New FTSE ST All-Share Index Inclusion and Recent Institutional Inflow Highlights
Yangzijiang Maritime Development joined the FTSE ST Mid & Small Cap Index, contributing to a 2.4% weight in the FTSE ST All-Share Index. The stock rose 12% from its S$0.60 offer price. CSE Global led institutional inflows in 2H25, with a 70% return and a warrant deal with Amazon. Addvalue Technologies saw a 207% price gain, driven by satellite solutions. Technology and Industrials dominated institutional inflows among Singapore-listed stocks.
- Yangzijiang Maritime Development closed Nov 21 up 12% from its S$0.60 offer price. It makes up 1.6% of the FTSE ST Mid & Small Cap Index, contributing to a combined 2.4% weight for the three Yangzijiang companies in the FTSE ST All-Share Index.
- Among Singapore-listed stocks with a market capitalisation of at least S$100 million, Technology and Industrials collectively represent eight of the 10 stocks that have recorded the highest market-cap-weighted net institutional inflows in 2H25.
- CSE Global led the market-cap-weighted net institutional inflows in 2H25, while posting a 70% total return. In Nov, its share price hit S$1.00 for the first time since 2013, after it announced a proposed warrant deal with an Amazon subsidiary tied to US$1.5 billion in orders.
- All 10 stocks with highest market-cap-weighted net institutional inflows in 2H25 saw increased trading turnover in 2H25, with Addvalue Technologies booking the highest growth with 2H25 ADT at 883k, up 28x from 31k in 1H25. This coincided with the advanced satellite & digital connectivity solutions provider generating a 207% price gain in 2H25.
YZJ Maritime Development Joins FTSE ST Mid & Small Cap Index
Yangzijiang Maritime Development ended Nov 21 at S$0.67, up 12% from the S$0.60 offer price that raised S$5.2 million in the spin-off from Yangzijiang Financial Holding. The stock is likely to be designated to the Financial Services Sector given the principal business of the Group comprises the (a) Maritime Business, (b) Cash Management and the (c) Other Non-Maritime Investments as per the introductory document. It has joined the FTSE ST Mid & Small Cap Index, with a 1.6% weight.
This means it is not just the trio of banks that have increased their combined FTSE ST All-Share Index since 2019. The combined weightage of Yangzijiang Shipbuilding, Yangzijiang Financial and Yangzijiang Maritime Development in the FTSE ST All-Share Index is now at 2.36%, up more than threefold from Yangzijiang Shipbuilding’s sole 0.65% weight at the end of 2019.
On the back of the spin-off, Yangzijiang Maritime Development now represents 0.34% of the Avantis International Small Cap Value ETF portfolio (as of Nov 20). In turn, the 88,584,200 units maintained by Avantis International Small Cap Value ETF represent 2.5% of Yangzijiang Maritime Development. As discussed here, the Avantis International Small Cap Value ETF targets small-cap stocks in non-US developed markets with low valuations and strong profitability.
2H25 Net Institutional Inflow Highlights
Among the top half of Singapore-listed stocks by market capitalisation (at least S$100 million), Technology and Industrials collectively comprised eight of the ten stocks with the highest market-cap-weighted net institutional inflows in 2H25 (to Nov 21).
CSE Global led the below table of 10 stocks. With a market capitalisation of S$743 million, CSE Global recorded 2H25 net institutional inflows of S$47.5 million, equivalent to 6.4% of its current market value. The company is a global systems integrator specialising in electrification, communications, and automation solutions.
