JPM-ASEAN FIRST TO MARKET Top Stories-20250924

Implications of the Singapore Next 50 Index

The Singapore Stock Exchange announced the list of constituents and methodology of the iEdge Singapore Next 50 Index(BBG Ticker: SGN50N Index). In our view, this is one of the first steps in a long-term Value-Unlock Initiative to boost marketreturns. In the near-term, we believe the index constituents should benefit from further support measures, including EQDP funddeployment and ETF creation. Note, a 30% allocation to SMIDs by EQDP funds could lead to an inflow of ~S$1.5bn, or ~9days turnover of the SGN50N Index. We reiterate our 12-month STI base/bull targets of 5000/6000.