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| 06-Jun-2026 16:49 |
OKP
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OKP [5CF.si]
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KGI' s Chen initiates coverage on OKP with ' outperform' call and $1.31 target price Chen Guangzhi of KGI Securities has initiated coverage on construction firm OKP Holdings with a bullish " outperform" call and $1.31 price target, citing the ongoing multi-year infrastructure upcycle that supports the company' s orderbook replenishment. " OKP is well positioned to benefit from Singapore&rsquo s sustained infrastructure investment cycle, supported by public-sector projects in civil engineering, transport connectivity, roads, drainage, commuter infrastructure and active-mobility networks," says Chen in his June 4 note. " The structural nature of these projects provides a supportive tender pipeline and reinforces OKP&rsquo s role as a niche public-infrastructure contractor," he adds. Chen notes that with a net orderbook of $760.7 million as at May 28 including multi-year contracts from LTA, OKP enjoys strong earnings visibility through 2031, which means it can reduce its reliance on short-cycle tender wins, and strengthen visibility over medium-term revenue recognition. Meanwhile, the company has, over the years, built up a strong and resilient balance sheet, which gives it the base to bid for more contracts. " OKP&rsquo s sizeable cash position and conservative balance sheet provide an important buffer against project execution risks, cost inflation and working-capital volatility. " The strong liquidity position also supports performance bonding, procurement flexibility and the ability to bid for larger government-backed infrastructure projects," adds Chen. The analyst too that OKP has shown the resilience of its margin by disciplined tendering and public-sector track record. Although the construction sector faces higher labour, material and energy costs, OKP&rsquo s established execution track record, public-sector focus and disciplined bidding approach should support margin stability. " As industry requirements around manpower, productivity and compliance increase, stronger contractors such as OKP are better positioned to capture quality projects and convert backlog into sustainable earnings," he adds. Chen' s target price of $1.31 is based on a DCF-derived equity valuation with a 10% WACC and 2% terminal growth rate. OKP shares changed hands at 78 cents as at 9.37 am. |
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| 06-Jun-2026 16:48 |
Civmec
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Civmec forum
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Civmec order book hits record S$1.5 billion on new resources, infrastructure projects The new awards are set to be delivered across FY2027 and FY2028 [SINGAPORE] Construction and engineering services provider Civmec : P9D +2.6% announced on Thursday (Jun 4) that its order book reached a new record of S$1.5 billion amid new contracts, panel agreement extensions and orders. The mainboard-listed company said that the new awards span its resources, infrastructure, energy and maintenance activities, and are expected to be delivered across FY2027 and FY2028. Works for Iluka Resources&rsquo rare earths refinery Among the new order book wins is a further package of work awarded by critical minerals company Iluka Resources at the Eneabba rare earths refinery in Western Australia. This is for structural, mechanical, piping, electrical and instrumentation (SMPE& I) installation works across the facility. The award extends Civmec&rsquo s involvement in the facility and builds on work the group is already delivering on the site, for field-erected tanks, civil concrete works and SMPE& I bridging works under way. Under the new package of work, Civmec will oversee multidisciplinary installation works across the refinery&rsquo s major process areas to support the commencement of the commissioning of the refinery from mid-2027. The scope encompasses extensive off-site fabrication of pipe spools, installation of structural steel modules and platework, pipe supports and pipework, mechanical equipment, electrical and instrumentation and switchroom infrastructure. Perth Park construction project An alliance comprising Civmec, Seymour Whyte and Aurecon has also won the major construction contract for Perth Park, Western Australia&rsquo s entertainment and sporting precinct on the Burswood Peninsula. Civmec said the project adds to its portfolio of major public infrastructure projects in Western Australia. The contract will bring the project from the planning and design phase into construction delivery, with the precinct expected to be &ldquo substantially complete&rdquo in late-2027, said Civmec. The group said that only its portion of the participating interest in the contract was recognised in the order book value announced on May 15, 2026. Other projects Civmec said it recently secured new deals under its maintenance portfolio, increasing utilisation at its permanent regional facilities. The group said that these align with its focus on maintenance services as a growth driver, and its investment in establishing facilities in Port Hedland and Gladstone to serve maintenance clients. It also won packages of work from long-term clients in the lithium, rare earths, critical minerals, iron ore, coal, alumina and hydrocarbon commodities spaces. Other projects include manufacturing work to be delivered from its Newcastle facility. Q3 earnings Civmec on May 15 announced a third quarter net profit after tax of A$13.5 million (S$12.4 million). This brought its net profit after tax for the first nine months of the financial year ended Mar 31 to A$34.9 million. Its Q3 earnings before interest, taxes, depreciation, and amortisation stood at A$27.8 million, with a revenue of A$244.2 million. Its orderbook for the quarter stood at A$1.3 billion, a 70 per cent increase from A$760 million in the previous corresponding period. Civmec shares fell 1.3 per cent or S$0.02 to S$1.54 before the news. |
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| 06-Jun-2026 16:47 |
SATS
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Sats
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Resilient platform at Sats inspires higher target price elevated input costs could cause margin compression The global aviation industry is bracing for some turbulence with fuel costs testing the hedging skills of airline executives. However, for ground handler Sats (SGX:S58) , having integrated the acquisition of WFS, is revving its growth engine just fine, even if not firing on all cylinders. &ldquo The combined group now has a resilient business model, and even when there are ups and downs, because of the network and model, we were able to ride through a lot of these different challenges that came our way,&rdquo says CEO Kerry Mok at the recent results briefing on May 26. While Mok was positive on the latest set of numbers, he was also mindful of the potential impact of the rising input costs due to the ongoing Middle East conflict, as some contracts are set to expire soon. &ldquo Hence, we got to try and manage that with our customers as well,&rdquo Mok says. Nonetheless, the positivity has been reflected in its share price. Following the results, Sats&rsquo share price rose by almost 20% to close at $4.04 on June 3, as various analysts maintained their positive stance on the stock. For Ada Lim of OCBC Group Research, the company&rsquo s FY2026 earnings of 19.2 cents per share were 102.8% of her forecast. &ldquo For now, global travel demand appears to remain healthy, in our view, which should support ground handling and aviation meal volumes,&rdquo she says. However, if the conflict persists and oil prices remain elevated, consumer sentiment will be affected further. For now, she is projecting a slight margin compression in FY2027 to account for higher input and energy costs. While Lim has kept her &ldquo buy&rdquo call, she has lowered her fair value from $4.32 to $4.20, pegged to 20 times FY2027 earnings. For Tay Wee Kuang of CGS International, the company&rsquo s earnings of $50.7 million for the final quarter were slightly ahead of his $45 million forecast. In his May 27 report, Tay reiterates his &ldquo add&rdquo call and raises his earnings forecasts for FY2027 by 7.3% and for FY2028 by 2% to reflect stronger revenue growth in gateway services, resulting in a higher target price of $4.68 based on discounted cash flow, up from $4.53. &ldquo We believe that the reopening of Middle East airspace and the gradual resumption of capacity by Middle East airlines despite the ongoing crisis will augur well for Sats as it continues to gain market share within the global air cargo industry,&rdquo Tay says. He is optimistic that the company can achieve its 5% profit margin target for FY2029 earlier, in FY2028. However, the $8 billion revenue target will be contingent on a larger step-up in contributions from its food solutions business. Despite the near-term cost pressures, UOB KayHian&rsquo s Roy Chen says the company&rsquo s fundamentals remain strong. &ldquo With the diversified global network, Sats is likely to continue gaining market share in global cargo handling. While elevated energy prices may increase operating costs in the near term, cost pressures should be passed through to customers over time,&rdquo he reasons. Sats remains a &ldquo buy&rdquo for Chen, along with the same target price of $4.75, which is