Lim & Tan Securities
Date of Report: 11 July 2025
Singapore Market Insights: Top Stock Picks, M&A Moves, and Sector Trends for July 2025
Lim & Tan Securities delivers an in-depth analysis of Singapore’s financial markets, providing investors with the latest trends, stock picks, and corporate actions to inform investment strategies. This comprehensive report covers major market indices, company news, sector fund flows, and upcoming corporate actions.
Singapore Market Performance and Macro Highlights
Index |
Close |
1D (%) |
MTD (%) |
YTD (%) |
FSSTI Index |
4,075.7 |
0.4 |
2.8 |
7.6 |
Dow Jones |
44,650.6 |
0.4 |
1.3 |
5.0 |
S&P 500 |
6,280.5 |
0.3 |
1.2 |
6.8 |
NASDAQ |
20,630.7 |
0.1 |
1.3 |
6.8 |
UKX Index |
8,975.7 |
1.2 |
2.5 |
9.8 |
NKY Index |
39,646.4 |
-0.4 |
-2.1 |
-0.6 |
HSI Index |
24,028.4 |
0.6 |
-0.2 |
19.8 |
SHCOMP Index |
3,509.7 |
0.5 |
1.9 |
4.7 |
U.S. stocks closed higher, with the Dow Jones climbing 192.34 points (+0.43%), the S&P 500 up 17.20 points (+0.27%), and the NASDAQ gaining 19.33 points (+0.09%). Investors shrugged off tariff concerns, with nine out of eleven S&P 500 sectors closing in the green. Consumer discretionary and energy sectors led gains, up 0.98% and 0.79% respectively. A successful US\$22 billion auction of 30-year Treasury bonds improved sentiment, indicating strong investor demand and easing concerns over rising borrowing costs.
Commodities and Interest Rates Snapshot
Asset |
Close |
1D (%) |
MTD (%) |
YTD (%) |
Gold |
3,325.2 |
0.0 |
0.7 |
26.7 |
Crude Oil |
66.6 |
-2.6 |
2.2 |
-7.2 |
Baltic Dry |
1,423.0 |
-0.6 |
-4.4 |
42.7 |
Crude Palm Oil |
4,137.0 |
-0.2 |
3.8 |
1.2 |
The 3-month SGD SORA and SG 10-year bond yields have declined significantly YTD, while US 10-year yields are slightly down. Gold continues its strong performance, up 26.7% YTD, while crude oil is down 7.2%.
Spotlight on 17LIVE Ltd: Digital Governance and Growth
17LIVE Ltd (\$1.09, market cap \$197 million) is reinforcing its position as a leading live-streaming platform in Japan and Taiwan, with additional presence in Hong Kong, Singapore, the United States, the Philippines, India, and Malaysia. The company’s proprietary SkyEye Monitoring System detected and removed 29,768 content violations in Taiwan in 2024, highlighting its robust digital governance. SkyEye integrates AI technology with professional moderators for 24/7 content supervision, evolving from manual to AI-powered real-time moderation. Violations included smoking, inappropriate language, sexually explicit content, and other unlawful behaviors, with SkyEye also featuring real-time unauthorized image detection.
In early 2025, 17LIVE raised its minimum user age to 18, aligning with global platforms to protect minors and address rising cybercrime. This proactive measure is part of a long-term commitment to safe and responsible platform management, with the company aiming to be a self-regulation leader in the live-streaming sector.
17LIVE’s core businesses encompass Liver and V-liver live-streaming, in-app games, and live commerce. The company’s ecosystem boasts a diverse, engaged community and a deep pool of live streamers. Trading at a forward FY25/FY26 blended consensus PE ratio of 25x (with an estimated profit of \$8 million), 17LIVE’s valuation is above the STI’s 12-13x PE average. However, ongoing share buybacks (1.39 million shares, 7.6% of mandate) and a consensus one-year target price of \$1.30/share are likely to support the share price.
