SGX launches new indices. Explore opportunities beyond STI blue chips?
Stocks
By Gerald Wong, CFA • 21 Sep 2025
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SGX has launched the iEdge Singapore Next 50 Indices that track the next tier of large and liquid mainboard companies beyond the 30 constituents of the Straits Times Index (STI).
What happened?
Singapore stocks have performed exceptionally well recently.
We shared that this was due to more measures taken to revitalise the market, as well as efforts taken by companies to restructure.
As of 19 September 2025, Singapore’s benchmark Straits Times Index (STI) has gone up by close to 18% over the past year.
While we have seen blue chip stocks such as DBS breaking all-time highs, Singtel reaching new multi-year highs, and Singapore REITs bouncing with interest rate cuts, mid-sized Singapore stocks have been increasing investor spotlight too.
This follows the announcement of the S$5 billion Equity Market Development Programme (EQDP), where MAS will invest with selected fund managers with a strong focus on Singapore stocks, investing in a range of companies and not just index component stocks.
Just last week, it was announced that SGX will launch a new index to track listed companies that are not constituents of the Straits Times Index (STI), with an objective to create visibility for these companies.
Let us find out more about the newly launched iEdge Singapore Next 50 Index, including its key constituents, and how you can gain exposure to the index.
What are the iEdge Singapore Next 50 indices?
The iEdge Singapore Next 50 indices were created to give investors a clearer view of opportunities beyond Singapore’s 30 largest listed companies, which make up the Straits Times Index (STI).
They track the performance of the next tier of large and liquid companies on the SGX Mainboard, essentially the “next in line” after the blue chips. There are two versions of the index:
- iEdge Singapore Next 50 Index
- iEdge Singapore Next 50 Liquidity Weighted Index
Both aim to highlight this broader market segment and provide visibility into companies that might one day grow into the STI.
To be included, companies must meet several requirements:
- Listed on the SGX Mainboard (excluding the largest 30 companies by market cap)
- Minimum market cap of SGD 100 million
- Minimum trading turnover of SGD 100,000
- At least 15% free float
- Meet minimum trading velocity thresholds
From this screened universe, the largest 50 stocks by market cap are selected, with a cap of 5% per stock.
The indices are rebalanced quarterly in March, June, September, and December.
Which stocks are in the iEdge Singapore Next 50 indices?
There are 50 stocks in the iEdge Singapore Next 50 indices.
The stocks with the largest weighting on the iEdge Singapore Next 50 index are ComfortDelgro, Yangzijiang Financial, NetLink Trust, Keppel Infrastructure Trust, CapitaLand Ascott Trust, Keppel REIT, Suntec REIT and Parkway Life REIT.
Each of these stocks have a 5% weight, representing the weighting cap for each constituent of the index.
The stocks with the largest weighting on the iEdge Singapore Next 50 Liquidity Weighted index are ComfortDelgro, Yangzijiang Financial, iFast, Keppel REIT and NTT DC REIT, each with a 5% weight.