based on 19.7 times FY2028 earnings, which is in line with the company&rsquo s historical mean. Meanwhile, Liu Miaomiao and Eric Ong of Maybank Securities are keeping their &ldquo buy&rdquo call and DCF-based target price of $4.52. They expect Sats, with its diversified global network and resilient cargo franchise, to have the necessary buffers against ongoing macro and geopolitical headwinds. &ldquo We also anticipate more meaningful earnings contribution from the Thailand central kitchen in FY2028, as operations are expected to commence in Nov 2026,&rdquo state Liu and Ong, who have raised their FY2027 earnings forecast by 7.1% and FY2028&rsquo s by 4.9%. Jason Sum of DBS Group Research believes that with Sats&rsquo Net debt/Ebitda now broadly within management&rsquo s target range of 2.5 to 3 times, the company should be less pressured to trim its debt load, largely incurred when it acquired WFS. Instead, there&rsquo s now more scope for excess cash to be returned as dividends or buybacks. Sum has raised FY2027 core net income estimates by 2.3% and FY2028&rsquo s by 0.7% on stronger volume assumptions, driven by resilient air cargo demand, Americas ground-handling expansion and higher catering intensity from more direct long-haul flights. Based on an earlier target price of $4.20, Sum figures Sats is worth $4.40. At 17.9 times forward earnings, Sam sees this as a favourable risk-reward ratio. Finally, Hashim Osman of PhillipCapital has raised his FY2027 earnings forecast by 8% due to higher gateway services revenue from new contract wins. He expects the food solutions margins to recover gradually too, as new facilities in Bangalore, Tianjin and Thailand scale toward full utilisation, leading to improved margins. As such, in addition to maintaining his &ldquo buy&rdquo call, he has raised his target price from $4.44 to $4.52. |
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| 06-Jun-2026 16:46 |
Seatrium Ltd
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Seatrium - Sea of Hopes & Atrium of Surprises (II)
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Uneventful 1Q anchors analysts&rsquo views on Seatrium Multiple analysts have mostly maintained their confident outlook on offshore and marine giant Seatrium after an uneventful first quarter in which the company did not secure any significant new contract wins, but continued its steady execution of projects and balance sheet strengthening while hunting for a pipeline of around $30 billion in opportunities. In a business update on May 29, Mainboard-listed Seatrium reported a net order book of $15.5 billion across 24 projects with deliveries through 2033. For reference, Seatrium&rsquo s order book was $17.8 billion as at Dec 31, 2025, implying that more than $2 billion in revenue was recognised during 1QFY2026 ended March 31. In addition, the firm won major contracts, including the Kaskida floating production unit and Balwin 5 in 4QFY2025. &ldquo We continued to carry the momentum gained in FY2025 into the new financial year with steady project execution and margin improvements,&rdquo says CEO Chris Ong. &ldquo With the completion of our announced divestments, we are well-positioned to deliver further gross margin improvements,&rdquo he adds. UOB Kay Hian (UOBKH) analyst Adrian Loh maintains his &ldquo buy&rdquo rating and $3.15 target price in his June 2 report. Describing Seatrium&rsquo s 1QFY2026 as &ldquo solid&rdquo , Loh notes management&rsquo s guidance for higher gross margins due to a better project mix and completion of non-core divestments. He sees room for growth in the earlier gross margin estimate of 7.5%. He expects the current energy shock to reinforce energy security concerns and longer-term offshore energy investment, which could benefit Seatrium. To Loh, Seatrium is a contender for major offshore energy projects. &ldquo Seatrium&rsquo s four TenneT offshore platform projects and the heavy-lift vessel for Penta-Ocean are strong proof points that the company should be in the conversation for any major offshore wind tender in the EU.&rdquo For Maybank&rsquo s Hussaini Saifee, while large project awards remain lumpy, he sees a bright spot in Seatrium&rsquo s repairs and upgrades, which could throw a positive surprise. Repeat business remains strong, defence-related work is meaningful, and rig refurbishment remains active across Brazil, Singapore and Asia Pacific, Hussaini notes in a June 1 report. He also thinks that conversions of floating storage and regasification units and floating liquefied natural gas (LNG) vessels appear to be gaining strategic relevance, supported by energy security, faster time-to-market and LNG infrastructure needs. Similar to Hussaini, Ho Pei Hwa from DBS Group Research is positive on the repairs and upgrades segment in her May 29 report. She believes that the company is reinforcing its position in LNG and gas infrastructure conversion solutions with Seatrium securing its eighth FSRU conversion project from Karpowership. Contract wins are emerging as a common price catalyst for the counter across most analyst reports. Ho, for one, writes that contract flows remain the key catalyst, and the absence of major projects during the first five months of the year suggests they have been relatively slow. Despite slower contract wins, Ho maintains a constructive outlook, as Seatrium could benefit from the emerging global offshore reinvestment cycle. Ho values Seatrium at unchanged $3 and reiterates her &ldquo buy&rdquo call in her May 29 report. Meanwhile, Hussaini sees customers still exercising discipline on capex and the timing of final investment decisions (FIDs), which are outside Seatrium&rsquo s control. As such, material order conversion will likely be more visible only in 2HFY2026 and FY2027. He maintains both his &ldquo buy&rdquo call and $3.10 target price. Similarly, CGS International&rsquo s Lim Siew Khee and Meghana Kande believe that orderbook replenishment is crucial to meeting 2028 &ldquo steady-state&rdquo targets of $10 billion to $12 billion in revenue, an ebitda of over $1 billion, a return on equity (ROE) of over 8% and a net debt to ebitda of two to three times. Lim and Kande note that Seatrium has lowered its tender pipeline to $28 billion from $32 billion on a q-o-q basis. This is due to Petrobras awarding the SEAP 1 floating production, storage and offloading (FPSO) project to SBM Offshore under a build, operate, and transfer (BOT) model, rather than leveraging Seatrium&rsquo s strengths in engineering, procurement, construction and commissioning (EPCC). With five months passed in 2026 and no major contract wins, Lim and Kande reduced their order-win forecast from $6 billion to $4.3 billion for FY2026 and trimmed their FY2027&ndash FY2028 earnings-per-share forecasts by 2%&ndash 3%. They maintain their &ldquo add&rdquo rating at a lower target price of $2.52 (down from $2.84 previously), valuing the company at 1.2 times forecast FY2026 P/B in their May 29 note. |
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| 06-Jun-2026 16:45 |
UOB
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UOB
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UOB is a &lsquo fast follower&rsquo when it comes to adopting tech, says bank&rsquo s group head of innovation United Overseas Bank&rsquo s (UOB) approach to technology is the same as its overall philosophy &mdash a &ldquo careful&rdquo one. Instead of striving to be the leader in implementing new features, the bank prefers to be a &ldquo fast follower&rdquo . &ldquo We are always a very careful bank. So I would say that the strategy is to learn as fast as we can from other industry players as well, especially international banks,&rdquo says Lee Zhu Kuang, group head of innovation at UOB. &ldquo So I would say, most of the time, we are a fast follower.&rdquo When Lee joined UOB in July, he restructured the innovation group and had the different teams work together to create more synergies as opposed to working on silo strategies for artificial intelligence (AI), data and blockchain, as they previously did. At present, the bank has four guidelines for innovation. &ldquo It&rsquo s always about innovation with purpose. So we need to make sure we deliver what matters to the bank, rather than trying to chase after the new technology itself,&rdquo Lee says. &ldquo Also, we place [a] very high importance on regulations and governance because we believe those help us to enhance the scale, rather than being an obstacle to innovation,&rdquo he adds. Third, to the bank, a tool is not just a tool but also a means to observe processes end-to-end, which is part of its system thinking. The fourth guideline is people. &ldquo How do we make sure that we train people, we upskill our people and make sure that they are comfortable and confident with whatever that we&rsquo re going to roll out?&rdquo Lee says. With news of various organisations slashing jobs in their push for AI, Lee says the bank uses AI to lift productivity so its staff can focus on higher-value work as the business scales. One example he cites is writing source-of-wealth reports, which used to take over three weeks. With agentic AI, this task now takes just a few hours. Outcome first, tools second When it comes to deciding which technologies to adopt, Lee says the bank starts by focusing on the desired outcome. &ldquo The first thing that we look at is to understand the pain point. We start with the outcome in mind and not the tools first,&rdquo he says. &ldquo We try to move away from trying to churn out new technologies as they come, [and instead examine] what matters most to the bank and which tools can bring the most value.