Daily Brief Singapore: ASL Marine, Zixin Group, Pacific Radiance, Grab, Rubber Future SGX TSR20, Keppel and more

• We think ASL Marine is a differentiated play on the Asia Pacific marine infrastructure and offshore vessel markets with its vertically integrated model.

• Its extensive shipyard infrastructure, chartering fleet, alongside proprietary dredging engineering capabilities, allow the company to capture value across the asset lifecycle.

• ASL Marine’s operating cash flows have  supported an ongoing fleet renewal and deleveraging of its balance sheet.

• FY2026 Results: Zixin delivered an exceptionally strong performance in FY26.
• Revenue up by 43.0% YoY to RMB607.5 million, primarily driven by solid contributions from the Product Innovation & Food Production segment, which accounted for 68.0% of total revenue, followed by Cultivation & Supply at 31.2% and Recovery & Recycling at 0.7%.
• Alongside the strong revenue growth, gross profit increased by 32.0% YoY to RMB177.3 million, while gross margin remained relatively stable at around 30%, consistent with previous financial years. 

• Pacific Radiance is a post-restructuring recovery story in the offshore marine sector.

• After a court sanctioned debt restructuring in 2022, it has rebuilt a smaller business that has returned to accounting profitability around offshore support vessel (OSV) chartering and its
  Singapore shipyard.

• The shares trade at a discount to both net asset value and peers, perhaps reflecting concerns around earnings quality (including from the SGX’s queries), related party transactions, a concentrated register and founder Pang Yoke Min’s role as both Executive Chairman and CEO.

• FY 2025 generated net profit, removing bankruptcy risk for Grab (GRAB US) .
• Grab posted strong revenue growth momentum, achieved record revenue, and had positive FCF while it was trading at a discount to its global peers. 
• Its CEO, Anthony Tan, bought back around USD 30 million worth of Grab shares recently. 

Highlights

• El Niño expected to strengthen, with nearly 100% persistence probability through February 2027

• Indonesia wildfire emissions reached 19.7 million metric tons CO2 in early September

• August 2026 was the hottest August globally, intensifying rubber supply concerns

• Yangzijiang Shipbuilding Holdings reversed S$40 million outflow to S$219 million inflow in 3Q26, totaling S$180 million net flow.
• Keppel achieved S$123 million net institutional flow in 2026, reversing S$36 million outflow with S$159 million inflow in 3Q26.
• Thai Beverage narrowed net institutional outflow to S$2 million in 2026, reversing S$34 million outflow with S$32 million inflow.