Live Recap 3: From Safe Haven to Investment Magnet — The Case for Singapore
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. Why Singapore Thrives in a Volatile World
Edward Pye framed the Singapore investment story against a backdrop of rising geopolitical tension and markets swinging between fear and euphoria. Beneath that noise, he argued, Singapore's economy runs on a diversified engine — finance, trade, tourism and manufacturing — steered by disciplined fiscal and monetary policy. That combination has turned Singapore from a place capital simply parks safely into a magnet that actively attracts it: wealth flows in "not by accident but by design."
3. Performance, Dividends and Valuation — The Full Picture
Edward Pye laid out three supporting pillars. On performance, Singapore has ranked among the world's top-performing equity markets over the past five years, outperforming both Asia and the S&P 500. On income, Singapore continues to deliver dividend yields above 4% — as of 30 June 2026, the figure stood at 4.4% — well above global peers, a dividend leadership that has widened rather than narrowed and which he noted has lifted total returns by as much as 38% since 2022 while cushioning drawdowns. On valuation, despite the rally, PE multiple expansion has been modest — Singapore trades around 17.5x versus the mid-twenties for the S&P 500 and global equities, suggesting the rally has been driven by earnings recovery rather than speculative excess, with room left to re-rate.
4. A S$6.5 Billion Structural Catalyst
Edward Pye pointed to the Equity Market Development Programme (EQDP) as one of the most important catalysts for the market: a S$6.5 billion government commitment aimed at boosting trading liquidity and price discovery — particularly for small and mid-cap stocks, where liquidity has historically been thin and valuations less efficient — while also strengthening the domestic asset management ecosystem. So far, S$3.9 billion has been awarded to nine asset managers across the first two phases, with further announcements expected in the second half of 2026. Asked directly what impact the programme has had, Edward Pye pointed to three effects: improving market depth and liquidity, strengthening price discovery and research coverage of under-followed names, and gradually shifting how Singapore is perceived — from a market of "just banks and REITs" to one that can support innovative, new-economy businesses.
5. Beyond Banks and REITs: The "New Singapore" Sectors
Traditionally associated with banks, REITs and property, Singapore's listed market is quietly evolving toward energy transition, digital infrastructure, advanced manufacturing and healthcare innovation. Edward Pye cited examples across the value chain — from Sembcorp Industries pivoting toward renewables, to $Keppel DC Reit(AJBU.SI)$ benefiting from cloud and AI-driven demand, to Venture Corp embedded in global electronics supply chains, to smaller healthcare-deep-tech names such as $ULTRAGREEN AI SGD(UGS.SI)$, which listed in Singapore in December 2025 and combines AI-driven diagnostics with surgical imaging technology.
Closing Takeaway
Singapore's case rests on three pillars — resilient performance, a widening dividend lead, and valuations that still leave room to run — reinforced by a real policy catalyst in the EQDP. Next, why Edward Pye sees the most compelling opportunity sitting specifically in Singapore's small and mid-cap space, and how Amova's new funds are built to capture it.
6. Risk Reminder
High-volatility equity exposure carries substantial trading risks. This content is for general education purposes only and does not constitute financial or investment advice. Please conduct independent research or consult a financial adviser before making investment decisions.
7. Post-Event Resources
Viewers can follow Edward Pye on LinkedIn (linkedin.com/in/edward-pye-679a2a66) or visit the Amova Asset Management website (sg.amova-am.com). 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.
