📉 Wall Street Hit by Tech Selloff, Fed Concerns Loom

US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average

The S&P 500 slipped 0.24% to 6,395.78, marking its fourth straight loss, while the Nasdaq Composite fell 0.67% to 21,172.86. In contrast, the Dow Jones Industrial Average edged up 0.04% to 44,938.31. Heavy selling in tech and chip stocks dragged the broader market.

US:NVDA:Nvidia
US:AMD:Advanced Micro Devices
US:AVGO:Broadcom
US:PLTR:Palantir
US:INTC:Intel
US:AAPL:Apple
US:AMZN:Amazon
US:GOOGL:Alphabet
US:META:Meta Platforms

Chipmakers and Big Tech were under pressure. Nvidia closed nearly flat after falling more than 3% intraday, while AMD and Broadcom lost about 1%. Palantir shed 1%, and Intel plunged 7%. Mega-cap names Apple, Amazon, Alphabet, and Meta Platforms also fell more than 1%.

US:TGT:Target
US:LOW:Lowe’s

On earnings, Target slumped 6% after reporting weaker sales and announcing a new CEO effective February 1. Lowe’s shares rose after delivering better-than-expected results.

US:UNH:UnitedHealth
US:BRK.A:Berkshire Hathaway

UnitedHealth shares are up 11% in the past week, boosted by buying from Berkshire Hathaway’s Warren Buffett. Still, Morgan Stanley cut its price target to $325 from $342, warning of a “prolonged turnaround story.”

US:NVAX:Novavax
US:BAC:Bank of America

Novavax plunged 7.5% after Bank of America downgraded the stock to underperform, lowering its price target to $7 from $9, citing commercialization risks for its Covid and flu vaccine programs.

US:JPM:JPMorgan Chase
US:AAPL:Apple
US:GS:Goldman Sachs
US:WFC:Wells Fargo

JPMorgan Chase is acquiring Apple’s $19 billion credit card portfolio from Goldman Sachs, a move analysts at Wells Fargo described as a “win-win” with strong synergies in consumer banking and marketing.

US:WMT:Walmart
US:ORCL:Oracle
US:MA:Mastercard
US:MSFT:Microsoft
US:AVGO:Broadcom
US:NVDA:Nvidia
US:AAPL:Apple

All eight U.S. companies valued above $1 trillion — including Nvidia, Apple, Microsoft, and Broadcom — fell Wednesday. Meanwhile, the next seven largest companies, led by Walmart (+1.26%), Oracle (+0.19%), and Mastercard (+1.22%), all posted gains.

US:COTY:Coty

Coty shares sank over 15% in extended trading after forecasting weak first-half results for fiscal 2026. The beauty retailer expects a recovery in the second half, driven by new product launches and tariff mitigation.

⚡ Corporate Malaysia: Earnings Swings, Green Energy Push, and Mega Deals

KL:SDG:SD Guthrie Bhd
KL:GAMUDA:Gamuda Bhd

SD Guthrie and Gamuda have inked a partnership to develop up to 1.2GW of solar energy projects. Phase one will utilise Guthrie’s idle land for solar farms, with plans to own and operate assets including energy storage systems. The venture aims to meet surging renewable energy demand from industrial players and data centres.

KL:CDB:CelcomDigi Bhd

CelcomDigi announced CEO Datuk Idham Nawawi will step down end-August for personal reasons. Deputy CEO Albern Murty will serve as acting CEO while a formal search is underway.

KL:SPSETIA:S P Setia Bhd

S P Setia posted a 66.2% YoY slump in 2Q net profit to RM99.8m on weaker land sales and lower revenue from Australia and Vietnam. No dividend was declared. The group also teamed up with Taiwan’s Ally Logistic Property (ALP) to build a RM4b smart warehouse campus in Klang, featuring cold-chain and ambient storage facilities.

KL:DIALOG:Dialog Group Bhd

Dialog Group’s 4Q net profit rose 6.5% YoY to RM147.38m, supported by JV and associate contributions. Revenue fell 25% on weaker upstream operations. A final dividend of 1.8 sen per share was proposed.

KL:PETRONM:Petron Malaysia Refining & Marketing Bhd

Petron Malaysia’s 2Q net profit tripled to RM41m, boosted by refinery optimisation despite lower oil prices and weaker revenue. No dividend was declared.

KL:PARAMON:Paramount Corp Bhd

Paramount’s 2Q net profit slipped to RM21.77m from RM24.23m a year ago, prompting the group to cut its FY sales target to RM1.2b. It declared a three sen interim dividend.

KL:TSH:TSH Resources Bhd

TSH Resources’ 2Q net profit more than doubled to RM49.23m on higher palm product prices and absence of one-off depreciation. Revenue climbed 6.4% YoY. No dividend was declared.

KL:BJASSET:Berjaya Assets Bhd

Berjaya Assets narrowed its 4Q net loss to RM1.71m from RM17.35m, helped by accounting gains and stronger revenue from ferry services and Times Square 2. No dividend was declared.

KL:AHEALTH:Apex Healthcare Bhd

Apex Healthcare’s 2Q profit slid 20% to RM18.82m on associate losses. Revenue was steady at RM240.75m. It declared a total six sen dividend (three sen interim and three sen special).

KL:JCY:JCY International Bhd

JCY International sank into a RM33.4m 3Q loss on weaker sales volume, forex drag, and poor product mix. Revenue tumbled 33.2% YoY. No dividend was declared.

KL:CAHYA:Cahya Mata Sarawak Bhd

Cahya Mata Sarawak reported a 2Q net loss of RM11.32m on forex losses and weaker demand across most units. Revenue fell 11.2% YoY. No dividend was declared.

KL:MANULFE:Manulife Holdings Bhd

Manulife’s 2Q net profit more than doubled to RM43.14m on stronger life insurance business, though revenue dipped 1%. No dividend was declared.

KL:SLVEST:Solarvest Holdings Bhd

Solarvest’s 1QFY2025 net profit more than doubled to RM15.88m, as revenue nearly doubled on progress in Corporate Green Power Programme projects. No dividend was declared.

KL:AVALAND:Avaland Bhd

Avaland’s 2Q profit halved to RM10.29m as revenue slid 43% on lower billings from completed projects. It declared a 0.50 sen special dividend.

KL:AMBANK:AMMB Holdings Bhd

AMMB Holdings is targeting to beat its record RM2b profit in FY2026 despite margin pressures from lower interest rates.

KL:EUROSP:Eurospan Holdings Bhd

Eurospan received a mandatory takeover offer at RM2.30/share from new controlling shareholder Samuel Ng, who acquired a 74.14% stake via EC Synergy for RM75.75m.

KL:E&O:Eastern & Oriental Bhd

E&O agreed to sell two London land parcels for up to RM515.8m, with RM200m earmarked for debt repayment and project funding.

KL:LFG:Lianson Fleet Group Bhd

Lianson Fleet Group’s unit will buy vessel MV Moana BAQ for US$13.25m, funded through cash and borrowings.

KL:TITJAYA:Titijaya Land Bhd

Titijaya Land partnered Mines Heights Development to build a RM554.3m transit-oriented project in Cheras.

KL:KTI:KTI Landmark Bhd

KTI Landmark will construct a RM107m cultural complex in Sabah via a land swap, receiving 65 acres for residential projects.

KL:ECOWLD:Eco World Development Group Bhd

EcoWorld launched a RM2b sukuk wakalah programme, raising RM800m in its first issuance.

KL:PARKSON:Parkson Holdings Bhd

Parkson’s HK-listed unit signed a 20-year lease in Sichuan, China, covering 4,801 sq m of commercial space, valued at RMB14.3m.

📊 Hong Kong & China Markets: Earnings Pressure, Delistings, and Restructuring Moves

HK:00012.HK:Henderson Land

Henderson Land reported a 44% drop in 1H underlying profit to HKD3.048b, with revenue falling 18.8% to HKD9.552b. Net profit slipped 8.4% to HKD2.908b. The group maintained its interim dividend per share (DPS) at HKD0.5.

