Broker: Lim & Tan Securities
Date of Report: 21 August 2025
Singapore Market Update: Top Stock Picks, Fund Flows, and Corporate Actions for August 2025
Market Overview: Indices, Commodities, Rates & Key Trends
Singapore’s FSSTI Index continued its strong momentum, closing at 4,219.5, up 0.1% day-on-day, with month-to-date gains of 1.1% and an impressive year-to-date rise of 11.4%. Global indices painted a mixed picture, with the UKX Index leading gains (up 13.6% YTD), while the Nasdaq Composite saw a second consecutive session of decline. Commodities showed divergent trends: gold climbed 27.5% YTD, while crude oil dropped 11.9% YTD. Recent US Federal Reserve minutes signaled a shift in focus toward inflation risks, with most officials judging upside risk to inflation as more pressing than downside risk to employment.
| Index/Commodity |
Close |
1D (%) |
MTD (%) |
YTD (%) |
| FSSTI Index |
4,219.5 |
0.1 |
1.1 |
11.4 |
| Gold |
3,346.3 |
-0.1 |
1.7 |
27.5 |
| Crude Oil |
63.2 |
1.4 |
-8.7 |
-11.9 |
| Baltic Dry |
1,964.0 |
-2.9 |
-1.9 |
97.0 |
IDEA OF THE DAY: APAC Realty (ERA Singapore) Shines Again
APAC Realty (S$0.75, up 0.5 cts)
ERA Singapore has clinched The Straits Times’ “Singapore’s Best Customer Service 2025/2026” award for a third consecutive year, standing as the only real estate agency to achieve this feat. This prestigious recognition, based on rigorous evaluations and over 100,000 feedback points from 10,000+ respondents, highlights ERA’s enduring commitment to service excellence, customer-centricity, and professional competence.
Key Highlights:
- Only real estate agency with 3 consecutive wins
- Evaluated across accessibility, customer focus, communication, competence, and services
- Capitalization: S\$269 mln; Forward P/E: 14.8x; P/B: 1.6x; Dividend Yield: 5.9%
- Strong new home sales in 2025, surpassing 2024 numbers
- Resilient project performance despite Seller’s Stamp Duty in July
- Robust future supply from Government Land Sales (GLS) sites (2025-2027)
Recommendation: “Accumulate” – APAC Realty is expected to deliver resilient results, backed by favorable market dynamics and ongoing demand.
SATS: Robust Growth Amidst Global Volatility
SATS ($3.18, down 5 cents)
SATS Group reported solid 1Q FY26 results, with revenue up 9.9% year-on-year to S$1.51 billion, driven by strong cargo and aviation food services. Gateway Services revenue rose 11.2% YoY, while Food Solutions revenue increased 5.6% YoY. Operating profit grew 10.9% YoY to S$125.2 million, with a margin of 8.3%. PATMI reached S$70.9 million.
| Metric |
1Q FY26 |
YoY Change (%) |
| Revenue |
S\$1.51 bln |
+9.9% |
| Gateway Services Revenue |
S\$1.18 bln |
+11.2% |
| Food Solutions Revenue |
S\$328.3 mln |
+5.6% |
| Operating Profit |
S\$125.2 mln |
+10.9% |
| Profit Margin |
8.3% |
– |
| PATMI |
S\$70.9 mln |
+S\$5.9 mln |
Other Financial Highlights:
- Total assets: S\$8.82 bln (as of June 2025)
- Total liabilities: S\$6.05 bln
- Operating cash flow after lease repayment: S\$45.8 mln (down due to payment delay)
- Free cash flow: Negative S\$4.5 mln
- Forward PE: 18.4x, P/B: 1.8x, Dividend Yield: 2.2%
- Consensus target price: S\$3.74 (17.6% upside)
- Recent customer wins: Cathay Cargo, Emirates SkyCargo, Riyadh Air, Turkish Airlines
Recommendation: “Accumulate” – SATS fundamentals remain sound, and valuations are attractive following the correction from 2024 peaks.