&rdquo For instance, some of the anchors the bank looks at include increasing client trust, improving risk management, strengthening resilience and raising productivity. &ldquo The technology and the tools that we use have to follow these priorities and not the other way around.&rdquo This has led to the bank taking on a hybrid approach when it comes to building its tools or buying from a third-party provider. One of the reasons behind a decision to partner with external vendors is whether they have deep expertise on fast-moving areas, especially AI. The bank also considers partners that have experience in ecosystem integration, given that it is in several other markets across Asean. &ldquo We need to be able to work across markets where there are different rules and regulations, as well as uneven regulation and digital maturity. So, we need these types of digital and data platforms where we are able to capture some common standards and controls,&rdquo Lee says. When it comes to partnerships, the bank looks more at co-creating tools as opposed to procuring them outright. Lee attributes this to the speed of evolution in technology today, which means the bank prefers to work with its consultants and partners to create a custom tool. &ldquo We don&rsquo t want to be locked down by any vendor,&rdquo he adds. &ldquo If it&rsquo s something that differentiates us, we want to build it, but if it is something that we want to launch quickly with speed, then we partner.&rdquo A partnership to create a tool typically takes six to 12 months. Building a tool takes longer and depends on whether the bank already has the technology or it needs to source for it. One example Lee gives is an open source model like Llama 4. The bank took six months to assess security issues alone before any actual development work could begin. Enterprise AI from established vendors moves faster because once the bank is satisfied with the security checks done by the enterprise, there is not as much work required whenever there are version upgrades, unlike open source models. What&rsquo s already running UOB has already launched Microsoft&rsquo s Copilot across the bank and trained more than 30,000 staff on it. According to Lee, Microsoft says that the bank ranks among the highest number of Copilot users across the tech firm&rsquo s clients. &ldquo I think that is quite encouraging,&rdquo he says. The bank has also created a build-your-own-bot capability, rolling out more than 14 bots last year, with around 20 more planned for this year. Other initiatives include machine learning models for tasks such as estimating branch waiting times and monitoring relationship managers in the private bank to ensure they are recommending appropriate products. The take-up rate is encouraging, with positive feedback from staff so far. &ldquo The feedback on the ground is, can you go even faster?&rsquo &rdquo Yet, due to the bank&rsquo s highly-regulated environment, the rollout of such initiatives will always be slower compared to public use, as it will have to clear security checks. As such, the bank will have to think of ways to streamline the onboarding process to try to keep up with the industry. When asked about hacking fears from Anthropic&rsquo s Mythos, Lee says: &ldquo Protecting [the bank&rsquo s] customers and stakeholders from cybersecurity threats and risks remains our priority.&rdquo He adds: &ldquo Our disciplined and responsible approach to innovation ensures that strong governance, ethical considerations and robust data stewardship are integral to our use of AI. To enable this, we have built enterprise platforms such as Model Analytics Platform and Enterprise GenAI Platform, which enable the controlled onboarding and deployment of AI models at scale. We also maintain the robustness of our systems by continually reviewing the bank&rsquo s cybersecurity framework.&rdquo Furthermore, UOB works closely with the regulators and industry peers to &ldquo monitor emerging threats, share intelligence, and strengthen collective risk mitigation efforts&rdquo . &ldquo We will continue to monitor advancements in AI closely, ensuring that our operations and customer data remain safeguarded.&rdquo When asked about tangible benefits, Lee says the bank is now working with a partner to define a value measurement framework that allows it to record benefits in a systematic manner. &ldquo The numbers that are coming up from this framework &mdash we will be able to announce [them] publicly as well, because it can be audited.&rdquo Experimentation vs risk When it comes to innovation, Lee, as the bank&rsquo s &ldquo chief experimenter&rdquo , believes it is important for the bank&rsquo s employees to &ldquo learn fast [and] fail fast&rdquo without fear. The bank will also have to playpen test environments with guardrails, as well as governance that keeps pace with technology rather than lagging behind it. Accountability for AI and digital data adoption has been pushed up to senior management and board directors, who have been &ldquo very supportive&rdquo . &ldquo When I talk to senior management and the board, it&rsquo s always about how do we put trust as the centre of everything, to be able to earn trust at scale.&rdquo Innovation, to Lee, has to be &ldquo designed to be safe, to be fair and to be accountable right at the start&rdquo . The Asean opportunity UOB&rsquo s strongest differentiator, notes Lee, is its Asean footprint. &ldquo We are always trying to work across markets where we design our platforms to be ready for fragmentation but prepared for harmonisation,&rdquo he says. &ldquo If you look at Asean, we are in a very diverse region. So we need to make sure that we are able to apply strong local standards to make sure that we can adapt to local market conditions,&rdquo he adds. With this, he hopes that ongoing framework discussions within the Asean nations will help harmonise rules on data, digital identity and payments. On where the biggest opportunity lies over the next three to five years, Lee sees it in the &ldquo interoperability between the Asean countries&rdquo . &ldquo This applies not only to digital and data. It applies to sustainability as well. We need to make use of digital and data platforms that are able to provide common standards and common control, so that we can scale some of these on a regional basis in a very responsible manner, rather than trying to solve it market by market,&rdquo he says. In the meantime, he is looking forward to rolling out the strategies that have already been approved. &ldquo Over the next three years, we have different deliverables that we need to achieve, and all these are very encouraging and exciting because it really brings up the productivity and the proficiency level as a bank, when we look at digital and data and AI.&rdquo &ldquo Overall, innovation only matters if it can earn trust and deliver value over time. So at UOB, the development of digital and data capabilities is about how we use them to scale in a responsible manner, as well as make a difference to our customers and the communities we serve,&rdquo he adds. |
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| 06-Jun-2026 16:42 |
PanUnited
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Pan united
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CGSI' s Ong raises target price for Pan-United from $1.55 to $1.85 Pan-United Corp' s share price has dropped more than 10% from its recent peak of $1.73 more than a fortnight ago but Natalie Ong of CGS International has not only maintained her positive view on this stock, she has also raised her target price from $1.55 to $1.85, citing the company' s strong balance sheet amid bustling construction activity. In the first quarter of the year, demand for ready-mixed concrete was up 29% y-o-y to 4 million cubic metres, according to the Building and Construction Authority. At this level, the demand for this key building material - in which Pan-United is the largest supplier in town with a market share of around 40%- is tracking the upper range of the full year forecast of 15 to 16 million tonnes. Ong points out that historically, demand in the second half of the year tends to be stronger. " As such, we think 2026 demand could reach or surpass BCA&rsquo s RMC demand forecast, in line with our 2026 ready-mixed concrete forecast of 16.5 million cubic metres," she says. Ong notes that ready-mixed concrete players have largely been able to pass on the higher cost of cement, with prices rising 14% y-o-y to $136 per tonne versus the 16% y-o-y increase in cement prices over the January to March period. The industry has been flagging that operating costs have been rising, no thanks to higher energy costs because of the fighting in the Middle East. Ong points out that the majority of the company' s contracts with customers are based on variable/indexed prices. " As such, we believe that Pan-United has been able to raise average selling prices to pass through the majority of inflationary costs, keeping margins largely protected, giving it an edge compared with its building material/construction peers who have a larger proportion of fixed-price contracts," she says. Now, given the inflationary environment, she warns that the company could face a slight deterioration of cash balances and accounts receivable build-up as higher input/operation costs result in higher working capital needs. In its AGM minutes published on May 15, the company says that apart from assessing its customers&rsquo creditworthiness, it purchases credit insurance on most of its customers, protecting itself in the event of non-payment. Meanwhile, Ong believes that the company' s net cash, at a " healthy" $93 million as at end of FY2026, will support her 60% payout ratio assumption, which translates to 50% jump in dividend per share for FY2026. In addition, the company has been supporting the share price with buybacks amounting to 807,700 shares as of June 4, or 0.15% of its outstanding shares. It only obtained the mandate to do so on April 23 Ong has raised her valuation multiple on the stock from 7.4x EV/Ebitda, which is based on 0.5 sd Pan-United' s historical level, to 9x FY2027 EV/Ebitda, which is 1.4 sd above the 14-year forward level. She remains upbeat on this stock, given its strong positioning, which should help it capture construction tailwinds, supported by improved balance sheet strength. For Ong, re-rating catalysts include strong industry volume growth and sustained margin strength. On the other hand, downside risks include counterparty credit risks and a slowdown in project offtake volumes, thereby negatively impacting ready-mixed concrete sales and margins. Pan-United Corp shares, as at 2.04 pm, traded at $1.50, up 2.04% for the day, extending a gain of 28.41% year to date. |
