Singapore

• Raffles Medical Group (RMG) is a leading integrated private healthcare provider in Asia, with a strong presence in Singapore and a growing footprint in China and other parts of the region.
• The company’s growth strategy is centered on expanding its hospital and clinic network, particularly in China, and capitalizing on the rising demand for quality healthcare driven by aging populations and increasing affluence.
• While facing challenges such as rising operating costs and execution risks in new markets, RMG’s established brand, integrated healthcare model, and strong balance sheet position it well for long-term growth.

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• ISEC Healthcare is a leading, specialized eye-care provider with a strong and growing presence in Malaysia and Singapore, well-positioned to capitalize on favorable demographic trends.
• The company demonstrates a consistent track record of revenue and net income growth, driven by both organic expansion of its centers and strategic acquisitions.
• Backed by Aier Eye Hospital Group, a major strategic shareholder, ISEC has the support to pursue further regional expansion, although it faces risks from its reliance on key medical specialists and potential regulatory changes.

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• Privatization by OUE Healthcare to Drive Synergies and Regional Growth: Healthway Medical Corp (HMED) was delisted in November 2023 following its acquisition by OUE Healthcare (OUEH). This strategic move is expected to unlock significant synergies by integrating HMED’s extensive network of primary and specialist clinics with OUEH’s broader regional healthcare ecosystem. The integration aims to create a comprehensive healthcare platform offering a full spectrum of services, from preventive to tertiary care, and to streamline operations for cost efficiencies.
• Established Player in a Favorable Market: HMED is a well-established private healthcare provider in Singapore with a network of over 130 clinics and medical centers. The company is poised to benefit from favorable long-term trends in the Singaporean healthcare market, including an aging population, rising affluence, and a growing focus on preventive care, as highlighted by the government’s Healthier SG initiative.
• Shift in Strategy Towards an Asset-Light Model and Regional Expansion: Under OUEH’s ownership, HMED is part of a larger strategy that emphasizes an asset-light business model and regional expansion. This involves forming strategic partnerships to leverage local expertise and resources, which is expected to enhance service quality and accessibility while optimizing capital allocation for higher-margin businesses.

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• Raffles Education Corp (REC) is a premier private education provider in Asia-Pacific, with a network of 16 colleges and universities across 9 countries. The company’s core business is providing post-secondary education in design and business-oriented disciplines.
• The company has been facing profitability challenges, with volatile net income and a downward trend in revenue over the past decade. However, recent financial data shows a return to profitability in the latest fiscal year.
• REC is undertaking strategic initiatives to strengthen its financial position, including asset disposals to reduce debt and a focus on cost management. The company has also recently completed several tranches of a bond issuance to improve liquidity.

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Highlights

• Exports dip nearly 7% YoY in September due to weak tire shipments

• President firm on SVAT removal, raising liquidity concerns

• EUDR compliance becomes key export test in days to come

• During the first nine months, total export earnings fell 5.97% to US$713.62 million, largely driven by a 16.3% drop in tire and tube shipments.

• Flagright is an AI-native, no-code Anti-Money Laundering (AML) compliance and fraud prevention platform targeting fintechs, banks, and other financial institutions.
• The company’s key differentiator is its use of generative AI and AI agents to automate compliance workflows, significantly reducing false positives and operational costs for its clients.
• Having raised a total of $7.6 million in funding, Flagright is in a growth phase, expanding its product suite and global presence, particularly in North America and Europe.

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• Sasseur REIT operates with a dual income structure: fixed rent and variable component tied to outlet sales performance.
• The REIT’s Entrusted Management Agreement model aligns interests by basing over 90% of leases on turnover rent.
• Sasseur REIT’s growth strategy includes exploring acquisitions among sponsor’s managed outlets, focusing on yield threshold compliance.

• Haw Par is a Singapore-listed group built around two very different engines.
• The first is Healthcare, which owns and markets the Tiger Balm and Kwan Loong brands.
• These products are sold across ASEAN, North Asia and global export markets and remain the group’s main operating business. 

Highlights

• Export value rises despite flat shipments

• Corporate earnings buoyed by firm latex prices

• Industry turning to technology and market diversification

According to Vietnam Customs, rubber exports in the first nine months of the year totalled 1.3 million tons worth US$2.32 billion, almost unchanged in volume from a year earlier but up 10.8% in value.

• Rex International Holding is an oil and gas exploration and production (E&P) company with a geographically diversified asset portfolio in Oman, Norway, and Benin.
• The company utilizes a proprietary exploration technology, Rex Virtual Drilling (RVD), to de-risk prospects and identify hydrocarbon deposits, which it views as a key competitive advantage.
• Despite significant revenue growth over the past three years, the company has reported persistent net losses, reflecting the high operational costs, tax burdens in jurisdictions like Norway, and volatility inherent in the E&P sector.

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• Yangzijiang Maritime, CAREIT, and Golden Agri-Res will join the iEdge Singapore Next 50 Index on Dec 22.
• Samudera Shipping Line, Nanofilm Tech, and Aztech Global will move to the Next 50 Index Reserve list.
• PropNex, China Sunsine Chemical, Banyan Tree, China Aviation Oil, and CSE Global averaged 59% total returns in 2H25.

