Shareholder returns, rising profitability, and a robust return on equity (ROE) are not just numbers but also important benchmarks of true corporate success, and we are proud to celebrate the market’s top performers each year at The Edge Singapore’s Billion Dollar Club (BDC) awards.

Now into its eighth year, the awards celebrate the strength and innovation of Singapore-listed companies that have delivered consistent financial performance and outstanding shareholder returns. 

This year, we extend our warmest congratulations to Sembcorp Industries, which is not only the Overall Winner of the BDC, but also the Overall Sector Winner for the Industrials sector with the highest growth in profit after tax (PAT) over three years. This is a timely recognition as Sembcorp continues to execute its ambitious strategic review and multi-year growth plan. 

Our congratulations also go to Food Empire, the Overall Winner of the Centurion Club 2025 and the Overall Sector Winner in the Consumer (Defensive) category. It has achieved a remarkable hat trick with the highest three-year returns to shareholders, PAT growth and weighted ROE. 

These companies are actively pursuing strategies to increase shareholder returns, reflecting the broader ambition that we also see in many of today’s market leaders.

See also: A rejuvenated Singapore market, a reset for The Edge Singapore

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Momentum building: A market entering a new phase

This year, I sense renewed optimism in our stock market. The Straits Times Index has notched multiple record highs, trading activity has surged, and investors are engaging more deeply with our market than they have in recent years. 

Securities daily average value (SDAV) reached $1.5 billion in the third quarter ending September 2025 (Q3) — the best showing since 2021. More meaningfully, the robust liquidity is not just in index stocks; SDAV for small and mid-cap stocks has more than doubled compared to the same period a year ago. 

IPOs are also returning, with nine IPOs in Q3 raising $2.2 billion, the strongest quarter since 2017 — a sign of renewed confidence.

See also: From uncertainty to opportunity: How CEOs are rewiring their strategy

Meanwhile, assets under management in Singapore-listed ETFs have surpassed $16 billion, underscoring investors’ rising confidence in exchange-traded products as building blocks of diversified portfolios. Daily average trading value in ETFs reached almost $40 million in September 2025, the highest since March 2020.

Building a relevant stock market 

But momentum, while encouraging, is just the beginning. Can we sustain it and build a stock market that meets the needs of our companies and market participants? In other words, will 2025 be seen as the turning point for Singapore’s stock market, or a false dawn?

The story of Singapore’s market cannot only be about our largest and most established blue-chip companies. While they remain important anchors, our stock market needs to be a microcosm of Singapore’s real economy which is driven by a broader swathe of companies. 

This is why we recently launched the iEdge Singapore Next 50 Index to showcase opportunities beyond the iconic blue chips. While these smaller companies may not always make the front page, they represent the breadth and depth of opportunities that our market offers. 

Already, the investability and improving liquidity of these mid-caps are capturing the attention of market participants. Food Empire is one strong example of the dynamism of Singapore’s mid-cap companies. It recently became the most actively traded stock in the Next 50 Index following a share placement to fuel its expansion across Asia and deepen institutional reach.

I am heartened to see that 14 winners of this year’s BDC and Centurion Club are constituents of the Next 50 Index, highlighting the compelling opportunities that our mid-caps present. 

Like Singapore’s economy, a vibrant stock market is one where there is constant renewal. This means a steady pipeline of new listings. If we exclude REITs, the IPO proceeds in Q3 would only be $350 million. We need to do better. There is room to further refine our value proposition and deepen relevance with potential issuers, beyond REITs, which remain a key sector in our stock market. 

We are doubling down on sectors where Singapore has more of an edge, such as fintech, payments and digital infrastructure. Our investors are very familiar with the financial sector and data centres. There is good liquidity in these listed sectors. As an example, our listed financial sector accounts for more than a third of overall market turnover, and comprises companies such as DBS Group Holdings and iFast Corp, which can act as valuation benchmarks. 

Improving accessibility for investors is another key priority. I am pleased that retail investors have become more active, with their proportion and traded value reaching the highest levels in four years. We see room for further growth. For retail investors, especially the younger ones, there is a strong case to improve accessibility for our higher-priced shares by reducing board lot sizes. 

We also recognise the important role brokers play, as they represent the face of the stock market for many investors. They are not just intermediaries executing trade orders; they connect investors to opportunities and actionable investment ideas.

Globally, brokerage models offer a broader suite of value-added services beyond trade execution such as robo-investing, portfolio management and securities margin financing. The ability for brokers to do so is in part due to the custody model in which investors hold their securities with brokers.  

The Singapore Exchange (SGX)is therefore working to support brokers as they seek to play a more active role in cultivating client interest in our stock market and delivering new value-added services. It is a recognition that what has served us well in the past may no longer be as relevant in the new world.

Building resilience and bridges

An implication of the rise of geoeconomics is the need for resilient financial markets. From my perspective, that means providing companies with domestic capital pathways they need to grow, expanding the investor base in our stock market. We are deeply encouraged by MAS’s $5 billion Equity Market Development Programme to kickstart the creation of our domestic asset-management ecosystem. Sustainable flow is essential if we want to build a lasting ecosystem.

We are also cognisant of the importance of trust in a resilient marketplace. This means championing long-term thinking, because companies that invest in innovation and sustainability today will be the ones defining value creation tomorrow.

Strong board leadership plays a central role here. It is apt that the Singapore Institute of Directors (SID) has announced the Chairpersons Guild to bring together board chairs, forming a network for collaboration and knowledge sharing. 

Initiatives to strengthen board leadership, help companies unlock shareholder value, and communicate with shareholders more effectively are just some of the many ways that SGX is working with the ecosystem to build a stronger marketplace. 

Finally, collaboration with other markets is also part of SGX’s DNA to build a vibrant marketplace. We will continue to deepen partnerships at the exchange level. Initiatives such as the Singapore-China ETF link and regional DR collaborations with Thailand and Indonesia demonstrate how cross-border partnerships can expand investor access and enhance fundraising opportunities. 

Such connectivity brings the world to Singapore and reinforces our role as a trusted gateway to international opportunities. 

Momentum must turn to transformation

The momentum of 2025 gives us a solid base to build on. There is no room for complacency. The real opportunity lies in where we go next — in transforming our stock market to reflect Singapore’s economic potential and being the capital formation venue of choice for companies of different sizes. 

The companies recognised in this year’s BDC exemplify what can be achieved when businesses commit to long-term value creation alongside strong governance and strategic foresight.

Their success is a powerful reminder of the tremendous potential within our market, and of the opportunities that lie ahead as Singapore continues its journey as a leading financial hub in Asia.

The future of Singapore’s stock market is a shared responsibility — one that involves the entire ecosystem including listed companies, investors, intermediaries, associations, and policymakers working together towards a common goal. Just like the marketplace where there are diverse opinions, we appreciate the different views expressed on how we can achieve the common goal. 

So, will 2025 be remembered as the turning point or a false dawn? That answer will be written not just in market charts, but in the conviction of our collective actions. 

Ng Yao Loong is head of equities at SGX Group