To be sure, the Straits Times Index (STI) constituents will always hold a dear spot in most Singaporeans’ portfolios, thanks to steady dividend yields. No doubt the STI stocks have seen a rather good performance this year, but using Bloomberg data as of Dec 12, The Edge Singapore notes that the largest gainers are outside of the STI, with the Addvalue Technologies, iX Biopharma and CNMC Goldmine taking the top three highest returns spots with returns from 341% to 455%. The list of stocks do not include companies listed this year. MetaOptics, which was listed only in September, has gained 480% since then.
A noteworthy stock in the top 10 best-performing stocks as of Dec 12 is Soilbuild Construction, which has earned a spot in this list for a consecutive year. After gaining nearly 180% in 2024, Soilbuild is up another 326.9% year to date, giving it a market value of $519.6 million currently. In other words, a $100 investment into Soilbuild at the start of 2024 would be worth more than $1,100 today.
Here are the top 10 SGX outperformers for the year, as at Dec 12, in descending order.
See also: Share buybacks by SGX-listed companies surge 80% y-o-y to $1.65 bil; UOB, DBS and OCBC top spenders
10. Sanli Environmental: Record order book and two rounds of placements
It has been a busy year for Sanli Environmental. Besides fulfilling existing orders on hand, the company has been actively bidding for new contracts as well as taking advantage of a buoyant market to raise funds via placements.
On Nov 10, Sanli was awarded a $205 million contract by PUB to develop Changi NEWater Factory 3 over 24 months. Coupled with the recent $281 million contract win from the Land Transport Authority (LTA) in October, Sanli’s total order book has reached a new record level of $838.7 million.
See also: iFast confirms CP Invest’s sale of 14.35 mil shares, bringing interest down to 4.9%
Instead of just one placement, Sanli did two this year. The first round was in July, when the company raised $4 million by issuing 33.3 million shares at 12 cents each. Proceeds are to be used for general working capital purposes and a portion may be used to improve its capital structure. Prominent investors included Lion Global Investors and Asdew Acquisitions.
More recently, on Nov 24, Sanli, taking advantage of its rising share price, tapped the market for more funds. It raised $10 million by issuing 38.5 million shares at 26 cents each.
Investors in the second placement round included prominent names such as Avanda Investment Management, Kenanga Investors, Lion Global Investors, UOB Asset Management and Value Partners Hong Kong.
9. Kencana Agri: Turnaround in financial performance
Listed on the SGX since July 2008, Kencana Agri is an Indonesian producer of crude palm oil (CPO) with oil palm plantations across Sumatra, Kalimantan and Sulawesi. Its share price started the year with just 8 cents and has since gone up to 28.5 cents.
With no corporate actions of any kind, the only reason for the company’s triple-digit return in 2025 was its significant turnaround in its financial performance. In its FY2024 ended December 2024, Kencana Agri’s revenue went up by 12.7% y-o-y to US$153.73 million ($198.48 million), primarily driven by higher selling prices for CPO and palm kernel. Earnings, meanwhile, reached US$11.9 million, a big swing from a loss of US$283,000 a year ago. Besides higher prices and volume, the company booked a revaluation gain of US$5.9 million from the revaluation of biological assets as well.
In the latest 1HFY2025 results, revenue was up nearly 60% y-o-y to US$87.1 million, driven by a combination of higher average selling prices and increased sales volumes. Meanwhile, profit after tax shot up by more than 1,600% y-o-y to US$9.78 million.
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8. AJJ Medtech: Pivot into healthcare and dabble with human robotics
Formerly known as OEL Holdings, AJJ Medtech, now positioned as a medical equipment distributor, has seen numerous corporate developments in 2025. Its share price, trading at around 0.4 cents at the start of the year, has jumped, along with higher volume, to cross more than 1 cent on the back of heightened investors’ interest.
One of the most significant developments is its memorandum of understanding (MOU) with Hangzhou Huaxi Intelligent Technology for the “world’s first multifunctional humanoid elderly care robot”. Under the MOU, both companies intend to establish a joint-venture company in Singapore for the joint development and operation of the robot, aiming to meet the growing global demand for elderly care and rehabilitation services.
Following that, AJJ Medtech announced on Nov 3 a placement of almost 127.5 million new shares at an issue price of 0.72 cents per share, raising net proceeds of $855,500. The funds raised will be used to support commercialisation and market expansion of the company’s healthcare automation and elderly-care solutions.
On Nov 13, AJJ Medtech announced another MOU with Autagco, also an SGX-listed company, to jointly develop, deploy and commercialise humanoid elderly care robots within Autagco’s assisted living facilities in Singapore.
Most recently, on Dec 3, AJJ Medtech announced it has formed a strategic OEM partnership with Suzhou ZOEY to advance renal care in Singapore. AJJ Medtech explains that this will provide an alternative cost-competitive dialysis solution to Singapore’s 7,800 hemodialysis patients, offering an estimated 10%–30% savings as compared with current imported products.
Investors are now sending the company’s share price up based on these MOUs and it is to be seen when the actual deployment — and earnings — will happen.
