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 cap (SGD)
This list is last updated on 24 June 2020. For the most up-to-date top ten largest listed companies, you can also visit our market screener and sort the list of shares in Singapore by market capitalisation (market cap).
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)|
|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%|
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)|
|Dairy Farm||27%||Greater China||35%|
|Jardine Motors Group||14%||United Kingdom||8%|
|Hong Kong Land||6%|
|Cycle & Carriage||4%|
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.
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%|
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.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get spreads from just 0.1% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
You might be interested in…
How much does trading cost?
Find out about IG
Plan your trading
Find out what charges your trades could incur with our transparent fee structure.
Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.
Stay on top of upcoming market-moving events with our customisable economic calendar.
Learn to trade
New client: +65 6390 5133 or [email protected]
Clients: Help and support
Follow us online:
All forms of investments carry risks. CFDs are leveraged instruments. Trading CFDs may not be suitable for everyone and can result in losses that exceed deposits, so please ensure that you fully understand the risks and costs involved by reading the Risk Disclosure Statement and Risk Fact Sheet.
IG provides an execution-only service. The information herein does not contain (and should not be construed as containing) investment advice or an investment recommendation, or an offer of or solicitation for a transaction in any financial instrument, nor does the information take into account the specific objectives, financial situation or particular needs of any person. Where in doubt, you should seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
IG Asia Pte Ltd (Co. Reg. No. 200510021K) holds a capital markets services licence issued by the Monetary Authority of Singapore for dealing in capital market products that are over-the-counter derivatives contracts and is an exempt financial adviser.
The information on this site is not directed at residents of the United States or Belgium and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
This advertisement has not been reviewed by the Monetary Authority of Singapore.