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

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul><li>In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.</li><li>UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.</li><li>Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.</li></ul>

In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.

Buyback Consideration Surges 80% in 2025 to S$1.65B

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG&lt;1.3x.</li>
<li>In the six ASEAN markets, 10 stocks satisfy our criteria - four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.</li>
<li>Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.</li>
</ul>


Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG&lt;1.3x.
In the six ASEAN markets, 10 stocks satisfy our criteria - four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.
Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.


Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet - Ten Stocks in ASEAN

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After the United States Trade Representative’s (USTR) office proposed a raft of fees and other shipping restrictions on Chinese vessels, non-SOE <a href="https://www.smartkarma.com/entities/yangzijiang-shipbuilding-holdings-limited" target="_blank" data-smartkarma-citation="entities:660:1" rel="noopener">Yangzijiang Shipbuilding (YZJSGD SP)</a> is down 16%.</li>
<li>Port entrance fees include up to US$1mn/vessel owned by Chinese transport operators; and non-Chinese transport operators operating Chinese-built vessels would pay up to US$1.5mn per port entry</li>
<li>Fees are currently preliminary, and may, as witnessed in recent Trump policies, be a bargaining chip rather than firm action. If enacted, these measures would curtail a promising Chinese export.</li>
</ul>


After the United States Trade Representative’s (USTR) office proposed a raft of fees and other shipping restrictions on Chinese vessels, non-SOE Yangzijiang Shipbuilding (YZJSGD SP) is down 16%.
Port entrance fees include up to US$1mn/vessel owned by Chinese transport operators; and non-Chinese transport operators operating Chinese-built vessels would pay up to US$1.5mn per port entry
Fees are currently preliminary, and may, as witnessed in recent Trump policies, be a bargaining chip rather than firm action. If enacted, these measures would curtail a promising Chinese export.


Yangzijiang Shipbuilding (YZJSGD SP) Rolls Over As The US Seeks To Curb China's Shipping Dominance

<ul><li>The Straits Times Index recorded a net institutional inflow of S$489 million over the 10-month period. </li><li>DBS reported a record net profit of S$11.4 billion for FY24, with plans for capital management. </li><li>Yangzijiang Shipbuilding led STI gains with a 65% price increase, continuing its trend from previous years.</li></ul>

The Straits Times Index recorded a net institutional inflow of S$489 million over the 10-month period.  DBS reported a record net profit of S$11.4 billion for FY24, with plans for capital management.  Yangzijiang Shipbuilding led STI gains with a 65% price increase, continuing its trend from previous years.

Straits Times Index Makes Fresh All-Time High Above 3,900

Hutchison Port Holdings Trust / Equity Bottom-Up

<ul><li>Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.</li><li>Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.</li><li>Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.</li></ul>

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.

FTSE ST Industrials Index Holds 40% YTD Total Return in November 

Singapore

Yangzijiang Shipbuilding (Holdings) Limited builds a wide range of ships. The Company produces a wide range of commercial vessels, mini bulk carriers, multi-purpose cargo vessels, containerships, chemical tankers, offshore supply vessels, rescue and salvage vessels, and lifting vessels.

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Yangzijiang Shipbuilding (YZJSGD SP)

Buyback Consideration Surges 80% in 2025 to S$1.65B

In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024. UOB, DBS, and OCBC...

Singapore Exchange Ltd (SGX)

Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet - Ten Stocks in ASEAN

We identify stocks in ASEAN with consistent EPS est upgrades, strong growth forecasts, low debt/equity, and PEG<1.3x. Ten stocks meet the...

Manishi Raychaudhuri