Lim & Tan Securities
Daily Review | 24 September 2025

Singapore Market Surges: Institutional Flows, Company Highlights, and Key Sector Trends to Watch

Singapore Market Overview: Key Indices and Macro Sentiment

Singapore’s FSSTI Index closed at 4,302.7 with a modest gain of 0.1%. Year-to-date, the STI has delivered an impressive 13.6% rise, outperforming several global benchmarks. Notably, the Hang Seng Index (HSI) soared 30.4% YTD, becoming the region’s top performer, while the S&P 500 registered a 13.2% increase.

US markets saw declines, with the DJIA, Nasdaq, and S&P 500 falling 0.2%, 0.95%, and 0.55% respectively. The drop followed comments from Fed Chair Jerome Powell, who flagged that asset prices, including equities, are at elevated levels. Powell emphasized that while equity prices are highly valued, this is not a period of heightened financial stability risks.

Commodities and Interest Rate Snapshot

Keppel Ltd: Strategic Divestment and Strong Fundamentals

Keppel Ltd’s infrastructure arm, together with Keppel Asia Infrastructure Fund (Kaif), announced a joint divestment of their combined 80% stake in 800 Super Holdings, a leading integrated environmental solutions provider in Singapore. The transaction, set to be completed by year-end pending regulatory approvals, will value 800 Super at over S\$600 million.

• Keppel holds 32%, Kaif 48%, and CEO William Lee the remaining 20% (10% to be divested, 10% retained).
• Cash consideration for Keppel and Kaif; deal not expected to materially impact Keppel’s FY financials.
• Keppel trades at 19x forward PE, 1.6x PB, with a market cap of S\$16.1bn and a dividend yield of 4%.
• Consensus target price is S\$10 (12.2% upside), supported by continued monetization and strong fundamentals.

ISOTeam: Successful Placement for Drone Technology Expansion

ISOTeam, a leader in Singapore’s building maintenance sector, raised approximately S\$10 million via a fully subscribed Share Placement and Convertible Bond Placement. The funds will primarily fuel commercialization and development of drone technology for facade inspection, washing, and painting.

• Convertible Bond Placement: S\$3m, convertible at 9.1 cents/share, fully taken up by 3 investors.
• Share Placement: 86.2m shares at 8.1 cents/share, attracting top institutional investors.
• Post-placement market cap is S\$66.6m, trading at 7.6x forward PE and 1.2x PB, with a 1% dividend yield.
• Consensus target price is S\$0.11 (31% upside).
• 60% of net proceeds earmarked for drone commercialization, remainder for working capital and talent acquisition.

ISOTeam’s pioneering efforts in AI-driven drones for facade inspection and cleaning are nearing commercial rollout, following 2.5 years of R&D and collaborations with Nippon Paint Singapore. The new capital positions ISOTeam to build a full-fledged drone workforce for the digital era.

Sector and Stock Screens: Top Dividend, Value, and Yield Picks

Fund Flows: Institutional vs Retail Trends

The week of 15 September saw a dramatic reversal in fund flows:

• Institutional investors: net sell of S\$584.5m (previous week: -S\$9.1m)
• Retail investors: net buy of S\$363.8m (previous week: +S\$0.5m)

Major Share Transactions and Buybacks

Recent acquisition and disposal highlights include:

• Fuji Offset Plates Mfg Ltd: Lek San Construction acquired 3.25m shares (stake now at 6.23%)
• Wingtai: Helen Chow acquired 50,000 shares, increasing her family’s stake to 61.87%
• Stamford Land Corp: Ow Chio Kiat acquired 30,000 shares (46.24% stake)
• Asia Medic: Ang Hao Yao acquired 1.5m shares (5.05% stake)
• Jumbo Group Ltd: Kuang Ming Investments added 124,500 shares (10% stake)
• MM2 Asia: Melvin Ang disposed of 32m shares (13.1% stake remains)
• Hoe Leong Corp Ltd: UOB disposed of 60m shares (5.84% stake)
• Comfort Delgro Corp Ltd: Silchester International Investors disposed of 776,600 shares (5.99% stake)

Share buybacks were executed by major names including HK Land, IFAST Corp, Global Investment Limited, Keppel Ltd, OCBC, UOB, SATS, ST Engineering, and others.

Dividend Announcements and Special Distributions

A slew of interim, special, and final dividend declarations were reported. Key highlights include:

• Mapletree Logistics Trust: Payable 10 Sept
• Mapletree Industrial Trust: 3.27 cts interim
• Capitaland Ascott Trust: 2.526 cts interim
• Keppel Ltd: 15 cts interim
• DBS: 60 cts interim + 15 cts special
• UOB: 85 cts interim + 25 cts special
• Comfort Delgro: 3.91 cts interim
• Starhub: 3 cts interim
• Propnex: 10 cts interim
• KSH: 0.75 ct final

China and Regional Tech: Semiconductor and AI Trends

China’s push for homegrown technology has powered rallies in domestic chipmakers and cloud stocks. Cambricon Technologies and Naura Technology Group have seen their shares soar this quarter, buoyed by Beijing’s support for local innovation and moves away from US technology such as Nvidia’s H20 processors.

• SSE Science and Technology Innovation Board 50 Index surged 28% last month
• Star50 trades at 57x forward earnings, above its 5-year average of 41x
• Semiconductor Manufacturing International’s Hong Kong shares up 83% YTD
• Cambricon spiked 87% and briefly became the priciest onshore share
• Equipment suppliers Naura Technology and Advanced Micro-Fabrication outperforming global peers
• Optical transceiver makers Eoptolink Technology and Zhongji Innolight up triple digits
• Testing equipment firm Beijing Huafeng Test & Control Technology (AccoTest) up 60%

Analysts caution that while China’s chip sector is buoyed by policy and demand, valuations are stretched and investors should await more attractive entry points.

SGX Watch-List: Latest Additions and Companies Under Scrutiny

A total of 32 companies are currently on the SGX Watch-List, including recent additions such as Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare.

What’s Ahead: Key Dates and Corporate Actions

The calendar for September and October is packed with earnings, dividends, and disclosures. Investors should track key ex-dividend and payment dates for both blue-chip and REIT stocks.

Conclusion: Navigating Opportunities and Risks in Singapore’s Dynamic Market

The Singapore market continues to display resilience and growth, buoyed by institutional flows into select sectors, robust corporate actions, and a dynamic dividend landscape. With strategic deals like Keppel’s divestment and ISOTeam’s tech pivot, investors have clear signals of value creation and innovation. However, vigilance is required as regional trends in China tech highlight both opportunities and stretched valuations.

Stay tuned for further updates and detailed sector breakdowns as we move deeper into Q4 2025.