| Highest 2H25 NIF/ Mkt Cap for stocks with more than S$100M Mkt Cap | Code | Mkt Cap S$M | CYTD ADT (S$M) | 2025 NIF S$M | 1H25 ADT S$M | 1H25 NIF S$M | 1H25 TR % | 2H25 ADT S$M* | 2H25 NIF S$M* | 2H25 TR %* | 2H25 NIF/ Mkt Cap | Sector |
| CSE Global | 544 | 743 | 3.44 | 58.24 | 1.42 | 10.76 | 40 | 5.82 | 47.48 | 70 | 6.4% | Technology |
| IFAST | AIY | 2,708 | 11.54 | 91.84 | 7.52 | -16.87 | -10 | 16.31 | 108.71 | 36 | 4.0% | Technology |
| MarcoPolo Marine | 5LY | 406 | 1.21 | 8.78 | 0.47 | -6.65 | -13 | 2.08 | 15.43 | 135 | 3.8% | Industrials |
| CityDev | C09 | 6,429 | 12.42 | 211.63 | 9.14 | -30.71 | 3 | 16.32 | 242.34 | 37 | 3.8% | Real Estate (excl. REITs) |
| Envictus | BQD | 123 | 0.06 | 2.03 | 0.04 | -2.57 | 0 | 0.09 | 4.60 | 23 | 3.7% | Consumer Cyclicals |
| Addvalue Tech | A31 | 145 | 0.42 | 4.97 | 0.03 | -0.24 | 27 | 0.88 | 5.21 | 207 | 3.6% | Technology |
| Frencken | E28 | 606 | 4.79 | 17.22 | 2.86 | -2.74 | 13 | 7.07 | 19.96 | 15 | 3.3% | Technology |
| Venture | V03 | 4,216 | 9.00 | 24.49 | 8.24 | -109.95 | -9 | 9.91 | 134.44 | 31 | 3.2% | Technology |
| China Aviation | G92 | 1,280 | 1.29 | 34.16 | 0.47 | -1.91 | 4 | 2.25 | 36.07 | 63 | 2.8% | Industrials |
| OKP | 5CF | 308 | 0.40 | 10.44 | 0.27 | 1.82 | 174 | 0.56 | 8.63 | 17 | 2.8% | Industrials |
Note * as of Nov 21 close. ADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, TR refers to Total Return. Data as of Nov 21, 2025.
On Nov 19, CSE Global reported a 20.5% year-on-year increase in 3QFY25 revenue to S$257.7 million, primarily driven by growth in its Electrification business segment in the Americas. Prior to reporting, the stock was upgraded by analysts following the announcement of a commercial agreement with Amazon.com Inc. CSE Global announced the issuance of up to 62,968,580 warrants, potentially giving Amazon a deemed 8% stake should the warrants be fully converted. According to UOB Kay-Hian, the warrants are subject to vesting, based on payments up to US$1.5 billion over five years, which works out to be US$300 million of contracts per year, significantly higher than the 2025 order win of around US$50 million with Amazon through to Nov 11.
Notably, iFAST Corporation and Venture Corporation, both in Technology, both recorded net institutional inflows of S$108.7 million and S$134.4 million, respectively. City Developments, representing Real Estate (excluding REITs), was one of only two non-Technology or Industrials counters within the table, with S$242.3 million in net institutional inflows in 2H25 reversing S$30.7 million in net institutional outflow in 1H25. Addvalue Technologies was the stock with the least market capitalisation to make the 10 counters with the highest market-cap-weighted net institutional inflows in 2H25.
Addvalue Technologies Posts 2H25 S$5.2M Net Inflows, 207% Price Surge
Addvalue Technologies provides advanced satellite and digital connectivity solutions for use at sea, on land, in the air, and in space. Its products enable reliable communication where regular networks do not reach, serving both commercial and government customers. Addvalue Technologies has booked S$5.2 million net institutional inflow in 2H25, which represents 3.6% of its S$145 million market capitalisation as of Nov 21. The net inflow significantly reversed the S$235,702 of net institutional outflow in 1H25 and was accompanied by a 207% price gain in 2H25. Moreover, the stock has booked 2H25 Average Daily Turnover (ADT) above S$880,000, up 28x from just over S$30,000 in 1H25. This means the stock has vaulted into the top 120 most traded counters this year, climbing from its previous position in the top 240 in 2024.
Addvalue Technologies is a globally recognised provider of end-to-end satellite and digital connectivity solutions, delivering state-of-the-art hardware, software, and service platforms for seamless communication across sea, land, sky, and space. For its 1HFY26 (ended Sep 30), Addvalue Technologies reported revenue of US$8.75 million compared to US$5.70 million in 1HFY25, with both Advance Digital Radio and Space Connectivity related businesses continuing their growth momentum. This followed its revenue growing 22% from FY24 to US$15.53 million in FY25. Addvalue Technologies also maintained in August it is advancing AI adoption by integrating it into operations for efficiency. Its order book as of Nov 17 stands at US$17.5 million.
