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03-Jun-2026 12:55	ULTRAGREEN AI USD / Trading Idea / Chart Watchlist Go to Message
x 0 x 0	UltraGreen.ai' s CEO Ravinder Sajwan raises stake after buying 78,800 shares at US$1.37 each Ravinder Sajwan, CEO of UltraGreen.ai, has raised his stake in the company after buying more shares on May 29. According to a filing with the exchange, Sajwan paid a total of US$108,042.68 for 78,800 shares, which works out to an average of just over US$1.37. In contrast to how Sajwan has all along held an interest in the company via deemed interests, these shares are bought and held under him directly. In addition to these 78,800 shares, he has a deemed interest in another 683.15 million shares, or 61.94%. Prior to Sajwan, other company insiders had also been buying shares, including independent directors Hsieh Fu Hua and Nicky Tan. UltraGreen.ai shares were listed at US$1.45 each late last year. It reached as high as US$1.86 in February this year but has been on a down trend since, reaching as low as US$1.20 earlier this month. UltraGreen.ai shares, as at 1.49 pm, changed hands at U$1.37.
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03-Jun-2026 12:54	AEM SGD / AEM (+Venture, UMS) the most AI-relevant SGX stock Go to Message
x 0 x 0	Nvidia muscles into PC market with ' superchip' RTX Spark but Tan of DBS maintains ' buy' on AEM for now Amanda Tan of DBS Group Research has kept her " buy" call target price on AEM Holdings following news that Nvidia is targeting the PC segment - a market that has been synonymous for years with AEM' s key customer Intel Corp. At the annual PC event in Taiwan, Nvidia, whose chips are mainly notable for use in data centres powering AI capabilities, announced the launch of RTX Spark, which is described as a new " superchip that reinvents Windows PCs for the era of AI agents" , and also for use by high-end creative workloads and gaming. RTX Spark combines a Blackwell GPU, a Grace CPU co-designed with MediaTek, and NVLink-C2C interconnect technology and is built by TSMC on its currently cutting-edge 3nm-class process. Major PC brands the likes of Dell, Lenovo, HP, ASUS, Microsoft Surface and MSI are expected to launch their respective RTX Spark-powered notebooks from the third quarter onwards. " Nvidia&rsquo s RTX Spark introduces a fresh competitive front in premium AI PCs, adding pressure to the broader client processor ecosystem where AEM&rsquo s major customers are active," says Tan, without referring directly to Intel. " A successful RTX Spark ramp could create some share shift risk for incumbent x86 players in client CPUs, which we will continue to monitor, although adoption barriers remain meaningful, including Windows-on-Arm compatibility, legacy enterprise applications and ecosystem inertia," she adds. Tan reasons that AEM&rsquo s broader AI exposure, including data-centre GPU and advanced compute opportunities, should be less directly affected by a PC-focused competitive shift. " While this carries some downside risk for AEM through potential share shifts in client CPUs, the read-through is not purely negative," she says. Also, RTX Spark reinforces the broader move toward more complex AI silicon at the edge, where higher compute density could support rising test intensity. For now, she is keeping her " buy" call and $11.80 target price. AEM shares, as at 2.18pm, is down 5.38% to change hands at $9.84. It has gained 465.52% year-to-date.
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03-Jun-2026 12:52	Seatrium Ltd / Seatrium - Sea of Hopes & Atrium of Surprises (II) Go to Message
x 0 x 0	Uneventful 1QFY2026 anchors analysts&rsquo views on Seatrium Multiple analysts have mostly maintained their confident outlook in offshore and marine giant Seatrium after an uneventful first quarter in which the company didn&rsquo t garner any new significant contract wins, but continued its steady execution of projects and balance sheet strengthening while hunting 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 Kaskida floating production unit and Balwin 5 in 4QFY2025. 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 for earlier gross margin estimation of 7.5% and 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 energy projects in the offshore space. &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 Buoyant repairs and upgrades 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, notes Hussaini in a June 1 report. He also thinks that conversions of floating storage and regasification units and floating liquified natural liquified gas 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 as price catalyst Contract wins is emerging as a common theme as a price catalyst for the counter across most analyst reports. Ho, for one, writes that contract flows remain the key catalyst with the absence of major sizeable projects during the first five months of the year indicating that contract flow has been relatively slow. Despite slower contract wins, Ho holds an overall constructive contract win outlook as Seatrium could potentially 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 final investment decision (FID) timing which is outside of 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 revenue, an ebitda of over $1 billion, a return on equity (ROE) of over 8% and a net debt to ebitda of 2.0 to 3.0 times. Lim and Kande note that Seatrium has lowered its tender pipeline to $28 billion from $32 billion q-o-q. This is due to Petrobras awarding the SEAP 1 FPSO project to SBM Offshore under a build, operate and transfer (BOT) model, instead of Seatrium&rsquo s strength in engineering, procurement, construction and commissioning (EPCC). With five months passing in 2026 and no major contract wins, Lim and Kande decrease their order win forecast from $6 billion to $4.3 billion for FY2026 and trimming FY2027-2028 forecast earnings per share by 2-3%. They maintain their &ldquo add&rdquo rating at a lower target price of $2.84, valuing the company at 1.2 times forecasted FY2026 P/B in their May 29 note.
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03-Jun-2026 12:51	Mapletree Ind Tr / MAPLETREE Industrial Trust (MIT) Go to Message
x 0 x 0	Mapletree Investments FY2026 net profit rises 25.7% to S$285.6 million on lower revaluation losses The Temasek-owned property giant&rsquo s AUM stands at S$76.2 billion as at end-March [SINGAPORE] Lower revaluation losses helped pull Mapletree Investments&rsquo net profit up 25.7 per cent to S$285.6 million for the full-year ended Mar 31, 2026, from S$227.2 million in the year-ago period. The asset manager, fully owned by Singapore investment company Temasek, on Tuesday (Jun 2) said net revaluation and impairment losses narrowed from negative S$325 million in FY24/25 to negative S$153.9 million in FY25/26. China contributed to the largest share of revaluation losses. Revenue for the period was flat at about S$2.2 billion, while recurring profit after tax and minority interests improved slightly by 2.7 per cent to S$622.8 million on lower net finance costs and resilient operations. In the latest financial year, Mapletree chalked up total gross proceeds of S$4.2 billion from divestments. While fee income has grown to S$434 million in FY25/26, representing a compound annual growth rate of 22.1 per cent since 2005, Mapletree is doubling down on development for growth. &ldquo Mapletree delivered stable earnings and continued to execute its business strategy with discipline and prudence amid ongoing macroeconomic and geopolitical uncertainties,&rdquo said group chief executive officer Hiew Yoon Khong. &ldquo We accelerated the development programme of our global logistics platform across multiple markets and continued to recycle capital, syndicate assets and grow our fee-based businesses to deliver resilient earnings in FY2026,&rdquo Hiew added. The group&rsquo s assets under management (AUM) totalled S$76.2 billion as at end-March this year. Mapletree has generated an average return of about 10 per cent on invested equity over the last 20 years. More detailed returns figures are expected to be disclosed in its annual report, to be released in coming weeks. Third-party managed assets stood at S$55.7 billion as at Mar 31, 2026, accounting for 73 per cent of total AUM. This compares with FY24/25, when third-party managed assets accounted for 75 per cent, or S$60.3 billion, of total AUM (S$80.3 billion). The decline was due to strategic divestments and monetisation programmes under the group&rsquo s private funds and real estate investment trusts (Reits). In FY25/26, total equity was S$24.3 billion without new shareholder equity injections, compared with close to S$24.4 billion in FY24/25. The group manages three Singapore-listed Reits and nine private equity real estate funds. In the latest financial year, Mapletree recorded total gross proceeds of S$4.2 billion through divestments and monetisation programmes. The group&rsquo s private funds, including Mapletree US & EU Logistics Private Trust (MUSEL), Mapletree US Logistics Private Trust (MUSLOG), Mapletree Australia Commercial Private Trust (MASCOT) and Mapletree Global Student Accommodation Private Trust (MGSA), monetised more than S$2.5 billion of assets across various markets. Since June 2025, MUSEL has exited about US$1.5 billion of logistics assets in the US, delivering returns in line with its 12 per cent internal rate of return target, Mapletree said. The group&rsquo s US chief executive has previously said in an interview with The Business Times that MUSLOG has posted &ldquo strong operational performance&rdquo . Meanwhile, Mapletree is winding down the MGSA student housing fund, and has reportedly put up for sale a portfolio of Australian office property valued at AS$1.4 billion, held by its MASCOT fund. During the financial