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

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 

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a>  is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.</li>
<li>OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. </li>
<li>Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.</li>
</ul>



Old Chang Kee (OCK SP)  is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.
OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. 
Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.


Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>DBS is RHB's preferred choice among Singapore banks.                        </li>
<li>HSBC identifies CDL as a 'turnaround' story by 2026.</li>
<li>CDL's 3QFY2025 update boosts target price by 73%, RHB upgrades rating.</li>
</ul>


DBS is RHB's preferred choice among Singapore banks.                        
HSBC identifies CDL as a 'turnaround' story by 2026.
CDL's 3QFY2025 update boosts target price by 73%, RHB upgrades rating.


Singapore Market Roundup (20-Nov-2025): DBS is RHB's top choice among Singapore banks.

<ul><li>CGS lowers Mermaid Maritime's target price but maintains 'add' rating.</li><li>UOB Kay Hian's Loh raises Yangzijiang Shipbuilding target price to $4.10.</li><li>Analysts raise Marco Polo Marine's target prices to 12 cents after contract win.</li></ul>

CGS lowers Mermaid Maritime's target price but maintains 'add' rating.UOB Kay Hian's Loh raises Yangzijiang Shipbuilding target price to $4.10.Analysts raise Marco Polo Marine's target prices to 12 cents after contract win.

Singapore Market Roundup (19-Nov-2025): CGS cuts Mermaid Maritime's target price, keeps 'add'

<ul>
<li>OCBC raises UOL's target price by 16% as Sora declines.   </li>
<li>Analysts lower target prices for Frencken after 3QFY2025 update.</li>
<li>Food Empire's shares may exceed $3 after record revenue; TP raised to $3.18.</li>
</ul>


OCBC raises UOL's target price by 16% as Sora declines.   
Analysts lower target prices for Frencken after 3QFY2025 update.
Food Empire's shares may exceed $3 after record revenue; TP raised to $3.18.


Singapore Market Roundup (18-Nov-2025): OCBC boosts UOL target price by 16% amid Sora drop.

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)

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)

Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

OCK reported their 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining...

Evolve Capital Advisory Pte Ltd

Singapore Market Roundup (20-Nov-2025): DBS is RHB's top choice among Singapore banks.

DBS is RHB's top pick in Singapore; HSBC sees CDL as a 'turnaround' by 2026, with a 73% target price increase and upgraded rating after 3QFY2025...

Singapore Market Roundup

Singapore Market Roundup (19-Nov-2025): CGS cuts Mermaid Maritime's target price, keeps 'add'

CGS lowers Mermaid Maritime's target price but keeps 'add' rating; UOB Kay Hian raises Yangzijiang Shipbuilding to $4.10; Marco Polo Marine's...

Singapore Market Roundup

Singapore Market Roundup (18-Nov-2025): OCBC boosts UOL target price by 16% amid Sora drop.

OCBC raises UOL's target price by 16% amid Sora decline. Analysts cut Frencken's target after 3QFY2025. Food Empire's TP raised to $3.18, shares...

Singapore Market Roundup

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52-week Range

Market Cap (USDm)

P/E

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