Lim & Tan Securities
Date of Report: 12 September 2025

Singapore Market Update: Key Stocks, Market Trends, and New Opportunities for Investors (September 2025)

Market Overview: Indices Performance and Sector Trends

Singapore’s FSSTI index continues its robust performance, closing at 4,355.8 with a 0.2% daily increase, 2.0% month-to-date gain, and a strong 15.0% year-to-date surge. Major global indices also posted healthy gains, while the VIX Index, a measure of volatility, declined sharply. The Singapore market remains buoyant with daily market value at S\$1,292.9 million and volume at 1,466.2 million shares. Below is a snapshot of major market indices and key interest rates:

Commodities saw mixed trends, with gold remaining flat but up 38.5% year-to-date, while crude oil declined 2% on the day and is down 13% for the year. The Baltic Dry Index rose 1.6% daily and has surged 111.8% year-to-date, reflecting robust shipping demand.

ISOTeam: Raising S\$10 Million to Power Drone-Led Digital Transformation

ISOTeam (SGX: 5WF, \$0.087) has announced an ambitious fundraising plan to support its ongoing digital transformation, especially in drone technology. The company aims to raise S\$10 million via two placements:

• Share Placement: 86.2 million new ordinary shares at 8.1 Singapore cents per share, raising about S\$7 million.
• Convertible Bond Placement: 32.9 million conversion shares at 9.1 Singapore cents per share, raising S\$3 million.

The placements are managed by SAC Capital Private Limited (shares), SooChow Singapore Capital Markets (convertible bonds), and Maybank Securities as sub-placement agent. Completion is expected within eight weeks of the announcement, or by 11 September 2025.

ISOTeam’s foray into drone technology began in 2021, collaborating on AI-driven façade inspection and washing drones with Nippon Paint. After 2.5 years of R&D, ISOTeam is close to commercial trials and regulatory approvals for its drones, intending to establish a full-fledged drone workforce to support construction sector digitalisation.

• 60% of net proceeds are earmarked for drone development and commercialisation.
• The rest will fund general working capital, corporate expenses, and talent acquisition (drone pilots, engineers).

CEO Anthony Koh highlighted that this initiative, begun during the pandemic to address manpower shortages, will boost efficiency, reduce reliance on foreign workers, and enhance safety.

Centurion Accommodation REIT: Singapore’s First Pure-Play Living Accommodation REIT IPO

Centurion Corp (SGX: OU8, \$1.80) is spinning off several worker accommodation properties into a Singapore-listed REIT. The Centurion Accommodation REIT IPO offers 262.2 million units (248.96 million via international placement, 13.2 million via public offering) at S\$0.88 per unit. The IPO aims to raise S\$1.5 billion, with major cornerstone investors including Amova Asset Management, DBS, Eastspring Investments, and Lion Global Investors.

The initial portfolio includes:

• 5 purpose-built worker accommodation assets in Singapore
• 8 student accommodation assets in the UK
• 1 student accommodation asset in Australia

Combined, these assets are valued at approximately S\$1.8 billion, with plans to acquire another Australian student accommodation (Epiisod Macquarie Park) post-listing.

• Occupancy: Worker accommodation (96.9%), Student accommodation (96.8%)
• Average rent growth (FY22–FY24): Worker accommodation +26.3% CAGR, Student accommodation +11.3% CAGR
• Projected DPU yield: 7.47% (FY26), 8.11% (FY27)
• Leverage ratio: 20.9% at IPO, rising to 31% post-acquisition
• Distribution policy: 100% of distributable income until FY27, then at least 90% semi-annually
• CEO: Tony Bin (ex-CEO of Centurion Properties, 30+ years’ experience)

Sector Valuation Highlights: Top Dividend Yields, Low P/E, and Value Picks

Macro Market News: China’s Push for Yuan Internationalisation

China is aggressively promoting the yuan’s global role, seeking to reduce reliance on the US dollar. The People’s Bank of China plans to establish a digital yuan operation centre in Shanghai and is exploring domestic currency futures. Hong Kong launched a fast payment system integrating yuan and Hong Kong dollar transfers. Discussions are ongoing about stablecoin linkages, and China is set to open more domestic trading products to international investors, raising overseas investment quotas and deepening the offshore yuan liquidity pool.

In the US, small-cap stocks are under pressure due to a shrinking IPO pipeline and macro headwinds. While the S&P 600 index appears oversold and could see a tactical rebound, muted earnings growth and quality concerns limit the upside.

Share Transactions and Insider Activity

Several significant insider trades and share buybacks occurred in early September:

• GKE Corp Ltd: Chen Jiangnan acquired 685,000 shares, raising his stake to 8.00%.
• Audience Analytics: Ng Yan Meng bought 66,000 shares, now holding 83.71%.
• Stamford Land Corp: Ow Chio Kiat bought 70,000 shares (46.23% stake).
• TOTM Tech Ltd: Thomas Clive Khoo acquired 10,237,800 shares (17.21% stake).
• Nam Cheong: Leong Seng Keat acquired 277,000 shares (3.8% stake).
• Advanced Holdings Ltd: Asia Agri & Renewables Fund acquired 17,000,000 shares (16.78% stake).
• Significant disposals included AEM Holdings Ltd, Golden Agri Resources, UMS Integration, and Singapore Post Ltd.
• Multiple companies continued share buybacks including HK Land, iFAST Corp Ltd, Keppel Ltd, OCBC, UOB, Raffles Medical, and ST Engineering.

Institutional and Retail Fund Flows: Weekly Sector Insights

For the week of 1 September 2025, institutional investors were net buyers (+S\$49.1m, up from +S\$21.6m prior week), while retail investors were net sellers (-S\$88.6m, versus +S\$33.7m the previous week).

Dividend and Special Distribution Calendar

Investors should note the following upcoming dividend and distribution dates for major Singapore-listed companies:

SGX Watch-List: Companies Under Regulatory Monitoring

There are 32 companies 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. These companies are being monitored for compliance and performance issues.

What’s Ahead: Key Dates and Market Events

September 2025 is packed with corporate actions, dividend payouts, and sectoral shifts. Investors should stay vigilant for further updates on capital raisings, IPOs, and macroeconomic catalysts across Singapore and global markets.