SINGAPORE EXCHANGE LIMITED 21 AUGUST 2025_EN

LATEST COMPANY ANNOUNCEMENT

SINGAPORE EXCHANGE LIMITED

SG1J26887955

Q2 FY2025

Associate: Anne Ching

News Release

8 August 2025

SGX Group reports FY2025 net profit of S$610 million FY2025 Financial Summary

*Adjusted EBITDA, NPAT and EPS exclude certain non-cash and non-recurring items that have less bearing on SGX’s operating performance. Hence, they better reflect the group’s underlying performance.

Adjusted figures are non-SFRS(I) measures. Please refer to Section 8 of our financial results for reconciliations between the adjusted and their equivalent measures.

All figures are for FY2025 except for figures in brackets, which are for FY2024 unless otherwise stated. Figures may be subject to rounding. The presentation of revenue and expenses has been revised in FY2025 such that transaction-based expenses1 are netted-off against operating revenue to show net revenue.

FY2024 financials have been revised for a like-for-like comparison2.

Singapore Exchange (SGX Group) today reported its highest revenue and net profit since listing, with strong broad-based growth across equities, currencies and commodities. FY2025 adjusted net profit increased 15.9% year-on-year to S$609.5 million (S$525.9 million). Adjusted EBITDA was up 16.9% at S$832.0 million (S$711.6 million), while adjusted earnings per share was 57.0 cents (49.2 cents). Net revenue3 – after netting off transaction-based expenses – increased 11.7% to S$1,298.2 million (S$1,162.0 million), driven by higher revenue from all business segments. The Board of Directors has proposed a final quarterly dividend of 10.5 cents (9.0 cents) per share, representing an increase of 16.7% on an annualised basis. The proposed final dividend will be payable on 27 October 2025 after approval at the upcoming annual general meeting. If approved, total FY2025 dividends will be 37.5 cents (34.5 cents), an increase of 8.7%.

Enhancing shareholder returns while pursuing sustainable long-term growth remains a key priority for SGX Group. The Group will take a disciplined and proactive approach to capital allocation – investing in its core businesses, pursuing strategic growth opportunities and consistently returning capital to shareholders.

Aligned with this approach, the Group intends to implement a steady dividend increase of 0.25 cents every quarter from FY2026 to FY2028. While subject to earnings growth, this reflects the strength and resilience of SGX Group’s business model, and its commitment to delivering long-term value creation for shareholders.

Loh Boon Chye, Chief Executive Officer of SGX Group, said, “FY2025 was a landmark year for SGX Group. We have demonstrated the enduring strength and resilience of our diversified multi-asset strategy with our strongest performance ever. This achievement is a testament to our ability to

perform through cycles, capture opportunities across equities, currencies and commodities, and remain impactful on the global stage. As we execute with focus and invest strategically in our core businesses, we will drive sustainable growth and long-term value for our shareholders.”

“Looking ahead, we are on track to achieve 6%-8% growth in our Group revenue (excluding treasury income) in the medium term. SGX FX – one of our key growth drivers – has risen to rank among the top three exchange-backed OTC FX platforms, with room to grow further. We will also strengthen our high-quality, multi-asset product shelf – across asset classes, geographies and themes. With a sharpened go-to-market strategy and more targeted client-acquisition efforts, we are well-positioned to scale our global reach,” added Mr Loh.

Results Summary

Fixed Income, Currencies and Commodities (FICC)

FICC net revenue increased 8.6% to S$321.6 million (S$296.2 million) and accounted for 24.8% (25.5%) of total net revenue.

FICC – Fixed Income

Fixed Income net revenue4 increased 7.8% to S$9.1 million (S$8.4 million).

• ▪ Listing revenue: S$6.2 million, up 8.5% from S$5.7 million
• ▪ Corporate actions and other revenue: S$2.9 million, up 3.6% from S$2.8 million

There were 843 bond listings raising S$296.0 billion, compared to 1,015 bond listings raising S$296.3 billion a year earlier.

FICC – Currencies and Commodities

Currencies and Commodities net revenue increased 8.6% to S$312.5 million (S$287.8 million).

• ▪ Trading and clearing revenue: S$280.7 million, up 17.8% from S$238.3 million
• ▪ Treasury and other revenue: S$60.2 million, down 20.4% from S$75.7 million
• ▪ Transaction-based expenses: S$28.5 million, up 8.8% from S$26.2 million

The increase in trading and clearing revenue was mainly from higher volumes in OTC FX, currency derivatives and commodity derivatives.

OTC FX net revenue increased 25.3% to S$113.0 million (S$90.2 million). OTC FX headline average daily volume (ADV) increased 28.5% to US$143 billion (US$111 billion). Its contribution to Group EBITDA rose to 5% from 3% a year ago, on improved operating leverage.

Currency derivatives volumes increased 49.7% to 73.6 million contracts (49.2 million contracts), mainly due to higher volumes in INR/USD and USD/CNH FX futures contracts.

Commodity derivatives volumes increased 6.2% to 65.3 million contracts (61.5 million contracts), mainly due to higher volumes in iron ore derivatives.

The increase in commodity volumes drove the increase in transaction-based expenses.