year, its three Singapore-listed Reits &ndash Mapletree Logistics Trust : M44U -1.67% (MLT), Mapletree Industrial Trust : ME8U 0% (MIT) and Mapletree Pan Asia Commercial Trust : N2IU -1.56% (MPACT) &ndash completed S$1 billion worth of divestments. MLT sold six assets across Australia, South Korea, Malaysia and Singapore, while MIT divested four properties in the US and Singapore. MPACT, meanwhile, divested three assets in Japan and Hong Kong. The group&rsquo s projects under development stood at S$5.4 billion, with logistics accounting for nearly half, or S$2.6 billion. The rest comprised office, student housing and data centre developments. Logistics remained the group&rsquo s largest asset class, accounting for 42.5 per cent of AUM, or S$32.4 billion. During the year, Mapletree acquired land sites for logistics developments and prime logistics assets, while delivering new logistics parks across Malaysia, India, Japan, China and Vietnam. In the US, Mapletree had about US$500 million of projects under development, slated for completion between H2 2026 and 2027. It also expanded its European logistics business through asset acquisitions and a ground-up development project. The group also continued to expand its office, student housing and data centre portfolios through new projects, including a massive redevelopment of its Harbourfront commercial complex into a 123,000 square metre flagship development in Singapore&rsquo s Greater Southern Waterfront. The group is now syndicating the Mapletree Emerging Growth Asia Logistics Development Fund (Mega), which focuses on logistics developments in Malaysia, Vietnam and India. The private fund, one of a series of Mapletree logistics development private funds, follows the syndication of two similar funds in China and Japan over the last few years. The Mega fund has secured commitments from investors, including a sovereign wealth fund, a pension fund and a national investment company. It is expected to achieve a first close by mid-2026, followed by a second close later in the year. Mapletree is also establishing its first renminbi fund for the China logistics portfolio and have secured local insurance companies as partners. Hiew said: &ldquo Supported by our global logistics platform &ndash particularly through development &ndash as well as proactive capital management, our continued focus on the core sectors, we remain committed to delivering resilient performance and long-term value for our stakeholders.&rdquo
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03-Jun-2026 12:50	Keppel / Keppel Corp Go to Message
x 0 x 0	Keppel should take heart from its success and make a firm pledge on Scope 3 emissions Its business model includes importing natural gas and managing asset portfolios so the bulk of its emissions impact falls under Scope 3 HAVING made good progress on its initial emissions targets, it may be timely for asset manager Keppel to raise its ambitions and commit to addressing the significantly larger carbon footprint of its supply chain. In its latest sustainability report, Keppel posts Scope 1 and 2 emissions of 21,312 tonnes of carbon dioxide equivalent (tCO2e) for 2025, which represent an 87.6 per cent reduction from a 2020 baseline. This is well ahead of its interim goal, set in 2021, of halving Scope 1 and 2 emissions by 2030. The group is also significantly ahead of schedule on its 2050 target to hit net zero on Scope 1 and 2 emissions. The progress is commendable, and has come on the back of a robust decarbonisation strategy backed by steady execution. In 2024 and 2025, Keppel committed to S$5 billion of sustainability-linked financing. In 2025, the company spent S$108 million on innovation, including research and development into clean technology, and into green and smart buildings. Keppel further set a target to source 50 per cent of electricity use from renewables in 2025. The company achieved 60.8 per cent of electricity from renewables in 2025, up from 40.7 per cent in 2024. Yet for all of that progress, the emissions targets that Keppel set in 2021 address less than a per cent of the group&rsquo s total emissions impact. Scope 1 emissions refer to greenhouse gases directly produced by Keppel in its operations, such as the use of fuels and refrigerants. Scope 2 covers emissions produced from purchased heat, cooling and power. But Keppel&rsquo s business model includes importing natural gas to Singapore and managing portfolios of assets, significant portions of which are in infrastructure and real estate. This means that the bulk of Keppel&rsquo s emissions impact falls under what is termed Scope 3, which covers emissions indirectly produced in a company&rsquo s supply chain such as customers&rsquo emissions from consumed gas or purchased construction services and office equipment. Yet Keppel&rsquo s formal emissions commitments omit Scope 3. For 2025, Keppel reported Scope 3 emissions for categories that are relevant to the group of 6.7 million tCO2e, up 11 per cent year-on-year. The increase was primarily due to higher natural gas sales for Singapore&rsquo s electricity needs, accounting for about 83 per cent of the group&rsquo s Scope 3 emissions. To Keppel&rsquo s credit, the group has consistently acknowledged and worked on addressing its Scope 3 impact. Its climate strategy includes plans to reduce Scope 3 emissions, with detailed approaches to its top three sources of said emissions. Keppel&rsquo s real estate division even has an internal commitment to reduce Scope 3 emissions from purchased goods and services by 20 per cent per square metre by 2030 from its 2020 base year. However, the company has stopped short of including this as a formal commitment on the group level, and progress on that front is not reported. Keppel&rsquo s sustainability-linked financing framework also does not include Scope 3 emissions as a performance target. Addressing climate risks and opportunities is an unavoidably long journey for companies, given evolving reporting standards and the work required to set up reporting systems. Starting with Scope 1 and 2 emissions was an appropriate approach for Keppel in light of what was feasible. But navigating the climate transition also requires regular recalibration to ensure meaningful progress. Keppel&rsquo s largest exposure to climate risk and opportunities does not lie in the narrow boundaries of Scope 1 and 2 emissions. It rests in the company&rsquo s supply chain as the operator of a nationally strategic gas supply business and the manager and operator of a vast portfolio of assets. Taking firm pledges on Scope 3 reduction and reporting on progress provides investors and other stakeholders with vital information about how well the group is addressing those risks and opportunities. Commitment always carries a risk of disappointment, but Keppel can take courage from its success so far on Scope 1 and 2. The group has already laid much of the foundation for taking the next step on its Scope 3 emissions, now it just has to commit.
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03-Jun-2026 12:49	CityDev / CityDev Go to Message
x 0 x 0	RHB maintains ' buy' and $11.20 target price on CDL ahead of strategic review Vijay Natarajan is staying positive on City Developments, ahead of its strategic review expected by the third quarter this year. " We expect greater clarity on assets identified of around $5 billion and timeline for capital recycling, key investment pillars and capital allocation strategies to enhance its flagging ROE," says the RHB Bank Singapore analyst in his June 2 note. " The focused execution of value-unlocking plans remains a key catalyst in narrowing its huge trading discount to RNAV. This is augmented by the recent strengthening of its Board and resilient Singapore market, where it has a dominant presence," says Natarajan, who is keeping his " buy" call and $11.20 target price. According to Natarajan, key assets recently outlined for divestment by CDL include its legacy UK development platform, which is valued at around $800 million. The company has plans to " value unlock" its global living sector portfolio, worth some $4 billion, via potential injection into a private fund, along with likely changes to its hospitality portfolio. " While recent interest rate volatility could impact the execution timeline, a clearer articulation of asset light strategy and identification of core/non-core assets is a key rerating catalyst," says Natarajan. Last month, Kwek Leng Peck, who left the board back in 2020 following disagreements over the company' s China strategy, recently rejoined the board at the elevated role of vice chairman. Leng Peck is the cousin of CDL' s executive chairman Kwek Leng Beng, and uncle of group CEO Sherman Kwek. " We believe his reappointment will strengthen the Board&rsquo s rigour and lead to more robust deliberations over the group&rsquo s divestment and investment strategy, just as CDL embarks on value unlocking plans," says Natarajan. Meanwhile, the analyst notes that the Singapore residential market remains healthy with CDL&rsquo s projects not impacted from recent policy changes targeting executive condominiums that will take effect only for upcoming land tenders. CDL has two EC projects in the launch pipeline and Natarajan expects strong demand as buyers rush in before tighter policy restrictions. Meanwhile, the high-end Newport Residences launched in January saw a stronger-than-expected take-up with around 80% of 246 units sold year to date at an average of $3,200 psf. While FY2026 residential sales value is likely to be lower y-o-y, due to fewer launches, income contribution is expected to be on par from progressive revenue recognition of earlier sold projects, says Natarajan. CDL shares closed at $8.44 on June 2, down 1.63% for the day and up 5.24% year to date.
