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| 14-May-2026 11:09 |
Genting Sing
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genting sing
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Genting Singapore Q1 net profit drops 55% to S$65.2 million on lower gaming revenue Ongoing conflict in the Middle East and current geopolitical developments have raised cost pressures [SINGAPORE] Genting Singapore : G13 -10.87%, which operates Resorts World Sentosa (RWS), on Tuesday (May 12) posted a net profit of S$65.2 million for its first quarter ended Mar 31, down 55 per cent from S$145 million in the year-ago period. Group revenue fell 3 per cent on the year to S$607.6 million from S$626.2 million, driven by lower gaming revenue which dropped 8 per cent to S$403.4 million from S$437.5 million. The group said that &ldquo steady operational progress&rdquo was made in the quarter, noting that gaming revenue showed &ldquo improving momentum towards the end of the period&rdquo . Meanwhile, non-gaming revenue rose 8 per cent on the year to S$204.1 million from S$188.5 million, supported by higher visitation to key attractions including Universal Studios Singapore and the Singapore Oceanarium at RWS. Adjusted earnings before interest, taxes, depreciation and amortisation fell 24 per cent to S$179 million from S$235.8 million in the previous corresponding period. Genting Singapore said that the ongoing conflict in the Middle East and current geopolitical developments have increased cost pressures across supply chains. This has led to higher energy, freight and logistics expenses, while elevated airfares also weighed on travel demand and dampened consumer sentiments. The group noted that it will address these challenges while seeking to capture opportunities through targeted programming and market-focused initiatives. It will also focus on asset optimisation to enhance guest experience and broaden revenue streams. This includes delivering seasonal events and promotions to improve resort vibrancy and guest engagement, alongside refreshed lifestyle and dining concepts. Recent openings in April include premium day spa Bodhi Spa at luxury hotel The Laurus, alongside Quan Hotpot restaurant and the addition of new tenants such as People People Brewing Co. The group has also launched attraction season passes to drive repeat visitation. The integrated resort operator&rsquo s Q1 profit is in contrast with that of Marina Bay Sands, which on Apr 22 reported a new high for the first quarter. Its earnings climbed 30.2 per cent to US$788 million &ndash or S$1 billion &ndash for the three months ended Mar 31. In its previous earnings in February, Genting Singapore&rsquo s net profit for the second half of its financial year declined 30 per cent year on year to S$155.6 million, from S$222 million, although revenue rose 5 per cent to S$1.24 billion, from S$1.17 billion previously, as newly refreshed offerings lifted resort activity. The group said then that ongoing capital expenditure for its RWS 2.0 transformation had affected its cash flow and balance sheet. It added that the refreshment of existing assets and construction progress led to significant cash outflows. The counter ended 1.5 per cent or S$0.01 higher at S$0.69 before the news. |
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| 14-May-2026 11:08 |
Valuetronics
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Valuetronic
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Valuetronics shares drop 18.2% after warning of &lsquo significant&rsquo earnings slide The dip stems primarily from issues with Hong Kong-based Trio AI, in which the company holds a 26.6% stake [SINGAPORE] Mainboard-listed electronics manufacturer Valuetronics Holdings on Tuesday (May 12) said it expects to report a &ldquo significant&rdquo drop in net profit for its 2026 financial year. It cited non-cash impairments linked to Trio AI, a Hong Kong-based joint venture in which Valuetronics holds a 26.6 per cent equity stake. Though listed in Singapore, Valuetronics is headquartered in Hong Kong with manufacturing operations in China. Shares of Valuetronics fell as much as 20.8 per cent to S$0.935 as at 10 am on Wednesday. They pared some losses and were 18.2 per cent down as at 3.35 pm. The company expects to recognise provisions against the carrying amount of its investment cost, advances made to the venture and outstanding receivables. Additionally, Valuetronics will take a hit on graphics processing units (GPUs) and ancillary hardware deployed to Trio AI under an equipment leasing arrangement, as well as undeployed assets held by the broader group. The impairments follow Trio AI&rsquo s failure to achieve sufficient commercial traction, despite the admission of a new joint venture partner in September 2025 that was intended to bolster its capital base and commercialisation efforts. The injection of additional working capital did not yield an improvement in business performance. Compounding the financial drag, Trio AI has missed contractual due dates for certain rental payments owed to Valuetronics for the leased equipment. Valuetronics established Trio AI to provide GPU and artificial intelligence-related cloud services in Hong Kong, acquiring the necessary hardware through its wholly owned subsidiary, Computing Assets. The company cited &ldquo uncertainties relating to Trio AI&rsquo s business outlook, funding requirements and commercialisation progress&rdquo as the basis for the expected provisions. Valuetronics is currently finalising its unaudited financial statements for FY2026 and is expected to release its full results before market open on May 28. |
