📢 Hospitality, Property & Market Movers: Major Earnings, Deals & Forecasts Across Asia
SGX:J85.SI:CDL Hospitality Trusts
CDL Hospitality Trusts posted a 21.1% y-o-y drop in 1HFY2025 DPS to 1.98 cents as NPI fell 11.9% to $58.6M, hurt by softer performance in Singapore and overseas (ex-UK) markets, and higher interest costs from UK acquisitions. Managers expect stronger 2H on lower rates, event-driven demand, and ramp-up of The Castings and Benson Yard. CGS International and Maybank downgraded to “hold” with lower target prices, while DBS kept a “buy” seeing recovery ahead.
SGX:A50.SI:Thomson Medical Group
Thomson Medical warned of losses for 2HFY2025 and FY2025 due to higher interest costs from its Vietnam hospital purchase, project cessations in Singapore, and weaker Malaysian performance.
KL:STGT.BK:Sri Trang Gloves (Thailand)
Sri Trang Gloves’ 2QFY2025 net profit plunged 79.6% y-o-y to THB77.1M on currency appreciation and intense competition. Revenue rose 4.6% to THB5.997B, but COGS increased y-o-y on higher raw material prices.
SGX:K03.SI:Koh Brothers Group
Koh Brothers posted $2.6M 1HFY2025 earnings vs a loss last year, on 34.8% revenue growth to $152.2M. Boosted by a $999.1M Changi T5 tunnel contract, order book exceeds $1B. Interim dividend: 0.1 cent.
SGX:S68.SI:Singapore Exchange
SGX delivered record FY2025 revenue and profit, with strong mid-cap trading momentum. Declared final quarterly dividend of 10.5 cents, total 37.5 cents for FY2025, with plans to raise quarterly payouts annually until FY2028.
SGX:5HV.SI:Koh Brothers Eco Engineering
Koh Brothers Eco swung to $3.04M profit in 1HFY2025, revenue jumped 68% to $112M, driven by engineering and construction projects. Order book stands at $1.1B.
SGX:B0W.SI:Info-Tech
Info-Tech’s 1HFY2025 profit fell 21% to $5.16M on listing costs, though adjusted profit rose 9%. Revenue up 5% to $22.4M, led by cloud HRMS subscriptions. Interim dividend: 1.55 cents.
SGX:CLN.SI:APAC Realty
APAC Realty’s 1HFY2025 profit surged 176% to $11.3M on 28.8% revenue growth from new home sales. Interim dividend: 2.70 cents.
SGX:I06.SI:Intraco
Intraco’s 1HFY2025 profit jumped 272% to $896K despite a 19.3% drop in revenue to $73.8M, aided by tax reversal after disposal of K.A. Group.
HK:0017.HK:New World Development, US:BX:Blackstone, SGX:9CI.SI:CapitaLand Investment, US:ARES:Ares Management
New World is in talks with Blackstone, CapitaLand Investment, and others to sell assets amid heavy debt. Discussions include potential privatisation, though no formal offers.
SGX:S08.SI:Singapore Post, SGX:1F2.SI:Union Gas
SingPost received a preferred bid from Union Gas founder Teo Kiang Ang for 10 HDB retail units at $55.5M, 11% above asking. Deal pending approvals.
SGX:9CI.SI:CapitaLand Investment
CLI’s Ascott unit will manage the 207-room Ascott Coronation Square Johor Bahru for Coronade Properties, opening 2H2029, leveraging RTS Link connectivity in the JS-SEZ.
SGX:Z74.SI:Singtel
Australian regulators sued Singtel Optus and Optus Systems over the 2022 cyberattack, alleging privacy breaches.
SGX:D05.SI:DBS Group
DBS’s 2QFY2025 profit hit $2.82B, beating forecasts. Multiple brokers raised TPs above $52, citing strong growth and sustainable dividends.
SGX:DHLU.SI:Daiwa House Logistics Trust
DHLT’s 1HFY2025 NPI rose 6.1% to $22.5M, but DPU fell 8.6% to 2.24 cents on higher interest costs. Japan logistics fundamentals remain strong despite near-term uncertainties.
