Wilmar Faces Indonesian Probe, GuocoLand Grows Amid Mixed Revenue, Sheng Siong and Centurion Gain Traction, DFI Shocks with Dividend Bonanza

SGX:F34.SI:Wilmar International
Wilmar International denied allegations of selling adulterated rice, stating it is cooperating with Indonesian authorities probing 26 rice brands for quality fraud and price manipulation. The group confirmed some employees were questioned and noted it had placed a security deposit of IDR11.9 trillion (US$930 million) tied to earlier “corrupt actions” charges against five subsidiaries during a 2021 cooking oil shortage. The deposit will be refunded if the Indonesian Supreme Court upholds the Central Jakarta Court ruling in Wilmar’s favor.

SGX:F17.SI:GuocoLand
GuocoLand reported its property investment revenue rose 19% y-o-y to $130.6 million in 1HFY2025, buoyed by rental income from Guoco Tower and Guoco Midtown. However, total revenue slipped 5% to $1.01 billion due to timing of progressive revenue recognition and weaker China sales. Gross profit grew 16% to $247.9 million, operating profit 35% to $214.5 million, while PATMI climbed 13% to $74.6 million. Both Guoco Tower and Midtown’s Grade A offices achieved 100% occupancy.

SGX:OV8.SI:Sheng Siong Group (SSG)
Analysts remain bullish on Sheng Siong, with Maybank initiating a “buy” and a $2.30 target price, expecting 6% revenue CAGR through 2027. RHB raised its target to $2.12, citing strong store expansion plans and a 4% dividend yield. Shares have climbed 27.6% year-to-date to $2.08, outperforming the STI, benefiting from competitor DFI’s retreat from Singapore’s supermarket sector.

SGX:40G.SI:Centurion Corporation
Centurion hit a $1 billion market cap in March and climbed to $1.80 per share by July 16, up 87% year-to-date. Analysts, including RHB, UOB Kay Hian, and CGS International, raised target prices, with expectations centered on bed rate growth, upcoming REIT spin-off, and exposure to JS-SEZ-driven demand. Its Centurion Accommodation REIT, to be listed by year-end, will initially hold 14 assets valued at $1.84 billion, growing to $2.12 billion with Macquarie Park.

SGX:D01.SI:Suntec REIT
Suntec REIT declared a 1HFY2025 DPU of 3.155 cents, up 3.7% y-o-y, on distributable income of $92.8 million. Gross revenue rose 3.3% to $234.5 million and NPI by 5.6% to $159.5 million, aided by a one-off compensation in Sydney and stronger Singapore assets, though Adelaide and London lagged. Singapore offices and retail posted 99% and 98% occupancy with strong rent reversions.

SGX:J69U.SI:Frasers Centrepoint Trust (FCT)
FCT reported 99.9% committed occupancy for its retail portfolio in 3QFY2025, excluding Hougang Mall under AEI. Aggregate leverage stood at 42.8% (40.4% with perpetuals), while cost of debt dipped to 3.7%. It raised $421.3 million via equity and issued $200 million perpetual securities to fund its growth pipeline, targeting 7% ROI on Hougang Mall’s $51 million AEI.

SGX:BHK.SI:SIIC Environment
SIIC Environment signed a concession with Beiliu City for a 60,000-tonne/day wastewater plant and commenced new Shanghai projects totaling 100,000 tonnes/day capacity. It also began upgrading projects in Sichuan, Heilongjiang, and Shandong, collectively adding over 61,000 tonnes/day, and secured a concession extension in Guangxi Zhuang for an 80,000-tonne/day plant.

SGX:B58.SI:Banyan Group
Banyan Group, formerly Banyan Tree, is executing an asset-light growth strategy, with earnings up 33% y-o-y to $42.1 million and revenue rising 16% to $380.6 million in FY2024. The group operates 91 hotels and resorts, with its 100th property — Mandai Rainforest Resort — opening November. Laguna Phuket remains a key asset, with projected value exceeding US$7 billion by 2030.

