Daily Brief Singapore: Trust Bank, Rubber Future SGX TSR20, Singapore Airlines and more

• Operational Scale & Market Status: Trust Bank has rapidly matured into Singapore’s fourth-largest retail bank, securing over 1 million customers (approx. 20% market penetration) in just over two years.
• Financial Performance Snapshot: The bank has reached a critical financial inflection point in FY2024, reporting a 148% surge in revenue (to S$96.9 million) while keeping operating expenses nearly flat (+3.8%).
• Product & Ecosystem Integration: Currently, the bank drives high engagement through its “phygital” integration with FairPrice, resulting in active users averaging 21 transactions per month.

Highlights

• MRF posts 11.7% YoY profit growth

•  JK Tyre clocks record revenue, profit surge

• Tire-makers benefit from GST-led demand rebound
• The top performer MRF posted an 11.7% year-on-year (YoY) rise in its consolidated net profit for the July-September quarter of FY 2026 at INR 525.64 crore (US$58.34 million). The company posted a profit of INR 500.47 crore (US$55.55 million) in the FY2026 April-June quarter.

• Singapore Airlines (SIA) stands as a premier global airline, capitalizing on a dual-brand strategy with its mainline premium carrier and the low-cost subsidiary, Scoot, to capture diverse market segments.
• While passenger demand remains robust, particularly in the premium travel sector, the company faces significant headwinds from a challenged cargo market, intense regional competition, and pressure on yields.
• The strategic expansion into India via a merger with Air India presents a significant long-term growth opportunity, though it is accompanied by near-term infrastructure and competitive challenges.

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