Maybank Research Pte Ltd
17 September 2025

Singapore Market Watch: Key Equity Insights and News for Investors – Food Empire, Sea Ltd, Keppel, ComfortDelGro, Great Eastern, and ValueMax in Focus

Top Equity Ideas: Food Empire Holdings and Sea Ltd

Food Empire Holdings: Vietnam Growth Story Accelerates

Food Empire Holdings (FEH) is experiencing a dynamic transformation, with its Vietnam operations emerging as a significant growth driver. A recent operational review reveals that FEH Vietnam is on pace to reach an estimated USD100 million in revenue for FY2025E. This milestone cements FEH as the third-largest instant coffee player in the fiercely competitive Vietnamese market.
Key highlights include:

• FEH is rolling out innovative products to tap new market segments and expand its consumer base.
• The company’s strategic pivot will see Russia contribute an increasingly smaller share of group revenue as FEH accelerates expansion in Southeast Asia, India, and Kazakhstan.
• Given these positive trends, the recommendation remains BUY, with a revised, higher target price of SGD2.92.

Sea Ltd: Monetization and Efficiency Drive Upgrades

Sea Ltd is shifting gears from pure scale to deeper monetization across its flagship businesses. Shopee, Sea’s e-commerce arm, has implemented commission hikes of approximately 1–1.5 percentage points, which are expected to be well absorbed by the market. This move should lift adjusted EBITDA/GMV by 0.1–0.2 percentage points, with further upside potential driven by Shopee’s growing offline-to-online integration and fintech (Buy Now, Pay Later – BNPL) initiatives.
Other divisional highlights:

• Garena, Sea’s gaming arm, continues to sustain Free Fire through strategic collaborations and is ramping up new titles like Delta Force and Free City.
• AI adoption across the group is driving significant cost efficiencies.
• FY25–27 EBITDA forecasts have been raised by 10–25%, and the target price is upgraded to USD238 (+16%).
• Sea Ltd trades at 2.9x EV/sales and 24.1x EV/EBITDA—levels in line with peers, but with a 13–35% growth-adjusted discount, supporting a continued BUY rating.

Market-Shaping News: Strategic Moves and Corporate Developments

Keppel Limited: Partnership with Dell for Next-Gen Data Centres

Keppel Limited’s connectivity division has signed a strategic framework agreement with Dell Technologies to jointly develop efficient, sustainable data centres across key Asian hubs. The collaboration will also invest in next-generation AI platforms, targeting sectors such as healthcare, finance, manufacturing, retail, and telecoms. AsiaPac Technology, a Keppel unit, will provide cloud integration, infrastructure management, and digital transformation consulting, starting in Singapore, Malaysia, and Vietnam.
Key objectives:

• Accelerate digital transformation across Asia by combining Keppel’s energy, infrastructure, and connectivity expertise with Dell’s technology capabilities.
• Build advanced, green digital ecosystems to meet the growing demand for sustainable data infrastructure.

ComfortDelGro: Eyes on Copenhagen Metro Contract

KBH Metro Partner—a consortium comprising ComfortDelGro (CD) and France’s RATP Dev—has been pre-qualified to bid for the Copenhagen Metro’s upcoming operations and maintenance contract. This marks the consortium’s third collaboration, following successful partnerships for Singapore’s Jurong Region Line and Paris’s Line 15 South.
Further highlights:

• Both partners bring extensive experience from metro projects in Singapore, Paris, Sydney, Auckland, and Riyadh.
• Copenhagen Metro is among only three fully automated, 24/7 rapid transit systems worldwide, making this contract highly competitive.
• The consortium aims to leverage strengths in operational performance, digital solutions, and system integration to win the bid.

Great Eastern: Share Price Surges After Takeover Bid Rejection

Great Eastern Holdings (GEH) shares surged 2.7% to close at S\$15.73 on 16 September, hitting an intraday high of S\$15.90—the strongest level since trading resumed. Trading had been suspended since July 2024 after the insurer’s free float fell below 10% due to OCBC’s failed takeover attempt.
Key facts:

• OCBC’s initial offer: S\$1.4 billion (S\$25.60/share, May 2024).
• Revised offer: S\$30.15/share (June 2025), which did not secure sufficient shareholder support and was ultimately rejected.

ValueMax Group: New Digital Securities, Share Issuance Update

ValueMax Group (VMAX) launched three digital securities commercial papers on 16 September:

• Two 3-month issuances at 3.55% p.a. (on ADDX and SDAX)
• One 6-month issuance at 3.60% p.a. (on ADDX)

The group aims to raise up to \$145 million from accredited investors. Separately, ValueMax issued 301,000 new shares in September at \$0.36 each, bringing the total shares outstanding to 936,943,139. After these exercises, 10,862,170 warrants remain outstanding, expiring on 14 September 2026.

Key Reminders and Disclaimers for Investors

• All opinions and recommendations are based on technical and fundamental analysis.
• Reports do not constitute personal investment advice and do not consider specific investor objectives or circumstances.
• Past performance is not necessarily indicative of future results.
• Forward-looking statements are subject to risks and uncertainties.
• Detailed disclaimers, legal entity disclosures, and analyst certification of independence are provided by the broker.

Investment Ratings and Applicability

Summary: Singapore’s Market Outlook Remains Robust

Investors are presented with a wide array of opportunities in Singapore’s equity market, from the coffee powerhouse Food Empire’s regional expansion to Sea Ltd’s pivot towards monetization and efficiency. Strategic corporate actions by Keppel, ComfortDelGro, Great Eastern, and ValueMax further underscore the vibrancy and dynamism of the market.
With robust analyst coverage and actionable ideas, Singapore remains a compelling destination for investors seeking growth, innovation, and strategic value.