Lim & Tan Securities
Date of Report: 16 September 2025

Singapore Market Review: Key Insights, Top Stocks, Fund Flows, and Corporate Actions for September 2025

Market Overview and Major Index Performance

Singapore’s equity market continues to show resilience amid global uncertainty, with the FSSTI index closing at 4,338.4, marking a year-to-date (YTD) gain of 14.5%. Other major indices also delivered robust returns: the Hang Seng Index leads with an impressive 31.8% YTD rally, while the Nasdaq posted a 15.7% increase. Commodity markets saw gold outperform, soaring nearly 40% YTD, while crude oil prices declined by 11.7%.

Jardine Cycle & Carriage Makes Strategic Gold Mining Move

Jardine Cycle & Carriage (C&C) announced a significant acquisition: its indirect subsidiaries will purchase Arafura Surya Alam (ASA) for US$540 million. The deal involves Danusa Tambang Nusantara (DTN) acquiring 99.99% of ASA from J Resources Nusantara (JRN), while Energia Prima Nusantara (EPN) will buy the remaining share in ASA and one share of Mulia Bumi Persada (MBP). This strategic acquisition aims to expand United Tractors’ footprint in the mineral sector, with ASA holding a 4,000-hectare gold mining block in North Sulawesi, Indonesia, which contains 1.57 million ounces of gold deposits and 3.1 million ounces of gold resources.
Key facts about the transaction:
ASA has been a non-operating company with minimal financial history, intended to become a gold mining operator.
The Doup mining block is classified as a brownfield site.
The acquisition is fully funded by United Tractors’ internal resources.
Jardine C&C’s market cap stands at S$11.5 billion, trading at 8.8x forward PE and 1.1x PB, with a 4.9% dividend yield.
Consensus target price is S$24.50, indicating a 16.3% downside from the current price. The recommendation is to HOLD due to limited upside.

Singapore Exchange (SGX): Strong Results, But Valuations Remain Stretched

SGX Chairman Koh Boon Hwee emphasized the need for an ambitious vision and robust policy framework to keep Singapore’s capital markets competitive. He warned that if top companies continue to list overseas, it could lead to a talent and value migration out of Singapore’s ecosystem.
For FY2025, SGX delivered its best-ever full-year top and bottom lines since listing:
Net profit rose 8.4% to S$648 million.
Operating revenue increased 11.3% to S$1.37 billion.
Cash equities net revenue rose 18.7% to S$392.7 million.
Securities daily average traded value jumped 26.5% to S$1.34 billion.
Securities traded value climbed 27.5% to S$336.4 billion.
Listing revenue dropped 11% to S$26.5 million, with new equity listings raising S$25.7 million (down from S$117 million the previous year).
SGX trades at 27.3x forward PE and 8.3x PB, with a 2.2% dividend yield and a consensus target price of S$16.06 (5.8% downside). The recommendation is a HOLD.

Sector Leaders: Valuation and Yield Standouts

Other notable companies for value and yield include Thai Beverage, Frasers Logistics Trust, Mapletree Industrial Trust, and Wilmar International.

Macroeconomic and Sector Updates: US, China, and Hong Kong Markets

US regional Fed manufacturing surveys show stabilization, but growth remains tepid. Tariffs have had less impact on economic growth than feared, but inflationary risks linger.
Goods price inflation may pick up later in the year, pressuring margins, but could be offset by softer services prices as labor markets cool and the US dollar strengthens.
BCA Research suggests building long-term exposure to crypto equities via diversified ETFs, especially with new regulatory frameworks (such as the GENIUS Act) supporting the sector.
In China, steel production cuts are expected between 2025 and 2026 to address overcapacity and global trade tensions. The government aims to boost industry value-add by 4% per year, invest in technology, and stabilize raw material prices. However, concrete targets for output cuts were not specified, leading to market speculation about the seriousness of these efforts.

Major Share Transactions: Acquisitions, Disposals, and Buybacks

Notable buybacks were observed at OCBC (250,000 shares at $16.81), UOB (100,000 shares at $35.29), and ST Engineering (500,000 shares at $8.20).

Fund Flow Analysis: Institutional and Retail Investor Moves

Institutional investors recorded a net sell of S$9.1 million (down from a net buy of S$49.1 million the previous week), while retail investors switched to a net buy of S$0.5 million (from a net sell of S$88.6 million).

For retail investors, UOB led net buys (S$55.9m), while DBS saw the largest net retail sell (S$45.3m).

Dividend Announcements and Key Corporate Events

A wide range of companies announced interim, special, or final dividends. Notable payouts include:
DBS: 60 cents interim + 15 cents special (Ex-date: 14 Aug, Payable: 25 Aug)
UOB: 85 cents interim + 25 cents special (Ex-date: 15 Aug, Payable: 28 Aug)
Jardine C&C: 28 US cents interim (Ex-date: 1 Sept, Payable: 3 Oct)
SGX: 10.5 cents final (Ex-date: 16 Oct, Payable: 27 Oct)

SGX Watch-List: Companies Under Scrutiny

As of September 2025, 32 companies are on the SGX Watch-List, flagged for various reasons such as financial performance or compliance issues. Recent entrants include Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, and Global Invacom Group.

Conclusion

Singapore’s market landscape remains dynamic, with robust index performance, strategic acquisitions, and strong corporate results from key players. However, concerns about capital market competitiveness and the need for ongoing policy innovation are front and center. With high-value stock buybacks, active fund flows, and healthy dividend payouts, investors have a wealth of opportunity—albeit with vigilance needed regarding valuations and sector-specific risks.
Stay tuned for further updates and detailed corporate developments as the Singapore market evolves through Q4 2025.