Equities – Cash

Equities – Cash net revenue increased 18.7% to S$392.7 million (S$330.7 million) and accounted for 30.3% (28.5%) of total net revenue.

• ▪ Listing revenue: S$26.5 million, down 11.0% from S$29.7 million
• ▪ Trading and clearing revenue: S$221.8 million, up 31.9% from S$168.1 million
• ▪ Securities settlement, depository management, corporate actions and other revenue: S$148.1 million, up 8.1% from S$137.1 million
• ▪ Transaction-based expenses: S$3.7 million, down 11.8% from S$4.2 million

We recorded 6 (7) new equity listings which raised S$25.7 million (S$117.0 million). Secondary equity funds raised were S$4.3 billion (S$1.2 billion).

Securities daily average traded value (SDAV) increased 26.5% to S$1.34 billion (S$1.06 billion) and total securities traded value increased 27.5% to S$336.4 billion (S$263.7 billion). This was made up of Cash Equities5, where traded value increased by 27.6% to S$323.2 billion (S$253.2 billion), and Other Products6, where traded value increased 25.6% to S$13.2 billion (S$10.5 billion). There were 251 (249) trading days in FY2025.

Overall average net clearing fees7 increased 5.1% to 2.59 basis points (bps (2.46 bps). Turnover velocity (primary-listed) was 41% (37%).

The increase in securities settlement, depository management, corporate actions and other revenue was mainly driven by higher-yielding subsequent settlement transactions.

The decrease in transaction-based expenses was mainly due to lower incentives.

Equities – Derivatives

Equities – Derivatives net revenue increased by 13.8% to S$345.9 million (S$303.9 million) and accounted for 26.6% (26.2%) of total net revenue.

• ▪ Trading and clearing revenue: S$286.7 million, up 11.9% from S$256.1 million
• ▪ Treasury and other revenue: S$88.8 million, up 14.0% from S$77.9 million
• ▪ Transaction-based expenses: S$29.6 million, down 1.6% from S$30.1 million

Equity derivatives volumes increased 10.3% to 175.8 million contracts (159.3 million contracts), mainly due to higher volumes in FTSE China A50 and GIFT Nifty 50 index futures contracts, partially offset by lower volumes in Nikkei 225, FTSE Taiwan, and MSCI Singapore index futures contracts.

Average Net Fees 8

Average net fee per contract for Equity, Currency and Commodity derivatives was marginally lower at S$1.29 (S$1.31).

Platform and Others

Platform and Others net revenue increased 3.0% to S$238.0 million (S$231.1 million) and accounted for 18.3% (19.9%) of total net revenue.

• ▪ Market data revenue: S$51.8 million, up 8.0% from S$47.9 million
• ▪ Connectivity revenue: S$86.3 million, up 11.8% from S$77.2 million
• ▪ Indices and other revenue: S$110.5 million, down 3.9% from S$115.1 million
• ▪ Transaction-based expenses: S$10.6 million, up 17.1% from S$9.1 million

The increase in market data revenue was mainly due to repricing. The increase in connectivity revenue was mainly due to higher co-location sales and repricing. The decline in indices and other revenue was mainly due to lower revenue from Scientific Beta.

Transaction-based expenses increased mainly due to higher data fees.

Expenses Overview 9

Total expenses were comparable at S$555.3 million (S$555.6 million). Lower depreciation and amortisation were mainly offset by higher variable staff costs.

Adjusted total expenses increased 1.6% to S$542.8 million (S$534.3 million), excluding amortisation of purchased intangible assets and other one-off adjustments.

Capital Expenditure Overview

Total capital expenditure was S$67.6 million (S$66.0 million).

For FY2026, we will invest in key strategic areas, including capability building and technology enhancements. Expenses are expected to increase by 4-6%. We are on track with our medium-term guidance of a low to mid-single digit expense increase. Capital expenditure is expected to be S$90S$95 million, as we invest in long-term scalability and resilience of our technology systems and infrastructure. Over a cycle, capital expenditure is expected to remain below the historical average of 7% of Group revenue.

Source: eb83892f-8a4b-4aec-a496-1bc87e4788f1

COMPANY PROFILE

Full Company Name : SINGAPORE EXCHANGE LIMITED

Incorporated in : SINGAPORE

Incorporated on : 21 Aug 1999

ISIN Code : SG1J26887955

SGX was formed in 1999 in order to effectuate the demutualization and merger of the two exchanges: Stock Exchange of Singapore and Singapore Intl Monetary Exchange. Prior to the merger, each exchange was owned by the member firms that engaged in trading and clearing and settlement functions. Pursuant to legislation adopted to effect the merger, SGX was created to own the exchanges and their related clearing houses, and the former owners and seat-holders were given shares in SGX in exchange for their shares and seats in the two exchanges. SGX owns and operates the only integrated securities exchange and derivatives exchange in Singapore and their related clearing houses. The securities exchange was the first fully electronic and floorless exchange in Asia. The derivatives exchange is one of the largest in Asia and was named "Derivatives Exchange of the Year" in 1989, 1992, 1993 and 1998 by the International Financing Review and “Asia’s Best Derivatives Exchange in 1999” by The Asset magazine. Together, the two exchanges serve a wide array of international and domestic investors and end users, including many of the world’s largest financial institutions, and have been among the most innovative exchanges in the world in technological and new product development. SGX has been developing alliances and new products in order to meet the changing needs of the international and domestic financial communities. SGX was a founding member of the GLOBEX Alliance together with some other leading derivatives exchanges. It also has alliances or significant relationships with the Chicago Mercantile Exchange, the American Stock Exchange, the Australian Stock Exchange and the National Stock Exchange of India. SGX has introduced a variety of securities and derivatives products to respond to investors’ desires for 24-hour trading, diversification and trading across markets.

