Lim & Tan Securities
Daily Review | 17 September 2025
Singapore Market Insights: Key Stock Moves, Institutional Flows, and Major Corporate Developments

Market Overview: Steady Performance Amid Global Cues

Singapore’s financial markets held steady, with the FSSTI Index closing at 4,337.7, up 1.6% month-to-date and 14.5% year-to-date. This performance outpaced several major indices, with the Hang Seng Index (HSI) impressively up 31.8% YTD and the S&P 500 gaining 12.3% YTD. Investors remain vigilant as the US Federal Reserve’s upcoming rate decision looms, with marginal declines in US equities and a minor uptick in volatility index VIX.

ComfortDelGro and RATP Dev: Bidding for Copenhagen Metro’s €2.4 Billion Contract

KBH Metro Partner, the consortium of ComfortDelGro (CDG, S$1.51, up 0.02) and France’s RATP Dev, has been officially pre-qualified to bid for the operations and maintenance contract of the Copenhagen Metro. This €2.4 billion contract is a pivotal opportunity, positioning the consortium against a strong international field.
The bid marks the third major collaboration between CDG and RATP, following successful projects in Singapore (Jurong Region Line under One Rail partnership) and the automated Line 15 South in Greater Paris (ORA consortium with Alstom).
Both firms will leverage expertise from operating Singapore’s North-East and Downtown Lines, Auckland One Rail, and Stockholm’s Tunnelbana (to commence by end-2025).
Copenhagen’s metro, fully automated and running 24/7, is one of only three such rapid transit systems globally. The city’s network currently serves about 400,000 passengers daily, with projected annual ridership to reach 126 million trips in 2024, surpassing the previous record of 120 million in 2023.
The contract, valid until 2039 with an optional three-year extension, will see the new operator replace Metro Service from September 29, 2027.
The network is set for further expansion with two new stations on the M4 Line by 2030, totaling 44 stations and 43 kilometers of track. Metroselskabet, the infrastructure provider, is jointly owned by the Danish government and the municipalities of Copenhagen and Frederiksberg.
CDG and RATP Dev’s Track Record:
The joint venture previously won Singapore’s Jurong Region Line operations contract, valued at S$750 million for 11 years — 8% lower than SMRT’s competing bid.
CDG’s forward dividend yield stands at a steady 5%, with a consensus 1-year target price of S$1.80/share. The stock trades at a forward PE of 15x and price-to-book of 1.3x.
The report maintains an “Accumulate” rating for CDG, citing its strong contract execution and robust dividend yield.

SingPost: Major Shareholding Shifts and Strategic Challenges

SingPost ($0.43, down 0.5 cents) experienced a significant shift with Alibaba Investment selling 151.3 million shares on September 9, reducing its stake from 11.3% to 4.6%. The sale, at S$0.426 per share (below the 52-week low), generated S$64.4 million. Yet, the buyer’s identity remains undisclosed.
Morgan Stanley acted as underwriter, selling 104 million shares for S$44.6 million at an average price of S$0.4292.
Trading volume surged to 170 million shares on September 5, far exceeding the previous 52-week high.
The move follows the unwinding of cross-shareholdings between Alibaba and SingPost in Shenzhen 4PX and Quantium Solutions International, ending their joint ventures.
SingPost’s postal business faces secular decline, while its e-commerce logistics arm endures fierce competition. Operating profit dropped 60% YoY (to S$3.4 million), with revenue down 23.8% (to S$162.3 million) in the latest quarter.
The reset strategy post-divestment of Freight Management Holdings remains undeclared.
Market cap stands at S$967.5 million, with the stock trading at 0.7x PB and yielding 0.8%. The consensus target price is S$0.51, implying 18.6% upside.
The report reiterates an “Accumulate” rating, citing RNAV of 70-75 cents, though it acknowledges the decline in profits and share price as warranted after losing its key earnings contributor.

