SINGAPORE — 15 December 2025 — “AI stocks” in Singapore don’t look like a single crowded trade. On the Singapore Exchange (SGX), artificial intelligence exposure is spread across data-centre landlords, industrial REITs with digital tenants, chip-and-equipment supply-chain names, and a small but growing set of AI-enabled companies.
That matters today because the global mood has shifted from pure excitement to a more selective stance: investors are once again asking a blunt question—when does all the AI spending translate into returns? Concerns around the AI-fuelled tech rally resurfaced after disappointing results from major global names such as Oracle and Broadcom, sparking a tech-led retreat across Asian markets on Monday. [1]
In Singapore, the headline index was slightly softer. The Straits Times Index (STI) was down 0.10% to 4,581.65 as at 16:59 on 15 Dec 2025, reflecting a cautious tone rather than a full risk-off stampede. [2]
Below is a news-and-forecast driven look at the key SGX-listed “AI stocks” and AI beneficiaries investors are watching today, using the latest available market pricing and brokerage targets dated 15 December 2025.
What counts as an “AI stock” on SGX in 2025?
Singapore’s public market rarely offers US-style pure-play AI software giants. Instead, SGX’s AI theme clusters into four practical buckets:
- AI compute infrastructure: data-centre REITs and industrial landlords hosting data centres and cloud tenants.
- Semiconductors & equipment supply chain: firms linked to testing, precision manufacturing, and semiconductor equipment demand that rises with AI servers and high-performance computing (HPC).
- Networks and mission-critical engineering: telcos and engineering/defence-tech groups embedding AI into operations and selling AI-enabled solutions.
- Newer AI-enabled listings: companies using AI as part of their platform (often in healthcare/medical tech).
The key point for investors: SGX AI exposure is often “picks and shovels”—the data centres, hardware, and manufacturing backbone enabling AI adoption—rather than the end-user AI applications.
Market mood today: “AI bubble” debate returns, but Singapore trades steady
The regional backdrop is shaping how Singapore’s AI beneficiaries trade.
Asian markets fell as tech fears returned to the spotlight, with investors reassessing the wisdom of massive AI-related capital expenditure after weaker earnings from global bellwethers. [3]
That debate is increasingly explicit on Wall Street: a Bloomberg report republished by The Business Times described investors weighing whether to cut AI exposure ahead of a possible bubble pop—or double down on what they still see as a transformative technology cycle. [4]
A related pressure point is the cost and execution risk of building AI infrastructure at scale. In a Reuters report republished by The Business Times, Oracle pushed back on claims of delays to OpenAI-related data centres, but the story underscored how markets are now sensitive to signs of bottlenecks—labour, materials, and practical build constraints—beyond chips alone. [5]
For Singapore, this matters because some of SGX’s most direct AI plays are not the apps—they’re the data-centre landlords and the semiconductor ecosystem that benefits when the AI infrastructure buildout stays on track.
AI infrastructure winners: Data-centre REITs and digital landlords on SGX
Keppel DC REIT (SGX: AJBU): the clearest listed data-centre proxy
If investors want the most direct SGX-listed exposure to data centres, Keppel DC REIT remains the flagship.
As of 15 Dec 2025, the stock was shown at S$2.24, while the average target price was S$2.578, implying around 15.1% potential upside based on recent broker research captured in SGinvestors’ STI constituents compilation. [6]
Separately, SGinvestors’ target-price range snapshot shows broker targets spanning roughly the mid-S$2.40s to mid-S$2.60s, reinforcing that analysts still model upside—but not without caveats around rates, refinancing, and data-centre supply cycles. [7]
What investors are watching now
- Whether AI-driven leasing demand remains strong enough to offset new supply.
- Whether power availability and construction constraints (a theme highlighted in global AI infrastructure commentary) create delays or cost inflation that ripple through the ecosystem. [8]
Mapletree Industrial Trust (SGX: ME8U): industrial REIT with data-centre exposure
Mapletree Industrial Trust (MIT) is often discussed as an AI infrastructure beneficiary because parts of its portfolio include data centres and high-spec industrial assets supporting digital tenants.
On 15 Dec 2025, MIT was listed at S$2.03 with an average target price of S$2.22 (about 9.4% potential upside) in the same broker compilation. [9]
CapitaLand Ascendas REIT (SGX: A17U): diversified REIT with digital tailwinds
CapitaLand Ascendas REIT—a diversified landlord with exposure to business space, logistics and data-centre-related assets—showed S$2.76 on 15 Dec with an average target price of S$3.435 (about 24.5% potential upside). [10]
That larger implied upside signals a key Singapore AI dynamic: the market is willing to price AI-related “landlord” beneficiaries attractively when analysts see room for re-rating—especially if rate expectations stay supportive.
