Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Yoma Strategic's core earnings and cash flow come from its property business, says PhillipCapital.</li><li>Macquarie upgrades Sembcorp to 'outperform' and raises price target.</li><li>PhillipCapital downgrades Sats to 'neutral' but raises TP after removing exemption.</li></ul>

Yoma Strategic's core earnings and cash flow come from its property business, says PhillipCapital.Macquarie upgrades Sembcorp to 'outperform' and raises price target.PhillipCapital downgrades Sats to 'neutral' but raises TP after removing exemption.

Singapore Market Roundup (19-Dec-2025): Yoma Strategic's earnings stem from its property business.

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

Jumbo Group Ltd is a seafood restaurant group offering multiple dining concepts catering to all types of consumers.  The Company offers restaurants in Singapore, China, and Japan.

<ul>
<li>Jumbo Group Limited is a leading Singapore-based multi-concept F&amp;B operator, renowned for its flagship JUMBO Seafood brand.</li>
<li>With a presence in Singapore and the PRC, Jumbo is expanding regionally through an asset-light franchise model in Vietnam, Thailand, Cambodia, Taiwan, Japan and South Korea.</li>
<li>As one of Singapore’s most recognizable F&amp;B operators, Jumbo Group manages a diverse portfolio from the premium, tourism-driven JUMBO Seafood to scalable mass-market concepts.</li>
</ul>


Jumbo Group Limited is a leading Singapore-based multi-concept F&amp;B operator, renowned for its flagship JUMBO Seafood brand.
With a presence in Singapore and the PRC, Jumbo is expanding regionally through an asset-light franchise model in Vietnam, Thailand, Cambodia, Taiwan, Japan and South Korea.
As one of Singapore’s most recognizable F&amp;B operators, Jumbo Group manages a diverse portfolio from the premium, tourism-driven JUMBO Seafood to scalable mass-market concepts.


Jumbo Group Limited: FY2025 Earnings Reset Ahead of Efficiency-Driven Rebound

Asian Economist

Kok Peng Chan

Macroeconomics

<ul>
<li>China’s low consumption ratio is driven by structural constraints—stagnant labour income, early and rapid household leverage, heavy debt burdens, declining workforce and persistent precautionary saving</li>
<li>Such constraints on household consumption mean recent policy announcements to expand overall domestic demand will take longer than expected to deliver a durable consumption-driven Chinese economy</li>
<li>China’s ten-year bond yield appears to recognise this reality, pricing in persistently weak nominal growth and subdued domestic demand rather than a consumption-driven reacceleration. It is now lower than Japan</li>
</ul>


China’s low consumption ratio is driven by structural constraints—stagnant labour income, early and rapid household leverage, heavy debt burdens, declining workforce and persistent precautionary saving
Such constraints on household consumption mean recent policy announcements to expand overall domestic demand will take longer than expected to deliver a durable consumption-driven Chinese economy
China’s ten-year bond yield appears to recognise this reality, pricing in persistently weak nominal growth and subdued domestic demand rather than a consumption-driven reacceleration. It is now lower than Japan


China’s Consumption Push: Will It Take Off?

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Ever Glory United Holdings  / Equity Bottom-Up

Ever Glory United Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides mechanical and electrical engineering services. Ever Glory United Holdings serves customers in Singapore.

<ul><li>Company Update:17 December 2025 From niche contractor to integrated platform. Ever Glory United (EGU) has transformed from a mid-sized M&amp;E contractor into a diversified engineering group through two strategic acquisitions: Fire-Guard Engineering (February 2024) and Guthrie Engineering (GE) (July 2025).</li><li>The Guthrie transaction represents a significant milestone, adding S$312mn in orderbook and access to landmark projects previously beyond reach.</li><li>The combined entity now possesses the technical depth, licensing breadth, and track record to compete for Singapore’s largest infrastructure tenders.</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.

Company Update:17 December 2025 From niche contractor to integrated platform. Ever Glory United (EGU) has transformed from a mid-sized M&amp;E contractor into a diversified engineering group through two strategic acquisitions: Fire-Guard Engineering (February 2024) and Guthrie Engineering (GE) (July 2025).The Guthrie transaction represents a significant milestone, adding S$312mn in orderbook and access to landmark projects previously beyond reach.The combined entity now possesses the technical depth, licensing breadth, and track record to compete for Singapore’s largest infrastructure tenders.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.

Ever Glory United Holdings Ltd (EGUH SP/ZKX.SI): Building Scale Through Strategic Acquisitions

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
<ul>
<li dir="ltr" style="list-style-type: disc;" aria-level="1">
China’s share in total Thai exports shoot up to 40% in October
</li>
<li dir="ltr" style="list-style-type: disc;" aria-level="1">
US imports from Thailand nosedives amid manufacturing lull
</li>
<li dir="ltr" style="list-style-type: disc;" aria-level="1">
South Korea moves up and Japan moves down month-on-month
</li>
<li dir="ltr" style="list-style-type: disc;" aria-level="1">Heavy rainfall in early October—linked to the residual impact of Typhoon Matmo—disrupted tapping activity and tightened raw-material availability in key producing regions of Thailand. Flooding, reported in parts of the country during the second week of the month, reinforced supply concerns</li>
</ul>

Highlights


China’s share in total Thai exports shoot up to 40% in October


US imports from Thailand nosedives amid manufacturing lull


South Korea moves up and Japan moves down month-on-month

Heavy rainfall in early October—linked to the residual impact of Typhoon Matmo—disrupted tapping activity and tightened raw-material availability in key producing regions of Thailand. Flooding, reported in parts of the country during the second week of the month, reinforced supply concerns


Rains Pound Thailand in October, yet Exports Scale up Amid Price Support

Singapore
Research on Singapore

Singapore Market Roundup (19-Dec-2025): Yoma Strategic's earnings stem from its property business.

Yoma Strategic's earnings stem from property, while Macquarie upgrades Sembcorp to 'outperform.' PhillipCapital downgrades Sats to 'neutral' but...

Singapore Market Roundup

Jumbo Group Limited: FY2025 Earnings Reset Ahead of Efficiency-Driven Rebound

Jumbo Group Limited is a leading Singapore-based multi-concept F&B operator, renowned for its flagship JUMBO Seafood brand.

uSMART Securities

China’s Consumption Push: Will It Take Off?

This report shows why China’s consumption push faces structural limits, why rate cuts won’t work, and how delayed reform raises risks for equities,...

Kok Peng Chan

Ever Glory United Holdings Ltd (EGUH SP/ZKX.SI): Building Scale Through Strategic Acquisitions

The Guthrie transaction represents a significant milestone, adding S$312mn in orderbook and access to landmark projects previously beyond reach.

KGI Securities

Rains Pound Thailand in October, yet Exports Scale up Amid Price Support

Highlights China’s share in total Thai exports shoot up to 40% in October US imports from Thailand nosedives amid manufacturing lull South...

Helixtap