Broker Name: Lim & Tan Securities
Date of Report: 28 November 2025
Excerpt from Lim & Tan Securities report.
- Singapore’s FSSTI Index continued its upward trend, closing at 4,509.3, with most Asian markets posting gains while European markets were mixed.
- ASL Marine reported a 12.1% year-on-year revenue increase for 1QFY2026, driven by shipbuilding and ship repair services, with finance costs down S\$4 million due to deleveraging; new ship chartering contracts of S\$82 million were secured and asset sales of S\$55 million announced, supporting a maintained BUY rating and a target price of S\$0.30.
- ISOTeam addressed questions at its AGM, highlighting its renewable solutions business, focus on solar PV system installation (not ownership), development of AI-enabled painting and washing drones, and strategies to offset rising construction costs; recent fundraisings are mainly for R&D and scaling up drone production.
- Top institutional net buys included Keppel, Hongkong Land, and Wilmar International, while DBS, Singtel, and Sembcorp Industries saw the most net selling; retail investors were net buyers, favoring DBS, Sembcorp Industries, and UOB.
- Recent macro updates noted cautious optimism in China’s consumer spending recovery, with Western luxury and consumer brands seeing improving results, though sustainability of the rebound remains uncertain due to property sector weakness.
- Flows into Singapore market sectors were mixed, with institutional investors net sellers and retail investors net buyers in the most recent week.
- Upcoming dividend distributions and earnings events were listed for various Singapore-listed companies.
Report Summary
- FSSTI continues to rise; Asian markets positive, Europe mixed.
- ASL Marine posts strong results, secures new contracts, maintains BUY rating.
- ISOTeam focuses on core businesses, solar PV installations, and drone innovation; recent fundraising supports R&D.
- Institutional funds rotated out of banks and telcos, retail investors bought into banks and industrials.
- China’s consumer market shows early recovery signs, but sustainability is uncertain.
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
