The SPDR STI ETF (SGX: ES3), which tracks Singapore’s Straits Times Index (SGX: ^STI), returned 13.1% in the first half of 2026. That’s a solid performance for the first six months of the year. But four billion-dollar stocks made it look ordinary. AEM Holdings (SGX: AWX) delivered returns of 512% over the same period. Meanwhile, the trio of UMS Integration (SGX: 558), Nanofilm Technologies (SGX: MZH), and Frencken Group (SGX: E28) returned 132%, 113%, and 106%, respectively. All four sit outside the STI’s 30 constituents, yet they left the index far behind. One theme connects them. Each is tied to the semiconductor cycle, and the market spent the first half of 2026 repricing that exposure.

Which company had the clearest recovery?

AEM Holdings makes semiconductor test and handling equipment. The firm’s first quarter gave the market the most to work with. For starters, revenue rose 35.8% year on year to S$116.9 million. Net profit surged 329.4% to S$14.3 million, and net profit margin widened to 12.3% from 3.9% a year ago....