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 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.  </li><li>Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.  </li><li>LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund's 18.45% stake acquisition.  </li></ul>

Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.  Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.  LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund's 18.45% stake acquisition.  

Stocks Surpassing Turnover Thresholds in 3Q25

<ul><li>In the first five months of 2025, 63 primary-listed companies conducted S$930 million in share buybacks, up 84% from 2024.</li><li>UOB led May buybacks with S$144 million, followed by DBS at S$18 million and Olam Group at S$6 million.</li><li>STI Banks accounted for 77% of 2025 buybacks, with DBS, UOB, and OCBC launching significant buyback programs.</li></ul>

In the first five months of 2025, 63 primary-listed companies conducted S$930 million in share buybacks, up 84% from 2024.UOB led May buybacks with S$144 million, followed by DBS at S$18 million and Olam Group at S$6 million.STI Banks accounted for 77% of 2025 buybacks, with DBS, UOB, and OCBC launching significant buyback programs.

2025 Sees Strong Start to Share Buybacks 

<ul><li>In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion.</li><li>Over the first four months of 2025, the STI banks led share buybacks with a combined S$550 million consideration.</li><li>DBS, UOB, and OCBC have announced capital management initiatives including share buybacks and special dividends for 2025.</li></ul>

In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion.Over the first four months of 2025, the STI banks led share buybacks with a combined S$550 million consideration.DBS, UOB, and OCBC have announced capital management initiatives including share buybacks and special dividends for 2025.

STI Banks Report Robust 1Q25 Financial Performance

<ul><li>From Apr 25 to 30, 15 primary-listed companies conducted buybacks totaling S$5.1 million, with institutions net buying S$56.4 million of Singapore stocks.</li><li>Director transactions included 20 acquisitions by directors/CEOs and four acquisitions by substantial shareholders, with no disposals reported.</li><li>Mapletree Logistics Trust's Q4 FY2025 revenue decreased by 0.8%, while Straco's FY2024 revenue fell 0.8%, but net profit rose 6%.</li></ul>

From Apr 25 to 30, 15 primary-listed companies conducted buybacks totaling S$5.1 million, with institutions net buying S$56.4 million of Singapore stocks.Director transactions included 20 acquisitions by directors/CEOs and four acquisitions by substantial shareholders, with no disposals reported.Mapletree Logistics Trust's Q4 FY2025 revenue decreased by 0.8%, while Straco's FY2024 revenue fell 0.8%, but net profit rose 6%.

Straco Chair Wu Hsioh Kwang Elevates His Stake

<ul><li>Southern Alliance Mining is diversifying from high-grade iron ore to rare earth elements and gold to expand operations.</li><li>The company is acquiring stakes in MCRE Resources and Paramount Synergy to enhance its rare earth mining capabilities.</li><li>SAM is engaging in cost mapping and supply chain management to mitigate risks from geopolitical events and material shortages.</li></ul>

Southern Alliance Mining is diversifying from high-grade iron ore to rare earth elements and gold to expand operations.The company is acquiring stakes in MCRE Resources and Paramount Synergy to enhance its rare earth mining capabilities.SAM is engaging in cost mapping and supply chain management to mitigate risks from geopolitical events and material shortages.

kopi-C with Southern Alliance Mining’s COO: Mining the future with rare earths and gold

Singapore

UOB-Kay Hian is a Singapore-based financial services group offering brokerage services, private wealth management, investment management, and financial research. It provides a wide range of products including equities, bonds, derivatives, and structured products, alongside corporate finance advisory and equity underwriting. The company traces its roots to Kay Hian & Co. in the early 1900s and is headquartered in Singapore.

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UOB-Kay Hian (UOBK SP)

Stocks Surpassing Turnover Thresholds in 3Q25

Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion. Seven stocks saw their YTD...

Singapore Exchange Ltd (SGX)

STI Banks Report Robust 1Q25 Financial Performance

In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion. Over the first...

Singapore Exchange Ltd (SGX)

Straco Chair Wu Hsioh Kwang Elevates His Stake

From Apr 25 to 30, 15 primary-listed companies conducted buybacks totaling S$5.1 million, with institutions net buying S$56.4 million of Singapore...

Singapore Exchange Ltd (SGX)

kopi-C with Southern Alliance Mining’s COO: Mining the future with rare earths and gold

Southern Alliance Mining is diversifying from high-grade iron ore to rare earth elements and gold to expand operations. The company is acquiring...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Stocks Surpassing Turnover Thresholds in 3Q25

Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion. Seven stocks saw their YTD...

Singapore Exchange Ltd (SGX)

2025 Sees Strong Start to Share Buybacks

In the first five months of 2025, 63 primary-listed companies conducted S$930 million in share buybacks, up 84% from 2024. UOB led May buybacks...

Singapore Exchange Ltd (SGX)

STI Banks Report Robust 1Q25 Financial Performance

In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion. Over the first...

Singapore Exchange Ltd (SGX)

Straco Chair Wu Hsioh Kwang Elevates His Stake

From Apr 25 to 30, 15 primary-listed companies conducted buybacks totaling S$5.1 million, with institutions net buying S$56.4 million of Singapore...

Singapore Exchange Ltd (SGX)

kopi-C with Southern Alliance Mining’s COO: Mining the future with rare earths and gold

Southern Alliance Mining is diversifying from high-grade iron ore to rare earth elements and gold to expand operations. The company is acquiring...

Singapore Exchange Ltd (SGX)