SGX:UD1U.SI:IREIT Global
IREIT’s 1HFY2025 DPU dropped 26% to 0.71 euro cents due to Berlin Campus vacancy during hospitality conversion. Occupancy improved to 80% after Spain leases; refinancing talks ongoing.
📰 SGX Eyes IPO Boom as Profits Hit Record; Defence Credit Frenzy Grips Europe
SGX:S68.SI:Singapore Exchange
Singapore Exchange says about 30 companies are in the IPO pipeline, split between Mainboard and Catalist, with several having submitted applications and a third in discussions with SGX RegCo. FY2025 earnings rose 8.4% y-o-y to $648M, its highest ever, driven by growth across all segments. SGX proposed a final quarterly dividend of 10.5 cents, lifting total FY2025 payout to 37.5 cents, and plans to raise quarterly dividends annually from FY2026 to FY2028.
US:BX:Blackstone
US:CG:Carlyle Group
US:ARES:Ares Management
US:DB:DWS Group
US:JPM:JPMorgan Chase & Co.
US:SIXH:Sixth Street
FR:TKO:Tikehau Capital
DE:HAG:Hensoldt
FR:ETL:Eutelsat Communications
European defence firms are seeing unprecedented credit demand as NATO nations ramp up spending. Czechoslovak Group’s bond sale drew over EUR9.7B demand, Maxam Prill’s $1.4B deal was heavily oversubscribed, and Hensoldt doubled its Schuldschein target. Private credit players including Carlyle, Ares, Blackstone, Pemberton, and Tikehau are targeting defence and defence-adjacent sectors like cybersecurity and sensors, amid an estimated EUR14T in European defence spending over the next decade.
CapitaLand Integrated Commercial Trust Launches S$500 Million Private Placement for CapitaSpring Acquisition.New units will be issued at a price range of S\$2.105 to S\$2.142, representing a discount of 4.1% to 5.7% to recent trading prices. Existing unitholders will receive a special “Cumulative Distribution” to ensure fairness, but new units will not participate in this payout.
New units are expected to be listed on SGX-ST on 14 August 2025.
AVJennings Pays Fully Franked Special Dividend and Updates Scheme Consideration – August 2025 Announcement1. Special Dividend Paid: AVJennings Limited (ASX: AVJ) has paid a fully franked special dividend of \$0.167 per share on 6 August 2025.
Scheme Consideration Adjusted: The amount to be paid to shareholders under the Scheme has been reduced to \$0.488 per AVJennings Share following the special dividend payment.
Important Dates:
Scheme Record Date: 7:00pm (AEST) on Monday, 11 August 2025
Expected Scheme Payment Date: Thursday, 14 August 2025
Fully Franked Dividend: The special dividend is fully franked, which may have tax implications for shareholders.
Implementation of Scheme: Shareholders will receive the adjusted scheme consideration on implementation, after the deduction of the special dividend.
PSC Corporation Ltd: Mandatory Offer Declared Unconditional, Chain Offer for Tat Seng Packaging Triggered. The closing date for the offer has been extended to 11 September 2025, giving remaining shareholders more time to decide.
Sri Trang Agro-Industry (STA) Q2 2025 Results: Revenue Grows 19.4% YoY Despite US Tariff
SingPost sells 10 HDB shophouses to Union Gas chairman for S$55.5 million
The sale and leaseback exercise is part of SingPost’s plan to divest its non-core assets while retaining its current post office services
Sembcorp Industries 1H2025 Results
Net Profit: $491M, slightly up from $489M in 1H2024.
Net Profit after EI & FX: $536M, down 1% from $543M last year.
Gas & Related Services: $330M before EI, slightly down from $339M.
Renewables: $132M before EI, up 27% from $104M, driven by India’s wind resource and higher renewables capacity (13.8GW vs 10.0GW). China performance dampened by higher curtailment and lower tariffs.
Integrated Urban Solutions: $74M before EI, up slightly from $73M, aided by Indonesia land sales and stronger China water business.
Decarbonisation Solutions: Loss widened to $13M from $10M.
Market & Financial Factors
Stronger SGD (haven currency) impacted profits by ~$23M; $95M FX loss from deferred payment note.
Lower generation spreads in Singapore and loss of Vietnam’s Phu My 3 contribution offset by Senoko Energy gains.
Interest rates eased acros geographies; Sora fell sharply.
