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 1Q26, STI ETFs recorded 13 consecutive months of net inflows, totaling S$981 million, with AUM reaching S$4.2 billion.</li><li>Share buybacks in Singapore reached approximately S$560 million in 1Q26, led by Singtel's S$2 billion programme.</li><li>The SMID segment attracted close to S$470 million net institutional inflow in 1Q26, with combined ADT nearing S$670 million.</li></ul>

In 1Q26, STI ETFs recorded 13 consecutive months of net inflows, totaling S$981 million, with AUM reaching S$4.2 billion.Share buybacks in Singapore reached approximately S$560 million in 1Q26, led by Singtel's S$2 billion programme.The SMID segment attracted close to S$470 million net institutional inflow in 1Q26, with combined ADT nearing S$670 million.

<ul><li>The FTSE ST Industrials Index recorded S$265 million in net institutional inflows and S$193 million ADT last year.</li><li>Marco Polo Marine and Hong Leong Asia ranked among top 10 stocks for 2025 returns and institutional inflows.</li><li>Sanli Environmental's 2H25 ADT surged nearly 75 times, while Soilbuild Construction Group saw a 26-fold increase.</li></ul>

The FTSE ST Industrials Index recorded S$265 million in net institutional inflows and S$193 million ADT last year.Marco Polo Marine and Hong Leong Asia ranked among top 10 stocks for 2025 returns and institutional inflows.Sanli Environmental's 2H25 ADT surged nearly 75 times, while Soilbuild Construction Group saw a 26-fold increase.

FTSE ST Industrials Index Powered Ahead with 44% Total Return in 2025

Hutchison Port Holdings / 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 

<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

<ul><li>Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion.</li><li>iFAST's UK-based iGB achieved S$1.7 million profit in 1HFY25, driven by increased customer deposits and net interest revenue.</li><li>City Developments reported S$1.7 billion revenue in 1HFY25, with significant divestment gains expected from South Beach stake sale.</li></ul>

Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion.iFAST's UK-based iGB achieved S$1.7 million profit in 1HFY25, driven by increased customer deposits and net interest revenue.City Developments reported S$1.7 billion revenue in 1HFY25, with significant divestment gains expected from South Beach stake sale.

New STI Highs Extends 2025 Total Return to 20%

China

Yangzijiang Shipbuilding is a large conglomerate primarily engaged in shipbuilding and offshore engineering, producing a broad range of commercial vessels including containerships, bulk carriers, oil tankers, and LNG/gas carriers. The company also provides ship repairing services, manufactures large-scale steel structures, and offers ship design services. It was founded in 1956 and is headquartered in Jingjiang, China.

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Yangzijiang Shipbuilding (YZJSGD SP)

STI Books 5.6% Total Return in 1Q26

In 1Q26, STI ETFs recorded 13 consecutive months of net inflows, totaling S$981 million, with AUM reaching S$4.2 billion. Share buybacks in...

Singapore Exchange Ltd (SGX)

FTSE ST Industrials Index Powered Ahead with 44% Total Return in 2025

The FTSE ST Industrials Index recorded S$265 million in net institutional inflows and S$193 million ADT last year. Marco Polo Marine and Hong...

Singapore Exchange Ltd (SGX)

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

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch. Hiap Seng...

Singapore Exchange Ltd (SGX)

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)

New STI Highs Extends 2025 Total Return to 20%

Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion. iFAST's UK-based...

Singapore Exchange Ltd (SGX)

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