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| 06-Jun-2026 16:41 |
Frencken
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Frencken Group Ltd
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Fund manager Amova raises stake in Frencken to above 6% Frencken (SGX:E28) announced that its substantial shareholder, Amova Asset Management, has acquired 1,007,800 shares back on June 2. In the SGX filing dated June 5, the shares were purchased for a total consideration of $2,638,650.96, which excludes brokerage and stamp duties. This translates to an average price of around $2.62. With this latest transaction, this brings Amova&rsquo s stake in Frencken from the previous 5.88% to 6.11%. Shares in Frencken closed 8 cents lower, or 2.67% down at $2.92 on June 5. On a year-to-date basis, Frencken&rsquo s share price gained 111.59%. |
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| 06-Jun-2026 16:40 |
IX Biopharma
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iX Biopharma
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Pain relief for GI Joes, giant leap for iX Biopharma You might expect a pharmaceutical company founder to have a background in science or medicine. Instead, Catalist-listed iX Biopharma (SGX:42C) was founded by Eddy Lee, who spent most of his career in unrelated fields, from hospitality to telecommunications. Instead of a formal education in science or something related, Lee earned his business degree from Australia&rsquo s Curtin University. Over the years, Lee, the chairman and CEO of iX Biopharma, held management roles at companies, including Genting Group in Malaysia, CDL Hotel International in Hong Kong, Star Cruises in Singapore and Amcon Telecommunications in Australia. Lee recalls that after retiring from the corporate world, he was living in Perth when a group of Australian scientists approached him for support for a small study on fentanyl, a pain relief medication commonly used during labour and delivery. He was drawn further in and soon asked to support an expanded study aimed at developing a more efficient drug delivery method than injections or drips: sublingual medication that dissolves under the tongue. Lee, presumably aware of the challenges but also recognising the commercial potential, agreed and soon after, the company was founded in 2008. &ldquo That&rsquo s how I got started in the pharmaceutical space,&rdquo he says in an interview with The Edge Singapore. Since pharmaceutical companies entered capital markets, the journey for upstarts in this space can be brutal. Companies could spend years on capital-intensive, multi-phase product development and clinical trials before receiving the necessary approvals to sell their products. The lucky few would become so-called &ldquo blockbusters,&rdquo resulting in epic paybacks others would soon find newer, more effective competitors in the pipeline. Along the way, there will be ups and downs, and investors&rsquo patience will be tested more than once. For years, iX Biopharma&rsquo s share price languished well below its 2015 IPO level of 46 cents, as it endured a series of setbacks and continued losses. After reaching as high as 62 cents on its trading debut day, the company&rsquo s share price dipped to as low as 1.5 cents last year. Yet, since early this year, things are finally looking up for iX Biopharma, with the US military coming in to help carry its product, Wafermine, used for pain relief, through to the later stages of development, which in turn, attracted new funding from enthusiastic investors eager to catch the ride up. In the past year, iX Biopharma&rsquo s share price has gained 1,700% to close at 36 cents on June 3, valuing the company at $375.64 million, making it one of the better-performing companies on the Singapore Exchange (SGX). Lee has a ready answer for the share price&rsquo s lacklustre movements following the listing: a mismatch in expectations. &ldquo First, institutions were not interested and are not in their DNA to invest in biotech companies. Second, we told the market that we would take three to four years to get our flagship drug, Wafermine, to complete the Phase 2 studies and then we would out-license our drug, but the timeline got delayed.&rdquo When the timeline was not met, the share price naturally came off. Meanwhile, to restore market confidence, iX Biopharma committed to the development of two additional products in addition to Wafermine: Wafersil and Wafernyl. &ldquo Wafersil is a man&rsquo s Viagra-equivalent medical product, which is actually superior to Viagra. We did not focus too much on commercialisation, but we still developed it mainly to secure more knowledge of how the drug is developed and to get it registered with Australia&rsquo s Therapeutic Goods Administration (TGA),&rdquo Lee says. &ldquo Wafernyl is a good, effective pain reliever, but it contains morphine, which is a potent opioid medication, and the US Food and Drug Administration (FDA) advised us not to pursue it,&rdquo Lee adds. Subsequently, amid the US opioid crisis, the company discontinued the development of Wafernyl. Industry risks abound, and while iX Biopharma has encountered some, it has also avoided others. In the US, Purdue Pharma, owned by the Sackler family, the billionaire owners of the company long associated with the opioid crisis, produced the opioid OxyContin, a painkiller similar in use to Wafernyl. Purdue Pharma&rsquo s aggressive marketing, which downplayed addiction risks, led to widespread abuse, thousands of lawsuits and ultimately its bankruptcy filing in 2019. For iX Biopharma&rsquo s flagship product, Wafermine, Lee says it was more or less ready as early as 2017. &ldquo Once we completed Phase 2, we had a good meeting with the FDA in 2019, and they see the drug is good for acute pain, especially in pain involved in post-operations. &ldquo Back then, there was no non-opioid drug,&rdquo adds Lee. However, Lee did not push ahead to bring Wafermine to the subsequent Phase 3 and then commercialisation &mdash an endeavour which he figures would cost US$30 million ($38.4 million) that iX Biopharma, with its share price at around 20 cents and a market cap of just $150 million then, did not have. The typical drug development cycle consists of four phases. The third phase &mdash following which FDA&rsquo s formal approval is sought &mdash is typically the most costly, as it involves enrolling up to 3,000 patients to confirm efficacy. &ldquo Raising that sum of money will crush our share price, and our market won&rsquo t give it to me,&rdquo Lee reasons. Instead, Lee signed an exclusive licensing agreement with then-Nasdaq-listed Seelos Therapeutics Inc in November 2021. Under the agreement, Seelos was to fund all future development, manufacturing and commercialisation of Wafermine. According to Lee, there were other potential partners, but he was won over by Seelos&rsquo chief medical officer, who he says was very knowledgeable about ketamine and shared his values. However, things took a turn when Seelos was unable to advance development, as its broader drug pipeline encountered difficulties. The company was eventually delisted from Nasdaq and, in 2024, effectively became defunct. According to Lee, iX Biopharma&rsquo s chief commercial officer Eva Tan then spent six months working to reclaim Wafermine after the deal with Seelos fell through in 2024. JV with Orion Specialty Labs Despite the setback, Lee and his team pressed on. In November, iX Biopharma signed a non-binding term sheet with US-based Orion Specialty Labs, whose shareholder is investment firm GLD Partners, to establish a manufacturing and commercialisation base in the United States. Under the proposed joint venture, iX Biopharma will hold a 75% stake, with Orion holding the remaining 25%. In the same interview, Tan shares that before the non-binding term sheet with Orion, iX Biopharma was still relatively unknown in the US. &ldquo For some reason, there was a lot of interest in our longevity products from the pharmaceutical companies. They shared that the products are not available anywhere in the US, and they are excited to see this, especially