Author: | Publish date: Singapore Mid-cap stocks with market capitalisations between S$1 billion and S$3 billion, have a combined capitalisation of close to S$75 billion. Author: | Publish date: Singapore Mid-cap stocks with market capitalisations between S$1 billion and S$3 billion, have a combined capitalisation of close to S$75 billion. Year-to-date, they have attracted S$71 million in net institutional inflows. Their average daily turnover has also increased 35% to S$67 million in 2025 (up to March 12), from S$50 million in 2024. Among this Mid-cap segment, YZJ Financial, UOB Kay Hian, and Frasers Hospitality Trust saw the greatest percentage increase in trading activity this year. YZJ Financial 's average daily turnover increased to S$14.1 million, up from S$2.4 million in 2024, while its share price gained 61% and the stock booked S$94.3 million in net institutional inflow. The segment of Mid-cap stocks also average a 6.7% ROE ratio with Sheng Siong, StarHub, and CapitaLand India Trust maintaining the highest ROE ratios. While maintaining an 26.7% ROE ratio, Sheng Siong's ADT has remained consistent with last year's level, and its shares have consolidated on its 6.9% total return last year. Singapore lists more than 40 stocks with market capitalisation between S$1 billion and S$3 billion. Their combined market capitalisation is close to S$75 billion. This segment of Mid-cap stocks has booked S$71 million of net institutional inflow in the 2025 year to March 12, versus the broader market booking net institutional outflow of S$1.4 billion. The segment has also seen combined average daily turnover (ADT) increase 35% to S$67 million in the 2025 year to March 12, from S$50 million in the full 2024 year. Among the segment, Yangzijiang Financial Holding, UOB Kay Hian Holdings, and Frasers Hospitality Trust saw the greatest percentage increase in trading activity this year: Yangzijiang Financial Holding ADT has increased to S$14.1 million this year, up from S$2.4 million in 2024. At the same time, it has generated the highest 2025 to March 12 gains (+61%) and booked the highest net institutional inflow (S$94.3 million) within the segment. On February 24, Yangzijiang Financial Holding reported its FY24 attributable net profit grew by 51% from FY23, reaching S$304.6 million. The Group is pursuing a strategy to reduce exposure to single-asset and single-country risks through a more diversified asset allocation. Income from maritime fund assets in FY24 increased by nearly 1.5 times, rising to S$57.8 million, up from S$23.3 million in FY23. The Group also recorded a net fair value gain of S$50.6 million in FY24, compared to S$17.7 million in FY23, mainly driven by unrealised fair value gains from Singapore fund investments. UOB Kay Hian Holdings ADT has increased to S$0.73 million this year, up from S$0.21 million in 2024. On February 26, UOB Kay Hian Holdings reported its FY24 attributable net profit increased 32% from FY23 to S$224.2 million. Commission and trading income increased by 26% to S$368.7 million due to higher commission income from structured products. Interest income decreased 3.4% to S$253.4 million as a result of lower interest rates and other operating income increased 32% to S$48.2 million due to increased corporate finance activities. Frasers Hospitality Trust ADT has increased to S$1.33 million this year, up from S$0.40 million in 2024. On January 15, the CEO of the Manager highlighted the trust had ample debt headroom for acquisitions and was actively seeking yield-accretive opportunities, particularly in Japan However, it also acknowledged that challenges such as foreign exchange rates and interest rate outlook has made it difficult to secure acquisitions at acceptable prices. On February 5, Frasers Hospitality Trust provided a 1QFY25 Business Update , highlighting RevPAR growth from 1QFY24, for its