Despite its massive bull run in recent years, the Singapore market still lags the US stock market – the largest in the world – over the longer term.
Crucially, the US market is also where regional champions such as Grab Holdings Limted (SGX: UGBD) and Sea Limited (SGX: UGGD), and global disruptors such as SpaceX (SGX: UXSD) used to be exclusively listed.
But not anymore.
Singapore Exchange (SGX: S68) expanded its Singapore Depository Receipts (SDR) list to include the above three names on the local exchange on 22 July 2026.
SDRs make it easier for retail investors to own a piece of these three global stocks.
But should you?
Why These SDRs Are a Game Changer
Pricey US stocks are now accessible for just a fraction of the cost.
But how?
For example, if the steep price of one share of Sea Limited (NYSE: SE) at US$120 turns you off, you can now buy 10 shares of Sea Limited (SGX: UGGD) instead for just S$30.50.
Yes, while other SDRs on SGX require a minimum lot size of 100, 10 is all you need for these new SDRs.
And since you are trading in Singapore dollars on the local stock exchange, foreign exchange (FX) risks and the hassle of late-night trading are a thing of the past.
Furthermore, these SDRs are maintained in your Central Depository (CDP) account, meaning you also get a consolidated overview of your portfolio.
For retail investors anchored in local dividend names, these new SDRs provide an additional growth theme to their portfolio.
Grab Holdings – Platform Expansion Driving Operating Leverage
In the second quarter of 2026 (2Q2026), Grab’s revenue climbed 22% year on year (YoY) to US$997 million, driven by broad-based contributions from all its segments: Deliveries, Mobility, and Financial Services.
Meanwhile, Grab’s 2Q2026 operating profit rose 186% YoY to US$19 million, supported by increased operating leverage as its platform expanded meaningfully.
Crucially, Grab posted the strong jump in operating profit despite its emerging financial services segment incurring an adjusted EBITDA of -US$15 million; its other mature segments easily offset the loss.
Notably, Grab’s Gross Loan Portfolio – a metric that measures its raw lending capability – jumped 197% YoY to US$2.3 billion, underscoring Grab’s ability to grow its relatively new loans business while posting green in the bottom line (at the group level).
The question is: Can the Southeast Asian superapp keep its regional competitors at bay and sustain its current momentum?
If it can, it could present a viable opportunity for investors.
Sea Limited – Smallest Revenue Segment Driving the Largest Profit
Sea’s 2Q2026 revenue surged 48.1% YoY to US$7.8 billion.
The largest contributors were its e-commerce arm Shopee and its financial services segment Monee.
When it comes to net income, which climbed 10.6% YoY to US$458.1 million, the largest contributor was Sea’s smallest revenue segment, Garena.
This is because of the high margin of Garena, Sea’s digital entertainment arm. In 2Q2026, Garena’s adjusted EBITDA (a measure of operating results) margin was 57.6%.
It’s worth noting that Garena’s games portfolio is overwhelmingly reliant on Free Fire.
This is a glaring concentration risk for investors.
Moving forward, Sea’s future growth is underpinned by its progressive use of AI to strengthen Shopee and Monee.
This should pave the way for potential upside to Sea’s bottom line and is something investors should monitor.
SpaceX – Flying High but with Only One of Three Boosters
SpaceX’s 2Q2026 revenue surged 92% YoY to US$7.8 billion, driven by its AI and Connectivity (Starlink) segments.
Despite the skyrocketing revenue, SpaceX’s bottom-line performance is less stellar.
Starlink is the company’s only profitable business, contributing US$1.66 billion in operating profit during the quarter, while the AI and Space businesses contributed a combined US$1.8 billion in operating losses. In all, SpaceX’s net loss for the quarter was US$541 million.
The silver lining is that SpaceX’s net loss was reduced significantly from US$1.0 billion a year ago.
The verdict?
SpaceX’s business is like a rocket flying with three boosters, but only one of them is working to overcome the drag from the other two. It’s not for the risk-averse investor.
But for investors who share SpaceX founder and CEO Elon Musk’s audacious vision to make humans a multiplanetary species, supported by a vibrant space economy, the long-term upside could be breathtaking.
Get Smart: Know Your Risk Profile and Tolerance
The market rewards discerning investors, and you should be one of them.
Grab and Sea Limited are showing strong and improving financials, making them possible choices to form part of your core holdings.
In contrast, SpaceX is a high-risk, speculative bet, not for the risk-averse.
Still, for the adventurous who believe in and would like to participate in Musk’s (literally) out-of-this-world space economy visions, a small speculative bet could be highly rewarding in the long run.
Smart investors know their risk profiles and act within their risk tolerance – never beyond it.
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Disclosure: Larry L. does not own shares of any companies mentioned.