HK:03333.HK:Evergrande

The Stock Exchange of Hong Kong will delist Evergrande effective Aug 25, 2025, citing failure to meet resumption requirements by the set deadline.

HK:00097.HK:Henderson Investment

Henderson Investment narrowed its interim loss to HKD41m from HKD69m a year ago, as turnover dipped 4.1% to HKD740m. No dividend was declared.

US:BIDU:Baidu

Baidu’s 2Q non-GAAP net profit slumped 35.2% to RMB4.795b, in line with expectations.

HK:2013.HK:Weimob

Weimob cut its interim loss to RMB33.056m, reflecting cost control and revenue improvements.

HK:1128.HK:Wynn Macau

Wynn Macau’s interim net profit plunged 85.5% to HKD231m. The board declared a DPS of HKD0.185.

HK:9618.HK:JD.com

JD.com wrapped up a three-day 20%-off event after acquiring Kai Bo, with store sales more than doubling.

HK:3377.HK:Sino-Ocean Group

Sino-Ocean Group expects interim results to swing into profit of up to RMB11b, driven by non-cash gains from offshore debt restructuring.

HK:0388.HK:HKEX

HKEX reaffirmed Hong Kong’s role as an international market hub, stressing that the city will not be derailed. The bourse is accelerating plans to shorten the settlement cycle.

HK:3888.HK:Kingsoft

Kingsoft posted a 35.4% YoY surge in 2Q net profit to RMB532m.

HK:00003.HK:HK & China Gas

HK & China Gas saw interim net profit dip 2.5% to HKD2.964b, but kept its interim DPS unchanged at HKD0.12.

🚀 Hong Kong & China Market Highlights: Big Profit Swings, IPO Buzz, and Pharma Upgrades

HK:03311.HK:China State Construction International
China State Construction International posted a 5% rise in interim net profit to ~RMB5.3b and declared an interim dividend of HKD0.34.

HK:06060.HK:ZA Online
ZA Online’s interim net profit jumped 11-fold to RMB668m, while ZA Bank swung from loss to profit.

HongKong:3115.HK:Hang Seng Index
The Hang Seng Index closed 43 points higher at 25,165, with Pop Mart surging over 12% to a new high and Laopu Gold gaining nearly 9%.

HK:3888.HK:Kingsoft
Kingsoft recorded a 20.4% increase in interim net profit to RMB816m but declared no dividend.

HK:09992.HK:Pop Mart
Pop Mart said there was no acceleration in U.S. store openings, instead focusing on quality expansion.

US:IQ:iQIYI
iQIYI is preparing to confidentially file for a Hong Kong listing with HKEX, aiming to debut before Lunar New Year 2026.

HK:01024.HK:Kuaishou Technology
Kuaishou is expected to report over 8% growth in 2Q adjusted net profit, with brokers eyeing strong e-commerce momentum.

HK:09901.HK:New Oriental Education
New Oriental-S CEO Zhou Chenggang will embark on a tour of Australian elite universities to strengthen overseas ties.

HK:09863.HK:Leapmotor
Leapmotor said “no comment” on rumors of a 10% stake purchase by China FAW. Separately, CMBI raised its price target to HKD80, citing strong sales momentum.

HK:02944.HK:DFI Retail Group
DFI Retail Group, operator of Wellcome and Mannings, is reportedly laying off staff in Hong Kong.

HK:0388.HK:HKEX
HKEX drew multiple broker calls: Morgan Stanley kept it Overweight on earnings upside, JPMorgan upgraded it to Overweight after a 2Q beat, and Citi noted one-time gains but said core earnings were in line.

HK:03692.HK:Hansoh Pharma
HK:00867.HK:CMS (China Medical System)
CLSA raised price targets for Hansoh Pharma and CMS, citing expectations of continued growth in pharmaceuticals.

HK:01810.HK:Xiaomi
Macquarie removed Xiaomi as its Asia marquee buy idea and cut its price target to HKD61.

HK:00683.HK:Kerry Properties
Kerry Properties saw 1H net profit fall 22.3% to HKD612m, though shares rose 3.7% after midday as DPS was kept unchanged.

HK:6808.HK:Laopu Gold
Laopu Gold’s interim profit soared 285.8%, with an interim dividend of RMB9.59. The company also plans semiannual dividend distributions.

HK:02689.HK:ND Paper
ND Paper rallied over 5% after issuing a positive profit alert, expecting 1H25 profit to surge 165–190%.

HK:01833.HK:Ping An Good Doctor
Ping An Good Doctor said it may consider dividend payments if earnings continue to improve.

🔔 Hong Kong Market Wrap: HKEX Earnings Beat, Pop Mart Rally, Xiaomi Under Pressure

HongKong:3115.HK:Hang Seng Index
The Hang Seng Index shed 142 points at midday to 24,980, dragged by weakness in Kuaishou (-4%+) while Pop Mart surged over 8%.

HK:0388.HK:HKEX
HKEX delivered strong earnings across the board. 1H net profit rose 39% YoY to HKD8.519b with interim DPS raised to HKD6. Its 2Q profit jumped 41% YoY, logging record highs in revenue and income. Average daily turnover in 1H surged 1.2x YoY.

HK:6877.HK:Laopu Gold
Laopu Gold’s interim net profit soared 285.8% to RMB2.268b, declaring a dividend of RMB9.59.

HK:0683.HK:Kerry Properties
Kerry Properties posted a 22.3% drop in interim net profit to HKD612m, while keeping its interim dividend at HKD0.4.

HK:02689.HK:ND Paper
ND Paper projected annual net profit between RMB2.1b–2.3b, up 165%–190% from last year.

HK:02918.HK:SICC
SICC closed midday 5.8% higher at HKD45.3 on its debut session.

HK:00291.HK:China Resources Beer
China Resources Beer drew upbeat broker calls. Goldman Sachs, BofA Securities, CLSA, HTSC, Nomura, UOB Kay Hian, and Morgan Stanley all raised or maintained positive targets, citing market share growth and premiumization momentum.

HK:0440.HK:Dah Sing Financial
Dah Sing Financial posted a 26.4% rise in interim net profit to HKD1.406b, lifting DPS to HKD1.16.

HK:2356.HK:Dah Sing Banking
Dah Sing Banking reported a 13.1% increase in interim net profit to HKD1.579b, declaring an interim DPS of HKD0.31.

HK:1810.HK:Xiaomi
Xiaomi came under pressure after results. HSBC, Citi, Daiwa, Goldman Sachs and others trimmed targets, while management said it won’t engage in home appliance or EV price wars. President Lu Weibing expects its auto business to turn profitable in 2H despite steep cumulative losses. Shares opened 2% lower.

HK:3690.HK:Meituan
Meituan’s delivery unit Keeta announced expansion into Doha, Qatar, with plans to enter Brazil in coming months.

HK:02319.HK:East Buy
East Buy rebounded nearly 15% after addressing online rumors.

HK:03606.HK:Fuyao Glass
Fuyao Glass opened higher after posting a 37% increase in 1H net profit, declaring an interim dividend.

HK:03692.HK:Hansoh Pharma
Hansoh Pharma raised HKD3.9b via share placement at a 6.5% discount. Shares fell over 7% intraday. BOCOMI kept a Buy rating with TP at HKD48.

HK:06060.HK:ZTO Express-W
ZTO Express reported interim net profit down 2.6% to RMB3.932b, with a DPS of US$0.30. Shares dropped after also cutting full-year guidance.

HK:9868.HK:Xpeng
Xpeng’s 2Q adjusted net loss narrowed to RMB385m. Shares gained 3.5% post-results. The company also plans humanoid robot mass production in 2H26 and a robotaxi pilot launch in 2026.

HK:00020.HK:SenseTime
SenseTime was reported to have bought shares in Fujian Intelligent Computing Ark Technology Co Ltd.

CN:Kweichow Moutai (600519.SS but not in HK list) & HK:9988.HK:Alibaba
Kweichow Moutai joined Alibaba’s Taobao Instant Commerce platform, with plans to fully launch in 6,500 stores across China.

