Singapore Daily Briefs | Page 20 of 116

Mar 05

Daily Brief Singapore: SGX Rubber Future TSR20, OKP Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Thailand Rubber: Sri Trang Makes A Spectacular Foray In 2024, NER Too Impresses
10 in 10 with OKP Holdings – Charting Growth in Construction

Thailand Rubber: Sri Trang Makes A Spectacular Foray In 2024, NER Too Impresses

By Vinod Nedumudy

Sri Trang posts US$48.8 mn profit, reversing loss of US$12.7 mn in 2023
Sri Trang sells 133,163 tons of EUDR rubber in 2024
North East Rubber setting up plant in Ivory Coast

10 in 10 with OKP Holdings – Charting Growth in Construction

By Geoff Howie

OKP Holdings reported a 135.4% increase in gross profit for FY2024 to S$58.2 million, with a gross profit margin of 32.0%.
The construction and maintenance segments generated revenues of S$114.0 million and S$61.7 million, respectively, in FY2024.
OKP’s order book stands at S$600.7 million, supported by a strong balance sheet with S$124.3 million in cash.

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Mar 04

Daily Brief Singapore: SGX Rubber Future TSR20, CDL Hospitality Trusts, DBS, Sheng Siong, Yanlord Land and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Helixtap China Report: Higher Raw Material Costs Drive Rubber Market Recovery; Expectation Of Demand Revival
REIT Watch – Hospitality S-REITs focus on active portfolio management to drive growth
Buybacks Surge as Earnings Season Nears End
Sheng Siong Group (SSG SP): Miss on Q4 2024/But Strong Pipeline Addition
Lucror Analytics – Morning Views Asia

Helixtap China Report: Higher Raw Material Costs Drive Rubber Market Recovery; Expectation Of Demand Revival

By Arusha Das

Chinese buying concentrated on warehouse cargoes
Arbitrage narrows for international cargoes on wintering
Gradual return of the tire makers expected

REIT Watch – Hospitality S-REITs focus on active portfolio management to drive growth

By Geoff Howie

CapitaLand Ascott Trust’s H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.
Far East Hospitality Trust’s H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.
CDL Hospitality Trusts’ DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.

Buybacks Surge as Earnings Season Nears End

By Geoff Howie

Institutions were net sellers of Singapore stocks, with a net outflow of S$265 million from Feb 21-27, 2025.
DBS Group Holdings led share buybacks with 350,000 shares at S$46.73 each; total buybacks amounted to S$31,062,634.
Wilmar International’s FY24 core net profit declined 26% to US$1.16 billion, with sales volume growth in most divisions.

Sheng Siong Group (SSG SP): Miss on Q4 2024/But Strong Pipeline Addition

By Sameer Taneja

Sheng Siong (SSG SP) posted stable FY24 results, with revenue/profit increasing by 4.5%/ 3.1% YoY; however, Q4 2024 saw revenue/profit +6%/- 14% YoY due to higher SG&A.
The company opened two stores in 2025 YTD to take the store count in Singapore to 77. There are eight more tenders for stores released by HDB.
The stock trades at 17.8x FY24 PE, with 15% of the market cap in cash and a 3.9% dividend yield.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Lenovo
In the US, January personal spending unexpectedly declined 0.2% m-o-m (0.2% e / 0.8% revised p), driven by an outsized drop in motor vehicle purchases, as well as decreases in categories such as recreational goods amid the harsh winter weather. Meanwhile, personal income rose 0.9% m-o-m (0.4% e / 0.4% p).
Separately, the PCE inflation data for January was in line with estimates, showing a slight deceleration on a y-o-y basis. The PCE price index rose 2.5% y-o-y (2.5% e / 2.6% p) and 0.3% m-o-m (0.3% e / 0.3% p) in January, while the core PCE price index (the Fed’s preferred measure of inflation) advanced 2.6% y-o-y (2.6% e / 2.9% revised p) and 0.3% mo-m (0.3% e / 0.2% p).

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Mar 01

Daily Brief Singapore: SGX Rubber Future TSR20, Ohmyhome and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Price Rise Keeps Indian Rubber Production Buoyant In 2024
OMH: Backdrop of Industry Fundamentals, Positive Implications

Price Rise Keeps Indian Rubber Production Buoyant In 2024

By Vinod Nedumudy

Production up 3.18% YoY and imports up 19.42% in 2024
Production-Consumption gap 526,000 tons
Commerce Minister dodges floor price plea by smallholders

OMH: Backdrop of Industry Fundamentals, Positive Implications

By Zacks Small Cap Research

The number of units in the company’s property management segment grew 23% sequentially in 3Q24 to 9,283 from 7,560 at the end of 2Q24.
OMH attributes this to its expanded presence in the property management space.
Its goal is to continue to increase the number of units under management, which Ohmyhome believes will contribute to growing Property Management segment and consolidated revenue, in part reflecting cross-promotional opportunities as a growth driver.

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Feb 28

Daily Brief Singapore: Raffles Medical Group and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Raffles Medical (RFMD SP): 2H24 Result, China Recovery, Buyback, and Dividend Raise Expectation

Raffles Medical (RFMD SP): 2H24 Result, China Recovery, Buyback, and Dividend Raise Expectation

By Tina Banerjee

Raffles Medical Group (RFMD SP) reported mixed 2024 result. However, 2H24 revenue increased 15% YoY, operating profit rose 5% YoY, and adjusted PATMI jumped 38% YoY.
China operation is recovering, with revenue growing 10% YoY to S$65M in 2024. Three general hospitals in China have demonstrated strong potential for growth and have a positive outlook ahead.
Raffles has revised its dividend policy to pay out at least 50%. The company intends to buy back up to 100M ordinary shares over the next two years.

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Feb 27

Daily Brief Singapore: Yangzijiang Shipbuilding, SGX Rubber Future TSR20, Valuetronics Holdings, Finmo and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Yangzijiang Shipbuilding (YZJSGD SP) Rolls Over As The US Seeks To Curb China’s Shipping Dominance
Cambodia Wraps Up 2024 With A Flourish In Rubber – In Exports And At Home
Tech Sector’s Recent Influence on Singapore’s Mid-to-Small Cap Stocks
Finmo’s unified treasury platform attracts US$18.5M from global VCs | e27

Yangzijiang Shipbuilding (YZJSGD SP) Rolls Over As The US Seeks To Curb China’s Shipping Dominance

By David Blennerhassett

After the United States Trade Representative’s (USTR) office proposed a raft of fees and other shipping restrictions on Chinese vessels, non-SOE Yangzijiang Shipbuilding (YZJSGD SP) is down 16%.
Port entrance fees include up to US$1mn/vessel owned by Chinese transport operators; and non-Chinese transport operators operating Chinese-built vessels would pay up to US$1.5mn per port entry
Fees are currently preliminary, and may, as witnessed in recent Trump policies, be a bargaining chip rather than firm action. If enacted, these measures would curtail a promising Chinese export.

Cambodia Wraps Up 2024 With A Flourish In Rubber – In Exports And At Home

By Vinod Nedumudy

Rubber latex exports value goes up to US$666.25 million in 2024
Average yearly rubber price marks a 47% YoY surge to US$1,971/mt
Domestic tire firms consume 58,000 tons of rubber in 2024

Tech Sector’s Recent Influence on Singapore’s Mid-to-Small Cap Stocks

By Geoff Howie

Singapore’s Mid-to-Small Cap group averaged S$40 million daily trading turnover, with Technology stocks contributing 35% over 8 weeks.
UMS, CSE Global, and Valuetronics ranked among the top 10 Mid-to-Small Cap stocks with highest net institutional inflow.
PC Partner Group anticipates FY24 net profit of at least HK$250 million, up from HK$60 million in FY23.

Finmo’s unified treasury platform attracts US$18.5M from global VCs | e27

By e27

Finmo, an all-in-one treasury operating system (TOS), has announced an oversubscribed US$18.5 million Series A funding round, bringing its total funding to US$27 million.
The round was co-led by Quona Capital and PayPal Ventures, with participation from Citi Ventures.
The Singaporean startup will use the capital to accelerate its product development, invest in AI capabilities, and expand its global reach.

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Feb 26

Daily Brief Singapore: Bumitama Agri, fileAI, Singtel and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

10 in 10 with Bumitama Agri – Driving Productivity In The Palm Oil Sector
fileAI’s US$14M Series A fuels expansion of AI-driven document automation | e27
Market Leaders Pursuing Significant Strategic Transformations

10 in 10 with Bumitama Agri – Driving Productivity In The Palm Oil Sector

By Geoff Howie

Bumitama Agri’s EBITDA margin improved by seven percentage points to 30%, with free cash flow reaching IDR2.1 trillion.
Bumitama Agri recorded a 2% year-on-year revenue dip in 9M24, with net profit and EBITDA declining by 30% and 22%.
Bumitama Agri’s dividend policy includes up to a 40% payout ratio, with recent years seeing a 55% payout.

fileAI’s US$14M Series A fuels expansion of AI-driven document automation | e27

By e27

fileAI, a startup specialising in horizontal file processing and AI workflow automation, has announced US$14 million in Series A funding.
This round, led by returning investors Illuminate Financial, Antler Elevate, Insignia, and Heinemann Group, brought the total funding to over US$20 million.
The newly acquired funds will boost product development and deepen the company’s expertise in AI file management.

Market Leaders Pursuing Significant Strategic Transformations

By Geoff Howie

Seatrium reported FY24 net profit of S$200 million, revenue growth of 27%, and proposed a 1.5 cent dividend.
Singtel’s ST28 strategy focuses on connectivity, digital services, and infrastructure, identifying S$6 billion in monetisable assets.
CapitaLand Investment aims to scale FUM to S$200 billion by 2028, focusing on asset-light, fee income model.

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Feb 25

Daily Brief Singapore: Haw Par Corp, Keppel Corp, Grab Holdings , SGX Rubber Future TSR20, Parkway Life REIT, UOB and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

StubWorld: Haw Par’s S$1.00/Share Special Divvy
Keppel: A Growing Asset Manager on a Transformational Path
Sea Ltd & Grab Holdings: Non-Benchmark Attraction
Higher Rubber Prices Continue To Eat Into Profits Of Indian Tire Majors
REIT Watch – Healthcare S-REITs are here to stay
Wee Ee Cheong raises UOB stake after FY2024 record net profit

StubWorld: Haw Par’s S$1.00/Share Special Divvy

By David Blennerhassett

After releasing its FY24 results last Friday, Haw Par Corp (HPAR SP) declared a S$1.00/share special dividend, in addition to a final dividend of S$0.20/share.
Preceding my comments on Haw Par – and Singapore Land Group (SPLG SP) – are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Keppel: A Growing Asset Manager on a Transformational Path

By Jacob Cheng

Keppel is an asset manager and operator with business in infrastructure, real estate and connectivity
The company is undergoing transformation from an asset-heavy conglomerate to an asset light manager with strong recurring income
We also like the strong capital management and its focus on total shareholder returns, valuation is not demanding

Sea Ltd & Grab Holdings: Non-Benchmark Attraction

By Steven Holden

Grab Holdings hits new high in EM fund ownership, Sea Ltd reverses downward momentum.
Both stocks lag more established players in the ASEAN region.
Grab Holdings attracted the highest number of new investors in the ASEAN region over the last 6-months, though Sea Ltd captures the larger portfolio positions among managers.

