Broker: Maybank Research Pte Ltd
Date of Report: 10 July 2025

Singapore Stocks Surge: Key Insights and Growth Catalysts for Top Equities in 2025

Singapore’s equity market is demonstrating resilience and growth, as highlighted by recent developments among small, mid, and large-cap companies. With a focus on expansion, technological innovation, and balance sheet optimization, investors are eyeing multiple sectors for robust performance in 2025. This detailed analysis covers the latest updates, contract wins, strategic investments, and financial highlights that are shaping Singapore’s investment landscape.

Market Overview: Growth Strategy and Investor Sentiment

Maybank’s flagship Invest ASEAN 2025 conference brought together top Singapore corporates—CSE, FRKN, IFAST, ISOTeam, NETLINK, SGX, STH, and UOB. The event underscored the strategic focus of small and mid-cap (SMID) companies on overseas expansion, capacity enhancement, and technological upgrades. Larger caps are prioritizing balance sheet efficiency alongside growth initiatives. The market’s defensiveness and ongoing policy reforms have attracted keen investor interest, suggesting a promising outlook for Singapore equities.

ISOTeam: Contract Wins and a Bright Outlook

ISOTeam, a notable small and mid-cap laggard, is poised for a strong turnaround:

• New Contracts: Secured contracts worth SGD21 million, signaling a growth uptrend.
• Pipeline Expansion: Management anticipates an uptick in project awards, driven by public sector upgrading works—focusing on community spaces and senior-friendly amenities in both public and private estates.
• Technological Innovation: Drone-testing is expected to commence by the end of September 2025 across several Housing Development Board (HDB) build-to-order (BTO) sites.
• Analyst View: The stock is maintained at BUY with an unchanged target price (TP) of SGD0.104.

SGX: Strong Derivatives and Securities Performance

Singapore Exchange (SGX) posted encouraging numbers for June and the full financial year:

• Derivatives Volume: Rose 17% year-on-year (YoY) in June to 26.1 million contracts; daily average volume (DAV) increased by 9% YoY to 1.3 million contracts.
• Full-Year Growth: FY25 saw total volume climb 17% to 315.8 million contracts, with DAV up 17% at 1.3 million contracts.
• Securities Market: Turnover increased 23% YoY in June to SGD26 billion; securities daily average value (SDAV) rose 12% YoY to SGD1.2 billion.
• Annual Turnover: For FY25, turnover gained 28% to SGD336.4 billion, with SDAV up 27% at SGD1.3 billion.

SGX’s robust growth underscores its critical role in regional capital markets amid global volatility.

Food Empire: Major Capacity Expansion in India and Vietnam

Food Empire Holdings (FEH) is deepening its vertical integration and expanding global reach:

• Investment in India: USD37 million to expand its spray-dried soluble coffee manufacturing facility in Andhra Pradesh by approximately 60%. Work begins in 4Q25, targeted for completion by end-2027.
• Existing Facilities: FEH already operates a freeze-dried soluble coffee plant in India.
• Vietnam Expansion: Plans to set up another freeze-dried soluble coffee plant in Binh Dinh, Vietnam, expected to be finished by 2028.
• Strategic Rationale: These expansions are part of FEH’s ongoing vertical integration, aiming for greater control over the coffee processing cycle and supporting the growth of its branded consumer business in key markets.
• Financial Impact: The India plant is running near full capacity; new investments are expected to diversify revenue away from Russia and boost future earnings through higher revenue, margins, and profitability.

Soilbuild Construction: Securing Green and Precast Contracts

Soilbuild Construction is enhancing its order book with significant new projects:

• Aggregate Contract Value: SGD178.6 million in new contracts secured.
• Industrial Development: Construction of a 10-storey, multi-user industrial development at Lok Yang Way, designed to attain BCA’s Green Mark Platinum Super Low Energy certification, scheduled for completion by 1Q27.
• Precast Contracts: Additional contracts for supply and delivery of precast components to HDB projects, with completion expected by 1Q28.
• Order Book: The group’s order book now stands at approximately SGD1.21 billion as of 31 May 2025, providing strong revenue visibility for the coming years.

Sanli Environmental: Strengthening Balance Sheet with New Placement

Sanli Environmental is reinforcing its financial position through a successful share placement:

• Placement Details: 33.3 million shares placed at SGD0.12 each, raising gross proceeds of SGD4 million.
• Use of Proceeds: Funds will be primarily used for general working capital, including the execution of ongoing Engineering, Procurement, and Construction (EPC) projects. A portion may also be allocated to improving capital structure and reducing existing borrowings.

Maybank’s Investment Ratings Explained

Maybank IBG Research applies the following investment rating system:

Disclosure and Analyst Certification

The report confirms that as of 10 July 2025, Maybank Research Pte. Ltd. and the covering analysts have no interests in the companies recommended. All analysis reflects the independent views of the analysts, and no part of their compensation is directly or indirectly related to specific recommendations or views expressed.

Key Takeaways for Investors

• Small and mid-cap companies are aggressively pursuing growth via contract wins, technological adoption, and overseas expansion.
• Large caps are focusing on balance sheet efficiency while not losing sight of growth opportunities.
• Market performance remains robust, with strong securities and derivatives turnover, indicating heightened investor activity and confidence.
• Sector-specific expansions (in coffee manufacturing and green construction) are likely to provide new growth catalysts and diversify revenue streams.
• Strategic capital raisings and strengthened balance sheets are supporting operational execution and future scalability.

For investors and market observers, Singapore’s equity landscape continues to present attractive opportunities amid global volatility—driven by innovation, expansion, and prudent financial management.