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

Wee Hur Holdings Ltd provides building construction services and acts as the management or main contractor in construction projects for both private and public sectors. The Company's clients from the private sector include property owners and developers, and those from the public sector comprise government bodies and statutory boards.

<ul><li>Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500 list.</li><li>Yangzijiang Financial Holding, Centurion Corporation, and Wee Hur Holdings were among the top five stocks with significant net institutional inflow.</li><li>The FTSE ST Small Cap Index maintained a 6.3% dividend yield as of May, exceeding the FTSE Asia Pacific Small Cap Index's 2.4%.</li></ul>

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500 list.Yangzijiang Financial Holding, Centurion Corporation, and Wee Hur Holdings were among the top five stocks with significant net institutional inflow.The FTSE ST Small Cap Index maintained a 6.3% dividend yield as of May, exceeding the FTSE Asia Pacific Small Cap Index's 2.4%.

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

OUE Real Estate Investment Trust (“OUE REIT”) is one of the largest diversified Singapore REITs (“S-REITs”) with total assets of S$6.0 billion as at 31 December 2022. With seven properties across the commercial and hospitality segments in Singapore and Shanghai, the property portfolio comprises more than 2.1 million square feet of prime office and retail space, and 1,643 upper upscale hotel rooms.

OUE REIT invests in income-producing real estate used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs, hospitality and/or hospitality-related purposes, as well as real estate-related assets.

<ul><li>Suntec REIT's 1Q 2025 gross revenue increased 3.4% y-o-y to S$113.5 million, with DPU up 3.4% y-o-y.  </li><li>CICT's 1Q 2025 gross revenue was S$395.3 million, up 1.1% y-o-y, with NPI increasing 1.4% y-o-y.  </li><li>Suntec REIT completed S$730 million refinancing, resulting in annual interest savings of approximately S$1.8 million.</li></ul>

Suntec REIT's 1Q 2025 gross revenue increased 3.4% y-o-y to S$113.5 million, with DPU up 3.4% y-o-y.  CICT's 1Q 2025 gross revenue was S$395.3 million, up 1.1% y-o-y, with NPI increasing 1.4% y-o-y.  Suntec REIT completed S$730 million refinancing, resulting in annual interest savings of approximately S$1.8 million.

REIT Watch - Diversified S-REITs’ operating performance remain resilient amid market uncertainties

Q & M Dental Group (Singapore) / Equity Bottom-Up

Q & M Dental Group (Singapore) Limited operates dental clinics. The Company offers aesthetic, children's and general dentistry; fits crowns, dentures and braces; and offers bleeding gum treatment, gum surgery and oral surgery; and treats snoring and teeth grinding.

<ul><li>Institutions were net sellers of Singapore stocks with a net outflow of S$80 million from June 6-12.</li><li>DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$66.8 million.</li><li>Q & M Dental Group's CEO increased his stake to 54.92% amid ongoing share buyback program since May 8.</li></ul>

Institutions were net sellers of Singapore stocks with a net outflow of S$80 million from June 6-12.DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$66.8 million.Q & M Dental Group's CEO increased his stake to 54.92% amid ongoing share buyback program since May 8.

STI Banks Lead Weekly Buyback Consideration Tally

Frasers Centrepoint Trust / Equity Bottom-Up

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

<ul><li>Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion.</li><li>In 1Q 2025, Keppel DC REIT's distributable income rose 59.4% year-on-year, with a 14.2% increase in distribution per unit.</li><li>Keppel DC REIT's 2024 acquisitions included Tokyo Data Centre 1 and two AI-ready hyperscale data centres in Singapore.</li></ul>

Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion.In 1Q 2025, Keppel DC REIT's distributable income rose 59.4% year-on-year, with a 14.2% increase in distribution per unit.Keppel DC REIT's 2024 acquisitions included Tokyo Data Centre 1 and two AI-ready hyperscale data centres in Singapore.

REIT Watch - Keppel DC REIT scheduled to join STI from 23 June

Wing Tai Holdings Limited is an investment holding company whose subsidiaries invest in and develop properties, manufacture woven labels, and trade garments and architectural products and accessories.  The Company also provides management services and operates restaurants.

<ul><li>Institutions were net sellers of Singapore stocks with a S$32 million outflow, totaling S$1.76 billion year-to-date.</li><li>19 companies conducted share buybacks totaling S$46 million; City Developments announced a 10% preference share buyback.</li><li>Directors and CEOs filed 13 acquisitions with no disposals; substantial shareholders filed 11 acquisitions and five disposals.</li></ul>

Institutions were net sellers of Singapore stocks with a S$32 million outflow, totaling S$1.76 billion year-to-date.19 companies conducted share buybacks totaling S$46 million; City Developments announced a 10% preference share buyback.Directors and CEOs filed 13 acquisitions with no disposals; substantial shareholders filed 11 acquisitions and five disposals.

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)

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500...

Singapore Exchange Ltd (SGX)

REIT Watch - Diversified S-REITs’ operating performance remain resilient amid market uncertainties

Suntec REIT's 1Q 2025 gross revenue increased 3.4% y-o-y to S$113.5 million, with DPU up 3.4% y-o-y. CICT's 1Q 2025 gross revenue was S$395.3...

Singapore Exchange Ltd (SGX)

STI Banks Lead Weekly Buyback Consideration Tally

Institutions were net sellers of Singapore stocks with a net outflow of S$80 million from June 6-12. DBS Group Holdings, United Overseas Bank, and...

Singapore Exchange Ltd (SGX)

REIT Watch - Keppel DC REIT scheduled to join STI from 23 June

Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion. In 1Q 2025, Keppel DC...

Singapore Exchange Ltd (SGX)

Five Stocks that Led the FTSE ST Small Cap Index in 1H25

Food Empire Holdings achieved 12% revenue growth in FY24, reaching US$476 million, and debuted on the 2025 Fortune Southeast Asia 500...

Singapore Exchange Ltd (SGX)

REIT Watch - Diversified S-REITs’ operating performance remain resilient amid market uncertainties

Suntec REIT's 1Q 2025 gross revenue increased 3.4% y-o-y to S$113.5 million, with DPU up 3.4% y-o-y. CICT's 1Q 2025 gross revenue was S$395.3...

Singapore Exchange Ltd (SGX)

STI Banks Lead Weekly Buyback Consideration Tally

Institutions were net sellers of Singapore stocks with a net outflow of S$80 million from June 6-12. DBS Group Holdings, United Overseas Bank, and...

Singapore Exchange Ltd (SGX)

REIT Watch - Keppel DC REIT scheduled to join STI from 23 June

Keppel DC REIT re-enters the STI, increasing S-REITs' combined weight to over 10%, with a market cap of S$4.9 billion. In 1Q 2025, Keppel DC...

Singapore Exchange Ltd (SGX)

Ongoing Share Purchases by Dr Ng in Q&M

Institutions were net sellers of Singapore stocks with a S$32 million outflow, totaling S$1.76 billion year-to-date. 19 companies conducted share...

Singapore Exchange Ltd (SGX)