Which 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.
The top 10 largest listed companies in Singapore by market capitalisation (SGD)
- Jardine Matheson Holdings Ltd ($65.56 billion)
- DBS Group Holdings Ltd ($62.04 billion)
- Jardine Strategic Holdings Ltd ($55.50 billion)
- Singapore Telecommunications Ltd ($49.43 billion)
- Oversea-Chinese Banking Corporation Ltd ($48.99 billion)
- United Overseas Bank Ltd ($43.37 billion)
- Hongkong Land Holdings Ltd ($22.28 billion)
- Wilmar International Ltd ($21.11 billion)
- Thai Beverage PCL ($18.81 billion)
- Dairy Farm International Holdings Ltd ($17.17 billion)
This list was updated on 20 November 2018 but changes regularly in line with normal stock market fluctuations. For the most up to date top ten, you can visit our market screener and sort the list of shares by market cap.
Jardine Matheson Holdings Ltd (JARD)
JARD takes the top spot on the list with over $65 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 Ltd. (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 their price trends as well. Read more on JSH’s holdings below. Other Jardine brands under the holding company include Jardine Pacific, Jardine Motors and Jardine Lloyd Thompson. JSH suite of companies, notably, accounts for the majority of JARD’s revenue.
DBS Group Holdings Ltd (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.
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 Strategic Holdings Ltd (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 Ltd. (number seven on this list), Dairy Farm International Holdings Ltd. (number ten on this list), Mandarin Oriental International Ltd, Jardine Cycle & Carriage Ltd 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 in Asia, however, would mean prices would be 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.
Singapore Telecommunications Ltd (STEL)
STEL operates one of the largest communications company in Asia, headquartered in Singapore with a 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. New entrant, TPG Telecom, therefore poses threat to the incumbents though measures such as aggressive re-contracting offers were noted that are expected to help STEL stay resilient. Being well-diversified, STEL had also been regarded as the strongest amongst incumbents. Amongst the top ten names here, being the only telecommunications company also gives the company a defensive edge in times of market uncertainties.
Oversea-Chinese Banking Corporation Ltd (OCBC)
OCBC is Singapore’s oldest bank formed from the merger of three local banks in 1932. Akin to DBS, 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 arms and insurance subsidiaries 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 DBS in terms of exposure though compared to peers, OCBC has a largely higher profit derived from overseas operations.
United Overseas Bank Ltd (UOBH)
UOBH was incorporated in 1935 as the United Chinese Bank before changing its name in 1965. As with DBS 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 holding a significant proportion of the local retail lending.
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. Footprints can also be seen across the likes of Indonesia, China and Thailand, among others. HKLD had been known to have steadily increased its dividend per share through to recently and had also been growing its profit at an impressive rate. The dominant theme of commercial properties across Hong Kong and Singapore, however, mean that investors’ sentiment will also be tied to the economic conditions in the two regions.
Fun fact: The IG Singapore office previously occupied a space within the Marina Bay Financial Centre space which HKLD co-owns with Keppel Land Ltd. and CK Asset Holdings Ltd.
Wilmar International Ltd (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 as of Jan 2019 remains in consideration of listing in China which could see potential increase in value with the IPO. Fortune 500 company, Unilever counts itself as one of the largest customer of Wilmar. Key factors affecting WLIL’s prices include the key component of crude palm oil prices for palm refining margins and the abovementioned Chinese demand particularly for animal feed. Currency fluctuations likewise play a part for WLIL’s business.
Thai Beverage PCL (THBEV)
THBEV was listed in Singapore since 2006 and 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.
Dairy Farm International Holdings Ltd (DAIR)
DAIR operates some of the most well-known names in Singapore, including Cold Storage supermarkets and 7-Eleven convenience stores, among others. The retail business spreads across various segments such as food, health and beauty, home furnishing and restaurants. The company’s history dates back to the 19th century Hong Kong where Scottish surgeon Sir Patrick Manson and five businessmen started the farm in bid to improve the health of the Hong Kong community. As noted above, alongside the likes of Hongkong Land Holdings Ltd., the company is owned down the line by Jardine Matheson Holdings Ltd. Although the retail business covers mostly consumer non-cyclicals, DAIR’s business remains exposed to the economic risks in the Asian countries it operates. Consumer confidence in these regions can therefore be seen as a good indicator of the performance for DAIR.
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. See full non-independent research disclaimer and quarterly summary.
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