In today’s briefing:
- Elite UK REIT: October 2025 Update
- Sheng Siong (SSG SP): Surpassing Expectations Handsomely, But Fairly Valued. Money Off The Table?
- SUTL Enterprise Limited – Setting Sail for Regional Expansion
- Fundamentals Driving Recent SMID Institutional Flows
- 2025 Buyback Consideration Surpasses 10-year High
Elite UK REIT: October 2025 Update
- This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.
- Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.
- Since our initiation report, several positive developments have emerged.
Sheng Siong (SSG SP): Surpassing Expectations Handsomely, But Fairly Valued. Money Off The Table?
- Sheng Siong (SSG SP) surpassed expectations in Q3 2025, delivering revenue/profit growth of 14%/12% YoY, with FY25e store expansions totaling 11 stores, bringing the total to 86 in Singapore.
- The company is now pursuing a strategy of mall openings in tandem with its already successful HDB strategy, resulting in a higher growth rate than previously expected.
- Despite the more rapidly expanding footprint in Singapore, we believe the company is now fairly valued at 24.4x FY25PE with risks from the Johor Bahru-Singapore RTS and the associated SEZ.
SUTL Enterprise Limited – Setting Sail for Regional Expansion
- SUTL Enterprise Limited (“SUTL”) is a Singapore based developer, operator, and consultant of integrated marinas and remain as the only marina focused business listed on the SGX.
- Under its proprietary ONE°15 Marina brand, the Group operates its flagship club at Sentosa Cove, manages third-party marinas across Asia, and runs a luxury yacht charter fleet of over 50 vessels.
- Its core revenue streams comprise marina club operations (berthing, hospitality, and F&B services), consultancy and management fees for marina developments, and luxury yacht charters.
Fundamentals Driving Recent SMID Institutional Flows
- SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.
- Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global’s 50% share price increase.
- Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.
2025 Buyback Consideration Surpasses 10-year High
- In 2025, 78 primary-listed Singapore companies repurchased S$1.91 billion in shares, a 90% increase from 2024.
- 17Live Group repurchased S$6.2 million shares, 3.4% of its market capitalisation, reflecting disciplined capital deployment.
- Jason Marine Group’s first buyback since 2015 followed a 40% revenue increase and strong project deliveries.
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