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

Moneymax Financial Services / Equity Bottom-Up

Moneymax Financial Services Ltd. provides financial services through pawnbroking, retailing and trading of pre-owned jewelry and watches. The Company owns and operates stores throughout Singapore.

<ul><li>MoneyMax Financial Services achieved a record profit after tax of S$41.6 million in FY24, a 65.4% increase.</li><li>Revenue grew 36.5% to S$390.1 million, driven by a 36.0% increase in gold and luxury items sales.</li><li>Pawnbroking revenue rose 47.3% to S$94.3 million, attributed to higher interest income from increased receivables.</li></ul>

MoneyMax Financial Services achieved a record profit after tax of S$41.6 million in FY24, a 65.4% increase.Revenue grew 36.5% to S$390.1 million, driven by a 36.0% increase in gold and luxury items sales.Pawnbroking revenue rose 47.3% to S$94.3 million, attributed to higher interest income from increased receivables.

10 in 10 with MoneyMax Financial Services - Modernising an old trade

SunMoon Food Company Limited is a fully integrated fresh fruit and dehydrated produce company  positioned to meet the increasing consumer demand for healthy, safe and premium grade agricultural produce in the globalized economy. The core businesses of SunMoon are fruit trading and distribution, retail and franchise, and dehydrated produce processing and distribution.

<ul><li>Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025.</li><li>Singapore Telecommunications led 2Q25 net institutional inflows with S$1.6 billion, increasing its Straits Times Index weight.</li><li>DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$58.9 million.</li></ul>

Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025.Singapore Telecommunications led 2Q25 net institutional inflows with S$1.6 billion, increasing its Straits Times Index weight.DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$58.9 million.

SunMoon Food’s Zhang Ye Boosts Interests

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>Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.</li><li>CICT, FCT, and LREIT achieved positive rent reversions, with CICT's retail portfolio seeing 17.5% growth in tenant sales.</li><li>MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.</li></ul>

Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.CICT, FCT, and LREIT achieved positive rent reversions, with CICT's retail portfolio seeing 17.5% growth in tenant sales.MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.

REIT Watch - Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook

PetroChina Company Limited operates as an oil and gas company. The Company offers crude oil and oil products exploration, development, production and marketing. PetroChina also markets petrochemical products and derivative chemicals.

<ul><li>Six new SDRs on SGX include Hong Kong's SMIC, JD.com, PetroChina, and Thailand's BDMS, CP Foods, Gulf.</li><li>SDRs provide cost-effective, convenient access to Hong Kong and Thai stocks, with 11 HK and 10 Thai SDRs.</li><li>SMIC, JD.com, and PetroChina SDRs have underlying ratios of 5:1, 10:1, and 1:2, respectively.</li></ul>

Six new SDRs on SGX include Hong Kong's SMIC, JD.com, PetroChina, and Thailand's BDMS, CP Foods, Gulf.SDRs provide cost-effective, convenient access to Hong Kong and Thai stocks, with 11 HK and 10 Thai SDRs.SMIC, JD.com, and PetroChina SDRs have underlying ratios of 5:1, 10:1, and 1:2, respectively.

Expanded HK and Thai SDR suite now track around 50% of the Hang Seng Index and SET50 Index

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

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)

10 in 10 with MoneyMax Financial Services - Modernising an old trade

MoneyMax Financial Services achieved a record profit after tax of S$41.6 million in FY24, a 65.4% increase. Revenue grew 36.5% to S$390.1 million,...

Singapore Exchange Ltd (SGX)

SunMoon Food’s Zhang Ye Boosts Interests

Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025. Singapore Telecommunications led 2Q25 net...

Singapore Exchange Ltd (SGX)

REIT Watch - Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook

Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy...

Singapore Exchange Ltd (SGX)

Expanded HK and Thai SDR suite now track around 50% of the Hang Seng Index and SET50 Index

Six new SDRs on SGX include Hong Kong's SMIC, JD.com, PetroChina, and Thailand's BDMS, CP Foods, Gulf. SDRs provide cost-effective, convenient...

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)