Global Energy Momentum & Consumer Resilience Drive Southeast Asia’s Top Firms
SGX:5E2.SI:Seatrium Limited
The offshore-engineering specialist Seatrium reported a net order book of US$16.6 billion as of 30 Sept 2025 — down from US$24.4 billion a year earlier — with 24 projects scheduled for delivery through 2031. The company has recently completed two projects and has another three expected to wrap up by year-end. New orders largely stemmed from returning clients and include upgrades to the FLNG Hilli Episeyo along with multiple repair and upgrade works.
Seatrium also divested a surplus US yard and non-core platform supply vessels for over US$140 million. CEO Chris Ong described the quarter as “another strong quarter”, citing the firm’s global footprint and execution capability as key advantages.
In its oil & gas business, Seatrium sees robust demand driven by rising energy consumption — particularly from data-centres and AI — and is advancing major series builds: FPSO vessels for Petrobras, FPUs for Shell and BP, and topside modules for MODEC’s FPSO Raia. On the offshore-wind front, Seatrium delivered a WTIV “Charybdis” to Dominion Energy and an HVAC offshore substation to Ørsted (Greater Changhua 2b/4) this quarter; nine offshore-wind projects remain on track.
Meanwhile, the company completed 47 repair and upgrade jobs — including 12 LNG carriers — and booked US$170 million in contracts this quarter. It is focused on converting its strong pipeline into order wins and says it is steadily progressing toward its 2028 steady-state targets.
SGX:F99.SI:Fraser and Neave, Limited
F&N posted FY2025 (ended 30 Sept) profit after tax of SG$210.4 million — down 4 % year-on-year — largely due to higher tax expenses after the expiry of a Thailand tax incentive. On a non-exceptional basis, attributable profit held steady at SG$150.4 million, despite revenue growing 7 % to SG$2,322.8 million and PBT before interest and tax rising 4 % to SG$308.1 million. Earnings per share remained unchanged at 10.3 cents. The board proposed a final dividend of 4 cents, bringing total FY2025 dividends to 5.5 cents per share, unchanged from the prior year.
In the year, F&B segment revenue rose 9 % to SG$2,048.6 million and EBIT rose 6 % to SG$302.1 million, while the publishing & printing unit saw revenue drop 2 % to SG$196.6 million and loss before interest and tax widen to SG$5.5 million from a prior SG$1.5 million. CEO Rahul Colaco (appointed 1 Oct) termed FY2025 “a year of steady progress”, citing strong brands, disciplined execution, and a more favourable cost & currency environment despite headwinds in consumer sentiment and regional operations.
US:GARPF:Golden Agri Resources Ltd.
Golden Agri-Resources (GAR) reported a nine-month FY2025 net profit of US$284 million — up 29 % year-on-year. Revenue for the period hit a record US$9.53 billion (+21 %), driven by a 17 % surge in crude-palm-oil (CPO) prices and improved output: upstream CPO and palm-kernel kernel product output rose 6 % to 1.99 million tonnes, while downstream sales edged +1 % to 8.7 million tonnes. Gross profit climbed 32 % to US$1.38 billion, and EBITDA rose 16 % to US$882 million (margin at 9.3 %). However, forex losses deepened to US$15 million from US$2 million last year.
In 3Q, gross profit reached US$509 million (+17 % q-on-q) and EBITDA US$316 million (+3 % q-on-q). The group continues replanting older estates to improve yields; planted area declined to 531,000 ha (491,000 ha mature) including 414,000 ha nucleus and 117,000 ha plasma estates. Fruit yield rose 6 % to 13.6 tonnes/ha, total fruit output reached 6.7 million tonnes and palm-product output nearly 2 million tonnes (+6 %). Downstream merchandising volumes also improved in recent quarters.
SGX:CRPU.SI:Sasseur REIT
Sasseur REIT posted entrusted-management-agreement (EMA) income of RMB166.3 million in 3QFY2025 (+4.9 % y-o-y); in SGD terms this is approximately SG$30 million (+2.6 % y-o-y). Variable income grew 9.7 % to RMB47.5 million, fixed income rose 3 % to RMB118.7 million. Outlet sales climbed 10.8 % to RMB1,062.3 million, though headwinds from a stronger SGD muted the SGD-denominated growth.
On the capital side, aggregate leverage edged up to 25.5 % (vs 24.8 % at end-Dec 2024); debt maturity extended to 4.5 years and the weighted average cost of debt fell to 4.6 % (vs 5.3 % end-Dec). The REIT secured a 10-year green loan of RMB308 million from OCBC China at a competitive rate and now denominates 100 % of its loans in RMB to maximise natural hedging.