| Name | Sector | Next 50 Weight | Next 50 Liquidity Weights |
|---|---|---|---|
| ComfortDelgro | Industrials | 5% | 5% |
| Yangzijiang Financial | Financials | 5% | 5% |
| NetLink NBN Trust | Telecommunications | 5% | 3% |
| Keppel Infrastructure Trust | Non-Energy Materials | 5% | 2% |
| CapitaLand Ascott Trust | REITs | 5% | 4% |
| Keppel REIT | REITs | 5% | 5% |
| Suntec REIT | REITs | 5% | 4% |
| Parkway Life REIT | REITs | 5% | 3% |
| ESR-REIT | REITs | 4% | 2% |
| CapitaLand India Trust | REITs | 4% | 2% |
| iFAST Corporation | Financials | 3% | 5% |
| Sheng Siong | Consumer Non-Cyclicals | 3% | 4% |
| Lendlease REIT | REITs | 3% | 2% |
| Singapore Post | Industrials | 2% | 4% |
| SIA Engineering | Industrials | 2% | 2% |
| Olam Group | Consumer Non-Cyclicals | 2% | 2% |
| UMS Integration | Technology | 2% | 3% |
| Starhub | Telecommunications | 2% | 1% |
| Raffles Medical Group | Healthcare | 2% | 2% |
| First Resources | Non-Energy Materials | 2% | 3% |
| NTT DC REIT | REITs | 2% | 5% |
| AIMS APAC REIT | REITs | 2% | 1% |
| CapitaLand China Trust | REITs | 2% | 1% |
| Starhill Global REIT | REITs | 2% | 1% |
| CDL Hospitality Trust | REITs | 2% | 1% |
| Hong Leong Asia | Industrials | 1% | 1% |
| Boustead Singapore | Industrials | 1% | 1% |
| UOB-Kay Hian | Financials | 1% | 1% |
| PropNex | Financials | 1% | 1% |
| Centurion | Financials | 1% | 2% |
| Yanlord | Financials | 1% | 2% |
| Wee Hur | Financials | 1% | 2% |
| Food Empire Holdings | Consumer Non-Cyclicals | 1% | 1% |
| Frencken Group | Technology | 1% | 3% |
| Riverstone | Consumer cyclicals | 1% | 2% |
| Pan-United | Non-Energy Materials | 1% | 0.3% |
| China Sunsine Chemical Holdings | Non-Energy Materials | 1% | 0.3% |
| Nanofilm Technologies International | Non-Energy Materials | 1% | 1% |
| CSE Global | Energy | 1% | 2% |
| China Aviation Oil (Singapore) | Energy | 1% | 0.5% |
| Geo Energy Resources | Energy | 1% | 2% |
| Digital Core REIT | REITs | 1% | 1% |
| Far East Hospitality Trust | REITs | 1% | 1% |
| Frasers Hospitality Trust | REITs | 1% | 1% |
| Sasseur REIT | REITs | 1% | 0.4% |
| SBS Transit | Industrials | 0.6% | 0.3% |
| Samudera Shipping Line | Industrials | 0.4% | 0.9% |
| COSCO Shipping International Singapore | Industrials | 0.4% | 0.2% |
| Aztech Global | Technology | 0.4% | 1% |
| BRC Asia | Non-Energy Materials | 0.4% | 0.1% |
| Source: SGX | |||
Which sectors have a more significant weighting in the iEdge Singapore Next 50 indices?
As can be seen from the list above, Singapore REITs make up a significant portion of the iEdge Singapore Next 50 indices.
Of the 50 stocks in the iEdge Singapore Next 50 indices, 17 are Singapore REITs, 8 are industrials and 7 are in the finance sector.
Based on our estimates, Singapore REITs would make up about 45% of the total weight of the iEdge Singapore Next 50 index, and 34% of the total weight of the iEdge Singapore Next 50 Liquidity index.
This is followed by the Financials sector, which would make up about 13% of the total weight of the iEdge Singapore Next 50 index, and 18% of the total weight of the iEdge Singapore Next 50 Liquidity index.
Lastly, the Industrials sector would make up about 12% of the total weight of the iEdge Singapore Next 50 index, and 14% of the total weight of the iEdge Singapore Next 50 Liquidity index.
How has the iEdge Singapore Next 50 Index performed?
The iEdge Singapore Next 50 index has delivered an average return of 5.0% per year over the past 10 years, falling short of the Straits Times Index (STI), which returned 8.9% per year.
Performance has been even weaker for the iEdge Singapore Next 50 Liquidity Weighted index, which posted a 10-year return of 3.1% per year.
Between 2015 and 2024, the STI outperformed the iEdge Singapore Next 50 indices in 5 out of 10 years.
That said, there have been bright spots. The iEdge Singapore Next 50 indices have at times pulled ahead of the STI.
Most notably, in 2025 year-to-date, the iEdge Singapore Next 50 index has gained 24.6%, and the Liquidity Weighted index is up 25.0%, both stronger than the STI’s 19.3% gain.
