Broker Name: Lim & Tan Securities
Date of Report: 19 November 2025
Excerpt from Lim & Tan Securities report.
Report Summary
- The Straits Times Index (FSSTI) is up 18.9% year-to-date, outperforming many global peers, with robust daily market value and volume.
- AEM recorded a 16% year-on-year revenue increase for 9M2025, driven by strong AI/HPC customer demand and advanced test solutions, but profitability remains low, with a high valuation leading to a ‘SELL’ call.
- Singapore Airlines (SIA) management expects yields and demand to stabilize, but sees limited upside post-Covid, assigning a “HOLD” recommendation due to more attractive alternatives within the STI.
- China is taking steps to reduce reliance on US pharmaceutical imports as part of broader decoupling efforts, with gradual substitution planned to ensure quality and safety.
- Institutional investors were net buyers in Singapore equities in the week of 10 November, while retail investors were net sellers; most net buys were seen in OCBC, Singtel, and Genting Singapore.
- The report includes updates on share buybacks, insider transactions, upcoming dividends, and earnings calendar for major Singapore-listed companies.
- Macro commentary highlights US dollar weakness during recent turmoil, but expects safe-haven flows to return if recession risks rise.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: https://www.limtan.com.sg
