新加坡交易所早些时候发布的财报显示，截至12月31日的六个月内，其净利润同比增长0.8%，达到3.427亿新元。证券日均交易额同比增长20%，达到15.1亿 新元。财报发布后，新加坡交易所股价一度下跌1.7%。 全球销售及承销主管Pol de Win在接受采访时表示，交易所对即将于年中启动的与纳斯达克（Nasdaq Inc.）的双重上市机制持乐观态度，认为该机制将吸引 更多高增长企业。此前，新加坡交易所上半年营收低于分析师预期，导致其股价周四下跌。 Pol de Win表示："目前的上市渠道比六个月前更加畅通。"他曾在高盛集团工作，于2021年加入新加坡交易所。"我们看到新的交易正在涌入，新的项目正在 加速推进。" 彭博社汇编的数据显示，去年新加坡上市总收益攀升至19亿美元，创六年来的新高，这表明市场正在复苏。据知情人士上月透露，知识产权数据提供商 Patsnap 正在考虑在香港和新加坡两地上市，这标志着新加坡股市复苏进程又向前迈进了一步。此外，据另一组知情人士1月份透露，Boustead Singapore Ltd. 旗下的房地产投资信托基金也计划最早于3月份在新加坡上市。 这些举措旨在重振新加坡交易所，此 ...

每经AI快讯，日经指数期货在新加坡交易所开盘上涨195点，报54625点。 ...

每经AI快讯，新加坡交易所日经指数期货开盘上涨205点，报53875点。 ...

每经AI快讯，新加坡交易所日经指数期货开盘下跌1455点，报52335点。 ...

每经AI快讯，1月23日，日经指数期货在新加坡交易所开盘上涨310点，报54030点。 ...

Core Viewpoint - Singapore Exchange Limited (SGX) plans to reduce board lot sizes from 100 units to 10 units for securities valued above S$10, which may enhance accessibility for retail investors, particularly for blue-chip stocks [1] Group 1: DBS Group Holdings - DBS Group Holdings is currently priced over S$58 per share, making a single lot cost nearly S$6,000, but a reduction in lot size could make it more accessible to retail investors [3][5] - For the first nine months of 2025, DBS achieved a record total income of S$17.6 billion, reflecting a 5% year-on-year increase [4] - Despite a 1% year-on-year decline in net profit to S$8.7 billion due to higher expenses, DBS increased dividends by 38.9% year-on-year to S$0.75 per share in 3Q2025 [4] Group 2: Jardine Matheson Holdings - Jardine Matheson is the highest-priced conglomerate on SGX, with shares close to US$75 (approximately S$96) [6] - In the first half of 2025, Jardine's revenue slightly declined by 1% year-on-year, but underlying profit grew by 11% to US$786 million [7] - The company has maintained a dividend of US$0.60 per share, with a long-term record of increasing dividends at a 5.3% CAGR since 2019 [7][8] Group 3: Haw Par Corp - Haw Par Corp, known for its Tiger Balm brand, reported a 7% increase in revenue to S$126.3 million in the first half of 2025, driven by strong demand for healthcare products [9] - Net earnings rose by 18.2% to over S$144 million, largely due to increased dividends from investments in blue-chip companies [10] - The company maintained an interim dividend of S$0.20 per share, with a payout ratio of 30.7%, making it a stable candidate for retail investors [11] Group 4: Implications for Investors - The potential reduction in lot size is expected to benefit the mentioned companies by attracting more retail investors, particularly those who were previously priced out [12][14] - These companies represent a diversified trio across different sectors, likely to lead the next maturation phase of the Singapore market [13][14]

自2025年起，港股上市热潮延续至今，超300家企业正在排队IPO，其中A股上市企业占比不小。 在"A+S"二次上市框架下，已在A股上市的企业可申请在新交所实现二次上市，中企会否改道新交所？ 如何理解新加坡市场的特有魅力？什么样的企业会更受欢迎？ "新加坡市场对中资企业的吸引力并不在规模，而在定位。"安永大中华区上市服务主管合伙人何兆烽认 为，要看到新加坡市场家族办公室等机构投资者占比较高，普遍更关注企业长期现金流和区域成长性， 同时还要看到东南亚产业和资本生态的高度连接。对能源、基础设施、航运物流、生物医药、消费及区 域服务型企业来说，新加坡不仅是上市地，更是业务和融资平台。 针对上述问题，中国银河证券投行业务有关人士、新交所北京代表处首席代表魏浩宇等专家近日接受证 券时报记者采访，分享其思考和见解。 针对新交所整体成交活跃度不及港股市场的情况，由此引发企业赴新加坡上市可能面临的流动性与估值 问题，何兆烽给出了自己的建议。他认为，企业需要在决策阶段就保持理性预期，并在上市后采取主动 管理。一方面，合理设定融资规模和估值区间，避免高定价、低成交，影响市场信心；另一方面，持续 投入高质量的投资者关系管理，加强与 ...