Orion,&rdquo says Tan. &ldquo Orion believes that with the growth of telehealth, we will be able to supply various telehealth companies such as Hims & Hers and Ro, and that will be a big differentiator,&rdquo she adds. Under the arrangement with Orion, the US company is offering its FDA-registered facility to iX Bioparma, which has the approvals and capabilities to do compounded drugs in bulk. For Orion&rsquo s part, it will spend US$10 million in capex to support the production. A US-based manufacturing facility, of course, will not be subject to tariffs imposed by the US on products made elsewhere. &ldquo With the products and infrastructure in place, we are now ready to pursue the compounding pharmacy pathway in the US,&rdquo says Tan, adding that by early 2027, iX Biopharma will be ready to launch its own direct-to-consumer business model. On May 11, iX Biopharma announced that it will restructure its consumer business by consolidating its Australia and Hong Kong subsidiaries and the proposed WaferiX direct-to-consumer (DTC) telehealth platform currently under development into a newly incorporated holding company to be known as Ligo Pharma. By doing so, the company aims to unlock value and preserve flexibility for future corporate action, including a spin-off listing on SGX or Nasdaq. At the same time, iX Biopharma is in advanced talks with GLD to set up a joint venture that would incorporate Orion into the Ligo structure. &ldquo The proposed joint venture, if concluded, would represent a significant deepening of the relationship between the parties,&rdquo iX Biopharma says. US defence contractor Besides this deal with Orion, iX Biopharma was in the news recently for a bigger reason. In February, the US Department of War awarded US$41 million to fund the development of Wafermine &mdash the product Lee tried to push through with Seelos. SGX-listed companies routinely receive Singapore government contracts, but securing funding and potentially generating revenue from the Pentagon is presumably not common. The funding was provided through the Defence Health Agency Contracting Activity (DHACA). The funds will be used to support Wafermine&rsquo s Phase 3 clinical development and a subsequent bid to secure FDA approval for the Department of War to use this drug over three years under an arrangement called Emergency Use Authorization (EUA). Lee recalls that in 2016 and 2017, the US military was seeking a battlefield painkiller, with iX Biopharma&rsquo s Wafermine competing against &ldquo the best in the US&rdquo . However, the company lacked sufficient clinical data at the time and could not advance to later stages of clinical trials. How iX Biopharma' s Wafermine stacks up against similar products / Photo: iX Biopharma As a result, iX Biopharma did not take part in the bidding, despite what Lee describes as strong interest from the US military. &ldquo We were very close, but we just do not have the data to back us up.&rdquo However, the US military did not forget about iX Biopharma. In May last year, the company was approached about collaborating on the registration of Wafermine for post-operative pain relief. By September, the Department of War was reportedly satisfied with the technology and data and confident that Wafermine had a strong chance of succeeding in Phase 3 trials. Under the subsequent agreement, the Department of War will fork out US$41 million to fund iX Biopharma&rsquo s labour and project costs associated with the programme through a combination of fixed monthly payments and cost reimbursements of actual costs incurred. Meanwhile, the EUA mechanism permits the use of products that have not yet been approved by the FDA when the known benefits outweigh the potential risks and no approved alternative exists. According to iX Biopharma, in a recent presentation, Wafermine may be included as a standard-issue item in US military medical kits. In addition, the Department of War may consider Wafermine for veterans. The market goes beyond the men and women in uniform. According to the company, citing a report from Delve Insight, the total addressable market for acute, moderate-to-severe pain in key US markets was worth US$44.5 billion in 20205 and is expected to grow at a CAGR of 13% to reach US$14 billion by 2034. Meanwhile, in the near term, come next January, once the EUA takes effect, the company will generate cash by supplying Wafermine to the US military. &ldquo This will be the future for iX Biopharma,&rdquo says Lee. Department of War backing fuels surge The company&rsquo s share price has since recovered sharply. It hovered around two cents for the first nine months of 2025 before beginning a strong rebound in late September and crossing the 10-cent level by late October. The higher share price helped create a more conducive environment for iX Biopharma to tap the market for new capital. Last October, the company announced a placement to raise proceeds of just below $5 million. However, due to strong investor demand, the placement was upsized by a third to $6.7 million. Institutional investors such as Lion Global Investors and Ginko-AGT Global Growth Fund together subscribed for 67 million new shares at 10 cents each. After nearly two decades leading the company through difficult periods, Lee moved quickly to seize the momentum. Just four months after the October 2025 placement and the Department of War contract win on Feb 13, iX Biopharma returned to the market with another placement to raise at least $6 million. Again, investor demand was strong, despite iX Biopharma selling the shares this time round at a much higher price. As in the previous round, the placement was upsized, even though book-building took place during what is typically a quiet Chinese New Year period for markets. A total of $15 million was eventually raised by issuing 75.8 million new shares at 19.8 cents each, 150% above the initial plan. Of this amount raised, $13 million is for interim funding to fulfil the Department of War contract, and the remaining $2 million is for debt repayment. &ldquo We are now fully funded,&rdquo says Lee. Interestingly, the market took some time to appreciate the significance of the Department of War contract, as reflected in iX Biopharma&rsquo s share price movement. That timing, however, worked in Lee&rsquo s favour. For listed companies managing capital carefully, when and how they raise funds can make a significant difference. In this sense, the Department of War contract provided a form of non-dilutive funding at a critical stage in Wafermine&rsquo s development. &ldquo When we announced the Department of War contract, internally, we believe that the value we created for the company is far greater than what is currently being reflected in the market,&rdquo says Tan, pointing out that the company&rsquo s share price moved only &ldquo marginally&rdquo . &ldquo We got really lucky to be able to raise $15 million with our share price near the 20-cent mark. Imagine the same $15 million raised at the 10 cents mark the dilution impact will be much greater,&rdquo adds Lee, who holds a stake of 22.5% in the company following the two rounds of placement. While some investors have responded to recent developments, the surge in iX Biopharma&rsquo s share price has been linked in part to a single call by Paul Chew of PhillipCapital. Chew previously covered the stock during its deal with Seelos, which eventually fell through, and faced criticism for his earlier coverage. On April 10, following the Department of War deal, he re-initiated coverage with a &ldquo buy&rdquo call and a $1 target price. Following Chew&rsquo s call, iX Biopharma&rsquo s share price gained 65% on the same day, with 130 million shares changing hands. &ldquo The US government is not only funding you but also buying from you and for military use,&rdquo says Chew. In effect, the Pentagon is backing iX Biopharma as it moves to clear the FDA&rsquo s regulatory hoops. &ldquo Imagine you are meeting the FDA, and there&rsquo s a US colonel or general behind you &mdash is the FDA going to say no?&rdquo says Chew at a recent presentation. In addition, the company does not necessarily need to manufacture the drugs itself. It can either license manufacturing to other pharmaceutical companies to produce it or sell the IP to competitors, he adds. Potential Nasdaq dual listing iX Biopharma&rsquo s turnaround comes amid improving sentiment in the local stock market, supported by measures such as the Equity Market Development Programme (EQDP), which have drawn greater attention to small- and mid-cap companies in Singapore. Lee agrees that the measures are providing small- and mid-cap companies like iX Biopharma with good exposure to market participants. &ldquo Without these measures, nobody wants to talk to us at one point of course, right now we have reached a level where we attract some interest,&rdquo he says. &ldquo As SGX has shared, since the launch of the EQDP, the benefit has really flowed through to the small and mid-cap companies and has made the most impact. Because of that, the interest has since spread outside of Singapore,&rdquo adds Tan. iX Biopharma recently took part in a roadshow organised by SGX in Kuala Lumpur, and the exchange brought along a handful of much larger companies. According to Tan&rsquo s observation, the company actually garnered much more interest. At its most recent AGM last October, the company told shareholders it is considering a dual listing on Nasdaq within the next 12 to 18 months and Lee says the company is almost ready for a US listing. After all, the recent Department of War deal, which also makes iX Biopharma a US defence contractor, will be a good pitch for US investors. &ldquo Right now, within the US biopharma space, you start to see a slight change in attitude as they will want to acquire your drugs quickly. You look at Eli Lilly, which recently bought out Nimbus&rsquo oral obesity drug and Novo Nordisk, which acquired clinical-stage biotech company Akero Therapeutics,&rdquo Lee says. Lee adds that once the drug is found to be viable and effective, biopharmaceutical companies will pay top dollar to acquire iX Biopharma. &ldquo So, we believe that might happen to us and therefore we want to push forward our plans for the dual listing.