Singapore may be better known as a financial and tech hub, but manufacturing companies in Singapore are still one of the key pillars of the economy. Manufacturing contributes around 20% of GDP and employs roughly 12–13% of the workforce, with major strengths in electronics, biomedical sciences, chemicals and precision engineering.

For Singaporean investors, that means two things:

• There is a deep ecosystem of SGX-listed manufacturing stocks with global customer bases.
• Many of the world’s largest manufacturers (especially in semiconductors and industrials) are easily accessible via US markets.

In this guide, we’ll break down the main manufacturing industries in Singapore and their macro backdrop, highlight key SGX-listed manufacturing companies and global manufacturing leaders, and share practical ways to analyse and use manufacturing stocks in your portfolio. We’ll also cover how you can buy SGX- and US-listed manufacturing names via a multi-market broker, helping you understand how manufacturing can play a role in your portfolio.

Invest in the Manufacturing Industry with Syfe Brokerage

Whether you’re looking at manufacturing companies on SGX or the US markets, you can access them all in one place with Syfe Brokerage. Trade SGX and US stocks and ETFs from a single platform, fund in SGD and auto-convert seamlessly when you need to.

Stay in control of your own decisions with a MAS-regulated service and transparent pricing—so you can build and manage your manufacturing exposure more easily across markets.

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Table of Content

• Why Manufacturing Still Matters to Singapore’s Economy
• Key Manufacturing Industries in Singapore Today
• How to Think About Investing in Manufacturing Companies
• Deep Dive into Major SGX Manufacturing Companies
• Beyond SGX: Global Manufacturing Leaders Accessible From Singapore
• Key Risks When Investing in Manufacturing Industries in Singapore
• How Manufacturing Stocks Can Fit into Your Portfolio
• Invest in Manufacturing Companies Via Syfe Brokerage
• Quick Takeaways
• Conclusion
• Frequently Asked Questions (FAQs)

Why Manufacturing Still Matters to Singapore’s Economy

Singapore’s manufacturing sector is not about low-value assembly. It has evolved into a hub for high-tech, capital-intensive production:

• Manufacturing contributes about 20% of Singapore’s GDP and supports more than 12% of local jobs.
• Electronics manufacturing is considered the “bedrock” of the sector, contributing roughly 8% of GDP and around 20% of total manufacturing jobs.

Singapore has also set a “Manufacturing 2030” vision to grow manufacturing value-add by 50% from 2020 to 2030, focusing on advanced and higher-value activities rather than cheap labour.

Semiconductors now drive the cycle

After a 4.2% contraction in manufacturing in 2023, the sector rebounded in 2024 as the global electronics cycle turned up, led by semiconductors. Semiconductors now account for nearly 40% of Singapore’s manufacturing output and around 7% of GDP.

Because of that, global chip demand, export controls and tariffs can have an outsized impact on Singapore’s manufacturing performance.

What this means for investors

For a Singaporean investor looking at manufacturing companies in Singapore:

• Macro-sensitive: Earnings are closely tied to capex cycles—the ups and downs in companies’ big equipment and factory spending that drive demand for semiconductor suppliers.
• Policy-supported: The government actively supports capital investment, R&D and talent in advanced manufacturing, including Industry 4.0, robotics and additive manufacturing.
• Stock opportunities: SGX hosts a mix of defensive engineering names and higher-beta semiconductor plays, while US markets provide access to global industrial and semiconductor giants.

Key Manufacturing Industries in Singapore Today

Electronics and semiconductors

Electronics and semiconductors are at the core of manufacturing industries in Singapore:

• Singapore is a major hub for wafer fabs, back-end packaging, testing and high-value electronics components.
• The semiconductor industry alone contributes around 7% of GDP and is the backbone of Singapore’s electronics manufacturing output.

On SGX, most semiconductor-related names sit in the supply chain for global chipmakers rather than designing chips themselves.

Biomedical and pharmaceuticals

Singapore is a significant manufacturing base for global pharma brands and medical device makers:

• Facilities here produce several of the world’s top-selling drugs by global revenue and make Singapore a leading exporter of biomedical products.
• The segment benefits from long product lifecycles, high regulatory barriers and stable long-term demand for healthcare.

Most large biomedical plants are run by multinationals (e.g. Pfizer, AbbVie, Medtronic). Local SGX manufacturing stocks often benefit indirectly as precision engineering and contract manufacturers supply into these value chains.