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03-Jun-2026 12:48	JustCo / JustCo Go to Message
x 0 x 0	JustCo&rsquo s stabilisation manager DBS Bank announces cessation of price stabilisation action JustCo&rsquo s (SGX:JCO) stabilisation manager, DBS Bank, has announced that it has purchased a total of 5.319 million shares in the company to date and has ceased price stabilisation action as of today&rsquo s closing. &ldquo As the total number of shares which had been over-allotted in connection with the offering has been fully covered by the purchases made under the price stabilising action, we will not be exercising the over-allotment option granted by Sing Long Investments to the joint bookrunners and underwriters,&rdquo the bank says. JustCo&rsquo s IPO, dated May 22, was priced at 94 cents and saw an overall subscription rate of 3.4 times. Together with $69.8 million in secured cornerstone commitments, the offering raised about $100 million. Some of the cornerstone investors include JP Morgan Asset Management, Amova Asset Management Asia, Fullerton Fund Management and Avanda Investment Management &mdash four fund managers that have been appointed under the Monetary Authority of Singapore&rsquo s Equity Market Development Programme. JustCo intends to use the net proceeds for strategic investments, capital expenditures, general corporate purposes and working capital to support expansion plans in existing and new markets. Shares of JustCo closed 8 cents lower, or 10.5% down at 68.5 cents on June 2. Based on today&rsquo s closing, share price has witnessed a decline of 27.1% from its IPO price of 94 cents.
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03-Jun-2026 12:47	Geo Energy Res / Black Gold Industry Discussion Go to Message
x 0 x 0	PhillipCapital' s Chew maintains Geo Energy at ' buy' and 75 cents Coal miner Geo Energy Resource' s 1QFY2026 earnings were below the expectations of Paul Chew of PhillipCapital, due to a decline in production volume in one of the mines nearing the end of its mine life. Having said so, the company will be boosting production in other mines, specifically, TRA, as new completed infrastructure will be better positioned to support the increase in production. From just 2.5 million tonnes in FY2025, Chew expects volume to reach 6 million tonnes this year. In his June 2 note, Chew notes that the Indonesian commodities sector has been under pressure since the Indonesian government&rsquo s proposed centralisation of commodity export controls. However, thus far, there are no details on implementation, but centralisation or supervision could lead to incremental fees and tighter currency controls, points out Chew. Even so, Chew is keeping his " buy" call on the stock and target price of 75 cents. He is keeping his forecast that the company will produce a total of between 11.5 million and 12.5 million metric tonnes for this year, versus 12.5 million metric tonnes in FY2025. At the same time, coal prices have also increased over FY2025 levels, with 2QFY2026 prices at between 30 to 40% higher y-o-y. Of equal significance is the completion of a 92-km road connecting the mines with a jetty which will not only help Geo Energy be more efficient moving coal for export, the road can also be leased to other miners. " The trifecta boost in earnings from the higher coal prices, jump in coal production, and infrastructure income is on track," he says. Geo Energy Resources shares as at 11.24 am changed hands at 47 cents, down 1.06% for the day.
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03-Jun-2026 09:40	Salt Investments / Jasper Investments secured $13 million investments Go to Message
x 0 x 0	Salt Investments widens loss on impairment but flags operational improvements Salt Investments has reported revenue of $14.69 million for the year ended March, an increase of 589% y-o-y, due to contributions from newly acquired businesses. Prior to the acquisitions of lubricant distributor TT Oil and Prosper Excel Engineering, the company had barely any functioning business activities. Gross profit following the acquisitions, as a result, increased by 814% to $1.98 million. However, because of impairment made on the acquired businesses to factor in more conservative value-in-use assumptions, Salt Investments' net loss widened from $6 million to $13.38 million. According to the company, it took into account developments such as a higher risk profile arising from supplier concentration and geopolitical exposure, no thanks to the escalation of the conflict between Iran and US, plus disruptions to Middle East shipping routes as a result. " The impairments should not, of themselves, be read as a determination that the underlying operating businesses are no longer viable," the company stresses. For the current FY2027, Salt Investments does not expect significant non-cash impairment-related accounting adjustments and " certainly not at a level comparable to those recognised for FY2026" and its results henceforth better reflect the true core earnings of its operations. Dennis Goh, the company' s executive director and CEO, says that these acquisitions have resulted in a less favourable immediate impact on the company' s financial performance than originally anticipated, primarily due to non-cash accounting adjustments. Nonetheless, he is confident that " these strategically sound businesses and the crucial network of maritime veterans and trusted ecosystem partners they bring with them are important levers the group needs to implement its ambitious growth plans." " Notwithstanding the accounting adjustments, both Prosper Excel Engineering and TT Oil have continued and are expected to continue making significant contributions to the group' s revenue and gross profit, strengthening the group' s operating scale and market presence," says Goh. Salt Investments closed at 0.3 cents on May 29.
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02-Jun-2026 09:55	DBS / DBS Go to Message
x 0 x 0	DBS to open 18 new and 36 upgraded wealth centres across Apac by 2027 First centre expected to open in Q3 2026 will roll out in Singapore, Hong Kong, China, India, Indonesia and Taiwan [SINGAPORE] DBS : D05 +1.47% will open 18 new and 36 upgraded wealth centres across the Asia-Pacific by the end of 2027, in what the lender called the largest physical expansion of its wealth franchise to date. The centres will be located in Singapore, Hong Kong, China, India, Indonesia and Taiwan, the bank said on Monday (Jun 1), with the first to open in the third quarter of 2026. DBS did not elaborate on the cost of upgrading and expanding its network of regional wealth centres. Sanjoy Sen, group head of consumer banking at DBS, said the move will not only strengthen the bank&rsquo s network, but also bring it closer to its customers. &ldquo What clients tell us, more than anything else, is that the relationship they want with their bank should feel personal, familiar and close to home,&rdquo he said. &ldquo These wealth centres are not just about expanding our footprint. They are about closing the distance between our clients and the relationship managers who serve them &ndash meeting them where they live, where they work and where they build their lives,&rdquo he added. In Singapore and Hong Kong &ndash which are the bank&rsquo s two largest markets &ndash the centres will serve its Treasures clients. In China, India, Indonesia and Taiwan, the centres will serve Treasures and Treasures Private Client customers. Going with the flow The bank said the move will increase its Treasures&rsquo wealth centre presence in Singapore by 50 per cent. Treasures is the bank&rsquo s wealth management service. In Singapore, the minimum investment threshold to qualify for the service is S$350,000. Treasures Private Client is a higher-tier service, requiring S$1.5 million of investable assets, but which sits below the Private Bank service, which is for individuals with S$5 million or more. DBS said that as investors switch to digital wealth management platforms, in-person meetings are still important for many of them, with more than 40 per cent in Hong Kong and Singapore continuing to meet relationship managers face-to-face. This comes as wealth management and other fee income become increasingly important sources of revenue for Singapore banks, helping to offset expected reductions in net interest income as interest rates dip. The combined non-interest income of Singapore&rsquo s three main banks &ndash DBS, OCBC and UOB &ndash rose to a record S$5.16 billion in Q1, from S$4 billion in the preceding quarter and S$4.78 billion a year earlier. For DBS, net fee and commission income in Q1 climbed 16 per cent to a record S$1.5 billion. This growth was propelled by wealth management fees, reaching a record S$907 million, supported by robust bancassurance and investment product sales. Research from consulting firm McKinsey said high and ultra-high-net-worth individuals in Apac will transfer about US$5.8 trillion in assets between 2023 and 2030, presenting a major opportunity for banks, family offices and other asset managers.
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02-Jun-2026 09:52	Salt Investments / Jasper Investments secured $13 million investments Go to Message
x 0 x 0	Salt Investments widens loss on impairment but flags operational improvements Salt Investments has reported revenue of $14.69 million for the year ended March, an increase of 589% y-o-y, due to contributions from newly acquired businesses. Prior to the acquisitions of lubricant distributor TT Oil and Prosper Excel Engineering, the company had barely any functioning business activities. Gross profit following the acquisitions, as a result, increased by 814% to $1.98 million. However, because of impairment made on the acquired businesses to factor in more conservative value-in-use assumptions, Salt Investments' net loss widened from $6 million to $13.38 million. According to the company, it took into account developments such as a higher risk profile arising from supplier concentration and geopolitical exposure, no thanks to the escalation of the conflict between Iran and US, plus disruptions to Middle East shipping routes as a result. " The impairments should not, of themselves, be read as a determination that the underlying operating businesses are no longer viable," the company stresses. For the current FY2027, Salt Investments does not expect significant non-cash impairment-related accounting adjustments and " certainly not at a level comparable to those recognised for FY2026" and its results henceforth better reflect the true core earnings of its operations. Dennis Goh, the company' s executive director and CEO, says that these acquisitions have resulted in a less favourable immediate impact on the company' s financial performance than originally anticipated, primarily due to non-cash accounting adjustments. Nonetheless, he is confident that " these strategically sound businesses and the crucial network of maritime veterans and trusted ecosystem partners they bring with them are important levers the group needs to implement its ambitious growth plans." " Notwithstanding the accounting adjustments, both Prosper Excel Engineering and TT Oil have continued and are expected to continue making significant contributions to the group' s revenue and gross profit, strengthening the group' s operating scale and market presence," says Goh. Salt Investments closed at 0.3 cents on May 29.