&rdquo Meanwhile, the company is in a better financial shape, as shown by the most recent financial results. For the nine months to March, gross margin improved to 30%, up from 24% a year ago, driven by a more favourable sales mix and cost management. At the same time, it reduced its net loss by 65% y-o-y to $2.97 million from $8.44 million a year ago, supported by favourable forex movements. For Lee, the company&rsquo s toughest period is over. He is now &ldquo probably&rdquo less worried and more upbeat about the prospects ahead. &ldquo Our game plan is very clear for the rest of 2026. First, we will try to secure the EUA, which means we will be profitable by next January. In the next few months, we will finalise our contractual relationship with Orion and transfer our 30 assets to it. So I think it could be a better year ahead for us.&rdquo |
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| 05-Jun-2026 12:21 |
Jardine C&C
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Jardine C&C
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Jardines has survived wars and market collapses. Can it survive the digital age? For investors, a flood of rumours over the sale of assets &ndash including properties, fast-food chains and car dealerships &ndash can be disconcerting [SINGAPORE] With a history spanning nearly two centuries tracing back to its roots as an opium trading house, Jardine Matheson : J36 -2.13% has survived empires, wars and market collapses. But can a venerable hong whose history predates the modern corporate era survive the digital economy and fast-moving technological disruption? Over the decades, Jardines has diversified into industries such as retail, motor vehicles, real estate and financial services. And it is currently undergoing a structural overhaul, shifting away from its traditional owner-operator model to become a return-focused investment company. But even as the group navigates a complex transformation, the market has not taken too kindly to recent news about its acquisitions and divestments. This is understandable. For investors, a flood of rumours over the sale of assets &ndash including properties, fast-food chains and car dealerships &ndash can be disconcerting. In Singapore, the stock is underperforming the benchmark Straits Times Index (STI) year to date and trading at a staggering 34 per cent discount to its book value. So far this year, Jardine Matheson&rsquo s share price has fallen 5.4 per cent. In comparison, the STI is up 10.5 per cent. But the market could be missing the point: Jardine Matheson desperately needs this pivot. Assets up for sale Jardine Matheson executive chairman Ben Keswick has led a sweeping effort to simplify the company&rsquo s holdings. And chief executive officer Lincoln Pan, who joined in December 2025 from alternative investment firm PAG, is actively building a dedicated investment team to steer the group in this new direction. Of course, this strategic shift requires serious cash. And to this end, Jardines has been busy recycling capital. The market is awash with rumours of further asset sales after the group proposed or completed at least US$10.5 billion in deals over the past year. To the casual observer, it might appear that even the family silver is on the table. The group&rsquo s Mandarin Oriental International is said to be weighing the sale of the remainder of its One Causeway Bay office tower in Hong Kong. This comes after it sold 13 floors of the building to Alibaba Group Holding and Ant Group for US$925 million last year. Another potential target for divestment is Zung Fu, the group&rsquo s Mercedes-Benz dealership covering Hong Kong and Macau. Closer to home, Jardine Cycle & Carriage : C07 -0.83% is also rumoured to be exploring the sale of its Mercedes-Benz dealerships in Singapore and Malaysia. Meanwhile, Jardines&rsquo restaurant unit has reportedly been seeking to sell its KFC and Pizza Hut chains in Asian markets, including Hong Kong and Taiwan. This has attracted bidders such as Carlyle Group and Yum China Holdings. To streamline operations further, the parent company cut its corporate overhead by roughly 15 per cent compared with that in 2024. Pivot to the future Where is the freed-up capital going? Jardines wants to expand into developed Asia-Pacific markets. It targets markets such as Australia and Japan to reduce its heavy exposure to geopolitical and volatility risks in South-east Asia and China. This strategy materialised with its push into Australian healthcare. Jardines agreed to buy I-MED Radiology Network from private equity firm Permira for an enterprise value of A$3.4 billion (S$3.1 billion). I-MED operates 215 diagnostic imaging clinics across Australia and New Zealand, performing more than seven million patient procedures a year. This healthcare push offers something Jardines has noticeably lacked: a modern technology narrative. The acquisition includes a minority interest in Harrison.ai, a firm developing radiology artificial intelligence solutions. For a conglomerate historically reliant on heavy industries, retail and real estate, this AI-adjacent investment is a welcome update. Despite these proactive steps, the stock remains sluggish. While the announcement of the Mandarin Oriental privatisation and the initiation of a US$250 million share buyback programme provided a lift to the stock last year, the momentum failed to hold. To be fair, conglomerate discounts are common in capital markets. Investors prefer to allocate capital themselves. If an institution wants exposure to Indonesian consumers, it can buy Astra directly. If a fund wants prime Hong Kong office space, Hongkong Land : H78 -0.54% is available on the open market. Yet, dismissing the holding company ignores a crucial long-term trend. Over the past decade, Jardine Matheson has actually outperformed most of its underlying listed holdings, with the exception of Hongkong Land. This outperformance stems from management&rsquo s ability to create value through disciplined portfolio management and capital recycling. Furthermore, the parent company offers significantly stronger liquidity and a free float of roughly 80 per cent. This easily dwarfs the liquidity of subsidiaries such as Jardine Cycle & Carriage, Astra or DFI Retail : D01 +0.51%. Still, we are in an era where capital aggressively chases pure-play technology and digital infrastructure. A case in point is the impending mega initial public offerings featuring Anthropic and OpenAI. In this light, the caution from the market on a player that relies heavily on the slow compounding of traditional physical assets could be justified. For now, patient, income-seeking investors might view the discount as a bargain. The current valuation is undemanding and offers a decent dividend yield of 3.6 per cent. The management is expected to provide greater clarity on the group&rsquo s capital-allocation priorities, investment criteria, financial targets and medium-term total shareholder return framework on Jun 16, when it hosts its inaugural Investor Day in Hong Kong. The group is likely making the right strategic moves. Now, it just needs to convince investors it can execute this pivot effectively. |
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| 05-Jun-2026 12:20 |
SamuderaShipping
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SAMUDERA SHIPPING LINE LTD
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Samudera Shipping sells two vessels for US$23 million under fleet management, capital allocation strategy It is expected to yield an estimated gain on disposal of around US$1.3 million [SINGAPORE] Samudera Shipping Line : S56 0% announced the disposal of two vessels as part of its ongoing fleet management and capital allocation strategy. Its wholly owned subsidiary Samudera Tankers has entered into agreements to dispose the vessels Sinar Malahayati and Sinar Mendawai to an unrelated third-party buyer on an en bloc basis. With an aggregate cash consideration of US$23 million, including a 10 per cent deposit, the collective disposal is expected to yield an estimated gain of around US$1.3 million. Net proceeds will go towards general working capital or may be redeployed for fleet renewal and other investment opportunities, said the group on Wednesday (Jun 3). Samudera said that the amount took into consideration each vessel&rsquo s age and condition, prevailing market values for comparable chemical tankers and the revenue potential of the vessels&rsquo unexpired time charters. Both vessels are employed on existing time charters at the time of the disposals, it added. Assuming the disposals were completed on Dec 31, 2025, the group&rsquo s consolidated net tangible assets per share would have stood at US$1.1583 post-disposal, versus US$1.1559 pre-disposal. The counter ended 1.5 per cent or S$0.015 down at S$0.975 before the news. |
