Singapore

• Prices fail to breach INR200/kg mark making farmers unhappy  
• GST cut benefit to percolate to the rubber market soon  
• Demand to extend World Bank replanting aid to all Kerala districts

• CTR Holdings is a Singapore-based contractor specializing in structural engineering and wet architectural works, primarily serving public and private sector projects in Singapore.
• The company has demonstrated remarkable revenue and net income growth over the past three years, however, this has been accompanied by significant margin compression and a declining stock price.
• While the forward outlook for the construction sector in its key markets shows moderate growth, the industry is characterized by intense competition, rising costs, and sensitivity to economic cycles, posing significant risks to sustained profitability.

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• Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs.
• Digital Core REIT and Keppel DC REIT saw significant increases in NPI and distributable income, driven by acquisitions and demand.
• Frasers Centrepoint Trust, Suntec REIT, and OUE REIT reported improved DPU, supported by stronger operational performance and lower financing costs.

• Institutions were net buyers of Singapore stocks with a S$57 million inflow, reversing a previous S$167 million outflow.
• Eleven companies conducted share buybacks totaling S$13.6 million; United Overseas Bank led with 300,000 shares at S$34.57.
• CapitaLand India Trust’s 3Q 2025 update is due Oct 31; recent divestments aim to enhance financial flexibility.

• Privatized and Delisted: Chip Eng Seng was voluntarily delisted from the Singapore Exchange (SGX) in February 2023 following a successful privatization offer by Tang Dynasty Treasure, an investment vehicle of Celine and Gordon Tang. This move was intended to provide the company with greater flexibility to manage its businesses and optimize the use of its resources away from the pressures of the public market.
• Diversified Conglomerate Structure: The company operates across multiple segments including construction, property development, property investment, hospitality, and education. Its origins trace back to the 1960s as a construction subcontractor, with a long history in Singapore’s public housing sector before diversifying.
• Challenging Financial Performance Pre-Delisting: Prior to its privatization, the company faced a period of declining profitability, recording net losses in both 2020 and 2021. This performance, coupled with a share price trading at a significant discount to its net asset value, was a key factor leading to the privatization offer.

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• Post-Mortem of a Rapid Collapse: Eagle Hospitality Trust (EHT) is a defunct entity currently undergoing liquidation following a catastrophic failure less than a year after its May 2019 IPO on the Singapore Exchange. Trading was suspended in March 2020, followed by a Chapter 11 bankruptcy filing for its US entities in January 2021.
• Severe Corporate Governance Deficiencies: The trust’s failure was precipitated by significant governance lapses, primarily involving its sponsor and master lessee, Urban Commons. These issues included failure to pay rent and security deposits, which led to a default on a US$341 million loan, and undisclosed prejudicial interested person transactions.
• Total Loss of Equity Value: Following the bankruptcy, the trust’s assets (a portfolio of 18 US hotels) were sold off. Proceeds from the liquidation were directed primarily to secured creditors, resulting in a near-total loss for equity securityholders. The trust is in the final stages of being wound up and delisted.

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• Privatized Entity with a Diversified Strategy: Formerly listed on the Singapore Exchange, Singhaiyi Group was privatized in January 2022 by its controlling shareholders, Gordon and Celine Tang. The company operates as a diversified real estate entity focused on property development, investment, hospitality, and management services across Singapore, the US, Australia, and Malaysia. Post-delisting, the firm has continued its development activities, notably through a merger with CEL Development, aiming to leverage collective capabilities and unlock new opportunities.
• Experienced and Well-Connected Management: The company is led by the entrepreneurial husband-and-wife team of Gordon and Celine Tang, who have a long track record in real estate and investments. Their leadership provides deep industry insights and strong connections, enabling access to unique investment opportunities. The recent appointment of their son, Tang Jialin, as CEO signals a focus on generational succession and legacy building.
• Challenging Financial Track Record Pre-Privatization: Financial data prior to delisting indicates significant volatility. The company experienced negative revenue and net income growth over three and five-year periods, with inconsistent operating cash flows. This performance reflects the cyclical nature of property development, which is heavily dependent on project completion timelines and market sentiment. The privatization was partly motivated by a desire for greater management flexibility away from public market pressures and perceived low valuations.

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• July to August export volume increases but returns drop  
• Chinese exports pick up as it strikes deal with the US  
• Malaysia, Japan too cash in on lowering of US tariffs  

• Vietnam exports 1.12 million tons of rubber in Jan–Aug  
• Exports to China up 5.9% in volume; value surges 22%  
• Typhoon Kajiki causes brief disruptions, but exports stay firm  

• Among Singapore’s 100 most traded stocks, 22 have a combined ADT of S$42.9 million and market cap of S$8.15 billion.
• Industrials, Technology, and Energy sectors make up nearly 80% of these stocks, reflecting global trends in infrastructure, AI, and renewables.
• The 22 stocks recorded a net institutional inflow of S$132.35 million in 2025, led by CSE Global.

