Broker Name: Maybank Research Pte Ltd
Date of Report: 19 September 2025

Singapore Equities Outlook: Growth Leaders, Strategic Moves, and Green Energy Expansion

Top Equity Ideas: Robust Growth and Strategic Expansion

Food Empire Holdings: Vietnam Operations Fuel Growth

Food Empire Holdings (FEH) has made significant strides in its expansion within Vietnam, positioning itself as the third-largest instant coffee player in the country. The company’s Vietnam operations are projected to deliver approximately USD100 million in revenue for FY25E, signaling strong market traction and operational success. FEH is also actively pursuing product innovations to tap into new market segments, ensuring continued revenue diversification.
Key observations for FEH:

• Vietnam has emerged as a pivotal market, reducing FEH’s reliance on Russia, which is expected to contribute a smaller share of revenue in the future.
• Expansion efforts in Southeast Asia, India, and Kazakhstan are underway, further broadening FEH’s geographic footprint.
• BUY rating maintained with an increased target price of SGD2.92, reflecting confidence in future growth.

Sea Ltd: Monetization Momentum and Strategic Innovations

Sea Ltd continues to leverage its dominant e-commerce platform, Shopee, with commission hikes of ~1–1.5ppt, expected to be well absorbed by the market. This adjustment is projected to lift Adjusted EBITDA/GMV by 0.1–0.2ppt, with further upside anticipated from offline-to-online expansion and the growing fintech sector, especially Buy Now Pay Later (BNPL) offerings.
Garena, Sea’s gaming arm, maintains its relevance with Free Fire, driving engagement through collaborations and introducing new titles such as Delta Force and Free City. The company’s adoption of AI is improving cost efficiency, supporting sustainable growth.

• FY25–27 EBITDA estimates raised by 10–25%.
• Target price upgraded to USD238, a 16% increase.
• Sea trades at 2.9x EV/sales and 24.1x EV/EBITDA, comparable to peers but with a 13–35% growth-adjusted discount.
• BUY rating reiterated, reflecting strong confidence in Sea’s monetization and growth trajectory.

Market-Shaping News: Strategic Transactions and Green Growth Initiatives

Stoneweg Europe Stapled Trust (SERT): Divesting Non-Core Assets

Stoneweg Europe Stapled Trust has entered into a final binding agreement to divest Cassiopea 1-2-3, a non-core office asset in Agrate Brianza, Italy, to Finviar S.r.l. The sale price of EUR11.35 million represents a 2.9% premium to its latest valuation, with the asset independently valued at EUR11.03 million as of June 30. The divestment is expected to close in 4Q25, pending execution of the notarial deed and issuance of a fire prevention certificate.
Asset details:

• Composed of three interconnected buildings, total lettable area of 11,503 sqm.
• Proceeds will be used to reduce SERT’s revolving credit facility or for general working capital.
• In line with SERT’s strategy to reduce exposure to non-core markets and B/C grade office assets, while strengthening portfolio focus on logistics, light industrial, and data centers.
• Supports medium-term gearing target range of 35%–40%.

UOB, Hengfeng Bank, Shangao Holdings Group: Green Development Partnership

UOB, Hengfeng Bank, and Shangao Holdings Group have signed a tripartite memorandum of understanding to collaborate on green development and infrastructure. Hengfeng Bank is a leading commercial bank with expertise in transaction banking and cross-border initiatives, while Shangao Holdings specializes in industrial investments in the new energy and infrastructure sectors.
Key points of the partnership:

• Focus on supporting the internationalization of Chinese enterprises in green transformation sectors.
• Provision of financial solutions for cross-border trade financing, investment banking, and advisory services aligned with the Belt & Road initiative.

Tai Sin Electric: Expansion into Southeast Asian Green Energy

Tai Sin Electric is proposing the acquisition of the full share capital of BayWa r.e. Solar Systems Co (Thailand) and BayWa r.e. Solar Systems Corporation (Philippines). The total consideration is USD12.3 million, broken down as follows:

• USD5.7 million for sale shares.
• USD4.2 million for intra-group loan (Thai target).
• USD2.5 million for intra-group loan (Philippines target).

The transaction is expected to close on November 3, funded through Tai Sin’s internal resources and external bank loans. The acquisitions are aligned with a strategy to expand into sustainable, future-oriented businesses and capitalize on Southeast Asia’s green energy growth potential.

Broker Disclosures, Ratings, and Analyst Certifications

Maybank Research applies the following rating definitions:

• BUY: Expected return above 10% in the next 12 months (including dividends)
• HOLD: Expected return between 0% and 10% in the next 12 months (including dividends)
• SELL: Expected return below 0% in the next 12 months (including dividends)

These ratings apply only to actively covered companies within the research universe.
Additional notes:

• Maybank and its representatives may hold positions or have interests in the securities discussed.
• Analyst compensation is not tied to specific recommendations.
• Structured products highlighted in the report are intended for sophisticated investors and carry significant risk.

Conclusion: Navigating Growth and Transformation Across Key Sectors

The Singapore equities landscape presents robust opportunities, driven by strategic expansions, monetization efforts, and a shift toward sustainability. Food Empire Holdings is capitalizing on Vietnam’s coffee market, Sea Ltd is optimizing monetization and efficiency, Stoneweg Europe Stapled Trust is streamlining its asset portfolio, and Tai Sin Electric is making bold moves in green energy. These actions, coupled with collaborative green development initiatives, position the market for diversified and sustainable growth in the years ahead.