HK:01833.HK:Ping An Good Doctor
Ping An Good Doctor’s adjusted net profit jumped 83.6% in 1H, though shares slid 6% early. The company said dividends will be considered if profitability improves further.

HK:02269.HK:Wuxi Bio
Wuxi Biologics’ interim net profit rose 56%, with management raising full-year guidance.

HK:02268.HK:Wuxi XDC
Wuxi XDC drew a series of broker upgrades. CICC, Citi, HTSC, and CCBI raised price targets, citing strong interim orders and guidance upgrades.

HK:01166.HK:China South Software (Chinasoft Int’l)
Chinasoft Int’l was downgraded by CLSA to Outperform, with analysts noting its virtual machine business contribution will take time.

HK:01160.HK:Chow Sang Sang
Chow Sang Sang surged nearly 18% after projecting interim profit could jump by as much as 83.3%.

🚨 Market Movers: Beng Kuang’s New Venture, SATS Growth, Dezign Format’s IPO Buzz, SGX Valuation Concerns & Oil Price Swings

SGX:BKM.SI:Beng Kuang Marine
Beng Kuang Marine launched a new business arm, Clean Concept Works (CCW), under its Infrastructure & Engineering division. The unit will focus on chemical cleaning and hot oil flushing services for FPSO vessels, in collaboration with Chew See Choon, a specialist with 20 years’ expertise. The company sees this as a critical move to boost performance and lifespan of offshore systems.

SGX:S58.SI:SATS
SATS posted a 9.9% y-o-y revenue rise to $1.51 billion with EBITDA also up 9.9% to $273.8 million, despite global trade disruptions. Growth was led by its Gateway Services (+11.2% to $1.18 billion) and Food Solutions (+5.6% to $328.3 million). However, cash flow slipped due to delayed customer payments, and earnings from associates fell 7.1% y-o-y.

SGX:DZGN.SI:Dezign Format Group
Fresh off its Catalist debut at 20 cents per share, Dezign Format traded at 26.5 cents and now carries a UOB Kay Hian “buy” call with a target of 37 cents. Analyst Heidi Mo cited its 35-year track record with clients like Burberry, Dior, Gucci, DBS, Singapore Airlines, IKEA, and projects such as Marina Bay Sands Lunar New Year and IKEA Alexandra fit-out. Strong cash generation and high ROE keep its fundamentals attractive.

SGX:S68.SI:Singapore Exchange (SGX Group)
RHB flagged SGX’s stretched valuation, despite July’s strong turnover ($33.8 billion, up 27% y-o-y) and record derivatives trading. IPO momentum is also building with 30 listings in the pipeline. Still, analyst Shekhar Jaiswal kept a “neutral” call, warning that gains depend on whether July’s surge can be sustained. SGX also proposed steady dividend hikes through FY2028.

US:UCO:Oil
Oil prices rebounded about 2% after US crude inventories dropped by 6 million barrels, far exceeding expectations. Brent settled at US$66.84, while WTI rose to US$63.21. Market sentiment remains volatile as talks on the Russia-Ukraine war sway traders, with Russia’s continued supply to India and China adding complexity.

SGX:A30.SI:Aspial Corporation
Fifteen retail units at East Village were relaunched for sale at S$71.8 million, down from S$83 million in 2022. Owned by entities linked to the Koh family, founders of Aspial and Fragrance Group, the units are fully leased with tenants like Liho, Katong Mei Wei Chicken Rice, Hong Kong Street Family Restaurant, and Anytime Fitness. The guide price translates to S$4,110 psf, with CBRE managing the sale.

China Medical System Holdings Limited Interim Results H1 2025: Turnover Up 10.8%, Profit Rises 3.1%, Declares Interim Dividend of RMB0.1555 Per Share 144

TSH Resources Berhad Q2 2025 Results: Profit Surges 126% Year-on-Year

CosmoSteel Holdings Applies for SGX Delisting Following Compulsory Acquisition and Voluntary Cash Offer 1

CapitaLand Ascendas REIT Completes First UK Logistics Land Acquisitions in S\$350 Million Expansion: What Investors Need to Know

KSH Holdings Announces Proposed Private Placement of 28.9 Million Treasury Shares to Raise S$8.67 Million for Working Capital 1

Jason Marine Group AGM 2025: Strategic Pivot to Renewables, Share Buyback Mandate, and Strong Dividend Signal Major Growth Potential
Key Highlights from the 2025 Annual General Meeting:
All AGM Resolutions Passed With Overwhelming Support
First and Final Dividend of 0.50 Singapore Cents Per Share Approved
Strong Order Pipeline in Offshore Wind & Renewable Energy Sectors
Renewal of Share Buyback Mandate and Authority to Issue New Shares
Active Succession Planning and Strategic Investments in Technology
Clear Focus on Customer Retention, Cybersecurity, and Competitive Differentiation

Singapore Investors Eye Dividend ETFs as Yields Fall

Dividends remain a key consideration for Singapore investors when deciding where to allocate their funds.

Over the past two years, many have turned to Treasury bills (T-bills), which offered attractive yields amid higher interest rates. But as rates soften and T-bill yields slip, investors are increasingly looking at other options.

One popular avenue is yield-focused exchange-traded funds (ETFs). Several listed on the Singapore Exchange (SGX) currently deliver dividend yields of 5–7 per cent, compared with the Straits Times Index’s (STI) yield of about 4 per cent.

Notably, all five of SGX’s real estate investment trust (Reit) ETFs rank among the top 10 dividend-paying ETFs, according to SGX data.

Below are the 10 SGX-listed ETFs with the highest dividend yields as at June 2025:

1. iShares USD Asia High Yield Bond Index ETF – 7.4%

Tracking the Bloomberg Asia US Dollar High Yield Diversified Credit Index, this fund invests in US dollar-denominated government-related and corporate high-yield bonds across Asia (ex-Japan). It was the fifth most-traded ETF in 1H 2025, averaging over S$1.4 million in daily volume.

2. CSOP iEdge S-Reit Leaders Index ETF – 5.98%

Launched in 2021, this ETF has the highest dividend yield among SGX’s Reit ETFs. It tracks the iEdge S-Reit Leaders Index, with top exposures to CapitaLand Integrated Commercial Trust (CICT), Keppel DC Reit, and Mapletree Commercial Trust.

3. NikkoAM-StraitsTrading Asia ex Japan Reit ETF – 5.76%

This fund mirrors the FTSE EPRA Nareit Asia ex Japan Reits Index and drew S$104 million in inflows in 1H, the third highest among ETFs. Its holdings include Hong Kong’s Link Reit as well as CapitaLand Ascendas Reit and CICT.

4. Lion-Phillip S-Reit ETF – 5.76%

Tracking the Morningstar Singapore Reit Yield Focus Index, this was the fourth most-traded ETF in 1H, with nearly S$1.6 million in daily volume. Major exposures include Mapletree Pan Asia Commercial Trust, Frasers Logistics and Commercial Trust, and Keppel Reit.

5. Lion-OCBC Securities SG Low Carbon Index ETF – 5.7%

This ETF tracks 40 Singapore companies with low-carbon credentials, most of which are STI constituents. It has delivered a three-year total return of 31.6%, the strongest among local equity ETFs. Top contributors include Yangzijiang Shipbuilding, ST Engineering, and Keppel.

6. Lion-OCBC Securities Apac Financials Dividend Plus ETF – 5.6%

Launched in May 2024, this ETF is the world’s first focused on Asia-Pacific financial institutions. It tracks the iEdge Apac Financials Dividend Plus Index, covering the region’s 30 largest financial firms. It ranked fifth by performance in 1H, returning 9.9%.

7. SPDR STI ETF – 4.4%

The largest Singapore equity ETF gives investors exposure to the STI’s top 30 companies. Its portfolio is dominated by the three local banks: DBS (25.8%), OCBC (14%), and UOB (11.1%).

8. iShares JPMorgan USD Asia Credit Bond ETF – 4.3%

This fund tracks the JPMorgan Asia Credit Index Core, comprising 255 US dollar-denominated Asian bonds. Its largest exposures include issuers from the Philippines and Indonesia, with Petronas Capital (4.2%) and Standard Chartered (2.8%) among its top holdings.

