Lim & Tan Securities
16 July 2025

Singapore Market Insights: Key Stock Picks, Corporate Moves, and Sector Trends for July 2025

Market Overview: Singapore and Global Indices Performance

The Singapore Straits Times Index (FSSTI) continued its upward momentum, closing at 4,119.8, reflecting a 0.3% daily gain, a 3.9% month-to-date increase, and an impressive 8.8% year-to-date surge. Among major global indices, the Hang Seng Index (HSI) led with a remarkable 22.6% YTD return, while the FTSE 100 (UKX) advanced 9.4% YTD. In contrast, the Dow Jones Industrial Average (INDU) and S&P 500 (SPX) saw more modest YTD gains of 3.5% and 6.2% respectively. The local market witnessed a robust daily trading value of S\$1.34 billion and a volume of 1.76 billion shares.

Key interest rates also saw notable moves, with the 3-month SGD SORA declining 36.7% YTD to 1.9, while the SG 10-Year Bond Yield dropped 25.1% YTD to 2.1. The US 10-Year Bond Yield stood at 4.5, down 1.9% YTD.

Commodities Market Snapshot

• Gold: Soared 26.9% YTD to 3,330.5
• Crude Oil: Down 7.3% YTD at 66.5
• Baltic Dry Index: Up 78.8% YTD to 1,783.0
• Crude Palm Oil: Rose 2.4% YTD to 4,186.0

Centurion Corporation: Premium Student Housing Initiative and Market Outlook

Centurion Corporation Limited (\$1.75, Market Cap: \$1.47 billion) has unveiled “EPIISOD,” a new premium student housing brand, with its flagship project in Macquarie Park, Sydney, set for completion by February 2026. The property will offer 732 modern rooms with top-tier amenities, supporting both international and domestic students. Facilities include a rooftop infinity pool, wellness center, smart home IoT, keyless entry, and a resident-exclusive app for seamless service access. The EPIISOD Experience program will provide perks such as weekday breakfasts, housekeeping, gym training, and curated events, aiming to foster academic and personal growth.

Centurion currently trades at 13.5x FY25 forward PE, 1.3x price-to-book, and a 2% dividend yield, hovering near its 1-year Bloomberg consensus target price of \$1.70. While share price upside appears limited following strong outperformance and anticipation of a REIT spin-off in 2H 2025, the recommendation remains “Accumulate on Weakness” ahead of the REIT listing.

PropNex Limited: 25th Anniversary, Philanthropy, and Leadership Change

PropNex Limited (\$1.23, Market Cap: \$910 million), Singapore’s largest listed real estate agency, celebrates its 25th anniversary with over \$30 million committed to philanthropic initiatives and a leadership transition. Executive Chairman Ismail Gafoor will hand over the CEO role to Kelvin Fong (previously Deputy CEO), strengthening corporate governance and succession planning.

PropNex handled 90,000 property transactions (including rentals) in 2024 and recorded a 7% increase in transaction volume for 1H 2025 year-on-year. The company trades at 14-15x forward PE with expected growth of 40-50% and an attractive normalized yield of 5%. Although its consensus target price (\$1.35-1.40) offers limited capital upside, PropNex is expected to remain popular with yield-focused investors, especially with potential anniversary rewards for shareholders. The stock retains an “Accumulate on Weakness” rating.

Top Dividend Yield and Value Picks in the FSSTI Universe

Corporate Moves: Acquisitions, Disposals, and Share Buybacks

• PSC Corp Ltd: Sam Goi acquired 63 million shares at \$0.40, raising his stake to 43.38%.
• Hong Lai Huat Group Ltd: Ong Bee Huat bought 4 million shares at \$0.042 (stake: 44.07%).
• Indofood Agri Resources: PT Indofood Sukses Makmur Tbk acquired 9,056,200 shares (stake: 85.87%).
• Singapore Shipping Corp Ltd: Ow Chio Kiat added 2.5 million shares at \$0.28 (stake: 44.39%).
• Capitaland India Trust: Aberdeen purchased 968,600 shares at \$1.05 (stake: 5.05%).

Recent share buybacks include HK Land, UOB, Olam, OCBC, DBS, ST Engineering, and others. Notably, DBS bought back 350,000 shares at \$46.18, representing 7.2% of its maximum mandate.

Institutional and Retail Fund Flows: Weekly Sector Trends

For the week of 7 July 2025, institutional investors recorded a net buy of S\$87.3 million, down from S\$213.3 million previously, while retail investors net sold S\$325.5 million, vs. S\$304.7 million net sell last week.

Retail investors heavily bought PSC Corporation (+\$25.4m), Mapletree Industrial Trust (+\$24.1m), and Keppel DC REIT (+\$24.0m), while selling DBS (-\$118.0m), SIA (-\$70.4m), and Singtel (-\$62.9m).

Sectoral Breakdown: Institutional and Retail Activity

Institutional investors showed the strongest buying in Telcos (+\$103m), Industrials (+\$52.4m), and Technology (+\$8.5m), while REITs (-\$50.9m) and Financial Services (-\$25.0m) saw net selling. Retail investors favored REITs (+\$88.7m) but sold heavily in Financial Services (-\$222.6m) and Technology (-\$7.6m).

Earnings Calendar: Key Corporate Announcements Ahead

July and August 2025 are packed with major earnings releases and dividend distributions. Notable dividend ex-dates include:

• SIA Engineering (7 cts, 28 July)
• SATS Ltd (3.5 cts, 30 July)
• Singtel (10 cts, 31 July)
• Bukit Sembawang (4 cts final, 16 cts special, 1 August)
• UOB (25 cts special, 15 August)

Key results to watch in the coming weeks include Aztech, Hutchinson Port, Digital Core REIT, OUE REIT, Mapletree Logistics Trust, Suntec REIT, Frasers Centrepoint Trust, Keppel DC REIT, iFast Corp, Raffles Med, SIA, Mapletree Industrial, and more.

SGX Watch-List: Companies Under Review

As of July 2025, 32 companies remain on the SGX Watch-List due to various listing or compliance issues. Recent additions include Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare.

Macroeconomic and Regional Market Developments

US consumer confidence weakened in June, with the Conference Board index dropping 5 points to 93.0. Labor market momentum continues to fade, and while inflation fears have receded, consumption remains at risk. As a result, a long-duration stance in government bonds is favored by analysts.

In China, services activity slipped to a nine-month low, with the Caixin Services PMI falling to 50.6. Employment in the sector declined, and competition led to the fastest price cuts since April 2022. Despite these challenges, manufacturing and construction showed signs of recovery, reducing the immediate urgency for further stimulus.

Conclusion: Strategic Picks and Market Positioning for 2H 2025

Singapore’s market landscape in July 2025 is defined by strong performances from select blue-chip stocks, active fund flows in telcos and REITs, and significant corporate developments in real estate and accommodation. Investors are advised to accumulate on weakness in outperformers like Centurion and PropNex, monitor upcoming earnings, and stay vigilant on sector rotations and macroeconomic signals.

Lim & Tan Securities continues to advocate a balanced approach, focusing on dividend yield, low-valuation blue chips, and sector leaders as Singapore’s market heads into the second half of the year.