Broker: Maybank Research Pte Ltd
Date of Report: 25 November 2025
Excerpt from Maybank Research Pte Ltd report.
- Singapore equity market reforms: The final report from MAS Equity Market Review Group sets a positive tone, aiming to boost retail and institutional participation, diversify sector offerings, and support higher market valuations. Key beneficiaries identified include SGX, OCBC, UOB, DBS, iFAST, CSE, Food Empire, Marco Polo, and ComfortDelGro.
- Singapore REITs performance: The sector showed resilience in the September quarter, maintaining stable fundamentals with improving trends in previously underperforming segments like overseas offices and China logistics. Several REITs, including AAREIT, EREIT, OUEREIT, and SUN, were upgraded due to better relative valuations and/or lower gearing.
- Corporate developments:
- CDL Hospitality Trusts secured a new five-year lease for Grand Millennium Auckland, with a base annual rent and profit-sharing arrangement.
- Lum Chang Creations won SGD63.4m in contracts, strengthening its order book into 2028.
- Marco Polo Marine expects significantly higher FY25 profits from extraordinary gains.
- Attika Group secured SGD26m in contracts, including major data centre and clean-room projects.
- Keppel and JTC signed an MOU for advancing low-carbon energy infrastructure on Jurong Island.
- Disclaimers and disclosures: The report contains standard investment disclaimers and legal/regulatory disclosures relevant to multiple jurisdictions.
- Rating definitions: Buy, Hold, Sell ratings are based on expected total return over the next 12 months.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website: https://www.maybank.com