Cost of debt: 4.5% (Jun 2025) vs 4.6% a year ago, expected to fall further in China and India.
🏢 REIT Race & Property Pulse: Centurion Eyes September IPO, Frasers Sees S$1.4B Pre-Sales Boost
SGX:OU8.SI:Centurion Corp
Centurion Corp is gearing up for the potential September launch of its Centurion Accommodation REIT, with CEO Kong Chee Min confirming the IPO is in an “advanced stage” despite pending SGX approval. The REIT will start with 14 assets — five PBWA sites in Singapore, eight student housing properties in the UK, and one in Australia — with Centurion retaining a 45% stake initially. Malaysia assets are excluded due to emerging market risks, though expansion there continues.
H1 FY2025 revenue rose 13% year-on-year to S$140.7M, while net profit fell 38% to S$73.9M on net fair value losses. Net gearing dropped to 27%, providing room for future acquisitions. Demand for PBWA remains strong in Singapore, Malaysia, the Middle East, and for student housing in the UK, where annual investment hit £4B in 2024.
SGX:TQ5.SI:Frasers Property
Frasers Property reported S$1.4B in pre-sold revenue for FY2025 projects across Singapore, Australia, China, and Thailand. In Singapore, 712 units sold in nine months generated S$400M in unrecognised revenue, with strong sales at The Robertson Opus (41%) and The Orie in Toa Payoh (91%). Sky Eden@Bedok remains on track for Q1 FY2026 completion.
In Australia, unrecognised revenue stood at S$500M with 1,672 contracts, aided by improved housing demand following interest rate cuts. Office metrics weakened in Sydney due to planned vacancies, but Rhodes Quarter maintained occupancy. Thailand’s housing market shows early signs of recovery, while China’s residential portfolio stayed stable. As of end-June, net debt rose to S$15.3B with a debt-to-equity ratio of 89.2%, though Frasers remains confident in meeting all obligations within 12 months.
🎨 From Dior Boutiques to Harry Potter Worlds: Dezign Format Group’s S$40M SGX Catalist Debut Targets Regional Creative Leadership
SGX:DZFG.SI:Dezign Format Group Limited
Dezign Format Group Limited, founded in 2015, is stepping into the public markets with an IPO on the SGX Catalist board set for 15 August 2025. The company will offer 32.5 million new shares at S$0.20 each, aiming for a post-listing market value of S$40 million and net proceeds of about S$4.8 million. Funds will be used to accelerate regional expansion, scale immersive experiences, and strengthen working capital.
Three Core Business Pillars
Events, Exhibitions & Décor
Known for transforming iconic Singapore landmarks during festive seasons — such as Marina Bay Sands’ Lunar New Year showcase and Changi Airport’s Christmas wonderlands.
Specialises in thematic exhibitions with strong visual storytelling, including Imaginary Gardens for Van Cleef & Arpels and DinoQuest in Chengdu, China.
Operates as both designer and fabricator, allowing tight control over quality and timelines.
Commercial & Retal Fit-Out
A go-to partner for luxury and lifestyle brands seeking meticulous craftsmanship.
Delivered interiors for Van Cleef & Arpels, Christian Dior, Tiffany & Co., and retail giants like IKEA Alexandra.
Combines functional retail design with brand-consistent aesthetics, catering to both high-end boutiques and mass-market retail chains.
Immersive Location-Based Entertainment
Developed headline-grabbing experiences such as Once Upon a Time on the Orient Express and Harry Potter: The Forbidden Forest Experience.
Works in collaboration with global entertainment brands and IP holders, tapping into the booming experiential tourism and leisure market.
Offers an end-to-end service — from concept design to on-site execution — giving it control over creative and commercial outcomes.
Financial Performance & Momentum
From FY2022 to FY2024, revenue nearly doubled from S$18.27 million to S$33.42 million, with net profit surging from S$1.64 million to S$5.03 million. This growth was supported by repeat clients in the luxury, retail, and entertainment sectors, as well as new large-scale immersive projects.
The company’s gross profit margins have benefited from vertical integration — owning its design, production, and installation processes — and the ability to manage high-value contracts in-house.
