Lim & Tan Securities
16 July 2025

Singapore’s Investment Landscape: Key Market Movers, Company Updates, and Institutional Flows for July 2025

Market Overview: STI Performance and Global Indices Snapshot

Singapore’s FSSTI Index closed at 4,119.8, up 0.3% on the day, and has gained 3.9% month-to-date (MTD) and 8.8% year-to-date (YTD). Comparatively, the US Dow Jones ended at 44,023.3 (-1.0% daily), S&P 500 at 6,243.8 (-0.4%), and Nasdaq at 20,677.8 (+0.2%). The UK’s FTSE 100 stood at 8,938.3, down 0.7%, while Hong Kong’s Hang Seng Index surged 1.6% daily and an impressive 22.6% YTD, highlighting robust Asian market sentiment.

Bond yields and rates in Singapore remain subdued with the 3-month SGD SORA at 1.9% and the SG 10-year bond yield at 2.1%. The US 10-year bond yield stands higher at 4.5%, reflecting the global rate divergence.

EPIISOD: Redefining Student Housing in Australia

Centurion Corporation Limited (\$1.77, up 0.02) is set to revolutionize student accommodation with the launch of EPIISOD, a new premium student housing brand. The inaugural property, EPIISOD Macquarie Park, is under construction and will deliver over 700 beds by February 2026. Students can register for residency from 15 July 2025.

• Features 732 modern rooms with amenities such as a rooftop infinity pool, wellness centre (sauna, ice pool, yoga), dedicated study areas, and communal zones.
• Located near Macquarie University, Macquarie Shopping Centre, and public transport, boosting local economic activity and desirability.
• Focus on community living, personal growth, and wellbeing, with tech-forward features including keyless smart entry and smart home IoT systems.
• Exclusive Resident App for residential services, parcel management, and updates.
• “EPIISOD Experience” program offers weekday breakfasts, housekeeping, gym sessions, curated events, leadership opportunities, and more.

Centurion’s Joint Chairman and Executive Director, David Loh, highlighted the strategic importance of the Sydney launch, marking a milestone in Centurion’s global expansion. The company boasts a portfolio of 37 accommodation assets across Asia, the UK, and the US.

Financials at a glance:

• Market Cap: \$1.47 billion
• Valuation: 13.5x FY25 forward PE, 1.3x P/B, 2% dividend yield
• Share price: \$1.75, near the 1-year target price of \$1.70

With the upcoming REIT spin-off planned for 2H’25, Centurion’s stock has outperformed the market and peers. However, with limited capital upside at current levels, investors are advised to “Accumulate on Weakness” ahead of the REIT listing.

PropNex: 25th Anniversary, Philanthropy, and Leadership Transition

PropNex Limited (\$1.23, down 0.04), Singapore’s largest listed real estate agency, is celebrating its 25th anniversary with over \$30 million pledged in philanthropic initiatives and a pivotal leadership transition.

• Kelvin Fong, previously Deputy CEO, succeeds Ismail Gafoor as CEO. Ismail stays on as Executive Chairman, continuing to steer strategy and governance.
• Philanthropic focus centers on children, families, and individuals with special needs, alongside ongoing CSR efforts under PropNex Cares.
• Corporate governance is enhanced by dividing CEO and Chairman roles, ensuring oversight and accountability.
• PropNex handled 90,000 property transactions in 2024; 1H2025 transaction volume is up 7% YoY.

Financials at a glance:

• Market Cap: \$910 million
• Valuation: 14-15x forward PE, with strong growth of 40-50%
• Dividend Yield: 5% (normalized)
• Consensus Target Price: \$1.35-\$1.40 (limited upside)

Despite limited capital upside, PropNex’s yield and growth prospects continue to attract investors. The company is rated “Accumulate on Weakness” amid expectations of a special shareholder return during its interim results in August 2025.

Sector Standouts: Dividend Yields and Value Picks

Macro Market News: US and China Economic Trends

US market sentiment is underpinned by weakening consumer confidence and slowing labor momentum, supporting a preference for long-duration bonds as inflationary fears recede. The June Conference Board Consumer Confidence index fell to 93.0, with both present conditions and expectations declining. Labor market data points to fading momentum, threatening consumption-driven growth.

In China, services activity slipped to a nine-month low, with the Caixin China services PMI at 50.6 in June (down from 51.1). The jobs market remains weak and wage growth is slowing, keeping consumers cautious. Despite some improvement in manufacturing and construction, persistent deflation and property market weakness continue to pressure household confidence and spending.

Share Transactions: Acquisitions, Disposals, and Buybacks (1–15 July 2025)

* Bought from 2 Jan-17 June’25

Notable disposals include Sin Huat Co Ltd’s sale of 63 million PSC Corp shares and YTL Cement’s sale of 5 million NSL Ltd shares. Share buybacks were robust, with activity from blue chips such as UOB, OCBC, DBS, and ST Engineering.

Fund Flow Data: Institutional vs. Retail Activity

For the week of 7 July 2025, institutional investors recorded a net buy of S\$87.3 million (down from S\$213.3 million the previous week), while retail investors posted a net sell of S\$325.5 million (vs. -S\$304.7 million prior week).

Retail investors showed strong net buys in PSC Corporation, Mapletree Industrial Trust, Keppel DC REIT, and ComfortDelGro, while selling DBS, SIA, Singtel, OCBC, and UOB.

Sectoral Fund Flows: Institutional and Retail Behavior

Institutional flows during the week favored Technology (+\$8.5M), Telcos (+\$103M), and Utilities (+\$8.6M), while REITs (-\$50.9M) and Industrials (+\$52.4M) showed mixed activity. For retail investors, big net buys were in REITs (+\$88.7M), while Financial Services (-\$222.6M) and Telcos (-\$59.1M) were heavily sold.

STI Constituents: Institutional vs. Retail Flows, Week of 7 July

Upcoming Dividends and Special Distributions

SGX Watch-List: Companies Under Close Monitoring

There are 32 companies currently under the SGX Watch-List, including recent additions such as Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare. The watch-list highlights companies requiring close investor scrutiny due to ongoing regulatory or financial concerns.

Conclusion: Navigating Opportunities and Risks in Singapore’s Market

July 2025 presents a dynamic investment landscape in Singapore, driven by sectoral shifts, corporate milestones, and evolving institutional and retail flows. With sector leaders like Centurion and PropNex making strategic moves, and active trading across blue chips and high-yielding REITs, investors are encouraged to monitor both macro trends and company fundamentals closely. Dividend pay-outs, leadership changes, and new property launches provide both yield and growth opportunities, while the SGX Watch-List underscores the importance of due diligence.