SGX:D01U.SI:DFI Retail Group
DFI announced a surprise special dividend of 44.3 US cents per share alongside an interim dividend of 3.5 US cents, driving its stock up 9.18% to US$3.45. The payout follows divestments worth nearly US$900 million, including stakes in Yonghui and Robinsons Retail, and the planned US$93 million sale of Cold Storage and Giant to Malaysia’s Macrovalue. Underlying 1HFY2025 profit surged 39% y-o-y to US$105 million, though full-year organic growth guidance was cut to 0.5%–1%.

SGX:H78.SI:Hongkong Land
Hongkong Land shares have risen 42% year-to-date to US$6.33, supported by its US$1 billion Landmark redevelopment in Hong Kong. The firm plans to double dividends and underlying profit by 2035 while recycling US$4–6 billion in capital by 2027. Despite temporary rental dips, it expects higher tenant sales and rents post-redevelopment, with luxury tenants like Louis Vuitton and Chanel co-investing US$600 million.

Singapore Investors Turn to Safe Havens as Trump Tariffs Stir Global Market Turmoil

SGX:S27.SI:S&P 500
Singapore investors continued to trade heavily in the S&P 500 despite global volatility triggered by President Donald Trump’s sweeping tariffs. The index remains a preferred vehicle via ETFs, including leveraged positions, as markets digest trade uncertainty and potential Fed rate cuts.

US:QQQ:Nasdaq Composite
Technology stocks and Nasdaq-linked ETFs, particularly leveraged semiconductor plays and Nvidia-focused funds, remained key targets for Singapore investors, even after a sharp global market selloff following Trump’s tariff announcements.

US:BTC:Bitcoin
Bitcoin ETFs saw strong inflows from Singapore investors seeking refuge, as the cryptocurrency hit record highs amid rising global uncertainty and demand for alternative assets.

Gold:US:UCO:Gold ETFs
Gold ETFs surged in popularity as gold prices repeatedly reached all-time highs, with Singapore investors flocking to the safe-haven asset during heightened trade tensions and volatile equity markets.

SGX:D05.SI:DBS Group
DBS remains one of the most sought-after SGX-listed stocks among local investors, favored for its strong fundamentals, stable performance, and high dividend yields despite missing the list of the top 10 STI performers in H1 2025.

SGX:U11.SI:United Overseas Bank (UOB)
United Overseas Bank, along with other local banks, continues to attract investor interest for its resilience and dividends, though it ranked outside the top 10 STI performers for total returns in H1 2025.

SGX:O39.SI:Oversea-Chinese Banking Corporation (OCBC)
OCBC remains a mainstay in Singapore portfolios despite not featuring among the top 10 STI performers this year, as investors prize its defensive qualities and steady payouts during market turbulence.

US:NVDA:Nvidia
Nvidia-linked ETFs and leveraged products saw persistent trading among Singapore investors, with AI and advanced computing themes driving interest even amid a steep price correction post-tariff shocks.

SGX:AJBU.SI:Keppel DC REIT
Data centre-focused Keppel DC REIT continued to draw investor attention as a high-performing asset, delivering triple-digit total returns over the past decade despite a steep interest rate environment post-pandemic.

SGX:ME8U.SI:Mapletree Industrial Trust
Mapletree Industrial Trust remains a favored S-REIT, supported by long-term demand for data centre assets and industrial space, as investors seek stable yields and resilient asset classes.

SGX:J69U.SI:Frasers Centrepoint Trust (FCT)
Frasers Centrepoint Trust drew focus with its S$1.1 billion acquisition of the remainder of Northpoint City, signaling a continued appetite for prime retail assets despite broader macroeconomic uncertainties.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust (CICT)
Institutional investors and funds have shown increased appetite for assets like CICT, as easing Singapore interest rates — down 110 basis points year-to-date — bolster sentiment for core commercial real estate holdings.

SGX:5IO.SI:IOI Properties Group
IOI Properties secured a 50.1% stake in the South Beach mixed-use development for S$834.2 million, underscoring growing foreign and local investor confidence in premium integrated assets.

Private:BlackRock
BlackRock deepened its footprint in Singapore real estate by acquiring Citadines Raffles Place for S$280 million and co-leading a S$100 million acquisition of Momentus Serviced Residences Novena in May, while also acquiring Oakwood Studios Singapore for S$152.8 million earlier in the year.