http://www.sgx.com

BOARD OF DIRCETOR

NAME	DESIGNATION
Mr Koh Boon Hwee	Chairman Non-Executive and Independent Director
Mr Loh Boon Chye	Chief Executive Officer Executive and Non-Independent Director
Dr Beh Swan Gin	Non-Executive and Independent Director
Mrs Chng Sok Hui	Non-Executive and Non-Independent Director
Ms Julie Gao	Non-Executive and Independent Director
Mr Lim Chin Hu	Non-Executive and Independent Director
Ms Lin Huey Ru	Non-Executive and Independent Director
Ms Claire Perry O'Neill	Non-Executive and Independent Director
Professor Subra Suresh	Non-Executive and Independent Director
Mr Samuel Tsien	Non-Executive and Independent Director
Mr Yeoh Oon Jin	Non-Executive and Independent Director

Executive Management

NAME	DESIGNATION
Mr Loh Boon Chye	Chief Executive Officer
Mr Michael Syn	President
Mr Ng Yao Loong	Chief Financial Officer
Ms Agnes Koh	Chief Risk Officer
Dr Angela Ryan	Senior Managing Director and Chief Human Resources Officer
Mr Thijs Jacobs	Group Chief Technology Officer
Ms Tinku Gupta	Chief Information Officer
Mr Lee Beng Hong	Senior Managing Director and Head of Wholesale Markets & Platforms
Mr Pol de Win	Senior Managing Director and Head of Global Sales and Origination
Mr Tan Boon Gin	Chief Executive Officer Singapore Exchange Regulation

Source: About SGX Group - SGX Group

CORPORATE SOCIAL RESPONSIBILITY

SGX RegCo details how sustainability reports should incorporate ISSB Standards

07 Mar 2024

Singapore Exchange Regulation (SGX RegCo) is consulting the market on details of how the International Sustainability Standards Board (ISSB) standards are to be incorporated into its sustainability reporting rules for climate-related disclosures, in line with the Sustainability Reporting Advisory Committee’s recommendations announced on 28 February 2024.

Feedback is also sought on a proposal to make mandatory the reporting on the primary components of a sustainability report (Primary Components) [1] from the current “comply or explain” basis.

Sustainability reporting was introduced to SGX-listed issuers on a voluntary basis in 2011. It was made mandatory in 2016 with description of the Primary Components on a “comply or explain” basis. Listed issuers have progressed since.

Climate reporting based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) was mandated for financial year (FY) 2022 on a “comply or explain” basis for all issuers, and FY 2023 and FY 2024 for issuers in certain carbon intensive industries, on a mandatory basis in phases.

“SGX-listed issuers have improved their sustainability reporting over the years. Most already undertake climate-related disclosures based on the TCFD recommendations. The ISSB Standards have since been launched globally to meet demand for more consistent and comparable disclosures. We want to help issuers report based on these new standards so that they are ready for a low-carbon future,” said Tan Boon Gin, CEO of SGX RegCo.

Mr Lim Tuang Lee, Assistant Managing Director (Capital Markets), Monetary Authority of Singapore (MAS), said, “MAS is supportive of Singapore Exchange’s move to incorporate ISSB standards into the disclosure requirements for listed companies in Singapore. This is in line with the drive towards consistent and comparable disclosures across jurisdictions to catalyse the global net zero transition.”

Among others, SGX RegCo proposes that its listing rules be amended, and its Sustainability Reporting Guide encompass, the following:

• from FY 2025, issuers should refer to both ISSB’s IFRS S1 and IFRS S2 in preparing climate-related disclosures, including any (permanent) structural and (temporary) transition reliefs;
• issuers should disclose Scope 1 and Scope 2 greenhouse gas (GHG) emissions and the measurement approach from FY 2025;
• Issuers should disclose applicable categories of Scope 3 GHG emissions from FY 2026;
• issuers should disclose industry-based metrics and cross-industry metric categories relevant for climate-related disclosures; and
• the sustainability report should be issued according to current timelines in FY 2025; from FY 2026, it should be issued together with the annual report.

