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<ul>
  <li>Tuan Sing is at a pivotal point, transitioning from a niche developer to a regional player with large-scale integrated projects, notably the Opus Bay township in Batam, Indonesia, which is expected to commence operations in the second half of 2026.</li>
  <li>The company's profitability saw a dramatic turnaround in FY2025, with net profit surging over 1,200% to S$32.1 million, primarily driven by S$51.2 million in fair value gains on its investment properties, rather than operational revenue growth.</li>
  <li>While the company's valuation appears attractive, trading at a significant discount to its net asset value (P/B of 0.3), it faces considerable risks from its elevated leverage (net debt-to-equity over 1.0x) and execution challenges associated with its large-scale development pipeline.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Tuan Sing is at a pivotal point, transitioning from a niche developer to a regional player with large-scale integrated projects, notably the Opus Bay township in Batam, Indonesia, which is expected to commence operations in the second half of 2026.
  The company's profitability saw a dramatic turnaround in FY2025, with net profit surging over 1,200% to S$32.1 million, primarily driven by S$51.2 million in fair value gains on its investment properties, rather than operational revenue growth.
  While the company's valuation appears attractive, trading at a significant discount to its net asset value (P/B of 0.3), it faces considerable risks from its elevated leverage (net debt-to-equity over 1.0x) and execution challenges associated with its large-scale development pipeline.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Tuan Sing Holdings (TSH SP) - Aug 2026

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Broker's Digest: Hongkong Land, Apac Realty, Lum Chang, Jardine C&amp;C, UI Boustead REIT</li><li>JP Morgan's initial take: strong beat, raised guidance, but big 3x book discounts.</li><li>Tuan Sing's net profit fell 75% year-on-year in 1HFY2026.</li></ul>

Broker's Digest: Hongkong Land, Apac Realty, Lum Chang, Jardine C&amp;C, UI Boustead REITJP Morgan's initial take: strong beat, raised guidance, but big 3x book discounts.Tuan Sing's net profit fell 75% year-on-year in 1HFY2026.

Singapore Market Roundup (07-Aug-2026): Broker's Digest: Hongkong Land, Apac Realty, Lum Chang,

<ul>
<li>CGSI has initiated coverage on Pacific Radiance and Marco Polo Marine, identifying them as beneficiaries of O&amp;M industry.</li>
<li>Brokers' Digest provides latest updates on Bumitama Agri, Oiltek, ST Engineering, SGX, Suntec REIT, Kimly, SingPost, PropNex, Raffles Medical.</li>
<li>Panin Bank acquisition might not have significant impact on OCBC and DBS due to uncertainties, according to RHB. XMH Holdings' 1HFY2025 earnings surge by 94.5% to $12.6 million. Accrelist exec chairman increases stake to 26.48%, while Tuan Sing CEO Liem raises ownership to 54.28%.</li>
</ul>


CGSI has initiated coverage on Pacific Radiance and Marco Polo Marine, identifying them as beneficiaries of O&amp;M industry.
Brokers' Digest provides latest updates on Bumitama Agri, Oiltek, ST Engineering, SGX, Suntec REIT, Kimly, SingPost, PropNex, Raffles Medical.
Panin Bank acquisition might not have significant impact on OCBC and DBS due to uncertainties, according to RHB. XMH Holdings' 1HFY2025 earnings surge by 94.5% to $12.6 million. Accrelist exec chairman increases stake to 26.48%, while Tuan Sing CEO Liem raises ownership to 54.28%.


Singapore Market Roundup (13-Dec-2024): CGSI Covers Pacific Radiance & Marco Polo Marine

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<ul><li>Ascott acquires 2 properties in Ningbo and Amsterdam for S$190m via its PE fund ASRGF</li><li><a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952" rel="noopener">Singapore Press Holdings (SPH SP) </a>shareholders vote overwhelmingly for Cuscaden offer; Potential chain offer for SPHREIT</li><li><a href="https://www.smartkarma.com/entities/tuan-sing-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17234" rel="noopener">Tuan Sing Holdings (TSH SP)</a> and Mitsubishi Estate to jointly develop phase 1 of Karawang mall</li></ul>

Ascott acquires 2 properties in Ningbo and Amsterdam for S$190m via its PE fund ASRGFSingapore Press Holdings (SPH SP) shareholders vote overwhelmingly for Cuscaden offer; Potential chain offer for SPHREITTuan Sing Holdings (TSH SP) and Mitsubishi Estate to jointly develop phase 1 of Karawang mall