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01-Jun-2026 10:03	Nam Cheong / Nam Cheong Go to Message
x 0 x 0	AGT raises Nam Cheong stake Silchester increases holdings of ComfortDelGro [SINGAPORE] Over the five trading sessions from May 22 to 28, 22 primary-listed companies conducted buybacks with a total consideration of S$88.9 million. Singtel : Z74 -0.46% again led the buyback tally, with 14 million shares acquired at an average price of S$4.47 apiece. They were purchased under the company&rsquo s S$2 billion value realisation share buyback programme. Over the five sessions, more than 80 director interests and substantial shareholdings were filed for around 35 primary-listed stocks. Directors or chief executive officers reported five acquisitions and two disposals, while substantial shareholders recorded 12 acquisitions and four disposals. These included CEO or director acquisitions filed for Aspial Lifestyle : 5UF +3.8%, First Resources : EB5 -0.75%, Geo Energy Resources : RE4 +5.62% and Nera Telecommunications : N01 0%. On May 26, Azure Capital completed its acquisition of 22,074,000 shares of Trek 2000 International : 5AB +41.46% under a share purchase agreement entered on May 11. This resulted in Azure Prime Fund VCC-Azure Singapore Equity Fund becoming a substantial shareholder of the company known for its ThumbDrive USB flash drive, with a deemed 7.3 per cent interest. Nam Cheong: AGT accumulates shares amid improving operating performance Ginko-AGT Global Growth Fund increased its stake in Nam Cheong : 1MZ +2.31% in May through on-market acquisitions, raising its interest to 6.009 per cent from 5.996 per cent. These followed a February transaction which lifted its holdings above the substantial shareholder threshold, from 4.999 per cent to 5.062 per cent. The buying comes alongside stronger results for the first quarter ended Mar 31. The offshore marine group posted a 160 per cent year-on-year rise in profit after tax and minority interests to RM78.9 million (S$25.4 million). The increase was driven by higher vessel utilisation and a gain on vessel disposal. Revenue for Q1 FY2026 grew 1 per cent to RM117.9 million, with utilisation improving to 58 per cent as more vessels operated under long-term charters. The group&rsquo s borrowings declined to RM405.1 million and its net gearing fell to 0.17 times following debt repayment during the quarter. ComfortDelGro: Silchester stake rises above 9% Silchester International Investors grew its deemed interest in ComfortDelGro : C52 -0.77% through filings in May, following continued on-market purchases. Disclosures were triggered as its stake in the transport operator crossed the 8 and 9 per cent thresholds. On May 8, Silchester acquired 893,600 shares at an average price of S$1.4312 each. This raised its holdings from 7.99 per cent to 8.03 per cent. On May 21, it purchased a further 1,935,800 shares at S$1.2908 apiece on average, lifting its interest from 8.998 per cent to 9.087 per cent. In January, Silchester crossed the 5 per cent substantial shareholder threshold. Subsequently, its holdings moved above 6 per cent in February and 7 per cent in March. The pace of accumulation in 2026 has been quicker than in the prior cycle, with multiple threshold crossings within about four months. In comparison, the build-up was more gradual in 2023 to 2024. Silchester is a London-based investment manager established in 1994 and specialises in international equities. It manages a single International Value Equity strategy through long-only commingled funds on behalf of institutional clients, and seeks long-term returns from quoted equities. All its ComfortDelGro holdings are classified as deemed interests, reflecting its role as an investment manager with discretionary control over client portfolios. At its FY2025 annual general meeting, ComfortDelGro highlighted a shift towards a more actively deployed balance sheet to support growth, following capital expenditure spending and acquisitions. Its management noted that revenue crossed S$5 billion for the first time, with international operations contributing over half of the top line. This was alongside continued expansion into 13 countries and a larger global fleet. Operationally, the transport operator&rsquo s focus has moved towards integrating recent acquisitions and extracting efficiencies, particularly in the point-to-point segment. While the return on equity has moderated from pre-Covid levels, ComfortDelGro said this reflects structural changes including increased competition and evolving public transport models, with performance still benchmarked against global peers. The group also reiterated its dividend framework, maintaining an 80 per cent payout ratio while targeting earnings growth to support higher absolute distributions. A March 2026 report by Corporate Monitor noted that while ComfortDelGro&rsquo s FY2025 earnings improved, part of the uplift reflected a one-off inspection activity related to Singapore&rsquo s Electronic Road Pricing 2.0 system and higher leverage. Additionally, underlying performance in the taxi and private hire segment stayed weaker despite recent acquisitions. In a business update in May, ComfortDelGro said its revenue for Q1 FY2026 was 5 per cent higher on the year at S$1.23 billion, supported by long-term public transport contracts. It noted that its taxi and private hire segment remained under pressure from competition and cautious consumer spending. Meanwhile, its management continued to prioritise integration and the build-out of higher-margin, platform-enabled mobility capabilities. Mooreast: Placement supports balance sheet flexibility and project capacity On May 28, Mooreast : 1V3 +17.99% proposed a placement of 44.45 million new shares at the maximum amount of S$0.135 each to raise up to S$6 million. Zico Capital is the placement agent, with Maybank Securities as sub-placement agent on a best-effort basis. The placement is intended to strengthen the financial position and capital structure of the group, which provides mooring and anchoring solutions. This would boost its ability to take on additional projects while improving balance sheet flexibility. It intends to use the proceeds primarily for working capital, including manpower and administrative costs. Management noted that the group&rsquo s existing capital is largely committed to ongoing projects and a development at Shipyard Crescent. The transaction also aims to broaden Mooreast&rsquo s shareholder base and enhance trading liquidity, positioning the group to manage near-term conditions and pursue future growth initiatives. TrickleStar: Secondary placement completes with capital base expansion TrickleStar : CYW +6.67% on May 22 completed a secondary placement, issuing 79.1 million new shares at S$0.0306 each and expanding its issued share capital to 237.3 million shares. PrimePartners was the placement agent. The green technology company undertook the placement to enhance its capital base and financial flexibility, supporting business expansion &ndash including potential mergers and acquisitions &ndash and working capital requirements. Aspial Lifestyle: Equity fundraising gains institutional backing and liquidity lift Aspial Lifestyle completed a S$60 million private placement at S$0.402 per share, with the offering more than two times covered. It was supported by institutional investors including Eastspring Investments (Singapore), ICH Synergrowth Fund, JP Morgan Asset Management, Lion Global Investors and Value Partners Hong Kong. The placement forms part of a broader S$84.8 million equity fundraising, which also comprises a S$24.8 million preferential offering to existing shareholders. The proceeds will be directed primarily towards business expansion, including scaling its pawnbroking and secured lending platforms, alongside working capital and potential acquisitions. The transaction followed the group&rsquo s transfer to the Singapore Exchange (SGX) mainboard, a move seen as supporting broader institutional access, improved free float and enhanced trading liquidity. Koh Brothers Eco Engineering: Mainboard transfer application Koh Brothers Eco Engineering : 5HV -0.62% on May 26 submitted its application to transfer from the SGX Catalist to the mainboard &ndash extending the recent run of upgrades among mid-cap issuers. The company said the proposed transfer is intended to enhance its corporate profile, widen its investor base and improve trading liquidity, particularly among institutional investors. The move is also expected to strengthen visibility and support future fundraising, given the mainboard&rsquo s wider access to capital and deeper investor pool. In applying for the transfer, the company highlighted that it will be assessed against mainboard admission thresholds, which require issuers to meet criteria relating to profitability, operating track record and market capitalisation, as well as higher standards of governance, disclosure and public float. The proposed transfer follows a cluster of completed moves over the past 12 months, including those of Oiltek International : HQU -4.43% (Jun 6, 2025), Ever Glory United : ZKX 0% (Dec 30, 2025) and Ley Choon Group : Q0X -0.91% (Mar 23, 2026). More recently, in May, were the transfers of Aspial Lifestyle (May 4), MoneyMax Financial Services : 5WJ +1.12% (May 6) and Choo Chiang : 42E 0% (May 7). Koh Brothers Eco Engineering is the controlling shareholder of Oiltek International, with a 68.14 per cent stake. FLCT: European logistics footprint expands Frasers Logistics & Commercial Trust : BUOU +1.01% (FLCT) has entered into agreements to acquire interests in four logistics and industrial properties &ndash two in Germany and two in the Netherlands &ndash for about 294.9 million euros (S$441.5 million). The assets are fully leased with a weighted average lease expiry of 5.7 years. They comprise around 179,645 square metres of gross lettable area. The properties are within established logistics clusters in Duisburg and Dusseldorf in Germany, and Breda in the Netherlands. The tenants include multinational corporations and third-party logistics providers, and also grant FLCT exposure to e-commerce-related demand. After the transaction&rsquo s completion, the trust&rsquo s portfolio occupancy is expected to increase from 96.1 per cent to 96.3 per cent. Meanwhile, its proportion of logistics and industrial assets will rise from 75.1 per cent to 76.6 per cent. The acquisition is expected to be distribution per unit (DPU) accretive, with pro forma DPU for the first half of FY2026 climbing from S$0.0295 to S$0.03. The move will be funded entirely through external debt financing. Strategically, the transaction deepens FLCT&rsquo s exposure to Germany and the Netherlands, two of Europe&rsquo s key trade-oriented logistics markets. It is also aligned with its strategy to scale its logistics and industrial platform within existing markets.
