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CFDs are complex instruments. 71% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

What are the largest companies listed in Singapore?

The top 10 largest listed companies on the Singapore exchange accounts for approximately half of the total value by market capitalisation. Learn more about these companies and what they do here.

Singapore Exchange Source: Bloomberg

DBS Group Holdings (DBSM)

DBSM is one of the largest banks in Asia, headquartered in Singapore with over 280 branches spread across 18 markets. The bank had originally been set up as The Development Bank of Singapore Limited by the Singapore government to handle the industrial financing activities for the Economic Development Board before becoming a commercial bank.

Revenue (2019) Geographic Revenue (2019)
Treasury 43% Singapore 61%
Institutional Banking 29% Rest of Greater China 14%
Consumer Banking 25% Hong Kong 13%
Others 3% South and Southeast Asia 7%
Rest of the world 4%

Source: Refinitiv

As expected, the bank has a majority exposure to Singapore with Hong Kong and greater China coming in next. In terms of segment, the bank finds varying contributions from its consumer banking, institutional banking and treasury segment towards revenue.

With most of its lending business situated within Singapore and the country a price-taker in terms of interest rates, these are the key factors contributing to DBSM’s performance. The bank had also taken a rather aggressive stance towards its digital transformation in recent years.

Jardine Matheson Holdings (JARD)

JARD comes in second with over $42 billion in market capitalisation – the aggregate market value of a company in dollar terms. The history of the company dates back to the 1830s. It will be difficult to talk about one Jardine without the other and that is Jardine Strategic Holdings (JSH) at number three on this list. JARD serves as the holding company with an 84% interest in JSH according to the company.

In turn, JSH looks after most of the company’s major listed interests. It should be noted, however, that this includes a 58% stake of JARD thus making both companies deeply entwined and in price trends as well.

Other Jardine brands under the holding company includes Jardine Pacific, Jardine Motors and Jardine Lloyd Thompson. JSH suite of companies, notably, accounts for the majority of JARD’s revenue.

Prices had taken a hit into the second half (H2) of 2019 amid domestic unrest in Hong Kong where JARD draws a significant amount of revenue from, seeing to the top spot in terms of market cap lost to DBSM along the way.

Revenue (2019) Geographic Revenue (2019)
Astra 41% Southeast Asia 58%
Dairy Farm 27% Greater China 35%
Jardine Motors Group 14% United Kingdom 8%
Jardine Pacific 6%
Hong Kong Land 6%
Cycle & Carriage 4%
Mandarin Oriental 1%

Singapore Telecommunications (STEL)

STEL operates one of the largest communications companies in Asia, headquartered in Singapore and with a key subsidiary, Optus, in Australia. The company also holds stakes in companies across Asia and Africa including Bharti Airtel in India and Telkomsel in Indonesia. STEL is segmented into consumer, group enterprise and group digital life, offering services such as mobile, internet and TV solutions across a wide range of profile of customers.

For the rather saturated Singapore market, revenue is affected to a large extent by the existing competition. That said, being well-diversified, STEL had also been regarded as the strongest amongst incumbents. Awaiting the 5G wave, Singtel stands ready to strengthen its offering with a 5G standalone network in Singapore despite shrinking revenue at home.

At the same time STEL had also been looking to the virtual banking space with ride-sharing company Grab in the application for the virtual banking license with the MAS.

Oversea-Chinese Banking Corporation (OCBC)

OCBC is Singapore’s oldest bank formed from the merger of three local banks in 1932. Akin to DBSM, the bank is highly rated by ratings agencies and regarded as one of the safest banks in the region. OCBC’s business also spreads across Asia, mainly covering Singapore, Malaysia, Indonesia and Greater China markets.

Bank of Singapore and Great Eastern Holdings serves as OCBC’s private banking arm and insurance subsidiary respectively while Lion Global Investors is the bank’s asset management subsidiary. As with the above, the bank is susceptible to largely the same factors as DBSM in terms of exposure though compared to peers, OCBC has a largely higher profit derived from overseas operations.

United Overseas Bank (UOBH)

UOBH was incorporated in 1935 as the United Chinese Bank before changing its name in 1965. As with DBSM and OCBC, the bank provides financial services across its global network of offices primarily within Singapore, Malaysia and greater China.

Compared to peers, however, the bank evidently holds a greater exposure to the Singapore market. As noted by the bank, it is a market leader in the credit card and private residential home loan business, the latter a significant proportion of the local retail lending.

