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>SGX's 10-share board lot initiative saw over 20,000 trades in 10-share lots, surpassing 100-share trades.</li><li>Jardine Matheson Holdings had strong adoption with one-third of trades in 10-share lots, median size 20 shares.</li><li>Liquidity remained stable; 8 of 11 stocks recorded higher average daily turnover than on 2 October.</li></ul>

SGX's 10-share board lot initiative saw over 20,000 trades in 10-share lots, surpassing 100-share trades.Jardine Matheson Holdings had strong adoption with one-third of trades in 10-share lots, median size 20 shares.Liquidity remained stable; 8 of 11 stocks recorded higher average daily turnover than on 2 October.

10-Share Lots See Immediate Uptake in First 11 Stocks

<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>Institutions recorded a net inflow of S$236 million in Singapore stocks from Nov 7 to Nov 13, reversing prior outflows.</li><li>United Overseas Bank led share buybacks with 1,071,900 shares at an average price of S$33.95, totaling S$56.5 million.</li><li>Fuxing China Group raised S$1.245 million through a placement of 3 million shares at S$0.415 each.</li></ul>

Institutions recorded a net inflow of S$236 million in Singapore stocks from Nov 7 to Nov 13, reversing prior outflows.United Overseas Bank led share buybacks with 1,071,900 shares at an average price of S$33.95, totaling S$56.5 million.Fuxing China Group raised S$1.245 million through a placement of 3 million shares at S$0.415 each.

Tan Kok Huat, CEO of Reclaims Global, Boosts Stake

<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

Equity Analyst

Ravi Kumar

Thematic (Sector/Industry)

<ul>
<li>The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.</li>
<li>Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.</li>
<li>Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.</li>
</ul>


The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.
Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.
Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.


Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

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)

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)

Tan Kok Huat, CEO of Reclaims Global, Boosts Stake

Institutions recorded a net inflow of S$236 million in Singapore stocks from Nov 7 to Nov 13, reversing prior outflows. United Overseas Bank led...

Singapore Exchange Ltd (SGX)

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)

Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...

Ravi Kumar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

10-Share Lots See Immediate Uptake in First 11 Stocks

SGX's 10-share board lot initiative saw over 20,000 trades in 10-share lots, surpassing 100-share trades. Jardine Matheson Holdings had strong...

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)

Tan Kok Huat, CEO of Reclaims Global, Boosts Stake

Institutions recorded a net inflow of S$236 million in Singapore stocks from Nov 7 to Nov 13, reversing prior outflows. United Overseas Bank led...

Singapore Exchange Ltd (SGX)

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)

Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

​The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...

Ravi Kumar

The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital...