Lim & Tan Securities
May 30, 2025
Singapore Market Insights: Sembcorp’s Renewables Push, KSH Holdings’ Recovery, and Fund Flow Analysis
Financial Market Overview
The FSSTI Index closed at 3,916.8, marking a 0.1% increase, with month-to-date (MTD) and year-to-date (YTD) gains of 2.2% and 3.4%, respectively. [[1]] Key global indices showed mixed performance: [[1]]
- INDU Index: 42,215.7 (0.3% increase)
- SPX Index: 5,912.2 (0.4% increase)
- CCMP Index: 19,175.9 (0.4% increase)
- UKX Index: 8,716.5 (-0.1% decrease)
- NKY Index: 38,433.0 (1.9% increase)
- HSI Index: 23,573.4 (1.4% increase)
- SHCOMP Index: 3,363.4 (0.7% increase)
The VIX Index stood at 19.2, with a 1-day decrease of -0.7%. [[1]] The daily market value was S\$1,245.8 million, with a volume of 1,228.7 million shares. [[1]]
Key Interest Rates
- 3 Mth SGD SORA: 2.3 (-0.1% 1D) [[1]]
- SG 10 YR Bond Yield: 2.4 (0.9% 1D) [[1]]
- US 10 YR Bond Yield: 4.4 (-1.3% 1D) [[1]]
Commodities Market
- Gold: 3,314.3 (-0.1% 1D) [[1]]
- Crude Oil: 60.9 (-1.5% 1D) [[1]]
- Baltic Dry: 1,303.0 (0.5% 1D) [[1]]
- Crude Palm Oil: 3,903.0 (-0.7% 1D) [[1]]
Idea of the Day: Sembcorp Industries (SCI)
Sembcorp Industries’ renewables subsidiary, Sembcorp Green Infra, has secured a build-own-operate solar energy storage hybrid project from SJVN, an Indian state-owned power company. [[1]] This project involves supplying solar power for four hours daily to meet peak electricity demand using a 300 megawatt-hour (MWh) battery energy storage system (Bess). [[2]]
- Project Details: Contracted capacity of 150MW, part of SJVN’s 1.2 gigawatt (GW) tender. [[2]]
- Funding: Through a blend of internal funds and debt. [[2]]
- Expected Impact: No material impact on the group’s earnings per share and net tangible assets per share for the financial year ending December 2025. [[2]]
- Renewables Portfolio: This project increases Sembcorp’s gross renewables capacity in India to 6.3GW and its global portfolio to 17.7GW. [[3]]
Sembcorp’s market capitalization stands at \$11.9 billion, trading at 10.7x forward PE and 2.2x PB, with a dividend yield of 3.4%. [[3]] The consensus target price is \$7.46, representing an 11.5% upside from the current share price. [[3]]
Recommendation: Accumulate on weakness. [[4]]
KSH Holdings Limited (KSH)
KSH Holdings Limited reported revenue of S\$182.8 million for the full year ended March 31, 2025 (“FY2025”), a 14.6% decrease from S\$214.1 million in FY2024. [[5]] This decline was primarily due to lower construction revenue and losses from associates and joint ventures. [[5]]
- Financial Performance: Narrowed net loss attributable to Owners of the Company of S\$5.9 million for FY2025, with a net profit of S\$0.5 million for the second half year ended September 30, 2025 (“2HFY2025”). [[5]]
- Order Book: Supported by an order book of over S\$230.0 million. [[6]]
- Property Development: Share of unrecognised attributable revenue from property development units sold in Singapore surpassed S\$162.0 million. [[6]]
