Report Summary

• Singtel’s Optus emergency call outages in September 2025 had limited financial and subscriber impact, with conservative estimates suggesting up to a 5–6% earnings trim for FY28. Singtel’s diversified business and ongoing buyback help support overall fundamentals.
• Sanli Environmental is positioned for strong growth, potentially doubling its orderbook with new project wins and leveraging its polder expertise for the upcoming SGD100b Long Island project.
• Lendlease Global Commercial REIT increased committed occupancy in its Milan property after signing a US tech tenant, while Thakral unlocked SGD6.4m cash flow from a Japan property divestment to redeploy for future growth.
• Mandarin Oriental is considering a sale of office space at One Causeway Bay, though no deal is certain.
• Far East Orchard raised its stake in UK student accommodation provider HFS to 84%, making HFS a subsidiary and expanding its bed count across UK and Ireland university towns.
• Geo Energy secured USD275m in new term loans for refinancing and expansion, achieving interest savings and enabling strategic acquisitions in logistics shipping.
• The report contains standard market, legal, and disclaimer information, and reiterates independence in analyst opinions and recommendations.