This is the Singapore Stock Exchange’s 2024 wrap-up, showcasing several impressive multi-bagger stocks. Many of the businesses listed below demonstrate strong fundamentals, including robust financial positions and revenue growth. Some also show the potential for industrial tailwinds that could drive their prices even higher in 2025.
We took a dive into the developments of these businesses in 2024 to understand why they were able to exhibit such strong growth. While they may still have momentum, we recommend understanding their respective industrial outlooks and market structures before taking on any risk. This caution is especially important as many of them operate in niche markets and experience rather volatile movements.
#1 Oiltek International
Founded in 1980, Oiltek International has established itself as a leader in the engineering and construction of edible and non-edible oil refining plants. Originally established in Malaysia and later expanding to Singapore, the company has built a global reputation for its cutting-edge technology and commitment to sustainability in oil processing. Oiltek’s innovative approach has transformed palm oil refining into an eco-friendly and efficient industry, with Indonesia accounting for 78% of its FY23 revenue. In 2024, Oiltek’s stock surged an incredible 352%, a reflection of its exceptional performance. Below, we’ll go through the key drivers for its strong performance.
Oiltek operates across three core segments, ensuring its relevance in both traditional and renewable energy markets:
- Edible & Non-Edible Oil Refinery: The company offers EPCC (Engineering, Procurement, Construction, and Commissioning) services, facility upgrades, and processing for specialty oil products.
- Renewable Energy: Oiltek focuses on biodiesel plants, Hydrotreated Vegetable Oil (HVO) feedstock, and biogas methane recovery using treated palm oil mill effluent (POME).
- Product Sales and Trading: This segment provides a steady income stream through engineering component sales, distributorship, and specialty chemical trading.
This diversified model positions Oiltek to cater to evolving market demands while maintaining consistent revenue streams.
Oiltek’s success is driven by an asset-light business model, integrated engineering expertise, and a capable management team. These factors have enabled steady revenue and profit growth since its listing on the Singapore Exchange (SGX) in 2022. The company serves traditional markets in Indonesia and Malaysia while exploring emerging markets in Latin America and Africa, diversifying its customer base’s diversity and sustainability.
The Renewable Energy segment is poised for significant growth due to rising global demand for sustainable solutions, including biodiesel blending and sustainable aviation fuels. Additionally, Oiltek leverages advanced technologies like AI-driven automation to mitigate risks such as commodity price fluctuations, focusing on capacity expansion and value-added product diversification.
Oiltek integrates sustainability into its operations by promoting energy-efficient systems, reducing carbon emissions, and aligning with global environmental goals. These efforts underpin the company’s long-term growth and create value for shareholders.
As of its latest filing, Oiltek secured contracts worth RM9.2 million (S$2.78 million) in Malaysia, contributing to a total order book of RM391.1 million. Key projects include the design and commissioning of refinery plants and upgrades to crude palm kernel oil fractionation plants. In addition, Oiltek’s Selangor subsidiary secured contracts worth RM19.5 million (S$5.9 million) from Africa, Central America, and Malaysia. These projects involve designing, fabricating, and commissioning refinery and fractionation plants and upgrading refrigerant control systems.
As of Q3 2024, revenue grew by 14.5% year-on-year with increasing efficiency as profits after income tax increased by 83% to RM8.9 million. The management remains optimistic about its long-term growth, supported by global trends in edible and non-edible oil consumption, renewable energy and sustainability.
The management has mentioned that global oils and fats consumption is set to grow, with the market projected to increase from USD256.99 billion in 2023 to USD402.94 billion by 2033 at a 4.6% CAGR. Furthermore, the aviation sector’s shift to sustainable aviation fuel (SAF) could see usage grow to 700,000 barrels per day by 2035 and 2 million barrels per day by 2050, contributing 19% of the global jet fuel pool. The Renewable Energy segment is also expanding due to sustainability initiatives. In Indonesia, biodiesel blending mandates rose from 30% (B30) to 35% (B35) and are expected to reach 40% (B40) by 2025. This rise in demand across different industries requires an increase in technological know-how, allowing Oiltek to capture the trend and continue its upward growth trajectory.
#2 Beng Kuang
Established in 1994, Beng Kuang is a one-stop provider of engineering, construction, and corrosion prevention services for the marine and offshore industries. The company has grown from a small team of specialists to a trusted partner in shipbuilding and repair, known for delivering complex projects with precision and speed. The stock was able to garner a 350% increase in 2024.
| FY2021 | FY2022 | FY2023 | 9M24 | |
| Revenue (S$MM) | 51.31 | 59.13 | 79.16 | 86.89 |
| Gross Profit (S$MM) | 11.9 | 12.52 | 24.91 | 30.73 |
| EBITDA (S$MM) | -5.23 | -13.55 | 15.67 | 23.71 |
Its earnings have improved significantly since adopting an asset-light strategy in 2021. This growth is further supported by a strong balance sheet with a net cash position and total current assets covering total liabilities.
#3 Centurion
Centurion, originally established as a storage solutions provider, has diversified into the student and worker housing sectors under its brands Westlite and Dwell Student Living. The company operates 17 purpose-built worker accommodations (PBWAs) in Singapore and Malaysia and 15 purpose-built student accommodations (PBSAs) across Australia, the UK, and the US, focusing on quality living environments and community building. The high demand in the company’s business led to a 134% rise in stock price in 2024.
In 9M24, Centurion reported a 125% increase in revenue to $186 million driven by a high occupancy rate of 95% and positive rental rate reversions. Singapore, its largest revenue-generating market, contributed 70% of total revenue, with 31% growth fuelled by an exceptional occupancy rate of 99%.
PBSAs also saw a surge in demand, particularly in the UK, due to the return of face-to-face and on-campus interactions. From 2021 to 2023, Centurion’s revenue grew at a CAGR of 13%, reflecting resilience during the pandemic.
Centurion has adopted an asset-light strategy to scale efficiently, using joint ventures in Singapore, Hong Kong, and China, private funds in the US and UK, and capital recycling, such as a sale-and-leaseback deal with Malaysia’s Kumpulan Wang Persaraan (KWAP). This approach reduced leverage and enabled growth without heavy reliance on debt, allowing the business to be more sustainable.
The company plans to expand its bed capacity significantly:
- Singapore: Westlite Ubi (+1,650 beds by end-2024), Westlite Toh Guan (+1,764 beds by end-2026), and Westlite Mandai (+3,696 beds by end-2026).
- Malaysia: +920 beds by 4Q2024, +1,740 beds by 2025, and evaluating 7,000 new beds in Johor.
- Australia: +600 PBSA beds in Melbourne.
- China: Entry into the built-to-rent accommodation segment via a joint venture.
#4 Wee Hur Holdings
Wee Hur, established in 1980, began as a small construction company and has grown into a diversified business with real estate development, worker dormitories, and property investment. In 2024 Wee Hur garnered a 121% increase in share price.
Recently, Wee Hur announced the sale of its student accommodation portfolio to Greystar for USD 1.02 billion. This portfolio, co-owned with GIC (holding a 49.9% stake), comprises seven properties with over 5,500 beds across key Australian cities. Wee Hur’s 50.1% stake in the portfolio will yield net proceeds of USD 237.1 million. The company will retain an indirect 13% equity stake in the portfolio, through its Australian unit. The transaction, expected to be completed within six months, will also clear all debt tied to the disposed assets. Post-sale, Wee Hur plans to reinvest the proceeds into its core construction and engineering businesses and explore new areas like alternative investments.
These restructuring of assets accompanied with revenue growth and profitable turnaround has led to an appreciation of its share price. Gross profit increased by 144% while total net income turnaround saw a dramatic turnaround from S$-12.2 million in 6M23 to S$75 million in 6M24. The net income is larger than Gross profit due to addition of profits from investments in associates and joint ventures.
Wee Hur’s successful turnaround has continual expansion plans which includes:
- Three additional student accommodation assets under development.
- A 15,744-bed purpose-built worker dormitory in Singapore.
- A new 10,500-bed worker dormitory is set to be operational by January 2025.
- Additional projects in the pipeline to fuel growth.
#5 Yangzijiang Shipbuilding
Yangzijiang Shipbuilding (YZJ), a leading Chinese shipbuilder headquartered in Singapore, specialises in bulk carriers, container ships, and LNG vessels. Renowned for its maritime innovation, YZJ has secured US$14.3 billion in contracts year-to-date, far exceeding its US$4.5 billion target for FY2024. Due to the high demand, the stock garnered close to 100% gains in share price in 2024.
YZJ recently secured US$2.6 billion worth of contracts for 21 vessels, such as dual-fuel container ships, methanol dual-fuel containerships, medium-range oil tankers, and bulk carriers. About 84% of the orders are for greener vessels, aligning with the maritime industry’s green transition trend. Deliveries are scheduled between 2027 and 2029.
YZJ’s current order book highlights its diversified portfolio, comprising 95 container ships (US$15 billion), 64 oil tankers (US$3.1 billion), 38 bulk carriers (US$1.6 billion), and 27 gas carriers (US$2.5 billion). Revenue visibility extends to mid-2028, with demand for oil tankers, LNG, and LPG carriers projected to grow at CAGRs of 2.5%, 3.6%, and 5.5%, respectively. YZJ is on track to meet its FY2024 delivery target with 57 of 63 vessels already delivered. The company remains positioned to capitalise on industry demand for fuel-efficient, greener ships.
With the increasing order book, YZJ has also improved its margins by effectively managing its costs, leading to higher earnings for 1H24. Its earnings and Gross Profit Margins (GPM) continued to increase from 2021 lows. Furthermore, it has a net cash position with RMB22 billion in cash and RMB6 billion in total borrowings, signalling strong financial prudence.
#6 Top Glove Corporation
Top Glove, based in Malaysia with a significant presence in Singapore, has become one of the world’s largest glove manufacturers, gaining prominence during the COVID-19 pandemic.Various market dynamics and improving operations allowed the stock to grow by almost 60% in 2024.
For FY24, the company posted a net loss of RM21.4 million, significantly improved from RM885.5 million in FY23. Revenue rose 11.5% to RM2.5 billion, up from RM2.26 billion in FY23. Cash flow also turned positive to RM86 million from -RM167 million, but this was due to disposal of assets held for sale which is a one time improvement. If the business is to sustain its operations, it needs to better manage its working capital.
Top Glove expects significant growth in sales volume due to high tariffs on Chinese-made medical gloves, effective January 2025, which are anticipated to drive higher sales, particularly to the U.S. The company will resume installation of advanced production lines at newer factories to meet increasing demand but remains cautiously optimistic due to geopolitical uncertainties.
The group maintains a positive long-term outlook for the glove industry, noting that gloves are essential and have no viable replacement in healthcare. Furthermore, the trade tension between US and China is seen to benefit the glove industry of other countries as countries will order from other businesses like Top Glove.
#7 Riverstone Holdings
Riverstone Holdings Limited is a leading manufacturer of high-quality gloves, specialising in cleanroom and healthcare gloves. Based in Singapore, the company primarily serves industries like electronics, pharmaceuticals, and healthcare, where specialised gloves are essential. Riverstone focuses on research and development (R&D) to ensure its products meet the high standards required for these critical environments. The stock grew by 53% in 2024.
The company’s business model revolves around producing a range of gloves for cleanroom and healthcare applications, capitalising on strong demand for safety and hygiene. Revenue growth is driven by increased production volume and higher average selling prices, alongside a commitment to maintaining a steady gross profit margin. Riverstone is expanding its capacity, with plans to commission six cleanroom production lines and three healthcare lines by the end of 2024, and an additional three healthcare lines by the first quarter of 2025.
Riverstone Holdings Limited reported a 21.8% year-on-year increase in net profit for the third quarter, reaching RM72.2 million, up from RM59.3 million. Revenue rose 33.9% year-on-year to RM298.4 million, driven by increased production and higher average selling prices. Gross profit also increased by 33.2%, maintaining a stable gross profit margin of 34.7%. Its profitability and revenue growth suggests strong business underlings. The continued expansions in production lines will allow it to capitalise on the rising demand for safety and hygiene.