The table below details the 50 Singapore-listed stocks with more than S$100 million market capitalisation that booked the highest market-cap-weighted net institutional inflows in 2H25 (to Nov 21).
| Stock | Code | Mkt Cap S$M | CYTD ADT (S$M) | 2025 NIF S$M | 1H25 ADT S$M | 1H25 NIF S$M | 1H25 TR % | 2H25 ADT S$M* | 2H25 NIF S$M* | 2H25 TR %* | 2H25 NIF/ Mkt Cap | Next 50 Index Weight (%) | FTSE ST Mid & Small Index Weight (%) | Sector |
| CSE Global | 544 | 743 | 3.4 | 58 | 1.42 | 10.8 | 40 | 5.82 | 47.5 | 70 | 6.4% | 1.1 | Technology | |
| IFAST | AIY | 2,708 | 11.5 | 92 | 7.52 | -16.9 | -10 | 16.31 | 108.7 | 36 | 4.0% | 3.6 | 1.5 | Technology |
| MarcoPolo Marine | 5LY | 406 | 1.2 | 9 | 0.47 | -6.6 | -13 | 2.08 | 15.4 | 135 | 3.8% | Industrials | ||
| CityDev | C09 | 6,429 | 12.4 | 212 | 9.14 | -30.7 | 3 | 16.32 | 242.3 | 37 | 3.8% | 3.0 | Real Estate (excl. REITs) | |
| Envictus | BQD | 123 | 0.1 | 2 | 0.04 | -2.6 | 0 | 0.09 | 4.6 | 23 | 3.7% | Consumer Cyclicals | ||
| Addvalue Tech | A31 | 145 | 0.4 | 5 | 0.03 | -0.2 | 27 | 0.88 | 5.2 | 207 | 3.6% | Technology | ||
| Frencken | E28 | 606 | 4.8 | 17 | 2.86 | -2.7 | 13 | 7.07 | 20.0 | 15 | 3.3% | 1.0 | 0.4 | Technology |
| Venture | V03 | 4,216 | 9.0 | 24 | 8.24 | -110.0 | -9 | 9.91 | 134.4 | 31 | 3.2% | 4.1 | Technology | |
| China Aviation | G92 | 1,280 | 1.3 | 34 | 0.47 | -1.9 | 4 | 2.25 | 36.1 | 63 | 2.8% | 0.8 | 0.4 | Industrials |
| OKP | 5CF | 308 | 0.4 | 10 | 0.27 | 1.8 | 174 | 0.56 | 8.6 | 17 | 2.8% | Industrials | ||
| Q&M Dental | QC7 | 483 | 0.5 | 24 | 0.29 | 10.7 | 63 | 0.75 | 13.3 | 13 | 2.8% | Healthcare | ||
| Valuetronics | BN2 | 372 | 0.7 | 19 | 0.50 | 9.5 | 18 | 0.92 | 9.4 | 22 | 2.5% | 0.2 | Technology | |
| Geo Energy Res | RE4 | 609 | 3.1 | 25 | 2.28 | 11.2 | 16 | 4.07 | 13.8 | 28 | 2.3% | 0.7 | 0.3 | Energy/ Oil & Gas |
| CNMC Goldmine | 5TP | 415 | 3.7 | 15 | 1.07 | 6.3 | 76 | 6.82 | 9.0 | 149 | 2.2% | Materials & Resources | ||
| Wee Hur | E3B | 659 | 3.8 | 28 | 3.13 | 13.7 | 33 | 4.53 | 14.0 | 49 | 2.1% | 0.6 | 0.2 | Industrials |
| RH Petrogas | T13 | 134 | 1.3 | 3 | 1.60 | 0.1 | 6 | 0.88 | 2.8 | -5 | 2.1% | Energy/ Oil & Gas | ||
| Pacific Radiance | RXS | 140 | 0.3 | 3 | 0.05 | -0.3 | -16 | 0.60 | 2.9 | 143 | 2.1% | Energy/ Oil & Gas | ||
| Pan United | P52 | 729 | 0.5 | 15 | 0.26 | 1.2 | 59 | 0.74 | 14.2 | 23 | 1.9% | 0.5 | Materials & Resources | |