Sector Leaders: Dividend Yield, Valuation & Consensus Picks
| Metric |
Top Companies |
Value |
| Highest Forward Dividend Yield (%) |
DFI Retail Group |
15.66 |
| Lowest Forward P/E (X) |
Yangzijiang Shipbuilding |
7.69 |
| Lowest Trailing P/B (X) |
Hongkong Land |
0.46 |
| Lowest Trailing EV/EBITDA (X) |
Yangzijiang Shipbuilding |
4.74 |
Major Corporate Actions: Acquisitions, Disposals & Share Buybacks
| Company |
Party |
Buy |
Sell |
Transacted Price (S\$) |
New Stake (%) |
| Sinostar PEC Holdings |
Li Xiang Ping |
100,000 |
– |
0.15 |
69.6 |
| Indofood Agri Resources |
PT Indofood Sukses Makmur Tbk |
9,056,200 |
– |
0.314 |
85.87 |
| Q&M Dental Group |
Quan Min Holdings |
– |
20,000,000 |
0.45 |
53.78 |
| HK Land |
Share Buyback |
240,000 |
– |
US\$6.17 |
22,641,900 cumulative |
Fund Flow Analysis: Institutional & Retail Trends
| Top Institutional Net Buy (+) |
S\$M |
Top Institutional Net Sell (-) |
S\$M |
| City Developments |
50.0 |
Sembcorp Industries |
-153.7 |
| iFast Corporation |
23.4 |
DBS |
-104.5 |
| Genting Singapore |
9.6 |
UOB |
-94.8 |
Weekly Fund Flow Summary (Week of 11-Aug-25):
- Institutional net sell: -S\$385.5m (previous week: -S\$256.8m)
- Retail net buy: +S\$329.4m (previous week: +S\$144.3m)
Macro Market News: US Dollar, China/HK, Evergrande Liquidation
- US economic momentum supports a tactical long USD view, with the DXY appearing oversold and ripe for consolidation risk.
- China Evergrande Group’s liquidation sees \$255 million of assets sold, but only \$11 million from direct holdings. Liquidators face complex multi-jurisdictional asset structures and creditor claims totaling \$45 billion.
- Evergrande’s shares will be delisted from the Hong Kong Stock Exchange on August 25, after being suspended since January 2024.
Dividend Calendar: Interim, Special & Final Distributions
| Company |
Dividend/Distribution |
Ex-Date |
Payable Date |
| DBS |
60 cts interim + 15 cts special |
14 Aug |
25 Aug |
| UOB |
85 cts interim + 25 cts special |
15 Aug |
28 Aug |
| APAC Realty |
2.7 cts interim |
28 Aug |
5 Sept |
SGX Watch-List: Latest Additions & Companies Under Review
32 companies remain under the SGX Watch-List, including new entries such as Addvalue Technologies, Renaissance United, Telechoice, and more as of mid-2024. This watch-list is a crucial tracker for investors monitoring compliance and potential delistings.
What’s Ahead: Corporate Result Calendar
August’s reporting season includes key announcements from OCBC, Ascendas REIT, UOB, DBS, Genting, Venture, APAC Realty, Propnex, City Developments, Thakral, CNMC Goldmine, SIA Engineering, ST Engineering, SATS, Micro Mechanics, and others. Investors should watch for significant updates and dividend declarations.
Conclusion: Navigating Singapore’s Dynamic Equity Landscape
Singapore’s equity market remains robust, buoyed by resilient sectors and strong corporate performances. With APAC Realty and SATS highlighted as top “Accumulate” picks, investors have clear opportunities in the property and aviation services sectors. Meanwhile, fund flow dynamics point to retail investors stepping up as institutional sellers take profits. Dividend-rich stocks and major corporate actions provide further avenues for yield and capital growth. As the macroeconomic environment evolves, vigilant stock selection and sector monitoring remain essential for outperformance in the months ahead.