Precision engineering and advanced manufacturing

Precision engineering underpins many other manufacturing industries in Singapore:

• Firms create high-precision metal parts, tooling, optical components and equipment modules for semiconductors, medical devices, aerospace and more.
• Singapore is pushing deeper into Industry 4.0—smart factories, sensors, data-driven automation and robotics—supported by government initiatives and R&D grants.

This is where many listed names like Micro-Mechanics, UMS, AEM and Nanofilm sit—supplying specialised parts and equipment instead of consumer products.

Chemicals, energy and process industries

Singapore is also a major petrochemicals and specialty chemicals hub:

• Jurong Island hosts over 100 global energy and chemicals companies and is central to Singapore’s energy & chemicals sector.

Among listed names, Sembcorp Industries (U96) is more of an energy and industrial solutions provider, but its customers include refineries, chemical plants and industrial parks across the region.

For stock pickers, this broader cluster often offers:

• Relatively stable cash flows from long-term contracts.
• Sensitivity to commodity prices, decarbonisation policies and industrial demand.

How to Think About Investing in Manufacturing Companies

Cyclical vs structural growth

Most manufacturing stocks in Singapore are cyclical:

• Earnings rise when global demand and exports are strong (e.g. electronics upcycles, infrastructure spending, auto demand).
• Earnings fall when customers cut orders or run down inventories.

But within that, there are structural trends:

• Semiconductors benefiting from AI, cloud computing, 5G, EVs and industrial automation.
• Medical devices and pharma supported by ageing populations and rising healthcare spending.
• Smart factories and advanced manufacturing as labour costs rise and companies digitalise their production processes.

Practical investor lens

For a Singaporean investor:

• Higher-beta plays (stocks that tend to rise more in upcycles but fall more in downturns):
  Semiconductor-linked names like UMS, AEM, Micro-Mechanics and Nanofilm tend to be more volatile, but can outperform sharply in chip upcycles.
• Defensive industrials:
  Broader engineering names such as ST Engineering provide more stable earnings backed by defence, infrastructure and smart-city contracts.
• Global diversification:
  Adding US-listed global manufacturers (e.g. TSMC, Texas Instruments, Caterpillar, 3M) helps diversify across currencies, policy regimes and demand drivers.

A simple way to think about exposure:

1. Decide how much of your equity portfolio you want in cyclical sectors like manufacturing industries in Singapore and abroad.
2. Use defensive industrials (ST Engineering, diversified US industrials) as anchors.
3. Add semiconductor and precision engineering names in smaller weights for growth.
4. If you prefer simplicity, complement a broad global ETF with a handful of manufacturing stocks you understand well.

Deep Dive into Major SGX Manufacturing Companies

Below are some of the more widely followed manufacturing companies in Singapore and how they compare on key metrics. Figures are approximate and based on latest available FY2024 disclosures.

1) ST Engineering (S63) – Defence, aerospace and smart cities

Business profile

ST Engineering is a global technology, defence and engineering group with three main segments: Defence & Public Security, Commercial Aerospace, and Urban Solutions & Satcom. It supplies everything from aircraft maintenance and freighter conversions to smart city platforms and mission-critical defence systems.

Key metrics (FY2024)

• Revenue: ~S$11.3bn
• Net profit: ~S$702m
• Order book: ~S$28.5bn
• Dividend: about 4% based on late-2024 prices

Why investors watch it

• Scale & diversification: One of the largest companies on SGX by market cap (mid-20s billion), with operations and customers globally.
• Defensive earnings: Long-term defence and infrastructure contracts provide steady recurring revenue, even when export-oriented manufacturing slows.
• Quality profile: Strong order book visibility, rising dividends and high return on equity.

Investor takeaway

• For many Singapore investors, ST Engineering is an anchor industrial stock: it offers exposure to manufacturing, aerospace and smart-city themes with lower volatility than pure semiconductor plays.

2) Venture Corporation (V03) – Diversified electronics manufacturing services

Business profile

Venture is a global electronics manufacturing services (EMS) and technology solutions provider. It designs, engineers and manufactures products for sectors such as life sciences, instrumentation, networking, retail automation and industrial technologies.

Key metrics (FY2024)

• Revenue: ~S$2.7bn
• Net profit: ~S$245m
• Dividend yield: typically around 4–5%, with a long history of consistent dividends

Investor takeaway

• Venture offers diversified exposure to high-value electronics demand without being tied to a single end-product.
• Its mix of customers and industries can help smooth cycles compared to more concentrated chip-equipment suppliers.
• For income-oriented investors, the combination of net-cash balance sheet and steady dividends makes Venture one of the more mature manufacturing stocks in Singapore.

