Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Analysts gain confidence in DFI's retail outlook after first investor day.</li><li>DBS downgrades Sheng Siong to 'hold' after share price gains from SG60 vouchers.</li><li>Tickrs Financial rates Nanofilm as 'buy' with a target price of 75 cents.</li></ul>

Analysts gain confidence in DFI's retail outlook after first investor day.DBS downgrades Sheng Siong to 'hold' after share price gains from SG60 vouchers.Tickrs Financial rates Nanofilm as 'buy' with a target price of 75 cents.

Singapore Market Roundup (05-Dec-2025): Analysts boost confidence in DFI's retail outlook

Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

<ul>
<li>Singapore’s stunning economic performance this year, led by strong exports and resilient domestic consumption, masks concerns over the impact of AI, tariffs and other challenges. </li>
<li>Government efforts to hedge industrial bets and trade relations, as well as enhance indigenous capacity by reallocating resources, provide some buffer against these issues. </li>
<li>Yet, the volatility of flows that comes with being a hub and the instability of the South China Sea are deeply intertwined with Singapore’s economic model. </li>
</ul>


Singapore’s stunning economic performance this year, led by strong exports and resilient domestic consumption, masks concerns over the impact of AI, tariffs and other challenges. 
Government efforts to hedge industrial bets and trade relations, as well as enhance indigenous capacity by reallocating resources, provide some buffer against these issues. 
Yet, the volatility of flows that comes with being a hub and the instability of the South China Sea are deeply intertwined with Singapore’s economic model. 


Singapore Economics: Strategic Responses to a Changing Global Order

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Bank Negara Indonesia Persero / Equity Bottom-Up

PT Bank Negara Indonesia (Persero) Tbk is a state-owned bank that conducts commercial and consumer banking services.

<ul><li>We forecast a modest net profit growth of 1.8% yoy in FY26F on lower NIM, driven by softer EA yield amid lower rate and tight competition.</li><li>We expect a slight increase in CoC of 1.1% in FY26F driven by higher portion of riskier segments and cautious stance in micro and consumer.</li><li>We roll forward our valuation to FY26F with an ROE of 11.8% and CoE of 11.9%, resulting in a lower TP of Rp4,700, i.e., maintain BUY rating.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We forecast a modest net profit growth of 1.8% yoy in FY26F on lower NIM, driven by softer EA yield amid lower rate and tight competition.We expect a slight increase in CoC of 1.1% in FY26F driven by higher portion of riskier segments and cautious stance in micro and consumer.We roll forward our valuation to FY26F with an ROE of 11.8% and CoE of 11.9%, resulting in a lower TP of Rp4,700, i.e., maintain BUY rating.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Negara Indonesia (BBNI.IJ) Cautious View on NIM Despite Cost of Fund Improvements

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Impack Pratama Industri Tbk / Equity Bottom-Up

Impack Pratama Industri Tbk PT produces plastic products in Asia and distributes them worldwide. The Company and it's subsidiaries manufacture building material plastics, PVC products, and fiberglass roofing, among other products.

<ul>
 <li>
Dominant Market Leader with Strong Growth: Impack Pratama is a clear leader in the Indonesian plastic building materials sector, holding an estimated 90% market share in polycarbonate roofing and 70% in uPVC roofing. This dominance is translating into exceptional financial performance, with 3-year CAGRs for revenue and net income at 20.30% and 36.94%, respectively.</li>
 <li>
Favorable Industry Tailwinds: The Indonesian construction market is poised for steady growth, driven by government infrastructure spending, urbanization, and a rising middle class. Projections indicate a market expansion of 5.48% to 7.50% annually, creating a robust demand environment for IMPC's products.</li>
 <li>
Premium Valuation Reflects Quality, But Poses Risk: The company's strong performance and market position command a high valuation, with a P/E ratio of 37.2x. While justified by its growth trajectory, this premium makes the stock susceptible to shifts in market sentiment and earnings disappointments. The low dividend yield and inconsistent payout history may also deter income-focused investors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Market Leader with Strong Growth: Impack Pratama is a clear leader in the Indonesian plastic building materials sector, holding an estimated 90% market share in polycarbonate roofing and 70% in uPVC roofing. This dominance is translating into exceptional financial performance, with 3-year CAGRs for revenue and net income at 20.30% and 36.94%, respectively.
  
Favorable Industry Tailwinds: The Indonesian construction market is poised for steady growth, driven by government infrastructure spending, urbanization, and a rising middle class. Projections indicate a market expansion of 5.48% to 7.50% annually, creating a robust demand environment for IMPC's products.
  
Premium Valuation Reflects Quality, But Poses Risk: The company's strong performance and market position command a high valuation, with a P/E ratio of 37.2x. While justified by its growth trajectory, this premium makes the stock susceptible to shifts in market sentiment and earnings disappointments. The low dividend yield and inconsistent payout history may also deter income-focused investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Impack Pratama Industri Tbk (IMPC IJ) - Dec 2025

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

SGX Technically Specified Rubber 20 (TSR20) Futures: Effective from 16th May 2011, this contract will be migrated from SICOM platform to the SGX-DT platform. It will cease trading on SICOM at the close of business day Friday, 13th May 2011. Trading hours are revised as 7.55am to 6.00pm (no lunch break). Please refer to SGX products website for the new revised contract specifications. Exchange symbol: TF. Product Specifications: https://www2.sgx.com/derivatives/products/sicom-rubber?cc=TF

Highlights
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ENSO Conditions to be Neutral to Negative, But Not Falling to La Nina
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Session at COP30 Focuses on Smallholders in Climate Action
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 Integrating Climate Resilience into Production Systems Not Optional Dr. S. Abhilash, Director, Advanced Centre for Atmospheric Radar Research, Cochin University of Science and Technology, Kochi, India, warns the Indonesia and Malaysia regions of above normal rainfall in December that can impact rubber supply as well.
</li>
</ul>

Highlights


ENSO Conditions to be Neutral to Negative, But Not Falling to La Nina


Session at COP30 Focuses on Smallholders in Climate Action


 Integrating Climate Resilience into Production Systems Not Optional  Dr. S. Abhilash, Director, Advanced Centre for Atmospheric Radar Research, Cochin University of Science and Technology, Kochi, India, warns the Indonesia and Malaysia regions of above normal rainfall in December that can impact rubber supply as well.



Weather Portends Both Hope and Concern in Southeast Asia in Dec