7. OKP Holdings: Riding infrastructure tailwinds and bonus issues
OKP Holdings today operates three core business segments: construction, maintenance and rental income from investment properties. The company undertakes both public and private civil engineering, as well as infrastructure construction projects.
The multi-year construction boom and infrastructure tailwinds, which has helped OKP build a order book, has translated into material improvement for its share price and financial performance. From around 30 cents at the start of the year, OKP’s share price has moved up to more than $1.10.
In its most recent 1HFY2025 ended June results, revenue was up by 41.2% y-o-y to $103.4 million, while earnings jumped 60.7% y-o-y to $19.1 million. The improve ment was primarily due to higher revenue recognised from various ongoing and newly awarded construction projects, as well as improved margins.
On Nov 12, OKP announced that its wholly owned subsidiary, Eng Lam Contractors Co, won a $22.6 million contract from JTC for infrastructure works at Cleantech Loop. Under this contract, which has increased its order book to $615.9 million, Eng Lam will deliver key civil and infrastructure works, including roads, sewers, drainage and connectivity enhancements within CleanTech Park.
On Nov 27, the company announced that it is proposing a three-for-four bonus issue to recognise shareholders’ loyalty and continued support. The bonus issue will enable greater investor participation, encourage trading liquidity and broaden its shareholder base.
With the industry tailwinds, improvement in financial performance, contract wins and bonus issues to reward shareholders, it is no wonder that investors are pushing its share price to record territory.
6. Huationg Global: Beneficiary of the construction boom
Huationg Global’s business operation comprises civil engineering services for infrastructure projects and ancillary inland logistics support services. The company is also involved in the sale of construction materials such as sand and granite aggregates, recycled concrete aggregate and liquefied soil stabiliser.
With the construction sector upcycle, Huationg’s share price has experienced a significant run-up in 2025, from around 15 cents to more than 50 cents, despite no major corporate developments or transactions in play.
Furthermore, the low free float of 22.98% indicated in the company’s FY2024 annual report could be seen as a fuel to move its share price higher in recent times.
In its latest 1HFY2025 results dated June 30, revenue increased by a mere 1.0% to $120.6 million, mainly due to an increase in revenue from civil engineering contract works. However, earnings were down by 20% y-o-y to $8.6 million, given the higher administrative expense and unfavourable currency movement, which resulted in forex losses.
The company will continue to seek opportunities in the public infrastructure projects and seek to tender large scale projects.
As of June 30, Huationg Global’s order book for on-going projects is approximately $512.3 million, which is expected to be completed within the next three years.
5. ASL Marine: Successful turnaround and riding the recovery phase
Along with Marco Polo Marine and Nam Cheong, ASL Marine is one of the survivors that have emerged from the multi-year slump of the offshore and marine sector. With an upcycle now in place to make up for years of under-investment, numerous institutional investors and analysts from UOB Kay Hian and Lim & Tan Securities, for example, have been taking a closer look at ASL Marine. Its
share price was hovering at around 6 cents earlier in the year but has risen to more than 24 cents now.
Similar to companies enjoying renewed interest, ASL Marine has taken the opportunity to raise new capital. On Oct 10, it raised $7 million placing out around 41.1 million shares at 17.03 cents. Investors who took part include Lion Global Investors, ICH Capital, ICAP-SAC, Ginko-AGT Global Growth Fund and Azure Capital.
In ASL Marine’s latest 1QFY2026 ended Sept 30 business update, the company reported revenue growth of 12.1% y-o-y to $94.2 million, mainly driven by higher revenue contribution from shipbuilding and its ship repair, conversion and engineering services. With the significant drop in finance costs, earnings shot up by 1,560% y-o-y to $8.3 million.
Following the better-than-expected 1QFY2026 numbers, analysts from UOB Kay Hian and Lim & Tan Securities have raised their respective target prices to 35 cents and 33 cents respectively.
4. Soilbuild Construction: Series of contract wins, potential spin-off, stock split
Huationg Global and OKP Holdings are not the only construction stocks that did well this year. Soilbuild Construction is another beneficiary of the construction upcycle. After a strong run-up in 2024, its share price continued to gain momentum and rose to more than $3.00, lifted partly by the momentum from winning a landmark $647.5 million contract in June 2024 to help build the Tuas Port.
Soilbuild’s spate of contract wins continued in 2025. In January, it secured two new construction contracts worth $151.3 million, followed by new contracts worth $178.6 million in July.
In its latest half-year results, Soilbuild reported revenue that was up 77.3% y-o-y to $272.8 million. The significant increase in revenue was due to higher contributions from both the core construction business and the precast & prefabrication unit.
As a result of higher revenue and better gross profit margins, earnings surged 282.9% y-o-y to $28.3 million. As of June 30, the company’s order book stood at approximately $1.19 billion.
Investors have more reasons to look at Soilbuild. On Oct 21, it announced the planned spin-off listing of its precast and prefabrication business, which has grown to become a more significant business on its own. In 1HFY2025, Soilbuild grew its revenue from the precast & prefabrication unit by 77.3% y-o-y to $59.4 million.
