Singapore

• MetaOptics is a vertically integrated, early-stage company specializing in metalens technology, a revolutionary approach to optics with the potential to disrupt various industries by replacing traditional bulky lenses with ultra-thin, lightweight, and efficient alternatives.
• The company recently debuted on the Singapore Exchange (SGX) Catalist board, making it the first pure-play metalens company to go public. The IPO proceeds are intended to fund research and development, business expansion, and strategic partnerships.
• While MetaOptics holds a strong global market position, ranking 5th by revenue among metalens companies, it faces significant risks, including a history of losses, reliance on a limited number of suppliers, and the nascent stage of mass production for its metalens prototypes.

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• AvePoint is a dominant software provider for data management within the Microsoft ecosystem, capitalizing on the global shift to cloud-based collaboration and increasingly stringent data governance requirements.
• The company has demonstrated a strong growth trajectory, marked by consistent double-digit revenue growth and a significant shift towards a recurring SaaS model, which now constitutes the majority of its revenue.
• After a history of net losses, AvePoint has recently achieved quarterly profitability and is generating robust operating and free cash flow, signaling a pivotal inflection point in its financial performance.

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• MegaChem reported mixed financial results for 1H2025. 
• The Group’s 1HFY25 revenue declined slightly by 1.7% YoY to S$64.1 million, while gross profit improved 3.6% YoY to S$16.1 million.
• The Group’s overall gross margin increased from 23.8% in 1HFY24 to 25.1% in 1HFY25. 

• As discussed, Singapore 3M Sora has steeply declined from 3.034% in January to 1.563% in September. 
• Based on % floating rate debt, currency mix, and debt expiry profile, FCT SP will benefit the most among most S-REIT peers
• FCT SP fundamentals remain solid, recording a 0.5% DPU growth and 9% rental reversion across its retail portfolio, in 1H 2025

• Weather related disruption resulted in spike in prices
• Despite some restocking Tire makers remind cautious
• Market expects rebound in Chinese buying ahead of the September peak tire production period

• Malaysia imports tires worth US$816 mn a year; China pitches US$318 mn  
• Goodyear, Continental plant closures highlight Chinese competition  
• Recycling innovations aim to capture value and boost sustainability  

• In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.
• UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.
• Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.

• Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
• CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

• Centurion Accomodation REIT (CAREIT SP) is the exclusive S-REIT vehicle sponsored by Centurion Corp (CENT SP). It is seeking to raise up to US$600 million in an SGX IPO. 
• The Initial Portfolio will comprise 14 assets, with five PBWA assets located in Singapore, eight PBSA assets located in the United Kingdom, and one PBSA asset located in Australia.
• Centurion Accommodation REIT offers an attractive value proposition due to its structural demand drivers, diversified portfolio, high occupancy rates, growth opportunities, and sizable debt headroom.

• The Singapore’s interest rate, 3M SORA, has declined steeply from 3.034% in January to 1.563% in September
• The steep decline in interest rate will directly benefit S-REITs, through reduced borrow cost, more attractive valuation, as well as stabilizing cap rates to support book valuation
• Among S-REITs, we think CICT SP, with its portfolio mostly Singapore assets, will benefit the most from this structural trend

• Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
• CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
• In this note, we look at the REIT’s portfolio and performance.

• 55% market share in Singapore bus market. SBS runs 3 train lines.
• The company has only one customer which is LTA and does not have much pricing power
• The company is asset light and has lots of cash on its books.

• Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG<1.3x.
• In the six ASEAN markets, 10 stocks satisfy our criteria – four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.
• Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.

• Institutions were net buyers of Singapore stocks with S$11.1 million inflow, major inflows to DBS, ST Engineering, UOL.
• Stamford Land’s Ow Chio Kiat increased interest to 46.23%, maintaining a debt-free position with S$0.5 billion cash.
• Nordic Group’s Chang Yeh Hong increased interest to 54.87%, with a strong S$184.9 million orderbook as of June 2025.

• Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
• Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
• LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.

• The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD.
• OUE REIT, CICT, Lendlease Global REIT, and Keppel REIT reported YTD total returns between 23.5% to 30.2% as of Sept 12.
• Retail investors net bought S-REITs with S$600 million inflow YTD, while institutions had S$800 million net outflows.

• We initiated on ITSL SP on Friday. The stock is up 2%.
• The initial feedback from clients was one of cautious optimism. There were concerns raised about concentration risk, competition and cybersecurity issues.
• We identified the mitigants and reiterate BUY.

• Sailun revives Bridgestone’s idle TBR plant, breaks ground in Egypt  
•  Chinese pneumatic tire exports climb 4.6% in value in H1 2025  
• Jiangsu General ramps up projects in Thailand and Cambodia  

• Yangzijiang Shipbuilding secured US$920 million in new contracts for 22 vessels, boosting its 2025 orderbook to US$1.46 billion.
• iFAST’s UK-based iGB achieved S$1.7 million profit in 1HFY25, driven by increased customer deposits and net interest revenue.
• City Developments reported S$1.7 billion revenue in 1HFY25, with significant divestment gains expected from South Beach stake sale.

• Qian Hu’s pet accessories segment profit rose 81% year-on-year to S$272,000 in the first half of 2025.
• Revenue for Qian Hu in the first half of FY2025 was S$35.1 million, with net profit at S$31,000.
• Full year 2024 revenue was S$71.4 million, with net profit at S$357,000, reflecting investment in new ventures.

• MetaOptics ranks 5th globally in 2024 among metalens companies by revenue, according to an Independent Market Report.
• The IPO market capitalization is S$47.19 million, with a placement price of S$0.20 per share.
• IPO net proceeds of S$4.0 million will fund R&D, business expansion, and working capital purposes.

• Livingstone Health Holdings Limited (“Livingstone”) is a multidisciplinary healthcare group in Singapore, operating a network of primary care and specialist clinics.
• The Group provides a comprehensive range of services, including anaesthesiology, pain management, internal medicine, orthopaedic surgery, podiatry, physiotherapy, aesthetics and wellness treatments.
• It operates through three main segments, Primary Healthcare, Specialist Healthcare, and Others, supported by an integrated care model that captures patients at multiple touchpoints and promotes cross-referrals.

• June exports dipped 1.04% YoY but rose 11% month-on-month  
• Sri Lanka uses diplomacy to safeguard US$300 million US market  
• Domestic Reforms, EU market access next on agenda