Lim & Tan Securities — Daily Review | 26 November 2025
Excerpt from Lim & Tan Securities report.
- US and Global Markets: US equity indexes rose, fueled by expectations of a third consecutive interest rate cut in December following weaker consumer confidence and retail sales. The Dow Jones, S&P 500, and Nasdaq all posted gains.
- Seatrium Contract Win: Seatrium was awarded a major contract by BP for the Tiber Floating Production Unit (FPU), its second consecutive deepwater project for BP, leveraging efficiencies from its previous Kaskida FPU project. The Tiber FPU will produce 80,000 barrels of crude oil per day and is expected to enhance Seatrium’s market position in deepwater energy solutions.
- Kimly Ltd Financials: Kimly reported resilient FY2025 results with a slight increase in net profit to S\$33.3 million and a proposed total dividend payout of 2.00 Singapore cents per share (74.8% payout ratio). The group continues to expand its network of food outlets despite challenging F&B sector conditions.
- Sector & Fund Flow Trends: Institutional investors were net sellers, while retail investors were net buyers in the week of 17 November 2025. Consumer cyclicals, financial services, and industrials saw notable activity. Dividend payouts for multiple SGX-listed companies were highlighted for the coming months.
- China Steel Sector Outlook: China is taking a gradual approach to steel industry reform, focusing on upscaling and quality rather than immediate supply cuts. High-end producers are likely to benefit, but overall demand remains a key challenge.
Report Summary
- US market optimism persists on anticipated Fed rate cuts; major indices up.
- Seatrium strengthens its deepwater segment with a significant BP contract.
- Kimly delivers stable financials and maintains expansion strategy amid F&B headwinds.
- Fund flows indicate institutional selling and retail buying; sector movements tracked.
- China steel reforms favor high-end producers; demand remains uncertain.
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