Singapore, Australia, UK, Japan and Malaysia markets. The Manager of the stapled trust continues to pursue a proactive portfolio reconstitution and asset management strategy to enhance returns through proactive asset enhancement, unlock value via opportunistic divestments, and create growth through yield-accretive acquisitions. The table below details the 10 stocks of the segment that saw the greatest increase in trading activity in the 2025 year to March 12, compared to the full 2024 year. Stocks with Mkt Cap from S$1B- S$3B with highest increase in ADT (YTD vs 2024 Code Mkt Cap S$M 5D TR% 5D NIF S$M 5D Bid/Offer Spread (bps) YTD ADT S$M YTD NIF S$M YTD TR % ROE % Ind Div Yield % 2024 ADT S$M 2024 NIF S$M 2024 TR % Sector YZJ Fin Hldg YF8 Financial Services UOB Kay Hian U10 Financial Services Frasers HTrust ACV REITs Japfa UD2 Consumer Non-Cyclicals Shangri-La HKD S07 Consumer Cyclicals HPL H15 Consumer Cyclicals PARAGONREIT SK6U REITs IFAST AIY Technology ParkwayLife Reit C2PU REITs First Resources EB5 Consumer Non-Cyclicals All Data as of 12 March 2025, Source: SGX, Refinitiv, Morningstar & Bloomberg. Note ADT refers to Average Daily Trading Turnover; NIF refers to Net Institutional Flow and TR refers to Total Return. The 43 stocks with current market capitalisation above S$1 billion and below S$3 billion have averaged a 0.4% total return in the 2025 year to March 12, after averaging a 15% total return in 2024. The stocks also average a Return-on-Equity (ROE) Ratio of 6.7%. Sheng Siong Group, StarHub, and CapitaLand India Trust maintain the highest ROE ratios in the segment: Maintaining a 26.7% ROE, Sheng Siong Group's ADT has remained consistent with last year's level, and the share price has consolidated following a 7% total return last year . On February 27, the retailer reported a 4.5% revenue increase for FY24, driven by new store sales and higher same-store sales. An improved sales mix also boosted the Group's gross profit by 6.1% to S$435.5 million. The company has had a strong start to 2025 with the launch of two new stores in Singapore, and the results of eight tenders are expected in the coming months. With the next highest ROE among the segment, StarHub has declined 3% in the 2025 year to March 12, following a 16% total return last year. StarHub is at the tail-end of its transformational investments phase and continues to leverage new growth platforms built to focus on the execution of key transformation initiatives. On February 21, it reported its FY24 attributable net profit gained 7.3% to S$160.5 million. Looking forward, StarHub aims to defend and grow market share across core consumer segments while optimising costs and scaling its Enterprise Business, with a stable EBITDA expected year-on-year. The Group's Capex Commitment is projected to be 9% to 11% of Total Revenue, excluding the ￡282 million payment for the 700MHz spectrum due by June 2025. Aside from maintaining the third highest ROE in the segment, CapitaLand India Trust (CLINT) has seen its ADT increase 36% from 2024 levels to S$3.21 million in the 2025 year to March 12 . In a recent investor presentation , the Business Trust manager relayed that Assets under Management grew 26% in FY24, with FY24 Distribution Per Unit up 6% from FY23 to 6.84 Singapore cents. CLINT's portfolio in India includes 10 IT business parks, three industrial facilities, one logistics park, and four data centre developments, totalling 21.9 million square feet across major cities. CLINT is focused on the growing IT and logistics/industrial sectors, while diversifying into new economy assets like data centres. The Manager also expects the revenue contribution from data centres to commence by 2Q25. The table below details the full 43 stocks with current market capitalisation above S$1 billion and below S$3 billion and is sort by the highest market capitalisation. Stocks with Mkt Cap