Industrials capture largest institutional inflows in early 2026, outpacing tech and consumer peers

Turnover, valuations and liquidity strengthen across Industrials sector in early 2026.

Industrials led net institutional inflows amongst seven Singapore sectors in the first four months of 2026, with $485m recorded as of 29 April. This compared with $326m for Technology and $206m for Consumer Non-Cyclicals.

The Industrials sector, which comprises more than 130 listed companies, also saw average daily turnover (ADT) rise to $403m in the given time period, up from $293m a year earlier, according to SGX.

Median valuation for the sector expanded to 13.8 times earnings from 10.0 times, whilst aggregate market capitalisation increased to $162.3b from $112.9b.

Median bid-ask spreads narrowed to 287 basis points from 490 basis points, and return on equity rose to 5.5% from 4.4% over the same period.

The sector spans infrastructure, engineering, construction, transport, logistics and related industrial activities. Infrastructure and engineering names include Seatrium Limited, Ley Choon Group Holdings, OKP Holdings Limited, and Koh Brothers Eco Engineering Limited.

Transport and logistics-related companies include ComfortDelGro Corporation Limited, SBS Transit Ltd, SATS Ltd, and China Aviation Oil (Singapore) Corporation Ltd.

Industrial and marine-related firms include Tiong Woon Corporation Holding Ltd and BRC Asia Limited, whilst support services include Credit Bureau Asia Limited and HRnetGroup Limited. The sector also includes diversified groups such as Jardine Matheson Holdings Limited.

Together, infrastructure and engineering, and transport and logistics accounted for 80% of Industrials market capitalisation and 89% of ADT over the period.

Net institutional inflows into Industrials rose to $485m from $168m in the same four-month period a year earlier.

Separately, several companies in the sector reported corporate activity following FY2025 results.

At Hong Lai Huat Group Limited, executive deputy chairman and group chief executive officer Ong Bee Huat acquired 244,400 shares on 28 April, increasing his total interest to about 47.34%.

Hong Leong Asia Ltd completed a placement of 50 million new shares at $2.90 each, raising about $145m in gross proceeds. The company said net proceeds of about $142.3m will be used for general corporate purposes, including investments and debt repayment.

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