Lim & Tan Securities
Daily Review | 19 August 2025
Singapore Market Update: Key Earnings, Institutional Flows, and Sector Insights for August 2025

Singapore Market Overview: Indices, Commodities & Key Performance Metrics

The Singapore market continued to demonstrate resilience, with the FSSTI index closing at 4,187.4, reflecting a year-to-date gain of 10.6%. Compared to global indices, the local market remains competitive, with notable gains in the Hang Seng Index (25.5% YTD) and other Asian benchmarks.

• Daily Market Value: S\$1,453.6m
• Daily Market Volume: 1,106.4m shares
• 52-week STI High/Low: 4,282.8 / 3,340.4

Centurion Corp: Outperformance and Strategic REIT Spin-Off

Centurion Corp (S$1.71, down 2 cents) reported 1HFY25 results slightly ahead of expectations, with revenue and core profits accounting for 53% and 55% of full-year forecasts, respectively. Revenue rose 13% year-on-year to S$140.7 million, driven by positive rental reversions and contributions from Westlite Ubi since December 2024. Gross profit increased by 15% to S$108.6 million, supported by higher rental rates and operational efficiencies.

• Dividend payout ratio: 29%
• Annualized yield: 2.3%

Growth Drivers and Strategic Move:

• Construction demand in Singapore (70% of revenues) projected to remain robust, with BCA forecasting S\$47–S\$53bn in 2025 and S\$39–S\$46bn per year from 2026–2029.
• Westlite Ubi hit full occupancy within four months of launch.
• New premium PBSA brand EPIISOD launching in Sydney 1Q26, with more in the Australian pipeline.

REIT Spin-Off Highlights:

• Spin-off on track for end-Sep’25, subject to approvals.
• Initial portfolio: 5 PBWA assets (SG), 8 PBSA assets (UK), 1 PBSA asset (Australia).
• Additional asset (Sydney) to be injected post-TOP.
• REIT to distribute 100% of income semi-annually to FY27, at least 90% thereafter.
• Centurion to hold ~45% of REIT, with 5–10% distributed to shareholders via dividend-in-specie (2026 AGM).
• Asset-light approach to unlock capital and reduce leverage.

Expansion Pipeline:

• Active bed capacity growth in existing and new markets.
• Upcoming: 5,970 workers accommodation beds, 2,051 student accommodation beds, plus exploration of c.7,000 beds in Nusajaya, Johor.
• Total capacity growth: ~12% over the next two years.

Valuation and Recommendation:

• Market cap: S\$1.4bn
• Forward P/E: 12.8x | P/B: 1.2x | Dividend yield: 2.3%
• Core earnings forecasts for FY25F/FY26F raised by 6%/4%
• Valuation methodology shifted to Sum-Of-The-Parts (SOTP).
• Target Price: S\$2.00 (up from S\$1.20), Maintain “Accumulate on Weakness”.

Marco Polo Marine: Margin Strength Amid Revenue Decline

Marco Polo Marine (MPM, $0.065, unchanged) reported a 9% year-on-year revenue decline in 3QFY2025, totaling S$31.7 million. Gross profit slipped 4% to S$14.0 million, but margins improved to 44% (from 42%) due to an optimized revenue mix and reduced low-margin third-party vessel recharters.

• Ship Chartering: Revenue down 4% YoY, but higher rates for own fleet and maiden CSOV contribution from April 2025.
• Utilization: Chartering rebounded to 71% (from 65% in 2QFY2025).
• Shipyard: Revenue down 19% YoY, utilization at 88% (down from 96% YoY, but up from 73% QoQ).
• Outlook: CSOV and three CTVs in Taiwan expected to drive 4QFY2025 and FY2026 income.
• Market cap: S\$244m | Forward PE: 8.1x | PB: 1.3x | TP: \$0.065 (5.6% upside).

Clearbridge Health: Recapitalization and New Growth Prospects

Clearbridge ($0.004, unchanged) completed a placement of 990 million new shares at S$0.002 each, raising gross proceeds of S$1.98 million. The placement received strong interest from prominent funds (Asdew Acquisitions, Azure Capital) and veteran investor Ramesh Chandiramani. Two free warrants were issued for every three placement shares.

• Funds to be used for working capital, strategic opportunities, and enhancing competitiveness.
• Company is now entirely equity-financed and debt-free, providing financial stability and flexibility.
• Recent months saw decisive moves to de-risk the balance sheet and recapitalize the company for long-term value creation.

Sector Valuation Leaders: Dividend Yields, Low P/E and P/B Stocks

China and US Macro Themes: Property, Banks, and Stimulus

US Financials:

• US banks and diversified financials remain overweight, supported by stable net interest margins, modest loan growth, and resilient consumer demand.
• Regulatory reforms and capital market rebound are positive catalysts.
• Banks expected to outperform amid supportive policy and improved operations, despite macro risks.

China/HK Property:

• UBS adjusts its China property sector recovery forecast to mid/late 2026 (from early 2026), citing slower sales momentum and higher inventory turnover.
• REITs, especially those with shopping mall spin-offs, are a bright spot due to high demand for yield.
• China’s REIT market is expanding as investors seek alternatives amid low sovereign yields.

Share Transactions: Key Acquisitions, Disposals, and Buybacks

• Significant buybacks by Keppel Ltd, Global Investment Limited, Olam, OCBC, UOB, and others, with cumulative buybacks reaching up to 13% of mandates for some companies.

Institutional and Retail Fund Flows: Weekly Sector Highlights

For the week of 11 August 2025, institutional investors were net sellers, offloading S$385.5m, while retail investors were net buyers at S$329.4m.

• Institutional net buying focused on City Developments, iFast, Genting Singapore, Jardine Matheson, PropNex.
• Top institutional net sells included Sembcorp Industries, DBS, UOB, SIA, CapitaLand Ascendas REIT.
• Retail net buying was strongest in Sembcorp Industries, UOB, DBS, SIA, ST Engineering, ComfortDelGro, Keppel, Seatrium, Wilmar, CapitaLand Ascendas REIT.

Dividend and Special Distribution Calendar

Key upcoming dividends and special distributions across major SGX-listed companies:

SGX Watch-List: Companies Under Regulatory Scrutiny

There are 32 companies currently under the SGX watch-list, including recent additions like Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare. This list is regularly updated to reflect ongoing compliance monitoring.

What’s Ahead: Earnings Calendar for August 2025

The report provides a comprehensive rundown of key earnings releases for August 2025, including major names such as Lendlease Global, Ascendas REIT, Parkway Life, UOB, DBS, Genting, Centurion, SCI, Wilmar, CapitaLand, SIA Engineering, and many more.
This deep-dive offers a complete snapshot of the Singapore financial landscape for August 2025, covering earnings, fund flows, sector valuations, share transactions, dividends, and regulatory updates. Investors and analysts are advised to monitor sector trends, institutional movements, and upcoming earnings for actionable insights.