9. Phillip SGX Apac Dividend Leaders Reit ETF – 4.25%

Launched in 2016, this ETF follows the iEdge Apac ex Japan Dividend Leaders Reit Index, covering 30 of the region’s highest dividend-paying Reits. Link Reit (10.25%), CICT, and CapitaLand Ascendas Reit are its top constituents.

10. UOB Apac Green Reit ETF – 4.1%

This sustainability-linked ETF focuses on high-yield, ESG-conscious Reits across Asia-Pacific. In 1H, it delivered the strongest returns among SGX’s Reit ETFs at 9.3%. CICT, GLP J-Reit, and Japan Real Estate Investment are among its largest holdings.

Key Takeaway

With T-bill yields tapering, dividend-focused ETFs remain an attractive alternative for Singapore investors. The sector spans a mix of high-yield bond funds, Reit-focused products, and thematic plays such as low-carbon and financial-sector ETFs — offering both diversification and income potential.

Hotel101 Global Expands to Cambodia with Two Major Hotel Projects

Hotel101 Global, the first Filipino-owned company to list on the Nasdaq, has signed binding agreements with Cambodian real estate developer Canopy Sands Development to build two large-scale hotels in the country. The deal was announced on Wednesday (Aug 20).

The proptech hospitality platform — part of DoubleDragon, chaired by Jollibee founder Tony Tan and Mang Inasal founder Edgar Sia — described the move as a “pivotal step” towards its long-term goal of operating one million hotel rooms across 100 countries.

Cambodia: Sixth Market in Expansion Drive

Cambodia marks Hotel101’s sixth international market, following entries into the Philippines, Japan, Spain, the US and Saudi Arabia. The group highlighted the country’s tourism appeal, with more than 6.7 million international visitors recorded in 2024 — a figure expected to rise with the Sep 9 opening of Phnom Penh’s new Techo International Airport.

The hotels will be located in Phnom Penh, the capital and commercial centre, and Sihanoukville, a fast-growing coastal and financial hub. Together, they are projected to generate US$109.6 million in sales revenue once fully sold. Completion is targeted for 2028.

Phnom Penh Project

The Phnom Penh hotel will occupy a 2,033 sq m plot in the Tonle Bassac district, a vibrant riverfront area near the upscale Boeung Keng Kang enclave, Aeon Mall 1, and the Independence Monument. Rising 30 storeys, the development will house about 700 rooms, positioning it among the largest hotels in the city by room count.

Sihanoukville Project

The Sihanoukville property will be built on 4,623 sq m of prime land, just five minutes from the city’s airport. Part of Canopy Sands’ 934-hectare, US$16 billion coastal masterplan, the hotel will sit adjacent to a proposed international convention and exhibition centre. With roughly 680 rooms, it is expected to be the largest hotel in the city upon completion.

Standardised Offering

Both properties will feature Hotel101’s signature model of standardised 21 sq m units, complete with kitchenettes and modern amenities. The projects are expected to bolster Cambodia’s economy through tourism growth, foreign investment and job creation.

Hotel101 already has overseas projects underway in Niseko (Japan), Madrid (Spain), and Los Angeles (US).

Silver Market Signals Squeeze

Silver is flashing warning signs of a looming supply squeeze. Prices are climbing back towards multi-year highs, driven by surging borrowing costs, narrowing futures spreads, and persistent structural deficits. According to the Silver Institute, the imbalance is set to extend into a fifth consecutive year in 2025.

Demand Meets Supply Strain

Beyond tight supply, demand from green industries such as solar power and electric vehicles (EVs) continues to provide strong support. Expectations of US Federal Reserve rate cuts, gold’s renewed appeal, and ongoing “de-dollarisation” themes are also fuelling silver’s rally.

The metal hit a 13-year high of nearly US$40 per ounce on Jul 23, before easing to US$36 and recovering to about US$38. “Silver is partly piggybacking on gold’s strength and the relative resilience seen in base metals,” said Edward Meir, senior metals analyst at Marex.

OCBC strategist Christopher Wong highlighted that “the silver market is experiencing notable signs of tightness. On the physical side, supply remains constrained while demand spans industrial users, retail and institutional investors.” He pointed to narrowing spreads between August and December 2025 futures as evidence of near-term scarcity, while lease rates have surged above 6 per cent — levels that signal “severe tightness” in the market.

Fragmented Inventories

Another pressure point comes from fragmented inventories. “Silver is affected by a different kind of trade fragmentation – one driven more by logistical and financial constraints than by geopolitics,” said Patricio Faundez of Gem Mining Consulting.

Much of US silver is tied up in exchange-traded funds and other financial instruments, “trapping” inventories domestically and disrupting arbitrage. As a result, inventories at the London Bullion Market Association have dropped to their lowest levels this year, while US Commodity Exchange inventories sit at record highs.

Price Outlook

OCBC projects silver to hit US$39.70 per ounce by end-2025 and US$42 by mid-2026, underpinned by structural demand and persistent tightness.

While gold often dominates headlines during market stress, silver benefits from its dual role as both a precious and industrial metal. Demand remains steady across sectors such as solar panels, EVs and broader green technology. “Industrial demand remains decent and has yet to show signs of retrenching,” said Meir.

Wong added that rate-cut expectations, gold’s rally and the de-dollarisation narrative are further lifting sentiment.

Supply Shifts

This year’s supply deficit may narrow slightly thanks to new mining projects in the US, Peru and India. Still, legacy producers such as Mexico are seeing declines, with output at the San Julian mine tapering as it nears the end of its life.

Chinese output is expected to rise 1.3 per cent to 119 million ounces in 2025, while Peru’s production may grow 2.4 per cent with new projects at Toromocho and Reliquias.

Investment & Retail Trends

Institutional flows remain robust. The Silver Institute estimates 95 million ounces were traded via exchange-traded products in H1 2025, already surpassing last year’s total.

Retail demand is more uneven. European investment is stronger than in 2024 but below the highs of 2020–2022. India posted a 7 per cent year-on-year gain in H1 2025, though growth may slow. In contrast, US retail demand has slumped 30 per cent this year.

Meir expects prices to range between US$35 and US$36 per ounce in the near term, citing support from gold and a softer US dollar.

Beyond the Rally

Analysts warn the stress runs deeper than headline prices. “This is not just a price rally,” Wong said. “This is a reflection of genuine stress and imbalance in the physical silver market.”

Some point to dislocations between paper and physical markets. “The scale of the synthetic derivatives market in silver is disproportionately large, relative to mine supply and available physical markets,” said Ned Naylor-Leyland of Jupiter Asset Management.

Since the 1980s, futures and options have dictated silver pricing. But if a large industrial buyer were ever unable to secure the physical metal it needs, Naylor-Leyland cautioned, it could trigger a scramble that drives silver — and mining shares — sharply higher.

A familiar refrain among investors is that Singapore’s market is too small, with limited opportunities outside of the banks. But this year, the sceptics may be in for a pleasant surprise.

Sheng Siong shines

Take Sheng Siong (OV8: +0.98%), Singapore’s second-largest supermarket chain. With a market capitalisation of about S$3.1 billion, it has firmly entered the big league. Its share price has climbed some 26 per cent this year, buoyed by solid financial results.

For the first half of 2025, net profit rose 3.5 per cent year-on-year to S$72.3 million, while revenue grew 7.1 per cent to S$764.7 million. Maybank Research attributes its performance to multiple strengths: prices that are 10–21 per cent lower than e-grocers, a strong fresh-food offering (including live seafood), and long operating hours that draw steady footfall.

The outlook remains favourable. Following Macrovalue’s acquisition of DFI Retail Group’s Singapore food business — including Cold Storage and Giant — for S$125 million, Sheng Siong could benefit if Giant, whose customer base overlaps with its own, sees less focus compared with Cold Storage.

Singaporean consumers’ enduring preference for budget-friendly supermarkets and house brands further supports Sheng Siong’s growth. Government-issued SG60 vouchers add another tailwind: of the S$160 million already spent, over S$64.5 million went to participating supermarkets, a welcome boost for Sheng Siong’s sales.

