Maybank Research Pte. Ltd. 15 April 2025
Market Shaping News and Stock Analysis
Vin’s Holdings Makes Successful IPO Debut on SGX Catalist
Vin’s Holdings, a car dealer, successfully debuted on the SGX Catalist on April 15, 2025, after fully subscribing 20 million placement shares at 30 cents per share, raising SGD 6 million. The company plans to use SGD 3.2 million of the net proceeds for IT enhancements, showroom and workshop expansions, and after-sales services. As the first IPO on the SGX Catalist of 2025, Vin’s Holdings is poised for growth, with its largest revenue contributor being automotive sales and related services.
Olam Group Unveils Reorganisation Plan
Olam Group has announced an updated reorganisation plan aimed at right-sizing its capital structure, unlocking the full potential value of Olam Food Ingredients (ofi), and divesting its remaining assets and businesses over time. This move follows the proposed sale of its 64.57% stake in Olam Agri to Saudi Agricultural & Livestock Investment Company (SALIC) in February. Key highlights of the plan include:
Allocating USD 2 billion to de-lever its balance sheet and make the group’s capital structure debt-free and self-sustaining
Investing USD 500 million of equity into ofi to support strategic initiatives and unlock its full potential value
Potential concurrent listing of ofi in Europe and Singapore at an appropriate time
Distributing net proceeds from divestments to shareholders via special dividends
Grand Venture Technology Reaffirms Revenue Guidance
Grand Venture Technology (GVT) has reaffirmed its 1H25 revenue guidance at SGD 90-96 million. Despite potential disruptions from US trade measures, GVT expects minimal impact on its exports, as:
Direct exports to the US account for less than 10% of its total revenue
Over 70% of US-bound exports originate from Singapore, which is subject to the lowest applicable tariff
GVT is actively engaging customers to redirect US-bound exports to their Asian manufacturing sites
Singapore Banks – Cautious Outlook
Maybank Research has a neutral outlook on Singapore banks, citing increased risks from weaker global growth, North-South supply chain relocations, and potential asset quality issues. The brokerage expects operational downgrades, shrinking credit demand and margins, and slowing capital returns.
ComfortDelGro – A Shelter from the Tariff Storm
ComfortDelGro remains a buy, with a target price of SGD 1.64, as the company offers a compelling 6% yield. The Land Transport Authority (LTA) recently awarded a street-hail service operator license to GrabCab, increasing competition in the taxi market. However, the impact is expected to be muted, given declining street-hailing volumes and the company’s conservative FY25-27 forecasts.
Upcoming Events
Investors should keep an eye on the following events:
Quarterly earnings announcements
Economic data releases
Regulatory updates
Analyst Certification and Disclosures
Maybank Research Pte. Ltd. and its analysts have certified that the views expressed in this report accurately reflect their personal views about the subject securities or issuers. No part of the research analyst’s compensation was directly or indirectly related to specific recommendations or views expressed in the report.
Important Disclosures
This report is prepared for general circulation and information purposes only and should not be considered or intended as an offer to sell or a solicitation of an offer to buy securities. Investors should note that values of securities may fluctuate, and prices may rise or fall. Past performance is not a guide to future performance.
Company Disclosures
Maybank IBG and its representatives may have positions or be materially interested in the securities referred to herein.
As of April 15, 2025, Maybank Research Pte. Ltd. and the covering analyst do not have any interest in any companies recommended in this research report.
Rating System
Maybank IBG Research uses the following rating system:
Buy: Return expected to be above 10% in the next 12 months (including dividends)
Hold: Return expected to be between 0% to 10% in the next 12 months (including dividends)
Sell: Return expected to be below 0% in the next 12 months (including dividends)
