Maybank Research Pte Ltd
Date of Report: 26 September 2025
Singapore Equities Pulse: Key Investment Ideas, Corporate Developments, and Market Insights (September 2025)

Overview: Singapore Market Movers and Broker Insights

The latest investment research from Maybank Research Pte Ltd brings a detailed examination of the Singapore equities landscape as of late September 2025. Highlighting critical industry movements, strategic corporate actions, and top equity ideas, this report helps investors, analysts, and market watchers understand both growth opportunities and risks shaping the region.

Top Equity Ideas: Focused Growth and Strategic Expansions

Food Empire Holdings: Accelerating Growth in Vietnam and Beyond

Food Empire Holdings (FEH) is demonstrating robust expansion, particularly in Vietnam—a market that the broker expects to deliver an estimated USD100 million in revenue for FY25E. FEH has rapidly ascended to become the third-largest instant coffee brand in Vietnam, driven by effective market penetration and product innovation initiatives. The company is actively planning to diversify into new product segments to further boost revenue streams. Importantly, FEH’s reliance on Russia for revenue is shrinking, with Southeast Asia, India, and Kazakhstan set to take on larger roles in the company’s growth strategy. The broker maintains a BUY rating, raising the target price (TP) to SGD2.92, reflecting continued optimism about FEH’s regional expansion and innovation capacity.

Marco Polo Marine: Fleet Expansion and New Vessel Investments

Marco Polo Marine (MPM) is charting a course for accelerated growth through strategic fleet expansion. MPM has partnered with Salt Ship Design to construct a new CSOV Plus vessel at its Batam shipyard, with delivery slated for 4Q28. In addition, MPM will add two new Anchor Handling Tug Supply (AHTS) vessels valued at USD34 million, increasing its fleet from 19 to 21 ships by end-2026. These additions are expected to make a significant impact on MPM’s profit after tax and minority interest (PATMI) from FY27-30, once the assets are operational. The broker maintains a BUY rating with a TP of SGD0.09, based on 11x FY26E P/E, noting that earnings adjustments will be made once project completion is confirmed.

Market Shaping News: Key Developments Affecting Singapore Stocks

Wilmar International: Legal Risks in Indonesia

Wilmar International (WIL) has encountered a significant setback as the Indonesian Supreme Court overturned prior acquittals in a high-profile case involving alleged quality fraud and price manipulation during the 2021 cooking oil shortage. Five subsidiaries of Wilmar have been charged with causing financial harm to the state and illicit profits. Wilmar has posted a security deposit of IDR11.88 trillion (USD930 million), which may be forfeited depending on the final judgment. The company maintains that its actions were compliant and in good faith, but the final court decision is still pending.

• Security deposit at risk: IDR11.88tn (~USD930m)
• Legal uncertainty: final judgment pending
• Wilmar’s position: Compliance and good faith asserted

Sheng Siong Group: Major Infrastructure Investment for Growth

Sheng Siong Group (SSG), via its subsidiary CMM Marketing Management, has secured a 33-year lease from JTC for a sprawling 61,297sqm site at Sungei Kadut, signifying a major operational upgrade. This new facility is 2.5 times larger than the current Mandai Link hub and will support at least 120 supermarkets—an increase from Mandai’s capacity of 50. The development aligns with Sheng Siong’s strategy to add three stores annually over the next 10-15 years, and the advanced hub will feature temperature-controlled zones, food processing, and automation for optimized distribution. The estimated land rent stands at SGD520 million, to be financed via internal and external resources.

• Site size: 61,297sqm (2.5x Mandai Link)
• Planned supermarket support: 120 stores
• Land rent: SGD520m
• Facility features: Temperature control, automation, food processing

Singapore Post: Leadership Transition to Drive Transformation

Singapore Post (SPOST) has announced the appointment of Mark Chong as group CEO, effective November 1, filling a key leadership gap following the dismissal of three top executives in December of the previous year. Chong, aged 62, brings 28 years of experience from Singtel, having held positions such as group chief corporate officer, CTO, and deputy CEO of AIS (Thailand). Chairman Teo Swee Lian highlights Chong’s alignment with SingPost’s transformation objectives and expresses confidence in his leadership. Chong will lead a team including COO Neo Su Yin and CFO Isaac Mah.

• New CEO: Mark Chong (effective Nov 1)
• Leadership experience: 28 years at Singtel
• Transformation focus: Executive team strengthened

CapitaLand Integrated Commercial Trust: Green Financing Initiative

CapitaLand Integrated Commercial Trust (CICT) has issued SGD300 million in 2.25% fixed rate notes due September 27, 2032, under its USD7 billion euro-medium term note programme. Rated “A3” by Moody’s, the proceeds will be allocated to finance or refinance eligible green projects in the group’s portfolio. The programme includes a clause whereby a default may occur if CICT’s manager is removed without a substitute, potentially impacting SGD9.405 billion in facilities and borrowings. This issuance highlights CICT’s access to capital markets and its commitment to sustainable financing.

• Note issuance: SGD300m, 2.25% fixed rate, due 2032
• Programme size: USD7bn euro-medium term notes
• Moody’s Rating: A3
• Green financing: Supporting eligible sustainable projects
• Risk caveat: Manager removal could trigger default

Appendix: Coverage, Ratings, and Disclosures

Definition of Analyst Ratings

Broker Independence and Disclosure Highlights

• Maybank Research Pte Ltd and its analysts are independent of specific compensation linked to recommendations.
• No interests held by Maybank Research or analysts in the covered companies as of 26 September 2025.
• Potential business relationships and market-making activities disclosed per region.
• Legal entity disclosures span Malaysia, Singapore, Indonesia, Thailand, Philippines, Vietnam, Hong Kong, India, and the UK.

Key Takeaways for Investors and Market Participants

• Food Empire Holdings stands out for its transformative growth in Vietnam and broader Asian expansion.
• Marco Polo Marine’s fleet investments position the company for future profitability, though earnings revisions will await confirmation of vessel delivery.
• Wilmar International faces ongoing legal risks in Indonesia, with significant financial exposure.
• Sheng Siong Group’s ambitious infrastructure expansion supports its long-term retail growth strategy.
• Singapore Post’s new leadership may accelerate its transformation agenda.
• CapitaLand Integrated Commercial Trust’s green bond issuance underlines the REIT’s commitment to sustainability and market access.

Investors should closely monitor these developments for portfolio positioning and risk management, as Singapore’s leading companies continue to drive innovation, expansion, and strategic transformation across the region.