Infrastructure boom lifts builders

It’s not just retailers that are benefiting. The government’s investment in infrastructure is also driving opportunities. The Building and Construction Authority projects total construction demand of S$47–53 billion in 2025, and several listed firms are riding this wave.

Koh Brothers (K75: –1.69%) has amassed an order book exceeding S$1 billion, with visibility through 2029. In August, it announced a landmark S$999 million contract for underground tunnels at Changi Airport’s upcoming Terminal 5, secured via a joint venture with Japan’s Penta-Ocean Construction. Koh Brothers’ shares, at S$0.29 as of Aug 20, have surged more than 100 per cent this year.

The housing market offers more opportunities. The Housing & Development Board plans to launch about 55,000 Build-to-Order (BTO) flats between 2025 and 2027, 10 per cent more than previously announced. Locations include Mount Pleasant, Woodlands North Coast, Sembawang North, and the former Keppel Club site.

Wee Hur (E3B: 0%) stands to benefit from this upcycle. CGS International Securities notes that the group’s S$629 million order book, as of H1 2025, has been strengthened by two BTO projects worth S$439.4 million. Management is targeting further contracts to lift its pipeline to S$1 billion, extending visibility to 2029.

Silver Market Signals Squeeze

Demand Meets Supply Strain

Fragmented Inventories

Price Outlook

OCBC projects silver to hit US$39.70 per ounce by end-2025 and US$42 by mid-2026, underpinned by structural demand and persistent tightness.

Wong added that rate-cut expectations, gold’s rally and the de-dollarisation narrative are further lifting sentiment.

Supply Shifts

Chinese output is expected to rise 1.3 per cent to 119 million ounces in 2025, while Peru’s production may grow 2.4 per cent with new projects at Toromocho and Reliquias.

Investment & Retail Trends

Institutional flows remain robust. The Silver Institute estimates 95 million ounces were traded via exchange-traded products in H1 2025, already surpassing last year’s total.

Meir expects prices to range between US$35 and US$36 per ounce in the near term, citing support from gold and a softer US dollar.

Beyond the Rally

Analysts warn the stress runs deeper than headline prices. “This is not just a price rally,” Wong said. “This is a reflection of genuine stress and imbalance in the physical silver market.”

Hotel101 Global Expands to Cambodia with Two Major Hotel Projects

Cambodia: Sixth Market in Expansion Drive

Phnom Penh Project

Sihanoukville Project

Standardised Offering

Hotel101 already has overseas projects underway in Niseko (Japan), Madrid (Spain), and Los Angeles (US).

Singapore Banks Stay the Course in Greater China Despite Uneven Economy

Singapore’s major banks are unlikely to abandon their Greater China strategies, even as the mainland economy shows uneven recovery. The region remains central to their medium-term growth plans, though near-term expansion will likely be targeted and selective.

Risks Manageable Despite Weak Risk-Return

For now, risk-return dynamics in Greater China — which includes mainland China, Hong Kong, Macau, and Taiwan — remain weak. However, banks’ credit risks are contained:

Gross bad-loan ratios capped at around 3% in 1HFY2025
Ample provisions and capital buffers in place
The region contributes more to non-performing loans than to profits, but material stress is not expected

Bond spreads for Singapore banks are also expected to remain rangebound in 2H2025, supported by solid credit quality.

Medium-Term Upside

Analysts see risk-return improving over the medium term as Singapore banks:

Expand lending to new-economy sectors
Capture flows from Sino-Asean trade and investment
Deepen presence in transaction banking and wealth management

This would gradually rebalance exposure away from traditional lending toward higher-margin, fee-based businesses.

Bank Strategies

OCBC: Targets $3 billion in incremental revenue by 2025 through its Asean–Greater China strategy
DBS: Scaling up via its SRCB Alliance, leveraging southbound wealth-management connect services
UOB: Refocusing on wholesale banking, markets, and cross-border growth after selling Fubon Bank China

Strategic Focus Areas

Singapore banks are expected to pursue measured growth in Greater China through:

Transaction banking & wealth management opportunities
Cross-border business tied to Sino-Asean investment flows
Supply-chain diversification amid tariff uncertainty and “China Plus One” strategies
Building sticky deposits and enhancing fee income in anticipation of global rate cuts

Outlook

While all three local banks reported flat to negative loan growth in Greater China as of 1HFY2025, their commitment to the region remains intact. Near-term caution is likely, but medium-term growth will be driven by new-economy lending, trade flows, and wealth management as Greater China stays a critical pillar of their long-term strategy.

NDR 2025: Key Policy Themes and Market Beneficiaries

Prime Minister Lawrence Wong highlighted policies on innovation, healthcare, ageing, and urban renewal in his Aug 17 National Day Rally (NDR) speech — developments that could provide strong tailwinds for healthcare and industrial REITs, construction-related companies, and tech manufacturers, according to RHB Bank Singapore analyst Shekhar Jaiswal.

Innovation and Technology

The NDR also addressed external risks such as US tariffs and US-China trade tensions, with the government forming the Singapore Economic Resilience Taskforce (SERT) to secure trade deals and refresh long-term strategies.

The policy emphasis is on innovation, AI adoption, and investments in quantum computing, robotics, and automation.

Likely beneficiaries:

Semiconductors & precision engineering: Venture Corporation, AEM Holdings, UMS Holdings, Frencken Group, Aztech Global
Engineering & infrastructure: ST Engineering, Sembcorp Industries
Industrial REITs: CapitaLand Ascendas REIT, ESR REIT, AIMS APAC REIT

Education and Healthcare

Wong outlined initiatives to prepare the next generation by weaving AI into education across disciplines, strengthening digital resilience, and fostering jobs.

Likely beneficiaries:

Education: MindChamps, private training providers
Healthcare providers: Raffles Medical Group, Thomson Medical Group

Meanwhile, with Singapore’s rapidly ageing population, the policy direction is shifting from reactive to preventive healthcare. Planned measures include expanding Community Care Apartments (CCAs) and piloting Age Well Neighbourhoods, boosting housing, home-based care, and community health services for seniors.

Likely beneficiaries:

Healthcare providers: Raffles Medical, Thomson Medical
Healthcare REITs: ParkwayLife REIT, First REIT
Digital infrastructure REITs (supporting healthcare tech needs): Keppel DC REIT, Mapletree Industrial Trust

Climate Resilience and Urban Renewal

Urban transformation plans will reshape Singapore’s northern region:

Woodlands: 4,000 new flats
Kranji: 14,000-home green township on the former 130-hectare Turf Club site
Sembawang Shipyard: redevelopment into a heritage-inspired waterfront destination with housing, retail, and community spaces

Likely beneficiaries:

Developers & builders: City Developments, UOL Group, Hock Lian Seng, OKP Holdings, Wee Hur, Pan-United Corporation, Hong Leong Asia
Transport & logistics: ComfortDelGro, Mapletree Logistics Trust
Industrial REITs: CapitaLand Ascendas REIT

Outlook

Jaiswal believes these policy directions — from AI adoption and preventive healthcare to urban renewal — will unlock opportunities across multiple sectors. For investors, Singapore’s evolving policy landscape presents exposure not just to growth in real estate and infrastructure, but also to long-term structural themes in technology, healthcare, and ageing demographics.

Game Science Teases Black Myth: Zhong Kui, Successor to Wukong

Game Science, the Tencent-backed studio behind last year’s blockbuster Black Myth: Wukong, has revealed it is working on a follow-up title, Black Myth: Zhong Kui.

Unveiled at the Gamescom conference in Cologne, Germany, the teaser trailer highlights the studio’s hallmark high-fidelity visuals and once again draws from Chinese folklore, introducing the mythological figure Zhong Kui — a red-bearded, dark-skinned deity with glowing eyes.

Early Stages, Big Ambitions

Game Science described the project as “little more than an empty folder at this stage” on its website, but said it wanted to share progress with fans following Wukong’s breakout success.

