SMIDs' combined market cap up 20% to $290b

The companies’ combined average daily turnover reached $675m in 10M.

Over 230 small- and mid-cap companies (SMIDs) have a combined market capitalisation of $290b, 20% higher than $242b as of 30 June 2025, said SGX.

SMIDs are SGX-listed firms with market capitalisation between $100m and $10b.

The report recorded a combined average daily turnover (ADT) of $675m for the first ten months (10M), up 80% from the first half of 2025 (1H25) at $368m.

The comparison includes 20 new listings since June 2025, accounting for $22b of current market capitalisation and $50m of 10M ADT. Excluding these firms makes the total market capitalisation around 11% and 10M ADT around 70%.

SGX listed five companies with the highest return on equity (ROE) accretions: DFI Retail Group, iX Biopharma, CNMC Goldmine Holdings, Sing Holdings and AvePoint. ROE accretion was 125.0 ppt, 72.5 ppt, 38.2 ppt, 33.3 ppt and 24.6 ppt, respectively.

Meanwhile, the top five companies with the highest ROE are Info-Tech Systems, Lum Chang Creations, Azeus Systems Holdings, Ever Glory United Holdings and Nam Cheong, with current ROEs of 77%, 64%, 64%, 59% and 45%, respectively.

SGX said DFI Retail Group’s improvement mounted on a clearer operating and capital-allocation reset.

Following marginal improvements in underlying profits and reorganisation of its Maxim’s interest, DFI’s ROE recovery and P/B re-rating are driven by earnings recovery, a strong balance sheet, capital recycling, and a shift to a focused operating company.

Follow the link for more news on

DFI Retail Group

Singapore Capital Markets

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia