Singapore’s stock market spent Wednesday under mild pressure as global investors hunkered down ahead of a closely watched US Federal Reserve decision — but beneath the relatively calm Straits Times Index, a cluster of small-cap counters on the Singapore Exchange (SGX) suffered double‑digit losses.
As of around 1.50pm SGT on 10 December 2025, SGinvestors’ Top Losers (%) board showed Clearbridge Health, Sevens Atelier, Spackman Entertainment, Beverly Wilshire and Fuxing China Group among the sharpest decliners on the local market. [1]
Below is a breakdown of what’s happening, why these names are under pressure, and how the moves sit in the broader Singapore market backdrop.
Market backdrop: Fed jitters and softer Asian sentiment
Regionally, risk appetite was already fragile on Wednesday:
- Asian markets retreated after a weak Wall Street session, with investors waiting on the Fed’s latest policy decision and updated “dot plot” for 2026. [2]
- The Fed is widely expected to cut rates again but potentially signal a slower pace of easing next year — a so‑called “hawkish cut” that has cooled some of the optimism seen in recent weeks. [3]
- At 10:15am Beijing time, Xinhua data showed the Straits Times Index (STI) opening at 4,512.25, down just 0.02% — essentially flat, but enough to keep traders cautious. [4]
Despite the modest index move, losers slightly outnumbered gainers across the broader Singapore market in morning trade according to local market wraps and brokerage notes, reflecting a “risk‑off” bias in smaller and more speculative counters. [5]
From a bigger‑picture perspective, the Singapore market remains in far better shape than it was a year ago. Simply Wall St estimates show:
- the overall SGX market up about 19.5% over the past year,
- trading at a price‑to‑earnings ratio of roughly 15.6x, above its three‑year average of 14x, and
- aggregate earnings expected to grow about 7.5% annually in the coming years. [6]
That backdrop helps explain why Wednesday’s worst falls are concentrated in thinly traded small caps and micro‑caps, not the index heavyweights.
Top percentage losers on SGX today (as of ~1:49pm SGT)
Based on SGinvestors’ “Top Losers (%)” board for 10 December 2025, the biggest intraday percentage declines on the SGX are: [7]
- Clearbridge Health (SGX:1H3) – down 50%
- Sevens Atelier (SGX:5EW) – down 33.33%
- Spackman Entertainment Group (SGX:9VW) – down about 17–18% (data vary slightly by source) [8]
- Beverly Wilshire (SGX:9QX) – down 16.67%
- Fuxing China Group (SGX:AWK) – down 11.70%
Several other penny stocks — including SunMoon Food Company, Trendlines and Pavillon Holdings — also feature on the top‑losers list with mid‑single‑digit percentage drops. [9]
By absolute dollar move, SGinvestors’ Top Losers ($) board also flags more familiar names such as Old Chang Kee, Singapore Airlines, Sembcorp Industries, ST Engineering, Keppel and SATS, though their percentage moves are modest (generally under 2% and in line with broad market softness). [10]
The most dramatic action, in other words, is clearly in high‑beta small caps rather than blue‑chip bellwethers.
Stock‑by‑stock: What’s driving today’s biggest losers?
1. Clearbridge Health (SGX:1H3): One‑tick stock hits fresh low
Move today
- Price: S$0.001
- Change:‑50% (down from S$0.002)
- As of: SGinvestors board time‑stamped 13:49 SGT. [11]
At S$0.001 — the lowest tradable price on SGX — Clearbridge has effectively become a “one‑tick” stock, hitting or revisiting a 52‑week low. FT market data show the share down more than 85% over the past 12 months, with negative earnings (EPS around –S$0.0019) and a market cap in the high single‑digit millions. [12]
Recent news and fundamentals
- On 13 November 2025, Clearbridge raised about S$1.86 million via a share placement, with management stating that proceeds would go towards operational needs such as payroll and supplier payments. [13]
- Valuation work from Simply Wall St and other analytics platforms highlights weak earnings, leveraged balance‑sheet metrics and negative EBITDA, with enterprise‑value‑to‑EBITDA estimates in the negative single digits. [14]
Why the stock is sliding
Today’s 50% plunge appears more liquidity‑driven than headline‑driven:
- There have been no fresh company announcements on SGX today specifically pointing to a new crisis. [15]
- With the share now trading at the minimum tick size, any small sell order can trigger a large percentage move, especially if buyers step away in a risk‑off session.
Combined with the dilution overhang from recent fund‑raising and ongoing losses, Clearbridge has become a high‑risk micro‑cap where sentiment can swing violently on low volumes.
Forward‑looking take:
Without a clear path to sustainable profitability, analysts generally see Clearbridge as a speculative turnaround story rather than a core healthcare holding. Until the company demonstrates consistent cash‑flow improvement, any bounce may remain short‑term and news‑driven rather than fundamentally anchored. [16]
2. Sevens Atelier (SGX:5EW): Construction minnow punished despite order book
Move today
- Price: about S$0.026
- Change:‑33.33% intraday. [17]
- Other data providers such as Investing.com show Sevens trading around S$0.03 with a prior close of S$0.04, roughly a 25% day‑on‑day decline — still among the worst on SGX. [18]
Business and results
Sevens Atelier is a design‑and‑build group focusing on premium landed homes, with segments in building construction and interior design. [19]
Recent disclosures include:
- 2Q & 1H 2025 results highlighting weak financial performance, with pressure on profitability and no interim dividend declared. [20]
- A 3Q 2025 SGX filing noting that the Design & Build division held an order book of roughly S$10.61 million as at 30 September 2025, providing some near‑term revenue visibility but also flagging the competitive and margin‑squeezed nature of Singapore’s construction sector. [21]
- A November 13 article on Yahoo Finance used a two‑stage discounted cash‑flow (DCF) approach to gauge the company’s intrinsic value, underscoring the high uncertainty around long‑term cash flows for such a small and cyclical business. [22]
What’s behind today’s sell‑off?
There is no single fresh negative headline on Sevens Atelier today. Instead, the slide likely reflects:
- Profit‑taking and position adjustments ahead of the Fed decision, which tends to hit illiquid small caps hardest. [23]
- Ongoing investor concerns around earnings volatility, thin margins and a soft property‑related spending outlook, as highlighted in prior commentary on the 1H 2025 results. [24]
Forward‑looking take:
With no consensus analyst forecasts and limited trading liquidity, independent platforms note that Sevens’ future earnings are too uncertain to model with traditional methods. [25] In practice, that means price moves are likely to remain headline‑ and sentiment‑driven, and investors tend to demand a steep discount for the added risk.
3. Spackman Entertainment Group (SGX:9VW): Financial stress meets sector headwinds
Move today
- SGinvestors shows Spackman down about 17.4% to S$0.119. [26]
- TradingView’s live “biggest losers” screen similarly lists Spackman among the top decliners, with a drop of roughly 13–14% depending on the snapshot time. [27]
Business profile
Spackman Entertainment is a film and entertainment play:
- It develops, produces and finances Korean theatrical movies, and also runs businesses in talent management, consulting and content sales. [28]
- The company is tiny by global standards, with Yahoo and StockAnalysis putting its market capitalisation at around S$2.6 million, down some 50% over the past year. [29]
Today’s catalyst: Extension request and financial struggles
A TipRanks newswire article published today reports that Spackman has applied to the SGX for an extension to delay:
- the release of its FY2025 financial statements, and
- the holding of its annual general meeting. [30]
According to the piece, the request stems from:
- sustained underperformance,
- rising costs and intense competition in the Korean film industry, and
- the company’s effort to secure funding while navigating these challenges. [31]
Why investors are uneasy
For shareholders, the combination of:
- delayed financial reporting,
- a structurally challenged film sector, and
- a micro‑cap balance sheet
raises understandable concerns about going‑concern risk and potential equity dilution. Wednesday’s sell‑off is therefore less about global macro sentiment and more about company‑specific stress.
Forward‑looking take:
With market cap already deeply compressed and no clear sign of a turnaround, many analysts see Spackman as a high‑risk restructuring or “option value” play rather than a conventional investment. Any positive surprise — such as a hit film or successful refinancing — could spark sharp rallies, but the downside scenarios (including recapitalisation) are equally stark.
4. Beverly Wilshire (SGX:9QX): Illiquid healthcare‑plus‑trading play drops again
Move today
- Price: about S$0.010
- Change:‑16.67% intraday. [32]
What the company does
Beverly Wilshire is an investment holding company with two main arms:
- a trading and distribution business focused on steel‑related raw materials and consumables, and
- a medical aesthetics and wellness group operating branded Beverly Wilshire medical centres in Malaysia. [33]
This unusual mix makes it a niche micro‑cap, off most institutional radars.
Recent capital‑raising activity
Marketscreener and related coverage show that in October 2025:
- Beverly Wilshire announced plans to issue 8.5 million new shares under a subscription agreement,
- at an issue price of around S$0.0117 per share,
- raising about S$100,000 from a private investor, with shares jumping on the news at the time. [34]
The company does not currently pay dividends, and TradingView data indicate negative EBITDA margins (around –25.7%), underscoring the early‑stage nature of its healthcare expansion. [35]
Today’s move: more of the same volatility
There is no fresh corporate announcement today linked directly to the double‑digit drop. Given:
- the very low share price,
- a history of dilutive capital raisings, and
- thin trading volumes,
it doesn’t take much selling pressure for Beverly Wilshire to make the “top losers” list on any given session.
Forward‑looking take:
With negative operating margins and reliance on small private placements, Beverly Wilshire remains a speculative micro‑cap. Future performance will hinge on whether its medical business can scale enough to offset the volatility and low margins of its trading arm.
5. Fuxing China Group (SGX:AWK): Nasdaq dream shelved, profit‑taking hits shares
Move today
- Price: S$0.415
- Change:‑11.70% intraday. [36]
TradingView and other platforms confirm the ~11–12% slide, placing Fuxing squarely among the day’s worst performers. [37]
What the company does
Fuxing China Group is a Chinese manufacturer of zipper sliders and chains, supplying global apparel and accessories brands. [38]
Key stats from TradingView and company filings:
- EBITDA: about S$3.08 million, with a modest 3.7% EBITDA margin.
- Last half‑year net income: roughly –S$1.75 million, indicating ongoing profitability challenges.
- No dividend currently paid. [39]
Recent headline: Nasdaq listing withdrawn
Fuxing has been in the spotlight over its aborted US listing:
- In late November, the company publicly withdrew its proposed Nasdaq listing and ADS offering, after earlier filing for a roughly US$8 million IPO. [40]
- A TipRanks newswire explains that management cited delays in securing Chinese securities regulator (CSRC) approval, tougher Nasdaq rules for PRC‑based firms, and the financial and administrative burden of complying with US securities law as key reasons for the withdrawal. [41]
- Despite today’s drop, TipRanks notes that Fuxing’s year‑to‑date share price performance remains strongly positive (about +84%), with at least one analyst rating the stock a “Hold” and setting a target price near S$0.50, above the current quote. [42]
Interpreting today’s decline
Given the big run‑up earlier in the year, today’s fall looks like classic profit‑taking:
- The Nasdaq withdrawal removes a major potential re‑rating catalyst.
- Investors who bought into the US‑listing story are reassessing, particularly in a market session where global risk appetite is already subdued. [43]
Forward‑looking take:
With the US listing shelved, the investment case for Fuxing pivots back to core earnings growth and margin improvement rather than arbitrage on dual listings. Small‑cap specialists will be watching upcoming results for signs that the business can convert its top‑line into sustainable profits — especially now that the company has shown willingness to walk away from complex capital‑market projects.
How are larger Singapore names trading?
While today’s “hall of shame” is dominated by micro‑caps, several mid‑ and large‑cap counters also appear on SGinvestors’ Top Losers ($) list, though with far smaller percentage moves: [44]
- Old Chang Kee (SGX:5ML) – down about 4.2%, making it one of the more notable consumer‑facing decliners.
- Sembcorp Industries (SGX:U96) – lower by roughly 0.8–0.9%, after prior months of strong gains in the energy and utilities space.
- Singapore Airlines (SGX:C6L) – softer by around 0.6%, tracking broader profit‑taking in travel‑related names.
- ST Engineering, Keppel, SATS and Singapore Land Group also show mild declines of under 2% in value terms.
None of these moves currently signal company‑specific panic; rather, they look like normal volatility within a market that has already rallied strongly in 2025 and is temporarily on edge ahead of the Fed.
What this means for SGX investors
1. Micro‑caps remain a volatility minefield
Today’s action is a reminder that one‑cent and sub‑S$0.10 counters:
- can move 20–50% in a single session on small orders,
- are often subject to dilutive fund‑raising, and
- rarely benefit from deep institutional coverage or liquidity.
Names like Clearbridge Health, Sevens Atelier, Spackman, Beverly Wilshire and Fuxing highlight both the upside optionality and the downside risk in this part of the market.
2. Macro still matters – especially the Fed
The Fed’s policy tone remains a key driver of global risk assets, including Singapore small caps:
- A “hawkish cut” — a rate reduction paired with cautious guidance — could keep volatility elevated in high‑beta stocks. [45]
- A more dovish‑than‑expected Fed, on the other hand, may spark a relief rally in cyclicals and high‑yield names, even if structurally challenged micro‑caps continue to trade on their own fundamentals.
3. Valuations across SGX are no longer cheap
With the broader Singapore market trading above its three‑year average P/E and up almost 20% year‑on‑year, investors are increasingly discriminating: quality companies with clear earnings visibility are being rewarded, while weaker names can suffer outsized punishments on any hint of bad news or liquidity stress. [46]
References
1. sginvestors.io, 2. www.businesstimes.com.sg, 3. www.businesstimes.com.sg, 4. english.news.cn, 5. www.moomoo.com, 6. simplywall.st, 7. sginvestors.io, 8. sginvestors.io, 9. sginvestors.io, 10. sginvestors.io, 11. sginvestors.io, 12. markets.ft.com, 13. www.tipranks.com, 14. simplywall.st, 15. sginvestors.io, 16. simplywall.st, 17. sginvestors.io, 18. www.investing.com, 19. www.morningstar.com.au, 20. www.minichart.com.sg, 21. links.sgx.com, 22. finance.yahoo.com, 23. www.businesstimes.com.sg, 24. www.minichart.com.sg, 25. simplywall.st, 26. sginvestors.io, 27. www.tradingview.com, 28. www.morningstar.com.au, 29. stockanalysis.com, 30. www.tipranks.com, 31. www.tipranks.com, 32. sginvestors.io, 33. markets.ft.com, 34. www.marketscreener.com, 35. www.tradingview.com, 36. sginvestors.io, 37. www.tradingview.com, 38. www.renaissancecapital.com, 39. www.tradingview.com, 40. www.renaissancecapital.com, 41. www.tipranks.com, 42. www.tipranks.com, 43. www.businesstimes.com.sg, 44. sginvestors.io, 45. www.businesstimes.com.sg, 46. simplywall.st