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| 14-May-2026 11:07 |
ComfortDelGro
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COMFORT DELGRO - MOVING FORWARD
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ComfortDelGro posts 16.1% drop in 1QFY2026 patmi to $40.5 mil amid &lsquo challenging start&rsquo ComfortDelGro has reported patmi of $40.5 million for the 1QFY2026 ended March 31, 16.14% lower y-o-y, amid a &ldquo challenging start&rdquo to 2026. Revenue, however, was up by 5.13% y-o-y to $1.23 billion driven by long-term contracts from the group&rsquo s public transport segment, offset by &ldquo challenges&rdquo from its taxi/private-hire vehicle (PHV) arm. Revenue from the group&rsquo s overseas markets made up 52.6% of the total sum. During the quarter, CDG&rsquo s public transport business reported revenue of $814.5 million, 7.2% higher y-o-y. Operating profit rose by 2.7% y-o-y to $37.7 million thanks to fare incrases and higher rail ridership in Singapore, the renewal of the UK Metroline London public bus contracts at improved margins, as well as reimbursements from Metroline Manchester in 1QFY2025. The group&rsquo s Australia performance was &ldquo broadly stable&rdquo . Revenue for the taxi/PHV segment fell by 7.13% y-o-y to $239.7 million as CDG&rsquo s taxi fleet size fell, in tandem with the overall fleet size in Singapore. The group&rsquo s Australian network also contracted from competition and cautious consumer spending while its UK trip volumes were impacted by fewer airport transfers due to the Middle East conflict. Operating profit for this segment plunged 46.73% y-o-y to $17.1 million. Other private transport, which includes private bus, non-emergency patient transport (NEPT) and corporate vehicle leasing, saw revenue increase by 15.18% y-o-y to $108.5 million. However, the segment reported an operating loss of $0.9 million from an operating profit of $0.7 million, due to lower disruption job volumes for CMAC in the UK and the European Union (EU), as well as inflationary cost pressures in non-emergency patient transport (NEPT) in Australia. Inspection & testing services reported revenue of $36.7 million, 11.89% higher y-o-y, while operating profit was up by 34.44% y-o-y to $12.1 million thanks to on-board unit (OBU) installations for the second iteration of the Electronic Road Pricing (ERP) system. Other segments, which includes CDG&rsquo s driving centre, bus station, insurance, media, logistics, electric vehicle (EV) charging and corporate overheads, reported revenue of $28.4 million, 15.92% higher y-o-y, while operating profit fell by 83.33% y-o-y to $0.5 million. The figures factor in business development costs for overseas rail tenders, as well as the bus advertising concession fees introduced as part of the new single operator contract to manage advertising spaces across Singapore&rsquo s public bus network. In its update, the group says it is looking to shift from a taxi-led operator to a &ldquo hybrid fleet-and-platform model&rdquo , building autonomous vehicle (AV) capabilities. Among its initiatives, the group is looking to strengthen its fleet operations, enhance its platform capabilities and scale enterprise mobility. It is also seeking to rebalance its customer segment mix into four key areas: the business-to-business (B2B)/premium segment, specialised transport, business-to-consumer (B2C) mass market and global corporate & airport transfers. CDG is also seeking to build and scale AV ecosystems globally by integrating AV technologies across real-world transport networks. As at end-March, the group says its &ldquo healthy balance sheet and strong operating cashflows&rdquo makes it &ldquo well positioned&rdquo for building future capabilities. Cash and cash equivalents stood at $929.2 million at the same date. Shares in CDG closed 2 cents lower or 1.39% down at $1.42 on May 13. |
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| 14-May-2026 11:06 |
AEM SGD
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AEM Bull run
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AEM' s 1QFY2026 earnings surge 329.4% y-o-y Chip tester AEM Holdings has reported earnings of $14.35 million for its 1QFY2026, a 329.4% y-o-y jump, on the back of a 35% increase in revenue to $116.9 million, as it fulfilled more orders from its key customers. In anticipation of a better year, AEM has raised its GY2026 revenue guidance by around a fifth to $550 million to $600 million. The company is eyeing a US$3 billion serviceable available market across its various customer categories and this amount is seen to swell to US$4.5 billion in 2028. AEM CEO Samer Kabbani calls 1Q2026 the start of a multi-year earnings upcycle for the company - one that is " grounded in structural industry change rather than cyclical recovery." AEM shares closed at $8.35 on May 13, up 10.74%. |
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| 14-May-2026 11:05 |
Daiwa Hse Log Tr
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DHLT