Major Singapore Stocks: Yields, Valuations, and Institutional Flows

Highest Consensus Forward Dividend Yield (%):

Lowest Consensus Forward P/E (X):

• Yangzijiang Shipbuilding: 8.55
• Thai Beverage: 10.28
• UOB Bank: 10.35
• Sembcorp Industries: 10.41
• OCBC Bank: 10.57

Lowest Trailing Price-to-Book (P/B) Ratio:

• Hongkong Land: 0.50
• UOL Group: 0.57
• Jardine Matheson: 0.63
• City Developments: 0.69
• Wilmar International: 0.70

Lowest Trailing EV/EBITDA (X):

• Yangzijiang Shipbuilding: 5.55
• DFI Retail Group: 6.55
• Genting Singapore: 7.40
• Thai Beverage: 9.88
• Wilmar International: 10.56

Institutional and Retail Flows: Key Buy and Sell Stocks

Key Corporate Actions: Acquisitions, Disposals, Buybacks

Acquisitions:

• GKE Corp Ltd: Chen Jiangnan acquired 685,000 shares (8.00% stake).
• Audience Analytics: Ng Yan Meng bought 66,000 shares (83.71% stake).
• Stamford Land Corp: Ow Chio Kiat acquired 70,000 shares (46.24% stake).
• TOTM Tech Ltd: Thomas Clive Khoo acquired 10,237,800 shares (17.21% stake).
• Nam Cheong: Leong Seng Keat acquired 277,000 shares (3.8% stake).
• Advanced Holdings Ltd: Asia Agri & Renewables Fund acquired 17,000,000 shares (16.78% stake).

Disposals:

• CNMC Goldmine: Choo Chee Kong disposed 2,000,000 shares (7.53% stake).
• MM2 Asia: Melvin Ang disposed 25,000,000 shares (13.59% stake).
• UOB Kay Hian: Tang Wee Loke disposed 99,400 shares (4.67% stake).
• Singapore Post Ltd: Alibaba Investment Ltd disposed 151,280,721 shares (4.61% stake).

Share Buybacks:

• OCBC: 250,000 shares at S\$16.77 (5.0% of mandate).
• UOB: 100,000 shares at S\$35.15 (15.4% of mandate).
• ST Engineering: 500,000 shares at S\$8.20 (0.9% of mandate).
• iFAST Corp Ltd, Keppel Ltd, SATS Ltd, Global Investment Limited, and others also conducted buybacks.

Dividends and Special Distributions: Upcoming Payouts

Several major Singapore companies have announced significant interim, special, and final dividends. Highlights include:

• DBS: 60 cents interim + 15 cents special (Ex-date: 14 Aug, Payable: 25 Aug)
• UOB: 85 cents interim + 25 cents special (Ex-date: 15 Aug, Payable: 28 Aug)
• ComfortDelGro: 3.91 cents interim (Ex-date: 20 Aug, Payable: 28 Aug)
• Mapletree Logistics Trust, Mapletree Industrial Trust, Capitaland Ascott Trust, and others with payouts through October and November

Macro Market News: US and Hong Kong/China Developments

US Outlook:
Manufacturing momentum remains weak; Philly Fed survey unchanged at -4.0.
Input prices rising, but fewer firms are passing costs onto consumers, indicating cost absorption rather than transmission.
The report calls for a long-duration stance in bonds, favoring government bond overweight and tactical steepeners.
Hong Kong/China Spotlight:
VMS Group (AUM: US$4bn) plans to allocate up to US$10 million to DeFi hedge fund Re7 Capital, reflecting growing institutional interest in digital assets.
VMS, traditionally focused on private equity, is diversifying into more liquid strategies amidst a global surge in crypto adoption.
Re7 deploys a market-neutral, yield-generating strategy via decentralized exchanges and stablecoin lending, with hedging to mitigate price swings.

SGX Watch-List: Companies Under Review

Currently, 32 companies are on the SGX watch-list, including notable names like Amos Group, Cosmosteel, Interra Resources, Jasper Investments, and Trek 2000 Intl. Recent additions include Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare.

What Lies Ahead: Key Dates and Events

September and October are packed with dividend ex-dates and payouts.
Investors should monitor ongoing institutional and retail fund flows, macroeconomic data releases, and corporate announcements as the market heads into the final quarter.

Conclusion

Singapore’s markets continue to show resilience, with ComfortDelGro and RATP Dev’s pursuit of the Copenhagen Metro contract and SingPost’s reshuffled shareholding structure commanding attention. Institutional and retail flows highlight shifting sentiment, while the dividend calendar promises ongoing returns for investors. The evolving macro and regulatory landscape — particularly in digital assets — further underscores Singapore’s position as a dynamic and globally integrated financial hub.