The Group reported a profit of S\$0.5 million in 2HFY2025 and reduced the net loss attributable to Owners of the Company to S\$5.9 million for FY2025. [[7]] The gearing ratio improved to 0.22x in FY2025 from 0.42x in FY2024. [[7]]
Dividend: Proposing a final cash dividend of 0.75 Singapore cents per ordinary share, bringing the total dividend for FY2025 to 1.25 Singapore cents per share. [[7]]
Future Outlook: Expects the construction order book to contribute positively to the Group’s results in the financial year ending March 31, 2026. [[8]]
Conclusion and Recommendation: Accumulate rating maintained. [[9]] The company has bought back 10.868mln shares around the 20 cents level, accounting for just under 20% of its allowable total buy back volume of 55.2mln shares. [[10]]
FSSTI Stock Selection
Highest Consensus Forward Div Yield (%): [[5]]
- FRASERS LOGISTICS TRUST 7.59
- MAPLETREE INDUSTRIAL TRUST 6.88
- MAPLETREE LOGISTICS TRUST 6.88
- DBS BANK 6.78
- MAPLETREE PAN ASIA COMM TRUST 6.75
Lowest Consensus Forward P/E (X): [[5]]
- YANGZIJIANG SHIPBUILDING 6.30
- JARDINE CYCLE & CARRIAGE 7.34
- JARDINE MATHESON 8.32
- UOB BANK 10.07
- OCBC BANK 10.17
Lowest Trailing P/B (X): [[5]]
- HONGKONG LAND 0.39
- UOL GROUP 0.42
- JARDINE MATHESON 0.46
- CITY DEVELOPMENTS 0.49
- MAPLETREE PAN ASIA COMM TRUST 0.66
Lowest Trailing EV/EBITDA (X): [[5]]
- YANGZIJIANG SHIPBUILDING 3.01
- GENTING SINGAPORE 5.02
- JARDINE CYCLE & CARRIAGE 5.93
- DFI RETAIL GROUP 6.65
- VENTURE CORP 7.61
Macro Market News Affecting US, Hong Kong, and China Markets
- US: Markets remain indifferent to soft data, but hard labor data still matters. [[12]]
- China/HK: Hong Kong authorities are intensifying tax checks of private equity and venture funds. [[12]]
Share Transactions (1 May’25 – 29 May’25)
Acquisitions: [[14]]
- Samudera Shipping Line: Bani Mulia acquired 30,900 shares at S\$0.81.
- Ho Bee Land: Chua Thian Poh acquired 18,000 shares at S\$1.77.
- Sinostar PEC: Li Xiang Ping acquired 200,000 shares at S\$0.144.
- Cosmosteel: Jack Ong acquired 446,200 shares at S\$0.22.
- UMS: Andy Luong acquired 100,000 shares at S\$1.15.
- Venture Corp: Chua Kee Lock acquired 30,000 shares at S\$11.08.
Disposals: [[14]]
- Eneco Energy Ltd: Unionsteel Holdings Ltd disposed of 640,000,000 shares at S\$0.0115.
- CH Offshore: Tan Pong Tyea disposed of 194,380,175 shares at S\$0.012.
Share Buyback
Several companies engaged in share buyback programs: [[14]]
- HK Land: 470,000 shares at US\$5.24
- APAC Realty: 225,200 shares at \$0.44
- Global Investment Limited: 300,000 shares at \$0.125
- Olam: 500,000 shares at \$0.88
- SGX: 105,000 shares at \$13.96
- UOB: 255,000 shares at \$35.77
- Zheneng Jinjiang Holding Co Ltd: 150,000 shares at \$0.45
- ESR REIT: 500,000 shares at \$2.22
- 17 Live: 37,900 shares at \$0.91
- Q&M Dental: 242,400 shares at \$0.35
