SGX Next 50: Five Stocks That Have Soared More Than 100% Year-to-Date

Dear readers, Singapore’s equity market continues to surprise investors in 2025, and one of the most talked-about developments this year has been the SGX iEdge Singapore Next 50 Index — commonly referred to as the SGX Next 50. Since its launch in September 2025, this new benchmark has captured the attention of both institutional and retail investors alike. Designed as a companion index to the Straits Times Index (STI), the SGX Next 50 highlights the next generation of potential blue-chip companies in Singapore.

Within this dynamic basket of mid-cap and emerging large-cap stocks, a handful of names have delivered truly spectacular performances this year. As of early October 2025, five constituent stocks in the SGX Next 50 have soared more than 100% year-to-date (YTD) — effectively doubling (or more) their market value in just over nine months.

In this article, we will explore these five stellar performers, review what has driven their share price appreciation, and discuss what their success means for Singapore’s broader equity landscape.

Understanding the SGX iEdge Singapore Next 50 Index

Before diving into the top performers, it is worth revisiting what the SGX Next 50 represents and why it matters.

The iEdge Singapore Next 50 Index was launched by the Singapore Exchange (SGX Group) in 2025 as an extension to the Straits Times Index (STI). While the STI captures Singapore’s 30 largest and most liquid companies, the SGX Next 50 includes the next 50 most significant stocks by market capitalization and liquidity that fall just outside the STI.

These are often mid-cap companies with strong fundamentals, steady profitability, and growth potential that could see them promoted into the STI in the future. Collectively, they offer investors a chance to diversify beyond Singapore’s well-known blue chips (like DBS, Singtel, and Keppel Corp) and tap into emerging growth stories across finance, real estate, industrials, and services.

As the Singapore market continues to mature, the Next 50 index has quickly become a barometer for mid-cap strength and a source of hidden gems that could be tomorrow’s blue chips.

1. Yangzijiang Financial Holding (YZJFH): A Resurgence of Confidence

• Stock price (Jan 2025): S$0.405
• Stock price (Oct 2025): S$1.16
• Year-to-date gain: ≈185%

The first and most impressive performer in the SGX Next 50 basket this year has been Yangzijiang Financial Holding (YZJFH) — the investment arm spun off from Yangzijiang Shipbuilding (YZJSB) in 2022. After a relatively muted performance in 2023–2024, the stock has come roaring back in 2025, surging nearly 185% since the start of the year.

What drove the rally?

Several factors have contributed to YZJFH’s spectacular rise:

1. Improved earnings and clearer business direction
   The company, which manages a diversified portfolio of debt investments, private equity, and other financial assets, has focused on improving returns and risk management. Its latest quarterly reports show growing net interest income and reduced credit losses, restoring investor confidence after earlier concerns about exposure to Chinese credit markets.
2. Share buybacks and strong dividend yield
   Management’s active share buyback program and consistent dividend payouts have reassured shareholders of its commitment to capital returns, further supporting the share price.
3. Broader optimism in Singapore-listed Chinese proxies
   As sentiment towards Chinese-linked Singapore stocks improved in 2025 — driven by Beijing’s economic stimulus measures and recovering shipping demand — YZJFH benefited from renewed investor interest.
4. Potential index inclusion narrative
   As part of the Next 50, investors are speculating that YZJFH could eventually join the STI, adding another layer of excitement.

Outlook

While valuations have expanded significantly, YZJFH’s fundamentals remain relatively solid, with a strong balance sheet and growing recurring income base. The company’s ability to sustain earnings momentum in a volatile financial environment will determine whether this rally has longer-term legs.

2. PropNex Limited: Riding the Real Estate Wave

• Stock price (Jan 2025): S$0.93
• Stock price (Oct 2025): S$2.59
• Year-to-date gain: ≈178%

The next standout performer is PropNex Limited, Singapore’s largest listed real estate agency. PropNex’s share price has skyrocketed by almost 178% in 2025, reflecting both strong business fundamentals and improving sentiment towards the property sector.