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01-Jun-2026 09:57	Zixin / China Star Food - The Strong Uptrend building Go to Message
x 0 x 0	Zixin Group reports profit after tax of RMB61.42 mil for FY2026, up 43.8% y-o-y Zixin Group Holdings (SGX:42W) has reported earnings of RMB61.42 million ($11.67 million), up 43.8% y-o-y for FY2026 ended March 31. Revenue grew by 43% y-o-y to RMB607.47 million in the same period. The higher revenue and earnings were attributed to the growth across all its business segments, mainly, cultivation & supply, product innovation & food production and recovery & recycling. Zixin Group&rsquo s gross profit increased 29.7% y-o-y to RMB187.3 million in FY2026, primarily due to an increase in overall sales. However, gross profit margin declined from 34.0% in FY2025 to 30.8% in FY2026. The decline in gross profit margin was due to lower margin from the sale of fresh sweet potatoes, which was offset by a slight increase in the gross profit margin from sweet potato processed products. On the cost front, Zixin Group reported higher administrative expenses in FY2026 mainly due to increase in research and development expenses in terms of cultivating seedlings of new sweet potato varieties and innovating production techniques and processed sweet potato products. As at March 31, Zixin Group has a positive working capital of RMB343.55 million, an increase from RMB237.6 million a year ago. Net asset value per share declined 3.1% y-o-y to RMB0.351 due to issuance of new shares, resulting from the exercise of share options during the year. &ldquo While new operations beyond Liancheng County &ndash particularly the replication of the integrated sweet potato industrial value chain in Lingao County, Hainan, and Quanzhou City &ndash will require time to develop, we will continue to prioritise our upstream cultivation and supply. As we move forward with our expansion plans in China and internationally, we will exercise caution, considering the rising operational costs associated with the ongoing conflict in the Middle East,&rdquo says Liang Chengwang, executive chairman and CEO of Zixin Group. Shares of Zixin Group closed 0.1 cent higher, or 3.12% up at 3.3 cents on May 29.
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30-May-2026 13:47	CapLand Ascott T / Trust in its recovery Go to Message
x 0 x 0	CapitaLand Ascott Trust to divest The Robertson House for S$360 million The hotel in Robertson Quay will be divested at 4% above book value [SINGAPORE] CapitaLand Ascott Trust (Clas) : HMN +1.12% will sell its upscale hotel, The Robertson House by The Crest Collection, to an unrelated third party for S$360 million, it said on Friday (May 29). The hotel, located along Unity Street in Singapore, will be divested at 4 per cent above book value, and an exit yield of 2.3 per cent, the trust said in a bourse filing. The hotel has 336 units, and takes up a total of 11,056 square metres (sqm). It was completed in 2023, and has a lease of 99 years that commenced from Nov 27, 2006 &ndash with about 79 years of the term left. The net proceeds from the divestment are S$341.7 million and the hospitality trust will recognise a net gain of around S$38.1 million. The transaction is expected to be completed in the third quarter of 2026. For the sale figure, Clas took into account the independent valuation by investment firm Colliers, which valued the property at S$346 million as at Dec 31, 2025. Serena Teo, chief executive officer of the managers of Clas, said that the divestment is at an &ldquo attractive price&rdquo of close to S$1.1 million per key, and underscores the trust&rsquo s disciplined approach to portfolio reconstitution. The proposed divestment also allows Clas to redeploy the proceeds into higher-yielding properties, support its asset enhancement initiatives, repay higher-interest debt, and fund general corporate purposes, said Teo. Assuming that the transaction had been completed on Jan 1, 2025, on a pro forma basis, Clas&rsquo total distribution would be lower at S$226 million, while dividend per stapled security would have been S$0.0591. Distribution yield would be 6.16 per cent. Post-divestment, Clas will have four lodging properties in Singapore. Three properties &ndash Ascott Orchard Singapore, lyf one-north Singapore and lyf Funan Singapore &ndash are operational. The fourth property, Somerset Clarke Quay Singapore, is under redevelopment and is on track to be completed around end-2026. It is expected to begin contributing income progressively from early 2027. Stapled securities of Clas ended Thursday 0.6 per cent or S$0.005 lower at S$0.895.
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30-May-2026 13:46	Seatrium Ltd / Seatrium - Sea of Hopes & Atrium of Surprises (II) Go to Message
x 0 x 0	Seatrium posts S$15.5 billion net order book as at end-March It comprises of 24 projects with delivery dates till 2033 [SINGAPORE] Seatrium : 5E2 +1.84% reported a net order book of S$15.5 billion across 24 projects as at its first quarter ended Mar 31, 2026, with delivery dates till 2033. According to the business update released on Friday (May 29), during the period, two legacy projects &ndash the trailing suction hopper dredger Frederick Paup to Manson Construction and the wind turbine installation vessel Maersk Viridis to Maersk Offshore Wind &ndash were delivered. These took place while ongoing projects continued to advance in line with expectations. Seatrium also completed 46 vessel repairs and upgrades during the quarter, comprising one floating storage regasification unit (FSRU) conversion, five liquefied natural gas carriers, seven cruise vessels, 10 offshore vessels and four naval vessels. Chris Ong, CEO of Seatrium, said: &ldquo We continued to carry the momentum gained in FY2025 into the new financial year with steady project execution and margin improvements. With the completion of our announced divestments, we are well-positioned to deliver further gross margin improvements.&rdquo The group stated that its gross margin strengthened. &ldquo Gross margin continued to strengthen due to improved project mix lower overheads partly contributed by the completed divestments and lower general and administrative expenses resulting from rigorous risk management, productivity gains and cost control initiatives,&rdquo Seatrium said. &ldquo The improving metrics reflect stringent contract selectivity with a preference for series-build projects with progressive milestone payments, pricing discipline and project governance,&rdquo the company added. It also said that its balance sheet remained strong, and that it has made progress in proactively managing its borrowings. Seatrium noted that it secured its eighth FSRU conversion project, LNGT Karadeniz, from Karpowership, during the first quarter. This represents the first of three FSRU conversion projects under an earlier letter of intent, which also covers the integration of up to six new-generation powerships. Pipeline opportunities over the next 24 months are estimated at more than S$28 billion, distributed across oil and gas, offshore wind and conversions. Seatrium said that while elevated oil prices provide a supportive environment for offshore energy infrastructure investments, any increase in project sanctions or order wins is expected to materialise progressively due to capital discipline among customers. Shares of Seatrium closed 1.4 per cent or S$0.03 lower at S$2.17 on Thursday.