Core Insights - The collaboration between SGX and Nasdaq to launch a Global Listing Board is expected to enhance Singapore's market structure, allowing Asian companies with a market capitalization of at least S$2 billion to access US liquidity without regulatory barriers [1] SGX (Singapore Exchange) - SGX is a direct beneficiary of the SGX-Nasdaq partnership, being the sole integrated securities and derivatives exchange operator in Singapore, which operates a diversified marketplace [2] - For FY2025, SGX reported an 11.7% year-on-year revenue increase to just under S$1.3 billion, with net profit after tax rising 8.4% to S$648 million, driven by growth across equities, currencies, and derivatives [3] - SGX's total dividend for FY2025 was S$0.375 per share, a 9% increase year-on-year, with a payout ratio of 65.8% [3] - Dividends are projected to increase by S$0.0025 each quarter from FY2026 to FY2028, contingent on earnings growth [4] - SGX's unique position allows it to benefit from every listing through the liquidity generated by trades [5] ST Engineering (STE) - STE operates in diversified sectors including Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom, with a revenue growth of 9% to S$9.1 billion for the first nine months of 2025 [6] - The company secured S$14 billion in new contracts and unlocked S$594 million from recent divestments, enhancing its cash position [6] - STE's proposed total dividend for 2025 is S$0.23 per share, reflecting a 35.3% year-on-year increase [7] - STE aims for a revenue target of S$17 billion by 2029, with net profit growth expected to outpace revenue growth by up to 5% [7] - STE's strong credit ratings (Aaa by Moody's and AA+ by S&P Global) position it as a quality industrial stock appealing to global investors [8] Venture Corporation - Venture Corporation differentiates itself with its "EMS++" strategy, focusing on high-mix, complex manufacturing processes [9] - For 3Q2025, revenue was S$627.2 million, a 2.8% decrease quarter-on-quarter, attributed to reduced demand in the Lifestyle Consumer technology sector [10] - Despite a 3% drop in earnings per share to S$0.192, Venture maintained a resilient net margin of 8.9% and paid dividends of S$0.30 per share, a 20% increase year-on-year [11] - The company has over S$1 billion in net cash as of 3Q2025, even after accounting for dividends and share buybacks [11] - Future growth is expected from data center connectivity and contract wins in semiconductor, automation, and life sciences [12] - Venture trades at a P/E of 20.4, which is undervalued compared to the NASDAQ 100 index's P/E of 32.7, making it attractive to NASDAQ investors [12] Investment Implications - The three companies, each with a market capitalization exceeding S$2 billion, are positioned to benefit from the SGX-Nasdaq dual listing, providing diverse sector exposure [13] - The SGX-Nasdaq partnership represents a structural shift that could enhance the valuation of Singapore companies, particularly those with solid dividend payouts and global growth prospects [14] - SGX offers increased liquidity in the local stock market, while STE provides exposure to global industrial growth, and Venture represents a tech-driven value play [16]

Group 1 - The Nikkei index futures opened lower in Singapore, down by 185 points, reporting at 54030 points [1]

Core Viewpoint - The global trade environment has become increasingly tense, prompting many Chinese companies to shift their focus from the U.S. stock market to Singapore, where they can now list simultaneously on both the Singapore Exchange (SGX) and Nasdaq with a single prospectus starting mid-2026 [1][3]. Group 1: New Listing Opportunities - Singapore Exchange and Nasdaq have partnered to allow companies to prepare only one set of documents for dual listing [3]. - Eligible companies must have a market capitalization of at least 2 billion SGD (approximately 1.09 billion RMB) and be high-growth Asian firms aiming for global expansion [5]. - The new "Global Listing Board" platform will enable companies to list in either USD or SGD, with stocks traded on both exchanges [8]. Group 2: Regulatory Support and Market Activation - The Monetary Authority of Singapore (MAS) has allocated 30 million SGD (about 160 million RMB) to support the implementation of this initiative [10]. - MAS has reduced the trading lot size for stocks priced above 10 SGD from 100 shares to 10 shares, aiming to attract more retail investors [12]. - A new regulatory framework will be established to align with U.S. standards for prospectus requirements, simplifying the listing process [12]. Group 3: Strategic Advantages for Companies - Asian companies can now avoid the dilemma of choosing between SGX and Nasdaq, as they can access both markets with a single listing [14]. - Companies can select either SGX or Nasdaq as their primary listing venue, allowing seamless access to global trading networks [16]. - The new platform is particularly attractive for Chinese companies with core markets in Southeast Asia, enhancing their brand visibility and reducing listing costs by over 60% [17][20].