Forbes Asia recently released its 2025 “Best Under a Billion” list, which features 200 top-performing small and mid-cap firms across Asia.
Companies on this list have annual sales of more than US$10 million but less than US$1 billion.
A composite scoring system was used to rank the companies, with measures such as debt, sales, and earnings per share growth over one and three-year periods.
Return on equity for one and five years was also one of the factors.
Of these 200 companies, just five came from Singapore, and review them to determine if they should be included in your buy watchlist.
Singapore Exchange Limited (SGX: S68)
Singapore Exchange Limited, or SGX, is Singapore’s sole stock exchange operator.
The blue-chip group reported a strong set of earnings for its fiscal 2025 (FY2025) ending 30 June 2025.
Net revenue increased 11.7% year on year to S$1.3 billion, the highest since SGX’s listing.
Net profit (excluding one-off items) climbed 16% year on year to S$609.5 million.
A final dividend of S$0.105 was proposed, 16.7% higher than the S$0.09 paid out a year ago.
SGX is seeing renewed interest in initial public offerings (IPOs), with more than 30 IPO aspirants gearing up for a potential listing on the local bourse.
Management is confident of achieving 6% to 8% revenue growth per annum in the medium term through product development, client acquisition, and global partnerships.
In a show of confidence, SGX is proposing to increase its quarterly dividend by S$0.0025 every quarter from FY2026 to FY2028.
This increase means that SGX’s annual dividend will rise to S$0.525 by FY2028, 40% higher than the S$0.375 declared for FY2025.
iFAST Corporation Limited (SGX: AIY)
iFAST is a financial technology firm operating a platform that allows users to buy and sell equities, bonds, and unit trusts.
The group reported an impressive set of earnings for the first half of 2025 (1H 2025).
Net revenue increased 23.7% year on year to S$147.8 million while operating profit shot up 32.7% year on year to S$51.2 million.
Net profit stood at S$41.1 million, up 35% year on year.
The group’s assets under administration (AUA) hit a new record of S$27.2 billion, up 21.6% year on year.
A second interim dividend of S$0.02 was proposed, an increase of 33% year on year.
iFAST’s Hong Kong ePension business is showing steady progress and contributing to higher revenue for its Hong Kong division.
The group’s digital bank, iFAST Global Bank, also posted its third consecutive quarter of profitability.
For 2025, the group expects to witness robust growth rates in revenue and profitability.
Centurion Corporation (SGX: OU8)
Centurion is a provider of purpose-built worker accommodation (PBWA) and student accommodation (PBSA) assets in countries such as Singapore, Malaysia, China, and the UK.
As of 30 June 2025, the group owns and manages a portfolio of 37 accommodation assets totalling 70,291 beds.
The group also reported a sturdy set of earnings for 1H 2025.
Revenue rose 13% year on year to S$140.7 million while gross profit improved by 15% year on year to S$108.6 million.
Gross margin increased from 75.7% to 77.2%.
Net profit from core operations increased 22% year on year to S$65.4 million.
An interim dividend of S$0.02 was declared, 33% higher than the S$0.015 paid out last year.
Centurion announced last month that it is proceeding with a listing of some of its PBWA and PBSA assets in a REIT called Centurion Accommodation REIT.
This REIT will have an agreed property value of around S$2.1 billion.
CEO Kong Chee Min said that this upcoming IPO was at a “very advanced stage” and is targeting a listing in September 2025.
Credit Bureau Asia (SGX: TCU)
Credit Bureau Asia, or CBA, is a provider of credit and risk information solutions to financial institutions, multinational corporations, and government agencies.
The group operates in Singapore, Malaysia, Myanmar, and Cambodia.
CBA reported a mixed set of earnings for 1H 2025.
Revenue inched up 2.2% year on year to S$30.2 million, but net profit fell 8% year on year to S$5.4 million because of higher operating expenses and finance costs.
An interim dividend of S$0.02 was declared, unchanged from a year ago.
Management warned that Trump’s trade tariffs may dampen consumer sentiment and trigger a more subdued economic outlook.
However, recent trade deals provide cautious optimism that growth may be returning, albeit slowly.
Grand Banks Yachts (SGX: G50)
Grand Banks Yachts, or GBY, is a manufacturer of luxury recreational motor yachts under the Grand Banks, Eastbay, and Palm Beach brands.
The group has a manufacturing yard in Pasir Gudang, Johor, and waterfront facilities in the US and Australia.
For the first nine months of fiscal 2025 (9M FY2025) ending 31 March 2025, revenue rose 14% year on year to S$107.3 million.
Gross profit, however, tumbled 11.5% year on year to S$31.7 million as gross margin contracted from 38.1% to 29.5%.
Net profit for 9M FY2025 fell 9.7% year on year to S$9.9 million.
GBY’s new composite manufacturing facility in Pasir Gudang has 25% more usable space and will support the construction of larger and more energy-efficient yachts.
The group’s net order book stood at S$119.5 million at the end of the period, 8.8% higher than on 31 December 2024.
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Disclosure: Royston Yang owns shares of Singapore Exchange and iFAST Corporation.
