Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Lim &amp; Tan rates KSH Holdings as 'accumulate' with a target price of 51 cents.</li><li>RHB maintains ST Engineering's price target at $9.10 after record order wins.</li><li>Sembcorp faces softer 1HFY2025 earnings, but its long-term growth is stable, says UOBKH.</li></ul>

Lim &amp; Tan rates KSH Holdings as 'accumulate' with a target price of 51 cents.RHB maintains ST Engineering's price target at $9.10 after record order wins.Sembcorp faces softer 1HFY2025 earnings, but its long-term growth is stable, says UOBKH.

Singapore Market Roundup (27-Oct-2025): KSH Holdings rated 'accumulate' by Lim & Tan at 51 cents.

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul>
<li>Singapore recycled only ~5% of its plastic waste in 2023, about 48k tonnes out of ~918k tonnes generated (NEA 2024). </li>
<li>Most plastics are incinerated or exported because virgin resin remains cheaper than recycled material and contamination rates are high. </li>
<li>The sector’s economics are supported by regulation, not market forces. </li>
</ul>


Singapore recycled only ~5% of its plastic waste in 2023, about 48k tonnes out of ~918k tonnes generated (NEA 2024). 
Most plastics are incinerated or exported because virgin resin remains cheaper than recycled material and contamination rates are high. 
The sector’s economics are supported by regulation, not market forces. 


Offering Senior Secured Loans, Kilde

Kilde

Offering Senior Secured Loans

Kilde connects family offices, funds, and accredited investors to investment-ready private credit deals in developed and emerging markets. We offer senior secured loans from last-mile lending companies with strong capitalization, a healthy balance sheet, and a capable management team.

<ul>
<li>Singapore’s electricity market operates under a competitive framework designed to enhance efficiency and ensure a reliable power supply. </li>
<li>The key entities in this market include power generation companies (Gencos), the wholesale electricity market (WEM), the power grid operator, electricity retailers, and regulatory bodies.</li>
<li>Singapore’s power generation companies (gencos) in the past few years have faced volatility in power generation margins due to fluctuations in LNG prices and wholesale electricity prices (USEP).</li>
</ul>


Singapore’s electricity market operates under a competitive framework designed to enhance efficiency and ensure a reliable power supply. 
The key entities in this market include power generation companies (Gencos), the wholesale electricity market (WEM), the power grid operator, electricity retailers, and regulatory bodies.
Singapore’s power generation companies (gencos) in the past few years have faced volatility in power generation margins due to fluctuations in LNG prices and wholesale electricity prices (USEP).


Singapore Electric Utilities: Spread Volatility Is Over, Embracing Decarbonization

<ul><li>Singapore is transitioning towards a low-carbon future by reducing its reliance on natural gas and expanding into renewable energy sources. Due to land constraints, large-scale renewable projects like hydropower and nuclear energy are not feasible, leading the country to focus on solar energy and electricity imports from Indonesia, Vietnam, and Cambodia.</li><li>The government aims to import 6 GW of low-carbon electricity by 2035, covering 30% of Singapore’s energy needs. Solar energy remains the primary domestic renewable source, with installed capacity growing from 0.01 GWp in 2012 to 1.35 GWp in 1H2024, targeting 2 GWp by 2030.</li><li>As Singapore moves towards its net-zero goal by 2050, the renewable energy market continues to expand, supported by government incentives and cross-border electricity trading.</li></ul>

Singapore is transitioning towards a low-carbon future by reducing its reliance on natural gas and expanding into renewable energy sources. Due to land constraints, large-scale renewable projects like hydropower and nuclear energy are not feasible, leading the country to focus on solar energy and electricity imports from Indonesia, Vietnam, and Cambodia.The government aims to import 6 GW of low-carbon electricity by 2035, covering 30% of Singapore’s energy needs. Solar energy remains the primary domestic renewable source, with installed capacity growing from 0.01 GWp in 2012 to 1.35 GWp in 1H2024, targeting 2 GWp by 2030.As Singapore moves towards its net-zero goal by 2050, the renewable energy market continues to expand, supported by government incentives and cross-border electricity trading.

Renewable Energy: Key Driver Of Singapore’s Energy Transition

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Singapore Telecommunications / Technical Analysis

<ul>
<li>We have been expecting near-term downside on ACWI-US and the S&amp;P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&amp;P 500 displayed false breakouts.</li>
<li>Market dynamics have continued to deteriorate to the point where we don't see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.</li>
<li>Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.</li>
</ul>


We have been expecting near-term downside on ACWI-US and the S&amp;P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&amp;P 500 displayed false breakouts.
Market dynamics have continued to deteriorate to the point where we don't see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.
Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.


Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

Singapore

Sembcorp Industries is a Singaporean state-owned energy and urban development company. It provides sustainable energy solutions, including renewable power (solar, wind, energy storage) and conventional energy (gas and related services), alongside integrated urban solutions such as industrial parks, water, and waste management. The company is headquartered in Singapore and was founded in 1998.

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Sembcorp Industries (SCI SP)

Singapore Market Roundup (27-Oct-2025): KSH Holdings rated 'accumulate' by Lim & Tan at 51 cents.

Lim & Tan rates KSH Holdings 'accumulate' at 51 cents; RHB keeps ST Engineering at $9.10; UOBKH notes Sembcorp's stable long-term growth despite...

Singapore Market Roundup

Plastic Recycling in Singapore

Singapore recycled only ~5% of its plastic waste in 2023, about 48k tonnes out of ~918k tonnes generated (NEA 2024). Most plastics are...

ICAM

Singapore Electric Utilities: Spread Volatility Is Over, Embracing Decarbonization

Singapore’s electricity market operates under a competitive framework designed to enhance efficiency and ensure a reliable power supply. The key...

Kilde

Renewable Energy: Key Driver Of Singapore’s Energy Transition

Singapore is transitioning towards a low-carbon future by reducing its reliance on natural gas and expanding into renewable energy sources. Due to...

Kilde

Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

Odds of a Prolonged Downturn are Rising; We are Cautious; Get Defensive; $115 on ACWI-US Remains Key Level, and is at Risk of Breakdown. Actionable...

Vermilion Research

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