| UOL | U14 | 7,172 | 11.5 | 163 | 8.14 | 24.7 | 23 | 15.40 | 138.0 | 37 | 1.9% | 4.2 | Real Estate (excl. REITs) | |
| Soilbuild Construction | V5Q | 523 | 0.4 | 10 | 0.03 | 0.1 | 17 | 0.83 | 9.9 | 268 | 1.9% | Industrials | ||
| Nam Cheong | 1MZ | 346 | 1.8 | 8 | 1.23 | 1.3 | 14 | 2.45 | 6.3 | 83 | 1.8% | Industrials | ||
| Lendlease Reit | JYEU | 1,774 | 4.3 | 7 | 2.53 | -24.3 | -2 | 6.29 | 31.7 | 22 | 1.8% | 2.5 | 1.1 | REITs |
| Aspial Lifestyle | 5UF | 365 | 0.3 | 7 | 0.03 | 0.2 | 12 | 0.54 | 6.3 | 57 | 1.7% | Consumer Cyclicals | ||
| UOB Kay Hian | U10 | 2,379 | 1.5 | 33 | 0.90 | -7.3 | 33 | 2.30 | 40.3 | 16 | 1.7% | 1.4 | Financial Services | |
| Chuan Hup | C33 | 214 | 0.1 | 4 | 0.01 | 0.3 | 6 | 0.10 | 3.5 | 47 | 1.6% | Real Estate (excl. REITs) | ||
| Hong Leong Asia | H22 | 1,644 | 2.4 | 46 | 1.10 | 21.2 | 81 | 4.02 | 25.0 | 39 | 1.5% | 0.8 | 0.4 | Consumer Cyclicals |
| Heeton | 5DP | 127 | 0.0 | 2 | 0.02 | 0.2 | 4 | 0.03 | 1.9 | -2 | 1.5% | Real Estate (excl. REITs) | ||
| ManulifeReit USD | BTOU | 165 | 0.5 | -1 | 0.44 | -2.9 | -29 | 0.48 | 2.3 | 7 | 1.4% | 0.2 | REITs | |
| Aztech Gbl | 8AZ | 489 | 0.7 | -8 | 0.86 | -14.9 | -5 | 0.53 | 6.7 | 14 | 1.4% | 0.3 | 0.1 | Technology |
| Riverstone | AP4 | 1,238 | 3.3 | -19 | 2.91 | -35.6 | -35 | 3.78 | 16.8 | 27 | 1.4% | 1.1 | 0.5 | Healthcare |
| APAC Realty | CLN | 267 | 0.4 | 5 | 0.1 | 1.5 | 26 | 0.7 | 3.5 | 64 | 1.3% | Real Estate (excl. REITs) | ||
| SIA Engineering | S59 | 4,053 | 2.9 | 72 | 1.9 | 20.6 | 33 | 3.9 | 51.2 | 18 | 1.3% | 2.1 | 0.9 | Industrials |
| Thakral | AWI | 213 | 0.2 | 5 | 0.1 | 2.7 | 110 | 0.2 | 2.6 | 23 | 1.2% | Real Estate (excl. REITs) | ||
| InnoTek | M14 | 174 | 0.4 | 1 | 0.1 | -1.6 | -2 | 0.7 | 2.1 | 72 | 1.2% | Technology | ||
| PropNex | OYY | 1,589 | 2.1 | 18 | 0.7 | -0.8 | 20 | 3.7 | 18.9 | 104 | 1.2% | 0.8 | 0.3 | Real Estate (excl. REITs) |
| Tuan Sing | T24 | 397 | 0.3 | 6 | 0.2 | 1.0 | 3 | 0.4 | 4.7 | 17 | 1.2% | Real Estate (excl. REITs) | ||
| Far East Orchard | O10 | 588 | 0.1 | 6 | 0.1 | -1.0 | 3 | 0.2 | 6.9 | 18 | 1.2% | Consumer Cyclicals | ||
| SamuderaShipping | S56 | 495 | 1.0 | 8 | 0.9 | 1.9 | 12 | 1.1 | 5.8 | 12 | 1.2% | 0.4 | 0.2 | Industrials |
| Suntec Reit | T82U | 4,030 | 7.7 | 75 | 6.8 | 31.9 | -1 | 8.8 | 43.1 | 25 | 1.1% | 5.0 | 3.0 | REITs |
