Singapore

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.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• 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.

• Institutions were net sellers of Singapore stocks from Nov 21 to Nov 27, with a S$552 million outflow.
• Engro Corporation Chairman Tan Cheng Gay increased his interest to 25.01% by acquiring 11,870,000 shares at S$0.725 each.
• Sanli Environmental proposed a placement of up to 38,492,404 shares at S$0.260 each, raising up to S$10,008,025.

• Low Keng Huat Singapore (LKH SP) has disclosed a voluntary conditional offer from the Managing Director at S$0.72 per share, a 17.1% premium to the last close price. 
• While the offer represents an all-time high, it is below net asset value (implying a P/NAV of 0.91x). It is also light compared to precedent transactions. 
• The offer price has not been declared final. A bump may be needed to satisfy the 90% minimum acceptance condition.

• Late Friday (28th November), general building contractor Low Keng Huat Singapore (LKH SP) (“LKH”) announced a voluntary conditional Offer from Dato’ Marco Low Peng Kiat, LKH’s controlling shareholder (54.13%).
• Low is offering S$0.72/share, a so-so 17.1% premium to undisturbed, but a decade-high price. Plus the share price is up 104% YTD. Recent results (to 31st July) were also underwhelming.
• The Offer has a 90% acceptance hurdle condition. Low does not intend to maintain listing. The price hasn’t been declared final, possibly leading to a bump in the home stretch. 

Highlights

• Malaysia’s NR output drops 14.8% MoM in September 2025

• Quarterly production rises 36.9% despite yearly contraction

• Market sentiment mixed amid EUDR delay reports and rate-cut hopes

Natural rubber production in September fell by 14.8% to 26,647 tons from 31,285 tons in August, marking a 16.3% year-on-year drop from September 2024’s 31,847 tons. The contraction came as a setback following a modest recovery in earlier months

• Reclaims Global Limited (“Reclaims”) is an integrated construction services provider specialising in excavation, construction and demolition (“C&D”) waste recycling, and logistics/equipment leasing.
• Since 2009, the Group has built an established operating track record supported by a sizeable in- house fleet and an end-to-end model covering demolition, deep excavation, material recovery, and transport.
• FY2025 marked a strong recovery, revenue almost doubled to S$44.4 million, with net profit almost tripling to S$5.6 million on higher excavation volumes and improved fleet utilisation.

• LMS Compliance Ltd. is a well-established testing, inspection, certification, and assurance (TICA) provider with a strong presence in Malaysia and a growing footprint in the broader Asian region. The company is strategically pivoting towards the high-growth Environmental, Social, and Governance (ESG) services sector, leveraging its core competencies to capitalize on increasing global demand for sustainability-related compliance.
• The company has demonstrated a solid track record of revenue growth, driven by both its traditional testing and certification services and its newer ESG-related offerings. Financial performance has been robust, with consistent profitability and positive operating cash flow, supporting its ability to invest in expansion and provide shareholder returns.
• A key element of LMS’s strategy is its focus on digitalization and the development of proprietary technologies, such as its Laboratory Information Management System (LIMS) and carbon accounting software. This technological focus aims to enhance operational efficiency, create scalable revenue streams, and provide a competitive advantage in the evolving compliance landscape.

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• Frasers Property is a geographically diversified real estate company with a significant presence across Singapore, Australia, Europe, and Southeast Asia, operating across residential, retail, commercial, industrial, and hospitality sectors.
• The company is currently trading at a significant discount to its book value, with a Price-to-Book ratio of 0.43, suggesting a potential valuation gap. This is supported by a high Smartkarma Value score of 5/5.
• Recent financial performance indicates headwinds, with both revenue and net income declining in the latest reported year. The company’s growth track record also shows negative trends over 3, 7, and 10-year periods for key metrics like revenue and EPS, signaling underlying challenges.

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• Alliance Healthcare Group (AHG) is an integrated healthcare provider in Singapore, strategically positioned to capitalize on favorable industry tailwinds, including an aging population and increasing demand for digital health services.
• The company’s growth is driven by its diversified business segments, encompassing Managed Healthcare Solutions, GP and Specialist Clinics, Pharmaceutical Services, and a growing Mobile and Digital Health division.
• While demonstrating strong revenue growth, the company faces challenges related to rising operating costs and investments in new ventures that are currently impacting profitability.

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• Multi-disciplinary Specialist Group with Regional Aspirations: Asian Healthcare Specialists (AHS) is a growing multi-disciplinary medical services group in Singapore, offering a wide range of specialised healthcare services. Initially focused on orthopaedics, the company has expanded through organic growth and acquisitions to include anaesthesia, dermatology, gastroenterology, ophthalmology, urology, and family medicine. A key part of its strategy is to export the Singapore brand of high-quality healthcare to the region, with an initial foray into Myanmar.
• Experienced Medical Professionals Driving Quality Care: The group’s strength lies in its team of experienced medical professionals, with many having over 20 years of experience in both public and private healthcare sectors. This deep expertise allows AHS to focus on providing ethical, high-quality, and patient-centric care, which is a core tenet of its business philosophy. The company aims to provide a comprehensive suite of in-house services for complex medical issues that require input from various specialities.
• Favorable Industry Tailwinds Supporting Growth: AHS is well-positioned to benefit from favorable demographic and industry trends in Singapore. An ageing population is expected to drive demand for healthcare services, particularly in areas like orthopaedics. Furthermore, rising income levels, a growing number of insured patients, and Singapore’s reputation as a regional healthcare hub are expected to contribute to the growth of the private healthcare market.

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• Centurion Accommodation REIT (CAREIT) is Singapore’s first publicly listed real estate investment trust with a pure-play focus on specialized accommodation assets, specifically Purpose-Built Worker Accommodation (PBWA) in Singapore and Purpose-Built Student Accommodation (PBSA) in the United Kingdom and Australia.
• The REIT benefits from a strong, committed sponsor, Centurion Corporation Limited, which is the largest PBWA operator in Singapore. This relationship provides a robust pipeline for future growth, operational expertise, and significant alignment of interests, with the sponsor retaining a substantial stake post-IPO.
• CAREIT exhibits a compelling financial profile characterized by high initial portfolio occupancy (over 96%), strong revenue and net income growth, and an attractive forward distribution yield, underpinned by a commitment to distribute 100% of its distributable income until 2027.

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Highlights

• MOFCOM imposes steep tariffs on Canadian, Japanese HIIR

• Domestic and Indian firms gain, but Indian gain may be short-lived

• Sinopec bets big on green high-end rubber materials

MOFCOM’s inquiry, launched in September 2024 at the request of domestic producers, found preliminary evidence that imported HIIR from the two nations had been sold in China at unfairly low prices, inflicting “substantial harm” on local manufacturers.

• No surprises in the results, margins better than our anticipation
• Business continues to be steady & the company has negative working capital
• Kimly maintained dividend of 2 cents with a yield of 5.1% 

• UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming 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 past performance in our previous note. In this note, we talk about valuations.

Highlights

• Consumption outpaces domestic production growth

• Imports decline despite steady industrial demand

• Fresh probe into halobutyl rubber dumping

The first four months of the financial year illustrated an industry striving for balance — one still navigating between domestic self-sufficiency ambitions and dependence on imports for certain specialized grades. Demand from tire makers, which account for nearly two-thirds of synthetic rubber use in India, remained stable amid mixed trends in automotive production and exports. 

• This insight compares the iEdge Singapore Next 50 Index with regional mid-cap indices, focusing on methodology, sector composition, and historical performance. 
• Combining flagship and next-tier indices can broaden sector exposure and balance within an Asia-focused equity portfolio. 
• A volatility-driven allocation strategy is presented, showing that dynamic mid-cap exposure can help moderate drawdowns and enhance returns during market cycles.

• Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
• United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
• Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

• In 3Q25, Singapore office REITs like CICT, MPACT, and Suntec REIT reported strong occupancy and positive rental reversions.
• CICT’s office portfolio occupancy rose to 96.2%, with a 1.9% rent increase, and full ownership of CapitaSpring.
• Keppel REIT achieved a 12.0% rental reversion, maintaining 96.3% occupancy, with a WALE of 4.7 years.

• UltraGreen.ai’s IPO valuation of US$1.6 billion is 6x the total 2030 market size for FGS systems. Such valuation is not based on current financial performance but on future growth expectations.
• For UltraGreen.ai to justify its valuation, it would need to capture a dominant/growing share of this expanding market. This creates a high risk of valuation correction if growth is slower-than-expected.
• The entire AI sector has been full of bubble.A market-wide correction could impact UltraGreen.ai’s valuation regardless of its individual performance.US$1.3bn is a comfortable valuation for us to invest in UltraGreen.ai.

• UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming 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.
• In this note, we look at the company’s past performance.