Live Recap 1: Singapore's Quiet Rally — Inside the Road to the 5,000 STI Milestone
1. Live Review Introduction
Tiger Brokers livestream hosted by Vyann, featuring Kenny Loh, Wealth Advisory Director, S-REIT specialist and SGX Academy trainer, and Edward Pye, Intermediary Distribution Director at Amova Asset Management. Together, they marked Singapore's Straits Times Index crossing the 5,000-point milestone, unpacking what's driving the rally, how far it could still run, and how to actually build it into a portfolio.
Disclaimer: This session has not been reviewed by the Monetary Authority of Singapore. All views expressed are those of the speakers and not of Tiger Brokers or its affiliates. Today's session is strictly for education and discussion purposes and does not constitute financial advice.
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2. Sixty Years in the Making
The $Straits Times Index(STI.SI)$ has been running since 1966, but its more recent history tells the real story: from 2008 to around 2024, the index largely moved sideways. The turning point came only in the past one to two years, after MAS announced the Equity Market Development Programme (EQDP), which helped push the index to break out to new highs. As of the livestream, the STI was trading around 5,612, with the index sitting near 5,600–5,700 in the days prior — comfortably through the 5,000 mark.
3. Where the Money Is Flowing
SGX's latest ETF report shows record growth: assets under management are up 43% year-on-year to reach S$21 billion, with S$4.1 billion in net inflows over the past 12 months. Daily traded liquidity has also hit a new high of around S$51 million, up 121% year-on-year. Roughly 25% of that flow sits in Singapore equities and another 25% in international equities accessible via SGX-listed ETFs, alongside gold, Singapore REITs and Asia-Pacific REIT exposure. Retail investors now account for 42% of that ETF AUM — close to S$9 billion — increasingly channelled through SRS and CPF Ordinary Account savings into SGX-listed ETFs.
4. How High Could the $Straits Times Index(STI.SI)$ Go?
Institutional forecasts vary widely. JP Morgan and iFAST are the most bullish, projecting the STI could reach 6,000 by end-2026 or end-2028. Maybank, Trading Economics, Maybank Kim Eng and UOB Kay Hian cluster closer to the 5,000 range, while DBS has put out the most aggressive call — a 10,000 target by 2040. Kenny Loh's own view is that a 10,000 STI by 2040 is plausible, though he stressed no one can say for certain — and put the question to the live audience, who were split between "definitely," "maybe" and "impossible."
5. Cheaper Than It Looks
Despite the rally, valuations haven't run away. The STI's trailing 12-month PE ratio remains meaningfully below global peers such as the S&P 500 and global equities, which trade around the mid-twenties — Singapore, by contrast, still sits around 17.5x, a discount to both global markets and its own historical range. Comparing today's cycle to Singapore's previous bull runs in 1996 and 2003–2007 — where PE multiples expanded past 18x and even above 22x at their peak — the current cycle has only reached around 15–16x. The read: this rally has been driven more by earnings recovery than speculative multiple expansion, suggesting there may still be room to re-rate rather than being in a late, stretched stage.
Closing Takeaway
Singapore's rally to 5,000 looks structurally supported rather than speculative — record ETF flows, a still-reasonable valuation, and a genuine policy tailwind through the EQDP. Next, how Kenny Loh actually translates a market view like this into a portfolio investors can build and hold.
6. Risk Reminder
This content is shared for general education and discussion purposes only. It does not constitute financial, investment, or professional advice, and views expressed are those of the speakers, not Tiger Brokers.
7. Post-Event Resources
Viewers can follow Kenny Loh on the Tiger Community, his YouTube channel Kenny Loh Financial Wisdom, or via Tothemoon (Kenny_Loh / REITsavvy). The full livestream replay is available on the Tiger Trade app.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