Released in 2024, Black Myth: Wukong became one of China’s biggest cultural exports in years, smashing records for action RPGs and even sparking a surge in tourism to historic sites featured in its richly detailed landscapes.

The studio also hinted that Wukong’s westward journey isn’t over, suggesting additional content or downloadable expansions for the original game.

Building on Wukong’s Legacy

Game Science plans to keep Zhong Kui within the action RPG genre that defined its predecessor, though no timeline for release or updates has been disclosed.

Since Wukong’s success, other Chinese developers have stepped up their ambitions. Wuchang: Fallen Feathers, launched in July, has showcased similar gameplay and graphics-heavy design but received mixed reviews on Steam.

FTSE ST Mid & Small Cap Index Outperforms in 2H2025

The FTSE ST Mid & Small Cap Index, a subset of the FTSE ST Index Series, currently comprises 74 constituents with a combined market capitalisation of $176 billion.

Stronger Returns in 2H2025

According to SGX market strategist Geoff Howie, the index delivered a 9% total return between July 1 and Aug 12, a sharp improvement from the “comparatively narrow” 1.8% return in 1H2025. It currently trades at a P/E ratio of 16x and a P/B ratio of 1.0x.

The index is not exclusive of the Straits Times Index (STI), with 14 mutual constituents ranging in size from Yangzijiang Shipbuilding ($11.4 billion) to Frasers Logistics & Commercial Trust ($3.3 billion). The remaining 60 constituents are non-STI stocks.

Non-STI Companies Lead Gains

Excluding trusts, companies make up 34 of the 60 non-STI constituents. Collectively, these stocks averaged a 15% total return from July 1 to Aug 12, with 33 gainers and only one decliner.

Market caps among these 34 firms range from Olam Group ($3.9 billion) to Yoma Strategic Holdings ($216 million).
Together, they represent nearly 30% of the ~120 companies in that market cap bracket.
For every stock that declined, 11 posted gains.

PropNex led performance with a 52% surge in share price (from $1.08 to $1.64), supported by its 1HFY2025 results showing net profit doubled y-o-y to $42.3 million. Its average daily turnover (ADT) also jumped fourfold y-o-y to $1.16 million.

Liquidity and Institutional Flows

Year-to-date (as of Aug 12), the 74 constituents recorded $423 million in daily trading activity.

Among the 20 stocks with the largest ADT gains since June:

City Developments (CDL): Highest ADT at >$11 million.
iFast Corporation & UOL Group: Comparable ADT at ~$9.5 million.

Between July 1 and Aug 12, iFast also logged the highest net institutional inflow relative to market cap (4.13%). Other stocks attracting significant institutional inflows include:

Frencken Group
City Developments
Wee Hur
Samudera Shipping Line
Geo Energy Resources
Seatrium
Venture Corporation
Valuetronics

Outlook

With robust returns in 2H2025, stronger institutional participation, and improving liquidity, the FTSE ST Mid & Small Cap Index has emerged as a key growth driver within Singapore’s broader equities landscape.

Canva Employee Stock Sale Lifts Valuation to US$42 Billion

Canva has launched an employee stock sale at a valuation of US$42 billion (S$53.99 billion), marking a more than 30% jump from its US$32 billion valuation in 2024. The move underscores the Australian design software company’s growing momentum as it bets heavily on artificial intelligence to fuel growth.

The programme allows employees to sell shares to both new and existing investors, including Fidelity Management & Research and JPMorgan Chase & Co.’s asset management arm, Canva said on Wednesday.

Betting Big on AI and Growth

Canva is integrating AI across its design tools to accelerate revenue expansion and attract enterprise customers from rivals such as Adobe, whose Firefly AI model is being embedded into Photoshop and Lightroom. In April, Canva rolled out new AI-powered features, including a conversational photo editor, to strengthen its appeal with corporate clients.

Competition is intensifying: Adobe remains a formidable rival, while Figma, fresh off its July IPO, is now valued at US$34 billion.

Investor Confidence Surges

“This round has been significantly oversubscribed,” said Cliff Obrecht, Canva’s COO and co-founder. “The overwhelming demand from both new and existing investors is a huge vote of confidence in our momentum and the scale of what still lies ahead.”

The company, founded in 2013, has built a global following for its simple, user-friendly design platform. Today, Canva reports more than 240 million monthly active users and US$3.3 billion in annualised sales.

Balancing Growth and Employee Rewards

Secondary stock sales allow start-ups to reward and retain employees by giving them liquidity, while also meeting investor appetite without going public. For Canva, co-founded by Melanie Perkins, the sale provides an avenue to tap strong investor demand while keeping the company private.

Though widely seen as a strong IPO candidate, Canva has yet to set out any concrete listing plans.

Shareholder Activism in Asia-Pacific: Rising Pressures on Companies

The recent surge in shareholder activism across Asia-Pacific is intensifying pressure on listed companies, boardrooms, and senior executives. In the first half of 2025 alone, 40 activist campaigns were launched in the region, making Asia-Pacific the second most active market globally after North America.

This wave of activism reflects not only investors’ calls for greater efficiency, stronger performance, and higher shareholder returns, but also structural shifts such as regulatory reforms in Japan’s merger guidelines. Together, these forces are reshaping how companies, boards, and advisors engage with stakeholders in increasingly volatile markets.

Why Activism Is Rising in Asia

The appeal lies in the abundance of undervalued companies across sectors and sizes. Common triggers include:

Excess cash and underutilised balance sheets
Undervalued technology or intellectual property
High unrealised asset gains
Non-core or underperforming assets
Conglomerates delivering subpar returns

Japan has been a hotspot, but the trend is evident across Asia.

Activism Comes to Singapore

Singapore is not immune. With its large base of listed REITs, it has already seen activists take aim at the sector. In 2024, Sabana REIT became the first S-REIT to replace its external manager with an internal manager, following sustained activist pressure and a shareholder vote that blocked a proposed merger.

Such developments highlight how activists are reshaping governance norms, even in traditionally conservative markets.

Where Companies Must Improve

Many Singapore-based firms already embrace global standards in governance and shareholder engagement. Still, several areas demand greater focus:

1. Board Diversity

Women hold just 25.1% of directorships in Singapore-listed companies (2025, Council for Board Diversity).
Comparisons: Australia (37.7%), Japan (22%), Hong Kong (19.6%).
Gender balance remains the priority, but diversity must extend to race, age, and skillsets.
Nominating committees must take greater responsibility for structured and accountable appointments.

2. Sustainability Reporting

Investors demand credible sustainability strategies, accurate disclosures, and progress on 2030+ targets.
Poor ESG performance or lack of transparency risks drawing activist attention.

3. Capital Allocation and Shareholder Engagement
Key questions companies should ask:

Are we deploying cash effectively?
Are we returning enough capital to shareholders?
Can we refresh our capital allocation policies?
Are we engaging consistently with shareholders across the register?
Is our strategy clearly communicated?

Strong financial performance and proactive communication remain the best deterrents against activism.

Global Trends, Local Nuances

Companies must track activism trends in North America, as these strategies often migrate east. At the same time, vulnerabilities in Asian operations can attract activists even if the parent is listed in New York or London.

However, Asia is highly fragmented. What works in Singapore may not be effective in Japan, Malaysia, or Hong Kong. Successful responses require local knowledge and tailored stakeholder communication for each market.

Preparing for Activist Pressure

Improvisation is not a viable defence. Companies should:

Map out their key audiences — investors, employees, regulators, customers.
Identify the best communication channels and timing to ensure leadership’s messages resonate.
Anticipate challenges across time zones and geographies, especially for multinationals.

This requires a detailed, proactive approach — not reactive scrambling once an activist surfaces.

Bottom line: Shareholder activism in Asia-Pacific is here to stay. Companies that strengthen governance, embrace diversity, improve sustainability reporting, and sharpen their investor narratives will be best positioned to withstand activist pressure and build long-term value.

Singapore at 60: Could It Become Asia’s Leading REIT Market?

In a recent report titled Singapore at 60: Asia’s Next Top REIT Market, Morgan Stanley projects that by 2035, Singapore will overtake Japan and Australia to become the largest REIT market in Asia-Pacific by market capitalisation.

