Lim & Tan Securities
Date of Report: 28 August 2025
Singapore Market Update August 2025: Key Stocks, Sector Flows, and Dividend Opportunities
Table of Contents
Market Overview and Major Indices Performance
Singapore’s FSSTI Index closed at 4,245.6 (+1.7% month-to-date, +12.1% year-to-date), showing resilience amidst mixed global sentiment. Key global indices reflected moderate gains, while the Hang Seng Index (HSI) and Shanghai Composite (SHCOMP) demonstrated robust YTD performance. Commodities remained volatile, with gold up 29.3% YTD and crude palm oil up 9.6% YTD.
| Index |
Close |
1D (%) |
MTD (%) |
YTD (%) |
| FSSTI (Singapore) |
4,245.6 |
0.0 |
1.7 |
12.1 |
| INDU (Dow Jones) |
45,565.2 |
0.3 |
3.2 |
7.1 |
| SPX (S&P 500) |
6,481.4 |
0.2 |
2.2 |
10.2 |
| CCMP (Nasdaq Composite) |
21,590.1 |
0.2 |
2.2 |
11.8 |
| HSI (Hang Seng) |
25,201.8 |
-1.3 |
1.7 |
25.6 |
| SHCOMP (Shanghai Composite) |
3,800.4 |
-1.8 |
6.4 |
13.4 |
Trading activity remained steady, with S\$1.36 billion daily market value and 1,331.6 million in daily volume. The FSSTI traded near its 52-week high of 4,282.8.
Seatrium: Securing Growth Through LNG Upgrades
Seatrium (\$2.29, down 4 cents) announced a significant contract win from Golar Hilli Corporation, a subsidiary of Golar LNG Ltd, to upgrade the FLNG Hilli Episeyo. This marks another milestone in Seatrium’s longstanding partnership with Golar, reinforcing its reputation for delivering high-quality, sustainable production units for the energy transition.
- The project, scheduled to enter Seatrium’s yard in Q3 2026, includes technical modifications, vessel repair, life extension, winterisation, and installation of a new soft-yoke mooring system.
- Upon completion, FLNG Hilli Episeyo will be redeployed in the Gulf of San Matias, Argentina, liquefying gas from the Vaca Muerta Shale for 20 years, with a nameplate capacity of 2.45 MMt/year and operations restarting in 2027.
- Seatrium’s track record includes the conversion and delivery of FLNG Hilli Episeyo (2017) and FLNG Gimi (2023), as well as Singapore’s first LNG bunkering vessel FueLNG Bellina and the Floating Living Lab.
| Metric |
Current Value |
| Market Cap |
S\$7.8 billion |
| Forward PE |
22.0x |
| Price-to-Book |
1.2x |
| Dividend Yield |
0.7% |
| Consensus Target Price |
S\$2.75 (20% upside) |
With increased deliveries and sector recovery, Seatrium is expected to maintain its route to profitability, leveraging its fixed cost structure. The recommendation is to accumulate on weakness.
CapitaLand Ascott Trust: Expanding Japanese Portfolio for Yield Accretion
CapitaLand Ascott Trust (CLAS, \$0.875, down 0.5 cts) continues to execute its portfolio reconstitution strategy, acquiring three freehold rental housing properties in Japan for JPY4 billion (S\$34.2 million). Locations include Splendide Namba West and Pregio Esaka South in Osaka, and Pre de Cort Nishikyogoku in Kyoto.
- Acquisition funded by proceeds from divestment of Citadines Karasuma-Gojo Kyoto and JPY-denominated debt.
- Expected net operating income (NOI) entry yield: 4% in FY2025, compared with 0.4% exit yield from the divested property.
- Immediate accretive impact: FY2024 pro forma DPS accretion of 0.3%.
- Properties are about five years old, located in prime gateway cities, with average lease terms of two years and 97% occupancy.
| Metric |
Current Value |
| Market Cap |
S\$3.3 billion |
| Forward Dividend Yield |
7.0% |
| Price-to-Book |
0.8x |
| 1-Year Target Price |
\$1.08 (23% upside) |
- Post-acquisition, CLAS will own 33 assets in Japan (2 serviced residences, 4 hotels, 26 rental properties, 1 student accommodation).
- Living sector assets (rental housing, student accommodation) now account for ~17% of portfolio; medium-term target is 25-30%.
- Recent acquisition of two hotels (ibis Styles Tokyo Ginza, Chisun Budget Kanazawa Ekimae) for JPY21 billion (S\$178.5 million) delivered a blended NOI yield of 4.3%.
- Strategic asset enhancement initiatives (AEIs) and efficient capital recycling set to drive further growth.
CLAS is well-positioned to benefit from Japan’s rising rents and population growth in gateway cities, as well as global tourism recovery and lower interest rates. Recommendation: Accumulate.
