Broker Name: Lim & Tan Securities
Date of Report: 09 October 2025

Excerpt from Lim & Tan Securities report.

• Singapore’s FSSTI Index rose 17.7% year-to-date, outperforming most regional indices; market sentiment is driven by U.S. Fed policy expectations and a government shutdown impacting economic data.
• Keppel REIT raised at least S\$113m via a private placement, mainly to fund a strategic retail property acquisition in Australia; the offering saw strong demand and was three times covered.
• Keppel REIT is viewed positively for strategic expansion, with defensive assets, solid locations, blue chip tenants, and distribution accretion, though current valuations suggest limited upside and a call to accumulate on weakness.
• Grand Banks Yachts reported its tenth consecutive profitable year with record revenue; it expanded manufacturing capabilities and made a major marina acquisition in the U.S. to support growth in the luxury yacht market.
• Grand Banks Yachts’ net order book rose 30.5% year-on-year, though net profit fell slightly due to higher costs and weaker USD; dividend remained unchanged and the company holds a strong net cash position.
• Institutional investors showed strong net buying activity during the week of 29 September, while retail investors were net sellers; sector flows favored financials, REITs, and technology.
• China’s rural revitalization and agricultural livestreaming trend are highlighted as key macro themes, with increasing adoption of technology by farmers to access vast online markets.
• Comprehensive dividend and corporate action calendar is included, along with a list of SGX watch-list companies and recent share transactions on the Singapore market.