The consultation is open till 5 April 2024 and the paper is found here: https://regco.sgx.com/public-consultations

[1] The sustainability report must include the following primary components:

1.           Material ESG factors

2.           Climate-related disclosures consistent with the TCFD recommendations

3.           Policies, practices and performance

4.           Targets

5.           Sustainability reporting framework

6.           Board statement and associated governance structure for sustainability practices

Source: SGX RegCo details how sustainability reports should incorporate ISSB Standards - SGX Group

SGX FX wins Best AI-Based Solution at 2024 WatersTechnology Asia Awards

20 Jun 2024 | Category: News Releases

• The Award acknowledges the solution’s ability to curate FX and digital assets’ prices, analyse trade data and provide instant actionable insights for better decision-making
• Its enhanced capabilities in examining trading-related data alongside clients’ internal data improves customer engagement and redefines efficiency standards in the FX industry

SGX FX has clinched the prestigious award for Best AI-Based Solution at the 2024 WatersTechnology Asia Awards. This accolade recognises the team’s pioneering efforts in leveraging artificial intelligence (AI) to innovate and enhance the global FX market.

The Best AI-Based Solution category celebrates companies that have demonstrated exceptional and innovative use-cases of AI technology across the industry. This includes advancements in machine learning, natural language processing, advanced analytics, observational learning, neural networks, and robotic process automation. The award underscores the transformative impact of AI on the financial sector, highlighting the continuous evolution and improvement driven by cutting-edge technology.

Lee Beng Hong, Head of Wholesale Markets and Platforms at SGX Group and CEO of SGX FX, said, “We are honoured to receive this award which validates our commitment to offering global FX market participants the latest technology that revolutionises their FX trading operations. By integrating AI into our solutions, we not only enhance trading efficiency for our customers but also set new standards for the industry.”

Vinay Trivedi, Chief Operating Officer, Sell-Side Solutions, SGX FX said, “Winning this award reinforces SGX FX’s position at the forefront of technological innovation in the global FX market. With our AI-based solution, traders are now well equipped to make quicker decisions with ease – large sets of FX data are analysed by the tool, including trades, price streams, user activities, execution quality, market impact, and profitability, which are then transformed into actionable insights which are presented in digestible stories and charts.”

Source: SGX FX wins Best AI-Based Solution at 2024 WatersTechnology Asia Awards - SGX Group

Sustainability Report 2023

Letter from the Chairman and the CEO

Dear Shareholders

Bringing our global strengths to the fore SGX Group had another solid year in FY2023. Our financial results continue to demonstrate the strength and resilience of our multi-asset business. Global investors are increasingly turning to our trusted international marketplaces to manage portfolio risk and seek growth opportunities across equities, currencies and commodities.

We are pleased that our revenue was up almost 9%, with adjusted earnings rising 10% to reach S$503 million. As part of our commitment to reward shareholders with a sustainable and growing dividend over time, the Board of Directors has proposed a higher final quarterly dividend, bringing total dividends in FY2023 to 32.5 cents per share. Going forward, annualised dividends will grow to 34.0 cents per share, an increase of about 6%, barring unforeseen circumstances. We remain on track to achieve highsingle-digit revenue growth and aim to reward our shareholders with a mid-single-digit percentage increase in our dividend per share over the medium term. Our performance was achieved in a challenging macroeconomic environment with abrupt turns in geopolitics and market sentiment.

These external conditions are likely to remain fluid and uncertain, but will play to SGX Group’s strengths as a trusted international venue that facilitates capital flows and risk management across multiple asset classes. Capitalising on Asia’s trajectory As the pace of economic expansion around the world decelerates, Asia remains a bright spot. The region will account for 70% of global growth, with the world’s most populous countries – China and India – contributing to the bulk of it. Southeast Asia, with its young dynamic workforce and burgeoning industries, has also caught the attention of investors. SGX Group is at the heart of international capital flows to Asia. We are the world’s leading and most liquid international marketplace for key Asian benchmark equity derivatives, seaborne iron ore and dry-bulk freight derivatives, as well as Asian FX futures.

The choice of jurisdiction matters for investors and market participants. It is akin to Singapore having the most powerful passport in the world. SGX Group is anchored in the only country in Asia with AAA rating, with globally recognised riskmanagement and clearing capabilities. This provides our customers with added confidence that they will always have neutral, seamless access to highly liquid and efficient tools, through one trusted ecosystem. We connect the world with Asia with our suite of derivatives and securities products which we continue to broaden and deepen. Our global customers recognise, more than ever, the relevance of our multi-asset solutions in enabling them to tap on the growth of Asia’s key economies, while navigating challenging markets and evolving regulatory changes efficiently.

The monetary policy tightening by major central banks in the past year has added pressure to both debt and equity fundraising activities around the world. This has been keenly felt in Asia, with more companies staying private for longer and exercising greater caution on expansion plans outside their home countries. Naturally, the level of activity in the stock market has slowed, but it does not diminish our advantage as Asia’s most international marketplace for companies and investors seeking long-term sustainable growth.

We believe it is a matter of time before confidence and demand for liquidity returns, as global and regional capital gravitates towards Asia and sizeable growth companies emerge in the region. We remain the ideal springboard for companies to expand into the region and access global wealth. Singapore’s stock market is primed for gradual transformation with the right level of support and participation from public and private stakeholders. At the same time, we are actively enhancing our marketmaker and liquidity-provider programmes, as well as expanding our product suite with new trading and investment tools that include exchange-traded funds, Singapore depository receipts and the newly launched structured certificates. These are some of the many building blocks that we are putting in place for our marketplaces to remain relevant and vibrant for decades to come.

