SGX Beats Expectations as Derivatives and ETFs Surge: Maybank Research Pte Ltd’s Comprehensive Analysis

9 April 2025

SGX Securities Turnover Soars 25% YoY, Derivatives Volume Climbs 14%

According to Maybank Research Pte Ltd’s latest report, the Singapore Exchange (SGX) reported a strong performance in March, with securities market turnover value reaching SGD29.7 billion, up 25% year-over-year (YoY). The Straits Times Index (STI) also rose above 4,000 for the first time in history.
The SGX’s securities average daily value (SDAV) for March came in at about $1.5 billion, up 25% YoY but remained the same from the previous month. The average securities net clearing fee for the first quarter of 2025 was 2.58 basis points.
In the derivatives market, traded volume increased 14% YoY to 27.4 million contracts, as derivatives daily average volume (DAV) climbed 12% YoY to 1.3 million contracts. The average net fee per contract for equity, currency, and commodity derivatives for this quarter was SGD1.31.

SGX Broadens Singapore Depository Receipts and Deepens China Collaboration

The SGX Securities broadened its offerings of Singapore Depository Receipts (SDRs) with the launch of three Hong Kong underlyings: Xiaomi, Meituan, and Ping An, on March 5. It also deepened its collaboration with the Shanghai Stock Exchange with the listing of the Lion-China Merchants CSI Dividend Index ETF on March 28.
For the first quarter of 2025, the combined turnover value of SDRs, daily leverage certificates, structured warrants, and ETFs was up 13.6% from the previous three-month period, reaching SGD3.6 billion.

UOB Injects Fresh Capital into Vietnamese Subsidiary

In neutral news, United Overseas Bank (UOB) will inject VND2 trillion (SGD103.9 million) worth of fresh capital into its Vietnamese subsidiary, UOB Vietnam. This capital injection is currently under review by the State Bank of Vietnam. Upon approval, this will bring the total charter capital of UOB Vietnam to VND10 trillion.
UOB has made three capital injections into UOB Vietnam since 2021 and is investing in a new headquarters building in Ho Chi Minh’s business district, which will house most of its 1,500 UOB Vietnam employees. The bank now has five branches in Ho Chi Minh and Hanoi.

Heatec Jietong Expects Net Loss for FY24 Due to Accounting Adjustments

Heatec Jietong said that it is now expected to report a net loss for FY24, compared to a net profit previously reported in its unaudited full-year results on March 1, 2025. This is mainly due to certain material adjustments, including the impairment of goodwill and write-back of provisions, that have been made to the condensed interim unaudited financial statements for FY24 following the finalization of the audit with its independent auditor.

Centurion Corporation Insider Increases Stake

In insider trading news, Centurion Corporation’s non-executive director, Han Seng Juan, has increased his interest in the company by purchasing 250,000 shares for SGD1.04 per share, for a total consideration of SGD260,000, on April 7. His total deemed interest in the company now stands at 468,431,226 shares, or 55.714% of the number of ordinary voting shares.