3) UMS Integration (558) – Semiconductor equipment supplier with aerospace upside

Business profile

UMS Integration (formerly UMS Holdings) supplies integrated equipment and precision components mainly for the semiconductor industry, alongside a growing aerospace business.

Key metrics (FY2024)

• Revenue: ~S$242m (-19% year-on-year as the chip cycle cooled)
• Net profit: ~S$40–41m (-32% year-on-year)
• Dividend: continues quarterly dividends; forward yield typically in the 3–4% range over the cycle

Investor takeaway

• UMS is highly geared to wafer-fab and semiconductor equipment capex. When foundries invest heavily, its earnings and share price can move quickly.
• The aerospace segment provides some diversification, but the stock is still primarily a semiconductor cycle play.

4) AEM Holdings (AWX) – System-level test solutions

Business profile

AEM designs and manufactures advanced system-level test (SLT) equipment and handlers for semiconductor companies, especially in high-performance computing and AI-related chips.

Risk profile

• AEM’s revenue has historically been concentrated in a single major customer, which broker research and public filings indicate contributes around 60% of group revenue in some years.
• This concentration can amplify both upside and downside:
  • When that customer invests in new platforms, earnings can surge.
  • When they cut capex or delay programmes, revenue and profits can fall sharply.

Key metrics & investor takeaway

• Revenue is cyclical and can be lumpy; the company often reinvests profits into R&D and capacity.
• Dividend yield is currently low or near-zero, so returns are mainly from potential capital gains rather than income.
• AEM is best suited for investors who understand semiconductor test trends and are comfortable with higher volatility.

5) Micro-Mechanics (5DD) – Niche precision tooling with steady income

Business profile

Micro-Mechanics manufactures precision consumable tools and parts for back-end semiconductor processes such as chip assembly, packaging and testing. It sells globally to major chip manufacturers.

Key metrics (FY2024)

• Revenue: ~S$58m
• Net profit: ~S$8m
• Balance sheet: Debt-free, net cash
• Dividend: 6 cents per share in total for FY2024 (final + interim), implying a ~3–4% yield depending on share price

Investor takeaway

• Unlike capital equipment makers, Micro-Mechanics focuses on consumables, which customers need even when they are not buying new machines.
• That can translate into more recurring revenue and a smoother earnings profile over the cycle, making it attractive to investors who want semiconductor exposure with a bit more income stability.

6) Nanofilm Technologies (MZH) – Advanced surface engineering

Business profile

Nanofilm provides advanced materials and nano-engineering surface solutions used in smartphones, wearables, automotive and industrial applications.

Key metrics (FY2024)

• Revenue: ~S$204m (up ~15% year-on-year)
• Net profit (PATMI): ~S$7.5–8m
• Cash: ~S$110m total cash balance
• Margins: gross margin around 37%; adjusted EBITDA margin ~25%

Investor takeaway

• Nanofilm operates in a technologically differentiated niche, but earnings can be sensitive to order flows from a relatively concentrated set of large electronics customers.
• It is more of a growth-oriented manufacturing stock in Singapore, with higher R&D and capex needs and a business still scaling up post-IPO.

Beyond SGX: Global Manufacturing Leaders Accessible From Singapore

Using a multi-market broker, Singapore investors can also access global manufacturing companies listed in the US and other markets. Holding a mix of SGX manufacturing stocks and global leaders can provide geographic and sector diversification.

1) TSMC (TSM) – The world’s leading foundry

Taiwan Semiconductor Manufacturing Company (TSMC) is the dominant global pure-play semiconductor foundry:

• Controlled roughly two-thirds (around 60–70%) of pure-play foundry revenue in recent years.
• Generated about US$90bn in revenue in 2024, up roughly 30–35% year-on-year, driven largely by AI-related chips.

TSMC manufactures advanced chips for companies like Apple, Nvidia and AMD, making it a central beneficiary of AI, data-centre and high-performance computing trends.

2) Texas Instruments (TXN) – Analogue chips for the real economy

Texas Instruments focuses on analogue and embedded processing chips, used in industrial equipment, autos and everyday electronics:

• 2024 revenue: around US$15.6bn, with analogue semiconductors contributing over US$12bn of that.

Analogue chips often have longer lifecycles and high margins, but TI still faces cycles in industrial and auto demand.

3) Caterpillar (CAT) & 3M (MMM) – Heavy equipment and diversified industrials

• Caterpillar is a global leader in construction and mining equipment, engines and energy systems, with 2024 sales and revenues of about US$64.8bn and strong operating margins above 20%.
• 3M is a diversified industrial and materials company; 2024 net sales were about US$23.6bn, with a focus on core industrial, safety and electronics markets after portfolio reshaping.

