Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>RHB raises STI year-end target to 4,690 and highlights top sector picks.</li><li>Analysts are optimistic about CICT, stating it's 'revving on all engines.'</li><li>UOB Kay Hian's Loh sets Centurion Accommodation REIT's target price at $1.23.</li></ul>

RHB raises STI year-end target to 4,690 and highlights top sector picks.Analysts are optimistic about CICT, stating it's 'revving on all engines.'UOB Kay Hian's Loh sets Centurion Accommodation REIT's target price at $1.23.

Singapore Market Roundup (30-Oct-2025): RHB raises STI target to 4,690, names top sector picks.

<ul><li>Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, CDL news.</li><li>RHB raises STI year-end target to 4,690 and highlights top sector picks.</li><li>CapitaLand India Trust sees 10% growth in total and net property income in 3Q2025.</li></ul>

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, CDL news.RHB raises STI year-end target to 4,690 and highlights top sector picks.CapitaLand India Trust sees 10% growth in total and net property income in 3Q2025.

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a> disclosed a privatisation through a scheme of arrangement from the Chairman and PrimeMovers Equity at S$1.43 per share. Including the FY2025 dividend, the total offer is S$1.45.</li>
<li>While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples. It is also below book value. </li>
<li>The offer has not been declared final. However, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership lowers the vote risk.  </li>
</ul>



Spindex Industries (SPE SP) disclosed a privatisation through a scheme of arrangement from the Chairman and PrimeMovers Equity at S$1.43 per share. Including the FY2025 dividend, the total offer is S$1.45.
While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples. It is also below book value. 
The offer has not been declared final. However, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership lowers the vote risk.  


Spindex Industries (SPE SP): PrimeMovers Equity-Sponsored MBO at S$1.43

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

<ul><li>Singapore’s non-oil domestic exports (NODX) unexpectedly fell 3.5% y/y in May, the worst in seven months.</li><li>The contraction was led by a slump in exports to the US (-20.6% y/y), suggesting that the front-loading ahead of US tariffs has faded.</li><li>Meanwhile, manufacturing PMI has slipped into the contractionary zone since April, last seen nearly two years ago.</li></ul>

Singapore’s non-oil domestic exports (NODX) unexpectedly fell 3.5% y/y in May, the worst in seven months.The contraction was led by a slump in exports to the US (-20.6% y/y), suggesting that the front-loading ahead of US tariffs has faded.Meanwhile, manufacturing PMI has slipped into the contractionary zone since April, last seen nearly two years ago.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>10 in 10 with Fu Yu Corporation - Precision Engineering for a Sustainable Future 10 Questions for https://investors.sgx.com/_security-types/stocks/F13 Fu Yu Corp has a significant presence in precision plastic injection moulding.</li><li>10 in 10 with Fu Yu Corporation - Precision Engineering for a Sustainable Future A key cornerstone in Fu Yu’s transformation is your Smart Factory, which will improve manufacturing capabilities and operational efficiency.</li></ul>

10 in 10 with Fu Yu Corporation - Precision Engineering for a Sustainable Future 10 Questions for https://investors.sgx.com/_security-types/stocks/F13 Fu Yu Corp has a significant presence in precision plastic injection moulding.10 in 10 with Fu Yu Corporation - Precision Engineering for a Sustainable Future A key cornerstone in Fu Yu’s transformation is your Smart Factory, which will improve manufacturing capabilities and operational efficiency.

10 in 10 with Fu Yu Corporation - Precision Engineering for a Sustainable Future

Singapore

Fu Yu Corporation Limited manufactures and sells precision plastic injection molds and plastic components.  The Company also manufactures and sells plastic, aluminum parts, electronic products, and equipment for medical use.

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Fu Yu Corp Ltd (FUYU SP)

Singapore Market Roundup (30-Oct-2025): RHB raises STI target to 4,690, names top sector picks.

RHB raises STI year-end target to 4,690, favors CICT, while UOB Kay Hian sets Centurion Accommodation REIT's target price at $1.23.

Singapore Market Roundup

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, and CDL news. RHB raises STI target to 4,690; CapitaLand India Trust...

Singapore Market Roundup

Spindex Industries (SPE SP): PrimeMovers Equity-Sponsored MBO at S$1.43

While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples....

Arun George

Singapore Equity Strategy: June 2025

Singapore’s non-oil domestic exports (NODX) unexpectedly fell 3.5% y/y in May, the worst in seven months. The contraction was led by a slump...

Wealth Management Alliance

10 in 10 with Fu Yu Corporation - Precision Engineering for a Sustainable Future

10 in 10 with Fu Yu Corporation - Precision Engineering for a Sustainable Future 10 Questions for...

Singapore Exchange Ltd (SGX)

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