Maybank Research Pte Ltd
26 September 2025
Singapore Equities Update: Top Buys, Market Movers, and Strategic Insights for Investors

Overview: Momentum Builds in Singapore Equities as Major Corporate Moves Shape Market Sentiment

Singapore’s equity landscape is witnessing significant strategic expansions, leadership updates, and regulatory challenges. This comprehensive analysis features in-depth coverage of top equity ideas and market-shaping news, drawing on the latest research and forecasts to inform investors and market watchers.

Top Equity Ideas: Detailed Analysis and Financial Outlook

Food Empire Holdings: Vietnam Expansion Fuels Growth

Food Empire Holdings (FEH) has demonstrated remarkable progress in its Vietnam operations, now positioned as the third-largest instant coffee player in the country. The company’s focus on product innovation and geographical diversification is set to drive robust revenue growth.

• FY25E Vietnam Revenue Estimate: USD100 million
• Market Position: Third-largest instant coffee player in Vietnam
• Strategic Focus: Expansion in Southeast Asia, India, and Kazakhstan
• Revenue Diversification: Russia’s contribution expected to decrease as new markets grow
• Recommendation: BUY
• Target Price: SGD2.92 (raised)

Marco Polo Marine: Fleet Expansion Set to Drive Future Profits

Marco Polo Marine (MPM) has announced a strategic partnership with Salt Ship Design to build a new CSOV Plus vessel at its Batam shipyard. This, along with the addition of two new AHTS vessels valued at USD34 million, will increase the fleet size from 19 to 21 by end-2026.

• New Vessel Deliveries: CSOV Plus due 4Q28; 2 AHTS vessels by end-2026
• Fleet Size: To grow from 19 to 21 vessels
• Profit Impact: Significant contribution to PATMI expected from FY27–30
• Recommendation: BUY
• Target Price: SGD0.09 (11x FY26E P/E)
• Note: Earnings adjustment will follow delivery confirmation

Market Shaping News: Regulatory, Strategic, and Leadership Updates

Wilmar International: Indonesian Supreme Court Overturns Acquittal

Wilmar International, along with two other palm oil groups, has faced a setback as the Indonesian Supreme Court overturned their earlier acquittal in a high-profile case linked to alleged quality fraud and price manipulation during Indonesia’s 2021 cooking oil shortage.

• Security Deposit: IDR11.88 trillion (USD930 million) posted, potentially forfeitable
• Legal Status: Final judgement details pending
• Company Statement: Wilmar insists actions complied with regulations and were taken in good faith

Sheng Siong Group: Secures Major Site for Long-Term Expansion

Sheng Siong Group’s subsidiary, CMM Marketing Management, has secured a 33-year lease on a 61,297 sqm site at Sungei Kadut, which is 2.5 times larger than its current Mandai Link facility. This new hub will enable Sheng Siong to support up to 120 supermarkets, aligning with its plan to add three stores annually for the next 10–15 years.

• Facility Size: 61,297 sqm (2.5x Mandai Link)
• Warehouse Capacity: Supports 120 supermarkets (up from 50)
• Expansion Plan: Add three stores annually over 10–15 years
• Features: Temperature-controlled zones, food processing, automation
• Land Rent: Estimated SGD520 million
• Funding: Internal resources and external financing

Singapore Post: Seasoned Leader Mark Chong Appointed CEO

Singapore Post (SPOST) has named Mark Chong as Group CEO, effective November 1. Chong, with 28 years at Singtel and key leadership roles, will spearhead the transformation alongside COO Neo Su Yin and CFO Isaac Mah.

• Executive Team: Mark Chong (CEO), Neo Su Yin (COO), Isaac Mah (CFO)
• Leadership: Chong’s expertise aligns with SingPost’s transformation goals

CapitaLand Integrated Commercial Trust: Sustainable Financing Initiative

CapitaLand Integrated Commercial Trust (CICT) has issued SGD300 million in 2.25% fixed rate notes due September 2032 under its USD7 billion euro-medium term note programme.

• Bond Details: SGD300 million, 2.25% fixed rate, due Sept 27, 2032
• Programme Size: USD7 billion
• Rating: “A3” by Moody’s
• Use of Proceeds: Finance/refinance eligible green projects
• Default Clause: Risk if manager is removed without substitute (affecting SGD9.405bn facilities)
• Strategic Focus: Commitment to sustainable financing and green development

Investment Ratings and Methodology

Maybank IBG Research applies a clear rating system for equities, helping investors make informed decisions:

Disclosure of Interest Across Markets

Maybank IBG and its affiliates operate with transparency in their research:

• Maybank IBG and its representatives may hold positions or have interests in covered securities and may act as market maker, underwriter, or advisor for companies discussed.
• As of 26 September 2025, Maybank Research Pte. Ltd., MIB Securities (Hong Kong) Limited, and MIB Securities India Private Limited (MIBSI) and their analysts have no disclosed interests in recommended companies.
• No compensation from subject companies or third parties in the preceding twelve months for research reports, except as separately disclosed.

Key Takeaways for Investors

• Food Empire Holdings is rapidly scaling in Vietnam and diversifying its market exposure, promising strong growth.
• Marco Polo Marine is expanding its fleet, laying the groundwork for future profitability.
• Wilmar International faces regulatory uncertainty in Indonesia, with a significant deposit at risk.
• Sheng Siong Group is positioned for aggressive expansion with a new logistics hub supporting long-term supermarket growth.
• Singapore Post brings experienced leadership to accelerate transformation.
• CapitaLand Integrated Commercial Trust demonstrates continued access to capital markets and commitment to sustainability.

Final Thoughts

Singapore’s equity market is currently shaped by bold expansion plans, leadership changes, and regulatory developments. Investors should closely monitor these companies for strategic execution and market impact in the coming quarters. Maybank Research remains confident in its top picks, with BUY recommendations on Food Empire Holdings and Marco Polo Marine, supported by clear growth catalysts and robust financial outlooks.