Singapore

• Institutions were net buyers of Singapore stocks with S$250 million inflow, led by DBS Group and Sembcorp Industries.
• Keppel REIT raised S$113 million through a private placement to finance a 75% stake in Top Ryde City Shopping Centre.
• ASL Marine Holdings entered a placement agreement for 41,104,000 shares at S$0.1703 each to support business expansion.

• S-REITs in Singapore have announced S$4 billion in equity fundraising in 2025, surpassing 2024’s S$2.9 billion.
• Primary market IPOs of NTT DC REIT and CAREIT raised US$824.1 million and S$816.1 million, respectively.
• Secondary market fundraising includes CapitaLand Integrated Commercial Trust’s S$600 million and CapitaLand Ascendas REIT’s S$500 million placements.

• Exports plunge 43% from February peak, hitting mid-year lows  
• Trump tariffs, weak Chinese demand deepen pressure on shipments  
• Thailand players, well-prepared for EUDR, upset over the recent update from the EU 

• Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.
• Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.
• Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.

• Singapore’s stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS’s S$5bn EQDP incentivizes fund managers to look outside index stocks.
• We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG<1.4x).
• Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.

• Highlights    • Market shift from premium to mid-tier brands   • Profit vs volume strategy hurting premium brands   • Mid-Tier brands expanding globally There is a lot of uncertainty around the ongoing tire demand and supply situation.
• The first thing to note is that while demand is growing slightly, the distribution of sales between premium tire makers and less well-known brands is changing.
• The transfer of market share away from the premium tire makers is rapid and appears to be accelerating.

• The commercial passenger aircraft leasing Company has published its annual report and audited financial statements for the year ended 30 June 2025.
• Revenue increased by 19.2% to $110m (from $92m in 2024), with EBITDA increasing by 20.3% to $107.1m.
• Total year-end cash and bank balances were $130m and $148.5m at 26 September 2025. 

• Multi-National and multimodal transportation company with well diversified transportation business operating from Singapore.
• ROE has started improving from low base of below 6% to around 8% over the last couple of years
• Underlying business is stable. Dividend yield at 5.5% is better than Singapore market 

• In our initiation coverage of Samudera in February, we recommended a price target of SGD0.73 to accumulate the stock which was trading at SGD0.85 then.
• The stock did reach a low of SGD0.71 in early April amid US tariff uncertainty before hitting a high of SGD1.05 in late July.
• The stock has since retraced lower to SGD0.955 currently.

• Tiong Woon is a key regional player in the heavy lift and haulage industry, poised to benefit from the upswing in the petrochemical, infrastructure, and construction sectors across Southeast Asia, India, and the Middle East.
• The company demonstrates a strong growth trajectory with a 3-year revenue CAGR of 10.08% and a net income CAGR of 19.04%, supported by a strategic focus on higher-margin, larger-capacity cranes and expansion into high-growth markets.
• Despite a positive outlook and solid financial performance, the company faces risks from market cyclicality, project delays, and margin pressure from rising costs. Its ongoing capital expenditure cycle supports long-term growth but currently weighs on free cash flow.

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• U.S. tire shipments projected at a record 340.2 million units in 2025  
•  Dynamics shift, with Chinese tire imports falling and SE Asian imports rising  
• Top players pursue expansion, innovation, and portfolio revamp  

• Institutions were net buyers of Singapore stocks with S$275 million inflow, led by DBS Group and CapitaLand Integrated Commercial Trust.
• Oversea-Chinese Banking Corporation led share buybacks with 1.25 million shares; Hongkong Land increased buyback mandate to US$193 million.
• Wilmar International’s chairman increased his stake to 14.39%; Centurion Corporation expanded Malaysian portfolio by 25% with Harum Megah acquisition.

• Shopback is a leading cashback and rewards platform in the Asia-Pacific region, poised to benefit from the rapidly growing e-commerce and digital loyalty market. The company is currently undergoing a strategic realignment, focusing on its core cashback services and sustainable growth after a period of aggressive expansion.
• Recent financial performance for the fiscal year ending March 2024 shows a 13% increase in revenue to S$133 million (US$102.4 million) and a 36.3% reduction in operating losses, indicating early positive results from its restructuring efforts. This follows a challenging prior year where revenue declined 20% and losses widened.
• Key challenges include intense competition from regional super apps and other loyalty platforms, the need to regain and maintain consumer trust after significant layoffs and the discontinuation of its Buy Now, Pay Later (BNPL) service, and navigating the complexities of a diverse and fragmented APAC market.

