SEO title: Singapore Stock Market Daily Review: iFast, DBS, UOB Kay-Hian Analysis & April 2025 Dividends

Lim & Tan Securities

28 April 2025

Singapore Market Insights: iFast Analysis, DBS’s AGM Highlights, and Fund Flow Dynamics

FSSTI Index and Market Overview

The FSSTI Index closed at 3,823.8, down 0.2% for the day, -3.7% month-to-date, and up 1.0% year-to-date. Other key indices include:

• INDU Index: 40,113.5 (0.1% 1D, -4.5% MTD, -5.7% YTD)
• SPX Index: 5,525.2 (0.7% 1D, -1.5% MTD, -6.1% YTD)
• CCMP Index: 17,382.9 (1.3% 1D, 0.5% MTD, -10.0% YTD)
• UKX Index: 8,415.3 (0.1% 1D, -2.0% MTD, 3.0% YTD)
• NKY Index: 35,705.7 (1.9% 1D, 0.2% MTD, -10.5% YTD)
• HSI Index: 21,980.7 (0.3% 1D, -4.9% MTD, 9.6% YTD)
• SHCOMP Index: 3,295.1 (-0.1% 1D, -1.2% MTD, -1.7% YTD)
• VIX Index: 24.8 (-6.2% 1D, 11.5% MTD, 43.2% YTD)

Daily market value stood at S\$1,508.1 million with a volume of 1,401.5 million shares. The 52-week high for the STI is 4,005.2 and the low is 3,198.4. [[1]]

Key Interest Rates

• 3 Mth SGD SORA: 2.4 (-0.4% 1D, -5.1% MTD, -20.9% YTD)
• SG 10 YR Bond Yield: 2.5 (-1.4% 1D, -6.9% MTD, -12.6% YTD)
• US 10 YR Bond Yield: 4.2 (-1.8% 1D, 0.7% MTD, -7.3% YTD)

As at 8.00am SG time

US Futures

• Dow Jones: 40,147.0 (-0.3% 1D, -5.0% MTD, -5.7% YTD)
• S&P 500: 5,533.5 (-0.3% 1D, -2.1% MTD, -7.6% YTD)
• NASDAQ: 19,470.3 (-0.3% 1D, 0.2% MTD, -9.3% YTD)

Commodities

• Gold: 3,307.2 (-0.4% 1D, 5.9% MTD, 26.0% YTD)
• Crude Oil: 64.0 (0.6% 1D, -10.5% MTD, -10.8% YTD)
• Baltic Dry: 1,373.0 (1.5% 1D, -14.1% MTD, 37.7% YTD)
• Crude Palm Oil: 4,057.0 (0.5% 1D, -5.9% MTD, -1.0% YTD)

Market Sentiment

On Friday, the S&P 500 rose 0.74%, and the tech-heavy Nasdaq composite increased 1.26%, while the Dow Jones moved up 0.05%. [[1]]

iFast Corp Analysis

iFast’s response to SIAS’s questions for their latest FY is highlighted. Key points from iFast’s (\$7.19, up 7 cents, up 4 cents) response to SIAS’s questions for their latest FY. It is suggested to read the document in its entirety on SGX-ST. [[1]]

iFast’s Long-Term Vision

In response to a question about the chairman’s long-term vision for the next 25 years, iFast emphasized the development and strengthening of a “truly global business model.” This model is supported by an ecosystem developed over the last 25 years, encompassing digital banking, wealth management capabilities, and pension solutions across Asia and the UK. [[2]]

The group aims to operate from a few key countries, providing seamless access to global products and exchanges. Expansion of the global Fintech ecosystem and improved global connectivity, while adhering to regulations, are ongoing priorities. The company also plans to increase the scale and quality of wealth management platforms across its B2B and B2C divisions. [[3]]

Competitive Positioning

iFast focuses on serving retail and mass affluent customers, a segment often underserved by traditional Swiss private banks and US global banks. While iFast offers products for higher net worth individuals (e.g., wholesale bonds), its primary clientele is the mass affluent market. In Singapore, iFast competes with local banks for market share among retail investors. [[4]]

iFast’s platforms include FSMOne.com for DIY investors (B2C) and a B2B division providing a dedicated platform for financial advisors and institutions. The company aims to capitalize on the increasing demand from global customers for overseas bank accounts and wealth management platforms with global access. [[5]]

Valuation and Recommendation

iFast’s market cap stands at S\$2.2 billion, trading at 19x forward PE and 6.8x PB, with a dividend yield of 1%. The consensus target price is S\$\$9.42, representing a 31% upside. Despite strong fundamentals, a HOLD recommendation is given due to expensive valuations. UOB Kay-Hian is preferred due to a larger profit base of S\$250mln in FY24 (iFAST FY24 profit of \$105mln), smaller market cap at \$1.7bln and much cheaper valuations at 7x PE and 0.8x PB. Yield is also much higher for UOB KH at 6.5%. An Accumulate rating is recommended for UOB KH. [[5]]

