🏨 Property & Hospitality Earnings Roundup: Big Swings in Profit Despite Mixed Revenue Trends
SGX:H15.SI:Hotel Properties Limited (HPL)
HPL posted a 9% YoY revenue rise, buoyed by the opening of Four Seasons Hotel Osaka and The Boathouse Pulau Tioman, plus a fair value gain from the Concorde Hotel & Shopping Mall sale. Net profit rebounded to $11.4M from a loss last year, aided by asset revaluation gains and stronger associate contributions from Paddington Square, London. Margins improved only slightly amid higher hotel opening costs and admin expenses. Cash fell to $96.4M from $131.3M due to investments and debt repayments, while NAV per share dipped to $4.08.
SGX:H13.SI:Ho Bee Land
Ho Bee saw revenue drop 23% YoY to $177.7M on weaker Australian development sales and lower rental income. Net profit, however, jumped to $50.5M from $9.5M on reduced costs, higher JV profits, and a $9M tax refund. EPS surged to 7.50 cents, NAV per share edged up to $5.60, and fair value gains of $6.1M were booked on London assets, reversing last year’s loss.
SGX:Z25.SI:Yanlord Land
Yanlord’s revenue tumbled 53.5% YoY to RMB 9.286B on lower property development sales, but gross profit climbed 14.7% to RMB 3.003B as margins soared to 32.3% from 13.1%. Net profit turned positive at RMB 545M, reversing a RMB 421M loss in 1H 2024.
SGX:T8V.SI:Pacific Radiance
Pacific Radiance posted a 28% YoY revenue increase to US$24.4M, with gross profit up 89% to US$12.0M. Net profit fell 46% to US$8.8M due to the absence of exceptional gains. NAV per share rose to 6.26 US cents, and cash stood at US$15.4M in June 2025.
SGX:C38U.SI:CapitaLand Integrated Commercial Trust (CICT)
CICT completed a private placement of 284,361,000 new units at S$2.11 each, raising significant capital and increasing total units on issue to 7,601,512,204. The new units began trading on SGX’s Main Board at 9:00 a.m. on 14 August 2025.
SGX:G92.SI:China Aviation Oil (Singapore)
China Aviation Oil (Singapore) posted an 18.4% YoY net profit increase in 1H2025 to US$50.04M, reflecting stronger operational performance.
CAO’s total supply and trading volume jumped 35.4% YoY to 13.77M metric tonnes, driven by increased crude oil and fuel oil trading and a surge in jet fuel supply. Associates’ contribution rose 18.6% YoY, supported by a 13.9% uptick in refuelling volumes at Shanghai Pudong International Airport and stronger profitability from Oilhub Korea Yeosu Co. Ltd. Cash and equivalents climbed to $515.3M from $500.3M at year-end 2024, with the company remaining debt-free.
SGX:QC7.SI:Q & M Dental Group
Q & M Dental Group posted a 60% YoY drop in net profit for 1H2025, hit by exceptional losses from the consolidation of associates and the closure of its medical laboratory. Revenue rose 4% from its core dental operations, aided by the consolidation of Aoxin Q & M and stronger distribution sales. Other businesses saw a 74% plunge in revenue.
The group restated prior financials after Aoxin Q & M’s self-review revealed overclaims on cost of materials, leading to revenue and equity adjustments. Cash reserves climbed to $47.1 million, while borrowings increased to $78.5 million.
Q & M repurchased 2.8 million shares for $1.06 million and declared an unchanged interim dividend of 0.40 cents per share, payable Sept 4. Net asset value stood at 10.9 cents per share.
SGX:DU4.SI:Mermaid Maritime
Mermaid Maritime secured US$430–500 million in Middle East subsea projects, significantly expanding its order backlog and offering multi-year revenue visibility. The contracts, a potential catalyst for the share price, reinforce its industry standing in a key energy infrastructure region.
CEO Chalermchai Mahagitsiri highlighted the company’s ongoing focus on innovation, sustainability, and environmental stewardship — areas increasingly valued by investors.
Great Eastern to resume trading on Aug 21 as bonus issue lifts free float to above 10%
SGX:DEZIGN.SI:Dezign Format
Dezign Format will debut on SGX’s Catalist board on Aug 15 after raising S$6.5M through the placement of 32.5M new shares at S$0.20 each, fully subscribed by institutional investors including Asdew Acquisitions, Lion Global Investors, Maybank Asset Management Singapore, and Nikko Asset Management Asia. The IPO values the company at S$40M, with proceeds earmarked for regional expansion, including a Malaysia production facility, new sales offices in Thailand and Vietnam, and virtual reality initiatives.
SGX:E5H.SI:Golden Agri-Resources
Golden Agri-Resources posted a 56.5% YoY jump in 1H2025 net profit to US$160.3M, with revenue up 19.6% to US$6.2B on higher crude palm oil prices and plantation output. Gains were aided by lower interest expenses and FX losses. The group maintained its no-dividend policy for 1H and targets US$350M in 2025 capex for replanting, downstream expansion, and sustainability projects.