Grand Venture Technology: Privatisation Offer and Strategic Analysis
Grand Venture Technology (trading halt at S\$0.955, market cap \$322 million) is the subject of a privatisation proposal from Netherlands-incorporated Aalberts Advanced Mechatronics at S\$0.94 per share. The bid values Grand Venture’s 339.3 million shares at S\$318.9 million. Key shareholders, holding 64.24%, have given irrevocable undertakings to vote in favor of the scheme, including the executive deputy chairman (15.37%), CEO and COO (each 3.55%), and NT SPV 12 (26.68%).
The offer price is an 11.9% premium over the last undisturbed price (S\$0.84 on 30 May 2025), and offers even higher premiums over volume-weighted average prices for various periods (1-, 3-, 6-, 12-, 24-, 36-months). It is also 241.8% above the IPO price (S\$0.275) and 140.1% above the latest NAV per share (S\$0.3915 as of 31 Dec 2024). The company highlights the offer as an attractive exit for shareholders, especially given historically low trading volumes.
Aalberts views Grand Venture as a strategic entry into Southeast Asia’s semiconductor market, leveraging complementary engineering, technology, and supply chains for productivity and efficiency gains. Grand Venture’s forward PE is 26x (with expected 25% growth in 2025), price to book is 2.5x, and dividend yield is under 1%. With 64.24% support and only 75% needed for approval, prospects for the scheme are strong.
Sector Standouts: Dividend Yields and Valuation Leaders
Highest Consensus Forward Dividend Yield (%) |
Lowest Consensus Forward P/E (x) |
Lowest Trailing P/B (x) |
Lowest Trailing EV/EBITDA (x) |
1. Frasers Logistics Trust 7.14 2. DBS Bank 6.74 3. Mapletree Industrial Trust 6.53 4. Mapletree Logistics Trust 6.50 5. Mapletree Pan Asia Comm Trust 6.47 |
1. Yangzijiang Shipbuilding 6.90 2. Jardine Matheson 9.01 3. UOB Bank 10.32 4. Wilmar International 10.33 5. OCBC Bank 10.37 |
1. Hongkong Land 0.46 2. UOL Group 0.49 3. Jardine Matheson 0.51 4. City Developments 0.55 5. Mapletree Pan Asia Comm Trust 0.69 |
1. Yangzijiang Shipbuilding 3.55 2. Genting Singapore 5.65 3. DFI Retail Group 6.95 4. SATS Ltd 8.11 5. Venture Corp 8.48 |
Corporate Actions: Acquisitions, Disposals, and Share Buybacks
Major recent insider transactions include significant acquisitions in TOTM (7.6 million shares), Hong Lai Huat Group, Indofood Agri Resources, and Singapore Shipping Corp. Notable disposals include UOBKH (566,500 shares at \$2.15), NSL Ltd (5 million shares), and Eneco Energy.
Several leading companies are actively conducting share buybacks, such as:
- HK Land: 240,000 shares at US\$6.22
- UOB: 200,000 shares at \$36.80 (8.97 million total, 10.8% of mandate)
- DBS: 350,000 shares at \$43.71 (6.58 million total, 7.3% of mandate)
- 17LIVE: 50,500 shares at \$1.07 (1.38 million total, 7.6% of mandate)
- Olam: 350,000 shares at \$0.99 (20.46 million total, 10.8% of mandate)
Institutional and Retail Fund Flows: Key Movements
In the week of 30 June 2025, institutional investors recorded a net buy of S\$213.3 million (up from S\$82.7 million the previous week), while retail investors were net sellers at S\$304.7 million.
