Broker Name: Lim & Tan Securities
Date of Report: 28 October 2025
Excerpt from Lim & Tan Securities report.
- KSH Holdings is highlighted as a promising beneficiary of Singapore’s construction sector recovery, having returned to positive gross margins in FY25 after pandemic-related challenges. The company is expected to rebuild its order book above S\$500 million and grow earnings, with forecasted net profit turnaround and improved dividends indicating management optimism.
- Sembcorp Industries (SCI) is advancing its renewable energy strategy, including major solar and hydropower projects in Singapore and the region. SCI received conditional approval to import 1GW of renewable energy from Sarawak, supporting Singapore’s clean energy targets. The stock trades at attractive valuations with positive fundamentals, leading to an “Accumulate” rating.
- Market highlights: Institutional investors were net buyers (+S\$134m) while retail investors were net sellers for the week. Top institutional buys included Yangzijiang Shipbuilding and Singtel. Dividend and earnings calendars for major Singapore-listed companies are provided, alongside updates on share buybacks and insider transactions.
- Macro news: Global fixed income strategists remain overweight on duration and curve steepeners, with G7 central banks expected to maintain a neutral stance. China’s Chery Automobile will transfer technology to India’s JSW Group for a new EV brand, marking a major technology transfer in the region.
- SGX Watch-List: A list of companies currently on the SGX watch-list is included, with recent additions highlighted.
Report Summary
- KSH Holdings and Sembcorp Industries are seen as key beneficiaries of sector recoveries and green energy transitions, with positive earnings outlooks and attractive valuations.
- Institutional flows, dividend announcements, and macro strategies underscore a cautious but optimistic stance toward Singapore and regional markets.
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