- Venture Corp: 55,000 shares at \$10.97
- OUE Ltd: 30,100 shares at \$0.965
- DBS: 400,000 shares at \$44.07
- MTQ: 90,000 shares at \$0.27
Fund Flow Data
Top 10 Institution Net Buy (+) Stocks (S\$M) – Week of 19 May
- SIA: 32.4
- ST Engineering: 22.8
- Hongkong Land: 10.0
- Seatrium: 9.5
- SGX: 8.1
- SIA Engineering: 6.4
- CapitaLand Integrated Commercial Trust: 5.3
- Keppel: 5.2
- Keppel DC REIT: 4.1
- Wilmar International: 4.1
Top 10 Institution Net Sell (-) Stocks (S\$M) – Week of 19 May
- DBS: (31.9)
- Singtel: (31.0)
- Yangzijiang Shipbuilding: (28.6)
- UOB: (28.6)
- OCBC: (21.7)
- Mapletree Industrial Trust: (13.2)
- SATS: (9.1)
- CapitaLand Ascendas REIT: (8.1)
- Riverstone: (7.0)
- Jardine Matheson: (6.8)
Top 10 Retail Net Buy (+) Stocks (S\$M) – Week of 19 May
- Yangzijiang Shipbuilding: 37.8
- OCBC: 21.0
- SATS: 15.3
- Mapletree Industrial Trust: 10.6
- Thai Beverage: 9.5
- CapitaLand Investment: 8.7
- Frasers Logistics & Commercial Trust: 8.5
- Mapletree Pan Asia Commercial Trust: 7.8
- Riverstone: 7.4
- Genting Singapore: 7.1
Top 10 Retail Net Sell (-) Stocks (S\$M) – Week of 19 May
- SIA: (90.1)
- DBS: (24.9)
- Singtel: (21.0)
- ST Engineering: (16.3)
- Keppel: (13.9)
- Seatrium: (9.6)
- SIA Engineering: (7.6)
- Hongkong Land: (4.1)
- iFast Corporation: (3.7)
- Geo Energy Resources: (3.1)
Institutional investors net sell (-S\$121.3m) vs. (-S\$47.9m) a week ago. [[16]] Retail investors net buy (+S\$9.6m) vs. (+S\$56.3m) a week ago. [[16]]
Institutional Investors Net Buy/Sell (S\$M) by Sector
| Sector |
28-Apr-25 |
5-May-25 |
12-May-25 |
19-May-25 |
| Consumer Cyclicals |
5.6 |
5.1 |
(8.7) |
(7.7) |
| Consumer Non-Cyclicals |
(2.7) |
0.7 |
(16.0) |
2.9 |
| Energy/Oil & Gas |
(0.3) |
0.8 |
1.2 |
(1.7) |
| Financial Services |
76.9 |
(88.1) |
(3.4) |
(80.0) |
| Health care |
0.9 |
(0.8) |
(9.2) |
(4.6) |
| Industrials |
86.7 |
64.1 |
21.5 |
24.2 |
| Materials & Resources |
0.8 |
(0.0) |
1.1 |
(0.7)
|
| Real Estate (excl. REITs) |
11.4 |
17.4 |
11.8 |
17.0 |
| REITs |
3.4 |
0.8 |
(57.2) |
(30.6) |
| Technology (Hardware/Software) |
(38.5) |
(11.4) |
19.4 |
(0.5) |
| Telcos |
25.8 |
110.0 |
(4.6) |
(36.5) |
| Utilities |
25.2 |
(0.5) |
(3.7) |
(3.1) |
Retail Investors Net Buy/Sell (S\$M) by Sector
| Sector |
28-Apr-25 |
5-May-25 |
12-May-25 |
19-May-25 |
| Consumer Cyclicals |
5.0 |
(2.1) |
13.0 |
11.9 |
| Consumer Non-Cyclicals |
5.8 |
(11.5) |
16.6 |
9.8 |
| Energy/Oil & Gas |
2.7 |
(0.5) |
(1.3) |
1.0 |
| Financial Services |
(29.4) |
(34.5) |
(17.5) |
19.9 |
| Health care |
0.0 |
10.4 |
7.8 |
6.7 |
| Industrials |
(83.3) |
(80.4) |
7.5 |
(70.4) |
| Materials & Resources |
(1.6) |
0.0 |
(0.6) |
(0.7) |
| Real Estate (excl. REITs) |
(7.1) |
(11.5) |
(9.6) |
(0.4) |
| REITs |
(11.8) |
46.3 |
48.2 |
42.3 |
| Technology (Hardware/Software) |
48.4 |
6.3 |
(26.6) |
2.4 |
| Telcos |
(27.7) |
(60.2) |
22.5 |
(13.8) |
| Utilities |
(15.2) |
3.5 |
(3.8) |
0.9 |
STI Constituents – Week of 19 May
