Broker Name: Maybank Research Pte Ltd
Date of Report: 3 September 2025

Singapore Market Outlook September 2025: Telco Consolidation, Real Estate Developments, and Key Corporate Moves

Top Investment Themes: Singapore Telcos Lead the Charge

Singapore’s equity landscape is shifting as telco sector consolidation sparks renewed optimism for growth. Maybank Research upgrades the Singapore telco sector to “POSITIVE,” citing signs of rationality returning amid market consolidation. The move is anticipated to drive a robust rebound in mobile revenue growth, with projections of 4–5% annual increases in 2026–2027, reversing the previous declines of -3% to -5% per year since 2017. Notably, average revenue per user (ARPU) in Singapore is currently 36–41% below its 2017 levels and up to 40% below developed market Asian peers, suggesting substantial upside potential as pricing discipline returns.

While integration risks may weigh on the newly merged entity, Maybank Research sees substantial re-rating potential for incumbents like StarHub and Singtel. Investors are advised to take note of these shifts, as consolidation has historically led to ARPU recovery in global markets.

ISOTeam: Project Delays, But Recovery Expected

ISOTeam’s FY25 results reveal a bump in the road: revenue landed at SGD119.2 million with PATMI (Profit After Tax and Minority Interests) of SGD5.1 million, both below previous estimates due to delayed project starts and recognition. However, the outlook for 1HFY26E is more promising, as project recognitions are expected to flow in and the pace of awards picks up. Management is optimistic about drone-testing on Build-To-Order (BTO) sites commencing by the end of October 2025.

Maybank maintains its BUY rating, but lowers the target price to SGD0.100 (from SGD0.104), using a 9x blended FY25/26E P/E valuation.

Boustead Singapore: Proposed REIT Listing Signals Strategic Shift

Boustead Singapore has submitted regulatory applications to the Monetary Authority of Singapore (MAS) and the SGX Mainboard for the proposed listing of a REIT containing some of its assets. The REIT will be sponsored by UIB Holdings, in which Boustead holds a 20% effective shareholding.

• Boustead previously announced a strategic review for the sale of stakes in logistics and industrial real estate assets to a REIT.
• The IPO and listing are subject to market conditions, commercial negotiations, regulatory and shareholder approvals, and execution of definitive agreements.

The move is seen as positive, potentially unlocking value from Boustead’s property portfolio, although timing and final approval remain uncertain.

Samudera Shipping Line: Fleet Expansion with New Vessel Acquisition

Samudera Shipping Line has entered into a memorandum of agreement to acquire a second-hand container vessel for USD50.36 million.

• The vessel has a capacity of 2,684 TEU (Twenty-Foot Equivalent Unit).
• Acquisition will be financed through a mix of internal resources and bank borrowings.
• Expected delivery: Q4 2025.

The acquisition is neutral for the stock, expanding fleet capacity but not materially changing the company’s financial position in the short term.

Keppel Infrastructure Trust: Secures SGD75 Million Loan Facility

Keppel Infrastructure Trust (KIT) has obtained a loan facility of SGD75 million, although the specific use of proceeds has not been disclosed. The loan carries conditions: if KIT’s manager ceases to act as manager, or if a replacement is appointed prior to cessation, all outstanding loans must be repaid immediately.

• Aggregate facilities affected by such events could total SGD1.385 billion.

This development is neutral for KIT, but worth monitoring for any changes in management or trust structure that could trigger repayment obligations.

Grand Venture Technology: Shareholders Set to Decide on Buyout Offer

Grand Venture Technology (GVT) will hold a scheme meeting on 17 September 2025 to vote on Aalberts Advanced Mechatronics’ offer of SGD0.94 per share for all of GVT’s shares, valuing the company at SGD318.9 million.

• Key shareholders (Novo Tellus, founder Ricky Lee, and CEO Julian Ng) have committed to sell their combined stake of 64.24%.
• Scheme approval requires at least 75% in value of shares present and voting.
• Court hearing to approve the scheme: on or around 6 October 2025.
• Last trading day for GVT shares: expected 9 October 2025.

The outcome will determine GVT’s future as a listed entity, with the offer price and shareholder commitments indicating a high probability of success.

Appendix: Terms, Disclaimers, and Analyst Certifications

Maybank Research emphasizes that this report is for informational purposes only and does not constitute an offer to buy or sell securities. All opinions, ratings (BUY, HOLD, SELL), and price targets are based on methodologies combining technical and fundamental analysis, which may differ. Investors are advised to consult financial advisors for tailored investment decisions. The report includes extensive disclaimers regarding data reliability, forward-looking statements, and the legal limitations of distribution across geographies.

• Analyst certifications affirm independence of views expressed.
• Disclosure of interest policies for all regions clarify potential conflicts and relationships.
• Rating definitions:
  • BUY: Expected return above 10% over 12 months (including dividends).
  • HOLD: Expected return between 0% to 10%.
  • SELL: Expected return below 0%.

Legal Entity Disclosures

The report details the regulatory status and distribution rights of Maybank IBG in multiple jurisdictions, including Malaysia, Singapore, Indonesia, Thailand, Philippines, Vietnam, Hong Kong, India, the US, and the UK.

Conclusion: Key Takeaways for Investors

• Singapore telcos offer renewed growth potential driven by sector consolidation and ARPU recovery.
• ISOTeam faces near-term project delays but medium-term recognition and drone-testing are positive catalysts.
• Boustead Singapore’s proposed REIT listing could unlock asset value, subject to approvals.
• Samudera Shipping Line expands its fleet, with neutral short-term impact.
• Keppel Infrastructure Trust’s new loan facility introduces potential repayment risks tied to management change.
• Grand Venture Technology’s shareholder vote could mark a major transition, with buyout probability high.

Investors should closely monitor corporate actions, regulatory developments, and sector shifts outlined in this report for actionable insights in the coming quarters.