Malaysia Earnings Season Heats Up: Nestlé, Oriental Interest Shine as Luxchem Stumbles and Big Deals Roll In

KL:4707.KL:Nestlé (Malaysia) Bhd
Nestlé Malaysia posted a 20% rise in 2QFY2025 net profit to RM112.11 million, driven by strong festive sales and cost control. Revenue climbed 9.5% to RM1.67 billion, and the group declared a 70 sen interim dividend, unchanged from last year.

KL:0221.KL:Betamek Bhd
Betamek reported a 10.48% increase in 1QFY2026 net profit to RM5.4 million as revenue grew 13.8% to RM56.9 million. It declared a one sen dividend and remains optimistic despite an expected industry-wide vehicle sales slowdown, supported by Perodua demand and customer diversification.

KL:0097.KL:ViTrox Corp Bhd
ViTrox recorded a flat 2QFY2025 net profit of RM28.13 million despite a 33.4% surge in revenue to RM183.04 million, with higher tax expenses after its pioneer status expired. The firm declared a reduced 0.7 sen dividend as it awaits approval for new tax incentives.

KL:5280.KL:KIP Real Estate Investment Trust
KIP REIT saw a 24.4% increase in net property income to RM96.82 million for FY2025, supported by new asset contributions and higher lease income. Revenue grew 33.3% to RM136.13 million, with full-year distributions rising to 6.80 sen after a 2.018 sen final payout.

KL:5143.KL:Luxchem Corp Bhd
Luxchem’s 2QFY2025 net profit fell 27.13% to RM8.89 million as revenue slipped 10.68% to RM187.74 million due to weakness in trading and manufacturing. The plastic materials maker declared an interim dividend of 0.7 sen, payable August 29.

KL:7164.KL:Oriental Interest Bhd
Oriental Interest delivered a record 3QFY2025 net profit of RM45.48 million, up 80.3% year-on-year, as revenue surged 69.2% to RM305.25 million. Growth was fueled by stronger construction progress recognition and contributions from new developments.

KL:5021.KL:AYS Ventures Bhd
AYS Ventures announced that its associate 3HA Capital Pte Ltd’s takeover offer for Singapore-listed CosmoSteel Holdings Ltd turned unconditional after securing 87.88% of shares. The final offer price was raised from S$0.20 to S$0.25 per share, with the deadline extended to July 28.

KL:0034.KL:MMAG Holdings Bhd
MMAG will acquire a Boeing 737-800 converted freighter for RM109.85 million, boosting its owned fleet to three aircraft alongside four leased planes. The purchase, subject to shareholder approval, will be settled in cash installments over 14 months.

KL:5311.KL:SkyWorld Development Bhd
SkyWorld, in partnership with Perbadanan PR1MA Malaysia, launched the RM192 million SkyAwani PRIMA Residences in Brickfields, comprising 492 units priced at RM390,000 each after successful balloting.

Hong Kong Markets Surge on Tech and Property Gains as Corporate Earnings Drive Volatility

HK:0293.HK:Cathay Pacific Airways
Cathay Pacific revealed around 1,000 Asia Miles member accounts were hacked, with miles stolen, raising security concerns.

HK:0386.HK:Sinopec Corp
Sinopec reported a 2% year-on-year rise in oil and gas equivalent production for the first half of 2025.

HK:09992.HK:Pop Mart
Pop Mart is in talks with multiple Hollywood studios for collaborations featuring its Labubu brand.

HK:3330.HK:Lingbao Gold
Lingbao Gold expects its interim net profit to surge 3.3 to 3.5 times compared with the previous year.

HK:3115.HK:Hang Seng Index (HSI)
The Hang Seng Index closed up 129 points at 25,667, supported by strong gains in China property developers, PV makers, and an 8%+ surge in SenseTime-W.

HK:0388.HK:Hong Kong Exchanges and Clearing (HKEX)
HKEX hit a new high as turnover rose, joining Tencent, China Hongqiao, CITIC, and WuXi AppTec in setting fresh records.

HK:0700.HK:Tencent Holdings
Tencent climbed to new highs, contributing to the Hang Seng Index rally.

HK:1378.HK:China Hongqiao
China Hongqiao surged to record levels as turnover across the market improved.

HK:0267.HK:CITIC
CITIC advanced to a new high amid rising trading activity in Hong Kong.

