Lim & Tan Securities, 27 October 2025
Excerpt from Lim & Tan Securities report.
- The Singapore market remains strong, with the FSSTI index up 16.8% YTD, and major global indices posting robust gains. Commodities, especially gold, have surged, while oil prices have declined.
- iFAST Corporation reported record growth in assets under administration, net inflows, revenue, and profit for 3Q and 9M2025. The Hong Kong ePension business and iFAST Global Bank are driving profitability, with annualized ROE at a record high. The company proposed higher dividends and maintains a HOLD rating.
- Grand Banks Yachts achieved record revenue and order book, upgraded its Malaysia facility, and expanded its U.S. and European presence. The company trades at a discount to peers, has strong brand equity, and is rated BUY with significant upside potential.
- China regulators are cracking down on excessive price wars, particularly in tech and EV sectors, to promote healthier competition. In the US, political factors and AI optimism support the dollar and asset prices, but housing data remains weak, suggesting a fragile growth outlook.
- Share transaction data shows active institutional and retail flows, with retail investors net buying and institutions net selling in the latest week. Dividend and earnings calendar highlights upcoming corporate actions for key SGX-listed companies.
- A list of 32 companies remains on the SGX watch-list due to various compliance or financial concerns.
Report Summary
- Singapore and global markets show strong year-to-date gains; commodities mixed.
- iFAST and Grand Banks Yachts deliver record financial results and expansion; iFAST rated HOLD, Grand Banks Yachts rated BUY.
- Regulatory actions in China aim to curb price wars; US market outlook supported by political developments, but housing is weak.
- Active fund flows and share transactions across SGX-listed stocks; dividend announcements scheduled.
- SGX watch-list updated with 32 companies for monitoring.
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