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Daiwa House Logistics Trust posts 12.4% fall in Q1 NPI on weaker foreign currencies Also cited for the decline is a lower contribution from its Japan portfolio [SINGAPORE] Daiwa House Logistics Trust : DHLU 0% (DHLT) reported a 12.4 per cent year-on-year decline in its net property income (NPI) for its first quarter ended Mar 31, to S$9.7 million from S$11.1 million a year earlier. In a business update on Wednesday (May 13), the trust&rsquo s manager attributed the decline to the weakening of foreign currencies &ndash specifically the Japanese yen and Vietnamese dong &ndash against the Singapore dollar, as well as lower contributions from the trust&rsquo s Japan portfolio due to vacancies. The Japan portfolio&rsquo s NPI fell by 4.9 per cent to 1.1 billion yen (S$8.9 million) due to higher vacancies. Vietnam&rsquo s remained stable at 11.7 billion dong (S$565,063). However, the trust&rsquo s property in the country, D Project Tan Duc 2, improved its NPI on a cash basis by 2.7 per cent in dong terms, driven by built-in rent increases, the manager said. The update did not include figures on revenue. The manager said that portfolio occupancy remained stable at 87.8 per cent as at Mar 31. Of the 19 properties in the group&rsquo s portfolio, 16 were at full occupancy. &ldquo Of the three leases expiring in the second quarter of FY2026, one lease has been renewed, with another expected to be renewed, both at higher rent, while discussions with a potential tenant are ongoing for the space to be vacated,&rdquo the manager added. The trust maintained a &ldquo healthy&rdquo capital management profile with an aggregate leverage of 40.6 per cent and an interest coverage ratio of 5.1 times. The manager observed that the &ldquo demand and supply dynamics of logistics space in Japan are rebalancing&rdquo . It added that it expects demand for logistics facilities in Japan to &ldquo remain firm, supported by the continued growth of e-commerce and third-party logistics sectors" . &ldquo Following years of substantial supply to the logistics sector in Japan, new supply is expected to moderate going forward as rising construction costs impact future facility developments.&rdquo The manager also expects the long-term prospects of Vietnam&rsquo s logistics sector to be &ldquo healthy, supported by a resilient economy, e-commerce expansion (and) government support&rdquo . Jun Yamamura, CEO of the manager, noted that the conflict in the Middle East has &ldquo added further uncertainties to global economies&rdquo . &ldquo While no immediate direct impact on DHLT&rsquo s portfolio was observed, we remain cognisant that it may weigh on the wider economy of the markets that DHLT operates in, the interest rate environment, as well as foreign exchanges.&rdquo Units of DHLT closed flat at S$0.49 on Wednesday, after the release of the business update. |
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| 14-May-2026 11:04 |
Food Empire
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Food Empire
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Food Empire chalks up record 1Q revenue plans one-for-five bonus issue Food Empire Holdings has reported its strongest ever first quarter with revenue up 16.9% y-o-y to US$159.7 million, potentially extending five consecutive years of record sales. Revenue from Central Asia was up the most at 36.4% to US$30.7 million while Russia was next with a 29.4% gain to US$51 million. " We are cautiously optimistic that the growth momentum will carry through the rest of the year barring unforeseen circumstances," says group CEO and executive director Sudeep Nair. " Today, the combined revenue from Asia has surpassed our traditional markets and this is the result of our strategic geographical diversification and continuous investments in brand building and capacity expansion projects since FY2013," he adds. The company expects its new Kazakhstan coffee-mix manufacturing facility to contribute positively in FY2026. Further down the road, Food Empire expects to complete a spray-dried soluble coffee manufacturing facility in South India by next year, and another one in Vietnam a year later. Food Empire warns that while Middle East is not a " core" market, it might suffer indirect impact such as higher costs of various kinds. Meanwhile, to improve liquidity, the company is introducing a one-for-five bonus issue. According to Food Empire, it has been included to a growing list of indices such as the MSCI SMID Cap Index, FTSE ST All-Share Consumer Staples Index, and iEdge Singapore Next 50 Index. Index funds managed by many institutional investors tend to mirror the holdings of some of these indices. However, some of them have minimum liquidity thresholds. Food Empire shares closed at $3.08, up 0.98% for the day and up 25.71% year to date. |
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| 14-May-2026 11:02 |
Centurion
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Centurion Corp
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Centurion&rsquo s Q1 revenue up 30% to S$89.4 million with growth in Singapore, Australia The company is sanguine about the headwinds in the UK student accommodation sector [SINGAPORE] Accommodation specialist Centurion Corp posted a 29.5 per cent rise in revenue to S$89.4 million for the three months ended Mar 31, it announced after trading hours on Wednesday (May 13). This was driven by new operational beds in its Singapore purpose-built worker accommodation (PBWA) and Australia purpose-built student accommodation (PBSA) assets, along with high occupancy in its PBSA assets in the UK. The PBWA segment&rsquo s Q1 revenue rose 29.7 per cent to S$69.2 million. This was partly due to the consolidation of the Westlite Mandai asset, following the acquisition of an additional 55 per cent interest in it last year. Centurion also added new beds from completed asset enhancements in Singapore, and recorded