It was only after the launch of the Equity Market Development Programme (EQDP) that valuations improved. Nearly a year on, the effects of the EQDP — first unveiled in February 2025 — have been “quite positive”, mainly because of the “very low base”, he says.
Despite the run-up in Singapore’s small- and mid-cap (SMID) sector, John Cheong, head of SMIDs at UOB Kay Hian, believes there is way more to go.
Valuations have risen, but the sector remains inexpensive relative to regional or global peers. After all, the SMID sector had been “very, very undervalued” for years due to several factors, including a lack of liquidity.
