Daily Brief Singapore: AEM, Sincap, DBS, Centurion Accomodation REIT and more

• AEM is a key solutions provider in the semiconductor back-end testing process, with a strong historical reliance on its main customer, Intel. The company is currently at a pivotal point, aiming to diversify its customer base and capitalize on the growing demand for advanced semiconductor testing, particularly in the AI and HPC sectors.
• Recent financial performance has been mixed, with a significant revenue and net income decline from a 2022 peak, but showing signs of recovery in the first half of 2025. The company’s ability to successfully ramp up production for new customers and manage its reliance on Intel will be critical for future growth.
• Leadership changes, including the recent appointment of a new CEO, introduce both opportunities for strategic shifts and risks related to management stability. Investor confidence will likely hinge on the new leadership’s ability to execute on the diversification strategy and deliver consistent financial results.

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• Skylink APAC’s loan book expanded from $24 million to approximately $66 million within two years, enhancing its financial growth.
• Skylink’s revenue increased to $26 million in FY2025 from $15 million in FY2024, with gross profit rising to $6.8 million.
• The Catalist listing provides Skylink access to new capital pools, enabling faster scaling of its financing arm and acquisitions.

• Digital Transformation Leader: DBS has established itself as a pioneer in digital banking, leveraging artificial intelligence and blockchain technology to enhance customer experience and operational efficiency. This focus on innovation provides a significant competitive advantage in the evolving financial landscape.
• Strong Financial Performance and Regional Presence: The bank has consistently delivered robust financial results, characterized by strong profitability and a solid capital position. Its strategic presence in key Asian growth markets—Greater China, Southeast Asia, and South Asia—positions it well to capitalize on the region’s economic expansion.
• Commitment to Shareholder Returns: DBS has a track record of delivering value to shareholders through consistent dividend payments and has outlined a clear capital return strategy. This commitment, coupled with a positive outlook for earnings growth, provides an attractive proposition for income-focused investors.

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• Centurion Accomodation REIT (CAREIT SP) (CAREIT) raised around US$600m in its Singapore IPO.
• 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 and valuations in our previous note. In this note, we will talk about the trading dynamics.