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>Yangzijiang Maritime Development closed Nov 21 at S$0.67, up 12% from its S$0.60 offer price.</li><li>CSE Global led 2H25 net institutional inflows with S$47.5 million, achieving a 70% total return.</li><li>Addvalue Technologies recorded a 207% price gain in 2H25, with S$5.2 million net institutional inflow.</li></ul>

Yangzijiang Maritime Development closed Nov 21 at S$0.67, up 12% from its S$0.60 offer price.CSE Global led 2H25 net institutional inflows with S$47.5 million, achieving a 70% total return.Addvalue Technologies recorded a 207% price gain in 2H25, with S$5.2 million net institutional inflow.

New FTSE ST All-Share Index Inclusion and Recent Institutional Inflow Highlights 

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Analysts keep ‘buy’ rating on UMS Integration after 3QFY2025 update.</li><li>CSE Global's target price raised to $1.20+ after key partnership with Amazon.</li><li>Venture Corp reports 3QFY2025 net profit of $55.6M, down 8.3% y-o-y.</li></ul>

Analysts keep ‘buy’ rating on UMS Integration after 3QFY2025 update.CSE Global's target price raised to $1.20+ after key partnership with Amazon.Venture Corp reports 3QFY2025 net profit of $55.6M, down 8.3% y-o-y.

Singapore Market Roundup (13-Nov-2025): Analysts maintain 'buy' rating for UMS Integration

<ul><li>Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, CDL news.</li><li>RHB raises STI year-end target to 4,690 and highlights top sector picks.</li><li>CapitaLand India Trust sees 10% growth in total and net property income in 3Q2025.</li></ul>

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, CDL news.RHB raises STI year-end target to 4,690 and highlights top sector picks.CapitaLand India Trust sees 10% growth in total and net property income in 3Q2025.

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

<ul><li>Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.</li><li>Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.</li><li>Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.</li></ul>

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.

Institutions Chalk Up S$480M in Net Buying in Early October

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a> disclosed a privatisation through a scheme of arrangement from the Chairman and PrimeMovers Equity at S$1.43 per share. Including the FY2025 dividend, the total offer is S$1.45.</li>
<li>While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples. It is also below book value. </li>
<li>The offer has not been declared final. However, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership lowers the vote risk.  </li>
</ul>



Spindex Industries (SPE SP) disclosed a privatisation through a scheme of arrangement from the Chairman and PrimeMovers Equity at S$1.43 per share. Including the FY2025 dividend, the total offer is S$1.45.
While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples. It is also below book value. 
The offer has not been declared final. However, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership lowers the vote risk.  


Spindex Industries (SPE SP): PrimeMovers Equity-Sponsored MBO at S$1.43

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.

Price Gauge
52-week Range	0.00 - 0.00
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Venture Corp (VMS SP)

Singapore Market Roundup (13-Nov-2025): Analysts maintain 'buy' rating for UMS Integration

Analysts maintain 'buy' on UMS Integration post 3QFY2025 update. CSE Global's target price rises to $1.20+ after Amazon partnership. Venture Corp's...

Singapore Market Roundup

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, and CDL news. RHB raises STI target to 4,690; CapitaLand India Trust...

Singapore Market Roundup

Institutions Chalk Up S$480M in Net Buying in Early October

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying. Marco Polo Marine...

Singapore Exchange Ltd (SGX)

Spindex Industries (SPE SP): PrimeMovers Equity-Sponsored MBO at S$1.43

While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples....

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

New FTSE ST All-Share Index Inclusion and Recent Institutional Inflow Highlights

Yangzijiang Maritime Development closed Nov 21 at S$0.67, up 12% from its S$0.60 offer price. CSE Global led 2H25 net institutional inflows with...

Singapore Exchange Ltd (SGX)

Singapore Market Roundup (13-Nov-2025): Analysts maintain 'buy' rating for UMS Integration

Analysts maintain 'buy' on UMS Integration post 3QFY2025 update. CSE Global's target price rises to $1.20+ after Amazon partnership. Venture Corp's...

Singapore Market Roundup

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, and CDL news. RHB raises STI target to 4,690; CapitaLand India Trust...

Singapore Market Roundup

Institutions Chalk Up S$480M in Net Buying in Early October

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying. Marco Polo Marine...

Singapore Exchange Ltd (SGX)

Spindex Industries (SPE SP): PrimeMovers Equity-Sponsored MBO at S$1.43

While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples....

Arun George