Semiconductors and AI hardware supply chain: Singapore’s indirect AI engine
The world’s AI boom has been powered by chips, servers and high-end manufacturing. Singapore’s listed market plugs in through companies tied to semiconductor testing, equipment supply chains, and precision manufacturing.
But today’s price action shows the theme is no longer a one-way bet. Several semiconductor-linked SGX counters were down on the day—consistent with a broader reassessment of near-term AI spending momentum described in regional market coverage. [11]
AEM Holdings (SGX: AWX): semiconductor testing exposure, but analysts split
AEM is one of Singapore’s best-known semiconductor test-related names. On 15 Dec 2025, SGinvestors showed AEM at S$1.62, down 1.82%. [12]
What stands out is the wide dispersion in broker views:
- DBS: BUY, target S$2.10
- Maybank: SELL, target S$1.49
- UOB Kay Hian: SELL, target S$1.09 [13]
That divergence reflects a familiar “AI hardware” tension: long-term AI/HPC demand can be real, but timing and valuation are everything.
A Maybank note hosted by SGinvestors captured this push-pull clearly—highlighting optimism that AEM’s major AI/HPC customer could grow significantly, while also warning that valuations looked rich and that a major profitability surge might take time. [14]
What investors are watching now
- Evidence that AI/HPC demand translates into sustained orders (not just headlines).
- Margin trajectory and whether recovery is front-loaded or delayed into late 2026 as some analysts caution. [15]
UMS Integration (SGX: 558): semiconductor equipment ecosystem, targets skew positive
UMS is widely followed as part of the broader semiconductor equipment and components ecosystem.
On 15 Dec 2025, SGinvestors showed UMS with a last traded price of S$1.33 (down 2.21%). [16]
Forecasts are still constructive. An SGinvestors compilation of average target prices shows UMS with an average target price of S$1.74 versus S$1.35 last traded, implying about 28.9% potential upside based on broker coverage. [17]
A recent RHB initiation note (hosted by SGinvestors) framed the bull case: UMS as a longer-term beneficiary of semiconductor sector growth, driven by increased equipment spending and new customer orders over the short-to-medium term. [18]
Frencken Group (SGX: E28): higher upside potential, but still cyclical risk
Frencken is another SGX-listed manufacturing and precision engineering name frequently discussed alongside Singapore’s tech manufacturers.
On 15 Dec 2025, Frencken was shown at S$1.33, down 3.62% on the day. [19]
Yet analyst targets suggest substantial upside from current levels. SGinvestors’ target-price summary indicates an average target price of S$1.797 (about 35.1% potential upside) and lists multiple brokers with BUY ratings and targets ranging from the mid-S$1.40s up to above S$2.00. [20]
What investors are watching now
- Whether semiconductor cycle recovery strengthens into 2026 (a common assumption behind higher targets).
- Whether near-term weakness (often seen in cyclical manufacturers) persists long enough to compress multiples.
Venture Corporation (SGX: V03): electronics manufacturer with AI-adjacent demand
Venture is not an “AI software” play, but it sits inside the ecosystem that benefits when high-end electronics and instrumentation demand expands.
On 15 Dec 2025, Venture was listed at S$15.01 with an average target price of S$16.91 (about 12.7% potential upside) in the STI constituents compilation. [21]
Networks and AI-enabled engineering: Singtel and ST Engineering as “AI adoption” plays
Singtel (SGX: Z74): AI-ready connectivity and digital infrastructure angle
Singtel is often viewed as a “steady compounder” with optionality through data-centre and digital infrastructure exposure, plus AI-driven enterprise demand for connectivity and managed services.
As of 15 Dec 2025, Singtel was listed at S$4.67, with an average target price of S$5.223 (about 11.8% potential upside) and a set of BUY ratings captured in SGinvestors’ STI table. [22]
Singapore Technologies Engineering (SGX: S63): AI in defence, engineering and systems
ST Engineering offers a different kind of AI exposure: less about compute, more about AI embedded in mission-critical systems—from defence and aerospace support to smart-city and security solutions.
On 15 Dec 2025, it was listed at S$8.26, with an average target price of S$9.20 (about 11.4% potential upside) in the same compilation. [23]
UltraGreen.ai (SGX: ULG): Singapore’s standout AI-branded listing, now trading on fundamentals
If there is one SGX counter that reads like a modern “AI stock” by name, it’s UltraGreen.ai.
