SIA Engineering, UOL, Sheng Siong, Raffles Medical, and DFI Retail Group have emerged as the top performers in the FTSE ST Mid Cap Index for the first half of 2025. Despite their strong performance, the index recorded a 1.5% decline in total return, underperforming the FTSE Asia Pacific Mid Cap Index, which posted a 4.6% gain.
The FTSE ST Mid Cap Index, which includes nine non-STI companies such as Olam Group and ComfortDelGro, averaged a 3.2% total return by 25 June. Notably, SIA Engineering, Raffles Medical, and Sheng Siong experienced significant increases in trading turnover. Sheng Siong also boasted the highest return on equity (ROE) among the index constituents at 26.7%.
SIA Engineering reported a 13.8% rise in revenue to S$1,245.1 million and a 43.8% surge in net profit to S$139.6 million for FY24/25. The company attributed this growth to increased demand for Maintenance, Repair, and Overhaul (MRO) services as airlines expanded their networks. The company aims to expand across the Asia-Pacific region to meet rising MRO demand.
Sheng Siong’s revenue grew by 7.1% to S$403.0 million in its 1QFY25 Business Update, driven by new store openings and festive sales. The company plans to continue its expansion with additional store openings.
The FTSE ST Mid Cap Index maintains a market capitalisation of S$125 billion, with an average daily turnover of S$340 million in 2025. However, it faced a net institutional outflow of S$973 million, primarily from the S-REIT Sector, Yangzijiang Shipbuilding, and SATS. As the year progresses, market participants will be keen to see if these trends continue or if new leaders emerge within the index.
“`
