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>Institutions were net sellers of Singapore stocks with a S$445 million outflow, totaling S$1.99 billion in 2025.</li><li>32 companies conducted share buybacks worth S$205 million, led by DBS Group Holdings with 3 million shares.</li><li>Directors and substantial shareholders filed 28 acquisitions and one disposal, with significant transactions in Wilmar International and Frencken Group.</li></ul>

Institutions were net sellers of Singapore stocks with a S$445 million outflow, totaling S$1.99 billion in 2025.32 companies conducted share buybacks worth S$205 million, led by DBS Group Holdings with 3 million shares.Directors and substantial shareholders filed 28 acquisitions and one disposal, with significant transactions in Wilmar International and Frencken Group.

Surge in Director Acquisitions and Share Buybacks

<ul><li>Singapore stocks recorded S$39 million in net institutional inflows, marking the first net buying since January's last week.</li><li>Industrials and Consumer Non-Cyclicals sectors reversed previous net outflows with significant inflows, led by ST Engineering and Wilmar International.</li><li>ISDN Holdings' share price rose 12.9% after reporting a 72% increase in FY24 attributable net profit.</li></ul>

Singapore stocks recorded S$39 million in net institutional inflows, marking the first net buying since January's last week.Industrials and Consumer Non-Cyclicals sectors reversed previous net outflows with significant inflows, led by ST Engineering and Wilmar International.ISDN Holdings' share price rose 12.9% after reporting a 72% increase in FY24 attributable net profit.

Institutional Investors Book Highest Net Weekly Inflows Since December

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.</li>
<li>The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. </li>
<li>The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.</li>
</ul>



Olam Group (OLG SP) has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.
The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. 
The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.


Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

<ul><li>Institutions were net sellers of Singapore stocks, with a net outflow of S$265 million from Feb 21-27, 2025.</li><li>DBS Group Holdings led share buybacks with 350,000 shares at S$46.73 each; total buybacks amounted to S$31,062,634.</li><li>Wilmar International's FY24 core net profit declined 26% to US$1.16 billion, with sales volume growth in most divisions.</li></ul>

Institutions were net sellers of Singapore stocks, with a net outflow of S$265 million from Feb 21-27, 2025.DBS Group Holdings led share buybacks with 350,000 shares at S$46.73 each; total buybacks amounted to S$31,062,634.Wilmar International's FY24 core net profit declined 26% to US$1.16 billion, with sales volume growth in most divisions.

Buybacks Surge as Earnings Season Nears End

Singapore

Wilmar International Ltd. is an agribusiness company. The Company is involved in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack edible oils processing and merchandising, specialty fats, oleochemicals and biodiesel manufacturing, and grains processing and merchandising. Wilmar also manufactures and distributes fertilizers and owns a fleet of vessels.

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Wilmar International (WIL SP)

Institutional Investors Book Highest Net Weekly Inflows Since December

Singapore stocks recorded S$39 million in net institutional inflows, marking the first net buying since January's last week. Industrials and...

Singapore Exchange Ltd (SGX)

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.

Arun George

Buybacks Surge as Earnings Season Nears End

Institutions were net sellers of Singapore stocks, with a net outflow of S$265 million from Feb 21-27, 2025. DBS Group Holdings led share buybacks...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Surge in Director Acquisitions and Share Buybacks

Institutions were net sellers of Singapore stocks with a S$445 million outflow, totaling S$1.99 billion in 2025. 32 companies conducted share...

Singapore Exchange Ltd (SGX)

Institutional Investors Book Highest Net Weekly Inflows Since December

Singapore stocks recorded S$39 million in net institutional inflows, marking the first net buying since January's last week. Industrials and...

Singapore Exchange Ltd (SGX)

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.

Arun George

Buybacks Surge as Earnings Season Nears End

Institutions were net sellers of Singapore stocks, with a net outflow of S$265 million from Feb 21-27, 2025. DBS Group Holdings led share buybacks...

Singapore Exchange Ltd (SGX)