The Singapore Exchange (SGX) delivered a dazzling performance in 2024, with the spotlight shifting away from blue-chip banking giants to lesser-known counters that posted extraordinary gains. While the STI’s blue chips, including DBS Group, UOB, and OCBC, pushed the index to a 17-year high, the true stars of 2024 were the smaller, non-STI stocks that flew under most investors’ radars.
Leading this surge was Pharmesis International, the SGX’s best-performing stock, skyrocketing an astounding 512.24%. Here’s a deep dive into what made these stocks tick and how their impressive runs reshaped the investment landscape.
The Rise of Penny Stocks
While Singapore’s market has traditionally been dominated by heavyweight blue-chip counters, 2024 proved to be the year of the penny stock. These smaller, non-STI stocks stole the spotlight with eye-popping gains. Data from Jan 2 to Dec 18 shows that SGX’s top 10 performing stocks rose by over 100%, with Pharmesis leading the charge at over 500%. The smallest gainer in the top 10, Wee Hur Holdings, still managed an impressive 124.64% increase.
For context, while investing $100 in DBS Group at the start of the year would have yielded a 40% return, that same $100 invested in Pharmesis would now be worth $612.24—a sixfold increase.
Pharmesis International: A Remarkable Turnaround
Pharmesis International, a pharmaceutical company focused on both Western and Traditional Chinese Medicine (TCM) drugs, was the undisputed champion of SGX in 2024. The company’s shares surged from 10 cents to 60 cents after hitting a 52-week high of 70 cents in November.
Pharmesis’ meteoric rise was catalyzed by its September announcement to acquire the remaining 19% stake in its subsidiary, Sichuan Longlife Pharmaceutical. With this acquisition, Pharmesis now fully owns the TCM-focused subsidiary, which is projected to return to profitability in 2025.
Despite suffering a RMB4.01 million loss in the first half of FY2024 due to flood damage and production disruptions, Pharmesis’ bold recovery plan ignited investor confidence. The stock’s tightly held nature—top shareholders control 89% of the shares—likely amplified its dramatic price movements.
Oiltek International: The Renewable Energy Darling
Riding the renewable energy wave, Oiltek International emerged as SGX’s second-best performer with a 417.24% gain. Opening at 23 cents in January, the stock surged to $1.06 by December, fueled by robust demand for its biodiesel and oil refinery solutions.
Oiltek’s stellar year was anchored by a record-high RM430.9 million order book, a reflection of growing demand for edible oils and renewable fuels like sustainable aviation fuel. The company’s 3QFY2024 earnings jumped 83.2% y-o-y, thanks to higher margins and a surge in demand.
Investors were further drawn to Oiltek for its consistent dividend payouts, which are expected to grow by 45.3% y-o-y, providing a rare blend of high growth and steady income.
Centurion Corp: Dominating the Dormitory Market
Known for its purpose-built workers’ and student accommodation, Centurion Corp posted a remarkable 148.12% increase in share price, climbing from 40.5 cents to 96 cents. The stock peaked at $1 in early December, its highest level in over 15 years.
The company’s robust growth was driven by strong occupancy rates across its portfolio, particularly in Singapore and Malaysia. Its strategic expansion into Johor Bahru, where it plans to add 7,000 new beds, has positioned Centurion as a clear beneficiary of the upcoming Johor-Singapore Special Economic Zone.
PhillipCapital and UOB Kay Hian analysts remain bullish on Centurion, citing its stable income streams and promising growth pipeline.
Wee Hur Holdings: A Quiet Multiplier
Construction services provider Wee Hur Holdings traded at 19.4 cents at the start of 2024 before soaring to 43 cents by year-end—a 124.64% gain. The stock’s rise was largely driven by a blockbuster deal in December, when Wee Hur announced the sale of its Australian Purpose-Built Student Accommodation (PBSA) business to US property management giant Greystar for A$1.6 billion.
The sale, expected to yield $320 million in net proceeds, will allow Wee Hur to expand into alternative investments and strengthen its core business.
Beng Kuang Marine: From Losses to Gains
Marine support provider Beng Kuang Marine rebounded from years of financial struggles to deliver a stunning 320% gain, with its stock climbing from 5 cents to 21 cents. The company’s pivot to an asset-light model and focus on capital efficiency paid off as it exited SGX’s watch list this year.
With 3QFY2024 revenue up 25.1% y-o-y and profit after tax surging by 27.2%, Beng Kuang is now seen as a promising turnaround story.
The Top Performers
Here’s a breakdown of SGX’s top-performing stocks in 2024:
| Rank |
Company |
Share Price Gain |
Key Drivers |
| 1 |
Pharmesis International |
512.24% |
Strategic acquisition, recovery from production disruptions. |
| 2 |
Oiltek International |
417.24% |
Record order book, strong renewable energy demand. |
| 3 |
Centurion Corp |
148.12% |
Dormitory expansion, stable growth pipeline. |
| 4 |
Beng Kuang Marine |
320% |
Asset-light pivot, divestment of loss-making assets. |
| 5 |
Wee Hur Holdings |
124.64% |
Sale of Australian PBSA assets, strong profit growth. |
Key Takeaways for Investors
2024 has proven that high rewards often come from lesser-known counters. These penny stocks and mid-tier companies, often dismissed for their volatility, delivered outsized returns that eclipsed traditional blue chips. With many of these companies undergoing structural shifts, restructuring, or entering new growth markets, they’ve positioned themselves for continued momentum.
For seasoned investors and newcomers alike, the performance of SGX’s top 10 stocks in 2024 is a compelling reminder of the opportunities lurking beyond the blue-chip heavyweights. Will 2025 bring more surprises? The market is watching.
Thank you
