Who's Leading Singapore's Stock Market in 2024?

In 2024, the Singapore stock market displayed resilience and strength, with the $FTSE Singapore Straits Time Index (.STI.SG)$ consistently reaching new highs. Analysts predict that it might surpass the 4000 mark next year.

$YZJ Shipbldg SGD (BS6.SG)$ led with a remarkable increase of 112.02%, showcasing the strong recovery in the shipbuilding industry. So far this year, Yangzijiang Shipbuilding has secured orders worth $11.6 billion, surpassing its fiscal 2024 target of $4.5 billion. The mainboard-listed company stated that the robust growth in orders is driven by strong demand for dual-fuel container ships, oil tankers, and natural gas transport vessels. The company also mentioned that the strong order book would ensure revenue visibility until mid-2028. Looking ahead, the company expects oil tankers and natural gas transport ships to continue driving new orders. The expected compound annual growth rate (CAGR) for oil tanker industry demand is projected at 2.5%, while that for liquefied natural gas carriers and liquefied petroleum gas carriers is expected to be 3.6% and 5.5%, respectively.

Other companies on the list with annual gains exceeding 20% include $Singtel (Z74.SG)$, $SATS (S58.SG)$, $SGX (S68.SG)$ and $ST Engineering (S63.SG)$. Telecom giant Singtel, with a rise of 32.46%, demonstrated the telecom industry's steady growth. SATS made a notable impact in the aviation services sector. SGX Group, with a rise of 29.99%, reflected the vibrancy of the capital markets, while ST Engineering showcased its robustness in engineering and manufacturing with a 21.67% gain.