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

GROW with Singlife, Navigator Investment Services

GROW with Singlife

Navigator Investment Services

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Thematic (Sector/Industry)

<ul><li>Artificial Intelligence (AI) has firmly established itself as a transformative force, reshaping industries and economies worldwide.</li><li>A 2017 report by PwC titled “Sizing the Prize” estimated that AI could contribute up to $15.7 trillion to the global economy by 2030.</li><li>This staggering projection underscores the enormous potential of AI-driven innovation to boost productivity and create value across sectors.</li></ul>

Artificial Intelligence (AI) has firmly established itself as a transformative force, reshaping industries and economies worldwide.A 2017 report by PwC titled “Sizing the Prize” estimated that AI could contribute up to $15.7 trillion to the global economy by 2030.This staggering projection underscores the enormous potential of AI-driven innovation to boost productivity and create value across sectors.

<ul><li>Over five trading sessions through 23 July, 13 companies repurchased S$22.5 million of shares, led by UOB's S$13.4 million buyback.  </li><li>KGI Securities initiated coverage on The Hour Glass with an Outperform rating, highlighting strong cash generation and debt-free status.  </li><li>Earnings season in Singapore sees focus shift to AI and digital solutions for productivity and competitiveness enhancement.</li></ul>

Over five trading sessions through 23 July, 13 companies repurchased S$22.5 million of shares, led by UOB's S$13.4 million buyback.  KGI Securities initiated coverage on The Hour Glass with an Outperform rating, highlighting strong cash generation and debt-free status.  Earnings season in Singapore sees focus shift to AI and digital solutions for productivity and competitiveness enhancement.

UOB, Singtel & The Hour Glass lead Buybacks

<ul><li>The IMF projects Singapore's GDP growth to moderate from 5.0% in 2025 to 2.7% in 2027, driven by technology-related exports and investment.</li><li>Gross capital formation is expected to rise from 22.5% of GDP in 2025 to 23.7% in 2027, supported by infrastructure and manufacturing investment.</li><li>Singapore's banking sector remains well-capitalised with a capital adequacy ratio of 18.5% in 2Q25, supporting economic stability.</li></ul>

The IMF projects Singapore's GDP growth to moderate from 5.0% in 2025 to 2.7% in 2027, driven by technology-related exports and investment.Gross capital formation is expected to rise from 22.5% of GDP in 2025 to 23.7% in 2027, supported by infrastructure and manufacturing investment.Singapore's banking sector remains well-capitalised with a capital adequacy ratio of 18.5% in 2Q25, supporting economic stability.

Singapore Equities: IMF Outlook and Structural Market Drivers

<ul><li>Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25.</li><li>Jardine Matheson and Hongkong Land conducted buybacks worth US$217M and US$98M respectively during 5M26.</li><li>Singtel executed S$226M in share buybacks in FY26, alongside S$3.9B in asset recycling proceeds.</li></ul>

Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25.Jardine Matheson and Hongkong Land conducted buybacks worth US$217M and US$98M respectively during 5M26.Singtel executed S$226M in share buybacks in FY26, alongside S$3.9B in asset recycling proceeds.

Singapore Share Buybacks Near S$1.3B in First Five Months of 2026

Singapore

Singapore Telecommunications is Asia's leading communications technology group, providing next-generation communication, 5G, technology services, and infotainment to consumers and businesses. It offers mobile, broadband, TV, fixed-line telephony, IT and network services, data centers, managed cloud, IoT, and cybersecurity solutions. The company is headquartered in Singapore and was founded in 1879.

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Singapore Telecommunications (ST 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)

Digital Economy – The Case for AI

AI is revolutionizing industries, boosting global economies, and driving innovation while raising challenges in ethics, privacy, and workforce...

GROW with Singlife

UOB, Singtel & The Hour Glass lead Buybacks

Over five trading sessions through 23 July, 13 companies repurchased S$22.5 million of shares, led by UOB's S$13.4 million buyback. KGI...

Singapore Exchange Ltd (SGX)

Singapore Equities: IMF Outlook and Structural Market Drivers

The IMF projects Singapore's GDP growth to moderate from 5.0% in 2025 to 2.7% in 2027, driven by technology-related exports and investment. Gross...

Singapore Exchange Ltd (SGX)

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)

Digital Economy – The Case for AI

AI is revolutionizing industries, boosting global economies, and driving innovation while raising challenges in ethics, privacy, and workforce...

GROW with Singlife

UOB, Singtel & The Hour Glass lead Buybacks

Over five trading sessions through 23 July, 13 companies repurchased S$22.5 million of shares, led by UOB's S$13.4 million buyback. KGI...

Singapore Exchange Ltd (SGX)

Singapore Equities: IMF Outlook and Structural Market Drivers

The IMF projects Singapore's GDP growth to moderate from 5.0% in 2025 to 2.7% in 2027, driven by technology-related exports and investment. Gross...

Singapore Exchange Ltd (SGX)

Singapore Share Buybacks Near S$1.3B in First Five Months of 2026

Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25. Jardine Matheson and Hongkong Land conducted...

Singapore Exchange Ltd (SGX)