Singapore investors can now gain exposure to SpaceX (SGX: UXSD), Sea (SGX: UGGD) and Grab (SGX: UGBD) directly through the Singapore Exchange - and trade them in Singapore dollars during local market hours.
The 3 counters begin trading on 22 July 2026 as SGX’s first Singapore Depository Receipts linked to US-listed shares.
It is a meaningful milestone for SGX. More importantly, it gives local investors another way to access three very different growth stories: space and artificial intelligence, Southeast Asian e-commerce, and the region’s everyday digital-services ecosystem.
The quick takeaway: The SDRs make access easier, but they do not automatically make the underlying shares more attractive. Investors still need to evaluate the businesses, valuations, liquidity and currency exposure.
What exactly is an SDR?
A Singapore Depository Receipt is a security traded on SGX that represents an interest in shares listed on an overseas exchange.
Instead of opening a separate overseas-market position and converting Singapore dollars into US dollars, investors can trade the SDR through participating local brokers in SGD during SGX trading hours.
The initial entitlement ratios are:
SpaceX SDR: roughly 10 SDRs represent one underlying SpaceX share, based on SGX’s June 2026 pricing (SpaceX SDR ~S$22 vs. ~S$221 for the underlying share).
Sea SDR: roughly 5 SDRs represent one underlying Sea share, based on SGX’s June 2026 pricing (Sea SDR ~S$24 vs. ~S$124 for the underlying share).
Grab SDR: SGX has not published a reference conversion ratio for the Grab SDR (UGBD) in its investor materials, unlike the Sea and SpaceX examples below — check the SDR programme disclosure document on sgx.com for the exact figure before trading.
These ratios allow higher-priced US shares to be divided into smaller, more accessible units. SGX has also set a minimum trade size of just 10 US SDR units per trade, and — unlike a US ADR — the SDR structure carries no recurring annual ADR fees, no FX charges, and no custody fees for investors holding through a direct CDP account.
SDR vs. underlying share pricing, as at June 2026. Source: SGX Group.
However, trading in SGD does not remove economic exposure to the US dollar. The value of each SDR will still be influenced by the underlying US share price, the USD/SGD exchange rate and the applicable conversion ratio.
Why this launch matters for Singapore investors
Until now, SGX-listed SDRs mainly offered exposure to companies from Thailand, Hong Kong and Indonesia. Adding US-listed companies expands the product into the world’s largest equity market.
SGX now offers 38 SDRs across four markets: 22 from Hong Kong, 10 from Thailand, 3 from Indonesia and 3 from the US. Investor activity has also been building — average daily SDR turnover reached about S$13 million in the first half of 2026, more than tripling year on year with a record high in retail participation, and SDR assets under management have crossed S$280 million (+153% year on year), with retail investors accounting for more than 80% of holdings.
SDR turnover, AUM and top holdings. Source: SGX Group.
The main benefits are straightforward:
Convenience: Trade through a familiar local brokerage account.
SGD settlement: No manual foreign-currency conversion is needed for each transaction.
Local trading hours: Investors do not need to stay awake for the US market session.
Smaller entry size: The SDR ratios may make expensive shares easier to access.
Bernice Tan of SGX Group’s Securities Market & Depository unit framed the launch as part of a broader push to widen access: “The introduction of our inaugural US SDRs marks another important milestone in our efforts to bring global investment opportunities closer to home…
By minimising traditional pain points such as foreign exchange friction and overseas market complexities, investors can conveniently build a globally diversified portfolio in SGD within a familiar trading environment.”
Luke Lim, Managing Director at PhillipCapital (the SDR issuer), added: “The new SDRs offer a unique mix of household names that are highly relevant to our regional economy, alongside pioneers in high-growth sectors. This balance of daily familiarity and global relevance makes international investing much more approachable and convenient for Singapore investors.”
But convenience should never replace business analysis. Here is how the three underlying companies compare.
1. SpaceX: The biggest story—and the biggest uncertainty
SpaceX is easily the headline name of the launch.
The company sits at the intersection of reusable rockets, satellite internet, defence-related infrastructure and artificial intelligence. Starlink provides the recurring-revenue engine, while launch services and Starship offer potentially much larger long-term opportunities.
SpaceX completed its blockbuster US listing in June 2026. Yet the early share-price performance has also shown how quickly excitement can turn into volatility. The stock recently traded below its US$135 IPO price after launch delays and concerns over execution.
What investors may like
A hard-to-replicate competitive position: SpaceX has built launch infrastructure, engineering capabilities and a satellite network that would be extremely expensive for a new competitor to reproduce.
Starlink’s recurring model: Subscription revenue can make the business less dependent on one-off rocket launches.
Multiple growth engines: Commercial launches, government contracts, satellite connectivity and future space infrastructure could expand its addressable market.
What could go wrong
Valuation risk: Much of the long-term promise may already be reflected in the company’s enormous market value.
Technical and regulatory risk: Delays, launch failures or tighter regulatory scrutiny can affect timelines and investor sentiment.
Newly listed volatility: SpaceX has limited history as a public company, and its first quarterly results as a listed business are only due in August.
Key-person and governance risk: Elon Musk’s involvement across several companies may create questions over management attention and related-party decisions.
My view: SpaceX offers the most exciting narrative, but it is also the hardest of the three to value with confidence. Investors may consider watching the company’s first public earnings report, cash-generation profile and capital-spending requirements before forming a stronger conclusion.
