Singapore

• 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.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• 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.

• Back in 2021, Jardine Matheson (JM SP) took 84.89%-held Jardine Strategic (JS SP) private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured. 
• Less clear are “fair value” appraisal rights afforded Strategic’s dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.
• Which may have precipitated Matheson opting for a (full value) Scheme for Mandarin Oriental International (MAND SP), in which appraisal rights are not afforded.

• Corporate Monitor strongly recommends that unitholders of Keppel Infrastructure Trust (“KIT”) reject the proposed acquisition of a 46.7% interest in Global Marine Group (“GMG”) for approximately S$119 million, with additional equity commitment of S$68 million.
• Keppel Infrastructure Fund (“KIF”), managed by Keppel Ltd., owns another 46.7% stake and the balance is held by a co-investor.
• KIT argues that GMG operates in a resilient, high-barrier subsea cable industry supported by strong structural demand drivers.

• Production slips 12.8% amid lacklustre smallholder involvement  
• Imports rebound MoM, exports edge up on steady China demand  
• Glove exports slip in value to RM 1.2 billion, down 7.7% from July  

• Keppel Infrastructure Trust (KIT) is Singapore’s largest listed infrastructure business trust, featuring a diversified portfolio across energy transition, environmental services, and distribution & storage.
• The Trust is strategically focused on sustainable infrastructure, targeting 2GW of renewable energy capacity by 2030, while navigating a capital-intensive business environment with increasing competition.
• While KIT offers a strong dividend yield and has demonstrated robust earnings growth, it faces challenges from volatile net income, relatively weak resilience metrics, and potential overcapacity in key markets like the subsea cable industry.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.
• Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.
• Since our initiation report, several positive developments have emerged.

• Sheng Siong (SSG SP) surpassed expectations in Q3 2025, delivering revenue/profit growth of 14%/12% YoY, with FY25e store expansions totaling 11 stores, bringing the total to 86 in Singapore. 
• The company is now pursuing a strategy of mall openings in tandem with its already successful HDB strategy, resulting in a higher growth rate than previously expected. 
• Despite the more rapidly expanding footprint in Singapore, we believe the company is now fairly valued at 24.4x FY25PE with risks from the Johor Bahru-Singapore RTS and the associated SEZ. 

• SUTL Enterprise Limited (“SUTL”) is a Singapore based developer, operator, and consultant of integrated marinas and remain as the only marina focused business listed on the SGX.
• Under its proprietary ONE°15 Marina brand, the Group operates its flagship club at Sentosa Cove, manages third-party marinas across Asia, and runs a luxury yacht charter fleet of over 50 vessels.
• Its core revenue streams comprise marina club operations (berthing, hospitality, and F&B services), consultancy and management fees for marina developments, and luxury yacht charters.

• SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.
• Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global’s 50% share price increase.
• Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.

• In 2025, 78 primary-listed Singapore companies repurchased S$1.91 billion in shares, a 90% increase from 2024.
• 17Live Group repurchased S$6.2 million shares, 3.4% of its market capitalisation, reflecting disciplined capital deployment.
• Jason Marine Group’s first buyback since 2015 followed a 40% revenue increase and strong project deliveries.

• Cortina Holdings is a leading retailer and distributor of luxury timepieces in the Asia Pacific region, with a strong portfolio of renowned brands like Patek Philippe and Rolex.
• The company is pursuing a strategic expansion by increasing its retail footprint, including mono-brand boutiques and travel retail concepts, particularly in high-growth markets like Thailand and Malaysia.
• While demonstrating long-term growth and a commitment to shareholder returns through consistent dividends, the company faces risks from macroeconomic headwinds impacting consumer sentiment, margin pressure from rising operating costs, and increasing inventory levels.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• We attended Micro Mechanics (Holdings) (MMH SP) AGM in Singapore on 30 October.
• Management also released 1Q26 results which show muted growth. China remains the most important market.
• MMH has no debt, consistently high margins, high ROE’s and a 22-year track record of paying dividends to investors.

• Export volumes fall, but revenues hold firm on higher prices  
• Domestic latex consumption surges 89%, reshaping local demand base  
• Chinese investments deepen industrial linkages and energy synergy

• Global Testing Corp (GTC) is an established Outsourced Semiconductor Assembly and Test (OSAT) provider, specializing in testing services for logic and mixed-signal semiconductors. Headquartered in Taiwan, the company is strategically positioned within the global semiconductor hub.
• The company is poised to benefit from positive long-term industry trends, including the proliferation of AI, IoT, 5G, and automotive electronics, which are driving demand for more complex and rigorous semiconductor testing. The OSAT market is projected to grow at a CAGR of 5-9% over the next several years.
• Despite a challenging recent period marked by declining net income and margins, the company maintains a strong balance sheet with minimal debt. However, its revenue and profit trajectory in the near term will be highly dependent on the cyclical nature of the semiconductor industry and its ability to secure its position with key customers.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) announced on the 17th October an Offer for Mandarin Oriental (MAND SP)‘s minorities at US$3.35/share.
• This is a clean, full, “dull” Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.
• Proceeds from the OCB sale will be US$925mn. And taking out MAND’s minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson’s stub ops.