🏢 Singapore Corporate Earnings: Property Giants’ Strategic Moves, Industrials Show Resilience, and Consumer Plays Face Mixed Conditions
SGX:C09.SI:City Developments
City Developments (CDL) posted 1HFY2025 patmi of $91.2M, up 3.9% y-o-y, and declared a 3-cent special interim dividend. Analysts, including UOB Kay Hian’s Adrian Loh and DBS, upgraded target prices on stronger-than-expected divestments, improved capital recycling, and hospitality expansion plans. CDL outlined further asset disposals across geographies, while targeting hotel portfolio growth to 500 properties mainly via management contracts.
SGX:U14.SI:UOL Group
UOL Group’s 1HFY2025 patmi surged 58% y-o-y to $205.5M, driven by property development and investment gains, including the disposal of ParkRoyal Yangon. Strong Singapore residential sales, notably UpperHouse and Park Town, bolstered earnings visibility. Portfolio reconstitution continues, with redevelopment of Marina Square under discussion.
SGX:U96.SI:Sembcorp Industries
Sembcorp Industries’ 1HFY2025 net profit after exceptional items and forex came in at $536M (down 1% y-o-y), with core profit at $491M. Revenue fell 8% to $2.9B. Analysts remained broadly positive despite a 13.9% share price drop post-results, citing renewable energy growth, urban solutions wins, and stable long-term contracts. Target prices were adjusted, with most maintaining “buy” or “add” calls, except Maybank which downgraded to “hold”.
SGX:Z25.SI:Alpina Holdings
Alpina Holdings’ 1HFY2025 net profit jumped to $2.7M from $0.8M a year ago, on 29.2% revenue growth to $47.9M, supported by stronger integrated building services and higher rental income. Gross profit margin rose to 13%, and the company proposed a 1-cent interim dividend.
SGX:5MZ.SI:Kingsmen Creatives
Kingsmen Creatives’ 1HFY2025 net profit rose 27.5% y-o-y to $1.6M despite a 6.5% revenue drop to $162.1M due to project completion timing. Retail & corporate interiors and research & design segments grew, offsetting declines in exhibitions and experiential marketing. Secured contracts worth $345M for 2025.
SGX:Y92.SI:Thai Beverage
Thai Beverage’s 9MFY2025 revenue slipped 0.4% y-o-y to THB258.6B, with ebitda down 4% to THB45B. Spirits sales held stable, beer sales dipped in revenue but rose in volume, and NAB sales eased slightly amid higher marketing spend. Food and others segments saw revenue declines on softer sentiment and absence of one-offs.
SGX:E3B.SI:Wee Hur Holdings
Wee Hur Holdings’ 1HFY2025 earnings fell 42% y-o-y to $38.7M on absence of PBSA Fund I contributions. Adjusted net profit surged 164% to $61.7M on strong property development, construction, and dormitory performance. Revenue rose 43% to $156M, with Bartley Vue and Mega@Woodlands nearly sold out. Declared interim dividend of 0.5 cents.
SGX:E28.SI:Frencken Group
Frencken Group’s 1HFY2025 earnings climbed 9.9% y-o-y to $19.9M on 15.7% revenue growth to $431.4M. Semiconductor segment revenue jumped 37.5%, while medical and industrial automation grew modestly. Analytical life sciences and IMS segments saw declines. Cash stood at $110.6M after financing and dividend payments.
📈 Wall Street Shakes Off Inflation Jitters; Intel Surges on U.S. Stake Talks
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average
Stocks rebounded Thursday despite hotter-than-expected July producer price data. The S&P 500 rose 0.03% to a record 6,468.54, marking its third straight record close. The Nasdaq Composite slipped 0.01% to 21,710.67, and the Dow Jones Industrial Average dipped 0.02% to 44,911.26. Wholesale prices rose 0.9% vs. the 0.2% expected, tempering hopes for aggressive Fed cuts, though markets still price a 93% chance of a September trim.
US:INTC:Intel
Shares of Intel soared 7% after Bloomberg reported the Trump administration is in talks to take a stake in the chipmaker to bolster U.S. semiconductor production. The rally extended with a further 2.6% gain in after-hours trade.
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average
Piper Sandler reiterated optimism for further stock gains into September, targeting S&P 500 at 6,600. They favor Biotech, Cyclicals, and Regional Banks.
US:WFC:Wells Fargo
Wells Fargo downgraded the energy and commodity sectors to neutral, citing potential market choppiness, and recommended reallocating to Financials.
US:BAI:iShares AI Innovation and Tech Active ETF
US:FN:Fabrinet
US:CLS:Celestica
The iShares AI Innovation and Tech Active ETF slid 3%, its worst day since April, led by Fabrinet down 7% and Celestica down 5%.