DBS Bank AGM Highlights

Key points from DBS’ (\$42.35, up \$1) FY2024 annual general meeting question and answer session between shareholders and key management of DBS are highlighted. [[6]]

Wealth Management and ROE

DBS intends to focus on structural growth opportunities in high return on equity (“ROE”) businesses, including wealth management, financial institutions group, global transaction services, and treasury sales. Double-digit growth in wealth management fee-based income is projected for 2025. [[6]]

If interest rates remain near 4%, DBS might achieve returns of around 17% to 18%. This could decrease to 15% to 17% if rates fall nearer to 3%. Balance sheet management has been employed to mitigate the impact of falling rates by locking in asset yields for extended durations. [[7]]

Outlook for 2025

The impact of lower interest rates is expected to be offset by loan growth and growth in commercial book non-interest income. Full-year pre-tax profit is expected to be around the level achieved in 2024. Net profit would be lower due to the implementation of a global minimum tax of 15%. [[7]]

Acquisitions and Capital Returns

DBS adopts a disciplined approach in evaluating acquisition targets, focusing on long-term accretive value and alignment with the Group strategy. Past bolt-on acquisitions have not negatively impacted dividend payouts. Capacity is set aside for possible acquisitions in internal capital planning. [[8]]

DBS has completed 3% of the \$3bn share buyback programme announced on 7 November 2024 and intends to complete the programme over 3 years. The Board plans to introduce a Capital Return dividend in 2025. A mix of capital return strategies is employed to cater to different shareholder preferences. [[8]]

Share Purchase Mandate and Share Split

An increase in the share purchase mandate limit to 3% would give the Company greater flexibility to purchase shares for cancellation under the \$3bn share buyback programme and to hold as treasury shares to support the vesting of awards pursuant to its employee share plans. [[9]]

A share split is under consideration, pending the final recommendation from the Monetary Authority of Singapore’s (“MAS”) Equities Market Review Group regarding the reduction of board lot sizes. [[9]]

Conclusion on DBS

Management expects DBS’ fundamentals to remain resilient in FY2025. The quarterly dividend payment of 60 cents and quarterly capital return of 15 cents, totaling \$3/share return for FY2025, coupled with the on-going \$3bln share buy-back program, provide good support/cushion for its share price amidst greater global equity market volatilities. Excess capital is expected to be returned over the next 3 years. The “Accumulate” rating is maintained. (At \$42.35, normalized yield is 5.7%, 7.1% inclusive of capital returns, PE is 10-11x, consensus 1 year target is \$45.30). [[9]]

FSSTI Stock Selection

The report provides data on highest consensus forward dividend yield, lowest consensus forward P/E, lowest trailing P/B, and lowest trailing EV/EBITDA for FSSTI Universe. [[2]]

Highest Consensus Forward Dividend Yield (%) [[2]]

• DBS BANK 7.11
• FRASERS LOGISTICS TRUST 7.08
• MAPLETREE INDUSTRIAL TRUST 6.80
• MAPLETREE LOGISTICS TRUST 6.75
• VENTURE CORP 6.64

Lowest Consensus Forward P/E (X) [[2]]

• YANGZIJIANG SHIPBUILDING 6.55
• JARDINE CYCLE & CARRIAGE 7.35
• JARDINE MATHESON 8.00
• SINGAPORE AIRLINES 8.73
• UOB BANK 9.61

Lowest Trailing P/B (X) [[2]]

• HONGKONG LAND 0.34
• UOL GROUP 0.42
• JARDINE MATHESON 0.46
• CITY DEVELOPMENTS 0.51
• MAPLETREE PAN ASIA COMM TRUST 0.69

Lowest Trailing EV/EBITDA (X) [[2]]

• YANGZIJIANG SHIPBUILDING 3.26
• GENTING SINGAPORE 5.59
• JARDINE CYCLE & CARRIAGE 5.96
• DFI RETAIL GROUP 6.32
• SATS 8.23

Macro Market News Affecting US, Hong Kong, and China Markets

US Market Analysis

BCA Research maintains an overweight position in government bonds, citing that recent yield spikes appear technical and unsustainable. US 10-year Treasury yields have surged despite growth fears. [[3]]

Tariffs increase stagflation risks, but the market response does not fully align. Treasury futures have historically traded at a premium to cash bonds, creating opportunities for hedge funds. Rising volatility forced an unwind and triggered selling pressures. [[3]]

Further market stress may prompt Fed action to stabilize markets. BCA Research maintains a defensive asset allocation, as the hit to confidence will linger even if tariff tensions ease. A higher risk premium will need to be priced in as structural changes reshape the global economy and redefine the US’ leadership role. [[3]]

