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

<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

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>Next 50 Indices offers broader and faster-growing sector exposure to Industrials than the STI, with twice the number of industrial constituents and stronger revenue momentum</li>
<li>Industrials within the Next50 Indices were observed to have healthier balance sheets with more attractive valuations and higher dividend yields versus large-cap STI peers</li>
<li>For investors seeking greater industrial growth optionality in Singapore, the Next 50 presents a differentiated and compelling opportunity set.</li>
</ul>


Next 50 Indices offers broader and faster-growing sector exposure to Industrials than the STI, with twice the number of industrial constituents and stronger revenue momentum
Industrials within the Next50 Indices were observed to have healthier balance sheets with more attractive valuations and higher dividend yields versus large-cap STI peers
For investors seeking greater industrial growth optionality in Singapore, the Next 50 presents a differentiated and compelling opportunity set.


Singapore Industrials Beyond the STI: A Differentiated Opportunity in the Next 50 Index

Hutchison Port Holdings Trust / Equity Bottom-Up

<ul><li>Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.</li><li>Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.</li><li>Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.</li></ul>

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.

FTSE ST Industrials Index Holds 40% YTD Total Return in November 

<ul><li>Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.</li><li>Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.</li><li>Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.</li></ul>

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.

Institutions Chalk Up S$480M in Net Buying in Early October

DFI Retail Group Holdings / Equity Bottom-Up

<ul><li>Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion.</li><li>iFAST's UK-based iGB achieved S$1.7 million profit in 1HFY25, driven by increased customer deposits and net interest revenue.</li><li>City Developments reported S$1.7 billion revenue in 1HFY25, with significant divestment gains expected from South Beach stake sale.</li></ul>

Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion.iFAST's UK-based iGB achieved S$1.7 million profit in 1HFY25, driven by increased customer deposits and net interest revenue.City Developments reported S$1.7 billion revenue in 1HFY25, with significant divestment gains expected from South Beach stake sale.

New STI Highs Extends 2025 Total Return to 20%

Singapore

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.

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Seatrium (STM SP)

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

Seatrium, formed in 2023 from Keppel Offshore & Marine and Sembcorp Marine, focuses on global integration and energy infrastructure. Seatrium...

Singapore Exchange Ltd (SGX)

Singapore Industrials Beyond the STI: A Differentiated Opportunity in the Next 50 Index

Next 50 Indices provide more diverse and faster-growing industrial sector exposure in Singapore compared to STI, with stronger revenue momentum,...

GSBR Research

FTSE ST Industrials Index Holds 40% YTD Total Return in November

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch. Hiap Seng...

Singapore Exchange Ltd (SGX)

Institutions Chalk Up S$480M in Net Buying in Early October

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying. Marco Polo Marine...

Singapore Exchange Ltd (SGX)

New STI Highs Extends 2025 Total Return to 20%

Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion. iFAST's UK-based...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Seatrium, formed in 2023 from Keppel Offshore & Marine and Sembcorp Marine, focuses on global integration and energy infrastructure. Seatrium...

Singapore Exchange Ltd (SGX)

Singapore Industrials Beyond the STI: A Differentiated Opportunity in the Next 50 Index

​Next 50 Indices provide more diverse and faster-growing industrial sector exposure in Singapore compared to STI, with stronger revenue momentum,...

GSBR Research

FTSE ST Industrials Index Holds 40% YTD Total Return in November

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch. Hiap Seng...

Singapore Exchange Ltd (SGX)

Institutions Chalk Up S$480M in Net Buying in Early October

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying. Marco Polo Marine...

Singapore Exchange Ltd (SGX)

New STI Highs Extends 2025 Total Return to 20%

Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion. iFAST's UK-based...

Singapore Exchange Ltd (SGX)

Next 50 Indices provide more diverse and faster-growing industrial sector exposure in Singapore compared to STI, with stronger revenue momentum,...