Broker Name: Lim & Tan Securities
Date of Report: 30 December 2025

Excerpt from Lim & Tan Securities report.

• Singapore’s FSSTI Index posted strong year-to-date gains (+22.3%), outperforming many global peers, with the major US indices (S&P, Nasdaq, Dow) also notably higher for 2025.
• CapitaLand Ascendas REIT implemented a sharing arrangement for car park facilities after acquiring 5 Science Park Drive, aiming for improved operational efficiency, cost savings, and enhanced tenant/visitor experience within the Geneo life sciences hub.
• Infinity Development Holdings reported a 21.7% increase in profit for FY2025, supported by revenue growth in the Asia-Pacific footwear market, no bank borrowings, and an attractive dividend yield of 8.7%. The group is positioned for stable medium-long term growth despite industry uncertainties.
• China/HK Macro Update: Chinese insurers increased equity exposure, providing long-term market support. Policy changes and increased equity allocations are expected to drive further stock market inflows in 2026, favoring dividend and sector-leading stocks.
• US Macro Update: US growth is increasingly reliant on consumer and AI investment, but confidence remains low and risks to equities have increased as growth outlook softens.
• Other Highlights: Lists of stocks with highest dividend yields, lowest P/E, and recent insider transactions are provided, along with upcoming dividend distribution dates for major Singapore-listed companies.

Report Summary

• Singapore’s market posted strong gains in 2025, with CapitaLand Ascendas REIT making operational enhancements after a recent acquisition.
• Infinity Development Holdings delivered solid profit growth, maintaining a strong cash position and attractive yield, with a cautious but stable outlook for 2026.
• China’s insurers are boosting equity investments, supporting market stability, while US markets face growth headwinds but remain supported by AI optimism.

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