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

ComfortDelGro is a multinational land transport company that offers a comprehensive suite of transportation solutions, including bus, rail, taxi, car rental and leasing, and automotive engineering services. The company also provides inspection and testing services, driving instruction, and outdoor advertising. Headquartered in Singapore, ComfortDelGro was formed on March 29, 2003, through the merger of Comfort Group and DelGro Corporation.

<ul><li>Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25.</li><li>Jardine Matheson and Hongkong Land conducted buybacks worth US$217M and US$98M respectively during 5M26.</li><li>Singtel executed S$226M in share buybacks in FY26, alongside S$3.9B in asset recycling proceeds.</li></ul>

Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25.Jardine Matheson and Hongkong Land conducted buybacks worth US$217M and US$98M respectively during 5M26.Singtel executed S$226M in share buybacks in FY26, alongside S$3.9B in asset recycling proceeds.

Singapore Share Buybacks Near S$1.3B in First Five Months of 2026

Venture Corporation is a leading global provider of technology services, products, and solutions, offering capabilities in research and development, product industrialization, advanced manufacturing, and supply chain management. The company serves diverse technology domains such as life sciences, MedTech, lifestyle and wellness, smart industrial, and next-gen communications. Headquartered in Singapore, Venture Corporation was established in 1989.

<ul><li>Net institutional inflows in Singapore's Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware segments.</li><li>Valuation expansion is led by semiconductor-linked companies with AEM Holdings, UMS Integration, and Frencken Group showing significant P/E increases.</li><li>InnoTek's valuation reflects AI hardware demand, supported by institutional investments and its positioning in AI server supply chains.</li></ul>

Net institutional inflows in Singapore's Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware segments.Valuation expansion is led by semiconductor-linked companies with AEM Holdings, UMS Integration, and Frencken Group showing significant P/E increases.InnoTek's valuation reflects AI hardware demand, supported by institutional investments and its positioning in AI server supply chains.

Semiconductor Test, Equipment and AI Demand Driving Flows and Re rating

Raffles Medical Group is a leading integrated private healthcare provider in Asia. It operates hospitals and a network of medical and dental clinics, offering a wide range of services including primary, specialist, and tertiary care, as well as health insurance and consumer healthcare products. The company was founded in 1976 and is headquartered in Singapore.

<ul><li>Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in 2H25.</li><li>The Group operates three hospitals in China, with the Beijing hospital profitable and others showing steady improvement in services and patient volumes.</li><li>Raffles Medical Group is listed on the Singapore Exchange and operates in 12 cities across five countries in Asia.</li></ul>

Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in 2H25.The Group operates three hospitals in China, with the Beijing hospital profitable and others showing steady improvement in services and patient volumes.Raffles Medical Group is listed on the Singapore Exchange and operates in 12 cities across five countries in Asia.

kopi-C with Raffles Medical Group CEO: “There’s no quick money in healthcare”

Nam Cheong is an investment holding company that specializes in the building and chartering of offshore support vessels (OSVs). The company constructs a range of vessels, including Anchor Handling Tug Supply (AHTS) vessels, Platform Supply Vessels (PSVs), and Accommodation Work Barges (AWBs), and also offers vessel chartering and ship delivery services. Headquartered in Singapore, Nam Cheong was founded in 1968.

<ul><li>Over five sessions, 22 primary-listed companies conducted buybacks totaling S$88.9 million, with Singapore Telecommunications leading with 14 million shares.</li><li>Azure Capital completed the acquisition of 22,074,000 Trek 2000 International shares, becoming a substantial shareholder with a 7.3% interest.</li><li>Frasers Logistics & Commercial Trust acquired four logistics properties in Germany and the Netherlands for €294.9 million, funded through debt.</li></ul>

Over five sessions, 22 primary-listed companies conducted buybacks totaling S$88.9 million, with Singapore Telecommunications leading with 14 million shares.Azure Capital completed the acquisition of 22,074,000 Trek 2000 International shares, becoming a substantial shareholder with a 7.3% interest.Frasers Logistics & Commercial Trust acquired four logistics properties in Germany and the Netherlands for €294.9 million, funded through debt.

AGT Raises Nam Cheong Stake, Silchester Increases ComfortDelGro Stake

<ul><li>SATS reported record FY26 revenue of S$6.35 billion, with a 17.0% increase in net profit from FY25.</li><li>Venture Corporation's revenue rose 1.9% YoY to S$628.5 million, supported by demand in technology segments.</li><li>UMS Integration's 1QFY26 revenue increased 20% YoY to S$69.4 million, with net profit rising 43% YoY.</li></ul>

SATS reported record FY26 revenue of S$6.35 billion, with a 17.0% increase in net profit from FY25.Venture Corporation's revenue rose 1.9% YoY to S$628.5 million, supported by demand in technology segments.UMS Integration's 1QFY26 revenue increased 20% YoY to S$69.4 million, with net profit rising 43% YoY.

STI Delivers 3.3% May Total Return as Economic Resilience Supports Market

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)

Semiconductor Test, Equipment and AI Demand Driving Flows and Re rating

Net institutional inflows in Singapore's Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware...

Singapore Exchange Ltd (SGX)

kopi-C with Raffles Medical Group CEO: “There’s no quick money in healthcare”

Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in...

Singapore Exchange Ltd (SGX)

AGT Raises Nam Cheong Stake, Silchester Increases ComfortDelGro Stake

Over five sessions, 22 primary-listed companies conducted buybacks totaling S$88.9 million, with Singapore Telecommunications leading with 14...

Singapore Exchange Ltd (SGX)

STI Delivers 3.3% May Total Return as Economic Resilience Supports Market

SATS reported record FY26 revenue of S$6.35 billion, with a 17.0% increase in net profit from FY25. Venture Corporation's revenue rose 1.9% YoY to...

Singapore Exchange Ltd (SGX)

Singapore Share Buybacks Near S$1.3B in First Five Months of 2026

Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25. Jardine Matheson and Hongkong Land conducted...

Singapore Exchange Ltd (SGX)

Semiconductor Test, Equipment and AI Demand Driving Flows and Re rating

Net institutional inflows in Singapore's Technology sector reached S$572.6 million, concentrated in semiconductor production and AI hardware...

Singapore Exchange Ltd (SGX)

kopi-C with Raffles Medical Group CEO: “There’s no quick money in healthcare”

Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in...

Singapore Exchange Ltd (SGX)

AGT Raises Nam Cheong Stake, Silchester Increases ComfortDelGro Stake

Over five sessions, 22 primary-listed companies conducted buybacks totaling S$88.9 million, with Singapore Telecommunications leading with 14...

Singapore Exchange Ltd (SGX)

STI Delivers 3.3% May Total Return as Economic Resilience Supports Market

SATS reported record FY26 revenue of S$6.35 billion, with a 17.0% increase in net profit from FY25. Venture Corporation's revenue rose 1.9% YoY to...

Singapore Exchange Ltd (SGX)