Reuters described UltraGreen.ai as a Singapore-based medical imaging company focused on fluorescence-guided surgery, building an AI-powered surgical intelligence platform, and noted that its IPO was the largest non-REIT offering in Singapore in eight years (raising about US$400 million). [24]
On 15 Dec 2025, SGinvestors showed UltraGreen.ai at US$1.41, down 1.40%, with a published target price entry of US$2.00 (BUY) from UOB Kay Hian’s initiation coverage. [25]
Why UltraGreen.ai matters for SGX’s AI narrative
- It expands SGX’s AI story beyond “enablers” (data centres and semiconductors) into an AI-enabled product platform.
- It aligns with Singapore’s broader push to deepen tech ecosystems and trusted supply chains—an ambition reinforced by Singapore joining a US-led, non-binding declaration on AI and technology supply chain cooperation. [26]
Key risks for SGX AI stocks investors are pricing in right now
Today’s pullback in parts of the AI theme isn’t just about sentiment—it’s about execution risk.
1) The “capex vs payoff” question is back
As highlighted in global market commentary, investors are increasingly wary of AI spend rising faster than monetisation, especially after weak or disappointing signals from global firms. [27]
2) Data-centre build constraints can hit multiple SGX sectors
Concerns around delays, labour and materials—discussed in the Oracle/OpenAI data-centre reporting—can flow through:
- Data-centre REITs (construction timelines, cost inflation)
- Industrial landlords (tenant expansion speed)
- Semiconductor supply chain (server deployment pace) [28]
3) Valuation dispersion is growing inside “AI”
AEM is a clear case: some analysts are bullish while others are outright SELL, even while discussing AI/HPC growth. That is a sign of a market moving from “theme investing” to “numbers investing.” [29]
What to watch next (and why it matters for Singapore AI stocks)
The next catalysts for SGX AI names will likely be macro + capex + execution:
- Further read-through from global tech earnings and AI capex plans, especially after last week’s Oracle/Broadcom disappointment that helped trigger Monday’s Asia pullback. [30]
- Signs of bottlenecks (or easing constraints) in data-centre construction, a key swing factor for SGX’s data-centre and industrial REIT beneficiaries. [31]
- Broker revisions and target price changes, which can move SGX mid-caps quickly given thinner liquidity relative to US markets (particularly in semicon-linked names such as AEM, UMS and Frencken). [32]
- Policy and supply-chain positioning, with Singapore participating in international AI and tech-supply-chain cooperation frameworks that emphasise trusted networks and data centres. [33]
Bottom line: SGX AI is a “stack,” not a single stock
On 15 December 2025, Singapore’s AI stock story is best understood as a stack:
- Compute landlords (Keppel DC REIT, industrial REITs) that benefit if AI infrastructure keeps expanding,
- Semiconductor-linked manufacturers that ride the chip and equipment cycle,
- Large caps (Singtel, ST Engineering) adopting and embedding AI into networks and systems,
- and a newer AI-enabled listing (UltraGreen.ai) bringing a more direct AI platform narrative to SGX. [34]
At the same time, today’s tone—mildly softer STI and selective weakness in AI-linked cyclicals—fits a market that is not abandoning AI, but increasingly demanding proof of returns, not just promises. [35]
Note: This article is for informational purposes only and is not investment advice. Prices and index levels cited are based on published market data snapshots dated 15 Dec 2025 and may be delayed or differ across data vendors. [36]
References
1. www.businesstimes.com.sg, 2. sginvestors.io, 3. www.businesstimes.com.sg, 4. www.businesstimes.com.sg, 5. www.businesstimes.com.sg, 6. sginvestors.io, 7. sginvestors.io, 8. www.businesstimes.com.sg, 9. sginvestors.io, 10. sginvestors.io, 11. www.businesstimes.com.sg, 12. sginvestors.io, 13. sginvestors.io, 14. sginvestors.io, 15. sginvestors.io, 16. sginvestors.io, 17. sginvestors.io, 18. sginvestors.io, 19. sginvestors.io, 20. sginvestors.io, 21. sginvestors.io, 22. sginvestors.io, 23. sginvestors.io, 24. www.reuters.com, 25. sginvestors.io, 26. www.businesstimes.com.sg, 27. www.businesstimes.com.sg, 28. www.businesstimes.com.sg, 29. sginvestors.io, 30. www.businesstimes.com.sg, 31. www.businesstimes.com.sg, 32. sginvestors.io, 33. www.businesstimes.com.sg, 34. sginvestors.io, 35. sginvestors.io, 36. sginvestors.io