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| 05-Jun-2026 12:18 |
Tai Sin Electric
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tai sin on bullish breakout
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RHB initiates coverage on Tai Sin Electric with &lsquo buy&rsquo call and 75 cents target price RHB&rsquo s Syahril Hanafiah has initiated coverage on electric infrastructure solutions provider Tai Sin Electric (SGX:500) with a &ldquo buy&rdquo call and target price of 75 cents. &ldquo Tai Sin Electric (TSE) is poised to benefit from strong domestic construction demand and rising data centre investments. We view TSE as an overlooked yet essential proxy for the construction boom,&rdquo says Syahril in his initiation report dated June 4. According to the analyst, TSE is a beneficiary of the strong domestic construction demand. &ldquo As a long-established cable manufacturing player, TSE has benefited from various mega projects in the past such as Thomson-East Coast MRT Line, Tuas Mega Port, and Changi Airport T4, and remains well-positioned to capitalise on the ongoing construction boom,&rdquo he adds. Apart from the booming construction demand, Syahril notes that TSE is becoming a regional data centre play as it benefits from the wave across its cable and electrical component segments. &ldquo It has supplied over 70% of Singapore&rsquo s data centres, supporting steady revenue growth in FY2025 and 1HFY2026, alongside public construction activity in Singapore and Malaysia,&rdquo the analyst states. Syahril believes that with 1 gigawatt of data centre capacity in the development pipeline for Singapore, TSE is set to benefit from the next wave of demand. Meanwhile, TSE has been expanding its footprint in the renewable energy space via the acquisition of solar equipment distributors Integra RE in Thailand and the Philippines. From Syahril&rsquo s perspective, he believes this will allow TSE to establish business relationships with RE players across both markets where it previously had no direct presence. Despite the solid underlying demand for TSE&rsquo s cable and electrical component segment, Syahril notes that TSE&rsquo s margins are vulnerable to the swing in copper. &ldquo In 1HFY2026, the group recorded an $11.8 million onerous contract provision following a sharp surge in copper prices, which compressed margins,&rdquo Syahril states. Syahril adds that while further price increases may weigh on earnings, this is partly offset by higher-margin spot contracts and a weaker USD. &ldquo We expect provisions to peak at $18.5 million in FY2026, compared to $12.6 million back in 1HFY2026, before reversing by $5.3 million in FY2027 and FY2028, and believe the market should look beyond this, given TSE&rsquo s strong fundamentals,&rdquo Syahril predicts. With that, the analyst expects TSE&rsquo s core earnings to grow 33% y-o-y in FY2026 on strong contract delivery, despite margin pressure expected in 2HFY2026. &ldquo Growth would then slow to 3.2% y-o-y in FY2027 due to fulfilment of onerous contracts, before recovering to 13.8% y-o-y in FY2028 as margins normalise with stabilising copper prices and higher-margin spot contracts,&rdquo Syahril adds. &ldquo Our target price of 75 cents on TSE is pegged to 12 times FY2027 P/E ratio, at a 10% discount to its closest peer, due to its relatively small size,&rdquo Syahril concludes. As at 11.50am, Shares of TSE were unchanged at 54 cents. |
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| 05-Jun-2026 12:17 |
Thakral
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Proposed Share Consolidation 20:1
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Thakral&rsquo s 1QFY2026 adjusted attributable profit more than doubles y-o-y to $3.3 mil Mainboard-listed Thakral Corporation&rsquo s adjusted attributable profit for 1QFY2026 ended March 31 more than doubled y-o-y to $3.3 million, excluding the net fair valuation loss on quoted investments and share of associate&rsquo s profit of Australia-listed GemLife Communities Group in 1QFY2025. The group recorded a net unrealised fair value loss of $31.5 million on its quoted investments in GemLife and London-listed The Beauty Tech Group (TBTG), reflecting share price weakness in both securities in March amid broader share market conditions. That said, both have shown recovery into 2QFY2026, according to Thakral. GemLife continues to affirm FY2026 earnings per share (EPS) guidance of 28.5 to 30.0 Australian cents, representing 20% to 27% growth over FY2025. Meanwhile, TBTG continues to grow its global at-home beauty technology business. Thakral intends to keep both as long-term investments. Revenue during the quarter grew 44.2% yo-y to $109.5 million, while operating profit grew 62.6% y-o-y to $5.4 million. Revenue from the lifestyle segment grew 47.3% y-o-y to $109.0 million for 1QFY2026. The segment' s earnings before interest and tax (ebit) rose 92.7% y-o-y to $6.6 million during the quarter. In South Asia, Thakral&rsquo s exclusive distributorship with DJI saw revenue increase 52.5% y-o-y to $62.7 million. The group plans to set up 20 to 30 DJI stores across India and other South Asian countries over the next two to three years. In Greater China, including Hong Kong and Macau, revenue from the Group&rsquo s portfolio of beauty and fragrance brands grew 54.5% y-o-y to $27.6 million on sustained demand across the group&rsquo s network of more than 65 mono-brand stores and select retail partners. In India, the group continued to scale its Nespresso operations through boutiques at Select Citywalk in New Delhi, Ambience Mall in Gurugram, and Jio World Drive in Mumbai, the Nespresso India e-commerce store, Amazon India, and partnerships with global hospitality brands including Hyatt, Conrad, Fairmont and JW Marriott. The group will also commence distribution of Nespresso products through Blinkit, India&rsquo s leading quick commerce platform with over 30 million weekly active users. The Nespresso India business remains on track for profitability in FY2027. The group&rsquo s five Osaka office buildings continued to deliver high occupancy of 100%, providing a defensive income anchor and its Best Western Tsukamoto Hotel recording strong revenue which entitles it to a profit share as well. In India, the group is advancing the planned 2.5 million sq ft mixed-use healthcare-led development in Gurugram. On May 28, the group announced the completion of the acquisition of an additional 81.64% stake in TIL Investments Private Limited for $93.9 million, lifting its effective stake to 95.28% and securing strategic control of the Gurugram mixed-use healthcare-led development. Inderbethal Singh Thakral, CEO and executive director of Thakral, says: &ldquo Our lifestyle segment continues to deliver broad-based growth across South Asia and Greater China, and we expect this momentum through FY2026.&rdquo He adds: &ldquo The unrealised fair value movements on GemLife and TBTG reflect short-term share price movements both businesses are performing well, and we intend to hold them for the long term. We have also completed the TIL acquisition, raising our effective stake in the Gurugram mixed-use healthcare-led development project to 95.28%, which gives us strategic control to advance one of our key growth platforms in India.&rdquo As at 2.21pm, Thakral shares are down 2 cents, or 1.1%, at $1.80. The shares are up some 18.7% year to date. |
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| 05-Jun-2026 12:16 |
JustCo
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JustCo
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JustCo founder Kong buys shares after more than 30% drop from IPO price of 94 cents Kong Wan Sing, founder of coworking operator JustCo, has started buying up shares of the newly-listed company from the open market. On June 3, Kong paid 65.5 cents each for 200,000 shares. The following day, he bought another 300,000 shares at 69.4 cents each. This brings his direct stake to 812,500 shares, and together with a deemed interest in another 89,664,630 shares, gives him a total interest in 90,477,130 shares, or 18.5%. Kong bought the shares the day after DBS Bank, which helped manage this IPO, completed its stabilisation after buying 5,319,000 shares by June 2. JustCo' s IPO, priced at 94 cents, closed at 67 cents on June 4. |
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| 05-Jun-2026 09:30 |
First Resources
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First Resources
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First Resources and Olam to replace Netlink and SIA Engineering in STI reserve list First Resources and Olam Group have replaced NetLink NBN Trust and SIA Engineering on the reserve list of the Straits Times Index. SIA Engineering was only included in the reserve list in the most recent quarterly review in March, displacing CapitaLand Ascott Trust. The other three members of the reserve list are Keppel REIT, Sheng Siong Group, and Suntec REIT. The 30-member Straits Times Index, meanwhile, remains the same, according to FTSE Russell and SGX in their quarterly review. The changes will take effect on June 22 and the next review in September. |
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| 05-Jun-2026 09:30 |
SIA
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SIA
