Lim & Tan Securities
Date of Report: 2 September 2025
Singapore Markets: Key Developments, Company Analysis, and Institutional Fund Flows – September 2025
Overview of Singapore and Global Financial Markets
The Singapore market has demonstrated resilience and growth, with the FSSTI Index closing at 4,276.1, marking a year-to-date (YTD) gain of 12.9%. Major global indices showed mixed performances, with the Hang Seng Index surging 27.7% YTD and the S&P 500 up 9.8% YTD. Commodities presented a mixed bag as well, with gold up 32.6% YTD and crude oil down 10.8% YTD. The Singapore 10-year bond yield stands at 1.9%, while the US 10-year yield is at 4.2%1.

Market News: Geo-Political and Policy Highlights
The US Court of Appeals ruled that former President Trump overreached in imposing broad import tariffs, though an immediate reversal of tariffs was stayed pending a possible Supreme Court appeal.
World markets remain cautious, awaiting further policy developments, especially as US markets were closed for Labor Day1.
Company Spotlight: ComfortDelGro’s Strategic Taxi Acquisition
ComfortDelGro (CDG): Full Control of CityCab
ComfortDelGro (CDG) has acquired the remaining 46.5% stake in CityCab from ST Engineering Land Systems, making CityCab a wholly owned subsidiary. The deal was valued at S$116.3 million, with CDG leveraging its bank facilities for full payment.
Key Financials:
CityCab’s net tangible asset and book value (ST Engineering’s portion): S$37.4 million (FY2024).
Agreed valuation: S$98.9 million (as at June 1, 2025), final consideration: S$116.3 million.
Acquisition EBITDA multiple: 5.5x (last 12 months ended May 31).
ST Engineering expects a one-off disposal gain of S$77.2 million.
CityCab’s 2024 net profit (ST Engineering share): S$8.7 million.
Strategic Rationale:
Strengthens CDG’s core Singapore point-to-point business.
Enables better integration of CDG’s global point-to-point operations.
CDG expects the acquisition to be earnings accretive.
No material impact expected on net tangible assets or earnings per share for FY2025.
Valuation Metrics:
Market cap: S$3.2 billion
Forward P/E: 13x; Prospective P/E: 12x
Dividend yield: 5.3%
Consensus target price: S$1.73 (18% potential upside)
Analyst rating: “Accumulate” due to attractive yield and projected 15-20% growth1.
Company Analysis: Oxley Holdings Limited – Return to Profitability
Oxley Holdings: Turnaround Story and Strategic Refocus
Oxley Holdings reported a significant turnaround, posting a profit before tax of S$3.6 million for FY2025 versus a loss of S$106.1 million a year earlier. The improvement was attributed to the completion of Tower 1 at Oxley Towers KLCC and higher profits from the Riverscape project in London.
Financial Highlights:
Net positive operating cash flow: S$75.7 million
Reduction in loans and borrowings: S$126.2 million
Finance costs down by 21% (FY2025)
Outstanding bank borrowings/fixed rate notes: S$1,243 million; unsecured notes fully redeemed post-year-end
Total equity: S$854.4 million
Net asset value: 19.60 cents per share
Gross gearing: 1.35x
Operational Overview:
Oxley Towers KLCC: Construction completed, first residential handovers in September 2025
Trinity Sensoria (Malaysia): 18% sold, completion by 2028
Riverscape (London): 87% sold
Hotel segment: Singapore hotels occupancy at 86%; Cambodia’s Shangri-La Hotel at 52% since soft launch
Investment properties: Stable performance
Strategic Realignment:
Refocusing on property development in Singapore, UK, and Ireland
Planned divestment of investment properties and hotel assets to reduce gearing and optimize cash flow
Exit from China, Cambodia, and Malaysia after project completions
Proceeds to be redeployed to core development and Dublin Arch project acceleration
Outlook and Recommendation:
Lower interest rate environment favorable for developers
Gross gearing remains high and requires attention
Stock up 48% YTD, outperforming market
Last traded price: 10.6 cents
Market cap: S$447 million
Historical P/E: 124x; Price/Book: 0.5x
No dividend, no analyst coverage
Recommendation: HOLD2.
Market Valuations: Highest Dividend Yields, Lowest P/E and P/B

Macro and Global Market Insights: US, China, and Europe
US: Private Markets & Alternatives strategists recommend upgrading Global and North America Buyouts, downgrading Private Credit and Long-Short Equity Hedge Funds. Infrastructure in Europe is highlighted as the strongest asset class, though UK Private Equity is seen as the best opportunity.
China: Efforts to curb industrial overcapacity are underway, but a major stimulus package like 2015 is not expected. Policymakers face challenges with weak household demand, soaring debt (over 300% of GDP), and a low policy rate (1.4%).
Without aggressive stimulus, economists expect structural reforms to be rolled out in the upcoming Communist Party plenum in October, focusing on incentives for consumption and household income growth.
Share Transactions: Major Acquisitions, Disposals, and Buybacks

Institutional and Retail Fund Flows
Institutional Net Buys and Sells (Week of 25 August 2025)

Retail Net Buys and Sells (Week of 25 August 2025)

Sector Fund Flow Highlights
Institutional investors net bought S$21.6m in the week of 25-Aug, reversing from a net sell the previous week.
Retail investors net bought S$33.7m over the same period.
Financial services, technology, and telcos saw strong institutional net buys.
Retail flows were positive in financial services but negative in REITs and technology sectors.
Dividends and Special Distributions: Upcoming Key Dates

SGX Watch-List: Latest Additions and Ongoing Monitoring
A total of 32 companies are currently on the SGX Watch-List, with recent additions including Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare. Entry dates for these companies range from June 2023 to December 2024.
What’s Ahead
September 2025 brings a range of ex-dividend and distribution dates, with significant financial events expected across the market. Investors should monitor sectoral fund flows, dividend calendars, and strategic company developments closely for opportunities and risk management.
Summary
The Singapore market continues to offer compelling investment opportunities, with ComfortDelGro and Oxley Holdings providing contrasting stories of stability and turnaround. Institutional and retail flows reflect confidence in select sectors, while dividend-rich stocks and low-valuation plays remain attractive. As macroeconomic and policy shifts continue to shape the landscape, vigilant investors stand to benefit from timely insights and strategic positioning.