• Lincotrade & Associates Holdings Limited is a Singapore-based interior fitting-out specialist with over 30 years of experience and an established track record in commercial, residential premises as well as showflats and sales galleries.
• Lincotrade is engaged in the provision of interior fitting-out services, additions and alterations (“A&A”) works and other building construction services.
• Catering to its current operational requirements and future needs, the Company has acquired a larger JTC facility in Tuas with approval to build a 204-bed ancillary workers dormitory.

• Institutions were net sellers of Singapore stocks from Nov 28 to Dec 4, with a net outflow of S$78 million.
• Singtel led share buybacks with 9,072,500 shares repurchased for S$61.2 million, under the Singtel Performance Share Plan 2012.
• MetaOptics plans to raise S$4.85 million through a placement of 6.69 million shares at S$0.7255 each.

• S-REITs have benefited from stable operating performance, lower borrowing costs, and supportive interest rate cuts in 2025.
• Analysts report improved S-REITs performance due to falling interest rates, enhancing distributable income and capital market conditions.
• Fitch Ratings expects S-REITs to increase capex by 20-25% in 2025, focusing on asset quality improvements.

• Choo Chiang is a leading distributor of electrical products in Singapore, benefiting from a strong brand presence, an extensive network of 10 retail branches, and a diverse product portfolio of over 30 third-party and two proprietary brands (‘CCM’ and ‘CRM’).
• The company demonstrates resilient financial performance, characterized by stable revenue streams, consistent profitability, and strong cash flow generation. A secondary revenue stream from a portfolio of 11 investment properties adds diversification.
• Shareholders are rewarded through a consistent dividend policy, with the company historically aiming to distribute at least 30% of net profits. The company’s strong balance sheet and positive operating cash flow support this shareholder return policy.

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Highlights

• ENSO Conditions to be Neutral to Negative, But Not Falling to La Nina

• Session at COP30 Focuses on Smallholders in Climate Action

•  Integrating Climate Resilience into Production Systems Not Optional

  Dr. S. Abhilash, Director, Advanced Centre for Atmospheric Radar Research, Cochin University of Science and Technology, Kochi, India, warns the Indonesia and Malaysia regions of above normal rainfall in December that can impact rubber supply as well.

• On the 26th September, precision parts manufacturer Spindex Industries (SPE SP) announced an Offer, by way of a Scheme, from the Tan Family, Spindex’s controlling shareholder, with 74.95%.
• The Tan’s offered S$1.43/share, an okay 27.7% premium to undisturbed; but a decade-high price. A A$0.02/share was also bolted on (& now paid). No competing Offer will emerge.
• The Scheme Booklet is now out, with a Scheme Meeting on the 18th December, and expected payment on the 11th Feb 2026. The IFA (Evolve Capital) says “fair & reasonable“.

• The Spindex Industries (SPE SP) IFA has opined that the Chairman and PrimeMovers Equity’s scheme offer of S$1.43 is fair and reasonable.
• The offer is at the upper end of the IFA valuation range of S$0.71 and S$1.44. The offer is at adjusted NAV and is attractive compared to historical trading ranges.
• The absence of a disinterested shareholder holding a blocking stake and moderate retail ownership reduces voting risk. This is a done deal.

• The next 30 most traded stocks in 2H25 have a combined market capitalisation of S$74 billion, spanning all 12 sectors.
• Seven REITs among these stocks have a combined market value of S$19.5 billion and S$53.1 million in 2H25 ADT.
• CSE Global leads net institutional inflow-to-market cap ratio, with ADT rising to S$5.8 million in 2H25.

• Market Leader in a High-Growth Niche: UltraGreen.AI is a global leader in the manufacturing and distribution of indocyanine green (ICG), a critical consumable for the rapidly expanding Fluorescence Guided Surgery (FGS) market. The FGS market is projected to experience robust double-digit compound annual growth, driven by the increasing adoption of minimally invasive and precision surgical techniques.
• Strong Financial Profile with High Profitability: The company has demonstrated a track record of impressive revenue growth and consistently high-profitability margins. This financial strength is underpinned by its dominant market position and stable pricing power, particularly in the lucrative US market.
• Strategic Shift Towards an AI-Powered Ecosystem: UltraGreen.AI is strategically evolving from a consumables provider to an integrated surgical intelligence platform. By combining its ICG products with proprietary imaging systems (IC-Flow™) and an AI-driven data analytics platform (PerfusionWorks™), the company aims to create a comprehensive ecosystem that enhances surgical decision-making and patient outcomes, creating significant barriers to entry.

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Highlights

• Indonesian rubber exports worth over US$250 million in Sept

• Asia drives demand as US tariffs mellow to pave the way

• Prices firm but volatility persists with weather risks and soft demand

  Though the major consumer, China, tracked impressive increases in August and September compared to July, September witnessed a decline from the second-highest levels of the year in August, in both value and volume.

Key points (machine generated)

• BeeX, listed on the Tokyo Stock Exchange as 4270, anticipates double-digit revenue and profit growth by February 2026, with its first dividend expected at that time.
• The company focuses on cloud solutions, particularly Digital Transformation and multi-cloud strategies, migrating corporate systems to the cloud.
• BeeX provides services such as cloud integration consulting, cloud license resale for major platforms, and Managed Service Provider operations for post-migration server maintenance.

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• UltraGreen.AI (2594794D SP) raised around US$400m in its Singapore IPO.
• UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.