Sector Highlights: Top Yields and Valuations in the FSSTI Universe
| Category |
Company |
Metric Value |
| Highest Consensus Forward Dividend Yield |
DFI Retail Group |
17.71% |
| Lowest Consensus Forward P/E |
Yangzijiang Shipbuilding |
7.94x |
| Lowest Trailing Price-to-Book |
Hongkong Land |
0.46x |
| Lowest Trailing EV/EBITDA |
Yangzijiang Shipbuilding |
4.95x |
Other notable companies with attractive metrics include Frasers Logistics Trust, Mapletree Industrial Trust, DBS Bank, Thai Beverage, UOB, Sembcorp Industries, OCBC, UOL Group, Jardine Matheson, Wilmar International, City Developments, Genting Singapore, and DFI Retail Group.
Macro Market News: US, China, and Hong Kong
US inflation divergence versus the Eurozone continues to shape bond strategies, with BCA Research advocating for long US duration trades, hedged by short January 2026 fed funds futures. Supply-side inflation pressures are mainly US-specific, driven by tariffs, while the Eurozone is poised for rate cuts.
In China, Seres Group, once a budget automaker, has rapidly ascended the luxury segment thanks to its partnership with Huawei and the Aito brand. The Aito M9 SUV became China’s best-selling model above 500,000 yuan. Seres’ Shanghai-listed stock is up 120% YTD, though the luxury segment overall declined 23% due to macro headwinds and price competition.
Share Transactions and Buybacks
Recent acquisitions, disposals, and share buybacks highlight ongoing capital management and insider activity across the Singapore market.
| Company |
Action |
Shares |
Price (S\$) |
% Stake |
| Q&M Dental Group |
Buy |
760,500 |
0.48 |
54.19 |
| Indofood Agri Resources |
Buy |
9,056,200 |
0.314 |
85.87 |
| HK Land |
Buyback |
240,000 |
US\$6.19 |
– |
| UOB |
Buyback |
100,000 |
35.07 |
13.8 |
Institutional and Retail Fund Flow Analysis
Recent data reveals a shift in institutional and retail activity. For the week of 18 August 2025:
- Institutional investors net sell: -S\$17.5m (improved from -S\$385.5m prior week)
- Retail investors net sell: -S\$0.9m (down from +S\$329.4m prior week)
| Top Institution Net Buy (S\$M) |
Top Institution Net Sell (S\$M) |
Top Retail Net Buy (S\$M) |
Top Retail Net Sell (S\$M) |
| Singtel: 88.1 |
ST Engineering: -42.9 |
Sembcorp Industries: 42.8 |
Singtel: -69.4 |
| Jardine C&C: 31.3 |
Sembcorp Industries: -35.9 |
UOB: 42.4 |
Jardine C&C: -30.6 |
| SGX: 20.8 |
CapitaLand Ascendas REIT: -33.2 |
iFast Corporation: 31.7 |
DBS: -19.9 |
Sector flows show institutional investors shifted focus into Real Estate, Technology, and Financial Services, while retail investors favoured Industrials, Financial Services, and Utilities.
Upcoming Dividends and Special Distributions
Singapore-listed companies are set to deliver an array of interim and special dividends in the coming months. Key distributions include Mapletree Logistics Trust, Mapletree Industrial Trust, CapitaLand Ascott Trust, Far East Hospitality Trust, Keppel Ltd, DBS, UOB, Comfort Delgro, Starhub, Propnex, KSH, HR Net, First Resources, Hong Leong Asia, APAC Realty, CNMC Goldmine, Jardine C&C, Venture Corp, Food Empire, Capland India Trust, XMH, Stamford Tyres, 17Live, Sasseur REIT, Bund Centre, Riverstone, Thakral Corp, UMS, SGX, Spindex Industries, and Micro Mechanics.
| Company |
Amount |
First Day Ex-Div |
Payable Date |
| Mapletree Logistics Trust |
— |
30 July |
10 Sept |
| DBS |
60cts Interim + 15cts Special |
14 Aug |
25 Aug |
| UOB |
85cts Interim + 25cts Special |
15 Aug |
28 Aug |
| Venture Corp |
25cts Interim & 5cts Special |
1 Sept |
12 Sept |
SGX Watch-List: Companies Under Regulatory Review
A total of 32 companies are currently under the SGX Watch-List, including latest additions since 2H2023 such as Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare. The list also includes Amos Group, Ascent Bridge, ASTI Holdings, British And Malayan Hldgs, CH Offshore, Cosmosteel, Datapulse Technology, Debao Property, Eneco Energy, Full Apex (Holdings), GRP Limited, Interra Resources, Intraco Ltd, IPC Corp, Jadason Enterprises, Jasper Investments, Manufacturing Integration Technology, Metis Energy, Raffles Infrastructure, Shanghai Turbo, SMI Vantage, Trek 2000 Intl, and United Food Holdings.
Conclusion: Singapore’s equity market continues to show resilience, with leading stocks executing strategic moves and delivering attractive yields. Sector flows and capital management activities indicate dynamic investor positioning, while upcoming dividends present compelling opportunities for income-seeking investors. Monitoring the SGX Watch-List remains essential for risk management and regulatory compliance.
