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>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

<ul><li>American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares.</li><li>The AVDV ETF targets small-cap stocks in non-US developed markets, focusing on low valuations and strong profitability.</li><li>In 2025, 22 of 30 SGX-listed stocks in the AVDV ETF saw increased average daily turnover compared to 2024.</li></ul>

American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares.The AVDV ETF targets small-cap stocks in non-US developed markets, focusing on low valuations and strong profitability.In 2025, 22 of 30 SGX-listed stocks in the AVDV ETF saw increased average daily turnover compared to 2024.

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF 

<ul><li>The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows.</li><li>ST Engineering achieved a 78% total return, driven by diversified business and strategic digital investments.</li><li>OKP Holdings' share price surged 200% YTD, supported by a S$736M order book and AI-driven automation.</li></ul>

The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows.ST Engineering achieved a 78% total return, driven by diversified business and strategic digital investments.OKP Holdings' share price surged 200% YTD, supported by a S$736M order book and AI-driven automation.

Industrials Lead the Charge: FTSE ST Industrials Outpaced STI Since February

<ul><li>Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500 list.</li><li>Yangzijiang Financial Holding, Centurion Corporation, and Wee Hur Holdings were among the top five stocks with significant net institutional inflow.</li><li>The FTSE ST Small Cap Index maintained a 6.3% dividend yield as of May, exceeding the FTSE Asia Pacific Small Cap Index's 2.4%.</li></ul>

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500 list.Yangzijiang Financial Holding, Centurion Corporation, and Wee Hur Holdings were among the top five stocks with significant net institutional inflow.The FTSE ST Small Cap Index maintained a 6.3% dividend yield as of May, exceeding the FTSE Asia Pacific Small Cap Index's 2.4%.

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

<ul><li>The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%.</li><li>Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.</li><li>Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.</li></ul>

The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%.Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.

25 Most Net Sold Stocks by Retail in May Averaged 9% Total Returns

Singapore

Wee Hur Holdings Ltd. is a Singapore-based investment holding company primarily engaged in construction, property development, fund management, and alternative investments. The company constructs residential, industrial, institutional, and commercial properties, and develops and sells residential and industrial properties in Singapore and mixed-use properties in Australia. It also operates workers' dormitories and purpose-built student accommodation. Wee Hur Holdings was founded in 1980 and is headquartered in Singapore.

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Wee Hur Holdings (WHUR SP)

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)

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF

American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares. The AVDV ETF...

Singapore Exchange Ltd (SGX)

Industrials Lead the Charge: FTSE ST Industrials Outpaced STI Since February

The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows. ST Engineering achieved a 78% total return,...

Singapore Exchange Ltd (SGX)

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500...

Singapore Exchange Ltd (SGX)

25 Most Net Sold Stocks by Retail in May Averaged 9% Total Returns

The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI's 2.9%. Retail investors net sold S$280...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

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