Singapore stocks: Once bitten, twice shy

[specuvestor]

when the stock or market collapse the crude capital suddenly becomes selective capital

That's why Buffett say cash is optionality. That said too much cash is still a drag and always better to delever and pay out sustainable not volatile dividends.

[weijian]

when the stock or market collapse the crude capital suddenly becomes selective capital

That's why Buffett say cash is optionality. That said too much cash is still a drag and always better to delever and pay out sustainable not volatile dividends.

Let me add more to the list:

When the stock or market collapse...

Order book, which was once forward demand becomes counterparty risk.

The brand new asset, which was once growth opportunity becomes negative operating leverage

[weijian]

Ben Paul's weekly Mark-to-Market column has a summary of the YTD performance of IPOs on SGX and with the exception of EGP Energy Corp (+30% from IPO price), none has been decent. Some of the worst performers like JustCo/Toku have more than halved from its IPO price (-60%) and just a little while back, late 2025 IPO candidate UltraGreen.AI has lost all its glow as well. Therefore in a way, it is legit to suspect that some of the EQDP capital has been designated as "exit liquidity" by others who front-ran them.

EQDP puts SGX listings back on the radar for Singapore startups

Before the launch of the EQDP, consumer brand Stryv used to consider a trade sale or a management buyout as its main exit options. Roy Ang, its CEO and co-founder, told The Business Times: “The introduction of the EQDP has definitely added another scenario for us because of the increased liquidity in the market. It’s now a viable option for us as well.”

Similarly, automotive platform Motorist was weighing its options, which included strategic partnerships, private capital and an eventual listing, either here or overseas. But prior to the EQDP, a Singapore listing was “harder to justify”, said its CEO Angela Poh. This was especially because of the size of the market, she added, noting that the company also “had concerns about post-listing liquidity and valuation”. Motorist, which operates in Singapore, Malaysia, the Philippines, Thailand and Vietnam, now considers an SGX mainboard listing among its longer-term plans.

Despite the growing interest, founders and investors warned that improved liquidity alone would not be enough to make SGX an attractive listing destination. Representatives from startups who spoke to BT said that one area where improvement is needed is post-listing research coverage of the companies. Poh flagged this as key to ensuring that mid-sized companies such as Motorist remain visible to investors after an IPO. At the moment, the Grant for Equity Market Singapore Scheme (Gems) backed by the Monetary Authority of Singapore offers incentives to expand research coverage of pre-IPO and newly listed companies.

Valuations are also key, and would help to persuade fence-sitters such as Stryv to consider a listing on SGX. These valuations should reflect a company’s growth profile and regional reach as well, said Poh. “Ultimately, (valuations) comes down to deeper liquidity and a broader investor base,” she added. Styv’s Ang said that he would like to see a greater diversity of strategic investors coming into the market. “Having funds come in from other markets that we previously would not have had access to would make it more attractive.” He also pointed to the importance of further streamlining the listing process. While SGX has made efforts in this area, additional improvements would make the exchange more appealing to growing business, he said. Listing and ongoing compliance costs are another consideration.

https://www.businesstimes.com.sg/compani...e-startups

[EnSabahNur]

Certainly, some investors such as government linked Cuscaden, have not been shy about taking advantage of the better market prices.

Although long term shareholders of iFast might be happy to see them exit. It is good to get rid of this Sword of Damocles over the share price

https://sg.finance.yahoo.com/news/ifast-...15444.html

CP Invest, a subsidiary of Temasek-owned Cuscaden Peak, priced its block trade at $9.12 per share, a 6.7% discount to Monday's $9.77 closing price.

Shares in iFast Corporation plunged nearly 11% within the first hour of trading on Aug 19 to an intra-day low of $8.63 after its second-biggest shareholder CP Invest sold shares at a 6.7% discount to Monday's $9.77 closing price.

CP Invest, a subsidiary of Temasek-owned Cuscaden Peak, priced its block trade at $9.12 per share, near the bottom of the marketed range, according to terms of the deal seen by Bloomberg.

[weijian]

Wow~ SGX mainboard listing criteria will be relaxed (lower profit test threshold) and pre avenue companies that don't meet the listing criteria can "engage" SGX RegCo on "possible listing pathways". The financial watch list will also be removed.

And moving on, it is also proposed that SGX RegCo will be the "one stop station" for IPOs

SGX RegCo advances disclosure-based regime; proposes rule changes on MAS’ proposal to consolidate listing review functions under SGX RegCo

“We are progressing with our initiatives to strengthen Singapore’s position as a leading international capital markets hub. The Review Group’s measures are holistic. Enterprise efforts improve liquidity and valuations, while regulatory efforts enhance market efficiency and price discovery. This complementary approach drives market discipline and raises governance standards, ensuring that high regulatory standards are maintained,” said Mr Tan Boon Gin, CEO of SGX RegCo.

https://links.sgx.com/FileOpen/20251029_...eID=865231

IPO review functions to consolidate under SGX RegCo from 4 January 2027

Prospectus review functions for Mainboard and Global Listing Board (GLB) listing applications will be delegated by the Monetary Authority of Singapore (MAS) to Singapore Exchange Regulation (SGX RegCo), with changes to the Mainboard and GLB Rules taking effect 4 January 2027.

Having a single touchpoint is expected to streamline the review process for applications while maintaining the quality of the review. Where issuers and their professional advisers are committed to ensuring quality, timely and complete responses to comments raised during this review process, SGX RegCo expects applications can be substantially reviewed within the shorter end of that timeframe. MAS will retain the power to determine and grant exemptions from prospectus disclosure requirements and will continue to oversee the regulatory responsibilities performed by SGX RegCo.

In line with the intention to reduce regulatory touchpoints, SGX RegCo will also stand down the Listings Advisory Committee (LAC). The LAC was created to address concerns about SGX’s independence in the listing policymaking and review process at a time when SGX RegCo had not yet been established to undertake SGX’s regulatory functions independently from SGX’s commercial and operating activities. 

MAS and SGX RegCo will continue to conduct surveillance and work together to strengthen investor confidence. 

Respondents to the consultation – comprising law firms and issue managers – were supportive of the changes, citing a more streamlined listing process, reduced regulatory touchpoints for issuers, and improved market efficiency and competitiveness.

https://links.sgx.com/FileOpen/20261103%...eID=910242