China/HK Market Analysis

Nomura Holdings has scaled back its original focus on China wealth to prioritize an expansion in brokerage and asset management. Nomura Orient International Securities has reduced staffing in its China wealth business by about two-thirds over the past two years. [[3]]

Nomura is seeking a new CEO for the securities business, focusing on asset management and research, and will invest further in its sales and trading business. The venture has been under pressure after posting consecutive years of losses since being formed in 2019. [[3]]

Share Transactions

Acquisitions

• Mapletree Logistics Trust: Kam Sok Kam acquired 100,000 shares at S\$1.14. New Balance: 179,800 shares (0.003%) [[4]]
• Valuemax: Yeo Hiang Nam acquired 284,100 shares at S\$0.50. New Balance: 740,731,124 shares (85.02%) [[4]]
• Audience Analytics: Ng Yan Meng acquired 76,000 shares at S\$0.28. New Balance: 191,387,000 shares (84.05%) [[4]]
• Singpost: Temasek (via DBS) acquired 300,000 shares at S\$0.51. New Balance: 495,558,681 shares (22.01%) [[4]]
• UMS Integration: Catcher Tech Co Ltd acquired 950,000 shares at S\$0.995. New Balance: 36,350,000 shares (5.12%) [[4]]
• Zixing: Thomas Clive Khoo acquired 5,110,000 shares at S\$0.027. New Balance: 179,320,000 shares (11.28%) [[4]]
• Unionsteel Holdings Ltd: Ang Yew Chye acquired 45,000 shares at S\$0.51. New Balance: 14,482,429 shares (12.26%) [[4]]

Disposals

• CNMC Goldmine: Choo Chee Kong disposed of 750,000 shares at S\$0.38. New Balance: 37,217,500 shares (9.18%) [[4]]
• Singpost: Temasek (via DBS) disposed of 350,000 shares at S\$0.55. New Balance: 495,225,194 shares (21.99%) [[4]]

Share Buybacks

Share buyback activities for various companies are detailed below:

*5.2% of current buy back maximum mandate of 85,328,308 shares

*15.3% of DBS’ \$3billion buy back target absolute \$ mandate

Fund Flow Data

Institutional and Retail Net Buy/Sell Stocks

Top 10 Institution Net Buy (+) Stocks (S\$M) Week of 14 Apr [[5]]

• Singtel 157.1
• DBS 59.3
• ST Engineering 38.9
• UOB 37.2
• SGX 28.8
• ComfortDelGro 9.7
• Frasers Centrepoint Trust 9.6
• SIA 8.9
• Seatrium 7.7
• Keppel DC REIT 5.2

Top 10 Institution Net Sell (-) Stocks (S\$M) Week of 14 Apr [[5]]

• Wilmar International (19.7)
• OCBC (17.3)
• Sembcorp Industries (7.6)
• CapitaLand Ascendas REIT (7.3)
• CapitaLand Investment (6.6)
• Venture Corporation (6.5)
• CapitaLand Integrated Commercial Trust (6.1)
• Yangzijiang Shipbuilding (5.6)
• Yangzijiang Financial (5.2)
• ESR REIT (5.0)

Top 10 Retail Net Buy (+) Stocks (S\$M) Week of 14 Apr [[5]]

• OCBC 29.0
• Yangzijiang Shipbuilding 18.3
• Wilmar International 7.8
• Yangzijiang Financial 7.1
• Keppel 6.5
• SATS 5.1
• Venture Corporation 4.8
• Aztech Global 4.3
• CapitaLand Investment 4.0
• UOB 3.4

Top 10 Retail Net Sell (-) Stocks (S\$M) Week of 14 Apr [[5]]

• Singtel (102.1)
• SGX (28.0)
• ST Engineering (25.1)
• DBS (15.8)
• Frasers Centrepoint Trust (10.4)
• SIA (9.6)
• ComfortDelGro (8.0)
• CapitaLand Ascendas REIT (7.7)
• Seatrium (6.1)
• Frasers Logistics & Commercial Trust (5.2)

Institutional investors net buy (+S\$273.0m) vs. (-S\$178.9m) a week ago [[5]]

Retail investors net sell (-S\$161.8m) vs. (+S\$776.0m) a week ago [[5]]

Institutional Investors Net Buy/Sell by Sector (S\$M)

STI Constituents – Week of 14 Apr

Retail Investors Net Buy/Sell by Sector (S\$M)

Dividends / Special Distributions / Others

List of dividends, special distributions, and other corporate actions:

