Lim & Tan Securities Pte Ltd
Date of Report: 10 July 2025
Singapore Market Update: Key Company Moves, Institutional Flows, and Sector Highlights for July 2025
Market Overview and Major Indices Performance
The Singapore stock market experienced steady growth, with the FSSTI Index closing at 4,057.8, marking a 0.2% daily gain, 2.4% month-to-date (MTD), and a robust 7.1% year-to-date (YTD) performance. Other global indices posted positive returns: the Dow Jones ended at 44,458.3 (+0.5% YTD), S&P 500 at 6,263.3 (+6.5% YTD), Nasdaq Composite at 20,611.3 (+6.7% YTD), and UKX Index at 8,867.0 (+8.5% YTD). Meanwhile, the Hang Seng Index saw a notable 19.1% YTD rise despite a mild pullback.
| Index |
Close |
1D (%) |
MTD (%) |
YTD (%) |
| FSSTI |
4,057.8 |
0.2 |
2.4 |
7.1 |
| Dow Jones |
44,458.3 |
0.5 |
0.8 |
4.5 |
| S&P 500 |
6,263.3 |
0.6 |
0.9 |
6.5 |
| NASDAQ |
20,611.3 |
0.9 |
1.2 |
6.7 |
| UKX |
8,867.0 |
0.1 |
1.2 |
8.5 |
| Nikkei |
39,821.3 |
0.3 |
-1.6 |
-0.2 |
| Hang Seng |
23,892.3 |
-1.1 |
-0.7 |
19.1 |
Interest rates remained subdued, with the 3-month SGD SORA at 2.0, down 35.4% YTD, and the 10-year Singapore bond yield at 2.1%.
US Markets: Tech Rally and Tariff Tensions
US stocks closed higher as markets absorbed new tariff threats from President Donald Trump and celebrated Nvidia’s historic achievement as the first company to briefly cross the US\$4 trillion market capitalization mark. The Dow added 217.54 points (0.49%) to 44,458.3, the S&P 500 rose 37.74 points (0.61%) to 6,263.26, and the Nasdaq gained 192.87 points (0.94%) to 20,611.34.
- Nvidia rose 1.8%, though it pulled back from its intraday high.
- Broadcom gained 2.24%, Meta Platforms advanced 1.68%, and Amazon, Alphabet, and Microsoft each gained over 1%.
- Tesla was the only “Magnificent 7” stock to close lower.
- Trump announced new tariffs (20-30%) targeting countries including the Philippines, Libya, Algeria, and Iraq, with no extensions beyond the 1 August deadline.
Commodities Snapshot
| Commodity |
Close |
1D (%) |
MTD (%) |
YTD (%) |
| Gold |
3,318.1 |
0.1 |
0.5 |
26.4 |
| Crude Oil |
68.4 |
0.1 |
5.0 |
-4.7 |
| Baltic Dry |
1,431.0 |
-0.3 |
-3.9 |
43.5 |
| Crude Palm Oil |
4,135.0 |
-0.5 |
3.7 |
1.1 |
Food Empire Holdings: Expansion and Strategic Growth
Food Empire Holdings Limited (FEH) (\$1.90, up \$0.04) announced a US\$37 million investment to expand its spray-dried soluble coffee facility in Andhra Pradesh, India. The project will begin in Q4 2025 and finish by end-2027, boosting capacity by 60%. FEH also operates a freeze-dried coffee plant in India and is developing a similar facility in Binh Dinh, Vietnam (completion by 2028).
The expansion is part of FEH’s vertical integration strategy, aiming to enhance control over the coffee processing cycle and support its branded consumer business growth. CEO Sudeep Nair highlighted four years of record revenue growth, with Southeast Asia, particularly Vietnam, emerging as the largest and fastest-growing market segment.
- India plant currently at full capacity; expansion addresses strong demand and order visibility.
- The 60% capacity increase will also help diversify revenue away from Russia and Ukraine.
- Upcoming projects include a coffee-mix production facility in Kazakhstan (end-2025 completion).
- Accumulate rating maintained due to robust growth outlook.
Soilbuild Construction Group: Securing Green Contracts and Future Growth
Soilbuild Construction Group (\$0.87, up 1 ct) secured new contracts totaling S\$178.6 million, raising its order book to S\$1.21 billion as of 31 May 2025.
New Contracts:
- Lok Yang Way Project: 10-storey industrial development in Singapore, targeting BCA’s Green Mark Platinum Super Low Energy rating, to be completed by Q1 2027. This project is an interested person transaction, as the owner is a subsidiary of Soilbuild Group Holdings Ltd.
- Precast Concrete Supply: Contracts awarded for HDB projects in Pasir Ris and Queenstown, scheduled for completion by Q1 2028.
The contracts are not expected to materially impact net tangible assets or EPS for FY2025. Executive Director & CEO Lim Han Ren emphasized Soilbuild’s green building credentials and disciplined bidding strategy.
- Market cap: S\$145 million
- Forward P/E: 4.1x
- P/B: 1.7x
- Dividend yield: 3.4%
- Consensus target price: \$0.97 (12% upside)
- Accumulate recommendation based on positive outlook and order pipeline.