More recently, on Nov 21, the company announced a proposed one-for-four share split to enhance trading liquidity further and encourage greater investor participation. The proposed split will help broaden its shareholder base. Just on Dec 12, 2024, Soilbuild consolidated its shares at a 10-to-1 ratio.
3. CNMC Goldmine: Key beneficiary with rally in gold prices
Being a gold mining company, CNCM Goldmine is a huge beneficiary of record gold prices this year. The company is mainly focused on developing the Sokor Gold Field Project, located in the state of Kelantan, Malaysia. From just 25 cents or so, the share price jumped in accordance with the rise in gold price to more than $1.00 in recent times.
In its latest 1HFY2025 result, CNMC Goldmine’s revenue was up by 78% y-o-y to US$52.8 million, mainly attributed to both higher gold prices and production volume. The company produced 11,811 ounces of gold from its carbon-in-leach plant, 26% more than in 1HFY2024. This expansion was helped by a bigger capacity at the plant in April, which boosted daily processing capacity of gold-bearing ore from 500 to 800 tonnes.
As a result, the company delivered record earnings of US$15.8 million in 1HFY2025, more than triple the same period last year. The earnings also topped the US$9.8 million earnings for the whole of last year and the previous annual all-time high of US$12.2 million set in 2014.
2. iX Biopharma: Fund raising for US expansion, potential dual-listing
iX Biopharma, headed by former Genting senior executive, chairman and CEO Eddy Lee, is a specialty pharmaceutical company with expertise in novel drug delivery systems and drug repurposing. Its patented WaferiX platform enables rapid, effective sublingual dosing for pharmaceuticals and nutraceuticals.
In its latest FY2025 ended June 30, the company grew its revenue by 30% y-o-y to $7.8 million, with gross margins improving from 18% to 26%. However, it remained in the red, chalking up losses of $10.1 million, although slightly reduced from $10.8 million y-o-y.
“FY2025 was a transformative year for iX Biopharma, marked by revenue growth across both Specialty Pharmaceuticals and Nutraceuticals,” says the group in its FY2025 results release.
On top of its improving results, the group kept busy in the second half of the year (or its 1HFY2026 period). This was the period it saw growth, as the counter stayed relatively muted.
At the start of the year, its share price was just 2 cents. In late September, it began its rapid ascent and on Oct 28, the company announced that a placement to raise $5 million at 10 cents each had been increased to $6.7 million in the face of strong demand from investors such as Lion Global Investors and Ginko-AGT Global Growth Fund.
In November, there was a flurry of activities involving iX Biopharma. Not long after the placement, iX Biopharma announced plans to form a joint venture with a US-based drug maker Orion Speciality Labs to manufacture and commercialise its WaferiX portfolio.
As part of this agreement, Nevada-based Orion will fund manufacturing equipment and working capital and will take a 25% stake in the future joint venture. iX Biopharma, which will hold the remaining 75%, owns patents for sublingual drug delivery technology platforms.
The partners plan to finalise definitive agreements in the coming months, with equipment installation and pilot production targeted for the second half of 2026. Besides the commercial prospects of this expansion in the US, word on the street is that iX Biopharma is looking to potentially list in the US, as well as in Australia.
1. Addvalue Technologies: Earnings and order book growth; FTSE ST All-share Index inclusion
Satellite-based communication solutions company Addvalue Technologies takes the top spot for highest total return among SGX-listed counters. Similar to most of the stocks in this list, the first half of the year was uneventful for the company, whose share price stay at 1 cent, unchanged from as early as 2021. However, it began to win a whole steady stream of contracts one after another, bringing its order book to US$22.6 million after bagging a US$4.8 million batch on Dec 8.
To be sure, Addvalue’s share price is still a far cry from its “glory days” back in the early 2000s, but this could be a turning point after years of stagnation. Its financial results have seen significant improvement. The latest 1HFY2026 ended September results saw earnings surge 38 times to US$1.98 million from just US$52,000 the previous year. Revenue gained 54% y-o-y to US$8 million, with growth from its advanced digital ratio (ADR) and space connectivity businesses.
Thanks to its earnings and share price growth, the counter has also been included in the FTSE ST All-share Index in early-December.
The Edge Singapore covered the compa- ny in a recent article, “Satcoms shoot for a higher orbit” (Issue 1219, Dec 15). In an interview, CEO Tan Khai Pang, explains that his company is benefitting from the industry’s shift towards LEO and data-driven satellite services. Its customers span commercial and defence industries, with known clients including Capella Space, iQPS, VAST Space and Inmarsat (now part of Viasat).
Addvalue’s key product is its proprietary inter-satellite data relay system (IDRS), the world’s first on-demand, real-time connection service for low-earth orbit satellites. Its IDRS terminal fits all kinds of such satellites, including the “New Space” nano-satellites. “Looking at the growth rate, it’s still at the knee of the hockey stick,” says Tan. — with additional reporting by Felicia Tan
