Daily Brief Singapore: NTT DC REIT, Dezign Format Group, Grab Holdings , MetaOptics, Yoma Strategic Holdings and more

• NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore.
• It holds six stabilized facilities across the U.S., Europe, and Asia with a total design IT load of about 90 MW and 94% occupancy.
• The portfolio comprises of six assets across key hubs with high occupancy and a diversified tenant base.

• Volume and mix: Larger, multi -site retail rollouts and attractions work packages carry better labor utilization and subcontractor terms than one -off event builds.
• Scope control: Gross margin sits in change -order discipline, procurement timing, and fabrication reuse. Slippage shows up first in subcontractor costs and overtime.
• Cash conversion: Upfront deposits and milestone invoicing offset receivable build. Account receivable (AR) discipline and collection cadence are the first line of defense for free cash flow.

• Grab Holdings (GRAB US) 3Q2025 results more than justified previous upgrades to company guidance, with further confirmation and optimism for a strong finish to the year. 
• Margins were close to steady state for Mobility, with incremental margin improvements for deliveries. Financial services continues to scale loans, with year-end targets in sight and breakeven expected in 2026.
• Grab Mart is becoming increasingly important at 10% of deliveries GMV, with strong prospects for deeper penetration, combining with Grab Food. Valuations remain attractive versus growth, with real profits.

• Losses persist as operating expense runs ahead of scale and financing inflows fund burn.
• Operating cash flow was negative in FY2022 –3M2025 and cash rose mainly from equity.
• Finance costs arise from deemed interest on an amount due to a shareholder (effective 9.1%), with repayment scheduled 2027 –2029.

• Diversified Conglomerate with Deep Myanmar Focus: Yoma Strategic Holdings is a Singapore-listed conglomerate with a significant and long-standing presence in Myanmar. Its operations are diversified across five core sectors: Real Estate (Yoma Land), Food and Beverage (Yoma F&B), Automotive and Heavy Equipment (Yoma Motors), Mobile Financial Services (Wave Money), and Leasing. This diversification provides some resilience against sector-specific downturns, although the company’s fortunes are intrinsically linked to the challenging macro environment in Myanmar.
• Navigating a Difficult Operating Environment: The company is currently operating in an extremely challenging environment characterized by political instability, social unrest, high inflation, and currency volatility following the military coup in February 2021. These factors have led to a significant economic contraction, impacting consumer demand, disrupting supply chains, and creating a volatile and uncertain business landscape. The company’s financial performance has been affected, with recent results showing revenue declines in USD terms, primarily due to the depreciation of the Myanmar Kyat (MMK).
• Strategic Focus on Resilience and Long-Term Growth: Despite the headwinds, Yoma Strategic is focused on navigating the current challenges while positioning itself for long-term growth. The company has demonstrated resilience in its real estate segment, with continued sales of residential properties. Management is focused on deleveraging the balance sheet and generating cash flow. The long-term thesis rests on the eventual stabilization and recovery of the Myanmar economy, where Yoma’s established presence and diversified portfolio would be well-positioned to capitalize on the growth potential of a young and populous market.

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