Key growth catalysts

1. Resilient property transactions despite cooling measures
   Despite periodic government cooling measures, PropNex’s transaction volumes in both private and HDB resale markets have remained robust. Rising demand for new launches and resale flats has continued to generate strong commission revenue for the company’s large network of agents.
2. Expansion into regional markets
   PropNex’s overseas expansion strategy — particularly into Malaysia, Indonesia, and Australia — is beginning to yield results. These regional operations have diversified its revenue base and provided growth beyond Singapore’s relatively mature market.
3. Digital transformation and agent engagement
   The company has invested heavily in technology platforms to support its 13,000+ agents, driving higher productivity and loyalty. This has translated into increased market share and improved operating margins.
4. Generous dividend policy
   PropNex continues to reward shareholders with regular dividends, a factor that has enhanced its appeal among income-seeking investors amid rising global interest rate uncertainties.

Outlook

The property sector remains cyclical, but PropNex’s leadership position and adaptive business model provide a strong buffer against market volatility. With a growing regional footprint and a trusted brand, many analysts see PropNex as one of the few Singapore mid-caps capable of eventually achieving STI inclusion status.

3. Hong Leong Asia (HLA): Industrial Revival and Strategic Realignment

• Stock price (Jan 2025): S$0.945
• Stock price (Oct 2025): S$2.62
• Year-to-date gain: ≈177%

Hong Leong Asia (HLA), part of the Hong Leong Group, has been another surprise package this year. Traditionally seen as a cyclical industrial and building materials player, HLA’s stock has surged by nearly 177% since January.

Why the sharp rally?

1. Recovery in building materials and ready-mix concrete demand
   Singapore’s construction sector has rebounded strongly post-pandemic, boosted by public infrastructure projects and residential redevelopment activity. HLA’s concrete and building material divisions have benefited directly from this upswing.
2. Improved performance from China Yuchai subsidiary
   HLA owns a significant stake in China Yuchai International, a major diesel engine manufacturer listed on the NYSE. The recovery in China’s commercial vehicle demand and cleaner engine transitions have lifted Yuchai’s earnings and, by extension, HLA’s valuations.
3. Operational restructuring and cost efficiencies
   The company’s renewed focus on profitability, divestment of non-core assets, and better cost management have impressed investors. Margins have improved across several segments.
4. Re-rating as an ESG-aligned industrial player
   As sustainability gains traction, Hong Leong Asia’s initiatives in green building materials and cleaner industrial practices have attracted ESG-focused investors.

Outlook

HLA’s challenge is to sustain earnings growth amid cyclical industry risks and China’s economic uncertainty. Nonetheless, the stock’s dramatic re-rating reflects investor confidence in management’s execution and a broader revival of the industrials sector within Singapore’s mid-cap universe.

4. Pan-United Corporation: Concrete Strength in Infrastructure Boom

• Stock price (Jan 2025): S$0.56
• Stock price (Oct 2025): S$1.17
• Year-to-date gain: ≈109%

Pan-United Corporation (PAV), Singapore’s leading ready-mix concrete supplier, has long been a steady but underappreciated industrial player. This year, however, the stock has cemented its place among the market’s biggest winners — doubling in value with a 109% YTD gain.

Key growth drivers

1. Infrastructure and construction recovery
   As Singapore ramps up major projects such as the Cross Island Line, Changi Terminal 5, and various housing developments, demand for concrete and building materials has surged. Pan-United, with its dominant market position, has been a key beneficiary.
2. Sustainability leadership
   Pan-United has positioned itself as a green concrete innovator, developing low-carbon and carbon-minimizing concrete technologies. This strategic pivot aligns with Singapore’s “Green Plan 2030” and has enhanced its reputation as an ESG leader in construction materials.
3. Operational excellence and pricing power
   Through technology-driven logistics optimization and cost control, the company has managed to maintain profitability even in a competitive environment.
4. Growing regional footprint
   Its ventures into Vietnam, Malaysia, and Indonesia provide long-term growth potential, with sustainable construction gaining traction regionally.

Outlook

While construction materials are cyclical by nature, Pan-United’s sustainability focus and strong local market share make it well-positioned for the multi-year infrastructure cycle ahead. Investors appear to be pricing in not just cyclical recovery, but structural leadership in green building solutions.