from S$1B- S$3B Code Mkt Cap S$M 5D TR% 5D NIF S$M 5D Bid/Offer Spread (bps) YTD ADT S$M YTD NIF S$M YTD TR % ROE % Ind Div Yield % 2024 ADT S$M 2024 NIF S$M 2024 TR % Sector Man Oriental USD M04 Consumer Cyclicals Haw Par H02 Healthcare SingaporeLandGrp U06 Real Estate (excl. REITs) Shangri-La HKD S07 Consumer Cyclicals PARAGONREIT SK6U REITs ParkwayLife Reit C2PU REITs Kep Infra Tr A7RU Utilities SIA Engineering S59 Industrials First Resources EB5 Consumer Non-Cyclicals Sheng Siong OV8 Consumer Non-Cyclicals YZJ Fin Hldg YF8 Financial Services IFAST AIY Technology HPH Trust USD NS8U Industrials Top Glove BVA Healthcare StarHub CC3 Telecommunications ESR-REIT J91U REITs F & N F99 Consumer Non-Cyclicals HPL H15 Consumer Cyclicals Raffles Medical BSL Healthcare GuocoLand F17 Real Estate (excl. REITs) UOB Kay Hian U10 Financial Services OUEREIT TS0U REITs Bumitama Agri P8Z Consumer Non-Cyclicals Riverstone AP4 Healthcare CapLand India T CY6U REITs SingPost S08 Industrials Lendlease Reit JYEU REITs CapLand China T AU8U REITs Ho Bee Land H13 Real Estate (excl. REITs) Japfa UD2 Consumer Non-Cyclicals First Sponsor ADN Real Estate (excl. REITs) Hong Leong Fin S41 Financial Services StarhillGbl Reit P40U REITs Sri Trang Gloves STG Healthcare Stoneweg Reit EUR CWBU REITs Far East HTrust Q5T REITs Thomson Medical A50 Healthcare Sinarmas Land A26 Industrials Frasers HTrust ACV REITs Pacific Century P15 Financial Services CDL HTrust J85 REITs TheHourGlass AGS Consumer Cyclicals AIMS APAC Reit O5RU REITs Average Median Total All Data as of 12 March 2025, Source: SGX, Refinitiv, Morningstar & Bloomberg. Note ADT refers to Average Daily Trading Turnover; NIF refers to Net Institutional Flow and TR refers to Total Return. Singapore also lists close to 30 Mid-cap to Small-cap stocks with market capitalisation between S$500 million and S$1 billion. Their combined market capitalisation is S$21 billion. This segment of stocks has booked S$22 million of net institutional outflow in the 2025 year to March 12. The segment has seen comparatively more consistent ADT in the 2025 year to March 12 compared to the full 2024 year. Among the segment, PC Partner Group, Hong Leong Aisa and PropNex saw the greatest percentage increase in trading activity this year compared to 2024 levels. Note the average ROE of 10.6% in this segment, which is tabled below. Stocks with Mkt Cap from S$500M- S$1B Code Mkt Cap S$M 5D TR% 5D NIF S$M 5D Bid/Off Spread (bps) YTD ADT S$M YTD NIF S$M YTD TR % ROE % Ind Div Yield % 2024 ADT S$M 2024 NIF S$M 2024 TR % Sector DigiCore Reit USD DCRU REITs Bukit Sembawang B61 Real Estate (excl. REITs) Wing Tai W05 Real Estate (excl. REITs) Sri Trang Agro NC2 Consumer Cyclicals Yanlord Land Z25 Real Estate (excl. REITs) Centurion OU8 Real Estate (excl. REITs) Sasseur Reit CRPU REITs SBS Transit S61 Industrials BRC Asia BEC Industrials PropNex OYY Real Estate (excl. REITs) PC Partner PCT N/A Technology UMS Technology Hong Leong Asia H22 Consumer Cyclicals UOA EH5 Real Estate (excl. REITs) China Aviation G92 Industrials OUE LJ3 Real Estate (excl. REITs) HRnetGroup CHZ Industrials China Everbright U9E Utilities Hong Fok H30 Real Estate (excl. REITs) Straits Trading S20 Materials & Resources Food Empire F03 Consumer Non-Cyclicals Zheneng Jinjiang BWM Energy/ Oil & Gas TalkMed 5G3 Healthcare Aztech Gbl 8AZ Technology First Reit AW9U REITs Stamford Land H07 Consumer Cyclicals Hotel Grand H18 Consumer Cyclicals Boustead F9D Industrials Far East Orchard O10 Consumer Cyclicals Average Median Total All Data as of 12 March 2025, Source: SGX, Refinitiv, Morningstar & Bloomberg. Note ADT refers to Average Daily Trading Turnover; NIF refers to Net Institutional Flow and TR refers to Total Return. Enjoying this read? Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies. Stay up-to-date with our SGX Invest Telegram and WhatsApp channel. Share this.