Both CAT and MMM offer:

• Exposure to global capex and infrastructure cycles
• Long histories of dividends and buybacks, appealing to total-return investors

Key Risks When Investing in Manufacturing Industries in Singapore

Global demand, tariffs and supply-chain shifts

Manufacturing companies in Singapore are heavily exposed to export demand and global supply chains.

• Recent years have shown how tariffs, export controls and trade tensions can disrupt semiconductor, chemicals and industrial supply chains.
• Singapore has set up taskforces and initiatives to bolster economic resilience and keep Jurong Island and key industrial clusters competitive amid decarbonisation and supply-chain re-shoring.

Input costs and capital intensity

Manufacturing is capital-intensive:

• Firms must keep investing in new equipment, facilities and R&D to stay competitive.
• Margins can be squeezed by raw material prices, energy costs and labour shortages.

Companies with strong balance sheets, good cost controls and pricing power are better placed to handle these pressures.

Company-specific risks

• Customer concentration: Names like AEM or certain contract manufacturers may rely heavily on a small number of big clients, making earnings more binary.
• Technology shifts: In semiconductors and advanced materials, processes can become obsolete quickly if a firm fails to keep up with R&D.
• Governance and capital allocation: Acquisition strategy, dividend policy and how management reinvests cash all matter greatly for long-term returns.

How Manufacturing Stocks Can Fit into Your Portfolio

For a Singaporean investor, manufacturing stocks can play several roles. Note that the below examples are illustrative and should not be taken as personalised recommendations. Always size your positions according to your own risk tolerance, investment horizon and overall portfolio diversification.

• Core industrial exposure:
  • Use ST Engineering and Venture as core holdings if you want stable, dividend-paying industrial exposure to global customers.
• Cyclical growth:
  • Add UMS, AEM, Micro-Mechanics and Nanofilm for more cyclical, higher-growth exposure tied to the semiconductor and advanced materials cycle.
• Global diversification:
  • Layer in TSMC, Texas Instruments, Caterpillar, 3M for exposure to global capex, AI, data-centres and infrastructure spending.

If you like the long-term story for manufacturing but prefer diversification over stock-picking, sector ETFs can be another way to get exposure.

• Global industrials ETFs such as the iShares Global Industrials ETF (EXI) invest in a broad basket of industrial and manufacturing companies worldwide, while the Industrial Select Sector SPDR Fund (XLI) focuses on leading US industrial names across aerospace, machinery, transportation and other sub-sectors. 
• For semiconductor-specific exposure, US-listed funds like the iShares Semiconductor ETF (SOXX) or VanEck Semiconductor ETF (SMH) bundle together major chip designers, manufacturers and equipment makers into a single trade. You can learn more about semiconductor ETFs in our article here.

A simple framework:

1. Decide your risk budget for cyclical sectors like manufacturing and semiconductors.
2. Anchor with defensives (ST Engineering, diversified US industrials).
3. Add cyclical names in smaller weights, understanding they will be more volatile.
4. If you’re unsure, start with ETFs tracking global industrials or semiconductors, then add a few individual names you’re comfortable researching.

Invest in Manufacturing Companies via Syfe Brokerage

With Syfe Brokerage, Singapore-based investors can access both SGX and US-listed manufacturing stocks and ETFs in a single app:

• SGX-listed manufacturing companies in Singapore such as ST Engineering, Venture, UMS, AEM, Micro-Mechanics and Nanofilm
• US-listed global manufacturers including TSMC (via ADR), Texas Instruments, Caterpillar and 3M
• Sector ETFs such as the iShares Global Industrials ETF (EXI), Industrial Select Sector SPDR Fund (XLI), and iShares Semiconductor ETF (SOXX). 

Within Syfe Brokerage:

• Open and fund your account in SGD. Syfe’s auto-FX functionality converts your SGD to USD at order time to complete the trade — no extra manual FX conversion step required.
• Search for your chosen manufacturing stocks/ETFs by ticker or company name across SGX and US markets.
• Decide how much to invest and place your order.
  • For SGX-listed names, Syfe’s odd-lot trading functionality allows you to buy and sell in quantities smaller than the standard board 100-lot, offering greater accessibility and control.
  • For US names, Syfe’s fractional trading lets you start with smaller amounts instead of buying a full share.
• Track your holdings, dividends and portfolio allocation in one place.

This makes it easier to build and manage a multi-market manufacturing portfolio without juggling multiple brokers.