Creating sustainable marketplaces

Fulfilling our purpose into the future also involves growing SGX Group in a sustainable manner – being good stewards of the resources entrusted in our care and acting for the benefit of future generations. As investment mandates change and more assets are directed towards transition finance, we are prepared with a pipeline of products and solutions to meet these evolving needs. Given the size and scale of the global climate challenge, a broad range of transition tools and strategies that progressively support the reduction of carbon footprint is required. With benchmarks being a powerful tool for directing capital to companies on transition pathways, we are making progress with our partners to develop targeted solutions.

On the back of our collaboration with MSCI to mobilise private capital to drive climate transition, we have taken the lead to launch the first global suite of derivatives based on the MSCI Climate Action Indexes. This augments our existing shelf of sustainability-linked derivatives developed in close partnership with index leaders FTSE Russell and Nikkei, complemented with specialised and customised solutions offered by Scientific Beta and SGX Index Edge. We also continue to work with issuers to expand our suite of sustainabilitythemed ETFs and green, social, sustainability and sustainabilitylinked bonds. Together with our efforts around sustainability reporting and data, and our involvement in international net-zero and climate-transition taskforces, we are leading by example and exercising influence in areas that matter. During the year, Singapore Exchange Regulation (SGX RegCo) established the Sustainable Development Office to coordinate regulatory efforts in sustainability and co-led the Green Finance Industry Taskforce ’s disclosure workstream convened by the Monetary Authority of Singapore (MAS) from 2019 to 2023.

Following the introduction of a phased approach to mandatory climate reporting based on the Task Force on Climate-related Financial Disclosures (TCFD)’s recommendations, SGX RegCo is now looking into incorporating the new International Sustainability Standards Board (ISSB) standards into our listing rules as mandatory disclosure requirements for our listed companies. SGX Group, as one of the founding members of the Net Zero Financial Service Providers Alliance (NZFSPA), has worked with other exchanges to shape the “net-zero” definition for exchanges. We will be using this framework to develop our own corporate targets, and plan to report on our progress in due course.

Read more in our Annual and Sustainability Report 2023: FY23 SGX Annual Report (Sustainability Report pages 44-91).pdf

COMPETITORS

AMTD IDEA GROUP (KYG2957E1017)

AMTD International Inc. (NYSE: HKIB; SGX: HKB) is a premier Hong Kong-headquartered financial institution group connecting companies and investors from Asia, including China and Hong Kong as well as the ASEAN markets with global capital markets. Its comprehensive one-stop financial service solutions strategy addresses different clients' diverse and inter-connected financial needs across all phases of their life cycles. Leveraging its deep roots in Asia and its unique eco-system — the "AMTD SpiderNet" — AMTD International is uniquely positioned as an active super-connector between clients, business partners, investee companies, and investors, connecting the East and the West.

About Us - AMTD IDEA Group (amtdinc.com)

BRITISH AND MALAYAN HOLDINGS LIMITED (SG1DI0000003)

British and Malayan Holdings Limited, 100% wholly owned subsidiary is British and Malayan Trustees Limited which has been providing trust services to families, companies, financial institutions, charities and high net worth individuals from its home in Singapore since 1924. As a pioneer member of the Singapore Stock Exchange, we are uniquely positioned as a licensed independent trust company offering the stability and flexibility to meet bespoke needs of clients. We are a full-service Singapore based trust company assisting clients globally.

http://www.bmtrust.com/

CREDIT BUREAU ASIA LIMITED (SGXE54097436)

Credit Bureau Asia Limited is a leading player in the credit and risk information solutions market in Southeast Asia, providing credit and risk information solutions to an extensive client base of banks, financial institutions, multinational corporations, telecommunication companies, government bodies and public agencies, local enterprises and individuals across Singapore, Malaysia, Cambodia and Myanmar. The Company assist It's customers to make better-informed, timely decisions by enhancing their risk-assessment and decision making processes with the help of our products and services which include credit and risk information reports, credit scores, monitoring services, data trends and analytics, and client-specific tailored solutions.

http://www.creditbureauasia.com/

FORISE INTERNATIONAL LIMITED (SGXE87077033)

Forise International Limited and its subsidiaries are principally engaged in the provision of strategic planning, corporate advisory, financial restructuring advisory, management consulting services and financial factoring services. For further information on the Company, please contact our office at [phone].

http://www.foriseinternational.com/

GLOBAL INVESTMENTS LIMITED (SGXC73602341)

Global Investments Limited (“GIL” or the “Company”) is a mutual fund company incorporated in Bermuda and listed on the Main Board of Singapore Exchange Securities Trading Limited (“SGX-ST”).   The Company’s investment policy is to make investments in a portfolio of assets in different sectors through different means which include but are not limited to direct asset ownership, swaps, debts, warrants, options, convertibles, preference shares, equity, guarantees of assets and performance, securities lending and participating loan agreements provided that it will not make any direct investments in real estate and commodities.   The Company’s strategy is to actively manage and grow its assets with the focus to protect and grow value. It aims to grow its assets and seek investment in assets that will generate steady income and potential appreciation in capital to deliver regular dividends and achieve capital growth.   The board of directors is responsible for the Company’s strategic goals and corporate governance, and making investment and divestment decisions based on recommendation of  Singapore Consortium Investment Management Limited (“SICIM” or the “Manager”). The majority of the Board comprises independent directors.   The Company is managed by SICIM, a Singapore incorporated company which holds a capital markets services licence for fund management issued by the Monetary Authority of Singapore.

