• The 5 most recent Catalist-to-Mainboard graduates span different sectors and achieved 9.4% median annualised total return over five years. LHN led with a 41% annualised total return, followed by Grand Venture Technology with a 28% annualised total return, while Rex International saw a 4% decline in annualised total return over the five years.

• Rex International has ranked among the 50 most traded Singapore stocks by trading turnover in January, with LHN and Grand Venture Technology ranking among the 75 most traded. LHN trading turnover has notched higher since its FY24 (ended 30 Sep) profit guidance on 15 Nov.

• On 25 Nov, LHN reported its FY24 revenue increased 29% from FY23, driven by the space optimisation business, with attributable net profit up 24% to S$47.3 million. The Group has also engaged in capital recycling initiatives and joined the Mainboard on 13 December.

The 5 most recent companies to graduate from Catalist to the Mainboard span different sectors and have achieved a median annualised total return of 9.4% over the past five years.

The latest to transfer was LHN, following compliance with listing requirements and shareholder approval in late 2024. LHN also recorded the highest 5-year total returns among the five stocks, with an annualised total return of 41.4%, which includes the 2.0% gain over the past four weeks.

Conversely, Rex International, an Oil & Gas Explorer and Producer, was the weakest performer over the past five years with a 3.9% annualised decline in total return. However, the past four weeks have seen Rex International partially recover its 33.9% decline in 2024, with a 16.5% gain.

The five most recent companies to successfully transfer from the Catalist board to SGX Mainboard are tabled below. Click on the column header to sort the data accordingly.

Source: SGX, Refinitiv, Bloomberg. All Data as of 24 Jan 2025.

Details on the transfer requirements can be found at SGX Rulebooks Part IV and Part V, with a key requisite the requirement to have at least 25% of the share capital in public hands and 500 shareholders if the stock market capitalisation is less than S$300 million.

LHN transferred to the Mainboard effective 13 December 2024.

LHN (SGX:41O) is a real estate management services group specialising in redesigning under-utilised spaces with four main business segments: Space Optimisation (Industrial, Commercial & Residential), Facilities Management, Energy, and Property Development.

For its FY24 (ended 30 Sep) earnings announcement, LHN reported its revenue surged by 29.2% to S$121.0 million, with the growth driven by the Residential Space Optimisation business. LHN’s FY24 net profit attributable to equity holders also rose by 23.8% to S$47.3 million.

On 31 July 2024, the Group’s 40% associated company sold the car park at Bukit Timah Shopping Centre for S$22 million and invested in a 50% joint venture to purchase Wilmer Place for S$26.5 million, which will be operated under the Coliwoo co-living brand.

According to the SGX Stock Screener, LHN maintains a P/E ratio of 4.5x, P/B ratio of 0.86x and ROE of 20%. Average Daily Turnover (ADT) of the stock has been in the vicinity of S$800k in early 2025, compared to S$280k for the preceding two years.

TalkMed Group transferred to the Mainboard effective 28 April 2022.

TalkMed (SGX:5G3) provides specialist oncology services, healthcare management, cellular and gene therapy products, internet hospitals and pharmacies, and develops novel processing platforms for cell and gene therapy, including research in genetic modification of immune cells. Back in July 2024, the Group noted that its local patient numbers were expected to be soft for the rest of the year; however, management would continue to pursue the growth in foreign patients to counter the headwinds that it has experienced in its local patient segment.

On 23 December, TW Troy Limited announced the proposed acquisition of all shares in TalkMed Group via a scheme of arrangement. The Offeror, a special purpose vehicle established for the transaction, and indirectly wholly-owned by Tamarind Health Limited, plans to delist and privatise TalkMed.

Tamarind Health is a pan-Asian oncology-focused group headquartered in Singapore. The transaction aims to enhance patient care by combining services and expertise, fostering knowledge sharing, and creating career opportunities for doctors. The announcement maintained that the move is expected to attract regional patients and strengthen Singapore's role in medical tourism. The announcement also noted that the combined entity may consider a future listing on the SGX.

Rex International Holding transferred to the Mainboard effective 8 March 2022.

Rex International (SGX:5WH) is a multinational oil exploration and production company with interests in Oman and Norway. Utilising its proprietary Rex Virtual Drilling technology, the Group has made four offshore discoveries since its listing in 2013. While Rex International is one of the four graduates to post declines in total returns over the past five years, it lodged gains in January and has consolidated those gains over the past two weeks.

On 6 January, Rex International reported a total production of 13,036 barrels of oil equivalent per day (boepd) from Norway and Oman in December 2024, marking a 28.3% increase from the 10,160 boepd recorded in November 2024.

Rex International also announced on 17 January its subsidiary Lime Petroleum AS was awarded a new licence in Norway.

Grand Venture Technology (GVT) transferred to the Mainboard effective 30 November 2021.

In December, Grand Venture (SGX:JLB) was selected as a preferred supplier for High-Level Assembly for next-generation Thermal Compression Bonding equipment by a leading semiconductor manufacturer.

For its 9MFY24 (ended 30 Sep) Business Update, GVT reported its revenue increased by 35.8% from 9MFY23 to S$111.9 million, driven by growth across all key business segments, especially the semiconductor segment, which grew by 51%. Despite foreign exchange losses of S$2.0 million in 9M24 and S$2.7 million in 3QFY24, the Group's 9MFY24 adjusted net profit increased 59% from 9MFY23.

On 13 January, GVT announced a collaboration with A*STAR to develop a customised manufacturing platform for advanced ceramics, highlighting its commitment to innovation.

According to the SGX Stock Screener, GVT maintains a P/E ratio of 47x, P/B ratio of 2.5x and ROE of 4.7%.

Union Gas transferred to the Mainboard effective 19 July 2021.

Union Gas (SGX:1F2) is a leading provider of fuel products in Singapore, specialising in Liquefied Petroleum Gas (LPG), Natural Gas (NG), and Diesel. With over 40 years of experience, the company operates a fleet of more than 200 delivery vehicles, serves over 200,000 households and commercial entities, and owns LPG storage depots and bottling plants, ensuring full control of the LPG supply chain.

In Union Gas's announcement back in August, the company maintained it was optimistic about its business prospects due to the essential nature of its fuel products, while remaining vigilant about potential geopolitical impacts. The Group also highlighted it had enhanced operational efficiency and productivity, maintained a lean organisation, and acquired smaller LPG dealerships to consolidate its market position.

According to the SGX Stock Screener, Union Gas maintains a P/E ratio of 8.7x, P/B ratio of 1.4x and ROE of 19%.