In today’s briefing:
- MegaChem – Reborn from Fire
- FCT SP: One of the Top Beneficiaries from Singapore Rate Steep Decline
MegaChem – Reborn from Fire
- 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.
FCT SP: One of the Top Beneficiaries from Singapore Rate Steep Decline
- 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
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