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Singapore Airlines in talks for major new jet order: sources The carrier is seeking offers for the 400-seat Boeing 777X or the slightly smaller Airbus A350-1000 [PARIS/HONG KONG] Singapore Airlines (SIA) is in talks with Airbus and Boeing to buy at least 50 of the industry&rsquo s biggest jets, as it plans a next phase of growth from next decade, two industry sources said. The carrier is seeking offers for more 400-seat Boeing 777X, the industry&rsquo s largest current model, or for the slightly smaller Airbus A350-1000, they said. Talks are at an early stage but could include options for dozens more jets. SIA said it regularly reviews fleet renewal plans and declined to comment on &ldquo any confidential discussions that we may or may not be having&rdquo . Airbus and Boeing declined to comment. SIA is one of the largest buyers of long-haul jets, with a reputation for meticulous and closely held aircraft negotiations that can influence fleet decisions worldwide. It said last month it would continue to expand capacity even as some rivals cut flights &zwnj due to higher oil prices. The airline is a longstanding operator of the Boeing 777 mini-jumbo and was an early customer for the 777X successor, which has run into significant delays. Larger variants The Singapore talks could also help manufacturers, notably Airbus, gauge demand for larger aircraft variants still on the drawing board, the sources said. Airbus said last year it was considering a larger A350 model, dubbed the A350-2000, to compete more directly with the 777X, though it has played down reports of an imminent project. It first floated the idea during an earlier SIA contest 10 years ago, at a time when Boeing was considering its own 777X expansion. Boeing agreed to revisit studies for a larger plane after Emirates ordered more 777X last November, but is said to be cautious given limited demand for a new jumbo and its focus on industrial recovery. |
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| 05-Jun-2026 09:29 |
Beng Kuang
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Beng Kuang Marine
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Beng Kuang Marine Secures Two New Life Extension Purchase Orders with an Aggregate Value of US$28.6 Million
See link for full media release: https://www.bkmgroup.com.sg/view& id=1380 |
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| 04-Jun-2026 10:26 |
Food Empire
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Food Empire
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RHB' s Yeo maintains positive view on Food Empire, gives post-bonus issue target price of $3.36 Alfie Yeo of RHB Bank Singapore has maintained his positive view on Food Empire Holdings, given how the company is well poised to capture growth ahead as it increases manufacturing capacity across various sites. In addition, the company' s cost pressure is seen to ease somewhat with coffee prices down by around a quarter year to date, on better anticipated supply, harvest, and weather outlook from key production countries including Brazil and Vietnam. " We expect this to lend support to our margin projection going forward. Food Empire continues to track well with our estimates," says Yeo, who has kept his " buy" call, noting that the stock is trading at a " compelling" PEG of less than 1, with its forward P/E of 16x below his 19% FY25-28F earnings growth CAGR. Yeo notes that the company' s capacity expansion plans remain intact having started its Kazakhstan manufacturing facility&rsquo s operations in the first quarter of the year. Next, the company is expected to increase its spray dried soluble coffee manufacturing capacity by around 60% by FY2027 in India. Its new Vietnam freeze dried soluble manufacturing facility will then come onstream by FY2028. In its May 13 business update, the company reported revenue of US$160 million, an increase of 17% y-o-y, with its various markets all reporting healthy growth. Russia, in particular, was up 29% y-o-y to US$51 million on higher volumes and selling prices. A 17% appreciation in ruble versus US dollar, Food Empire' s reporting currency, helped as well. Yeo notes that the company' s 1QFY2026 revenue tracks in line with his full-year revenue forecast of 15% y-o-y and thus, he has left his earnings estimates alone for now Meanwhile, in conjunction with its 1QFY2026 business update, the company has also announced a 1 for 5 bonus issue, with a June 4 record date. Yeo' s post-bonus issue target price has been adjusted to $3.36, from the pre-bonus target price of $3.87. For Yeo, downside risks to his forecasts include disruption in operations due to the Russia-Ukraine conflict, and the negative effect of a change in the value of the ruble and other CIS countries&rsquo currencies. Food Empire shares, as at 9.15am, is down 18.21% to $2.47, reflecting the effects of the bonus issue. |
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| 04-Jun-2026 10:25 |
MarcoPolo Marine
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Marco Polo - IPO
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AGT Partners emerges as a substantial shareholder of Marco Polo Marine Ginko-AGT Global Growth Fund, managed by AGT Partners, has emerged as a substantial shareholder of Marco Polo Marine (SGX:5LY) . In the filing on June 3, the fund has purchased 700,100 shares for a total consideration of $117,980.85, excluding brokerage and stamp duties. This translates to an average price of around 16.85 cents. This brings the fund' s stake in Marco Polo Marine to 195,944,800 shares, or equivalent to 5.006%. Shares in Marco Polo Marine closed 0.4 cents lower or 2.4% down at 16.3 cents on June 3. Marco Polo Marine&rsquo s share price witnessed a gain of 270.45% for the past one year. |
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| 04-Jun-2026 10:24 |
Valuetronics
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Valuetronic
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Fund manager Amova raises stake in Valuetronics to above 7%
Valuetronics (SGX:BN2) announced that its substantial shareholder, Amova Asset Management, has acquired 1,030,100 shares back on May 28.
In the SGX filing dated June 3, the shares were purchased for a total consideration of $1,200,375.53, which excludes brokerage and stamp duties. This translates to an average price of around $1.16.
With this latest transaction, this brings Amova&rsquo s stake in Valuetronics from the previous 6.9% to 7.15%.
Back on May 28, Valuetronics has reported lower earnings for FY2026 due to an impairment of an underperforming associate.
Despite the lower earnings, John Cheong and Heidi Mo of UOB Kay Hian have nearly doubled their target price for Valuetronics from $1.03 to $1.88, with an eye on the manufacturer' s better earnings visibility, shift towards higher margin products, plus a clear capital return plan.
Shares in Valuetronics closed 2 cents lower or 1.8% down at $1.09 on June 3. On a year-to-date basis, Valuetronics&rsquo share price witnessed a gain of 27.49%.
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| 03-Jun-2026 12:56 |
UIBREIT
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UI Bousted Reit - UIBU
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Citing stable yield and visible growth, Maybank initiates &lsquo buy&rsquo on UI Boustead REIT Maybank Securities analyst Krishna Guha has initiated a &ldquo buy&rdquo call on UI Boustead REIT (SGX:UIBU) as he sees the REIT having visible growth, coupled with stable yield. UI Boustead REIT&rsquo s portfolio of 23 assets in both Singapore and Japan spans across 5.3 million sq ft of net leasable area (NLA) and is well diversified across sub-sectors such as logistics, business space, Hi-spec industrial and general industrial. &ldquo Portfolio occupancy of 89.4% is expected to move to above 95% through lease-up of spaces in Japan. With a long WALE of 5.8 years, built-in rental escalations of 2.8% and occupancy uplift of 1.7%, the portfolio offers visible organic DPU growth of 4.8% for FY2027,&rdquo notes the analyst in his June 1 note. At the same time, the REIT&rsquo s sponsor and Boustead Projects have provided a growth pipeline worth US$5.9 billion, alongside other co-development opportunities. For one, the REIT manager has embarked on developing a logistics asset in Japan adjacent to an existing asset with a yield‑ on‑ cost of 4.8%, says Guha. Apart from the development pipelines, the REIT&rsquo s recent announcement that it has locked in electricity tariffs for three years is a positive sign as it can help mitigate volatility in operating costs. Based on the IPO projections and progressive stabilisation of upcoming asset enhancements, Guha predicts that UI Boustead REIT&rsquo s distribution per unit (DPU) could come in at 6.8 cents for FY2027 and 7.1 cents for FY2028. As such, he is initiating coverage on UI Boustead REIT with a &ldquo buy&rdquo recommendation and DDM-based target price of $1.03. &ldquo We believe the strategically located assets within established industrial clusters in Singapore and Japan, catering to reputable tenants in the high-tech and innovation-driven sectors will augur well for income resilience and organic growth,&rdquo says Guha. Furthermore, the sponsor&rsquo s expertise as a Pan-Asian industrial real estate platform provides access to inorganic growth. And of course, its valuations are deemed &ldquo attractive&rdquo compared to peers with 8.3% FY2027 yield and 0.93 times P/B ratio, he adds. As at 10.35am, Units in UI Boustead REIT are trading 0.5 cents higher, or 0.63% up at 80 cents. |
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