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Why some SGX small-caps survive the watch list – and others fail

Data from Singapore’s ‘watch-list era’ shows the dos and don’ts of pulling off a successful corporate comeback

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    • For small-caps on the SGX watch list, turnarounds with limited resources start with consolidation, not expansion, say the writers.
    • For small-caps on the SGX watch list, turnarounds with limited resources start with consolidation, not expansion, say the writers. PHOTO: TAY CHU YI, BT

    Lee Yi Shin and Eugene Kang

    Published Sat, Dec 20, 2025 · 07:00 AM

    WHEN a Singapore Exchange (SGX)-listed small-cap landed on the watch list, it faced a stark reality: Turn things around fast, or face delisting.

    While the SGX phased out the watch list mechanism in 2025, the era offers enduring lessons on corporate comebacks. Unlike larger firms with deeper pockets and longer runways, small-cap companies were constrained to act fast with limited resources.

    Faced with declining profitability, a faltering share price and the threat of delisting, how did some firms engineer a turnaround while others failed?

    Business managementCorporate governanceStrategySGXTechnology businessesManufacturing

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