Expansion Strategy
Post-listing, Dezign Format plans to:
Enter New Markets: Establish operations in Malaysia, Thailand, and Vietnam to capture rising demand from luxury retail expansion, tourism, and entertainment.
Scale Immersive Entertainment: Increase investment in proprietary and collaborative ticketed experiences to create recurring revenue streams.
Broaden Client Base: Deepen relationships with existing high-profile clients while seeking partnerships with new global brands entering Asia.
Leverage Southeast Asia’s Growth: Ride on the region’s expanding middle class, luxury spending, and government-backed tourism initiatives.
Positioning in the Market
Dezign Format stands at the crossroads of three fast-growing industries — luxury retail fit-outs, premium event décor, and immersive entertainment. Its ability to deliver turnkey, high-complexity projects for world-class brands sets it apart from smaller, specialised players. The company’s regional push aligns with market trends showing consumers increasingly seeking experiential, Instagram-worthy destinations and stores.
📢 “Malaysia’s Corporate Movers: Deals, Disputes, and Mega Projects Shake the Market”
KL:7003.KL:PIE INDUSTRIAL BHD
📉 PIE Industrial Bhd posted a 63.23% year-on-year plunge in 2QFY2025 net profit to RM6.36 million from RM17.31 million, with revenue down 3.83% to RM231.03 million. No dividend was declared. The company said it is better positioned to secure new orders from Vietnam and China after the US set tariffs on Malaysian imports at 19%.
KL:5311.KL:SKYWORLD DEVELOPMENT BHD
🏭 SkyWorld Development Bhd is buying 26.4 acres of freehold land in Seberang Perai Tengah, Penang, for RM82.7 million via its 70%-owned unit Prefab Master (Penang) Sdn Bhd, to build a prefabricated modular systems factory.
KL:0096.KL:NEXG BHD
KL:7130.KL:CLASSITA HOLDINGS BHD
KL:0041.KL:HONG SENG CONSOLIDATED BHD
🏗️ NexG Bhd, formerly Datasonic Group Bhd, is acquiring a 32.61% stake and 414.31 million warrants in Classita Holdings Bhd for RM76.78 million in cash, marking its entry into the property and construction sector. The stake and warrants were purchased from Hong Seng Consolidated Bhd and various parties, at prices above market rates.
KL:7086.KL:ABLE GLOBAL BHD
⚖️ Able Global Bhd announced that its executive chairman Ng Keng Hoe has been acquitted of abetment charges by the Shah Alam Sessions Court and will resume duties.
KL:7229.KL:FAVELLE FAVCO BHD
KL:5186.KL:MALAYSIA MARINE AND HEAVY ENGINEERING BHD
🛠️ Favelle Favco Bhd’s subsidiaries won six crane supply contracts worth RM77.6 million, including offshore cranes for Malaysia Marine and Heavy Engineering, and international clients in Vietnam, China, and the USA, as well as tower cranes for customers in China and the US.
KL:0268.KL:VESTLAND BHD
🏰 Vestland Bhd secured a RM56.38 million subcontract to build the Kelantan Palace in Kota Bharu, with completion targeted for August 2027.
KL:3239.KL:BERJAYA ASSETS BHD
🎲 Berjaya Assets Bhd has settled its lawsuit over the aborted 2016 acquisition of a 50% stake in Sarawak gaming firm Megaquest Sdn Bhd, with Tan Sri Vincent Tan agreeing to pay the settlement sum.
KL:5213.KL:SENTORIA GROUP BHD
KL:5185.KL:AFFIN BANK BHD
🏦 Sentoria Group Bhd’s 75%-owned subsidiary received a termination notice from Affin Bank Bhd for loan facilities originally up to RM33.3 million, demanding repayment of RM19.51 million outstanding.
KL:5932.KL:BINA PURI HOLDINGS BHD
💼 Bina Puri Holdings Bhd, facing multiple winding-up petitions, has sought mediation from the Corporate Debt Restructuring Committee to negotiate with lenders and address liabilities.
KL:5001.KL:MIECO CHIPBOARD BHD
🌱 Mieco Chipboard Bhd is venturing into the biomass fuel market, signing a five-year deal to supply at least 160,000–200,000 metric tonnes of wood pellets annually to South Korea’s K-One Corporation, targeting markets in South Korea, Japan, and beyond.
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