#8 Hong Leong Asia
Hong Leong Asia, part of the Hong Leong Group, operates across various sectors, including building materials and diesel engines. Its success is closely tied to Singapore’s economic growth and its strategic investments in the industrial and manufacturing sectors. It grew more than 46% in 2024.
For the first half of the year, its revenue increased 8.5% to S$2.2 billion with net profit increasing 44% to S$92 million. However, do note that there was a drop in cash flow from operating activities due to an increase in working capital changes. Overall cash flow dropped by 94% to S$1 million due to decrease in cash flow from financing and operating.
The company reported a 9% and 5% increase in revenue from its Powertrain Solutions and Building Materials segment respectively in Singapore, totalling S$2.2 billion. The growth was led by an increased demand for truck, bus/industrial engines and precast and ready-mix concrete. Both segments reported an increase in efficiency through improved R&D and using alternative raw materials and solutions.
In addition to the eight stocks listed above that outperformed DBS in 2024, we’ve highlighted two bonus stocks that fell just short but still recorded impressive gains of over 40%.
#9 Bumitama Agri
Bumitama Agri, a leading plantation group focused on palm oil production, operates in Indonesia and Singapore with a commitment to sustainable practices. The palm oil business grew by 43% in 2024.
Its financial highlights has been less impressive compared to other businesses reported here, with revenue and net profit decreasing in both Q3 YoY comparisons and 9M YoY comparisons. This could be due to heavy rain and bad weather in late 2023.
We believe the appreciating share price of Bumitama is due to rising industry sentiment due to surging palm oil futures, which exceeded MYR4,500 per ton in late October, a level last seen in mid-2022 when the vegetable oil supply was tight. This is largely driven by supply concerns as lower-than-expected production in Indonesia and policy changes in top palm oil producers (B40 biodiesel program by Indonesia) are expected to reduce inventory.
Bumitama’s output in the first nine months of 2024 has been steady, with a slight increase in Fresh Fruit Bunches (FFB) harvest from 802,271 tons in 3Q24, up from 775,864 tons in 2Q24, and CPO output climbing to 269,093 tons. A production upturn is expected in 4Q24, following the pattern of past years like 2020 and 2013, when output spiked significantly in the last quarter. This is viewed as positive since across the board, Indonesia palm oil companies suffered around 11% YoY drop in output for 9M24.
Bumitama also experienced a rise in average selling prices (ASP), with 3Q24 ASP reaching IDR12,735 per kg, up 18% YoY and 4% from 2Q24. This, along with increasing output, is expected to improve the company’s financial performance in the second half of 2024.
#10 MoneyMax Financial Services
MoneyMax revolutionised the pawnshop industry in Singapore by offering upscale retail pawnshops and a wide range of pre-owned luxury goods. Since its inception in 2008, it has combined traditional pawn services with modern e-commerce, creating a hybrid business model that caters to contemporary consumers. The stock garnered a 43% gain in 2024.
MoneyMax recorded strong earnings growth for 1H24 with a 43% increase in revenue due to a strong 50% growth in retail and trading of gold and luxury products. The reason for such high growth is likely due to an increase in gold price, leading to strong retail attention to trade physical gold products. The pawnbroking and secured lending segments also increased by 32% and 15% respectively. Singapore led the growth with 44% increase in revenue while Malaysia increased by 33%.
Conclusion
Singapore’s Stock market had a spectacular year with gains of over 18% under the Straits Times Index. While we can’t predict the outlook of 2025, we are positive about the possibility of increasing global business activities as interest rates continue to drop. Furthermore, the increasing geopolitical tension between US and China is likely to boost regional business deals, benefiting companies and their 2025 outlook.
I tend to favour macroeconomic dynamics more than just individual business financials. This is certainly true for businesses in niche markets like glove making. While having strong earnings growth is fundamental, factors such as increasing business activities and an aging population are equally critical in assessing whether the demand for these products like healthcare gloves will be sustained.
If you’re looking for more stock ideas, Alvin shares how he finds the best stocks to invest in to grow our Dr Wealth portfolio. Learn more here.