Lim & Tan Securities, 4 November 2025
Excerpt from Lim & Tan Securities report.
Report Summary:
- The Singapore market (FSSTI) continues its strong performance, with a 17.3% year-to-date gain. Major global indices also remain robust, led by tech-heavy benchmarks.
- Elite UK REIT reported stable financials for 9M 2025, with distributable income up 6.2% year-on-year, DPU up 9.4%, and improved occupancy to 98.6%. The REIT maintains strong cash efficiency and has no refinancing needs until 2027. Hold rating maintained due to attractive yield but limited upside.
- NetLink Trust posted a resilient H1 FY26, with revenue up 1.1% and DPU up 1.1%. Despite rising costs and lower profit after tax due to higher depreciation, its defensive business model and strong balance sheet position it well for steady distributions and future growth. Recommendation: Accumulate on weakness.
- Hong Kong IPO market sees strong activity with Seres Group’s HK\$13.2 billion listing, supported by cornerstone investors, pushing new listing proceeds above forecasts.
- US macro data points to slow but positive GDP growth. Tech remains favored amid cautious consumer sentiment and persistent labor market weakness. Cryptocurrencies and stablecoins are growing but central bank digital currencies (CBDCs) are expected to dominate.
- Institutional investors were net sellers in the Singapore market for the week of 27 October, while retail selling moderated. Sector flows show mixed sentiment across REITs, tech, and financials.
- Dividend calendar and major upcoming results for November 2025 are provided for key Singapore-listed companies.
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
