Maybank Research Pte Ltd
Date of Report: 24 September 2025
Singapore Market Movers: Key Equity Insights, Major Deals & Wealth Management Trends

Overview: Singapore Equities See Strategic Shifts and Robust Growth

The Singapore equity landscape is in dynamic motion as major companies pursue ambitious growth strategies, execute high-value divestments, and attract significant capital inflows. This comprehensive update covers top equity ideas, key company developments, and the evolving wealth management scene, giving investors an in-depth guide to the latest market drivers.

Top Equity Ideas: In-Depth Company Analysis

Food Empire Holdings: Surging Ahead in Vietnam and Beyond

Food Empire Holdings (FEH) continues its remarkable expansion in Southeast Asia, driven strongly by its Vietnam operations. After a recent site visit, analysts are even more optimistic about FEH’s Vietnam growth trajectory:

• Vietnam Revenue Breakthrough: FEH Vietnam is projected to deliver approximately USD100 million in revenue for FY25E, cementing its status as the third-largest instant coffee player in the country.
• Innovation Pipeline: FEH is preparing new product innovations to drive incremental revenue in emerging segments, indicating a proactive approach to product diversification.
• Shifting Revenue Composition: The company’s reliance on Russia is expected to diminish as Vietnam, Southeast Asia, India, and Kazakhstan take on greater importance in the revenue mix.
• Valuation Upside: A sustained growth outlook has led to a higher target price (TP) of SGD2.92, with a continued BUY recommendation.

Sea Ltd: From Scale to Monetization

Sea Ltd (SE) remains in the spotlight as it transitions from rapid scaling to a focus on monetization, particularly through Shopee and Garena:

• Shopee’s Commission Hikes: Recent commission increases of approximately 1–1.5 percentage points are being well absorbed. This is expected to lift Adjusted EBITDA/GMV by 0.1–0.2 percentage points.
• Growth Beyond E-Commerce: Major upside potential remains from Shopee’s expansion into offline-to-online channels and the integration of fintech solutions, especially Buy Now, Pay Later (BNPL).
• Gaming Leadership: Garena continues to drive engagement and revenue with Free Fire collaborations and new game launches such as Delta Force and Free City.
• AI and Efficiency: Adoption of artificial intelligence is enhancing cost efficiency across Sea’s businesses.
• Upgraded Estimates: FY25–27 EBITDA estimates have been raised by 10–25%, with the target price upgraded to USD238 (+16%). SE currently trades at 2.9x EV/sales and 24.1x EV/EBITDA, in line with peers but with a significant 13–35% growth-adjusted discount. BUY recommendation reiterated.

Market Shaping News: Major Deals and Strategic Moves

Seatrium: Strategic Divestment of US Operations

Seatrium (STM) has made a significant move to streamline operations and unlock capital by divesting its AmFELS Yard in Brownsville, Texas:

• Deal Value: USD65 million sale to Karpower Valley, an entity linked to Turkish powership operator Karpowership.
• Payment Structure: USD50 million of the consideration is deferred, payable one year after closing, subject to lease transfer and other closing conditions.
• Book Value: The yard’s book value as of 30 June stood at approximately USD39 million.
• Strategic Refocus: Post-divestment, Seatrium will concentrate its US presence on technology centers in Houston and service hubs in Mississippi.
• Capital Efficiency: Management expects the sale, conducted on an “as is, where is” basis, to unlock value and enhance capital efficiency.

DBS Private Bank: Multi-Family Office Growth Accelerates

DBS Private Bank’s innovative approach to wealth management is gaining strong traction among ultra-high-net-worth (UHNW) families:

• Assets Under Management (AUM): Since its 2023 launch, DBS’s multi-family office (MFO) has attracted SGD1 billion from over 25 UHNW families, with a target of SGD2 billion by 2026.
• Unique Structure: This is the world’s first bank-backed MFO using Singapore’s Variable Capital Company (VCC) structure, enabling cost-efficient sub-funds with built-in tax incentives and regulatory support.
• Market Demand: Rising interest from families in Taiwan, Japan, and the UK, driven by succession planning and wealth preservation needs.
• Investment Flexibility: With a minimum investment of SGD15 million, families can access customized strategies without being tied to DBS products.

Keppel Asia Infrastructure Fund & Keppel: Profitable Exit from 800 Super Holdings

Keppel Asia Infrastructure Fund (KAIF) and Keppel (KEP) are monetizing their investment in waste management leader 800 Super Holdings through a major divestment:

• Deal Value: Combined 80% stake sold for over SGD600 million; the buyer, Actis, will also acquire half of the CEO’s 20% stake.
• Entry and Growth: Keppel and KAIF initially acquired their stake for SGD380 million in 2022 and have since driven 20% EBITDA growth at 800 Super Holdings.
• IRR and Capital Gains: The exit is expected to deliver a mid-teens internal rate of return (IRR) and substantial capital gains, supporting Keppel’s SGD10–12 billion asset monetization program.
• Timeline: Deal completion is expected by year-end.

Regulatory and Disclosure Highlights

Research Methodology and Disclaimers

Maybank Research provides both technical and fundamental ratings, which may differ due to the distinct methodologies applied. Readers are advised that:

• Past performance is not indicative of future returns.
• This material is for information only and not a solicitation to buy or sell securities.
• All recommendations are subject to change without notice.

Analyst Independence and Interests

Maybank Research and its analysts declare no direct interest in the companies recommended as of the report date. However, Maybank IBG and its affiliates may have positions, act as market makers, or provide services to these companies.

Investment Ratings Definitions

• BUY: Expected return above 10% in the next 12 months (including dividends).
• HOLD: Expected return between 0% and 10% over 12 months (including dividends).
• SELL: Expected return below 0% over 12 months (including dividends).

Conclusion: Strategic Growth, Capital Efficiency, and Wealth Management Drive Singapore Markets

Singapore’s equity and wealth management sectors are showcasing resilience and innovation, as demonstrated by FEH’s regional expansion, Sea Ltd’s monetization focus, Seatrium’s capital unlocking divestment, and Keppel’s value-creating exit. Meanwhile, DBS Private Bank is setting new benchmarks in multi-family office solutions. Together, these moves highlight a market attuned to value creation, capital efficiency, and evolving investor needs.