HK:2359.HK:WuXi AppTec
WuXi AppTec hit a fresh high, joining other CDMO leaders as Citi projected interim earnings beats.

HK:01928.HK:Sands China Ltd
HSBC Research raised Sands China’s target price to HKD17.3, maintaining a Hold rating.

HK:0522.HK:ASMPT
Multiple brokerages, including CLSA, BOCI, DBS, HTSC, and HSBC, raised ASMPT target prices, with ratings ranging from Hold to Buy and one upgrade to Outperform.

HK:2269.HK:WuXi Biologics
Morgan Stanley reiterated an Overweight rating on WuXi Biologics with a HKD35 target price after a positive profit alert.

HK:0688.HK:China Overseas Land & Investment
China Overseas reportedly spent RMB11.9 billion acquiring two land plots in Shanghai.

HK:9988.HK:Alibaba
UBS preferred Alibaba as its top pick for China e-commerce while favoring Tencent among dotcoms.

HK:1299.HK:AIA Group
HSI strength included AIA, supported by broad financial gains.

HK:2020.HK:Ant Group (via affiliate listing)
Ant Group partnered with the Chengdu government to establish an AI enterprise service HQ and R&D hub.

HK:1810.HK:Xiaomi
Xiaomi Auto tested its YU7 EV across challenging road conditions in China, as it advances toward market readiness.

HK:0981.HK:Semiconductor Manufacturing International Corp (SMIC)
Sector momentum carried semiconductor names like SMIC higher during the session.

HK:1958.HK:BAIC Motor
Chinese automakers, including BAIC, added to Hang Seng gains amid robust property and tech activity.

HK:1124.HK:PDD Holdings (Pinduoduo)
PDD switched its auditing to EY in Hong Kong, signaling preparation for a potential Hong Kong IPO.

HK:0883.HK:CNOOC
Energy stocks like CNOOC traded firm amid steady oil price sentiment.

HK:1038.HK:Power Assets Holdings
Utilities like Power Assets saw gains as defensive interest rose alongside equity rallies.

HK:1033.HK:Zhuzhou CRRC Times Electric
Industrial stocks such as Zhuzhou CRRC rose amid bullish sentiment for China-linked plays.

HK:1038.HK:BYD Company
BYD confirmed its Hungarian plant remains on schedule to start production by year-end with no change to capacity plans.

Wall Street Sees Records as Alphabet, Apple Lead; Tesla, Intel, Powell Drama Stir Markets

US:S27.SI:S&P 500
The S&P 500 closed up 4 points at 6,363, marking its 13th record close of 2025 and rising about 1.1% week-to-date.

US:QQQ:Nasdaq Composite
The Nasdaq Composite gained 37 points, or 0.2%, to 21,057, notching its third record close of the week.

US:DGT:Dow Jones Industrial Average
The Dow Jones Industrial Average fell 316 points, or 0.7%, to 44,693 as losses in IBM and Tesla weighed on the blue-chip index.

US:GOOGL:Alphabet
Alphabet’s better-than-expected earnings helped lift broader markets as 83% of S&P 500 companies reporting so far have beaten estimates.

US:AAPL:Apple
Apple rolled out the iOS 26 public beta with a new “liquid glass” interface, ahead of its official fall release. Goldman Sachs also expects Apple to beat revenue and earnings when it reports next week.

US:TSLA:Tesla
Tesla’s stock sank nearly 8% after reporting auto revenue declines for a second straight quarter, despite digital assets swelling 72% to $1.24 billion due to Bitcoin’s rise.

US:BTC:Bitcoin
Bitcoin’s surge helped Tesla boost its digital asset holdings to $1.24 billion from $722 million a year ago, despite missed potential profits from early sales.

US:INTC:Intel
Intel posted a deepened Q2 net loss of $2.9 billion, or 10 cents per share, but beat revenue expectations at $12.86 billion and projected Q3 revenue of $13.1 billion, topping forecasts.

US:IBM:IBM
IBM shares slid over 7% as its software revenue missed Wall Street estimates, dragging down the Dow.

US:AAPL:Apple
Apple is expected by Goldman Sachs to exceed earnings and revenue estimates, buoyed by strong services growth and product sales despite tariff and advertising risks.

