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>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

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There appears to be far less geopolitical risk with Singapore's banks than large globals</li>
<li>Impairment costs may be the best risk gauge, but also lending appetite</li>
<li>High oil prices and rising rates can both be highly positive to net profit</li>
</ul>


There appears to be far less geopolitical risk with Singapore's banks than large globals
Impairment costs may be the best risk gauge, but also lending appetite
High oil prices and rising rates can both be highly positive to net profit


Singapore Banks - Limited Geopolitical Risk

<ul><li>STI constituents are expected to deliver around 10% earnings growth in their current FYs, with similar growth implied for the following FY.</li><li>Retail flows concentrated in DBS, Singapore Telecommunications, CapitaLand Ascendas REIT, Genting Singapore, and Sembcorp Industries, with OCBC recording both net institutional and retail inflows.</li><li>SATS reported FY26 EPS of 19.2 cents, with current consensus forecast for FY27F EPS at 21.825 cents, illustrating evolving earnings expectations.</li></ul>

STI constituents are expected to deliver around 10% earnings growth in their current FYs, with similar growth implied for the following FY.Retail flows concentrated in DBS, Singapore Telecommunications, CapitaLand Ascendas REIT, Genting Singapore, and Sembcorp Industries, with OCBC recording both net institutional and retail inflows.SATS reported FY26 EPS of 19.2 cents, with current consensus forecast for FY27F EPS at 21.825 cents, illustrating evolving earnings expectations.

STI Hits Record as Focus Shifts to Earnings

<ul>
<li>Singapore's banks stand out well on several features compared with high-growth Asean</li>
<li>Credit-Risk management may be most important, which is fundamental to banking</li>
<li>Stability of returns, high dividend payouts, better non-interest income are also key </li>
</ul>


Singapore's banks stand out well on several features compared with high-growth Asean
Credit-Risk management may be most important, which is fundamental to banking
Stability of returns, high dividend payouts, better non-interest income are also key 


Singapore Banks Compare Well with ASEAN Banks, Perhaps Unexpectedly?

<ul><li>Singapore's Financial and Technology sectors experienced selective net institutional inflows, with UOB, OCBC, SGX, and UMS leading inflows.</li><li>Global conditions tightened, with selective ETF net inflows totaling S$20 million, led by SPDR Straits Times Index ETF.</li><li>Institutional flows concentrated in Financial Services and Technology sectors, with significant inflows to UOB, OCBC, and Venture Corporation.</li></ul>

Singapore's Financial and Technology sectors experienced selective net institutional inflows, with UOB, OCBC, SGX, and UMS leading inflows.Global conditions tightened, with selective ETF net inflows totaling S$20 million, led by SPDR Straits Times Index ETF.Institutional flows concentrated in Financial Services and Technology sectors, with significant inflows to UOB, OCBC, and Venture Corporation.

Selective Flows into Financials, Tech & ETFs as Conditions Tightened Monday

Singapore

United Overseas Bank is a leading Asian bank offering a comprehensive range of financial services across its Group Retail, Group Wholesale Banking, and Global Markets segments. Its offerings include personal, private, commercial, and corporate banking, investment banking, asset management, and insurance services. The bank is headquartered in Singapore and was founded in 1935.

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United Overseas Bank (UOB SP)

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 Banks - Limited Geopolitical Risk

There appears to be less geopolitical risk with Singapore's banks than some other large global banks. Singapore's banks can better benefit from...

Daniel Tabbush

STI Hits Record as Focus Shifts to Earnings

STI constituents are expected to deliver around 10% earnings growth in their current FYs, with similar growth implied for the following FY. Retail...

Singapore Exchange Ltd (SGX)

Singapore Banks Compare Well with ASEAN Banks, Perhaps Unexpectedly?

There are several stand out characteristics of Singapore’s banks compared with others in Asean: credit metrics, return stability, cost-management,...

Daniel Tabbush

Selective Flows into Financials, Tech & ETFs as Conditions Tightened Monday

Singapore's Financial and Technology sectors experienced selective net institutional inflows, with UOB, OCBC, SGX, and UMS leading inflows. Global...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)