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

Trip.com Group Limited provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services. Trip.com Group provides services worldwide.

<ul><li>The Lion-OCBC Securities Singapore Low Carbon ETF has a 0.45% expense ratio and is accessible via digital platforms.</li><li>The ETF achieved a 49% total return since April 2022, with a 10% CAGR through monthly DCA plans.</li><li>The ETF's Index includes 40 stocks, with Sea and Trip.com Group having significant weights of 8.0% and 7.6%, respectively.</li></ul>

The Lion-OCBC Securities Singapore Low Carbon ETF has a 0.45% expense ratio and is accessible via digital platforms.The ETF achieved a 49% total return since April 2022, with a 10% CAGR through monthly DCA plans.The ETF's Index includes 40 stocks, with Sea and Trip.com Group having significant weights of 8.0% and 7.6%, respectively.

Accessible, Sustainable, Growing: Why the Lion-OCBC SLC ETF Is Gaining Traction

CDL Hospitality Trusts / Equity Bottom-Up

CDL Hospitality Trusts is a stapled group compromising H-REIT and HBT. H-REIT is a real estate investment trust that invest in a portfolio of income-producing properties and HBT is a business trust.

<ul><li>CapitaLand Ascott Trust's 1H 2025 revenue rose 3% to S$398.5 million, with gross profit up 6% to S$182.5 million.</li><li>Far East Hospitality Trust's 1H 2025 gross revenue declined 4.2% to S$51.6 million, with NPI falling 7.7% to S$45.6 million.</li><li>CDL Hospitality Trusts' NPI fell 11.9% to S$58.6 million, with total distribution after retention declining 20.2% to S$25.1 million.</li></ul>

CapitaLand Ascott Trust's 1H 2025 revenue rose 3% to S$398.5 million, with gross profit up 6% to S$182.5 million.Far East Hospitality Trust's 1H 2025 gross revenue declined 4.2% to S$51.6 million, with NPI falling 7.7% to S$45.6 million.CDL Hospitality Trusts' NPI fell 11.9% to S$58.6 million, with total distribution after retention declining 20.2% to S$25.1 million.

REIT Watch -  Mixed 1H 2025 performance, but Hospitality S-REITs push ahead with portfolio reconstitution and diversification

Raffles Medical Group Limited is a health care provider.  The Company operates medical clinics, imaging centers, and medical laboratories.  Raffles provides general and specialized medical, medical evacuation, medical advisory, and dental treatment services.

<ul><li>Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow.</li><li>iFAST Corporation saw S$50.3 million net institutional inflow, reversing its year-to-date outflow to S$42.9 million inflow.</li><li>Raffles Medical and Keppel led share buybacks, with Raffles purchasing 3.3 million shares and Keppel announcing a S$500 million program.</li></ul>

Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow.iFAST Corporation saw S$50.3 million net institutional inflow, reversing its year-to-date outflow to S$42.9 million inflow.Raffles Medical and Keppel led share buybacks, with Raffles purchasing 3.3 million shares and Keppel announcing a S$500 million program.

iFAST Books S$50M Net Institutional Inflow 5 Five sessions

CapitaLand Ascendas REIT / Equity Bottom-Up

CapitaLand Ascendas REIT is an industrial real estate investment trust. The Trust invests in business and science park properties, integrated development, amenities, and retail (IDAR) properties, high-specifications industrial properties and data centers, light industrial and flatted factories, and logistics and distribution centers.

<ul><li>Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion.</li><li>Industrials led net institutional inflows, driven by Keppel, Yangzijiang Shipbuilding, and Seatrium, while REITs saw the largest net outflows.</li><li>mDR's average daily trading turnover increased significantly in July, narrowing its 5-day average bid-ask spread to 150 bps.</li></ul>

Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion.Industrials led net institutional inflows, driven by Keppel, Yangzijiang Shipbuilding, and Seatrium, while REITs saw the largest net outflows.mDR's average daily trading turnover increased significantly in July, narrowing its 5-day average bid-ask spread to 150 bps.

FTSE ST Industrials Outpaces STI in July with a 13.2% Gain

Rex International Holding / Equity Bottom-Up

Rex International Holding Limited is a production and exploration oil company with concessions in Norway, UAE, Oman, and the US.

<ul><li>Institutions were net buyers of Singapore stocks with a net inflow of S$334 million from July 18 to 24.</li><li>Four primary-listed companies conducted share buybacks totaling S$29.8 million, led by United Overseas Bank's repurchase of 800,000 shares.</li><li>Ginko-AGT Global Growth Fund increased its stake in ISOTeam, acquiring 5,986,600 shares at S$0.086 each.</li></ul>

Institutions were net buyers of Singapore stocks with a net inflow of S$334 million from July 18 to 24.Four primary-listed companies conducted share buybacks totaling S$29.8 million, led by United Overseas Bank's repurchase of 800,000 shares.Ginko-AGT Global Growth Fund increased its stake in ISOTeam, acquiring 5,986,600 shares at S$0.086 each.

New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries

Mr. Howie is the Singapore Exchange’s Market Strategist, responsible for communicating developments in Singapore’s stock market. He is the author of the SGX My Gateway Report, which has been educating investors since 2012. The report now has one of the largest subscriber bases in the Singapore market.


Geoff Howie
SGX Market Strategist, Equity & Fixed Income
• Singapore Exchange Ltd (SGX)

Accessible, Sustainable, Growing: Why the Lion-OCBC SLC ETF Is Gaining Traction

The Lion-OCBC Securities Singapore Low Carbon ETF has a 0.45% expense ratio and is accessible via digital platforms. The ETF achieved a 49% total...

Singapore Exchange Ltd (SGX)

REIT Watch - Mixed 1H 2025 performance, but Hospitality S-REITs push ahead with portfolio reconstitution and diversification

CapitaLand Ascott Trust's 1H 2025 revenue rose 3% to S$398.5 million, with gross profit up 6% to S$182.5 million. Far East Hospitality Trust's 1H...

Singapore Exchange Ltd (SGX)

iFAST Books S$50M Net Institutional Inflow 5 Five sessions

Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow. iFAST Corporation saw...

Singapore Exchange Ltd (SGX)

FTSE ST Industrials Outpaces STI in July with a 13.2% Gain

Institutions net bought S$396.6 million in Singapore stocks in July, reducing the 7-month net outflow to S$1.67 billion. Industrials led net...

Singapore Exchange Ltd (SGX)

New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries

Institutions were net buyers of Singapore stocks with a net inflow of S$334 million from July 18 to 24. Four primary-listed companies conducted...

Singapore Exchange Ltd (SGX)