Broker Name: Maybank Research Pte Ltd
Date of Report: 29 September 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Singapore is experiencing a significant construction boom driven by backlog in HDB and mega-projects, with expected real sector growth of over 5% annually from 2025-2030, well above GDP growth. This is expected to benefit banks (DBS, OCBC, UOB), contractors, real estate agents, and developers.
- Grab announced the launch of Ai.R, Singapore’s first autonomous vehicle (AV) service, set to begin passenger operations in early 2026, potentially reducing costs and increasing productivity for Grab.
- Singapore telco sector is showing signs of consolidation, with Starhub and Singtel expected to benefit despite some near-term headwinds such as the Optus outage.
- Wilmar International faces near-term pressure after Indonesia’s Supreme Court overturned its acquittal in a cooking oil case, but liquidity concerns are mitigated as the fine was pre-emptively paid.
- Marco Polo Marine is expanding its fleet, which could enhance earnings from FY27-30. Other trading ideas include Banyan Tree Holdings and NTT DC REIT.
- SGX has launched new indices to increase visibility for mid-cap companies, and Nvidia is investing heavily in AI data center infrastructure in partnership with OpenAI.
- Singapore’s inflation dipped in August, but 2026 CPI forecasts have been raised slightly. Analysts expect MAS to keep policy steady for the rest of 2025.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research Pte Ltd website: https://www.maybank.com