http://www.globalinvestmentslimited.com/

GREAT EASTERN HOLDINGS LIMITED (SG1I55882803)

Great Eastern Life Assurance Co Ltd (GE Life) is the oldest life assurance company in Singapore established since 1908. Through its 20,000-strong agency force, it offers every principal form of life, personal accident, health insurance and annuity plans to individuals. It is also involved in loans, investment management and other related insurance business. It also operates in Malaysia and Indonesia. The Company is the largest asset-based life insurance company in Singapore and Malaysia. Currently, one of its main products is investment-linked insurance products. The Company was incorporated in 1999 as the new holding company of the Group. In a scheme of arrangement, GED Life shares in issue then were cancelled and were replaced by the Company's shares and listed on SGX-ST on 29 November 1999.

http://www.greateasternlife.com/

HONG LEONG FINANCE LIMITED (SG1M04001939)

The Company was incorporated on 10 January 1961and was converted into a public company on 2 September 1964. Its shares were listed on the SGX Mainboard prior to the acquisition in 1979 by Hong Leong Finance Limited (HLF) (now known as Target Realty Limited). It was re-admitted to the official list of the SGX Mainboard on 10 July 1981. The principal activities of the Company are to accept deposits from the public and to use these deposits together with its own capital resources in the provision of finance, including hire purchase, leasing, factoring, mortgages and other secured loans in the commercial, industrial and consumer sectors. On 1 September 2001, the Company acquired and amalgamated the finance business undertaking of Target Realty Limited with its own undertaking pursuant to a scheme of arrangement and amalgamation. As part of the merger, the Company and HLF also reorganised their non-core financial assets, comprising property assets, resulting in the disposal by the Company of certain property assets to HLF which were not intended to be the core financial assets of the merged finance business. Following the merger, the Company is now the nation's largest finance company. In 2005, HLF necessary approvals from the authorities to expand its services to include underwriting, distribution of third-party insurance products and provision of foreign exchange services to its customers. The ultimate holding company of the Company is deemed to be Hong Leong Investment Holdings Pte Ltd, a company incorporated in Singapore.

http://www.hlf.com.sg/

HOTUNG INVESTMENT HLDGS LTD (BMG4612P2085)

Hotung Investment Holdings Limited ("Hotung") and together with its subsidiaries (the "Group") is a premier venture capital investment group, with more than 30 years of investment and fund management experience. The Group's core business is venture capital business mainly in Taiwan, China, and Silicon Valley. Leveraging on its expertise and investment strategies, the Group invests in innovative and promising businesses globally and across a variety of industries that aim to improve general living standards. With a focus on companies that are in the start-up and expansion stages of development, the Group works with its investee companies to build their business. Tapping on its strong network, resources, and experience, the Group is able to support the breakthrough in its investee companies’ products and services and grow along with its investees. The Group's fund management business manages third party funds as well as the funds generated from its venture capital business. With its strong track record and sound investment strategy, the Group has been engaged by the Taiwanese government since 2011, to participate in its investment programs. The Chairman of the Group served as the Chairman of Taiwan Venture Capital Association from 2014 to 2020 and she has been elected as the Honorary Chairman of the same since August 2020. To date, the Group has had over 200 successful IPOs listed on major stock exchanges in the world, including Nasdaq / NYSE. Hotung has been listed on the Mainboard of the Singapore Exchange Securities Trading Limited since 1997. Since 1987, the Group has invested in over 700 companies with a total value currently worth more than US$ 5 billion. www.hihl.com.sg

IFAST CORPORATION LTD. (SG1AF5000000)

iFAST is an Internet-based investment products distribution platform, with assets under administration of S$5.13 billion as at end-September 2014. Incorporated in year 2000 in Singapore, iFAST provides a comprehensive range of services, including investment administration and transactions services, research and trainings, IT services and backroom functions to banks, financial advisory firms, financial institutions, multinational companies, as well as investors in Asia. The Group is also present in Hong Kong, Malaysia and China. iFAST has two main business divisions, namely its Business-to-Consumer (B2C) website, Fundsupermart.com, targeted at DIY investors; and its Business-to-Business (B2B) platform that caters to the specialised needs of financial advisory (FA) companies, financial institutions and banks. As at end September 2014 and across the jurisdictions the Group operates, iFAST has over 115 distribution agreements with global fund houses offering over 1,800 investment products (including over 1,600 funds) on the platform across the different regions it operates in. Over 5,000 FA representatives and over 150 FA companies and financial institutions use the iFAST B2B platform.

http://www.ifastcorp.com/

IFS CAPITAL LIMITED (SG1A35000706)

IFS Capital Limited ("IFS") is an established financial services group involved in working capital loans, hire purchase, leasing and machinery loans as well as investments. It further diversified into credit insurance and guarantee, mezzanine capital and structured finance, as well as cross border loans and finance. Incorporated in Singapore in 1987, the company was listed on the mainboard of the Singapore Exchange in July 1993. IFS also has operations in Malaysia, Indonesia and Thailand.