Top institutional net buys:
- Keppel: S\$32.2m
- CapitaLand Integrated Commercial Trust: S\$29.4m
- SGX: S\$28.7m
- Hongkong Land: S\$23.0m
- CapitaLand Investment: S\$22.9m
- OCBC: S\$21.2m
- City Developments: S\$21.0m
- UOL: S\$20.2m
- UOB: S\$19.4m
- Singtel: S\$11.8m
Top retail net buys:
- Yangzijiang Shipbuilding: S\$20.4m
- Wilmar International: S\$9.8m
- Mapletree Industrial Trust: S\$9.4m
- Frasers Centrepoint Trust: S\$6.5m
- SATS: S\$4.2m
- AEM: S\$4.0m
- Mapletree Logistics Trust: S\$3.8m
- Keppel DC REIT: S\$3.1m
- ComfortDelGro: S\$2.8m
- Top Glove: S\$2.7m
Sector Fund Flow Trends
Institutional investors’ largest net buys were in Financial Services (+S\$99.6m), Real Estate (excl. REITs, +S\$63.6m), and Consumer Cyclicals (+S\$10.6m). Retail investors, meanwhile, were net sellers across most sectors, particularly Financial Services (-S\$164.7m), Real Estate (excl. REITs, -S\$53.8m), and REITs (-S\$27.7m).
Upcoming Dividends and Special Distributions
Company |
Amount |
First Day Ex-Dividend |
Payable |
Econ Healthcare |
2.5ct Special |
2 June |
16 July |
UMS |
1ct (1Q25) |
9 July |
24 July |
SIA Engineering |
7 cts Final |
28 July |
12 Aug |
SATS Ltd |
3.5 cts Final |
30 July |
15 Aug |
Singtel |
10 cts Final |
31 July |
19 Aug |
Bukit Sembawang |
4 ct Final & 16 cts Special |
1 Aug |
15 Aug |
Metro |
2 cts Final |
5 Aug |
18 Aug |
SIA |
30cts Final |
8 Aug |
27 Aug |
UOB |
25 ct Special |
15 Aug |
28 Aug |
Key Corporate Events and Earnings Calendar: July-August 2025
A robust calendar of earnings and corporate actions is expected, including results from Qianhu, Aztech, Hutchinson Port, Digital Core REIT, OUE REIT, Mapletree Logistics Trust, Suntec REIT, Keppel DC REIT, Raffles Medical, Singapore Airlines, Mapletree Industrial, Keppel REIT, City Developments, OCBC, UOB, Genting, Wilmar, and CapitaLand Investment, among others.
SGX Watch-List: Companies Under Regulatory Review
A total of 32 companies are currently under the SGX watch-list, including Amos Group, Ascent Bridge, ASTI Holdings, British And Malayan Holdings, CH Offshore, Cosmosteel, Datapulse Technology, Debao Property, Eneco Energy, Full Apex (Holdings), GRP Limited, Interra Resources, Intraco, IPC Corp, Jadason Enterprises, Jasper Investments, Manufacturing Integration Technology, Metis Energy, Raffles Infrastructure, Shanghai Turbo, SMI Vantage, Trek 2000 Intl, United Food Holdings, USP Group, Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare.
Macro Market News: Global and Regional Outlook
Global macroeconomic sentiment remains cautious. While some analysts see potential for U.S. earnings surprises from productivity or a weaker dollar, others warn of a 20% S&P 500 EPS cut if margins compress. Tech sector earnings are a wildcard, with margin resilience under debate. U.S. equities may underperform versus Europe and Japan due to a bearish dollar outlook and oil price risks. Disinflationary pressures continue in Europe and the UK, supporting a dovish stance by the Bank of England amid labor market weakness.
China and Hong Kong face challenges in art-backed lending, as the Parkview Group’s attempt to secure a loan against a high-value art collection highlights the difficulties in tapping alternative financing sources amid a property market slump. Parkview has secured a HK\$300 million loan from an investment firm and is in talks for further financing.
Conclusion: Positioning for Opportunity Amid Volatility
Singapore’s markets are buoyed by robust institutional buying, active corporate actions, and strategic M&A. Investors should monitor ongoing sector rotations, dividend announcements, and regulatory developments, especially around companies on the SGX watch-list. With global uncertainties and sector-specific opportunities, a defensive yet opportunistic approach is advised for the months ahead.