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

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.

<ul><li>Institutions net bought S$92 million, while retail investors net bought S$904 million in Singapore stocks from 2Q25 to May 7.</li><li>Ten stocks, including CNMC Goldmine and Singtel, achieved double-digit returns, averaging 28% total return by May 7, 2025.</li><li>Eight of the next best-performing stocks, averaging 6% return, generate most revenue from Singapore, including two REITs.</li></ul>

Institutions net bought S$92 million, while retail investors net bought S$904 million in Singapore stocks from 2Q25 to May 7.Ten stocks, including CNMC Goldmine and Singtel, achieved double-digit returns, averaging 28% total return by May 7, 2025.Eight of the next best-performing stocks, averaging 6% return, generate most revenue from Singapore, including two REITs.

Actively Traded Stocks With Highest 2Q25 Returns in Early 2Q25

<ul><li>Singtel traded at S$3.65 on 16 April, marking its highest level since January 2017, with a 15.9% total return in 2025 year-to-date.</li><li>Institutions net sold S$145.5 million from STI Banks but net bought S$133 million in the rest of the market, with telecommunications seeing the highest inflow.</li><li>Singtel's ST28 plan aims to enhance customer experiences and shareholder value, identifying S$6 billion in monetisable assets.</li></ul>

Singtel traded at S$3.65 on 16 April, marking its highest level since January 2017, with a 15.9% total return in 2025 year-to-date.Institutions net sold S$145.5 million from STI Banks but net bought S$133 million in the rest of the market, with telecommunications seeing the highest inflow.Singtel's ST28 plan aims to enhance customer experiences and shareholder value, identifying S$6 billion in monetisable assets.

Institutional Investors Net Buy Telcos as STI Recovers 4.5% Over Five Sessions

<ul><li>Retail investors net bought S$1.24 billion of Singapore stocks, while institutions net sold S$333 million over eight sessions.</li><li>STI Banks led net retail inflow with a 12.3% average decline; Telecommunications led net retail outflow, driven by Singtel.</li><li>Buybacks by primary-listed companies totaled S$265 million; 20 stocks with highest net retail inflow saw 12.0% average decline.</li></ul>

Retail investors net bought S$1.24 billion of Singapore stocks, while institutions net sold S$333 million over eight sessions.STI Banks led net retail inflow with a 12.3% average decline; Telecommunications led net retail outflow, driven by Singtel.Buybacks by primary-listed companies totaled S$265 million; 20 stocks with highest net retail inflow saw 12.0% average decline.

Net Retail Buying Surpasses S$1.24B Amid Recent Volatility

<ul><li>Seatrium reported FY24 net profit of S$200 million, revenue growth of 27%, and proposed a 1.5 cent dividend.</li><li>Singtel's ST28 strategy focuses on connectivity, digital services, and infrastructure, identifying S$6 billion in monetisable assets.</li><li>CapitaLand Investment aims to scale FUM to S$200 billion by 2028, focusing on asset-light, fee income model.</li></ul>

Seatrium reported FY24 net profit of S$200 million, revenue growth of 27%, and proposed a 1.5 cent dividend.Singtel's ST28 strategy focuses on connectivity, digital services, and infrastructure, identifying S$6 billion in monetisable assets.CapitaLand Investment aims to scale FUM to S$200 billion by 2028, focusing on asset-light, fee income model.

Market Leaders Pursuing Significant Strategic Transformations

Singapore

Singapore Telecommunications Limited wireless telecommunication services. The Company offers diverse range of services including fixed, mobile, data, internet, TV,  and digital solutions. Singapore Telecommunications serves customers worldwide.

Singtel (Singapore Telecommunications) (ST SP)

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Singtel (Singapore Telecommunications) (ST SP)

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)

Actively Traded Stocks With Highest 2Q25 Returns in Early 2Q25

Institutions net bought S$92 million, while retail investors net bought S$904 million in Singapore stocks from 2Q25 to May 7. Ten stocks,...

Singapore Exchange Ltd (SGX)

Institutional Investors Net Buy Telcos as STI Recovers 4.5% Over Five Sessions

Singtel traded at S$3.65 on 16 April, marking its highest level since January 2017, with a 15.9% total return in 2025 year-to-date. Institutions...

Singapore Exchange Ltd (SGX)

Net Retail Buying Surpasses S$1.24B Amid Recent Volatility

Retail investors net bought S$1.24 billion of Singapore stocks, while institutions net sold S$333 million over eight sessions. STI Banks led net...

Singapore Exchange Ltd (SGX)

Market Leaders Pursuing Significant Strategic Transformations

Seatrium reported FY24 net profit of S$200 million, revenue growth of 27%, and proposed a 1.5 cent dividend. Singtel's ST28 strategy focuses on...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)