Lim & Tan Securities
Daily Review | 8 September 2025

Singapore Market Outlook September 2025: Market Trends, Sector Flows & Company Highlights

Date of Report: 8 September 2025

Market Summary: Indices, Commodities, and Key Financial Trends

Singapore’s financial markets have entered September 2025 with notable resilience, even as global economic uncertainties and shifting monetary policy expectations continue to shape investor sentiment. Here’s a comprehensive snapshot of major indices, key interest rates, and commodity movements:

Key Observations:

• Singapore’s FSSTI Index remains robust, posting a 13.7% year-to-date gain.
• Gold has surged 36.8% YTD, outpacing most other asset classes.
• Crude oil prices have slumped 13.7% YTD, while the Baltic Dry Index nearly doubled, reflecting divergence in commodities.
• Interest rates are trending lower: the 3-month SGD SORA is down 50.2% YTD, and the 10-year Singapore government bond yield has declined 35.3%.

Macro Trends: US Labor Market Softening Signals Shift in Monetary Policy

Recent US economic data revealed a marked slowdown in job growth, with non-farm payrolls rising by only 22,000 in August compared to 79,000 in July. Unemployment ticked up to 4.3%. Economists attribute the slowdown to import tariffs and a stricter immigration stance, which have tightened the labor pool and curbed hiring. The data implies a potential rate cut by the Federal Reserve at its September meeting, with markets pricing in three rate cuts in 2025.

Importantly, slow job growth is expected to continue, and upcoming revisions may show a further downward adjustment of up to 800,000 jobs for the past year. This backdrop, alongside continued low churn in the labor market and softer economic indicators, is shaping investor expectations for lower rates and possibly a more accommodative environment for yield assets such as REITs.

Sector and Fund Flow Analysis: Institutional and Retail Flows

Top Institutional Net Buys/Sells (Week of 25 Aug):

Top Retail Net Buys/Sells (Week of 25 Aug):

• Top Buys: DBS (+47.4m), Sembcorp Industries (+32.8m), OCBC (+30.7m)
• Top Sells: Keppel (-38.9m), Singtel (-36.3m), Seatrium (-17.3m)

Dividend and Special Distribution Calendar: September–November 2025

Several blue-chip and REIT names are scheduled for dividends or special distributions in the coming weeks, providing yield opportunities for investors:

Company Spotlights and Sector Leaders

Marco Polo Marine: Next-Gen Offshore Vessel and Taiwan Expansion

Marco Polo Marine (MPM, \$0.069, up 0.1 cents, market cap S\$259mln) announced the selection of Salt Ship Design AS to design its next-generation Commissioning Service Operation Vessel (CSOV Plus). This advanced vessel is purpose-built for both offshore wind and oil & gas sectors, boasting:

• Full lifecycle support for offshore wind projects: from construction and cable installation to maintenance and technician transfer.
• Integration of advanced wind farm support and proven oil & gas capabilities, offering unprecedented versatility and operational uptime.
• Advanced crew and technician safety and comfort, with a state-of-the-art walk-to-work system enabling safe transfers in wave heights up to 3.0 meters.
• Sustainability focus: battery hybrid power, reduced fuel consumption/emissions, and readiness for methanol fuel.
• Operational flexibility: 100-tonne AHC crane, expansive deck space, flexible cargo lifting from 3 to 10 tonnes with 3D compensation.
• Construction in Batam starts Q2 2026, delivery scheduled for Q2 2028.

The company is also planning a listing of its Taiwan subsidiary, underlining its success in the Taiwan wind market. MPM trades at 10.4x FY25F PE and 1.1x PB. The outlook remains positive, with a target price of S\$0.082 maintained.

Consensus Sector Valuation Metrics (FSSTI Universe)

• Highest Dividend Yields: DFI Retail Group (16.75%), Frasers Logistics Trust (6.45%), Mapletree Industrial Trust (6.17%), DBS Bank (5.94%), UOB Bank (5.82%)
• Lowest Forward P/E: Yangzijiang Shipbuilding (5.32x), DFI Retail Group (6.50x), Genting Singapore (7.48x), Thai Beverage (9.91x), Wilmar International (10.55x)
• Lowest Trailing P/B: Hongkong Land (0.48x), UOL Group (0.54x), Jardine Matheson (0.62x), City Developments (0.68x), Wilmar International (0.70x)

Macro News: Taiwan Tightens Chip Technology Controls on China

In a significant strategic shift, Taiwan has blacklisted major Chinese AI and chipmaking firms, including Huawei and SMIC, restricting local companies from engaging with them without a license. This move aligns Taiwan with the US campaign to curtail China’s technological rise and may signal the start of tighter controls on chip-related exports. The long-term goal appears to be throttling the supply of advanced semiconductor components and expertise, impacting China’s ability to catch up with industry leaders like TSMC. This marks a notable turn from Taiwan’s previous approach of fostering cross-strait business ties, with wider implications for the global semiconductor sector.

Major Share Transactions and Buybacks (1–5 September 2025)

Notable acquisitions included large insider buys at Q&M Dental, VC Plus, Stamford Land Corp, Metro Holdings, Kingsmen Creative, and Nordic Group. Key disposals occurred in CNMC Goldmine, VC Plus, UMS Integration, and MM2 Asia.

SGX Watch-List: Companies Under Review

There are currently 32 companies under 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. Notable longer-term entries include Amos Group, Ascent Bridge, British and Malayan Holdings, Cosmosteel, and others. This list is closely monitored by market participants for signs of potential restructuring, delisting, or turnaround opportunities.

Conclusion: Navigating the Singapore Market Landscape in September 2025

Singapore’s market continues to demonstrate resilience amid global headwinds. Key macroeconomic themes—such as US labor market softness, interest rate expectations, and semiconductor sector geopolitics—are shaping both institutional and retail investor flows. Company-level developments, especially in the offshore, REIT, and technology spaces, present both challenges and opportunities. Investors are advised to stay vigilant, diversify exposures, and closely monitor both macro signals and company-specific catalysts in the months ahead.