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

Singapore Technologies Engineering / Equity Bottom-Up

Singapore Technologies Engineering (STE SP)

<ul><li>Institutional net outflow totaled S$140.4M through 13 July, while Industrials recorded S$170.2M net institutional inflow.</li><li>Singapore Airlines, SATS, and Singapore Technologies Engineering led Industrials inflow, with significant net institutional inflows relative to ADT.</li><li>Technology sector had S$580M net inflow in 1H26, but S$90.5M outflow through 13 July, reversing prior gains.</li></ul>

Institutional net outflow totaled S$140.4M through 13 July, while Industrials recorded S$170.2M net institutional inflow.Singapore Airlines, SATS, and Singapore Technologies Engineering led Industrials inflow, with significant net institutional inflows relative to ADT.Technology sector had S$580M net inflow in 1H26, but S$90.5M outflow through 13 July, reversing prior gains.

Recent Industrial Inflows Driven by Transportation, Logistics & Engineering

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Goodwill Entertainment Holding / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goodwill-entertainment-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:44296:1" rel="noopener">Goodwill Entertainment Holding (GWEH SP)</a> is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs. </li>
<li>It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.</li>
<li>We initiate rated coverage on GEH with a TP of S$0.23, pegged to 5.9x FY24E EV/EBITDA, representing an upside of approximately 32.2%. </li>
</ul>



Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs. 
It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.
We initiate rated coverage on GEH with a TP of S$0.23, pegged to 5.9x FY24E EV/EBITDA, representing an upside of approximately 32.2%. 


Goodwill Entertainment Holding - Hitting the Notes of Growth

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>CGS International reduces Venture's target price to $18.94 from $21.78.</li>
<li>Goldman Sachs starts ST Engineering with a 'buy' rating and $13.20 target.</li>
<li>SAC Capital lifts Lincotrade's target price to 52.9 cents, boosting order book.</li>
</ul>


CGS International reduces Venture's target price to $18.94 from $21.78.
Goldman Sachs starts ST Engineering with a 'buy' rating and $13.20 target.
SAC Capital lifts Lincotrade's target price to 52.9 cents, boosting order book.


Singapore Market Roundup (18-Sep-2026): CGS cuts Venture's target price to $18.94 from $21.78.

Investment Management, 8VantEdge

8VantEdge

Investment Management

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

<ul>
<li>Defence and security spending has shifted from a cyclical budget item towards a multi-year commitment, while the scope of funded activities has expanded beyond traditional military platforms.</li>
<li>Four structural forces support this transition: (1) multi-year commitments across NATO and the European Union that raise the spending floor; (2) a broader definition of security that includes cybersecurity and critical infrastructure protection; (3) supply-chain resilience that makes supplier location an increasingly important qualification criterion; and (4) rising electronics and software content across modern platforms.</li>
<li>Together, these trends extend the opportunity beyond defence primes to the technology and industrial suppliers represented in Singapore’s listed market.</li>
</ul>


Defence and security spending has shifted from a cyclical budget item towards a multi-year commitment, while the scope of funded activities has expanded beyond traditional military platforms.
Four structural forces support this transition: (1) multi-year commitments across NATO and the European Union that raise the spending floor; (2) a broader definition of security that includes cybersecurity and critical infrastructure protection; (3) supply-chain resilience that makes supplier location an increasingly important qualification criterion; and (4) rising electronics and software content across modern platforms.
Together, these trends extend the opportunity beyond defence primes to the technology and industrial suppliers represented in Singapore’s listed market.


The Defence and Security Spend Supercycle

<ul><li>UOBKH's Koh increases CICT target price to $3.06.</li><li>Analysts stay positive on ST Engineering; UOBKH's Chen lifts target price to $11.75.</li><li>DBS retains 'buy' rating and $12 target for CDL after Kwek Leng Peck's return.</li></ul>

UOBKH's Koh increases CICT target price to $3.06.Analysts stay positive on ST Engineering; UOBKH's Chen lifts target price to $11.75.DBS retains 'buy' rating and $12 target for CDL after Kwek Leng Peck's return.

Singapore Market Roundup (19-May-2026): Koh raises CICT target price to $3.06 at UOBKH.

Singapore

Singapore Technologies Engineering is a Singapore-based multinational technology, defense, and engineering group. It offers a diverse portfolio of solutions across commercial aerospace (maintenance, repair, and overhaul, freighter conversions), urban solutions & satcom (smart mobility, utilities, infrastructure, satellite communication), and defense & public security (public safety, security, critical information infrastructure, land systems, marine, digital systems, and cyber solutions). The company is headquartered in Singapore and was formed in 1997.

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Singapore Technologies Engineering (STE SP)

Recent Industrial Inflows Driven by Transportation, Logistics & Engineering

Institutional net outflow totaled S$140.4M through 13 July, while Industrials recorded S$170.2M net institutional inflow. Singapore Airlines,...

Singapore Exchange Ltd (SGX)

Goodwill Entertainment Holding - Hitting the Notes of Growth

Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with...

Evolve Capital Advisory Pte Ltd

Singapore Market Roundup (18-Sep-2026): CGS cuts Venture's target price to $18.94 from $21.78.

CGS International cuts Venture's target price to $18.94. Goldman Sachs initiates ST Engineering with a 'buy' and $13.20 target.

Singapore Market Roundup

The Defence and Security Spend Supercycle

Defence and security spending has shifted from a cyclical budget item towards a multi-year commitment, while the scope of funded activities has...

8VantEdge

Singapore Market Roundup (19-May-2026): Koh raises CICT target price to $3.06 at UOBKH.

UOBKH raises CICT target to $3.06; ST Engineering's target up to $11.75. DBS maintains 'buy' and $12 target for CDL after Kwek Leng Peck's return.

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

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