Each year, it is a delight to honour the winners of The Edge Singapore Billion Dollar Club (BDC) — a showcase of the strength, resilience, and innovation of Singapore’s leading listed companies. The awards go beyond recognising financial success; they also acknowledge the broader contributions these companies make to their industries and our marketplace. 

The BDC Overall Sector Winners — a mix of returning and new awardees including Bumitama Agri P8z, ComfortDelGro C52, DBS, Singtel, Frasers Centrepoint Trust J69u, Guocoland, Singapore Technologies Engineering S63, The Hour Glass Ags, and Tianjin Pharmaceutical — exemplify the qualities that define Singapore’s corporate ecosystem. 

The companies seek to set benchmarks in their sectors with long-term strategies, sustainable practices and a steadfast commitment to creating value for all stakeholders. Their influence reaches far beyond their balance sheets, enriching the wider economy and contributing to the global business community. Notably, DBS, the Overall Winner of the BDC, became the first Singapore-listed company to reach a market capitalisation of $100 billion earlier this year.

While blue-chip stocks often dominate the headlines, there are numerous other companies listed on Singapore Exchange S68 (SGX) that present remarkable opportunities for discerning investors. Equally deserving of acknowledgment are the Centurion Club winners, with Overall Sector Winners like Azeus Systems, Civmec P9d, Cortina C41 Holdings, Hafary 5vs, ISEC Healthcare 40t, Pan-United, PropNex, Samudera Shipping Line S56, Sing Investments & Finance and United Hampshire US REIT Odbu. Our heartiest congratulations to Cortina for clinching the Centurion Club Overall Winner accolade — their journey in building a regional luxury watch empire over generations is a shining example of Singapore’s homegrown success stories. 

Seeing beyond size: more than just market capitalisation

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While the spotlight often shines on the giants, value creation does not hinge solely on size but on myriad factors such as strategic focus, performance and adaptability. Take Samudera Shipping, for example, which has delivered over 60% CAGR in total returns in the past five years. Many such companies deserve to be highlighted by analysts and the media. 

The achievements of mid-to-small cap companies affirm the diverse range of investment-worthy stocks in Singapore across various stages of growth and sectors. These gems can offer healthy returns and diversification benefits for investors of varying profiles, and I encourage all investors to explore and uncover the potential within these promising companies.

A company’s dedication to excellence and shareholder value can drive growth, regardless of market capitalisation. Central to the success of a company is the role of the board in setting strategic direction and championing strong governance. A high-performing board drives the organisation’s long-term vision while maintaining a firm focus on enhancing shareholder value. Their leadership not only navigates today’s challenging market environment but also ensures companies are well-positioned to seize growth opportunities.

By staying responsive and accountable to investors, companies that set high standards in shareholder value creation, corporate governance and accountability, as well as focus on maintaining open, consistent investor relations, will stand to benefit.

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What matters: a relevant and vibrant marketplace for issuers and investors 

Even as we celebrate the success stories and feature the investment opportunities available in our stock market, we recognise there is still significant room for improvement. Together with the Singapore government agencies and ecosystem stakeholders, SGX Group is fully committed to fostering a market that is relevant and attractive for issuers and investors.

The ingredients of a vibrant and liquid marketplace are manifold, including a well-functioning ecosystem with a diverse set of active investors, sustainable sources of domestic and international capital, an efficient market infrastructure as well as a strong and trusted regulatory framework. Although the Singapore market has many strengths, achieving transformative changes will require determination and time. 

It is encouraging to see the recognition that the stock market is a key pillar of Singapore’s position as a financial hub — and that stakeholders want Singapore and the stock market to thrive. A strong pipeline of IPOs is essential, but the demand side of the equation is equally, if not more, critical. Addressing demand and supply issues in the stock market requires careful deliberation by all stakeholders, as these issues are interconnected and require multiple levers. 

Since the announcement of the Monetary Authority of Singapore (MAS) Review Group, there has been a robust contribution of ideas and perspectives. We aim to encourage constructive dialogue and collaboration within our ecosystem to drive tangible progress, strengthen our marketplace, and elevate Singapore’s status as a global financial hub. Just as supportive fans can boost a team’s performance in professional sports, your belief in the potential of the Singapore market can make a difference. So, if you are a fan, make your voice heard, cheer a little louder and share your views!

From headwind to tailwind: creating positive momentum 

Despite the challenges, there is reason for optimism. Recent months have shown positive momentum in our securities trading activity, with our securities daily average value (SDAV) in October 2024 up 36% y-o-y to $1.2 billion. In September, SDAV reached $1.45 billion, the highest since May 2022. This year, Singapore’s stock market has also been the second most-actively traded in the region, outperforming most Asean peers. 

Liquidity begets liquidity. As efforts to bolster the stock market gain traction, they create key tailwinds that could further ignite the market. Alongside the MAS Review Group’s efforts, we have been actively building our IPO pipeline and developing new products to offer investors a wider range of investment opportunities. 

I am confident that a collaborative and aligned ecosystem — including government agencies, listed companies, investors, intermediaries, regulatory bodies, associations, industry players, academia, and media — can overcome obstacles to build a thriving capital market. 

The companies honoured in this year’s Billion Dollar Club awards demonstrate what can be achieved when organisations commit to creating long-term value and aligning with investor expectations. Their success is a reminder of the tremendous potential within our trusted ecosystem. We are excited about the future and look forward to working together with the entire ecosystem to shape the Singapore capital market of tomorrow.   

Loh is CEO of SGX Group