US:DLO:dLocal
Shares of dLocal surged 23% after strong Q2 results and an HSBC upgrade to “buy,” citing long-term growth momentum.
US:UNH:UnitedHealth
US:BRK.A:Berkshire Hathaway
UnitedHealth rallied 9% after filings showed new stakes by Berkshire Hathaway and Michael Burry’s Scion Asset Management, worth over $1.6B at June-end.
US:AMAT:Applied Materials
Applied Materials fell 11% as its Q4 outlook missed estimates, despite Q3 earnings beating expectations.
US:SNDK:SanDisk
SanDisk dropped nearly 10% after reporting a lower non-GAAP gross margin of 26.4%, down from 36.4% a year earlier.
US:GAMB:Gambling.com
Gambling.com slumped 11% after lowering its full-year EBITDA guidance to $62M–$64M, below analysts’ $67.2M forecast.
US:HIMS:Hims & Hers Health
Hims & Hers Health slid over 5% after reports the FTC is investigating its subscription cancellation practices.
US:RCAT:Red Cat
Red Cat fell more than 7% after posting a wider Q2 loss of $0.15 per share versus $0.11 a year earlier.
📰 Oil Prices Rally Amid Geopolitical Tensions and Fed Rate Cut Debate
oil:US:UCO
Oil prices rallied, with Brent crude up 1.6% to US$66.66/bbl and WTI up 1.8% to US$63.79/bbl, supported by expectations of a Fed rate cut in September and geopolitical risk after U.S. President Donald Trump warned of “severe consequences” if talks with Russian President Vladimir Putin on Ukraine fail. Analysts note possible sanctions on Russian oil buyers, while supply optimism and recent inventory trends continue to influence market sentiment.
US:Federal Reserve
A surprise 0.9% jump in U.S. producer prices in July has dampened bets on a half-point Fed rate cut in September, with traders now expecting a quarter-point reduction. Fed officials, including Mary Daly and Austan Goolsbee, flagged concern over rising services inflation, while Treasury Secretary Scott Bessent suggested a larger cut remains possible but less likely after the data. Treasury yields climbed on the news, with the 2-year at 3.722% and the 10-year at 4.264%.
🇲🇾 Malaysia Corporate Roundup: Mega Loan Talks, Profit Swings, Strategic Deals & Leadership Moves
KL:5288.KL:Sime Darby Property
Sime Darby Property is in talks with banks for up to RM3B (US$714M) in loans to build a Malaysian data centre to be leased to Google. The proposed five-year loan may include a two-year extension option, with terms still under discussion.
KL:1943.KL:Cuckoo International (MAL)
Cuckoo International’s 2QFY2025 net profit slipped 1.83% QoQ to RM27.35M on RM4.7M listing expenses and higher impairment losses. Revenue grew 3.51% to RM306.67M, boosted by the CUCKOO co-created segment.
KL:0263.KL:Keyfield International
Keyfield International’s 2QFY2025 net profit fell 5.26% YoY to RM66.36M due to lower OSV utilisation and daily charter rates, despite a RM25.7M vessel disposal gain. Revenue dropped 33.67% to RM131.97M.
KL:4251.KL:I-Bhd
I-Bhd’s 2QFY2025 net profit more than doubled 110% YoY to RM11.45M, driven by stronger results across leisure & hospitality, property development, and property investment. Revenue rose 12% to RM62.3M.
KL:5305.KL:Swift Haulage
Swift Haulage’s 2QFY2025 net profit slid 19.02% YoY to RM6.75M on higher expenses, finance cost, and tax, despite a 9.18% revenue rise to RM188.75M. Declared interim dividend of 0.8 sen per share, payable Oct 10.
KL:0108.KL:N2N Connect
N2N Connect’s 2QFY2025 net profit rose 41% YoY to RM3.19M on lower operating expenses and higher associate contributions, even as revenue dropped 19% to RM22.4M.
KL:5264.KL:Malakoff Corp
Malakoff Corp appointed Syahrunizam Samsudin as Group CEO effective Sept 1, replacing Anwar Syahrin Abdul Ajib who is stepping down after nearly five years.
KL:7167.KL:Chin Hin Group Property
Chin Hin Group Property will sell its commercial vehicle and bodyworks operations—four subsidiaries—for RM74M, aiming to focus on property development. The disposals are expected to yield a RM2.4M pre-tax gain.
KL:0182.KL:Aemulus Holdings
Aemulus Holdings will acquire the camera sensor testing business of China-based Revotronix Group for RMB32.46M (RM19.09M) via subsidiaries, gaining IP, technology, and customer access to major CIS makers.
KL:0171.KL:Catcha Digital
Catcha Digital will acquire a 60% stake in One International Exhibition Sdn Bhd for RM11.38M to expand into agriculture and construction trade shows, complementing its events portfolio.
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