Broker: Lim & Tan Securities
Date of Report: 16 October 2025
Excerpt from Lim & Tan Securities report.
- Market Recap: The Singapore market (FSSTI) rose 0.3% to 4,368.4, with major global indices delivering mixed performances amid U.S. political uncertainty and delayed economic data releases.
- Seatrium Focus: Seatrium remains committed to renewables despite major contract terminations in the U.S. offshore wind market, maintaining a strong S\$18.6 billion order book with a growing focus on green solutions.
- Innovation Pipeline: Seatrium is developing advanced floating wind platforms, ammonia FPSO vessels, and green retrofit technologies, aiming for at least 40% of its order book from green energy by 2030.
- Stock View: Seatrium trades at 20.4x forward PE and 1.1x PB, with a consensus target price indicating 34% upside; the broker maintains an “Accumulate on Weakness” rating.
- Aztech Global Results: Aztech Global reported a significant drop in revenue and profit due to subdued demand but maintains a strong cash position, lean operations, and a 5% dividend yield; the broker recommends a “Hold.”
- Macro News: U.S. fiscal concerns are rising, with potential long-term impacts on equities and the dollar. In China, deflation is pushing down prices in the medical aesthetics sector, sparking a price war.
- Fund Flows: Institutional investors were net buyers (+S\$503m) and retail investors net sellers (-S\$376m) in the week of 29 September 2025, with significant movements in banks, REITs, and industrial stocks.
- Upcoming Events: Key earnings and dividend dates for major Singapore-listed companies are listed for October and November 2025.
- SGX Watch-List: 32 companies are currently on the SGX watch-list, including recent additions in 2023 and 2024.
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 : https://www.limtan.com.sg
