% of the Index.ST Engineering led STI constituents with an 85% total return and a 74% target price upgrade in 2025.

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>RHB's Yeo increases HRnetGroup target price to 85 cents.</li><li>JP Morgan upgrades Keppel REIT and MLT due to lower debt costs and strong demand.</li><li>Analysts raise iFast's TPs after record AUA and net profit in 3QFY2025.</li></ul>

RHB's Yeo increases HRnetGroup target price to 85 cents.JP Morgan upgrades Keppel REIT and MLT due to lower debt costs and strong demand.Analysts raise iFast's TPs after record AUA and net profit in 3QFY2025.

Singapore Market Roundup (28-Oct-2025): RHB's Yeo raises HRnetGroup target price to 85 cents.

<ul><li>Lim &amp; Tan rates KSH Holdings as 'accumulate' with a target price of 51 cents.</li><li>RHB maintains ST Engineering's price target at $9.10 after record order wins.</li><li>Sembcorp faces softer 1HFY2025 earnings, but its long-term growth is stable, says UOBKH.</li></ul>

Lim &amp; Tan rates KSH Holdings as 'accumulate' with a target price of 51 cents.RHB maintains ST Engineering's price target at $9.10 after record order wins.Sembcorp faces softer 1HFY2025 earnings, but its long-term growth is stable, says UOBKH.

Singapore Market Roundup (27-Oct-2025): KSH Holdings rated 'accumulate' by Lim & Tan at 51 cents.

<ul>
<li>RHB raises Marco Polo Marine's target price to 10 cents due to growth potential.</li>
<li>Hold onto Genting Singapore; renovations signal potential recovery.</li>
<li>Maybank increases target price for Sanli Environmental after LTA contract win.</li>
</ul>


RHB raises Marco Polo Marine's target price to 10 cents due to growth potential.
Hold onto Genting Singapore; renovations signal potential recovery.
Maybank increases target price for Sanli Environmental after LTA contract win.


Singapore Market Roundup (23-Oct-2025): RHB ups Marco Polo Marine's target price to 10 cents.

Singapore

ST Engineering is a global technology, defence and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. Headquartered in Singapore, ST Engineering reported revenue of $7.9b in FY2019 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.

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ST Engineering (STE SP)

FTSE ST Industrials Index Holds 40% YTD Total Return in November

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch. Hiap Seng...

Singapore Exchange Ltd (SGX)

STI Makes New High at 4,575.91

STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date. STI banks' combined Non-Interest...

Singapore Exchange Ltd (SGX)

Singapore Market Roundup (28-Oct-2025): RHB's Yeo raises HRnetGroup target price to 85 cents.

RHB raises HRnetGroup target to 85 cents; JP Morgan upgrades Keppel REIT and MLT; analysts boost iFast TPs after record AUA and net profit in...

Singapore Market Roundup

Singapore Market Roundup (27-Oct-2025): KSH Holdings rated 'accumulate' by Lim & Tan at 51 cents.

Lim & Tan rates KSH Holdings 'accumulate' at 51 cents; RHB keeps ST Engineering at $9.10; UOBKH notes Sembcorp's stable long-term growth despite...

Singapore Market Roundup

Singapore Market Roundup (23-Oct-2025): RHB ups Marco Polo Marine's target price to 10 cents.

RHB raises Marco Polo Marine's target to 10 cents; hold Genting Singapore for recovery. Maybank boosts Sanli Environmental's target after LTA...

Singapore Market Roundup

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