Currently trailing both countries, Singapore’s REIT (S-REIT) market capitalisation is expected to rise to US$127 billion under Morgan Stanley’s base-case scenario.

Path to Growth: Capital Raising and New Listings

Morgan Stanley believes sector-wide distribution per unit (DPU) growth of ~2%, coupled with yield spread compression and secondary equity fundraising (EFR), will drive expansion. Already, the two largest S-REITs have tapped the market this year:

CapitaLand Integrated Commercial Trust (CICT): Raised S$600 million in August via an upsized placement to partly fund the 55% acquisition of CapitaSpring.
CapitaLand Ascendas REIT (CLAR): Raised S$500 million in June to help finance the S$700 million purchase of 9 Tai Seng Drive (data centre) and 5 Science Park Drive (business space and life sciences).

New IPOs will also play a role. SGX’s head of global sales and origination, Pol de Win, recently revealed a pipeline of 30 listings.

This aligns with broader efforts to revitalise Singapore’s equity market. In August 2023, the Monetary Authority of Singapore launched the Equity Market Development Programme (EMDP) to boost liquidity and investor participation.

Singapore’s Strategic Advantage: Data and Digital Infrastructure

Morgan Stanley highlights Singapore’s status as a data and AI hub as central to its REIT ambitions. Data centre assets, already popular among S-REITs, are expected to benefit from the country’s growing digital connectivity.

Key statistics:

26 subsea cables currently land across three sites, one of the highest levels in Asia.
Plans to double subsea cable capacity within the next decade (including Keppel’s Bifrost system).
70 data centres with a combined 1.4 GW IT capacity, the largest in ASEAN.

Keppel DC REIT (KDCREIT) is the sector’s standout, commanding a premium valuation with a 5% dividend yield (vs. sector average of 6.5%). As Asia’s largest listed data centre REIT, its visible M&A-driven growth has created a “virtuous cycle” of low funding costs and accretive deals.

Morgan Stanley expects incremental cable networks and AI data centres to attract US$20 billion of investments, alongside plans to upgrade domestic infrastructure to 10 Gbps broadband speeds within five years.

Capacity Constraints and Industry Players

Singapore’s expansion faces headwinds from land and power constraints. Morgan Stanley estimates 3% annual power capacity growth in the near term, down from 5% in the 2010–2015 cycle.

Still, major global players have already tapped SGX with data centre REIT listings:

Digital Core REIT (world’s 2nd-largest DC operator)
NTT DC REIT (world’s 3rd-largest DC operator)

Meanwhile, Equinix, the world’s largest DC operator, runs five facilities in Singapore (two owned, three leased), and operates 272 globally. Market watchers suggest nothing prevents Equinix from using Singapore as a listing venue for its Asia-Pacific business.

REIT Pipeline: Who’s Next?

Beyond existing players, more listings are on the horizon:

IOI Properties: Considering injecting IOI Central Boulevard Towers and South Beach Centre into an S-REIT.
Centurion: Confirmed REIT listing plans.
Boustead and Link REIT: Exploring potential asset divestments, though no firm announcements yet.

Morgan Stanley believes new listings — particularly of data centre REITs — will reinforce Singapore’s position as a global REIT hub.

Top Picks from Analysts

Morgan Stanley:
- CapitaLand Investment (CLI): Asia-Pacific’s largest REIT manager (ex-Australia). Attractive valuations (17x P/E, 4% yield) and potential re-rating as Singapore strengthens as a REIT hub.
- CLAR: Asia’s largest “new economy” REIT, with >US$1 billion data centre pipeline opportunities. Current DPU yields of 5.6%–5.9% seen as undervalued.
JP Morgan:
- CICT: Top pick due to consistent 1.5% annual DPU growth over the past three years and forecasted 5% CAGR for the next three. Its Singapore-heavy portfolio (~95%) is viewed as resilient, with investors seeing it as an attractive alternative to direct real estate (implied cap rate of 4.7% vs. 3–4% for prime office/retail assets).

Outlook: Singapore as APAC’s REIT Capital

With strong fundamentals, increasing global investor interest, and a strategic edge in data infrastructure, Singapore is positioning itself to become Asia-Pacific’s leading REIT market by 2035. Continued equity fundraising, supportive regulation, and the growth of data centre REITs will be critical drivers on the path to overtaking Japan and Australia.

Geo Energy Group: Building Scale with Coal and Infrastructure

Established in 2008, Geo Energy Group is a leading low-cost coal producer with high-quality assets and strong partnerships. Through its subsidiaries, the group owns five mining concessions and is developing integrated infrastructure to support coal logistics and exports.

1. What does Geo Energy do, and what are its key business segments?

Geo Energy is one of Indonesia’s major energy players, focused on low-cost production of premium coal with low ash and sulphur content. The group owns four mining concessions in Kalimantan and South Sumatra and continues to seek new acquisitions to expand production and diversify supply.

It holds a 49% stake in PT International Prima Coal, a joint venture with a state-owned coal giant, and a 63.7% stake in PT Marga Bara Jaya (MBJ). MBJ is building an integrated infrastructure project with haulage capacity of 40–50 million tonnes annually, supporting growth at PT Triaryani (TRA) mine, which is targeted to ramp up to 25 million tonnes per annum. This infrastructure venture allows Geo Energy to diversify into logistics and expand its role in the energy value chain.

2. Why is Geo Energy’s integrated infrastructure central to its growth?

The centrepiece is MBJ’s 92 km haul road and jetty in South Sumatra. This project enables TRA mine to boost output to 25 million tonnes per year while delivering cost savings of over US$10 per tonne. Excess haulage capacity will be leased to nearby mines with more than two billion tonnes of reserves, generating stable, recurring income.

The infrastructure strengthens Geo Energy’s position as both a high-margin coal producer and an infrastructure provider, underpinning its ambition of reaching billion-dollar market capitalisation.

3. How does this infrastructure strengthen Geo Energy’s value proposition?

MBJ gives Geo Energy a strategic role in Sumatra’s natural resources sector by opening market access to billions of tonnes of reserves. It supports TRA’s expansion while improving supply chain efficiency and cost-effectiveness.

Non-binding term sheets with major mining groups for long-term usage agreements will provide toll-like recurring revenue, while ongoing discussions with potential investors could unlock further value by 2025.

4. What is the group’s dividend policy?

Geo Energy has a dividend policy of paying at least 30% of profit attributable to shareholders, subject to capital needs.

1Q2025: 0.25 Singapore cents per share (25% higher YoY)
2Q2025: 0.1 Singapore cent per share
Past 3 years: S$0.120 per share paid in dividends

This underscores management’s commitment to shareholder returns.

5. What are Geo Energy’s focused markets?

In 2024, 65% of production was exported under offtake agreements with Macquarie Bank, Trafigura and EPR Asia, with the remainder sold domestically. Key export destinations include China, South Korea, India, and ASEAN, with China the largest market.

Indonesia’s low-CV thermal coal (3,400–4,200 kcal/kg GAR) remains attractive for power and steel industries due to its “eco-coal” qualities, competitive pricing, and proximity to major Asian buyers.

6. What is the outlook for coal prices?

Analyst forecasts for the ICI4 index:

2025: ~US$48/tonne (Wood Mackenzie)
2026: ~US$51/tonne (Wood Mackenzie) vs ~US$46/tonne (M42 Futures)

Geo Energy’s cost model moves in tandem with ICI4, while long-term offtake agreements and MBJ’s infrastructure business provide diversification and resilience against market swings.

7. What demand trends are shaping Geo Energy’s sales outlook?

Coal continues to supply more than one-third of global electricity and remains critical in emerging markets. In Southeast Asia, it is the most reliable and cost-effective energy source, particularly as renewable infrastructure is still developing. Its ability to be stockpiled also enhances energy security, keeping demand robust in key markets like China and ASEAN.

