Maybank Research: Singapore Market Insights and Top Stock Picks
Wee Hur Completes PBSA Asset Disposal, Declares Special Dividend
2 April 2025
Wee Hur has completed the disposal of its 37.1% indirect stake in seven of its purpose-built student accommodation (PBSA) assets to Greystar for AUD355.4m. It will also declare a special DPS of SGD0.07 for FY24, subject to members’ approval at the forthcoming AGM. [[Page 1]]
Thomson Medical and Prudential Singapore Partner to Enhance Healthcare Experience
Thomson Medical (TMC) and Prudential Singapore have signed a partnership agreement to enhance the healthcare experience for customers. Effective 1 April 2025, Prudential’s Integrated Shield Plan (IP) customers will have access to about 100 accredited medical specialists from TMC to Prudential’s hospital-led partnership programme, PRUPanel Connect (PPC). This will help meet the growing demand for TMC’s healthcare services driven by an ageing population and increasing incidence of chronic illnesses. [[Page 1]]
NIO Delivers Strong March and Q1 2025 Results
NIO Inc updated that it has delivered 15,039 vehicles in March 2025, representing an increase of 26.7% year-over-year. The deliveries consisted of 10,219 vehicles from its premium smart electric vehicle brand NIO, and 4,820 vehicles from the Company’s family-oriented smart electric vehicle brand ONVO. Overall, NIO delivered 42,094 vehicles in the first quarter of 2025, representing an increase of 40.1% year-over-year, while cumulative deliveries reached 713,658 as of end-March 2025. [[Page 1]]
Zixin Group Expands Sweet Potato Snack Production
Zixin Group said it has achieved a breakthrough in the production of sweet potato chips and fries snack products. It has also begun to deliver the substantial orders received in February 2025 for these new products from its network of distributors. To accommodate the significant demand, the group has modified the production process and added a production line to its current snack manufacturing facility. Further expansion will be considered if demand for these sweet potato crispy snack products increases. [[Page 1]]
Q&M Dental to Acquire Remaining Stake in EM2AI
Q&M Dental will acquire the remaining 51% stake that it does not already own in associate company EM2AI for SGD1.76m. EM2AI is currently its 49%-owned associate, while the rest is owned by an investment holding company in which Q&M’s group CEO Ng Chin Siau is a major shareholder. EM2AI recently secured medical device licences in four ASEAN countries and has entered an MOU with a dental solutions provider to use its dental AI solutions across 1,000 dental clinics in the region. Q&M Dental says that full control of EM2AI enables the group to maximise synergies, integrate operations and enhance efficiencies, as well as accelerate its transition to a fully digital dental ecosystem and help standardise treatment protocols across its clinics. [[Page 1]]
MIBG Sustainability Research: Singapore ESG Trends
MIBG Sustainability Research analyzed 54 Singapore companies, about 57% of the country’s market cap, on various ESG parameters. The key findings are:
Emission intensity is declining in value terms but rising in absolute terms
Renewable energy usage is increasing
Nearly half of the companies under coverage have better-than-median scores across different ESG parameters
Social and governance indicators suggest improvement
Maximum improvement seen in REITs, real estate and tech companies [[Page 1]]
Centurion Corp: Initiate Coverage with BUY Rating
We initiate coverage on Centurion Corp with a BUY rating and target price of SGD1.45, based on 1x forward P/B. Despite the share price’s outperformance, we believe the current valuation of around 10x forward P/E is not excessive given its recurring earnings visibility from positive demand-supply dynamics due to strong construction demand in Singapore, coupled with a clear pipeline of capacity expansion. Potential re-rating catalysts include the spin-off of some of its accommodation assets into a REIT, and inorganic growth via JVs/M&As. [[Page 1]]