http://www.ifscapital.com.sg/

NOMURA HOLDINGS, INC (JP3762600009)

Nomura is a leading financial services group and the preeminent Asia-based investment bank with worldwide reach. Nomura provides a broad range of innovative solutions tailored to the specific requirements of individual, institutional, corporate and government clients through an international network in over 30 countries. Based in Tokyo and with regional headquarters in Hong Kong, London, and New York, Nomura has a unique understanding of Asia that enables the company to make a difference for clients through three business divisions: retail, asset management, and wholesale (global markets and investment banking).

http://www.nomura.com/

OVERSEA-CHINESE BANKING CORPORATION LIMITED (SG1S04926220)

Oversea-Chinese Banking Corpn Ltd was incorporated in Singapore on 31 October 1932 to carry on business in banking and finance. The Bank is the successor to Chinese Commercial Bank Ltd, Ho Hong Bank Ltd and the Overseas-Chinese Bank Ltd. OCBC Bank offers a comprehensive range of banking services and financial solutions in consumer banking, business banking, international banking, global treasury and investment management. The OCBC Group has diverse subsidiaries that are involved in financial futures, regional stockbroking, trustee, nominee and custodian services, property development and hotel management. In August 2001, OCBC Bank acquired Keppel Capital Holdings Ltd and all its subsidiaries, including Keppel TatLee Bank Ltd, Keppel Securities Pte Ltd and Keppel TatLee Finance Ltd. On 25 February 2002, OCBC Bank and Keppel TatLee Bank were operationally and legally integrated. OCBC Bank currently has assets of S$151 billion and a network of over 370 branches and representative offices in 15 countries and territories including Singapore, Malaysia, Indonesia, Vietnam, China, Hong Kong SAR, Brunei, Japan, Australia, UK and USA. This network includes more than 250 branches and offices in Indonesia operated by OCBC Bank's subsidiary, PT Bank NISP. OCBC Bank and its banking subsidiaries offer a wide range of specialist financial services, from consumer, corporate, investment, private and transaction banking to global treasury and stockbroking services to meet the needs of its customers across communities.

http://www.ocbc.com/

SING INVESTMENTS & FINANCE LIMITED (SG1S02002305)

The Company was incorporated in Singapore on 13 November 1964 as a private limited company under the name Sing Investments & Finance (Pte) Ltd. It acquired public status on 30 July 1970 under the name Sing Investments & Finance Ltd. The Company was officially listed on the Singapore Exchange on 7 July 1983. It has 4 branches operating in Robinson Road, Ang Mo Kio Ave 6, Clementi Ave 3 and Bedok North Street 1. Being a licenced finance company under the Finance Companies Act, Cap 108, the Company's principal activities cover the acceptance of fixed and saving deposits from the public and the provision of loans and credit facilities to individuals and corporations mainly by way of property loans, land and Construction loans, Local Enterprise Finance Scheme (LEFS), Hire Purchase Block Discounting Scheme, Floor Stock Financing, Motor Vehicle loans, Equipment & Machinery loans, Shipping loans, Share Financing and Factoring. The Company also provides safe deposit boxes and financial guarantees.

http://www.sif.com.sg/

UNITED OVERSEAS BANK LIMITED (SG1M31001969)

The Bank was incorporated as a public company under the name of United Chinese Bank Limited in 1935. The present name United Overseas Bank Limited was adopted in 1965. It was officially quoted on 20 July 1970 on the then Stock Exchange of Malaysia and Singapore, a predecessor of the Singapore Exchange Trading Securities Limited. Over the past 71 years, UOB has grown with Singapore. Through a series of acquisitions, it is now a leading bank in Singapore with banking subsidiaries in Malaysia, Thailand and Indonesia. Today, the UOB Group has a network of 502 offices in 18 countries and territories in Asia-Pacific, Western Europe and North America. Besides Far Eastern Bank in Singapore, UOB’s banking subsidiaries include United Overseas Bank (Malaysia), United Overseas Bank (Thai), PT Bank UOB Indonesia, PT Bank Buana Indonesia and United Overseas Bank Philippines. UOB provides a wide range of financial services through its global network of branches/offices and subsidiaries/associates: personal financial services, private banking, trust services, commercial and corporate banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management, general insurance, life assurance and stockbroking services. Through other subsidiaries, as well as associates, UOB also has diversified interests in travel, leasing, property development and management, hotel operations and general trading.

http://www.uobgroup.com/

THE INDUSTRY

SGX (S68/SGXL.SI)

10.550+0.19 (1.834%)

Industry: Banking & Investment Services, Financial & Commodity Market Operators

This company reports in this currency: SGD

Source: SGX – Investor Portal (CDP Internet) – Singapore Exchange (SGX)

IN FOCUS: Singapore’s stock market at ‘rock bottom’.

What will it take to shake things up? For years, the Singapore stock market has been reeling from a "vicious cycle" of poor valuations, evaporating liquidity and a lack of new listings. What will it take to give the moribund market a shot in the arm?