8. What are Geo Energy’s key sustainability initiatives?

Sustainability is embedded in operations:

Focus on low ash, low sulphur coal to provide a cleaner, affordable energy option
Avoidance of high-biodiversity or protected zones; commitment to post-mining land rehabilitation
Local job creation and procurement to support surrounding communities
Adoption of ISO14001:2015 standards and ESMS across assets
Green infrastructure features at MBJ, such as EV charging and battery swapping stations, to reduce carbon footprint

9. What value does Geo Energy offer shareholders?

The group combines:

High-quality assets in Kalimantan and Sumatra with eco-coal properties
Operational efficiency via subcontracting to leading Indonesian mining service firms
Secure offtake agreements with global traders like Trafigura, Macquarie, and EP Resources
Revenue diversification through haul roads, jetties, and infrastructure-linked income

10. Why should investors take a closer look?

Geo Energy has evolved into a top-10 Indonesian coal company with:

Strong financials: 1H2025 sales nearly doubled, revenue up 71%, net profit US$20.1m, and cash profit per tonne averaging US$10.19
Robust governance: dual listings (SGX and IDX), FTSE ST Index inclusion, and consistent analyst “Buy” ratings with target prices up to 69 cents (as of July 2025)
A proven management team with deep expertise in mining, trading, and finance

In short, Geo Energy offers scale, efficiency, recurring revenue diversification, and shareholder rewards — positioning it as a premier Asian energy player.

Driving Growth in a Complex Healthcare Landscape: Dr Prem Kumar Nair’s Strategy for IHH

Modern healthcare is increasingly complex, shaped by rising costs, demographic shifts, and technological advances. For Dr Prem Kumar Nair, group CEO of IHH Healthcare, navigating these pressures requires a blend of efficiency, innovation, and disciplined expansion to position Asia’s largest listed healthcare group for long-term growth.

From Clinic to Corporate Leadership

As a young doctor, Nair once ran a clinic inside Times House, the former newsroom of several newspapers. Between writing prescriptions and issuing medical certificates, he often caught up on the day’s news with patients. Today, as CEO of IHH, he manages far more complex debates among healthcare providers, insurers, and regulators. “Pointing fingers only unsettles patients and consumers,” he says. “The first step is to take the tension off the front pages.”

Tackling Costs Through Scale and Efficiency

Nair acknowledges that providers themselves must manage costs responsibly, including listed entities like IHH, whose major shareholders are Mitsui & Co and Khazanah Nasional. A central plank of his strategy is group-wide procurement. Instead of individual hospitals making equipment purchases, IHH leverages its scale—80 hospitals and 13,000 beds—to negotiate better “landing prices” with suppliers. This approach, extended to consumables, has already delivered more than US$200 million in savings.

Efficiency also comes from standardising clinical practices. Different doctors often approach the same procedure in different ways, leading to inconsistent costs. “The best healthcare isn’t the most expensive; it’s the most appropriate,” Nair stresses.

Rising Demand Driven by Demographics and Technology

Nair sees rising demand for healthcare as inevitable. Longer lifespans mean higher utilisation in later years, when chronic conditions such as cancer, heart disease, and neurological disorders are more prevalent. At the same time, advances in technology are pushing up costs, though he believes these are justified by better diagnostics and outcomes.

At Mount Elizabeth Hospital in Singapore, for example, IHH invested in Southeast Asia’s first photon-counting CT scanner for sharper imaging, while Mount Elizabeth Novena added a proton beam therapy machine for more precise cancer treatment. The government and insurers’ support for proton therapy underscores its clinical value, especially for children. “We must ensure our investments deliver real benefits, not just bragging rights,” says Nair.

Diversifying Growth Beyond Hospitals

Healthcare growth is not limited to beds. IHH’s laboratory business has become a major revenue contributor, handling 26 million tests in 1QFY2025 alone and generating more than RM400 million per quarter. While speculation about a potential spin-off continues, Nair insists labs remain integral to IHH’s healthcare ecosystem.

This trend mirrors broader market dynamics: listed healthcare entities are proliferating, backed by institutional investors. But Nair sees partnerships, not just competition, as critical. Specialists often practise within IHH hospitals, tapping shared facilities and creating collaborative networks.

Disciplined Expansion and M&A

Private equity’s growing role in healthcare means IHH often competes for acquisitions. Yet Nair applies a disciplined operator’s lens: examining doctor quality, expansion potential, and fit with IHH’s cluster strategy, which prioritises building networks of hospitals in each market.

This thinking justified the RM3.9 billion purchase of Island Hospital in Penang, where 60% of patients are medical tourists. The deal strengthens IHH’s Penang and northern Malaysia cluster, promising synergies and long-term value creation.

Looking ahead, IHH is eyeing Indonesia and Vietnam as expansion markets, attracted by rising affluence and supportive policies. Meanwhile, standby credit facilities of RM15 billion ensure firepower for strategic moves.

Balancing Assets and Capacity

Back home, IHH continues to invest in Singapore. With space capped by regulations, it is redeveloping assets like Mount Elizabeth Orchard under “Project Renaissance,” a $350 million overhaul that will expand capacity once completed. Parkway East Hospital may also benefit from relaxed height restrictions as the Paya Lebar airbase relocates.

Regionally, IHH is using brownfield expansions and ambulatory centres to meet growing demand without relying solely on costly new builds. Orthopaedic day procedures and other short-stay treatments are an increasing focus.

Running on Its Own Strength

Amid speculation about sector re-ratings from rival IPOs, Nair insists IHH’s valuation must rest on its own performance. “Our fate is in our hands,” he says. Despite share price softness this year, he highlights the group’s diversification across Asia, Europe, and beyond as a unique strength. “We are the most risk-diversified healthcare group in the world. You cannot compare us to single-country operators.”

Nair’s ambition is clear: grow IHH’s capacity by 4,000 beds between 2024 and 2028, while maintaining operational discipline. “We want investors to know exactly what we are doing—no surprises, no reckless adventures.”

HKEX Posts Record Profit as IPOs and Trading Surge

Hong Kong Exchanges and Clearing (HKEX) reported record second-quarter profit, fueled by a boom in initial public offerings and a surge in trading activity.

The bourse’s net income jumped 41% year-on-year to HK$4.44 billion (US$731.1 million), according to a Wednesday statement, while core revenue climbed to HK$6.64 billion.

Market Recovery and Trading Growth

Hong Kong’s stock market has rebounded strongly this year, with the benchmark index rallying and Chinese firms turning to the city to raise capital. This wave of share sales has boosted trading volumes, a key driver of HKEX earnings.

Average daily turnover of equity products nearly doubled to HK$220 billion compared to the same period last year. Southbound flows from mainland China surged 154%, while northbound flows to Shanghai and Shenzhen rose 19%.

IPO Boom

Hong Kong has hosted over US$46 billion in share sales so far this year, including a US$5 billion offering from Contemporary Amperex Technology Co. Ltd., Bloomberg data show. Momentum is expected to remain strong into the second half as more Chinese companies pivot to Hong Kong listings amid global geopolitical uncertainty.

In the first half alone, 44 new listings debuted on HKEX, raising HK$109.4 billion. At the end of June, the exchange had 207 active IPO applications — more than double last year’s tally.

Strategic Adjustments

Chairman Carlson Tong acknowledged both the success and the risks ahead:
“While we celebrate these achievements, we must remain vigilant in the face of external uncertainties, including tariffs, geopolitical risks, and interest rate fluctuations.”

He added that HKEX has introduced measures to ease listings, such as lowering revenue thresholds and reducing minimum float requirements, to further stimulate activity.

Stock Performance and Investments

HKEX shares have climbed 47% this year, outperforming the Hang Seng Index’s 24.5% gain.

The exchange also reported HK$1.044 billion in net investment income from corporate funds in the first half, up 16% year-on-year, partly due to a one-off foreign exchange gain from a stronger U.S. dollar. However, investment income from cash and bank deposits fell 30% to HK$433 million.

To fund its permanent headquarters at Exchange Square, HKEX fully redeemed its external portfolio in the second quarter, receiving HK$4.3 billion in the first half and expecting another HK$600 million in the third quarter.

Thank you

#Aspial Corporation #Singapore Exchange