Broker: Lim & Tan Securities
Date of Report: 10 June 2025

Singapore Market Insights: Key Stock Moves, Corporate Developments, and Strategic Outlook for June 2025

Market Overview: Steady Gains Amid Sector Rotation

The Singapore market started the week with modest gains, as the FSSTI Index closed at 3,936.3, up 0.1% for the day, 1.1% month-to-date, and 3.9% year-to-date. This performance came alongside mild advances in US indices, with the S&P 500 rising 0.1% and the tech-heavy Nasdaq Composite up 0.3%. Meanwhile, the Dow Jones remained essentially unchanged. Notably, the Hang Seng Index surged 1.6% and has delivered an impressive 20.5% gain since the start of the year.

Daily market value reached S\$985.9 million with a volume of 807.3 million shares traded.

Interest Rates and Commodities: Mixed Movements Across the Board

Grand Banks Yachts (GBY): Navigating Tariffs and Strategic Expansion

Grand Banks Yachts (GBY) is in focus as it addresses shareholder queries ahead of its EGM on 11 June 2025. A key concern is the impact of the new 24% US tariff on Malaysia. GBY’s management clarified that most contracts pass tariff costs to US buyers, mitigating direct impact. While some larger contracts have negotiated exceptions, the majority maintain buyer liability, and demand in the US remains robust post-tariff announcement.

On the proposed US\$21 million acquisition of US properties, GBY attributed a recent dip in gross profit for 3Q FY2025 to a higher proportion of lower-margin trade-in boats and increased R&D costs, including design changes for jet and outboard engines. These investments in new product lines are seen as necessary for long-term innovation and market relevance.

The acquisition of a Newport, USA marina aims to boost US sales by providing a prestigious showcase hub in a prime yachting location, facilitating both new boat sales and additional revenue streams from brokerage and storage. A new Chief Marketing Officer is set to strengthen the global sales and marketing team.

Key financials:

• Share price: S\$0.485
• Market cap: S\$91 million
• Forward P/E: 6.0x
• P/B: 1.0x
• Dividend yield: 3.1%
• Net cash: S\$0.17/share
• Orderbook: S\$119.5 million

Despite a weaker 9MFY25, GBY’s balance sheet remains strong. The recommendation is to HOLD.

Institutional and Retail Fund Flows: Sector Trends and Top Movers

For the week of 2 June 2025, institutional investors recorded a net buy of S\$5.3 million, sharply down from S\$40.6 million the prior week. Retail investors were net sellers, dumping S\$160.8 million versus S\$143.2 million a week ago.

Retail flows showed a reversal, with significant buying in UOB (+S\$32.2m), OCBC (+S\$15.1m), and Wilmar International (+S\$12.9m), while Keppel (-S\$66.0m), Yangzijiang Shipbuilding (-S\$46.2m), and DBS (-S\$46.1m) saw the largest retail outflows.

Company Highlights: Ho Bee Land Sees Insider Buying and Strategic Repositioning

Ho Bee Land shares rallied, closing up 5% at S\$1.89 after founder and executive chairman Chua Thian Poh increased his stake. Chua acquired 137,900 shares at S\$1.80 each, lifting his holding to approximately 75.68%. Including recent purchases, Chua and his son, CEO Nicholas Chua, have accumulated over 524,000 shares since mid-May at an average price of S\$1.783/share.

The stock is trading at a 66% discount to its net asset value (NAV) per share of S\$5.56, as last reported. It remains down 39% from its all-time high of S\$3.08 in April 2022. The company has made several board changes, shifting towards a more corporate structure while retaining family leadership. Recent hires include a new head of finance, chief of staff, and head of people and culture.

Financially, Ho Bee Land swung to a net profit of S\$109.6 million in FY2024 after a loss in FY2023, driven by property sales in Australia and the sale of a 49% stake in Elementum (Buona Vista) to a sovereign wealth fund. The company’s UK office portfolio is valued at £1.7bn (S\$3bn), and overall investment properties total S\$5.2bn, with S\$2.8bn as freehold. Despite the share price discount, the company’s recurring income stream and recent insider buying lead to an “Accumulate” recommendation.

• Market cap: S\$1.25 billion
• Forward PE: 11.5x
• PB: 0.3x
• Dividend yield: 2.1%

Macro Market News: Asia’s Real Estate and Commodities in Focus

Hong Kong’s New World Development (NWD) is seeking to close a landmark HK\$87.5 billion (S\$14.5bn) refinancing deal involving more than 50 banks. The deal is under intense scrutiny as it could affect not only NWD, controlled by the family of Henry Cheng, but also the stability of financial institutions exposed to the city’s commercial real estate downturn. The outcome will be closely watched as a barometer of risk appetite in the region.

On the commodities front, copper markets are seeing curve divergence between LME (backwardation) and CME (contango) as US traders secure supply ahead of potential tariffs. Gold futures may see a steeper contango as US fiscal risks rise. The recommended strategy is defensive—long gold, short copper and oil.

Dividend Announcements and Ex-Dividend Dates

SGX Watch-List: Companies Under Regulatory Scrutiny

As of June 2025, 32 companies remain on the SGX Watch-List, including recent additions such as Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare. These firms are under scrutiny due to financial or compliance challenges. Stakeholders should monitor developments closely.

Share Transactions: Notable Acquisitions and Buybacks

Conclusion: Strategic Positioning for the Second Half of 2025

Singapore’s financial markets are showing resilience amid global sector rotation and macroeconomic uncertainty. Key corporate actions, insider buying trends, and sector fund flows underline shifting investor sentiment and strategic repositioning. Investors are advised to monitor both market leaders and companies on the SGX Watch-List for emerging opportunities and risks as the second half of 2025 unfolds.