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30-May-2026 13:45	Trek 2000 Intl / Trek 2000--- the next multi bagger 2014/2015 Go to Message
x 0 x 0	Trek 2000 shares jump 26% after Osim founder Ron Sim drops claims, sells 7.3% stake to Azure Capital With a reduced holding of 2%, he ceases to be a substantial shareholder [SINGAPORE] Fund manager Azure Capital has become a substantial shareholder of Trek 2000 International, the company known for its ThumbDrive USB flash drive. In a bourse filing on Thursday (May 28), Trek said that Azure Capital acquired 22,074,000 ordinary shares, representing about 7.3 per cent of its issued share capital. The shares were bought from Osim founder Ron Sim, pursuant to a share-purchase agreement they had entered into on May 11. The consideration of over S$2.6 million works out to S$0.12 per share. The transaction was completed on Tuesday. The counter surged 26.8 per cent or S$0.055 to S$0.26 as at 9.20 am on Friday, after the announcement. By the midday trading break, Trek had pared some gains but was still up 14.6 per cent or S$0.03 at S$0.235, after 2.2 million shares were traded. Terence Wong, founder and CEO of Azure Capital, noted that Trek has &ldquo delivered a step up in profitability&rdquo . He added that the company&rsquo s &ldquo patented wireless memory technologies position it to participate in the growing demand for high-performance, data-intensive applications&rdquo driven by the adoption of artificial intelligence. With the deal completed, Sim&rsquo s stake in Trek is now down to 2 per cent, from 9.3 per cent previously. He therefore ceases to be a substantial shareholder of the company. Trek&rsquo s other substantial shareholders are executive chairman and group president Wayne Tan, Kioxia Corporation, CTI II and Creative Technology. Backing off In a separate announcement on Thursday, Trek said that Sim and Osim have confirmed they &ldquo will not proceed further&rdquo with legal claims previously filed against the company, Wayne Tan and his father, former executive chairman Henn Tann. The claims stemmed from legal letters that Sim and Osim had sent in 2024 and 2025. The initial correspondence alleged that Henn Tan, who stepped down in 2018, had made fraudulent misrepresentations that were relied upon when Sim and Osim bought Trek shares in 2015. It was also alleged that Sim had been treated &ldquo unfairly and contrary to his legitimate expectations as a minority shareholder&rdquo . Describing the situation as a &ldquo legacy shareholder matter&rdquo , Wayne Tan said that the company&rsquo s board and management &ldquo remain focused on executing our growth strategy across memory, AI-related and renewable energy solutions&rdquo . In 2022, Henn Tan was sentenced to one year and four months in jail for accounting fraud that concealed Trek&rsquo s weak financial performance. Zooming in on storage, AI, renewables Trek said that it has &ldquo developed patented wireless memory technologies that integrate NAND and DRAM systems for high-speed, data-intensive applications&rdquo . These technologies, it added, support the group&rsquo s strategic partnership with software company Aboard AI to &ldquo co-develop an AI-powered aviation solution&rdquo that is expected to bring in more than US$15 million in revenue through FY2027. Trek reported a net profit of US$4.6 million for FY2025, jumping nearly 12 times from the earnings of US$335,000 it reported for the year before, despite a 1.1 per cent decline in revenue to US$19.6 million. The company said that its Artificial Intelligence of Things (AIoT) division accounted for 93.2 per cent of sales revenue during the year. It added that it will ramp up innovation to &ldquo enhance its core storage and AIoT solutions&rdquo , while developing and marketing its AI and renewable energy-related offerings. Trek was placed on the Singapore Exchange watch list in June 2023. The list was abolished in October 2025 as part of a move towards a more disclosure-based framework. Issuers must still disclose if they record losses for three consecutive years. Shares of Trek rose 28.9 per cent or S$0.046 to close at S$0.205 on Thursday, before the news.
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30-May-2026 13:44	OUEREIT / OUE Comm-REIT is taking off, Hurry ! Go to Message
x 0 x 0	OUE REIT: The case for prime assets in a volatile world OUE REIT CEO Han Khim Siew spent three years overhauling the REIT he inherited, from capital structure and portfolio to strategy. The transformation of a flagship Orchard Road hotel reflects a broader conviction: in an era of persistent uncertainty, the right assets in the right locations can turn volatility into an advantage. In February 2022, after two years of closure, OUE REIT completed the $150 million asset enhancement of the former Mandarin Orchard Singapore, reopening the property as Hilton Singapore Orchard. The 1,080-room property, now Hilton&rsquo s largest flagship hotel in Asia Pacific, had been redesigned, repositioned and rebranded. The first tower opened to near-full occupancy the second tower followed in January 2023, completing the hotel&rsquo s full room inventory. &ldquo It was a flight to quality,&rdquo adds Han. &ldquo A new, improved, revamped Hilton. We really benefited from that first wave of tourism coming back post-Covid-19.&rdquo The hotel also shifted its focus away from the regional leisure market. The former Mandarin Orchard had largely catered to visitors from Southeast Asia, China, Japan and Korea, who typically arrived in waves during peak holiday seasons. With the rebrand, the hotel pivoted towards corporate guests. The share of American visitors rose from low single digits to the mid-teens. Daily room rates, which had hovered at $270&ndash $280 before refurbishment, climbed to $400&ndash $450, touching $500 in peak periods. The result, Han says, was a fundamentally more stable earnings profile. &ldquo During the travel holiday season, you still get the regional tourists coming through. During the non-holiday season, you have the corporate travellers from the US and from Europe. That balances out quite nicely.&rdquo A new management team installed at the Hilton in September and October 2025 sharpened execution further, responding more quickly to corporate bookings, refreshing food and beverage menus every two months and partnering with the Singapore Tourism Board on events and experiences along Orchard Road. &ldquo We can&rsquo t sit back on our past successes,&rdquo adds Han. &ldquo We have to look forward.&rdquo Rebuilding through three phases The hotel&rsquo s reinvention mirrors what Han has been working through at the REIT level since he joined in February 2022. He describes his tenure in three phases. The first was structural: fixing the capital architecture of a REIT whose debt was mostly on a secured basis, and whose cost of borrowing was higher than he believed it should be. &ldquo We focused inwards,&rdquo he says. &ldquo Improving our capital structure.&rdquo Over three years, the team shifted OUE REIT&rsquo s financing from secured to unsecured, working with S& P Global along the way. By late 2023, OUE REIT had secured a BBB-minus investment grade credit rating, broadening its access to the bond market and institutional capital, while prompting more competitive pricing from banks. According to Han, the REIT&rsquo s current cost of debt sits at approximately 3.7% as of March 31, 2025. A seven-year bond issued in October 2025 printed at 2.75%, and he expects the overall cost of debt to move lower over the next one to two years. The second phase was portfolio discipline. The most significant move was the divestment of Lippo Plaza Shanghai, the only large commercial transaction of its kind to complete in that market during the period. &ldquo We divested at a 5% discount to valuation,&rdquo adds Han. &ldquo And we&rsquo ve seen occupancy fall another 20 to 30 percentage points, and rents come off another 20 to 30%, since we divested.&rdquo The December 2024 divestment released capital and reduced leverage, positioning the REIT to pursue accretive acquisitions. The third phase was about closing the disconnect between the REIT&rsquo s market price and the net asset value (NAV) of its underlying assets. Trading at roughly 0.65 times NAV, the REIT sits at what Han calls an &ldquo irrational&rdquo discount. Yet he is clear-eyed about what it will take to close that gap: not persuasion, but proof. This is where One Raffles Place comes in. The asset, which represents about 25% of portfolio revenue, is now being brought to market. Han argues that a sale at or above book value would demonstrate the discount is unsustainable while releasing capital for redeployment into newer freehold assets with stronger return potential. Separately, at OUE Bayfront, the team is decanting an M& E floor into approximately 22,600 sq ft of prime office space by connecting the building to the district cooling system &mdash a project Han says offers an 11% return on investment. Stability and upside At the portfolio level, Han describes OUE REIT&rsquo s structure as a barbell. On one side sits its commercial office portfolio: OUE Bayfront, OUE Downtown and One Raffles Place in Singapore, anchored by longer leases and 14 consecutive quarters of positive rental reversions (tenants renewing at rates above previous rents) and Salesforce Tower in Sydney. On the other side is hospitality and retail, which together account for roughly half of portfolio revenue. Crowne Plaza Changi Airport, the REIT&rsquo s second hotel, complements the Hilton with a different guest profile: transit passengers on long-haul layovers, airline crew and tourists drawn to Jewel Changi. Aviation-themed rooms, developed with a children&rsquo s brand, now attract guests willing to pay a premium for the experience. Han describes hospitality and retail as &ldquo experiential infrastructure&rdquo &mdash assets positioned to capture a structural shift in consumer spending as incomes rise. Pop-up collaborations at Mandarin Gallery, the retail component beneath the Hilton, and a new live event venue opening nearby all follow the same logic. The asset class&rsquo s structural appeal to the REIT, Han adds, is daily repricing. Office leases can take years to catch up with inflation, while hotel room rates can adjust overnight. He continues: &ldquo If you believe inflation will stay sticky, then what in your portfolio can reprice to align with rising inflation?&rdquo A 10% decline in room rates, he notes, would affect overall REIT income by roughly 3.5% &mdash a manageable downside, in his view, relative to the upside potential from a growing travel market across a regional catchment of around three billion people in China, Southeast Asia and India. OUE REIT&rsquo s February 2026 acquisition of a 19.9% stake in Sydney&rsquo s Salesforce Tower illustrates how the phases connect. The building &mdash one of the newest prime office towers in Sydney&rsquo s CBD, completed in 2022 &mdash was acquired at an implied valuation of approximately A$1.8 billion ($1.6 billion), below the A$2.2 billion at which it had previously traded. Occupancy stood at 99.2% as of March 31. The asset is freehold, limiting near-term capital expenditure, and Sydney&rsquo s prime CBD office supply pipeline is even tighter than Singapore&rsquo s, with the next significant delivery three to five years away. Han also highlights the market&rsquo s structure. Nine of the last ten prime Sydney CBD office transactions were pre-empted by incumbent owners buying out departing partners. That leaves few openings for new entrants, while those already in the asset are natural beneficiaries when opportunities arise. &ldquo Our peers can&rsquo t access it,&rdquo he adds. &ldquo But we&rsquo re there.&rdquo Designed for uncertainty Han returns often to the word volatility. He sees it not as a threat to hedge against, but as a condition to anticipate and position for. That logic runs through much of OUE REIT&rsquo s strategy: the flight to quality that filled Hilton Singapore Orchard in its opening months, the widening divide between prime CBD offices and secondary locations, the intra-Asia travel flows he expects to strengthen as geopolitical uncertainty drives up the cost of long-haul flights and the daily repricing power that lets hotel room rates track inflation in ways office leases cannot. &ldquo Volatility will always come,&rdquo he adds. &ldquo The question is whether your portfolio is positioned to capitalise on it. That is why we focus on prime core assets, because whenever uncertainty rises, there&rsquo s always a flight to quality.&rdquo The thesis is not new. What has changed at OUE REIT over the past three years is the capital structure, portfolio mix and balance sheet needed to act on it.
