Lim & Tan Securities
Date of Report: 15 September 2025
Singapore Market Update: Top Stock Picks, Strategic Moves & Key Fund Flows for September 2025

Overview: Singapore Market Snapshot & Major Indices Performance

The Singapore equity market delivered robust performance year-to-date, with the FSSTI Index up 14.7%, closing at 4,344.2. Other major indices also posted healthy gains, with the Hang Seng Index soaring 31.5% YTD and the Nikkei 225 up 12.2%. Daily market value and volume remained strong at S$1,361.6 million and 1,431.2 million shares, respectively.

LHN Limited and Coliwoo: Unlocking Value via Co-Living Spin-Off

LHN Limited, propelled by the immense popularity of its Coliwoo co-living platform, reported a net profit of S$14.1 million for the first half of FY2025. Coliwoo, under LHN’s space optimisation segment, was the primary revenue engine in FY2024 as well.
Key Highlights:
Coliwoo is preparing for a separate listing on the SGX mainboard by Q4 2025 to streamline LHN’s operations and enhance shareholder value.
Shareholders approved the Coliwoo spin-off at an EGM on September 9.
Ambitious expansion: Coliwoo targets 10,000 rooms in Singapore by 2030, up from approximately 3,000 rooms currently across 14 properties.
Flexible leasing model: Coliwoo offers leases from one night to several years, attracting both short- and long-term tenants.
Competitive pricing: Coliwoo Orchard rents at S$3,000–S$4,000/month for 15–20 sqm units, competitive with larger studios in the vicinity.
Market share: Holds about 20% of Singapore’s co-living market, but less than 1% of the overall 320,000 rental rooms across public and private housing.
Expansion plans: Adding 800–1,000 rooms annually to target 10,000 rooms by 2030; potential regional expansion thereafter.
New launches: Resort-style co-living development at 159 Jalan Loyang Besar (third-largest property) set for Q3 2026.

Management Outlook:
Confident that new property openings and IPO proceeds from Coliwoo will offset income loss from the spin-off.
Management’s proactive stance suggests potential for higher normal and special dividends post-spin-off.
LHN remains an “Accumulate” with robust prospects and is a top performer in the Alpha top pick list for FY2025.

Boustead Singapore: Strategic REIT Launch, Diversified Growth, and Resilient Performance

Boustead Singapore is preparing to launch its first public logistics and industrial REIT, leveraging its asset base and nearly a decade of capital recycling. This move will unlock value from Boustead’s existing properties and provide a “take-out or co-investment vehicle” for future projects.
Key Highlights:
The REIT will include stabilized assets managed by UIB, a logistics platform with Boustead holding a 20% stake.
The listing could occur later this year, contingent on favorable market conditions.
Boustead’s capital recycling strategy began in 2016; the group has since launched two private funds and sold prime logistics assets to other REITs.
Despite increased REIT competition, Boustead aims to monetize mature assets while retaining strategic value.
Financial Performance:
FY2025 net profit surged 48% YoY to S$95 million.
Earnings per share increased 46.3%; net asset value per share up 11.8%.
Geospatial business (exclusive distributor of Esri’s ArcGIS in Asia-Pacific) is a key growth driver, used by over 27,000 companies globally.
Segment Analysis:
Energy engineering: Slower growth amid oil industry headwinds, but margins remain robust (20–30% in good times). Demand for fossil fuels persists, especially for data centre growth.
Healthcare: Group’s healthcare division posted a S$1.3 million operating loss in FY2025 (widening from S$0.2 million loss), mainly from a China associate impacted by new import restrictions. Southeast Asian operations reversed into a S$0.7 million operating profit.
Boustead is exploring new partnerships in China and Japan to develop proprietary products, but regulatory approvals may take 2–4 years.
Balance Sheet and Dividends:
Boustead maintains a strong cash position and a diversified portfolio, supporting consistent dividend payments.
Market cap: S$836 million
Valuation: 9x PE, 1.4x PB, 3.3% dividend yield.
No current analyst coverage.

BYD: Electrifying Europe’s Mass Market with a Bold Expansion Strategy

Chinese EV juggernaut BYD is making a high-stakes push into Europe’s competitive automotive sector—the world’s second-largest car market. With a US$20 billion investment earmarked for Europe, BYD’s strategy hinges on mass-market EVs, affordable pricing, and rapid scaling.
Key Developments:
BYD nearly quadrupled its European sales in the first four months of 2025 by offering smaller, cheaper models targeting younger buyers.
Shifted import operations in-house for greater flexibility in volume and product mix, including fast ramp-up of hybrid models.
Aggressively hiring seasoned European automotive executives and expanding dealer networks, especially in Germany.
BYD now surpasses Tesla in European EV sales and is building a factory in Hungary.
Competitive Positioning:
BYD’s Dolphin Surf EV—launched with a spectacular drone show in Rome—aims to become the “Fiat 500 or VW Beetle for the electric age.”
The company is leveraging its proven strategy from Latin America, focusing on fun, accessible, and affordable EVs for the masses.

Key Fund Flows: Institutional vs. Retail Activity in Singapore

Institutional investors were net buyers (+S$49.1m) in the week of 1 September 2025, while retail investors turned net sellers (-S$88.6m). Notable institutional buys included UOB (+S$35.6m), DBS (+S$23.3m), and ST Engineering (+S$21.5m). Retail interest focused on Sembcorp (+S$23.9m), SGX (+S$20.0m), and Singapore Airlines (+S$17.1m).

Dividend Announcements: Key Dates for Singapore Stocks

Major companies announced interim, special, and final dividends for September and October 2025. Notable distributions include DBS (60 cts interim + 15 cts special), UOB (85 cts interim + 25 cts special), Keppel Ltd (15 cts interim), and SGX (10.5 cts final).

Share Transactions and Buybacks: Market Activity Highlights

Notable insider transactions included significant acquisitions by Advanced Holdings (17,000,000 shares by Asia Agri & Renewables Fund), Stamford Land Corp (70,000 shares by Ow Chio Kiat), and GKE Corp Ltd (685,000 shares by Chen Jiangnan). Major share buybacks featured OCBC (250,000 shares at S$16.81), Keppel Ltd (340,000 at S$8.50), and UOB (100,000 at S$35.35).

SGX Watch-List: Companies Under Close Monitoring

As of September 2025, 32 companies are on the SGX watch-list, including new additions such as Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare.

Sector Leaders: Valuation and Dividend Standouts in the FSSTI Universe

Macro Market News: US Dollar Strategy & China’s EV Ambitions

US dollar outlook: Strategic investors are advised to sell on strength amid potential balance-of-payments risks, though a near-term bounce is likely.
China/HK: BYD’s European EV push is gaining traction, challenging entrenched brands with affordable, mass-market offerings and aggressive dealer expansion.
This comprehensive update from Lim & Tan Securities provides investors with actionable insights into Singapore’s top stocks, sector leaders, and fund flow trends for September 2025. Stay tuned for further updates as the market continues to evolve.