SGX:XZL.SI:Acrophyte Hospitality Trust
Acrophyte Hospitality Trust (formerly ARA US Hospitality Trust) posted nine-month gross revenue of US$121.2 million (SG$157.8 million) — down 6.3 % y-o-y — affected by the disposal of two hotels and brand-mandated renovations of two top-tier properties. 3Q revenue fell 5.3 % y-o-y to US$43.1 million.
9M gross operating profit declined 9.6 % to US$41.9 million; NPI dropped 13.9 % to US$29.1 million. For 3Q, gross operating profit and NPI fell 9.1 % and 13.2 % to US$15.2 million and US$11.1 million respectively. On a same-store basis, gross revenue fell 1.2 % and NPI declined 10.6 %, mainly due to higher operating costs (labour & insurance) and weaker lodging demand. At 30 Sept 2025, the trust had 32 hotels and 4,188 rooms (down from 34 hotels/4,442 rooms). Portfolio occupancy rose by 0.9 pp to 73.7 %; average daily rate fell 2.6 % to US$140, RevPAR dropped 1.5 % to US$103.
Management pointed to softer US lodging demand — especially midweek business & group travel — as pressure on pricing power. Cash & cash equivalents stood around US$32.5 million, including capital reserves. The trust expects moderate RevPAR growth, targeting ~US$101 for 2025 and ~US$103 for 2026.
Macro note
China’s GDP grew 4.8 % year-on-year in 3QFY2025, behind the previous two quarters. Retail sales rose 3.0 % y-o-y in September as consumer spending remained soft amid the property downturn; the Consumer Confidence Index, however, improved to 89.6. The conclusion of China’s Fourth Plenum (23 Oct) reinforced policy support to boost household consumption, jobs and incomes, signalling that domestic demand is becoming the next growth lever.
AI–Boosted Earnings, Analyst Cuts & Market Swings Drive Hong Kong Midday Headlines
HK:01698.HK:Tencent Music Entertainment (TME-SW)
BOCI cut its target price for TME-SW to HK$94 but kept a Buy call after the firm posted a strong 3Q25, with revenue up 21% and adjusted net profit up 33% year-on-year, beating forecasts.
HK:01698.HK:Tencent Music Entertainment (TME-SW)
TME-SW plunged 12% by midday despite beating estimates, dragging the HSI down 156 points to 26,766 as investors worried about intensifying competition.
HK:07234.HK:XL2 BOS CHINEXT
XL2 BOS CHINEXT topped ETF gainers, surging 5.4% to HK$7.87, followed by XI2CSOPMSTR and other gold-linked and EV-battery ETFs.
HK:01698.HK:Tencent Music Entertainment (TME-SW)
CICC trimmed TME-SW’s target price to HK$100 but kept an Outperform rating after the company delivered 20.6% revenue growth and stronger-than-expected non-subscription earnings.
HK:00880.HK:SJM Holdings
Morgan Stanley said SJM’s 3Q EBITDA of HK$881 million was in line with expectations, up 28% quarter-on-quarter but still 15% lower year-on-year due to weakness in satellite-casino operations.
US:TME:Tencent Music Entertainment Group
UBS cut its US-listed Tencent Music target price to US$26, warning that pressure from non-subscription businesses may weigh on margins.
HK:6160.HK:BeiGene
Midday trade saw the HSI down 156 points, while BeiGene jumped over 6% alongside strong moves from China Hongqiao, MTR Corp, Henderson Land and Ganfeng Lithium, all hitting new highs.
HK:Multiple:HK Developers & Landlords
Citi released updated ratings and target prices for major Hong Kong property developers and landlords.
HK:Property-Sector:Multiple
Citi forecast further recovery in Hong Kong’s property market next year, expecting home prices to rise about 3%.
HK:01698.HK:Tencent Music Entertainment (TME-SW)
Goldman Sachs lowered its target price for TME-SW to HK$99 but maintained a Buy rating.
US:BIDU:Baidu
Baidu unveiled ERNIE 5.0 with over 2.4 trillion parameters, marking another leap in the Chinese AI race.
AI, Analyst Downgrades and Policy Shifts Shake Asian Markets Mid-Morning
HK:00880.HK:SJM Holdings
UBS rated SJM Holdings as Sell, noting 3Q EBITDA was in line with expectations but overall pressure on margins remains.
HK:06808.HK:Sun Art Retail
UBS cut Sun Art Retail’s target price to HK$2.4 as its 1HFY2026 results and dividends came in broadly in line.
US:Government:United States
US President Donald Trump signed a temporary funding bill, reopening the federal government after a brief shutdown.
US:HSAI:Hesai Group
UBS lowered Hesai’s target price to US$36, citing steeper-than-expected declines in average product pricing.
HK:00853.HK:MicroPort
BofA Securities slightly raised MicroPort’s target price to HK$17 while reiterating a Buy rating.