Higher Rubber Prices Continue To Eat Into Profits Of Indian Tire Majors

By Vinod Nedumudy

Apollo posts better profits than leader MRF in Q3 FY 2025
JK Tyres faces the worst fall of 75% in net profit
Raw material prices look flattish in Q4 and demand robust\

REIT Watch – Healthcare S-REITs are here to stay

By Geoff Howie

Healthcare S-REITs recorded an average total return of 2.8% year to date, following 6.9% in 2024 and 7.1% in 2023.
Parkway Life REIT’s FY2024 revenue declined 1.5% due to yen weakness, but DPU grew 1% year on year.
First REIT’s FY2024 rental income fell 5.9% due to yen and rupiah weakness, maintaining 100% occupancy rates.

Wee Ee Cheong raises UOB stake after FY2024 record net profit

By Geoff Howie

Institutions were net sellers of Singapore stocks, leading to a net outflow of S$217 million from Feb 14-20.
SIA Engineering’s 9M FY2025 revenue rose 11.8% to S$901 million, with a profit turnaround to S$8.1 million.
UOB announced a S$2 billion share buyback programme, part of a S$3 billion capital distribution strategy.

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Feb 24

Daily Brief Singapore: Grab Holdings , Haw Par Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Grab Holdings (GRAB US) – Solidifying Its Appeal
Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let’s Make It Regular!

Grab Holdings (GRAB US) – Solidifying Its Appeal

By Angus Mackintosh

Grab Holdings (GRAB US) booked a strong finish to the year, beating its upwardly revised guidance, despite some decline in margins due to increased investment, partly due to competitive pressures.
The company continues to expand its total addressable market through its Saver initiatives, whilst successfully increasing monetization through its high-value products, and improving retention and engagement through Grab Unlimited.
Financial services and advertising are becoming increasingly important drivers for growth and profitability. Expect some seasonal slowdown in 1Q2025 but the outlook remains positive and valuations are attractive.

Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let’s Make It Regular!

By Devi Subhakesan

Haw Par Corp (HPAR SP) announced a special dividend of S$1.00 per share for 2024, alongside its regular S$0.40 dividend.
Investors have long pushed for higher payouts and special dividends, given the company’s strong cash reserves and free cash flow.
Based on our analysis of its financials, Haw Par could sustainably raise its regular dividend to S$1.00 per share without tapping into reserves.

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Feb 23

Daily Brief Singapore: Keppel DC REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Keppel DC REIT: An Interesting Play on AI Boom

Keppel DC REIT: An Interesting Play on AI Boom

By Jacob Cheng

We think Keppel DC REIT is an interesting play to look at for the AI revolution. The markets are supported by strong fundamentals
With a strong balance sheet and low leverage, the Company has ample headroom to do more M&As to drive DPU growth
The stock has corrected post Deepseek incident. We think valuation is attractive and presents an interesting opportunity.

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Feb 21

Daily Brief Singapore: SGX Rubber Future TSR20, Boustead Singapore Limited and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Heartening Rubber Production Figures For Malaysia In 2024
Boustead Singapore Meeting (BOCS SP)

Heartening Rubber Production Figures For Malaysia In 2024

By Vinod Nedumudy

Year-on-year increase of 11.06% in NR production in 2024
Ivory Coast once again upstages Thailand in imports
Seed collection and sales to nurseries turn revenue spinner for smallholders

Boustead Singapore Meeting (BOCS SP)

By Michael Fritzell

I had the great pleasure of meeting with Boustead Singapore’s Chief Investment Officer, Keith Chu, and Head of Investor Relations, Dominic Seow, at their headquarters at the Edward Boustead Centre in Singapore.
The meeting was set up by our friends at Smartkarma, whose analysts have covered Boustead Singapore in the past.
While the stock price has risen +15% over the past year, it still trades at just 6.8x trailing P/E and 9.4x forward P/E.

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