SINGAPORE: Mr S Nallakaruppan recalls 1993 as the “golden year” for the Singapore stock market.

The Straits Times Industrials Index – as the blue-chip index was then called – was on a bull run, up nearly 60 per cent that year to rewrite multiple record highs.

Initial public offerings (IPOs) always generated excitement, with people lining up at Raffles Place to collect application forms being a common sight, recalled Mr Nallakaruppan.

“Applying for an IPO back then (felt) like winning the lottery. There’s very high chance of making some decent money,” he said.

But the biggest market event of 1993 was the public listing of Singapore Telecommunications (Singtel) on Nov 1. As part of the government’s efforts to share the nation’s wealth and enlarge the base of share-owning Singaporeans, shares were set aside to be issued to Singapore citizens at a discount.

The result was a key milestone in the local stock market. Trading houses extended their operation hours on Nov 1 to accommodate the red-hot market activity for a record 12 hours, recalled Mr Nallakaruppan. Singtel eventually finished its debut trading day at S$4.14, more than double its issue price of S$2.

The vibrant stock market drove Mr Nallakaruppan to make the switch from accounting to stock broking a year later. But 30 years on, the remisier, who is now the president of the Society of Remisiers (Singapore), laments how things have changed.

The days of a buzzing stock market are long gone, he said. Low liquidity and poor valuations have instead become key characteristics of Singapore’s equities, alongside descriptors such as “boring” and “unexciting”.

These woes have prompted a steady stream of delistings over the years, while keeping away new listings. These in turn reinforced the perception of a lack of liquidity and poor valuations in the Singapore market – a “vicious cycle”, as some industry observers put it.

The market has hit “rock bottom”, said Mr Nallakaruppan, pointing to how the Singapore Exchange (SGX) has drawn only “one minuscule IPO” in the first half of 2024.

The sole new listing was cancer treatment provider Singapore Institute of Advanced Medicine (SAM) Holdings, which raised US$20 million (S$27 million) from its market debut in February. This was the smallest amount raised from an IPO in the region this year, according to a report by professional services firm Deloitte.

A “big bang approach” is needed to shake up the market, said Mr Nallakaruppan who proposed repeating the feat of Singtel by listing another “decent-sized” government-linked company.

“We need a jumpstart,” he said. “The moribund stock market is like a person in an intensive care unit and the heartbeat is getting flatline.”

There are also others calling for more radical measures to tackle the market’s challenges.

In May, the Financial Times reported that the SGX and other government agencies are studying proposals from a venture and private capital association that include allowing pension and sovereign money to be invested in the local bourse.

The discussion has since gone to parliament, but the suggestion that GIC should expand its portfolio to include the Singapore market seems to have been turned down by the government for now.

Second Minister for Finance Chee Hong Tat said on Jul 2 that directing the sovereign wealth fund to invest in locally-listed firms is “ not the solution ” for the Singapore equity market’s woes.

A “more sustainable way” is to groom and develop a pipeline of good companies to list on the SGX, Mr Chee had said.

Meanwhile, Temasek Holdings, Singapore’s other state investment entity, has said that reviving the stock market is “not (its) primary concern” and that its “mandate is to generate long-term sustainable returns”.

As attention remains on the state of the local equity market, SGX has held on to a sanguine outlook. Speaking at a Reuters conference on Tuesday (Jul 9), chief executive Loh Boon Chye said the exchange has “a healthy pipeline” of IPOs.

“Secondary listings are one way where companies get exposure – we have that in the pipeline. We have new IPOs, some companies are really now preparing, and ... we’re going to have a simultaneous dual listing,” he was quoted as saying.

A SHRINKING MARKET

Last year marked the worst year for listings since the SGX opened its doors in late 1999.

The local stock market drew just six IPOs in 2023, down from 11 in 2022. Funds raised came up to US$35 million (S$47.2 million), a whopping 92 per cent decline from the year before, according to Deloitte.

These anemic numbers leave Singapore far behind its closest competitor Hong Kong and regional peers. Indonesia, for example, was among the world’s top five IPO markets with 79 listings last year.

Source: IN FOCUS: Singapore’s stock market at ‘rock bottom’. What will it take to shake things up? - CNA (channelnewsasia.com)

Singapore stock market sees $506m net institutional outflows in August

The net institutional outflows were led by the financial and industrial sectors.

The Singapore stock market recorded a $506m net institutional outflow from local stocks in early August, mainly driven by the financial and industrial sectors.

In the same period, the utilities sector recorded $7.1m of net institutional inflow , with Sembcorp Industries accounting for the majority of the sector flow. Sembcorp Industries posted a net profit of $532m in H1 2024, with its gas and related services portfolio providing high earnings visibility.

In addition, STI declined 3.5%, “with dividend distributions marginally reducing the decline in total return to 3.4%.”

The decline was due to the global cross-asset repositioning that coincided with the Bank of Japan’s rate hike, along with concerns about U.S. growth, and the recent rotation from U.S. technology stocks.

Source: Singapore stock market sees $506m net institutional outflows in August | Singapore Business Review (sbr.com.sg)

ACQ_REF: CS/18206/20250821/103922/SGP/23/151

ACQ_AUTHOR: Associate/Anne Ching