• As global economic structural shifts intensify, manufacturers and supply chain managers are actively looking to diversify across geographies, as AI and automation are increasingly leveraged to drive productivity gains. The two forces are potentially ushering in a dynamic and transformative phase for the Industrial value chains.
   
• Singapore’s sector of Industrials stocks have also seen a resurgence in trading activity in 2025. While the sector comprises one-fifth of the 100 most traded stocks this year, it makes up more than one-third of the 100 most traded stocks that have seen daily trading turnover surge more than 50% on 2024 levels. 
   
• ST Engineering has been the STI’s strongest performing stock in 2025 while ranking third highest in net institutional inflows. Its recent revenue growth has also been backed by a diversified global customer base and continued investment in advanced technologies like AI, robotics, and quantum computing.

Industrials account for one-fifth of Singapore’s 100 most traded stocks by average daily turnover (ADT) this year. Moreover, among the 100 most traded stocks that have seen ADT surge more than 50% from 2024 levels, more than one-third are from the Industrials sector—highlighting growing investor interest within the group. 

Industrial value chains are undergoing a major transformation, driven by shifting global trade policies and rapid technological innovation. In Singapore, Industrials have also seen strong institutional inflows this year—second only to Telecommunications—confirming the renewed investor focus.

As shown in the table below, the Industrials sector recorded higher ADT in 2025 compared to the full year 2024, alongside consistent net institutional inflows across both periods—with a notable increase in net inflow this year. Other sectors that saw a similar trend included in Utilities, which is also seen to be highly adjacent to the Industrials Sector.  

All Data as of May 21, 2025. Source: SGX, LSEG Workspace. Note ADT refers to Average Daily Trading Turnover; NIF refers to Net Institutional Flow. Note due to some sector categorisations, 2024 ADT and NIF can differ.  

From Trade Shifts to Tech Lifts: Industrials in the Spotlight

In early 2024, CrossASEAN Research highlighted supply chains had been shifting from China to Southeast Asia for a diverse range of reasons including geopolitical, economic, as well as commercial considerations. The independent research firm also found that the growing share of FDI to ASEAN has been directed towards the manufacturing sector, which increases employment on the ground, prompting modern training requirements helping to improve the region’s human capital. 

Global manufacturing is not just moving closer to Southeast Asia, but also India, as highlighted by the Samudera Shipping Line CEO, who recently increased his stake in the company. This shift is also boosting demand for container shipping and reshaping regional trade routes. A recent Bank of America survey also showed India overtaking Japan as the top equity market, underscoring the impact of supply chain realignment. 

At the same time, Industry 4.0 is accelerating. Earlier this year, Pan-United Concrete completed a 10,250 cubic metre concrete pour in just 35 hours for Singapore’s tallest building, thanks to an AI-powered logistics system. ISOTeam is developing autonomous drones for facade maintenance, while ISDN Holdings has partnered with DaFang AI to roll out robotic building solutions that cut labour costs by up to 80 per cent. Even offshore, Marco Polo Marine is deploying advanced 3D motion-compensated cranes on its new Wind Archer vessel. BRC Asia also relayed last week that ongoing technological advancements are reinforcing Singapore’s construction sector, which continues to serve as a key pillar of economic stability. This strength is further supported by sustained public infrastructure investments.

Over the past year, the above two global structural shifts have intensified, with engineers, manufacturers and supply chain managers actively looking to diversify across geographies, while AI and automation are increasingly leveraged to drive productivity gains. Together, the shifts in trade and technology are not just reshaping industrial operations—they’re setting the stage for the next chapter of regional industrial growth.

ST Engineering Leads STI in Early 2025

Industrials stock Singapore Technologies Engineering (ST Engineering) has ranked as the STI’s strongest performing constituent this year while booking the third highest net institutional inflow for the year. Since listing in 1997, the stock has generated average annualised total returns of 11.5%. With a long operating history the group recently highlighted its broad customer base, while also noting it investments in critical digital technologies. 

In its FY24 Annual Report, ST Engineering attributed its resilient results amid recent geopolitical and trade tensions to its broad customer base and diversified revenue streams across geographies, providing for a balanced portfolio across its business segments. The group also highlighted that it continues to invest in critical digital technologies—including AI, data analytics, robotics, cybersecurity, 5G, and emerging fields like Generative AI and quantum computing. These are being harnessed to foster coordinated innovation and value across its aerospace, defence and smart city domains. 

Industrial Stocks with Surging ADT in Early 2025 

The table below details the 34 Industrials stocks that make up the 100 most traded stocks this year that have also seen their daily trading activity surge by more than 50% compared to the full 2024 year.

All Data as of May 21, 2025. Source: SGX, LSEG Workspace. Note ADT refers to Average Daily Trading Turnover; NIF refers to Net Institutional Flow. 

As detailed above, the 34 stocks have on average outpaced the STI’s 5% total return this year with average 18% total returns and a median total return of 10%. The stocks that have booked the highest total returns in the 2025 year through to May 21 include OKP Holdings, GRC and ST Engineering. 

For its FY24, OKP Holdings reported its gross profit more than doubled to S$58.2 million, with construction remaining the main contributor. It noted it continues to boost productivity by embedding technology and innovation into its processes, reducing manpower reliance and upskilling its workforce. With the order book of S$600.7 million as of Dec 31, OKP Holdings has also noted that it is also focused on diversifying its earnings and geographical presence to enhance recurring income. With a current market capitalisation of S$195 million, its free cash and cash equivalents also amounted to S$124.3 million as of Dec 31, compared to S$81.7 million the year before. The stock’s ADT has grown 7.5x this year, while its share price has gained 95%, with dividends boosting the total return to 104%. This has brought is P/B ratio to 1.04x, with the ROE at 19%. 

GRC, formerly known as OKH Global, has recently completed the acquisition of the entire issued and paid-up share capital of Chip Eng Seng Construction Pte. Ltd. GRC stands for Global Resources Construction, maintains a market capitalisation of S$50 million, P/B of 0.8x and ROE of 6%. Back in February the Group reported its 1HFY25 (ended Dec 31) gross profit had increased 5% from 1HFY24 to S$4.5 million, mainly attributed to the higher rental rates from renewal of existing leases and new leases.  

Other stocks that have seen the strongest price increases this year include Huationg Global, Oiltek International, Ever Glory Holdings, BRC Asia, Nam Cheong, ISOTeam, and Abundance International, while Memiontec Holdings has led the decliners in the table above. 

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