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Singapore wants to revive its stock market. Could major Asian markets have the answers?

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Straits Times Index,Sembcorp Industries Ltd,Keppel Corporation Ltd

Could Singapore take lessons from Japan and South Korea's value up programs to make its exchange more attractive? Analysts weigh in.

The city-state's economy may be larger than Hong Kong's, but the total value of listed companies on the Singapore Exchange is about 7 times smaller.

The city-state's economy may be larger than Hong Kong's, but the total value of listed companies on the Singapore Exchange is about 7 times smaller.Analysts who spoke to CNBC say that possible solutions include engaging more with investors, and looking to "value up" programs such as those in Japan and South Korea.The STI has seen yearly gains every year since 2021, except in 2023 when the stock market fell 0.34%.

As of end September 2022, 50% of the stocks listed on Japan's Prime market traded below book value, a sign investors may think the company is not worth what it is on paper.In Singapore, Maybank Investment Banking Group estimates that 67% of SGX stocks were trading below book value, although CGS International pointed out stocks like real estate investment trusts are trading below book value due to the high interest rate environment.

Thilan Wickramasinghe, head of research for Singapore at Maybank Investment Banking Group highlighted that years of industry consolidation have resulted in massive under-investment in equity research. He said "increasing engagement with investors and providing better guidance to the Street are good things that can drive value."

 

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