Institutional and Retail Fund Flows: Key Trends
| Top 10 Institution Net Buy (+) Stocks (S\$M) |
Top 10 Institution Net Sell (-) Stocks (S\$M) |
| Keppel: 32.2 |
Yangzijiang Shipbuilding: (23.0) |
| CapitaLand Integrated Commercial Trust: 29.4 |
Frasers Centrepoint Trust: (12.9) |
| SGX: 28.7 |
Wilmar International: (12.1) |
| Hongkong Land: 23.0 |
Keppel DC REIT: (9.4) |
| CapitaLand Investment: 22.9 |
Mapletree Industrial Trust: (5.9) |
| Top 10 Retail Net Buy (+) Stocks (S\$M) |
Top 10 Retail Net Sell (-) Stocks (S\$M) |
| Yangzijiang Shipbuilding: 20.4 |
DBS: (56.1) |
| Wilmar International: 9.8 |
CapitaLand Integrated Commercial Trust: (45.4) |
| Mapletree Industrial Trust: 9.4 |
Keppel: (39.2) |
| Frasers Centrepoint Trust: 6.5 |
OCBC: (34.1) |
| SATS: 4.2 |
City Developments: (23.7) |
For the week of 30 June 2025, institutional investors were net buyers (+S\$213.3m) while retail investors were net sellers (-S\$304.7m).
Sectoral Flows: Institutional and Retail Sentiment
| Sector |
Institutional Net Buy/Sell (S\$M) |
Retail Net Buy/Sell (S\$M) |
| Financial Services |
99.6 |
(164.7) |
| Industrials |
14.9 |
(32.9) |
| Real Estate (excl. REITs) |
63.6 |
(53.8) |
| Technology |
10.9 |
1.6 |
| REITs |
9.8 |
(27.7) |
Key Company Financial Ratios and Dividend Leaders
| Highest Consensus Forward Dividend Yield (%) |
Lowest Consensus Forward P/E (x) |
Lowest Trailing P/B (x) |
Lowest Trailing EV/EBITDA (x) |
Frasers Logistics Trust: 7.23
DBS Bank: 6.76
Mapletree Industrial Trust: 6.57
Mapletree Logistics Trust: 6.52
Mapletree Pan Asia Comm Trust: 6.50 |
Yangzijiang Shipbuilding: 6.91
Jardine Matheson: 9.03
UOB Bank: 10.27
Wilmar International: 10.32
OCBC Bank: 10.33 |
Hongkong Land: 0.46
UOL Group: 0.48
Jardine Matheson: 0.51
City Developments: 0.55
Mapletree Pan Asia Comm Trust: 0.69 |
Yangzijiang Shipbuilding: 3.55
Genting Singapore: 5.65
DFI Retail Group: 6.99
SATS Ltd: 8.04
Venture Corp: 8.40 |
Share Transactions and Buybacks
Significant share transactions included acquisitions by major holders in Digilife Tech, Hong Lai Huat, Indofood Agri Resources, Singapore Shipping Corp, Capitaland India Trust, Mewah International, and Wingtai Holdings. Disposals featured UOBKH, NSL, Eneco Energy, and Netlink NBN Trust. Share buybacks were reported across multiple companies, with DBS, UOB, OCBC, and ST Engineering among the most active.
| Company |
No. of shares |
Price (\$) |
Cumulative Purchases of Mandate (%) |
| HK Land |
240,000 |
US\$6.22 |
17,843,900 |
| UOB |
200,000 |
36.60 |
8,766,400 (10.4%) |
| DBS |
350,000 |
43.71 |
6,580,000 (7.3%) |
| OCBC |
300,000 |
16.11 |
3,612,600 (1.6%) |
Dividend Announcements and Special Distributions
| Company |
Amount |
Ex-Dividend Date |
Payable |
| Econ Healthcare |
2.5ct Special |
2 June |
16 July |
| UMS |
1ct (1Q25) |
9 July |
24 July |
| SIA Engineering |
7 cts Final |
28 July |
12 Aug |
| SATS Ltd |
3.5 cts Final |
30 July |
15 Aug |
| Singtel |
10 cents Final |
31 July |
19 Aug |
| Bukit Sembawang |
4 ct Final & 16 cts Special |
1 Aug |
15 Aug |
| Metro |
2 cts Final |
5 Aug |
18 Aug |
| SIA |
30cts Final |
8 Aug |
27 Aug |
| UOB |
25 ct Special |
15 Aug |
28 Aug |
Market Calendar: Upcoming Earnings and Key Events
The July-August 2025 corporate calendar features earnings releases from Aztech, Hutchinson Port, Digital Core REIT, OUE REIT, Mapletree Logistics Trust, Suntec REIT, Keppel DC REIT, Ifast Corp, Raffles Med, SIA, Mapletree Industrial, Keppel REIT, CDL REIT, Capland China Trust, and more.
SGX Watch-List: Companies Under Review
A total of 32 companies are under the SGX Watch-List as of July 2025. Newest additions include Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare.
| Company |
Entry Date Into Watch-List |
| 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 |
Macro Market News: US, Hong Kong, and China
US manufacturing momentum continues to weaken, with the June Philly Fed survey remaining flat at -4.0. Firms report rising input costs but are reluctant to pass these costs through, indicating absorption of tariff-related pressures. The data suggest mild stagflationary pressures, but price pressures are expected to moderate.
In Hong Kong, VMS Group, a multi-family office managing nearly US\$4 billion in assets, plans to allocate up to US\$10 million to decentralized finance hedge fund Re7 Capital, signaling growing institutional interest in crypto assets. The move follows increased demand and clearer regulatory support for digital assets, with Re7 targeting market-neutral strategies for consistent double-digit yields since 2021.
Conclusion: Robust Outlook Amid Sectoral Shifts
Singapore’s financial markets display resilience and momentum, driven by robust institutional inflows, strategic corporate expansions, and strong sectoral performance in technology, real estate, and consumer industries. Companies like Food Empire and Soilbuild Construction are actively investing in capacity and sustainable growth, while the market keeps a close watch on changing fund flows, dividend announcements, and regulatory updates.
