Broker Name: Lim & Tan Securities
Date of Report: 24 November 2025
Excerpt from Lim & Tan Securities report.
- Jardine Matheson: Interim Management Statement shows stable performance in Q3 2025; profit guidance unchanged. New CEO Lincoln Pan to start 1 Dec 2025. Share buybacks and strong balance sheet position the company for long-term growth. Consensus price target offers 13.2% upside; yield has declined after share price gains, so long-term investors may consider accumulating on weakness.
- BRC Asia: Achieved record S\$94.1 million net profit for FY2025, driven by robust order book and major project wins like Changi Airport Terminal 5. Maintains strong balance sheet; total dividend for the year is 20 cents, yielding 4.9%. Construction demand outlook in Singapore is strong for 2026, and overseas expansion continues. Recommendation upgraded to “Accumulate on Weakness.”
- Market Observations: US equity markets rose, while Asian markets faced mixed performance. US consumption shows resilience, but economic momentum is fading. EM bonds are favored over US corporates due to dollar weakness and spread compression. Chinese steel exports remain high, putting pressure on global prices.
- Fund Flows: Institutional investors were net buyers (S\$137.4m), while retail investors were net sellers (S\$7.7m) in the week of 10 Nov 2025. Top institution buys include OCBC, Singtel, and Genting Singapore. Top retail buys include DBS, UOB, and SIA.
- Dividend Calendar: Detailed ex-dividend and payment dates provided for major Singapore-listed stocks, including DBS, Singtel, ST Engineering, and SIA.
Report Summary:
- Main Singapore blue chips continue to report resilient results and healthy dividends, with construction and property sectors showing strength.
- Investment outlook suggests accumulating on share price dips for long-term value, while yield-focused investors may consider rotating to higher-yielding blue chips.
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