• UOB: 92 cts Final & 25 cts Special, Ex-Dividend Date 28 Apr, Payable 13 May [[7]]
• SCI: 17 cts Final, Ex-Dividend Date 30 Apr, Payable 13 May [[7]]
• Mapletree Logistics Trust: 1.955 cts (Jan-Mar’25), Ex-Dividend Date 30 Apr, Payable 13 June [[7]]
• Mapletree Pan Asian Comm Trust: 1.95 cts (Jan-Mar’25), Ex-Dividend Date 2 May, Payable 6 June [[7]]
• Suntec REIT: 1.563 cts (Jan-Mar’25), Ex-Dividend Date 2 May, Payable 30 May [[7]]
• City Dev: 8 cts Final, Ex-Dividend Date 2 May, Payable 20 May [[7]]
• Intraco Ltd: 0.5 cents Final & 6 cts Capital Reduction, Ex-Dividend Date 2 May, Payable 15 May [[7]]
• YZJ Shipbuilding: 12 cts Final, Ex-Dividend Date 2 May, Payable 13 May [[7]]
• SBS Transit: 14.69 cts Final & 8.41 cts Special, Ex-Dividend Date 2 May, Payable 13 May [[7]]
• Capland Investment: 0.031:1 distribution of CICT, Ex-Dividend Date 2 May, Payable 13 May [[7]]
• Olam: 3.0 cts Final, Ex-Dividend Date 5 May, Payable 14 May [[7]]
• Haw Par Corp: 20 ct Final & \$1 Special, Ex-Dividend Date 5 May, Payable 21 May [[7]]
• Venture Corp: 50 cts Final, Ex-Dividend Date 5 May, Payable 19 May [[7]]
• Hong Leong Finance: 10ct Final, Ex-Dividend Date 5 May, Payable 22 May [[7]]
• Comfort Delgro: 4.25 cts Final, Ex-Dividend Date 5 May, Payable 14 May [[7]]
• HR Net: 2.13 cts Final, Ex-Dividend Date 6 May, Payable 15 May [[7]]
• Wong Fong Industries: 0.6 ct Final & 0.4 ct Special, Ex-Dividend Date 7 May, Payable 30 May [[7]]
• Samudera: 1 ct Final & 5.8 ct Special, Ex-Dividend Date 7 May, Payable 20 May [[7]]
• UMS: 2 cts Final, Ex-Dividend Date 7 May, Payable 23 May [[7]]
• China Sunsine: 2 cts Final & 1 ct Special, Ex-Dividend Date 7 May, Payable 22 May [[7]]
• Indofood Agri Resources Ltd: 1ct Final, Ex-Dividend Date 7 May, Payable 28 May [[7]]
• Innotek Ltd: 2 ct Final, Ex-Dividend Date 8 May, Payable 23 May [[7]]
• Oiltek: 1.8 ct Final + Every 1 Share will get 2 Bonus Shares, Ex-Dividend Date 8 May, Payable 19 May [[7]]
• Valuemax: 2.68 cts Final, Ex-Dividend Date 8 May, Payable 22 May [[7]]
• China Aviation Oil: 3.72 cts Final, Ex-Dividend Date 9 May, Payable 27 May [[7]]
• Japfa Ltd: 1 ct Final, Ex-Dividend Date 19 May, Payable 27 May [[7]]
• Asian Enterprises: 0.5ct Final, Ex-Dividend Date 19 May, Payable 6 June [[7]]
• IFast: 1.6 cts (1Q25), Ex-Dividend Date 26 May, Payable 9June [[7]]
• Jardine Cycle and Carriage: US84 cts Final, Ex-Dividend Date 28 May, Payable 13 June [[7]]
• SUTL: 5 ct Final, Ex-Dividend Date 2 June, Payable 19 June [[7]]
• UOB 25 ct Special 15 Aug 28 Aug [[7]]

What’s Ahead – Key Dates for April and May 2025

Key dates for upcoming events in April and May 2025 are listed, including ex-dividend dates and before/after AGM dates for various companies. [[8, 9]]

SGX Watch-List

32 Companies Under SGX Watch-List (including latest additions) [[10]]

• Amos Group 06-Jun-23
• Ascent Bridge Ltd 04-Dec-19
• ASTI Holdings 06-Jun-19
• British And Malayan Hldgs 06-Jun-23
• CH Offshore 06-Jun-23
• Cosmosteel 05-Jun-18
• Datapulse Technology 06-Jun-23
• Debao Property 04-Dec-19
• Eneco Energy 04-Dec-19
• Full Apex (Holdings) 05-Jun-17
• GRP Limited 06-Jun-23
• Interra Resources 05-Dec-17
• Intraco Ltd 06-Jun-23
• IPC Corp 06-Jun-23
• Jadason Enterprises 06-Jun-23
• Jasper Investments (Salt Investments) 06-Jun-23
• Manufacturing Integration Technology 06-Jun-23
• Metis Energy 05-Dec-18
• Raffles Infrastructure 06-Jun-19
• Shanghai Turbo 06-Jun-23