Quick Takeaways

• Manufacturing remains a core pillar of Singapore’s economy, contributing around 20% of GDP and over 12% of employment, with electronics and semiconductors at the centre.
• The semiconductor industry in Singapore accounts for nearly 40% of manufacturing output and about 7% of GDP, so global chip cycles matter a lot for local manufacturing stocks.
• SGX offers a spectrum of manufacturing companies in Singapore, from defensive names like ST Engineering and Venture to higher-beta semiconductor plays like UMS, AEM, Micro-Mechanics and Nanofilm.
• Global leaders such as TSMC, Texas Instruments, Caterpillar and 3M complement Singapore names and can be accessed via US markets from Singapore.
• Manufacturing stocks are cyclical; expect earnings and share prices to move with global demand, trade policy and capex cycles. Position sizes should reflect your risk tolerance and time horizon.

Conclusion

Manufacturing often operates in the background of Singapore’s economy, but it remains a critical driver of GDP, exports and high-value jobs. For investors, manufacturing companies in Singapore offer a tangible link between the real economy and the stock market.

On SGX, you can choose between defensive engineering champions like ST Engineering and Venture which provide scale, diversification and dividends, and higher-growth semiconductor and precision engineering names such as UMS, AEM, Micro-Mechanics and Nanofilm, which are more volatile but offer greater upside in strong chip cycles.

Globally, adding manufacturers like TSMC, Texas Instruments, Caterpillar and 3M allows you to tap into AI, industrial automation, infrastructure and long-cycle capex stories that go beyond the domestic economy.

The key is to:

1. Recognise that manufacturing is cyclical, with earnings tied to global demand, trade policy and technology shifts.
2. Focus on business quality, balance-sheet strength, order book visibility and long-term trends, not just short-term news.
3. Use manufacturing stocks as one part of a diversified portfolio, balancing income-generating names with higher-growth cyclicals.

Frequently Asked Questions (FAQs)

1. Are manufacturing companies in Singapore still attractive, given the shift to services?
Yes. While services have grown, manufacturing industries in Singapore remain a strategic pillar backed by long-term government plans like Manufacturing 2030, which aims to grow manufacturing value-add by 50% between 2020 and 2030 and keep its GDP share around 20%.

The focus has shifted from low-cost assembly to advanced manufacturing in semiconductors, biomedical sciences, precision engineering and specialty chemicals—areas where Singapore has strong infrastructure and talent.

2. What makes Singapore semiconductor stocks different from US chipmakers?
Most Singapore semiconductor-related stocks (UMS, AEM, Micro-Mechanics, Nanofilm) are upstream suppliers of equipment, tools or materials, rather than designers of consumer chips:

• They often rely on a few large global customers and are heavily tied to capex cycles (e.g. new fabs, test platforms, equipment upgrades).
• Their earnings tend to be more cyclical and sensitive to order flows.

In contrast, many US chipmakers (e.g. Nvidia, AMD, some analogue designers) are IP- and design-heavy, with different margin structures and risk profiles. Singapore semiconductor suppliers can still be attractive but are best sized appropriately within a diversified portfolio.

3. How can I compare dividend potential across manufacturing stocks?
To compare dividend potential across manufacturing stocks in Singapore:

• Look at dividend yield (current income as a % of share price)
• Check the payout ratio (what share of earnings is paid out)
• Review the track record (years of uninterrupted dividends and how payouts behaved in past downturns)

Always remember that yields move with share price; use them together with business quality and balance-sheet strength.

4. Are manufacturing stocks suitable for beginners?
They can be, if you start simple. You may consider to:

• Begin with more diversified, defensive names like ST Engineering or global industrials (Caterpillar, 3M) rather than highly cyclical single-customer plays.
• Keep semiconductor suppliers (UMS, AEM, Nanofilm, Micro-Mechanics) as smaller satellite positions until you understand how chip cycles work.
• Ensure manufacturing is just one part of a diversified portfolio that also includes sectors like financials, consumer, REITs and global index funds.

5. How do I buy US manufacturing stocks from Singapore?
To buy US-listed manufacturing companies (e.g. TSM, TXN, CAT, MMM) from Singapore:

1. Open a multi-market brokerage account such as Syfe Brokerage.
2. Fund the account in SGD. With Syfe, our brokerage platform will handle FX conversion to USD when you place US trades.
3. Search for tickers like TSM, TXN, CAT, MMM and place your buy or sell orders.
4. Take note of US dividend withholding tax.

This approach lets you combine manufacturing companies in Singapore with global manufacturing leaders in a single portfolio.