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

Seatrium Ltd offers engineering solutions for the offshore, marine, and energy industries. The Company provides rigs and floaters, repairs and upgrades, offshore platforms, and specialized shipbuilding. Seatrium serves customers worldwide.

<ul><li>Seatrium, formed in 2023 from Keppel Offshore & Marine and Sembcorp Marine, focuses on global integration and energy infrastructure.</li><li>Seatrium achieved a full-year profit of S$157 million in FY2024, reversing a S$2.0 billion loss in FY2023.</li><li>As of 1Q 2025, Seatrium's net order book stood at S$21.3 billion, with 26 projects until 2031.</li></ul>

Seatrium, formed in 2023 from Keppel Offshore & Marine and Sembcorp Marine, focuses on global integration and energy infrastructure.Seatrium achieved a full-year profit of S$157 million in FY2024, reversing a S$2.0 billion loss in FY2023.As of 1Q 2025, Seatrium's net order book stood at S$21.3 billion, with 26 projects until 2031.

kopi-C with Seatrium Limited - How Seatrium is Building a Global Engineering Brand from a Singapore Dock

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>NTT DC REIT's IPO, scheduled for July 14, has a market capitalisation of US$1.03 billion, featuring six data centres.</li><li>NTT DC REIT projects a 7.5% annualised distribution yield for 9M FY26, surpassing other Data Centre S-REITs.</li><li>KDC's AUM is S$4.9 billion, with 24 data centres; Digital Core REIT manages US$1.7 billion in assets.</li></ul>

NTT DC REIT's IPO, scheduled for July 14, has a market capitalisation of US$1.03 billion, featuring six data centres.NTT DC REIT projects a 7.5% annualised distribution yield for 9M FY26, surpassing other Data Centre S-REITs.KDC's AUM is S$4.9 billion, with 24 data centres; Digital Core REIT manages US$1.7 billion in assets.

REIT Watch - NTT DC REIT IPO on July 14 broadens AI-related opportunities on SGX

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 were net buyers of Singapore stocks, with a net inflow of S$94 million from Jul 4 to 10.</li><li>Industrials sector led 2025 net institutional inflows, booking S$629 million, surpassing telecommunications sector by Jul 10.</li><li>UOB led share buybacks with S$35.4 million, while Hongkong Land Holdings repurchased 946,000 shares at US$6.23 each.</li></ul>

Institutions were net buyers of Singapore stocks, with a net inflow of S$94 million from Jul 4 to 10.Industrials sector led 2025 net institutional inflows, booking S$629 million, surpassing telecommunications sector by Jul 10.UOB led share buybacks with S$35.4 million, while Hongkong Land Holdings repurchased 946,000 shares at US$6.23 each.

Industrials take sector lead in 2025 net institutional inflow

OKP Holdings Ltd is a road builder and construction company which, with its subsidiaries, construct urban and arterial roads, expressways, vehicular bridges and flyovers. The Group also reconstructs work performed on roads, road reserves, pavements, footpaths and kerb, guardrails, railings, drains, signboards as well as bus bays and shelters.

<ul><li>The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows.</li><li>ST Engineering achieved a 78% total return, driven by diversified business and strategic digital investments.</li><li>OKP Holdings' share price surged 200% YTD, supported by a S$736M order book and AI-driven automation.</li></ul>

The FTSE ST Industrials Index saw a 17% total return in 2025, with S$588M net institutional inflows.ST Engineering achieved a 78% total return, driven by diversified business and strategic digital investments.OKP Holdings' share price surged 200% YTD, supported by a S$736M order book and AI-driven automation.

Industrials Lead the Charge: FTSE ST Industrials Outpaced STI Since February

China Everbright Environment / Equity Bottom-Up

China Everbright International Limited provides environmental protection project management and consultancy services. The Company's operations are broken up into environmental energy, environmental water, environmental construction and environmental technology.

<ul><li>CEWL plans a CAPEX of HKD1.7 billion to HKD2.0 billion in 2025 for project construction and growth.</li><li>CEWL maintained cash and cash equivalents of HK$1.85 billion as of 31 December 2024, ensuring strong liquidity.</li><li>CEWL's EBITDA fell by 11% to HK$2.20 billion in FY2024 due to one-time events and exchange rate fluctuations.</li></ul>

CEWL plans a CAPEX of HKD1.7 billion to HKD2.0 billion in 2025 for project construction and growth.CEWL maintained cash and cash equivalents of HK$1.85 billion as of 31 December 2024, ensuring strong liquidity.CEWL's EBITDA fell by 11% to HK$2.20 billion in FY2024 due to one-time events and exchange rate fluctuations.

10 in 10 with China Everbright Water - Embracing Internationalisation for stable growth

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.
