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>City Developments recorded S$237M net institutional buying, while Advanced Holdings led by percentage with S$6.6M, 54% of market cap.</li><li>LHT Holdings saw S$9.5M net institutional buying, 19% of market cap, with DH Cornerstone Fund acquiring 18.45% interest.</li><li>Institutions net sold S$0.74 billion in 2H25, excluding STI Banks, net buying was S$0.18 billion.</li></ul>

City Developments recorded S$237M net institutional buying, while Advanced Holdings led by percentage with S$6.6M, 54% of market cap.LHT Holdings saw S$9.5M net institutional buying, 19% of market cap, with DH Cornerstone Fund acquiring 18.45% interest.Institutions net sold S$0.74 billion in 2H25, excluding STI Banks, net buying was S$0.18 billion.

Stocks with Largest Institutional Net Buys as % of Market Cap in 2H25

<ul><li>The FTSE ST Mid & Small Cap Index generated a 9% total return in 3Q25 to Aug 12, led by PropNex with a 52% gain.</li><li>The Index saw S$382 million in net institutional inflow, with Technology sector constituents accounting for S$180 million.</li><li>iFAST Corporation reported a 34.7% increase in 1HFY25 net profit, driven by growth in Hong Kong ePension business.</li></ul>

The FTSE ST Mid & Small Cap Index generated a 9% total return in 3Q25 to Aug 12, led by PropNex with a 52% gain.The Index saw S$382 million in net institutional inflow, with Technology sector constituents accounting for S$180 million.iFAST Corporation reported a 34.7% increase in 1HFY25 net profit, driven by growth in Hong Kong ePension business.

Recent Highlights of the FTSE ST Mid & Small Cap Index

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>After a gap of over fifteen years from formal coverage of <a href="https://www.smartkarma.com/entities/venture-corp-ltd" target="_blank" data-smartkarma-citation="entities:9251:1" rel="noopener">Venture Corp (VMS SP)</a>, I took a look again this week, not much seems to have changed.</li>
<li>Venture Corp's management hankering for "charm" in its contracts, with respect to NOT just return on investment but also return on effort will be the primary risk for growth</li>
<li>Excellent anchor customers have boosted margins. The tech slowdown might entice larger EMS to be more aggressive and chase these businesses placing margins at risk.</li>
</ul>


After a gap of over fifteen years from formal coverage of Venture Corp (VMS SP), I took a look again this week, not much seems to have changed.
Venture Corp's management hankering for "charm" in its contracts, with respect to NOT just return on investment but also return on effort will be the primary risk for growth
Excellent anchor customers have boosted margins. The tech slowdown might entice larger EMS to be more aggressive and chase these businesses placing margins at risk.


Venture Corporation - A Dialogue from the Past Might Give Some Insight on the Future

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul><li>Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.</li><li>On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.</li><li>As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).</li></ul>

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore

Venture Corporation Limited provides contract manufacturing services to electronics companies worldwide.  The Company also provides manufacturing, design, engineering, customization, and logistic services.  Venture Corporation trades and manufactures electronics and computer-related products, develops and markets color imaging products for label printing.

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Venture Corp (VMS SP)

Stocks with Largest Institutional Net Buys as % of Market Cap in 2H25

City Developments recorded S$237M net institutional buying, while Advanced Holdings led by percentage with S$6.6M, 54% of market cap. LHT Holdings...

Singapore Exchange Ltd (SGX)

Recent Highlights of the FTSE ST Mid & Small Cap Index

The FTSE ST Mid & Small Cap Index generated a 9% total return in 3Q25 to Aug 12, led by PropNex with a 52% gain. The Index saw S$382 million...

Singapore Exchange Ltd (SGX)

Venture Corporation - A Dialogue from the Past Might Give Some Insight on the Future

Taking a look after fifteen years - excellent anchor customers have boosted margins, but too much focus on margins has been counterproductive in...

Pyari Menon

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

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