FTSE ST Mid Cap Index dips 1.5% despite standout stock gains

The FTSE ST Mid Cap Index slipped 1.5% in total return for 1H25, underperforming the FTSE Asia Pacific Mid Cap Index, which rose 4.6%. 

Despite a subdued showing by the FTSE ST Mid Cap Index in the first half of 2025, five standout stocks delivered strong gains, bucking the broader market’s trend.

The FTSE ST Mid Cap Index slipped 1.5% in total return for 1H25, underperforming the FTSE Asia Pacific Mid Cap Index, which rose 4.6%. However, five stocks – SIA Engineering, UOL Group, Sheng Siong Group, Raffles Medical Group, and DFI Retail Group – emerged as top performers.

SIA Engineering led the charge with a 31.2% total return. The company posted a 13.8% revenue increase and a 43.8% jump in net profit for FY24/25, driven by the resurgence in air travel and rising demand for maintenance, repair, and overhaul (MRO) services.

UOL Group delivered a 21.5% gain, reflecting resilience in the real estate sector outside of REITs.

Meanwhile, supermarket operator Sheng Siong posted a 17.3% return, supported by a 7.1% increase in 1QFY25 revenue and the highest return on equity (ROE) among index constituents at 26.7%.

Raffles Medical rose 14.5%, aided by strong trading turnover and growing healthcare demand. DFI Retail Group closed the top five with a 12.0% return.

These gains stood out against a backdrop of S$973 million in net institutional outflows, largely from the S-REIT sector, Yangzijiang Shipbuilding, and SATS. The average daily turnover across the index dipped slightly from S$347 million in 2024 to S$340 million year-to-date.

Among the 32 mid-cap constituents, 12 are REITs, making up over 40% of the index. ParkwayLife REIT stood out in this group, with a 10.5% return on the back of new acquisitions and higher distributable income.