Lim & Tan Securities, 7 October 2025
Excerpt from Lim & Tan Securities report.
- Singapore’s Straits Times Index (FSSTI) continues to outperform major global indices, up 16.7% year-to-date, with strong market activity and a 52-week high.
- Civmec delivered FY25 net profit of A\$42.5 million and revenue of A\$810.6 million, despite reduced activity due to client delays; its order book doubled to A\$1.25 billion and the company maintained a 72% payout ratio for dividends.
- CapitaLand Ascendas REIT (CLAR) is acquiring three industrial properties in Singapore for S\$565.8 million, strengthening its asset base and income resilience with high-quality tenants and rental growth prospects.
- Convertible bonds in China have surged, outperforming local stocks and fixed income, with tight supply supporting elevated valuations, especially in banking convertibles.
- Global macro outlook sees US rates likely to fall, supporting equities and bonds, while Japanese equities are upgraded and cyclical risks remain for US consumer spending.
- Institutional investors in Singapore were net buyers (+S\$503m) in the last week of September, while retail investors were net sellers (-S\$375.7m); financial services and REITs attracted most institutional flows.
- Several companies announced dividends and distributions, including Civmec, DBS, UOB, and others.
- SGX watch-list updated, listing companies under regulatory review for performance or compliance issues.
Report Summary:
- Singapore’s market remains resilient with strong institutional inflows and major corporate developments (Civmec, CLAR).
- Global trends favor lower interest rates and convertible bonds, while local REITs and industrial assets see continued investment and growth opportunities.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: www.limtan.com.sg