• Nippecraft is navigating a challenging environment characterized by secular declines in its core stationery business, evidenced by a consistent fall in revenue over the past three years. The company’s strategy to counteract this involves diversification into pulp trading and a focus on lifestyle branding.
• Despite falling sales, the company has demonstrated an ability to grow net income and EPS over medium-to-long term horizons, suggesting successful cost control and restructuring efforts. However, recent profitability is thin and cash flow generation remains a significant concern, with negative operating and free cash flow in the latest fiscal year.
• Valuation appears attractive on a price-to-book basis, trading at a significant discount to its book value. This may appeal to value-oriented investors, but the low valuation reflects substantial risks, including the structural decline of the paper products industry and intense competitive pressure.

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• COSCO SHIPPING International (Singapore) reported a 10.6% revenue increase in 1H 2025, driven by logistics and marine engineering growth.
• The company is constructing Jurong Island Logistics Hub Phase 2, with completion expected in Q4 2026, enhancing logistics infrastructure.
• Key risks for 2025 include potential global trade slowdown, operational disruptions, and regulatory changes affecting logistics and marine services.

• Institutions were net sellers of Singapore stocks from Oct 10 to 16, with a net outflow of S$167 million.
• United Overseas Bank led share buybacks with 500,000 shares at S$34.91, totaling S$39.3 million across 19 companies.
• Reclaims Global proposed a placement of 15,384,700 shares at S$0.39 each, raising approximately S$5.75 million.

• A sale – partial or otherwise – of Mandarin Oriental International (MAND SP)‘s One Causeway Bay (OCB) was always on the cards. But I didn’t see an Offer coming. 
• Concurrent with the sale of 13 floors of OCB to Alibaba (9988 HK), Jardine Matheson (JM SP) is seeking to take out MAND’s minorities at US$3.35/share by way of a Scheme.
• That’s a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Unlike the 2021 Jardine Strategic (JS SP) Offer, Matheson is required to abstain from voting on this takeover. 

• Mandarin Oriental International (MAND SP) disclosed a privatisation offer from Jardine Matheson Holdings (JM SP) at US$3.35 (US$2.75 cash + US$0.60 special dividend), a 39.6% premium to the last close. 
• The special dividend represents the majority of the proceeds from the sale of the top thirteen floors of One Causeway Bay (OCB) to Alibaba and Ant Group for US$925 million. 
• The offer is final. The scheme is conditional on the completion of the OCB sale and Mandarin shareholder approval. This is a done deal due to an attractive offer. 

• Jardine Matheson Holdings (JM SP) has proposed to take Mandarin Oriental International (MAND SP) private
• While the deal has a high chance of success, given the 88% ownership of MAND by JM, it undervalues Mandarin Oriental significantly.
• Jardine is effectively paying for the fair value of One Causeway building and is getting global hotel operations for a bargain price.

• Company started 16 years ago in Southeast Asia market
• Operates three businesses: Garena, Shopee, Money
• Transitioned from video game distributor to $100 billion market cap company through mobile Internet revolution and focus on local market sector

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• Grindr Inc. surged nearly 10% after reports emerged that its majority owners — Raymond Zage and James Lu — are in advanced talks to take the LGBTQ+ dating platform private with debt financing support from Fortress Investment Group.
• According to Semafor, discussions have centered around a potential buyout price near $15 per share, valuing the company at roughly $2.24 billion.
• The timing comes amid a volatile market for tech valuations and follows a period of sustained profitability and accelerating monetization at Grindr.

• City Developments recorded S$237M net institutional buying, while Advanced Holdings led by percentage with S$6.6M, 54% of market cap.
• LHT Holdings saw S$9.5M net institutional buying, 19% of market cap, with DH Cornerstone Fund acquiring 18.45% interest.
• Institutions net sold S$0.74 billion in 2H25, excluding STI Banks, net buying was S$0.18 billion.

• SGX FX and BBVA collaborate to enhance liquidity provision in Latin America, expanding SGX FX’s Americas presence.
• BBVA will establish a distribution engine in the NY4 data centre, providing access to major regional currencies.
• The partnership leverages SGX FX’s network and BBVA’s LATAM expertise, promoting access to reliable liquidity in emerging markets.

• India’s rubber output in April–July up 4.4% year-on-year.  
• Imports fall 7.4% as stocks deplete by 79,000 tons in 4 months  
• Domestic auto sector weakness tempers consumption