Broker Name: Lim & Tan Securities
Date of Report: 2 January 2026
Excerpt from Lim & Tan Securities report.
Report Summary:
- Global markets, including the FSSTI, S&P 500, and Nasdaq, experienced declines amid volatility and geopolitical uncertainty. Commodities like gold rose while crude oil fell sharply.
- Keppel Ltd delivered strong earnings growth in 2025, driven by its transformation into a global asset manager and operator, asset monetisation, and focus on real assets aligned with trends like energy transition and digitalisation. The company aims to substantially monetise its non-core portfolio by 2030.
- Keppel REIT acquired an additional one-third interest in Marina Bay Financial Centre Tower 3. While not immediately DPU accretive, the acquisition is seen as strategically sound due to below-market rents, limited CBD office supply, and potential for rental uplift, tax savings, and refinancing benefits. However, near-term DPU dilution and higher leverage may constrain growth.
- Chinese automakers, facing domestic EV competition, have increased fossil-fuel vehicle exports, challenging global competitors in emerging markets.
- Persistent wage pressures in the US and UK are due to structural worker shortfalls, keeping inflation elevated and presenting central banks with tough trade-offs.
- Institutional investors were net sellers on SGX in mid-December 2025, while retail investors were net buyers, with notable flows in banks, REITs, and technology stocks.
- List of upcoming dividends and special distributions for key Singapore-listed companies is provided.
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
