In today’s briefing:
- Grab Holdings (GRAB US) – GoTo Merger Rears Its Head?
- Company Spotlight: Delfi
- Singapore Stocks with the Most Net Retail Buy & Sells in Early 2025
- STI Begins New Year with 1.8% Return, Led by Singtel & Seatrium
- REIT Watch – Singapore-based Office S-REITs report stronger operational performance
Grab Holdings (GRAB US) – GoTo Merger Rears Its Head?
- Press reports suggest that a merger between GoTo Gojek Tokopedia and Grab is back on the table, which is ironic given the progress of both companies towards profitability.
- Any merger may encounter anti-trust issues in Indonesia, with some fallout for drivers and potentially merchants, which may encounter resistance from the government and even potential demonstrations but not insurmountable.
- Grab should book a net profit in 2025 plus higher growth, as its barbell strategy gains traction, but a GoTo merger could move the dial towards much higher profitability.
Company Spotlight: Delfi
Company Spotlight: Delfi
Singapore Stocks with the Most Net Retail Buy & Sells in Early 2025
- Retail investors net bought S$487 million in Singapore shares since end-2024, focusing on Financial Services, REITs, Technology.
- Non-STI stocks with highest net retail buying: Keppel REIT, AEM Holdings, CapitaLand India Trust, CapitaLand Ascott Trust, iFAST Corporation.
- SGX-listed REIT ETFs attracted S$38 million net inflows in 2025, increasing AUM to over S$1 billion.
STI Begins New Year with 1.8% Return, Led by Singtel & Seatrium
- Banks DBS, OCBC, and UOB, accounting for 54% of STI’s weight, averaged 3.2% returns in January 2025.
- Institutions were net sellers of Singapore stocks, with a net outflow exceeding S$500 million in January 2025.
- Keppel Pacific Oak REIT led the S-REIT sector with a 17.1% return in USD terms in January 2025.
REIT Watch – Singapore-based Office S-REITs report stronger operational performance
- Keppel REIT’s FY2024 property income and NPI increased by 12.2% and 10.7% year-on-year, with a 13.2% rental reversion.
- MPACT’s 3Q FY24/25 gross revenue and NPI decreased by 7.4% and 8.5% year-on-year, with a 9.1% DPU dip.
- OUE REIT’s FY2024 revenue grew 3.7% year-on-year, with a 94.6% occupancy rate and 10.7% rent reversion.
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