Daily Brief Singapore: Rubber Future SGX TSR20, Reclaims Global Limited, LMS Compliance Ltd, Frasers Property Ltd and more

Highlights

• Malaysia’s NR output drops 14.8% MoM in September 2025

• Quarterly production rises 36.9% despite yearly contraction

• Market sentiment mixed amid EUDR delay reports and rate-cut hopes

Natural rubber production in September fell by 14.8% to 26,647 tons from 31,285 tons in August, marking a 16.3% year-on-year drop from September 2024’s 31,847 tons. The contraction came as a setback following a modest recovery in earlier months

• Reclaims Global Limited (“Reclaims”) is an integrated construction services provider specialising in excavation, construction and demolition (“C&D”) waste recycling, and logistics/equipment leasing.
• Since 2009, the Group has built an established operating track record supported by a sizeable in- house fleet and an end-to-end model covering demolition, deep excavation, material recovery, and transport.
• FY2025 marked a strong recovery, revenue almost doubled to S$44.4 million, with net profit almost tripling to S$5.6 million on higher excavation volumes and improved fleet utilisation.

• LMS Compliance Ltd. is a well-established testing, inspection, certification, and assurance (TICA) provider with a strong presence in Malaysia and a growing footprint in the broader Asian region. The company is strategically pivoting towards the high-growth Environmental, Social, and Governance (ESG) services sector, leveraging its core competencies to capitalize on increasing global demand for sustainability-related compliance.
• The company has demonstrated a solid track record of revenue growth, driven by both its traditional testing and certification services and its newer ESG-related offerings. Financial performance has been robust, with consistent profitability and positive operating cash flow, supporting its ability to invest in expansion and provide shareholder returns.
• A key element of LMS’s strategy is its focus on digitalization and the development of proprietary technologies, such as its Laboratory Information Management System (LIMS) and carbon accounting software. This technological focus aims to enhance operational efficiency, create scalable revenue streams, and provide a competitive advantage in the evolving compliance landscape.

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• Frasers Property is a geographically diversified real estate company with a significant presence across Singapore, Australia, Europe, and Southeast Asia, operating across residential, retail, commercial, industrial, and hospitality sectors.
• The company is currently trading at a significant discount to its book value, with a Price-to-Book ratio of 0.43, suggesting a potential valuation gap. This is supported by a high Smartkarma Value score of 5/5.
• Recent financial performance indicates headwinds, with both revenue and net income declining in the latest reported year. The company’s growth track record also shows negative trends over 3, 7, and 10-year periods for key metrics like revenue and EPS, signaling underlying challenges.

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