The following table summarizes the net buy/sell positions of institutional and retail investors for STI constituents: [[19]]
| Stock Code |
Institution Net Buy (+) / Net Sell (-) (S\$M) |
Retail Net Buy (+) / Net Sell (-) (S\$M) |
| CapitaLand Ascendas REIT (A17U) |
(8.1) |
6.0 |
| CapitaLand Integrated Commercial Trust (C38U) |
5.3 |
0.1 |
| CapitaLand Investment (9CI) |
(4.7) |
8.7 |
| City Developments (C09) |
1.6 |
2.2 |
| DBS (D05) |
(31.9) |
(24.9) |
| DFI Retail Group (D01) |
0.5 |
(0.2) |
| Frasers Centrepoint Trust (J69U) |
(0.5) |
(1.1) |
| Frasers Logistics & Commercial Trust (BUOU) |
(5.0) |
8.5 |
| Genting Singapore (G13) |
(4.5) |
7.1 |
| Hongkong Land (H78) |
10.0 |
(4.1) |
| Jardine Cycle & Carriage (C07) |
(2.7) |
3.9 |
| Jardine Matheson (J36) |
(6.8) |
6.7 |
| Keppel (BN4) |
5.2 |
(13.9) |
| Mapletree Industrial Trust (ME8U) |
(13.2) |
10.6 |
| Mapletree Logistics Trust (M44U) |
(3.0) |
6.6 |
| Mapletree Pan Asia Commercial Trust (N2IU) |
(2.8) |
7.8 |
| OCBC (O39) |
(21.7) |
21.0 |
| SATS (S58) |
(9.1) |
15.3 |
| Seatrium (5E2) |
9.5 |
(9.6) |
| Sembcorp Industries (U96) |
(1.3) |
(0.2) |
| SIA (C6L) |
32.4 |
(90.1) |
| SGX (S68) |
8.1 |
3.3 |
| ST Engineering (S63) |
22.8 |
(16.3) |
| Singtel (Z74) |
(31.0) |
(21.0) |
| Thai Beverage (Y92) |
(2.1) |
9.5 |
| UOB (U11) |
(28.6) |
5.0 |
| UOL Group (U14) |
3.8 |
(0.1) |
| Venture Corporation (V03) |
(4.0) |
6.3 |
| Wilmar International (F34) |
4.1 |
(1.9) |
| Yangzijiang Shipbuilding (BS6) |
(28.6) |
37.8 |
| Overall Net Buy (+) / Net Sell (-) (S\$M) |
(106.5) |
(17.2) |
Dividends / Special Distributions / Others
Upcoming dividends and distributions: [[20]]
- Hotung Inv: 10.86 cts Final (Ex-Dividend Date: 27 May)
- Jardine Cycle and Carriage: US84 cts Final (Ex-Dividend Date: 28 May)
- Netlink Trust: 2.68 cts Final (Ex-Dividend Date: 28 May)
- SUTL: 5 ct Final (Ex-Dividend Date: 2 June)
- Econ Healthcare: 2.5ct Special (Ex-Dividend Date: 2 June)
- UMS: 1ct (1Q25) (Ex-Dividend Date: 9 July)
- SIA Engineering: 7 cts Final (Ex-Dividend Date: 28 July)
- SATS Ltd: 3.5 cts Final (Ex-Dividend Date: 30 July)
- Singtel: 10 cents Final (Ex-Dividend Date: 31 July)
- SIA: 30cts Final (Ex-Dividend Date: 8 Aug)
- UOB: 25 ct Special (Ex-Dividend Date: 15 Aug)
SGX Watch-List
Companies under SGX Watch-List: [[22]]
- Amos Group
- Ascent Bridge Ltd
- ASTI Holdings
- British And Malayan Hldgs
- CH Offshore
- Cosmosteel
- Datapulse Technology
- Debao Property
- Eneco Energy
- Full Apex (Holdings)
- GRP Limited
- Interra Resources
- Intraco Ltd
- IPC Corp
- Jadason Enterprises
- Jasper Investments (Salt Investments)
- Manufacturing Integration Technology
- Metis Energy
- Raffles Infrastructure
- Shanghai Turbo
- SMI Vantage
- Trek 2000 Intl
- United Food Hldgs
- USP Group Limited
- Addvalue Technologies
- Renaissance United
- Telechoice
- Tiong Seng Hldgs
- Global Invacom Group
- Green Build Technology
- Keong Hong
- Camsing Healthcare
