Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

Equity Bottom-Up

<ul><li>Metro Holdings Limited (“Metro”) is a property investment &amp; development group with net assets of S$1.1 billion as at 30 September 2025.</li><li>Metro operates two main segments: property investment &amp; development and retail.</li><li>As at 10 February 2026, Metro has interests in properties in Singapore, China, Indonesia, the United Kingdom (the “UK”), and Australia.</li></ul>

Metro Holdings Limited (“Metro”) is a property investment &amp; development group with net assets of S$1.1 billion as at 30 September 2025.Metro operates two main segments: property investment &amp; development and retail.As at 10 February 2026, Metro has interests in properties in Singapore, China, Indonesia, the United Kingdom (the “UK”), and Australia.

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.

<ul><li>Institutions were net sellers of Singapore stocks from February 6 to 12, with a net outflow of S$137 million.</li><li>Singtel and Keppel conducted significant share buybacks, with Singtel buying 1,058,200 shares and Keppel 361,000 shares.</li><li>Metro Holdings agreed to divest a 26% stake in Boustead Industrial Fund, expecting net proceeds of S$116 million.</li></ul>

Institutions were net sellers of Singapore stocks from February 6 to 12, with a net outflow of S$137 million.Singtel and Keppel conducted significant share buybacks, with Singtel buying 1,058,200 shares and Keppel 361,000 shares.Metro Holdings agreed to divest a 26% stake in Boustead Industrial Fund, expecting net proceeds of S$116 million.

GuocoLand’s Quek Leng Chan Builds Interest

<ul><li>Metro Holdings Limited (“Metro”) is a property investment &amp; development group with net assets of S$1.2 billion as at 31 March 2025.</li><li>Metro operates two main segments: property investment &amp; development and retail. As at 23 May 2025, Metro has interests in properties in Singapore, China, Indonesia, the United Kingdom (the “UK”), and Australia.</li><li>For the six months ended 31 March 2025 (2H FY2025), revenue fell by 14.6% from S$65.7 million in 2H FY2024 to S$56.2 million in 2H FY2025 mainly due to its retail revenue falling by 13.8% (S$8.3 million) year-on-year (“y-o-y”). </li></ul>

Metro Holdings Limited (“Metro”) is a property investment &amp; development group with net assets of S$1.2 billion as at 31 March 2025.Metro operates two main segments: property investment &amp; development and retail. As at 23 May 2025, Metro has interests in properties in Singapore, China, Indonesia, the United Kingdom (the “UK”), and Australia.For the six months ended 31 March 2025 (2H FY2025), revenue fell by 14.6% from S$65.7 million in 2H FY2024 to S$56.2 million in 2H FY2025 mainly due to its retail revenue falling by 13.8% (S$8.3 million) year-on-year (“y-o-y”). 

Initiating Coverage: Metro Holdings Limited

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

<ul><li>We initiate coverage on Metro Holdings Ltd (“Metro”) with a BUY rating and a 12-month target price of S$0.50, implying approximately 28% upside from the last close of S$0.39.</li><li>Metro’s share price reflects a deep discount to book value – trading at only around 0.25× P/B versus net assets of approximately S$1.2 billion as of March 2025.</li><li>Despite near-term headwinds — notably significant non-cash fair value losses in China during FY2025 — Metro’s diversified property investments in Singapore, China, the UK, Australia, and Indonesia provide multiple growth levers, while its legacy retail business continues to generate stable cash flow.</li></ul>

We initiate coverage on Metro Holdings Ltd (“Metro”) with a BUY rating and a 12-month target price of S$0.50, implying approximately 28% upside from the last close of S$0.39.Metro’s share price reflects a deep discount to book value – trading at only around 0.25× P/B versus net assets of approximately S$1.2 billion as of March 2025.Despite near-term headwinds — notably significant non-cash fair value losses in China during FY2025 — Metro’s diversified property investments in Singapore, China, the UK, Australia, and Indonesia provide multiple growth levers, while its legacy retail business continues to generate stable cash flow.

Metro Holdings Initiation : Navigating Transition, Unlocking Value

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Brookfield plans to acquire Dentsu's Tokyo headquarters for $1.9 billion, indicating major shifts in the APAC real estate market.</li><li>Macquarie’s UIB REIT has invested $158 million in the Metro Fund, while its UI Boustead REIT has gained approval for a Singapore IPO.</li><li>The APAC real estate sector is evolving due to declining supply, with significant transactions including a stake sale in an Amazon Japan facility.</li></ul>

Brookfield plans to acquire Dentsu's Tokyo headquarters for $1.9 billion, indicating major shifts in the APAC real estate market.Macquarie’s UIB REIT has invested $158 million in the Metro Fund, while its UI Boustead REIT has gained approval for a Singapore IPO.The APAC real estate sector is evolving due to declining supply, with significant transactions including a stake sale in an Amazon Japan facility.

Asia Real Estate Tracker (11-Feb-2026): Brookfield to acquire Dentsu Tokyo HQ for $1.9B.

Singapore

Metro Holdings Limited is a property investment and development group, and a retail operator. The company leases shopping and office spaces, invests in property-related ventures, and operates department stores. It also develops various properties including mixed-use, residential, commercial, and retail centers. Headquartered in Singapore, the company was founded in 1957.

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Metro (METRO SP)

Company Update: Metro Holdings Limited

Metro Holdings Limited (“Metro”) is a property investment & development group with net assets of S$1.1 billion as at 30 September 2025. Metro...

FPA Financial

GuocoLand’s Quek Leng Chan Builds Interest

Institutions were net sellers of Singapore stocks from February 6 to 12, with a net outflow of S$137 million. Singtel and Keppel conducted...

Singapore Exchange Ltd (SGX)

Initiating Coverage: Metro Holdings Limited

Metro Holdings Limited (“Metro”) is a property investment & development group with net assets of S$1.2 billion as at 31 March 2025. Metro...

FPA Financial

Metro Holdings Initiation : Navigating Transition, Unlocking Value

We initiate coverage on Metro Holdings Ltd (“Metro”) with a BUY rating and a 12-month target price of S$0.50, implying approximately 28% upside...

Tickrs

Asia Real Estate Tracker (11-Feb-2026): Brookfield to acquire Dentsu Tokyo HQ for $1.9B.

Brookfield will acquire Dentsu's Tokyo HQ for $1.9B, while other notable APAC real estate moves include Macquarie's investments and a $1B data...

Asia Real Estate Tracker

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