| SATS | S58 | 4,987 | 14.9 | -142 | 15.4 | -194.3 | -16 | 14.2 | 52.3 | 12 | 1.0% | 3.2 | Industrials | |
| 17LIVE GROUP | LVR | 215 | 0.1 | 3 | 0.0 | 0.5 | 12 | 0.1 | 2.1 | 16 | 1.0% | Technology | ||
| Powermatic Data | BCY | 108 | 0.0 | 1 | 0.0 | -0.1 | -5 | 0.0 | 1.0 | 22 | 1.0% | Technology | ||
| PC Partner | PCT | 370 | 0.1 | 3 | 0.1 | -0.8 | 37 | 0.2 | 3.5 | -13 | 1.0% | Technology | ||
| Keppel Reit | K71U | 4,169 | 7.7 | 6 | 7.0 | -32.8 | 5 | 8.5 | 39.1 | 23 | 0.9% | 5.2 | 2.6 | REITs |
| Yanlord Land | Z25 | 1,362 | 2.6 | 0 | 2.0 | -11.8 | -24 | 3.2 | 12.3 | 40 | 0.9% | 0.9 | Real Estate (excl. REITs) | |
| Seatrium Ltd | 5E2 | 7,087 | 33.9 | 80 | 40.1 | 16.8 | -2 | 26.5 | 62.7 | 3 | 0.9% | 4.6 | Industrials | |
| ISDN | I07 | 179 | 0.4 | 4 | 0.3 | 2.3 | 2 | 0.5 | 1.6 | 27 | 0.9% | Technology | ||
| Genting Sing | G13 | 8,878 | 27.3 | 38 | 22.0 | -39.8 | -4 | 33.5 | 77.9 | 6 | 0.9% | 4.4 | Consumer Cyclicals | |
| ValueMax | T6I | 836 | 0.2 | 8 | 0.1 | 0.8 | 45 | 0.3 | 7.2 | 49 | 0.9% | Consumer Cyclicals | ||
| CapLand China T | AU8U | 1,373 | 1.7 | 1 | 1.6 | -10.9 | 2 | 1.9 | 11.7 | 16 | 0.9% | 2.2 | 1.0 | REITs |
| Kingsmen Creative | 5MZ | 102 | 0.0 | 1 | 0.0 | 0.3 | 53 | 0.1 | 0.9 | 31 | 0.9% | Industrials | ||
| Bumitama Agri | P8Z | 2,721 | 1.7 | 16 | 0.5 | -6.4 | -6 | 3.1 | 22.4 | 110 | 0.8% | 0.4 | Consumer Non-Cyclicals | |
| SBS Transit | S61 | 977 | 0.3 | 4 | 0.3 | -3.9 | 24 | 0.4 | 7.9 | 15 | 0.8% | 0.6 | Industrials | |
| Hyphens Pharma | 1J5 | 103 | 0.0 | 1 | 0.0 | 0.1 | 20 | 0.1 | 0.8 | 3 | 0.8% | Healthcare | ||
| Tiong Woon | BQM | 176 | 0.1 | 1 | 0.1 | 0.2 | 2 | 0.2 | 1.3 | 24 | 0.7% | Industrials | ||
| HPH Trust USD | NS8U | 2,389 | 1.4 | 29 | 1.4 | 11.1 | 5 | 1.4 | 17.8 | 28 | 0.7% | 1.4 | Industrials | |
| Union Gas | 1F2 | 117 | 0.1 | 1 | 0.0 | 0.3 | 2 | 0.1 | 0.9 | 15 | 0.7% | Utilities | ||
| Sing Inv & Fin | S35 | 378 | 0.1 | 2 | 0.0 | -0.1 | 13 | 0.2 | 2.6 | 42 | 0.7% | Financial Services | ||
| Kimly | 1D0 | 481 | 0.2 | 4 | 0.1 | 0.7 | 6 | 0.2 | 3.3 | 18 | 0.7% | Consumer Cyclicals | ||
| CapLand India T | CY6U | 1,600 | 2.8 | -21 | 2.7 | -32.0 | 1 | 2.9 | 10.7 | 16 | 0.7% | 3.6 | 1.3 | REITs |
Note * as of Nov 21 close. ADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, TR refers to Total Return. Data as of Nov 21, 2025.
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