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30-May-2026 13:43	MarcoPolo Marine / Marco Polo - IPO Go to Message
x 0 x 0	Marco Polo Marine unlocks value with RTO, new business segment on the cards On May 15, in addition to announcing a stronger y-o-y set of results for 1HFY2026, Mainboard-listed Marco Polo Marine (MPM) also announced a significant transaction that could shape its future direction. The transaction is a reverse takeover (RTO) of its shipyard business &mdash comprising Marco Polo Shipyard and MP Marine &mdash by Catalist-board Fuji Offset Plates Manufacturing (FOPM). For context, FOPM is founded and controlled by the Teo family, who are also substantial shareholders in MPM via Apricot Capital. It is also noteworthy that Lim Ah Cheng (or AC Lim, as he is known in the offshore and marine circles), the former executive chairman of Dyna-Mac Holdings, announced plans in May 2025 to acquire a 16.7% stake in FPOM by buying new shares at 45 cents each. The involvement of Lim, who is credited with turning around the fortunes of Dyna-Mac, suggests business expansion for MPM into engineering, procurement, construction and commissioning of topside modules for offshore assets. Winning deal that unlocks value &ldquo AC Lim is also part of Fuji Offset, so there&rsquo s a lot of talk to see how to bring this company to the next level,&rdquo says MPM CEO Sean Lee at MPM&rsquo s 1HFY2026 results briefing on May 18. &ldquo His involvement will be more on fabrication he has the leads, the contacts.&rdquo Since the announcement of the transaction, multiple analysts have said the deal is a win for MPM shareholders, as it unlocks value. The transaction will see MPM divesting its shipyard business to FOPM at 70.1 cents per FOPM share on May 15. The total value of the transaction ranges from $120 to $139 million, depending on whether Marco Polo Shipyard and MP Marine achieve specific adjusted NPAT thresholds to trigger a $19 million earn-out. Upon completion of the deal, MPM is expected to hold a controlling interest of approximately 74.1% to 76.8% in FOPM. FOPM will also seek to change its name to MPSE. In his May 15 report, Jarrick Seet of Maybank Securities is optimistic that the transaction will help propel growth in the shipyard business by providing a separately listed platform for funding. He believes that the valuation represents a substantial premium to the shipyard business&rsquo s book value within MPM. Similarly, despite initial earnings dilution from the transaction, CGS International&rsquo s Meghana Kande and Lim Siew Khee see strategic upside from capital-market optionality, which could translate into stronger earnings growth for FY2027 to FY2028. &ldquo Over time, this [deal] could position the group to scale its shipyard operations beyond balance sheet constraints, which we view as the primary strategic rationale of the deal,&rdquo note Kande and Lim in their May 16 report.&rdquo Given the tight bank financing environment for offshore players since the last industry downcycle, we think this deal crystallises the value behind MPM&rsquo s assets.&rdquo Another positive view of the transaction comes from the May 18 report by Heido Mo and John Cheong from UOB Kay Hian (UOBKH). To them, the deal is a &ldquo transformational value-unlock&rdquo as separating the shipyard from the parent eliminates intra-group revenue eliminations, enabling the market to price the shipyard business on its standalone earnings. &ldquo The shipyard currently generates ebit margins of around 18% with a multi-year ORV [offshore research vessel] anchor,&rdquo note Mo and Cheong. &ldquo This [deal] also unlocks value that has been obscured within MPM&rsquo s conglomerate structure.&rdquo Regarding the potential impact of the ORV, Lee notes that the company is gaining significant traction with the Taiwanese government, which could lead to more orders. Strong margins back-stop business For 1HFY2026 ended March 31, MPM reported a 40% y-o-y increase in revenue to $74 million with a gross profit margin of 42%, representing a one percentage point improvement y-o-y. Excluding foreign exchange gains/losses and disposal of property, plant and equipment, adjusted NPAT is $13.8 million or 44% higher than the previous corresponding period. Lee is optimistic about his company&rsquo s prospects, with the offshore oil and gas industry continuing to project a favourable outlook, with prolonged underinvestment during previous market downturns leading to under-replacement of global ageing fleets. Offshore wind is another sector which will propel the company&rsquo s growth, says Lee. &ldquo Offshore wind is only 35% of revenue currently,&rdquo he remarks. &ldquo It&rsquo s going to be more moving forward and increase to around 50% in terms of revenue contribution for growth.&rdquo Earnings per share are expected to increase between FY2027 and FY2030, supported by fleet expansion, projects Maybank&rsquo s Seet. Setting a higher target price of 24 cents per share for the counter, up from 20 cents, Seet values the company at 24 times the forecast FY2026 P/E, maintaining his &ldquo buy&rdquo rating. Maintaining their &ldquo add&rdquo call, Kande and Lim raise their FY2027&ndash FY2028 forecasted net profit on more back-ended newbuild recognition and stronger repairs. Correspondingly, they increase their target price to 21 cents from 20 cents on a higher 19 times FY2027 forecast P/E, which represents a 50% premium to 12 times that of peers. Mo and Cheong note MPM&rsquo s stronger balance sheet with net cash quintupling h-o-h to $46.9 million, which enabled MPM to start construction of an advanced commissioning service operation vessel (CSOV+). Increasing their target price from 19 cents to 23 cents, they maintain their &ldquo buy&rdquo rating with a valuation of 25 times FY2026 P/E, which is one standard deviation above the mean.They add that the potential listing of Taiwanese subsidiary PKRO and the completion of the RTO may bring about &ldquo higher intrinsic value&rdquo . Shares in Marco Polo Marine closed at 18 cents on May 26, down 0.1 cent of 0.6%.