Read more about trading bank earnings prior to each quarter’s release

Jardine Strategic Holdings (JSH)

As mentioned above, JSH is 84% owned by Jardine Matheson Holdings Ltd. (JARD), tying the two close in business and share price relations. That said, JSH offers a more direct exposure to the various companies under its portfolio.

This includes Hongkong Land Holdings (number 10 on this list), Dairy Farm International Holdings, Mandarin Oriental International, Jardine Cycle & Carriage and Astra International. The diverse set of constituents meant exposure sprawling Southeast Asia, China and other parts of the world.

Having most of the stakes being in Asia, however, would mean prices being affected to a greater extent by how the region performs, particularly that in Indonesia with Astra taking a lion’s share of the revenue for JSH.

Wilmar International (WLIL)

WLIL is one of Asia’s largest agribusiness group headquartered in Singapore. Compared to the other members of this list, WLIL had a relatively shorter history having been founded in 1991 though with pre-history of flour mills businesses.

Approximately 50% of the company’s revenue arrives from China, making it susceptible to the demand fluctuations. The company is in the works of listing in China as of mid-2020, with guidance on the expected listing approval into H2. Fortune 500 company, Unilever, counts itself as one of the largest customers of WLIL.

Key factors affecting WLIL’s prices including the key component of crude palm oil prices for palm refining margins and the abovementioned Chinese demand particularly for animal feed. Currency fluctuations play a part for WLIL’s business.

Revenue (2019) Geographic Revenue (2019)
Oilseeds and grains 50% China 56%
Tropical oils 36% Southeast Asia 17%
Sugar 11% Africa 7%
Others 5% Europe 5%
India 3%
Australia/New Zealand 2%

Thai Beverage (THBEV)

THBEV listed in Singapore since 2006 is the largest beverage company in Thailand with business spreading spirits, beer, non-alcoholic beverages and food.

As one of the largest beverage players in Asia, THBEV has various distilleries, breweries and non-alcoholic beverage production facilities across geographies, though mostly concentrated in Thailand.

This would therefore see THBEV strongly tied to the economic conditions in Thailand, particularly consumer spending. Revenue drawn from Thailand in 2019 is reported to be at 71%.

Capitaland Ltd (CATL)

CATL, headquartered in Singapore, is a diversified real estate group with a portfolio that spans various real estate classes including commercial, retail, office, industrial, logistics as well as other integrated developments, among others.

According to the company, the group’s presence spans 200 cities over 30 countries. Singapore and China are its biggest markets in the global portfolio that is over $131.9 billion in value as of end-2019. Majority shareholder of CATL is Singapore sovereign wealth fund Temasek Holdings after stakes had been increase from approximately 41% to 51% in 2019.

Hongkong Land Holdings Ltd (HKLD)

HKLD as the name suggests is a property investment, management and development group that primarily owns and manages properties in Hong Kong. Evidently it is not just Hong Kong that finds strong presence from HKLD as the company’s portfolio concentrates in Singapore as well.

HKLD holds many of the prime office and retail space across the two regions. Footprints can also be seen across the likes of Indonesia, China and Thailand among others. Having a majority of the revenue exposure to Hong Kong does, however, mean domestic unrest in 2019 had seen to share price having fallen, although HKLD can also be seen attempting to make up for this with its push towards other regions such as mainland China and Southeast Asia.

The Covid-19 hit into 2020 has also been another unexpected development, items that would be crucial to watch for the likes of HKLD.

Revenue (2019) Geographic Revenue (2019)
Residential property 51% Hong Kong and Macau 45%
Commercial property 49% Mainland China 31%
Southeast Asia and others 24%

How to trade the top companies in Singapore?

Having read about the top 10 Singapore listed companies by market cap, what they do, and the regions they are exposed to, you may have developed some views of your own. Whether you are a new or experienced trader interested to gain exposure to shares trading, the well-reported, highly liquid blue-chip stocks may often be where one begins.

Use CFD trading to gain the flexibility to go both long and short on stocks, implement hedging strategies and take advantage of the market volatility. Do note that as a leveraged product, both gains and losses may be magnified here. In short, below are the three steps to trading the top companies in Singapore.

  1. Open an IG account
  2. Study the charts and learn more about the market to develop your conviction
  3. Place and monitor your first trade

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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