US:DGT:Dow Jones Industrial Average
Investors are watching trade talks and upcoming tariffs, as President Donald Trump visited Federal Reserve headquarters, sparring with Chairman Jerome Powell over renovation costs while again urging for interest rate cuts.

Wall Street Rallies on Alphabet Strength, Apple Buzz, and Big Earnings Swings from Chipotle to Coursera

US:S27.SI:S&P 500
The S&P 500 rose 0.07% to 6,363.35, marking another record close.

US:QQQ:Nasdaq Composite
The Nasdaq Composite added 0.18% to 21,057.96, also finishing at a fresh high.

US:DGT:Dow Jones Industrial Average
The Dow Jones Industrial Average slid 316.38 points, or 0.70%, to 44,693.91, weighed by IBM losses.

US:GOOGL:Alphabet
Alphabet gained 1% after beating second-quarter revenue and earnings expectations, lifting market sentiment.

US:IBM:IBM
IBM dropped over 7% as its software revenue fell short of analyst forecasts, dragging the Dow lower.

US:TSLA:Tesla
Tesla tumbled 8% following a second consecutive quarter of declining auto revenue.

US:AAPL:Apple
Goldman Sachs projected Apple will surpass both revenue and earnings expectations next week, supported by strong services growth and healthy margins. Earnings are due after the bell Thursday.

US:CMG:Chipotle Mexican Grill
Chipotle sank 14%, heading for its steepest drop since 2017 after slashing 2025 sales guidance and posting weaker Q2 revenue. Shares are down 25% year-to-date despite analyst optimism for a second-half recovery.

US:GD:General Dynamics
Wolfe Research upgraded General Dynamics to “outperform,” setting a $360 price target. The firm cited bizjet margin recovery, free cash flow growth, and buyback potential. Shares are up 21% this year.

US:C:Citigroup
Citigroup hit levels last seen in 2008, trading at a new 52-week high.

US:JPM:JPMorgan
JPMorgan climbed to all-time highs dating back to its 1983 IPO.

US:BLK:BlackRock
BlackRock hit record highs, extending gains to levels unseen since its 1999 IPO.

US:ULTA:Ulta Beauty
Ulta Beauty traded at highs last seen in April 2024.

US:DLTR:Dollar Tree
Dollar Tree reached its highest levels since June 2024.

US:AVGO:Broadcom
Broadcom hit an all-time high, extending gains to levels back to Avago’s 2009 IPO.

US:EBAY:Ebay
Ebay reached all-time highs dating to its 1998 IPO.

US:CAT:Caterpillar
Caterpillar traded at its highest levels since it first listed in 1929.

US:NOC:Northrop Grumman
Northrop Grumman set record highs, extending momentum from its 1994 merger roots.

US:GD:General Dynamics
General Dynamics also hit new highs, building on its strong 2025 rally.

US:WBD:Warner Bros. Discovery
Warner Bros. Discovery traded at its highest level since August 2023.

US:INTC:Intel
Intel rose slightly after second-quarter revenue of $12.86 billion beat expectations, with upbeat guidance for Q3.

US:DECK:Deckers
Deckers surged 6% after beating fiscal Q1 earnings and revenue estimates, powered by Hoka and Ugg sales.

US:BYD:Boyd Gaming
Boyd Gaming advanced over 1% after reporting stronger-than-expected Q2 adjusted earnings and revenue.

US:VRSN:Verisign
Verisign slid 4% despite earnings rising to $2.21 per share on 5.9% higher revenue.

US:NEM:Newmont
Newmont gained 3% after posting Q2 earnings of $1.43 per share and $5.32 billion revenue, topping estimates.

US:SAM:Boston Beer
Boston Beer jumped nearly 8% as Q2 EPS of $5.45 beat forecasts despite slightly missing revenue estimates.

US:EW:Edwards Lifesciences
Edwards Lifesciences rose nearly 6% with Q2 earnings and revenue topping analyst expectations.

US:MHK:Mohawk Industries
Mohawk Industries climbed 2% after beating Q2 profit and revenue forecasts.

US:FIX:Comfort Systems USA
Comfort Systems USA soared 13% as Q2 earnings and revenue topped estimates.

US:COUR:Coursera
Coursera surged 20% on Q2 earnings and revenue beats and upbeat Q3 guidance.

Thank you