2. Sea: The strongest growth profile today
Sea is the parent company of Shopee, digital-financial-services platform Monee and gaming business Garena.
Unlike the newly listed SpaceX, Sea already has a longer public-market record and clearer financial evidence behind its growth story.
In the first quarter of 2026, Sea’s revenue rose 46.6% year on year to US$7.1 billion. Gross profit increased 40.7% to US$3.1 billion, while adjusted EBITDA reached US$1.0 billion.
This combination of rapid growth and meaningful profitability is important. Sea is no longer merely asking investors to fund market-share expansion—it is showing that scale can translate into earnings.
What investors may like
Shopee’s regional scale: The platform benefits from a broad merchant and consumer ecosystem across Southeast Asia and other markets.
Improving monetisation: Advertising, transaction fees, logistics services and financial products can lift revenue per user.
Three complementary businesses: E-commerce, digital finance and gaming create more than one path to growth.
Proven profitability: Sea generated US$1.6 billion of net income for the full year of 2025, compared with US$447.8 million in 2024.
What could go wrong
Competition remains intense: Shopee competes with TikTok Shop, Lazada and local platforms that may use discounts or subsidies to gain users.
Investment could pressure margins: Management is reinvesting to strengthen its competitive position, so earnings growth may not move in a straight line.
Garena can be unpredictable: Gaming revenue depends heavily on player engagement and the performance of key titles.
Financial-services credit risk: Faster lending growth may create higher losses if underwriting discipline weakens.
My view: Sea currently presents the clearest combination of high revenue growth, established regional leadership and improving profitability. Among the three, it may be the easiest business to analyse using conventional financial metrics—but valuation still matters after a strong operational recovery.
3. Grab: The most familiar—and increasingly profitable
Grab’s ecosystem spans mobility, deliveries, payments, advertising and financial services across Southeast Asia. Image: Wikimedia Commons.
Grab is probably the most familiar company to Singapore readers. Its app is deeply embedded in daily life through ride-hailing, food delivery, payments, advertising and financial services.
The company’s investment case has changed significantly from its loss-making early years.
Grab’s first-quarter 2026 revenue grew 24% year on year to US$955 million, while on-demand gross merchandise value rose 24% to US$6.1 billion. Adjusted EBITDA increased 46% to US$154 million, and the company recorded a quarterly profit of US$120 million.
Grab also ended 2025 with its first full year of net profit and more than 50 million monthly transacting users.
What investors may like
A powerful regional network: More drivers, merchants and users can improve availability and reinforce the platform.
Several monetisation levers: Advertising, subscriptions and financial services may increase margins beyond core delivery and mobility fees.
Improving operating leverage: Revenue is growing faster than several cost categories, supporting higher profitability.
Strong balance-sheet flexibility: Grab reported US$5.0 billion of net cash liquidity at the end of March 2026 and has an active share-repurchase programme.
What could go wrong
Thin underlying economics: Ride-hailing and food delivery remain competitive businesses with sensitivity to driver incentives and consumer prices.
Regulatory pressure: Changes affecting gig-worker benefits, commissions or transport rules could raise costs.
Financial-services risk: Lending can improve monetisation but introduces credit losses and additional regulation.
Execution across many services: A broad ecosystem is valuable only if each segment contributes sustainable returns.
My view: Grab offers a more mature turnaround story than many investors may realise. Its growth is slower than Sea’s, but the improving cash flow, profitability and balance sheet make it increasingly investable on fundamental grounds rather than merely on future potential.
Which US SDR stands out?
The three SDRs offer very different business models, growth paths and risk profiles.
Based purely on current business evidence, Sea appears to have the strongest growth profile, while Grab offers the clearest profitability-turnaround angle.
SpaceX may have the largest long-term upside narrative, but it also carries the widest range of possible outcomes and the least public operating history.
That does not make one counter universally better. The right choice depends on whether an investor prioritises proven financial momentum, a regional platform turnaround or exposure to frontier technology.
Four SDR risks investors should not overlook
The SDR wrapper improves access, but investors still face liquidity, currency, tracking and valuation risks.
Price-tracking differences
The SDR price may not perfectly mirror the underlying US share at every moment, particularly because SGX and US trading hours do not overlap fully.Liquidity and spreads
Lower trading activity can result in a wider gap between the price buyers offer and sellers request.Currency exposure remains
Although transactions settle in SGD, movements in USD/SGD can still affect the SDR’s value.Issuer and product terms
Investors should understand the SDR ratio, fees, corporate-action treatment and the role of Phillip Securities as the SDR issuer.
The bottom line
Access creates opportunity, but disciplined analysis determines whether an investment belongs in the portfolio.
SGX’s first US SDRs are a positive step for Singapore’s capital market. They reduce friction and make three prominent US-listed companies more accessible to local investors.
But the SDR wrapper does not change the fundamentals of the underlying businesses.
Sea must keep growing while protecting margins. Grab must prove that its improving profitability is durable. SpaceX must justify a huge valuation while executing some of the world’s most ambitious engineering projects.
Practical takeaway: Treat each SDR as a convenient access route—not a separate investment thesis. Start with the underlying company, assess its valuation and risks, and then compare whether the SGX SDR or the US-listed share offers the more suitable trading experience.
This article is for education and general information only. It does not take into account any individual’s objectives, financial situation or needs.
Cheers,
James Yeo
Founder, InvestKaki