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30-May-2026 13:42	SingTel / singtel Go to Message
x 0 x 0	Singtel maintains prospects of higher dividends ramps up bid to capture AI growth From the recent peak of $5.21 in March, the share price of Singapore Telecommunication (Singtel) has dropped by around 14% to close at $4.48 on May 26, including 10% lost after its FY2026 report on May 21. The downtrend contrasts with Singtel&rsquo s doubling over the last two years, following the launch of its Singtel28 capital management programme, together with its FY2024 results. Some analysts who have maintained their bullish calls on this stock suggest that investors, used to a string of good news, are disappointed that Singtel is not raising its asset monetisation target. At Singtel&rsquo s last full-year report in May 2025, it raised the asset monetisation target from $6 billion to $9 billion, and launched a $2 billion share buyback programme. No new capital management targets were unveiled on May 20, when Singtel reported its FY2026 results. &ldquo That said, we remain constructive on Singtel&rsquo s longer-term outlook. Singtel&rsquo s openness to an Australian partner taking a meaningful minority stake in Optus points to potential value realisation through monetisation,&rdquo says Chu Peng of OCBC Group Research, referring to Singtel&rsquo s separate announcement on the same day that it is looking for a minority stake partner for its Australia unit. &ldquo We believe Singtel&rsquo s growth opportunities in AI and data centres, alongside monetisation optionality, remain intact and should continue to support earnings growth and shareholder returns over time,&rdquo adds Chu, who has kept her &ldquo buy&rdquo call and $5.75 fair value. When asked, Singtel would not indicate if it is looking for a financial investor cum minority partner to help tack a market value to Optus &mdash estimated by some analysts to be around $16 billion &mdash or an operations partner to build a more reliable network after a series of operational issues in the past year. The sole criterion is that the partner has to be Australian. CEO Yuen Kuan Moon says the move to seek a local partner is an indication of Singtel&rsquo s commitment to the Australian market. He notes that Singtel&rsquo s overseas track record has always been one of strong partnerships with local partners in their respective markets. &ldquo We believe in the market. There are only three operators in Australia. It is a structure that is sustainable,&rdquo he says. Higher dividends, ongoing buybacks If there is a reason for investors to hold on to Singtel, it is the prospect of higher dividends. For the whole of FY2026, Singtel will pay a total of 18.5 cents, yielding around 4%. In contrast, Singtel paid a total of 17 cents in FY2025, a significant improvement from just 7.5 cents in FY2021. Yuen points out that Singtel has increased its dividend over the past five years and the intention is to raise the payout on a sustainable basis. &ldquo Definitely, we want to continue to grow our profits, and naturally, based on our dividend policy, dividends will also see steady growth,&rdquo he says. Under its existing dividend policy, Singtel will pay out between 70 and 90% of its underlying profit as ordinary dividends. For FY2026, the payout ratio is 80% &mdash right in the middle of the range. In addition, there is a standing guidance to pay between 3 and 6 cents in so-called value realisation dividend, which is the balance of divestment proceeds after capex commitments. And for FY2026, 5.1 cents in Value Realisation Dividend (VRD) will be paid, which is close to but below the upper limit of six cents. Thus, if the coming years see additional earnings volatility, Singtel will still have the headroom to pay more dividends from both the underlying profit and the VRD portions, points out CFO Arthur Lang. &ldquo We are not maxing out everything, because, as we said, we want to grow our dividend on a sustainable basis. Our underlying profit this year is growing by 12%. So, when we start to grow our underlying profit, that 70 to 90% of an absolute number will grow,&rdquo says Lang. Citing the growing underlying profit and additional gains from asset monetisation, a team of HSBC analysts led by Piyush Choudhary expects the payout for FY2027 to increase by 8% y-o-y to 20 cents, then by another 8% y-o-y to 21.5 cents the following year, and to a further 23.3 cents for FY2029. Further support will come from the ongoing $2 billion share buyback programme. Up to April 20, some $226 million had been spent on buybacks. Most recently, 3.3 million shares were repurchased on May 26 at between $4.49 and $4.53. Singtel&rsquo s prospects have caught the eye of certain institutional investors as well. On May 6, the Capital Group paid $4.67 each for more than 19.3 million shares, thereby emerging as a substantial shareholder with a stake of nearly 838 million shares, equivalent to 5.1%. This makes the US asset manager the second-largest shareholder after Temasek, which controls around half of the company. Airtel lift, India platform Sachin Mittal of DBS Group Research has a different reason to turn more positive on Singtel: the potentially higher value of Bharti Airtel, Singtel&rsquo s associate in India, because of possible increases in local mobile tariffs. Airtel, despite a smaller market share, offers higher-value offerings than the competition. Previous price hikes have benefitted Airtel more in terms of revenue share. Jio, the market leader by revenue share, is reportedly set to launch its IPO by the end of the year, and it has an interest in charging higher tariffs as well. Airtel, previously fetching a consensus value of INR2,000 ($26.70) per share, is now seen to be worth INR2,300 per share, according to Mittal. With Airtel alone accounting for 49% of Singtel&rsquo s entire group&rsquo s value, Mittal figures that Singtel is worth $5.46, up from $5.36. Singtel is likely to see additional capital markets activity in India. The company, in a 25-75 partnership with KKR, is in the midst of acquiring the remaining 82% of STT Global Data Centre (STT GDC) for an enterprise value of $13.8 billion. To fund its share of the deal, Singtel is to cough up $740 million. The deal is expected to close by the end of the year, and Singtel is already identifying ways to recycle its capital to meet its commitment. According to Lang, STT GDC has publicly indicated plans to list its India business in India. &ldquo Even with the Hormuz crisis today, Indian IPO valuations are actually very, very strong. So if we do that, it allows us to recycle some of that capital and also have an India platform,&rdquo he says. Meanwhile, the acquisition will give Singtel a big leg up with another large data centre platform from which it can drive further growth in its digital infrastructure business. STT GDC, as of now, is in the &ldquo high growth&rdquo phase, with significant investments in new data centre capacity, and therefore not profitable at the net profit level. However, judging from the pipeline of projects under construction across more than a dozen markets, there&rsquo s an acceleration in data centres going operational, which means improvements in ebitda and ebit will show up in the next three to four years, says Lang. Not building ahead of demand Aside from the STT GDC acquisition, Singtel already has a growing suite of data centre offerings. Its Digital Infraco, which includes the data centre operations Nxera, managed to increase its ebit by 24% in FY2026 to $81 million, with revenue up 12% to $486 million. In February, Singtel opened its 58MW high-density data centre in Tuas, bringing its total data centre capacity in Singapore to 120MW, with more than 90% of the capacity already committed before launch. Adjacent to Nxera is Singtel&rsquo s GPU-as-a-service business, marketed under the RE:AI brand. This is one bright spot that could bloom further. Essentially, Singtel will lease capacity on Nvidia-powered servers to users who are not committing to their own hefty capex, or who have temporary spikes and therefore prefer leasing rather than buying. For RE:AI, Singtel has already spent $60 million in a pilot over the past year to build up 1MW of capacity. Some $25 million in revenue has been generated in FY2026. Singtel plans to ramp this up meaningfully by spending $600 million over the next three to five years, to deploy up to 11MW of capacity in the current FY2027 alone. To put this into perspective, this will be the largest GPU cluster in Singapore &ldquo by far&rdquo . More than 80% of the target capacity has already been contracted, securing ebit margins comparable to those achieved by Nxera&rsquo s data centres, which are run separately. &ldquo Rest assured, we are not building ahead of demand. This is just the beginning,&rdquo says Lang. Mittal of DBS estimates that Singtel can generate some $275 million in revenue from this segment in FY2028, along with ebitda of $165 million and ebit of $55 million. For Hussaini Saifee of Maybank Securities, Singtel&rsquo s offering of such a service clearly marks its spot as a big player in a bigger trend. &ldquo AI demand trends remain exceptionally strong, and Singtel is emerging as one of the few listed AI infrastructure plays in Asean through its growing exposure to RE:AI, sovereign AI workloads, data centres and AI-enabled connectivity infrastructure,&rdquo he says.
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30-May-2026 13:41	SingTel / singtel Go to Message
x 0 x 0	Singtel signs S$1.5 billion credit facility from diverse lender pool [SINGAPORE] Singtel said on Friday (May 29) that its treasury unit signed a S$1.5 billion credit facility agreement with 11 banks. Singtel Group Treasury signed the three-year committed revolving credit facility with lenders including the Singapore branches of ANZ, Bank of America, Industrial and Commercial Bank of China, Standard Chartered, Westpac and HSBC, and local majors OCBC and UOB. The agreement comes as Singtel shuffles around capital, having laid out a S$3 billion capital spending plan for 2027, of which S$1.2 billion would be allocated to data centres and artificial intelligence-related purposes. Earlier this month, the group said it was also looking to sell a minority stake in Australian unit Optus.
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