Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>'Buy' calls for Genting Singapore; DBS keeps 'hold' rating.</li><li>Lim &amp; Tan starts 'buy' on Zixin Group, targeting a price of 6.6 cents.</li><li>Maybank raises Sanli Environmental's target price after $205M PUB project win.</li></ul>

'Buy' calls for Genting Singapore; DBS keeps 'hold' rating.Lim &amp; Tan starts 'buy' on Zixin Group, targeting a price of 6.6 cents.Maybank raises Sanli Environmental's target price after $205M PUB project win.

Singapore Market Roundup (11-Nov-2025): Genting Singapore: Buy rating; DBS maintains Hold.

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.</li>
<li>Hence, we thought it timely to take a closer look at the SGX. </li>
<li>The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. </li>
</ul>


There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.
Hence, we thought it timely to take a closer look at the SGX. 
The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. 


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>It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio while earnings per share has stayed relatively stable. </li><li>In our view, the upward re-rating has come on the back of several key developments. • On the external front, the US will charge Singapore the baseline tariff rate of 10%. While tariffs work against every US trading partner, on a relative basis, Singapore compares well with most other countries.</li><li>Also, amid concerns over US policies and the outlook for the US dollar. anecdotal evidence points to capital flows into Singapore.</li></ul>

It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio while earnings per share has stayed relatively stable. In our view, the upward re-rating has come on the back of several key developments. • On the external front, the US will charge Singapore the baseline tariff rate of 10%. While tariffs work against every US trading partner, on a relative basis, Singapore compares well with most other countries.Also, amid concerns over US policies and the outlook for the US dollar. anecdotal evidence points to capital flows into Singapore.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asl-marine-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17092:1" rel="noopener">ASL Marine (ASL SP)</a> is an SGX mainboard-listed specializing in marine services: shipbuilding, ship repair and conversion, and ship chartering.</li>
<li>Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.</li>
<li>We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.</li>
</ul>



ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services: shipbuilding, ship repair and conversion, and ship chartering.
Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.
We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.


ASL Marine - FY26 Earnings Update - Chartering to Drive the Upside, Repair to Anchor Quality

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gke-corporation-limited" target="_blank" data-smartkarma-citation="entities:15893:1" rel="noopener">GKE Corporation (GKEC SP)</a> is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.</li>
<li>It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore.</li>
<li>GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update. </li>
</ul>



GKE Corporation (GKEC SP) is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.
It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore.
GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update. 


GKE Corporation - FY26 Earnings Update - Record Revenue Masks Softness in Core Segments

Singapore

Jardine Cycle & Carriage Limited operates as an investment holding company. The Company, through its subsidiaries, invests in automotive, consumer finance, utilities and infrastructure, heavy equipment and mining, property, agribusiness, cement, and consumer products businesses. Jardine Cycle & Carriage serves customers in South East Asia.

Jardine Matheson Southeast Asia (JCNC SP)

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Jardine Matheson Southeast Asia (JCNC SP)

Singapore Market Roundup (11-Nov-2025): Genting Singapore: Buy rating; DBS maintains Hold.

Genting Singapore gets 'buy' calls; DBS holds 'hold' rating. Lim & Tan starts 'buy' on Zixin Group at 6.6 cents. Maybank raises Sanli...

Singapore Market Roundup

A Timely Review of Our Local Bourse

There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund...

Evolve Capital Advisory Pte Ltd

Singapore Equity Strategy: August 2025

It appears that the Singapore stock market is currently witnessing a positive re-rating, as seen in a rise in the market’s price-earnings ratio...

Wealth Management Alliance

ASL Marine - FY26 Earnings Update - Chartering to Drive the Upside, Repair to Anchor Quality

We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.

Evolve Capital Advisory Pte Ltd

GKE Corporation - FY26 Earnings Update - Record Revenue Masks Softness in Core Segments

GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update and share our thoughts.

Evolve Capital Advisory Pte Ltd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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