Singapore

• Singapore Airlines (SIA SP) is growing its footprint in India, presenting an interesting opportunity for long term investors. 
• However, it may come slightly costly in the near term as Indian aviation infrastructure is not that ready just yet. 
• Singapore Airlines (SIA SP) does not trade at a significant discount to its peers from PER and PBR. 

• Carousell is a leading online classifieds and recommerce platform in Southeast Asia, with a strong brand presence and a large, active user base. The company is strategically focused on achieving profitability by diversifying its revenue streams, controlling costs, and expanding into high-margin categories like luxury goods and automobiles.
• The company faces intense competition from larger, well-funded e-commerce giants such as Shopee and Lazada, as well as other specialized platforms. Key challenges include monetizing its large user base effectively and mitigating the risks associated with scams and fraudulent activities on its platform.
• Recent financial performance indicates a positive trend towards profitability, with narrowing losses and steady revenue growth. Future growth is expected to be driven by strategic acquisitions, technological advancements including the use of AI, and capitalizing on the growing consumer trend towards sustainability and the circular economy.

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• Singtel maintains a dominant market position in Singapore and a strong presence in Australia through Optus, underpinned by a robust and extensive network infrastructure.
• The company is navigating a strategic pivot towards high-growth areas such as ICT services (NCS), data centres (Nxera), and 5G development to offset declines in legacy services and capitalize on digitalization trends.
• While facing significant near-term risks and reputational challenges at its Australian subsidiary Optus, Singtel’s diversified earnings base, contributions from regional associates, and a commitment to shareholder returns provide a degree of stability.

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• Institutions recorded a net inflow of S$236 million in Singapore stocks from Nov 7 to Nov 13, reversing prior outflows.
• United Overseas Bank led share buybacks with 1,071,900 shares at an average price of S$33.95, totaling S$56.5 million.
• Fuxing China Group raised S$1.245 million through a placement of 3 million shares at S$0.415 each.

• The vote on Mandarin Oriental International (MAND SP)’s privatisation offer from Jardine Matheson Holdings (JM SP) (US$2.75 cash + US$0.60 special dividend) is on 8 December. 
• While the OCB sale completion (a scheme condition) carries timing risk, the Board continues to expect to complete the OCB sale by 31 December.
• The offer is conceivably light as Jardine’s dividends from the OCB sale comfortably cover the scheme cost. However, the offer remains reasonable on several fronts, and the vote is low-risk.  

• Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) is seeking to privatise Mandarin Oriental (MAND SP) at US$3.35/share by way of a Scheme.
• The Offer Price is a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Clean deal. And MAND has consistently traded tight to terms. 
• The Scheme Doc is now out for MAND. The Court Meeting is the 8th December. As with Jardine Strategic Holdings (JS SP)‘s 2021 takeover, there is no independent assessment report. 

• Lum Chang Creations Limited (LCC) is a niche urban – revitalization specialist, that covers complex conservation and restoration of heritage assets, flagship interior fit -outs for retail/hospitality/healthcare, and A&A (Additions and Alterations) works that upgrade brownfield buildings.
• The company’s service include aftercare for retail programs and selective in-house joinery to control quality on signature elements.
• The operating model is asset -light, with a focus on specialist know -how, repeatable delivery processes, and disciplined subcontractor management.

• Total earnings in nine months of 2025 surge by 38% to US$549 million  
• Domestic consumption surges 102% year-on-year to 86,539 tons  
• New highly productive clones set to hit plantations, boosting sector  

• NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore.
• It holds six stabilized facilities across the U.S., Europe, and Asia with a total design IT load of about 90 MW and 94% occupancy.
• The portfolio comprises of six assets across key hubs with high occupancy and a diversified tenant base.

• Volume and mix: Larger, multi -site retail rollouts and attractions work packages carry better labor utilization and subcontractor terms than one -off event builds.
• Scope control: Gross margin sits in change -order discipline, procurement timing, and fabrication reuse. Slippage shows up first in subcontractor costs and overtime.
• Cash conversion: Upfront deposits and milestone invoicing offset receivable build. Account receivable (AR) discipline and collection cadence are the first line of defense for free cash flow.

• Grab Holdings (GRAB US) 3Q2025 results more than justified previous upgrades to company guidance, with further confirmation and optimism for a strong finish to the year. 
• Margins were close to steady state for Mobility, with incremental margin improvements for deliveries. Financial services continues to scale loans, with year-end targets in sight and breakeven expected in 2026.
• Grab Mart is becoming increasingly important at 10% of deliveries GMV, with strong prospects for deeper penetration, combining with Grab Food. Valuations remain attractive versus growth, with real profits.

• Losses persist as operating expense runs ahead of scale and financing inflows fund burn.
• Operating cash flow was negative in FY2022 –3M2025 and cash rose mainly from equity.
• Finance costs arise from deemed interest on an amount due to a shareholder (effective 9.1%), with repayment scheduled 2027 –2029.

• Diversified Conglomerate with Deep Myanmar Focus: Yoma Strategic Holdings is a Singapore-listed conglomerate with a significant and long-standing presence in Myanmar. Its operations are diversified across five core sectors: Real Estate (Yoma Land), Food and Beverage (Yoma F&B), Automotive and Heavy Equipment (Yoma Motors), Mobile Financial Services (Wave Money), and Leasing. This diversification provides some resilience against sector-specific downturns, although the company’s fortunes are intrinsically linked to the challenging macro environment in Myanmar.
• Navigating a Difficult Operating Environment: The company is currently operating in an extremely challenging environment characterized by political instability, social unrest, high inflation, and currency volatility following the military coup in February 2021. These factors have led to a significant economic contraction, impacting consumer demand, disrupting supply chains, and creating a volatile and uncertain business landscape. The company’s financial performance has been affected, with recent results showing revenue declines in USD terms, primarily due to the depreciation of the Myanmar Kyat (MMK).
• Strategic Focus on Resilience and Long-Term Growth: Despite the headwinds, Yoma Strategic is focused on navigating the current challenges while positioning itself for long-term growth. The company has demonstrated resilience in its real estate segment, with continued sales of residential properties. Management is focused on deleveraging the balance sheet and generating cash flow. The long-term thesis rests on the eventual stabilization and recovery of the Myanmar economy, where Yoma’s established presence and diversified portfolio would be well-positioned to capitalize on the growth potential of a young and populous market.

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• Delfi announced 3rd qtr. update: Revenue increasing 4.9%. This is in contrast to1st Half when revenues were flat.
• Revenue growth in Indonesia was driven by both pricing and volume gain in key brands in Indonesia & by regional markets
• Indonesia sales would be higher at 6.9% on constant currency basis.

• Macro Relief: The sharp decline in Singapore’s 3M SORA lowers financing costs and supports asset valuation through expected cap rate compression across the group’s diverse property portfolio.
• Execution Premium: UOL has demonstrated best-in-class performance in the recovering residential segment, highlighted by rapid sales take-up in high-margin, prime-location projects, providing robust earnings visibility.
• Financial Fortress: UOL operates with a conservative net gearing ratio that is unparalleled among major listed peers, providing the strategic capacity required for opportunistic land banking.

• 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.
• The Group was listed on the SGX Catalist board in August 2022 following a reverse takeover of Fabchem China.
• Lincotrade is engaged in the provision of interior fitting-out services, additions and alterations (“A&A”) works and other building construction services.

• ADD Probe into Rubber Glove Imports from Malaysia, Thailand  
• Finance Ministry imposes new duty on insoluble sulphur  
• DGTR Recommends Continuation of Duties on NBR Imports  

• On the 27th October, Jardine Matheson Holdings (JM SP) announced an Offer for 88.04%-held Mandarin Oriental International (MAND SP), after MAND concurrently announced the partial sale of OCB to Alibaba.  
• MAND will pocket US$925mn from the sale. The privatisation will set Matheson back ~US$500mn. Alibaba is ostensibly funding MAND’s privatisation. And then some.  
• Last week Matheson announced it will undertake a US$250mn buyback, which is expected to  complete in 2026.

• Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy.
• Alpha Integrated REIT’s DPU increased by 38.4% year-on-year, while ESR REIT’s distributable income rose by 6.8%.
• Mapletree Industrial Trust’s DPU declined by 5.6% due to absence of divestment gain and foreign exchange headwinds.

• Glove demand rebounds as inventories normalize  
• US tariffs boost Malaysian manufacturers’ market share  
• Automation drives efficiency, supporting margin recovery

• Institutions were net sellers of Singapore stocks with a S$96 million outflow, led by REITs and Financial Services.
• Nine companies conducted share buybacks totaling S$16.4 million, with United Overseas Bank buying back 240,000 shares.
• Director transactions included 40 filings, with seven acquisitions by directors or CEOs and eight by substantial shareholders.

• iX Biopharma is a specialty pharmaceutical company centered around its proprietary WaferiX sublingual drug delivery technology, which aims to improve bioavailability and speed of onset for various active compounds.
• The company remains unprofitable, with consistent net losses and negative operating cash flow over the past three years, highlighting significant cash burn and reliance on external financing for its R&D and operational activities.
• Future growth hinges on the successful commercialization and out-licensing of its key pipeline products, such as Wafermine (ketamine wafer) and Wafesil (sildenafil wafer), and expanding its nutraceuticals division.

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• It’s fair bet Matheson (JM SP) opted for a Scheme for Mandarin Oriental (MAND SP) to avoid a repeat of the appraisal rights afforded Jardine Strategic (JS SP)‘s dissentient shareholders.
• On Light & Wonder (LNW AU/LNW US) giving up its US listing, short the Aussie line at A$124+ or the US line at US$79+. Expect more pressure early this week. 
• Qatar Airways books a loss on its eight-yar investment as Cathay Pacific Airways (293 HK) moves to take out its 9.57% stake. 

• Number 1 chocolate company in Indonesia with own brands like SilverQueen, Ceres etc. The company also distributes third party brands across South Asia.
• Cocoa prices have halved from their recent peak but still they are higher than historical average
• Stock trades at reasonable multiple to its 2023 earnings when cocoa prices were stable

• Rubber product export slip accentuates by August  
• Industry warns SVAT removal may choke liquidity  
• CEAT’s US$171 million move gives manufacturing impetus  

• Lendlease Global Commercial REIT (LREIT SP)  is looking to raise at least S$270m in a private placement, to fund acquisition of 70% interest in PLQ Mall.
• Overall, this deal represents 44.2 days of ADV and 16.5% of shares outstanding.
• In this note, we comment on the deal dynamics and run the deal through our ECM framework.

• Info -Tech is led by Mr. Ricky Lim, Founder and Chairman, who started the company in 2007 with Mr. Babu Dilip, Co -founder and Chief Executive Officer.
• The business remains founder -led, with senior management comprising long -serving functional heads across product, technology, and sales.
• Ownership is concentrated among the founder and key management, aligning incentives with long – term growth and profitability.

• Grab Holdings (GRAB US)  delivered solid Q3 2025 results with healthy revenue and margin expansion across segments, but lagged consensus forecasts.
• Growth in Q32025 was driven by rising MTU, strong Mart and Advertising momentum among other factors.
• Management believes that the growth seen in recent quarters are sustainable, without sacrificing profitability. Raised full year guidance marginally.

• Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%.
• The iEdge Next 50 Index’s technology stocks recorded S$179 million net institutional inflow in 2H25, led by iFAST.
• China Sunsine’s ADT increased to S$606k in 2025, with a 10.4% ROE and 7.6x P/E ratio.