HK:00880.HK:SJM Holdings
CLSA maintained a Hold rating on SJM, warning of ongoing market-share and profit-margin pressure.
HK:1109.HK:China Resources Land
Morgan Stanley expects China Resources Land to rise over the next 30 days amid improving sentiment.
HK:01698.HK:Tencent Music Entertainment (TME-SW)
UBS said it awaits further clarity from TME-SW management on ARPPU trends as the company’s metrics transition.
HK:01698.HK:Tencent Music Entertainment (TME-SW)
BofA Securities said TME-SW’s 3Q results were largely in line with expectations.
HK:03690.HK:Meituan-W
CLSA slashed Meituan’s target price to HK$135, projecting a 3Q loss of RMB16.3 billion.
HK:01810.HK:Xiaomi-W
Bernstein cut Xiaomi-W’s target price to HK$57 but kept an Outperform rating.
HK:09626.HK:Bilibili-W
Bilibili reported its Double-11 ad clients jumped 1.09× year-on-year, with high-value goods GMV up 63%.
US:TME:Tencent Music Entertainment Group
Citi set a US$29 target price for TME’s US listing after stronger-than-expected music-service revenue.
US:BIDU:Baidu
Baidu will launch its Kunlun M100 chip and next-gen Tianchi supernodes next year, strengthening its AI ecosystem.
HK:06167.HK:Beone Medicines
CICC raised Beone Medicines’ target price to HK$250 while maintaining an Outperform rating.
Commodity:US:SOYB:Soybeans
Traders said China has not been purchasing US soybeans recently.
US:BIDU:Baidu
Robin Li said Baidu is the world’s most aggressive AI-transformation search engine with 625 manufacturers integrating its search API.
HK:0700.HK:Tencent Holdings
CLSA expects Tencent’s 3Q revenue to grow 14% and adjusted EBIT to rise 21% year-on-year.
HK:02423.HK:Beke-W
DBS lowered Beke-W’s target price to HK$52.09 but reiterated a Buy rating.
HK:1109.HK:China Resources Land
JPMorgan said CR Land may place shares of China Resources MixC to offset delayed disposal gains.
HK:0981.HK:SMIC
China reportedly asked SMIC to adjust chip shipments, prioritising Huawei and other large firms.
HK:Property:Multiple
JPMorgan stated recent jumps in China developer stocks stem from rising policy expectations, but sees better risk-reward in Hong Kong landlords.
HK:00880.HK:SJM Holdings
SJM tumbled nearly 10% to a four-month low as its 3Q net profit plunged 91%.
HK:01910.HK:Samsonite
Samsonite surged about 20% after Morgan Stanley assigned an Overweight rating post-results.
US:Government:United States
The US House passed a temporary funding bill with support from six Democrats.
US:BIDU:Baidu
Baidu’s Robin Li said sustainable AI requires models and applications to generate 10–100× the value of underlying chips.
US:BIDU:Baidu
Baidu expanded access to its digital-human tech and plans expansion into US and Southeast Asian markets.
HK:01698.HK:Tencent Music Entertainment (TME-SW)
TME-SW fell 9.16% even as its 3Q non-IFRS net profit rose over 32%; monthly active users declined.
HK:0179.HK:Johnson Electric
JPMorgan cut Johnson Electric’s target price to HK$54 but kept an Overweight rating.
HK:1109.HK:China Resources Land
China Resources MixC dropped sharply at open after parent CR Land placed its shares at a 9.6% discount.
HK:1109.HK:China Resources Land
CR Land raised HK$2.06 billion by placing shares of China Resources MixC at a discount.
HK:2318.HK:Ping An Insurance
Ping An opened its first self-operated hospital in Shenzhen, expected to serve 100,000 people annually.
MO:Tourism:Macau
Macau tourism officials expect the Grand Prix to attract 500,000 visitors over four days with hotel occupancy reaching 89%.
HK:6682.HK:StarPlus Legend
StarPlus Legend placed new shares at a 20% discount, raising HK$369 million.
HK:0945.HK:Manulife-S
Manulife-S aims to lift core ROE to 18% or above by 2027 while expanding in India.
HK:0945.HK:Manulife-S
Manulife-S reported 3Q core earnings up 11.3% with a quarterly dividend of CAD0.44.
FR:Government:France
President Macron is reportedly considering inviting China’s Xi Jinping to next year’s G7 summit.
CN:E-commerce:Alibaba Assets Property & Centaline
Alibaba Assets Property partnered with Centaline to introduce a new joint-selling and bidding model in Shanghai.
CN:Government:China
China is targeting tax evasion by sellers on Amazon and AliExpress, according to wire reports.
CN:Government:China & US
China’s He Lifeng said China and the US should jointly advance key consensus from recent leaders’ talks to stabilise bilateral economic relations.
Thank you