ASEAN Builder's Scoop (23Mar22) - Ascott Buys Ningbo/Ams Props Via ASRGF PE Fund

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-china-trust" target="_blank" data-smartkarma-citation="entities:8859" rel="noopener">CapitaLand China Trust (CLCT SP)</a> maiden acquisition of four prime logistics properties; DPU accretive by +3.5%</h3><ul><li>CLCT has proposed to acquire a portfolio of four prime logistics assets in Shanghai, Kunshan, Wuhan and Chengdu, which are key logistics hubs in China. This marks CLCT’s first foray into China’s logistics sector and increases its exposure to new economy asset classes, following CLCT’s maiden purchase of a portfolio of five business park properties. The acquisition is based on an aggregate agreed property value of RMB1,683.4m (~S$350.7m), representing a discount of ~0.6% to the aggregate valuation by an independent valuer. CLCT’s total cost is estimated at ~S$297.7m</li><li>The portfolio of four modern logistics properties has a total GFA of 265,259sqm, with a committed occupancy of 96.3% and WALE of 2.1 years as at 31Aug21. Three of the properties were completed between 2016-18, while the fourth was completed in 2010. Classification of tenant base by GRI includes logistics and warehouse (57%), E-commerce (37%) and others (6%). More than 80% of the leases have rental escalations in place, with a step-up ranging from 3-5% per annum</li><li>The transaction implies NPI yield of 5.0% (including rent support and rent-free reimbursement). CLCT intends to finance the acquisition through a 60% debt and 40% EFR (raising of up to ~S$120m), which will be DPU accretive by +3.5% on a 31Dec21 pro forma basis. This transaction is expected to be completed by end of 2021. Post transaction gearing will be 38.2% (from 35.9%)</li><li>Post-acquisition, the proportion of new economy assets in CLCT’s enlarged portfolio will rise to 21.4% from 15.3% by asset value. AUM will increase by 8.0% to S$4,729.2m. Given the longer land tenure of China’s logistics properties at 50 years at inception compared with retail assets at 40 years at inception, the remaining weighted average land tenure expiry of CLCT’s enlarged portfolio will positively extend by 1.94 years post-acquisition</li><li>Under its five-year acquisition growth roadmap, CLCT plans to achieve a balanced portfolio mix of 40% in commercial/integrated developments, 30% in retail properties and 30% in new economy assets (including business parks, logistics and data centers) by 2026.</li></ul>

SingaporeCapitaLand China Trust (CLCT SP) maiden acquisition of four prime logistics properties; DPU accretive by +3.5%CLCT has proposed to acquire a portfolio of four prime logistics assets in Shanghai, Kunshan, Wuhan and Chengdu, which are key logistics hubs in China. This marks CLCT’s first foray into China’s logistics sector and increases its exposure to new economy asset classes, following CLCT’s maiden purchase of a portfolio of five business park properties. The acquisition is based on an aggregate agreed property value of RMB1,683.4m (~S$350.7m), representing a discount of ~0.6% to the aggregate valuation by an independent valuer. CLCT’s total cost is estimated at ~S$297.7mThe portfolio of four modern logistics properties has a total GFA of 265,259sqm, with a committed occupancy of 96.3% and WALE of 2.1 years as at 31Aug21. Three of the properties were completed between 2016-18, while the fourth was completed in 2010. Classification of tenant base by GRI includes logistics and warehouse (57%), E-commerce (37%) and others (6%). More than 80% of the leases have rental escalations in place, with a step-up ranging from 3-5% per annumThe transaction implies NPI yield of 5.0% (including rent support and rent-free reimbursement). CLCT intends to finance the acquisition through a 60% debt and 40% EFR (raising of up to ~S$120m), which will be DPU accretive by +3.5% on a 31Dec21 pro forma basis. This transaction is expected to be completed by end of 2021. Post transaction gearing will be 38.2% (from 35.9%)Post-acquisition, the proportion of new economy assets in CLCT’s enlarged portfolio will rise to 21.4% from 15.3% by asset value. AUM will increase by 8.0% to S$4,729.2m. Given the longer land tenure of China’s logistics properties at 50 years at inception compared with retail assets at 40 years at inception, the remaining weighted average land tenure expiry of CLCT’s enlarged portfolio will positively extend by 1.94 years post-acquisitionUnder its five-year acquisition growth roadmap, CLCT plans to achieve a balanced portfolio mix of 40% in commercial/integrated developments, 30% in retail properties and 30% in new economy assets (including business parks, logistics and data centers) by 2026.

Singapore

Tuan Sing Holdings is an investment holding company primarily focused on real estate investment, property development, and hotel ownership. It develops and invests in residential, commercial, and industrial properties across the Asia-Pacific region, and owns hotels such as Grand Hyatt Melbourne and Hyatt Regency Perth. The company was established in 1969 and is headquartered in Singapore.

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Tuan Sing Holdings (TSH SP)

Primer: Tuan Sing Holdings (TSH SP) - Aug 2026

Tuan Sing is at a pivotal point, transitioning from a niche developer to a regional player with large-scale integrated projects, notably the...

αSK Primers

Singapore Market Roundup (07-Aug-2026): Broker's Digest: Hongkong Land, Apac Realty, Lum Chang,

Broker's Digest: Hongkong Land, Apac Realty, Lum Chang, Jardine C&C, UI Boustead REIT. JP Morgan notes strong performance but 3x book discounts....

Singapore Market Roundup

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CGSI initiates coverage on Pacific Radiance and Marco Polo Marine as beneficiaries of O&M, add calls; Bumitama Agri, Oiltek, ST Engineering, SGX,...

Singapore Market Roundup

ASEAN Builder's Scoop (23Mar22) - Ascott Buys Ningbo/Ams Props Via ASRGF PE Fund

SPHREIT potential chain offer; Rising mortgage rates inevitable; NWP/CRE Indo logistics platform; MAR opening 7-8 hotels in Thai in 2022

SCCM Asia Research

ASEAN Builder's Scoop (12Oct21)

CLCT maiden acquisition of logistics assets; AREIT obtains SEC approval for swap deal; CLI 9M21 sales reached record level; LPKR 9M21 sales reached...

SCCM Asia Research

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