5. Wee Hur Holdings: Building Value Through Resilience

• Stock price (Jan 2025): S$0.36
• Stock price (Oct 2025): S$0.74
• Year-to-date gain: ≈105%

Last but not least, Wee Hur Holdings rounds out the list of top five SGX Next 50 gainers, doubling its share price since January 2025.

Drivers behind the rally

1. Recovery in construction and development projects
   Wee Hur’s core business segments — construction, property development, and student accommodation — have seen strong demand recovery in 2025. Its ongoing projects in both Singapore and Australia have contributed to higher revenue recognition.
2. Strong performance of PBSA (Purpose-Built Student Accommodation) assets
   The company’s Australian student housing business has rebounded sharply as international students returned post-COVID. High occupancy rates and rising rental yields have strengthened recurring income streams.
3. Balance sheet resilience and cash generation
   With prudent financial management and manageable gearing, Wee Hur has positioned itself to capitalize on new opportunities without excessive risk.
4. Improving investor sentiment toward small-cap developers
   As interest rates stabilize, investors have returned to selectively accumulate undervalued property counters with solid fundamentals — and Wee Hur fits that profile perfectly.

Outlook

Wee Hur’s continued growth will depend on successful project execution and maintaining its strong rental performance in the student housing segment. Given its diversified portfolio and healthy cash flow, it remains one of the more promising mid-tier property and construction names on the SGX.

Broader Reflections: What These Gains Mean for the SGX Market

The stellar performances of these five SGX Next 50 stocks — all up more than 100% year-to-date — offer valuable insights into the current dynamics of Singapore’s equity landscape.

1. Mid-caps are stepping into the spotlight
   Historically, investor attention has focused on large-cap STI constituents such as DBS, Singtel, and Keppel. However, the rise of the Next 50 highlights that Singapore’s mid-cap space offers meaningful growth and alpha potential.
2. Sectoral diversification and resilience
   These five winners come from diverse sectors — finance, real estate services, industrials, and materials — indicating broad-based market resilience rather than a narrow rally confined to one industry.
3. Investor appetite for yield and growth
   With global interest rates still elevated, investors are increasingly drawn to companies that combine growth potential with strong dividends or share buybacks, such as YZJFH and PropNex.
4. Thematic plays gaining traction
   Themes such as sustainability (Pan-United), digitalization (PropNex), and post-pandemic recovery (Wee Hur, Hong Leong Asia) continue to resonate with investors looking for long-term growth stories.
5. Singapore’s market maturity
   The SGX’s initiative to create the Next 50 index has deepened the investable universe for both local and foreign investors, increasing visibility for quality mid-cap names and improving market liquidity.

Cautionary Notes and Investment Considerations

While these five stocks have delivered phenomenal returns, investors should remain mindful of several factors:

• Valuation risks: After doubling or tripling in price, these stocks may face profit-taking or corrections, especially if earnings fail to keep pace with expectations.
• Sector cyclicality: Many of the best performers are in cyclical industries like construction and real estate, which are sensitive to economic slowdowns or interest rate shifts.
• Liquidity and volatility: Mid-cap stocks, though promising, can exhibit higher volatility and lower liquidity than large-cap counterparts.
• Due diligence remains key: As always, past performance does not guarantee future results. Investors should assess fundamentals, growth prospects, and risk profiles before making any investment decisions.

Conclusion

The SGX Next 50 has quickly proven to be more than just a “watchlist” of potential STI entrants — it has become a showcase for Singapore’s vibrant mid-cap ecosystem. The exceptional performances of Yangzijiang Financial, PropNex, Hong Leong Asia, Pan-United, and Wee Hur in 2025 underscore the opportunities available in this often-overlooked segment of the market.

Each of these companies demonstrates a unique growth narrative — whether it’s financial innovation, real estate leadership, industrial revival, sustainability leadership, or strategic diversification. Collectively, they represent the new wave of corporate champions driving Singapore’s next phase of market evolution.

For investors, the message is clear:
While blue chips will always have their place, the real excitement may lie just beyond the STI — in the Next 50.

Disclaimer: This article is for informational and educational purposes only. It does not constitute financial advice or a recommendation to buy or sell any securities. Always conduct your own due diligence or consult a licensed financial advisor before making investment decisions.