Broker: Lim & Tan Securities
Date of Report: 4 July 2025

Singapore Market Update: Key Developments, Company Insights, and Sector Trends for July 2025

Market Overview: STI Hits 52-Week High Amid Global Volatility

Singapore’s FSSTI Index closed at 4,019.6, marking its 52-week high with a modest daily gain of 0.2% and a strong year-to-date (YTD) increase of 6.1%. This performance stands out against global peers, with the S&P 500 up 6.8% YTD and the Hang Seng Index surging 20% YTD. The local market registered a daily turnover of S\$1.17 billion across 1.64 billion shares. Notably, the SG 10-year bond yield dropped sharply by 26.3% YTD, while the 3-month SGD SORA also declined significantly.

Commodities remained mixed: gold climbed 26.9% YTD, while crude oil fell 6.6% YTD. The Baltic Dry Index, a key barometer for shipping activity, soared 44.7% YTD.

Bukit Sembawang Estates: Robust Earnings and Promising Pipeline

Bukit Sembawang Estates (BSE, S\$4.08) reported a stellar net profit of S\$114.3 million for the financial year ended 31 March 2025, a 61% jump from S\$70.8 million the previous year. The strong performance was driven by higher recognition from projects such as LIV @ MB, The Atelier, and Pollen Collection. Total equity now stands at S\$1.6 billion.

• 8@BT Launch: The 99-year leasehold condominium, launched on 22 September 2024, achieved a 70% sales rate at launch for its 118 units, reflecting effective product positioning.
• Pollen Collection: Bespoke landed homes continue steady sales, with 92% of 132 units sold as of 20 June 2025. Construction is on track, with TOP for LIV @ MB obtained in March 2025.
• Upcoming Launch: Nim Collection Phase 4, with 186 landed homes along Ang Mo Kio Avenue 5, is set for Q3 2025. Homes are designed for futurereadiness, efficient layouts, and ample natural light.
• Fraser Residence Orchard: The Group’s luxury serviced apartments achieved an average room rate of S\$423 and 79% occupancy, despite a dip in demand in Q1 2025. The location remains a preferred choice in Orchard Road.

Bukit Sembawang’s market cap is S\$1.1 billion, trading at 9.2x PE and 0.7x PB, with a 1.0% dividend yield. A final dividend of 4 cents per share and a higher special dividend of 16 cents were announced, totaling 20 cents per share (45% payout ratio), resulting in a 4.9% yield. With net cash of S\$582 million (55% of market cap), BSE is viewed as undervalued with potential for accumulation on price weakness.

Singapore Property Market: New Cooling Measures Target Flipping

The Singapore authorities have tightened Seller’s Stamp Duty (SSD) rules, effective 4 July 2025. Sellers of private homes now face higher SSD rates of 4% to 16% if they sell within four years of purchase, compared to the previous three-year holding period and lower rates. The move comes amid a surge in short-term property transactions, particularly sub-sales before completion, which rose from 178 in 2020 to 1,306 in 2024, accounting for 6.6% of all non-landed home sales.

• The government has reverted to the pre-2017 SSD holding period of four years and raised rates by 4 percentage points for each tier.
• This measure does not affect HDB flat owners, who are already subject to a five-year minimum occupation period.
• Previous property cooling measures included raising Additional Buyer’s Stamp Duty (ABSD) rates in April 2023, with the rate for foreigners doubled from 30% to 60%.

Spotlight: PropNex – Market Outlook and Investor Engagement

PropNex, capitalized at S\$829 million, trades at a forward P/E of 14.2x, a price-to-book ratio of 6.6x, and offers a dividend yield of 4.7%. Investors are invited to join a webinar with PropNex management to discuss the property outlook and the impact of recent SSD changes.

Dividend Calendar: Upcoming Corporate Action Dates

Consensus Picks: Highest Yields, Lowest Valuations

Share Transactions: Key Movements in Singapore Equities

Major Acquisitions

• Q&M Dental: Quan Min Holdings acquired 2,200,000 shares, raising its stake to 55.3%.
• QAF Ltd: Lin Kejian bought 20,600 shares, holding 39.25%.
• Indofood Agri Resources: PT Indofood Sukses Makmur Tbk bought 9,056,200 shares, increasing its stake to 85.87%.
• Singapore Shipping Corp Ltd: Ow Chio Kiat acquired 120,600 shares (43.73% stake).
• Mewah International Inc: Lee Tong Choon acquired 11,000,000 shares (49.7% stake).
• Wingtai Holdings Ltd: Cheung Wai Keung bought 15,000 shares (61.85% stake).

Major Disposals

• UOBKH: Tang Wee Loke sold 254,600 shares (4.77% stake).
• Eneco Energy Ltd: Unionsteel Holdings Ltd sold 40,000,000 shares (26.11% stake).

Share Buybacks

Global Macro: US Dollar Outlook and China’s BYD Expansion in Europe

Foreign exchange strategists suggest selling the US dollar on strength for strategic investors, while tactical investors may position for a short-term bounce. Over a three-to-six-month horizon, technical indicators suggest the dollar may weaken, but near-term signals support a tactical long-dollar stance.

In China and Hong Kong, BYD has made a bold entrance into the European electric vehicle market. After a slow start, BYD accelerated sales by shifting to smaller, more affordable models, taking control of import operations, and ramping up hybrid offerings. This strategy propelled BYD to overtake Tesla in European EV sales, with plans to invest up to US\$20 billion in the region. The company is aggressively hiring from top European carmakers and building a factory in Hungary, aiming to become a dominant player in the EV segment.

SGX Watch-List: Companies Under Scrutiny

As of July 2025, 32 companies remain under the SGX Watch-List, including recent additions such as Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare. Firms on this list are subject to enhanced scrutiny due to financial or regulatory concerns.

What’s Ahead: Key Corporate Events in July and August 2025

Investors should note upcoming earnings and distribution dates, with significant corporate actions from Qianhu, Aztech, Digital Core REIT, OUE REIT, Ifast Corp, Raffles Medical, SIA, Mapletree Industrial, CDL REIT, MPACT, Elite UK REIT, Seatrium, OCBC, Genting, and IFS Capital.

Conclusion: Singapore Equities Offer Value Amid Regulatory Shifts

Singapore’s equity market remains resilient, with property developers like Bukit Sembawang delivering robust earnings and attractive valuations. New property cooling measures underscore the government’s commitment to sustainable growth, while selected stocks offer compelling yields and low valuations. Investors should monitor upcoming corporate actions and global macro developments for opportunities and risks in the months ahead.