This article looks at SGX from the bottom up. Using a simple, mechanical screen: return on equity (ROE) of at least 8%, approximating Singapore’s long-term cost of equity, market capitalisation above $500 million, reflecting typical institutional liquidity and float requirements, we map the quality of SGX’s 613 listed companies into four distinct tiers.
Singapore’s equity market delivered its best performance in more than a decade in 2025. The Straits Times Index (STI) returned 22.7%, liquidity improved, and new listings finally exceeded the drought of recent years.
My earlier article examined this rebound from a top-down perspective and highlighted how concentrated the Singapore Exchange (SGX) has become, with the top 10 companies accounting for 53% of total market capitalisation and the top 80 counters representing 85% of market value. That concentration reflects where capital chooses to be. The more fundamental question for boards and investors is: why?