The iEdge Singapore Next 50 indices also outperformed the STI by 15% or more in 2019.
| Year | iEdge Singapore Next 50 Index (i) | iEdge Singapore Next 50 Liquidity Weighted Index (ii) | Straits Times Index (iii) | Outperformance Vs STI (i)-(iii) | Outperformance Vs STI (ii)-(iii) |
|---|---|---|---|---|---|
| 2015 | -8.5% | -11.1% | -11.2% | 3% | 0% |
| 2016 | 0.5% | -10.2% | 3.8% | -3% | -14% |
| 2017 | 21.6% | 17.6% | 22.1% | -1% | -5% |
| 2018 | -13.3% | -17.1% | -6.4% | -7% | -11% |
| 2019 | 24.1% | 27.7% | 9.4% | 15% | 18% |
| 2020 | -5.0% | -1.6% | -8.1% | 3% | 7% |
| 2021 | 16.7% | 19% | 13.6% | 3% | 5% |
| 2022 | -11.2% | -13.8% | 8.4% | -20% | -22% |
| 2023 | 4.6% | 5.3% | 4.8% | 0% | 1% |
| 2024 | -0.9% | -6.2% | 23.5% | -24% | -30% |
| YTD | 24.6% | 25.0% | 19.3% | 5% | 6% |
| 3 Months | 20.3% | 21.3% | 12.1% | 8% | 9% |
| 6 Months | 22.5% | 23.7% | 16.8% | 6% | 7% |
| 1 Year | 21.8% | 21.5% | 26.7% | -5% | -5% |
| 3 Year Ann. | 6.5% | 4.7% | 15.6% | -9% | -11% |
| 5 Year Ann. | 6.7% | 5.5% | 16.8% | -10% | -11% |
| 10 Year Ann. | 5.0% | 3.1% | 8.9% | -4% | -6% |
| Source: SGX | |||||
What is the objective of the iEdge Singapore Next 50 indices?
The iEdge Singapore Next 50 indices were created to broaden the investment universe in Singapore by tracking 50 of the most liquid and sizable companies beyond the Straits Times Index (STI).
Their key objectives are:
- Enhancing market engagement – Provide new benchmarks for investors and fund managers, helping to draw more attention and liquidity to the wider market.
- Spotlighting mid-cap companies – Increase visibility for quality but often overlooked names, which can in turn attract greater institutional and retail interest.
- Broadening investment options – Pave the way for ETFs or funds that make it easier and more cost-effective to gain diversified exposure beyond the STI.
- Revitalising capital markets – Support SGX’s efforts, alongside initiatives like the S$5 billion EQDP, to boost vibrancy and diversify investor interest.
Can you buy the iEdge Singapore Next 50 indices?
At this point, getting exposure to the iEdge Singapore Next 50 index is not as straightforward as many investors might hope.
There isn’t yet a Singapore ETF or mutual fund that tracks the index, which means those keen to mirror its performance would need to buy the individual stocks one by one.
For most retail investors, this can be time-consuming and costly, and may limit how quickly the index attracts meaningful participation.
For the index to reach its full potential, the next step would be for product issuers to roll out investment vehicles such as ETFs that track it directly.
Having such products available would make it much easier, and more cost-effective, for investors to gain diversified exposure to the broader Singapore equity market through a single purchase.
What would Beansprout do?
By expanding the investable universe to 50 mid-cap names, the new indices bring attention to companies that may have been overlooked.
However, these stocks tend to be smaller and less liquid than STI constituents, which means higher volatility and liquidity risks.
If you are keen to gain exposure to the index, it is important to first understand how these indices differ from the Straits Times Index (STI), and whether they suit your investment objectives and risk appetite.
For now, you can’t buy into the iEdge Singapore Next 50 indices directly, as no ETFs or mutual funds track them yet.
If you are looking to gain broad Singapore equity exposure, you can do so through an STI ETF or Singapore mutual fund.
Learn more about the STI ETF and how to choose the best STI ETF for your portfolio.
Check out Beansprout guide to the best stock trading platforms in Singapore with the latest promotions to invest in the STI ETF.
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