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• Jardine Matheson is a diversified, Asia-focused conglomerate with a portfolio of market-leading businesses in sectors such as property, retail, automotive, and hospitality.
• The company is currently undergoing a strategic shift from an ‘owner-operator’ model to that of an engaged, investment-focused portfolio company, aiming to enhance long-term shareholder returns.
• While facing headwinds from its exposure to the Hong Kong and mainland China property markets, the company’s diversified portfolio and strong presence in Southeast Asia, particularly through its subsidiary Astra International, provide a degree of resilience and growth potential.

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• A decade of stagnant revenue and declining profits, despite significant capital investments in overseas expansion.
• CDG was destroying shareholder value. Return on Equity (“ROE”) had fallen to 6.9% in 2023, almost half the 13.3% recorded in 2015. More critically, ROE remained below its 9% cost of equity.
• Lack of strategic clarity on how its growth strategy aligns with long-term shareholder value creation.

• Turnaround Specialist in a Cyclical Up-swing: After a prolonged downturn that necessitated two major debt restructurings (2018 and 2024), Nam Cheong has emerged as a leaner entity focused on vessel chartering. The company is capitalizing on a robust recovery in the Offshore Support Vessel (OSV) market, driven by increased offshore oil & gas exploration and production activities.
• Strong Financial Rebound and Earnings Visibility: The company has demonstrated a significant financial turnaround, with revenue and net income surging in the past three years. Recent long-term charter contract wins worth up to RM1.22 billion provide strong earnings visibility for the next 2-3 years, with a target of having 60-70% of its fleet on long-term charters.
• High-Risk, High-Reward Profile: Despite the positive momentum and an attractive valuation on a forward P/E basis, the company operates in a highly cyclical industry and has a history of financial distress. Key risks include dependence on oil & gas capital expenditure, potential for renewed vessel oversupply, and a corporate governance structure with significant family influence.

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• Ever Glory United Holdings is a Singapore-based provider of mechanical and electrical (M&E) engineering services, poised to capitalize on the burgeoning Singaporean construction sector. The company has demonstrated robust top-line growth, driven by an increase in M&E projects.
• Strategic acquisitions, such as Fire-Guard Engineering and Guthrie Engineering, have expanded the company’s service offerings and capabilities, enabling it to tender for larger, higher-value projects. This inorganic growth strategy is a key pillar of its future expansion.
• While revenue growth is strong, the company faces challenges with gross margin pressure due to the completion of higher-margin projects and broader inflationary pressures. Management is focused on cost control and diversification to mitigate these impacts.

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• July exports rebound, second-best month of 2025  
• Seven-month exports slip on weaker tire and tube demand  
• Five-year car import ban lifted, boosting rubber outlook  

• The prior MO for the Jardines group was never sell your commercial buildings. This year marks a paradigm shift in that line of thinking. 
• First Hongkong Land (HKL SP) sold nine floors of One Exchange Square to HKEX (388 HK). The first such sale since 1988.
• Now Mandarin Oriental (MAND SP) is negotiating the sale of “certain office space” at One Causeway Bay. Jardine Matheson (JM SP)‘s NAV discount and implied stub are at 12-month lows/highs.

• DFI Retail Group is undergoing a significant strategic shift, unlocking capital through divestments (over US$900 million) and returning a substantial portion to shareholders (US$600 million special dividend), signaling confidence in its refined focus.
• The company’s financial performance is mixed, with 1H2025 underlying profit growth of 39% driven by lower financing costs and strong Health & Beauty segment performance, but this is contrasted by multi-year declines in revenue and net income.
• The forward outlook is challenging, characterized by intense competition and weak consumer sentiment across key Asian markets, making future growth heavily dependent on the successful expansion of its Health & Beauty footprint and effective cost control.

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