contributions from the Harum Megah portfolio in Malaysia, acquired last year. PBSA revenue for the quarter was up 30.5 per cent to S$19.6 million, thanks to sustained high occupancy in the UK, as well as positive rental revisions there and in Australia. The company also recorded contributions from the EPIISOD Macquarie Park student accommodation asset in Sydney. Centurion noted that student visa-management measures and cost-of-living concerns are expected to moderate the UK PBSA sector. However, its portfolio of 10 PBSA assets are &ldquo well-located in cities anchored by Russell Group universities, and the (company) will focus on active management to maintain healthy occupancies and rental rates&rdquo , it said. Centurion&rsquo s Chinese build-to-rent asset &ndash 400 apartments at Centurion-Cityhome Gaolin in Xiamen &ndash hit an average financial occupancy of 83 per cent in Q1, down from 90 per cent in Q4 last year. But the fall is &ldquo typical&rdquo in light of the Chinese New Year holiday, the company said. Chief executive Kong Chee Min is &ldquo confident in the structural fundamentals supporting our living sector assets and business&rdquo . The company is focused on enlarging its portfolio of owned and operated assets, growing fee income from management services, and supporting the Centurion Accommodation real estate investment trust, he said. Centurion ended Wednesday at S$1.67, up by S$0.01 or 0.6 per cent. |
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| 14-May-2026 11:01 |
SingPost
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SingPost
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SingPost to keep SingPost Centre as part of 3 new priorities for its reset strategy The postal and logistics player is bullish about the property&rsquo s upside potential [SINGAPORE] Singapore Post : S08 -1.32%(SingPost) has decided not to divest its flagship building, SingPost Centre (SPC). Instead, the postal and logistics player &ndash being bullish about the property&rsquo s upside potential &ndash will carry out enhancements to further milk the cash cow. &ldquo It is not for sale,&rdquo said SingPost CEO Mark Chong categorically. &ldquo SPC remains a crucial part of our portfolio we are retaining it.&rdquo The new plan marks a U-turn from the 2023/2024 decision of SingPost&rsquo s previous board, to divest the building in Paya Lebar where it is headquartered. It is also part of a set of initiatives to help the group achieve sustainable growth through three new strategic priorities. Chong laid out these priorities &ndash strengthening fundamentals, building scalable capabilities and capturing growth opportunities &ndash to The Business Times in an exclusive interview on Wednesday (May 13). SPC, which was previously valued at S$1.1 billion, had been deemed by SingPost&rsquo s previous board as a non-core asset and earmarked for divestment. However, the property has been SingPost&rsquo s top earner since it sold its Australian logistics business in March 2025, as the group struggles with a declining mail delivery business and a highly competitive e-commerce logistics business. SingPost is now eyeing a potential redevelopment of SPC, should height restrictions in the area be lifted when Paya Lebar Air Base is relocated from the 2030s. &ldquo We believe the height restrictions, when lifted, will offer SPC an opportunity to redevelop and reap further value,&rdquo said Chong. &ldquo The government blueprint for the development around Paya Lebar... could also provide a further boost to SPC&rsquo s asset value and redevelopment upside.&rdquo SPC has 55 years left on its lease. Even as SingPost awaits the unveiling of development details for Paya Lebar, it has already appointed an architect to carry out asset enhancement over the next 18 to 24 months, with the goal of improving the retail experience at SPC. It will also make more commercial space available in the building to increase its rental income. Three strategic priorities On strengthening SingPost&rsquo s fundamentals, Chong said this entails optimising the group&rsquo s operations, technology and network through an improved operating model. &ldquo We expect to reduce our cost-to-serve by more than 10 per cent,&rdquo he added. One way the group will seek to rein in costs is by optimising its post office space while maintaining about 40 of them some will become unmanned like auto lobbies to maintain public accessibility. Optimising its post office footprint will allow it to rent out the freed-up space and increase its rental income. For its post office network, SingPost will expand its product and service offerings, such as allowing Singtel shareholders to convert their special discounted shares. &ldquo With regards to the post office network, we believe we are on a firm path to achieve commercial sustainability,&rdquo said Chong, who took the helm in November 2025. He stressed that the transformation to a sustainable model for postal services will not come at the expense of customer service or convenience, as auto lobbies offer 24/7 access. As it seeks to build scalable capabilitiess, SingPost will invest in customer experience and automation. The use of autonomous vehicles and artificial intelligence, as well as modernising the post office network, are part of this initiative. In capturing growth opportunities, the group is targeting sensitive, high-trust logistics, the domestic business-to-business and enterprise market, and sector partnerships. Its recent partnership with international player Asendia is part of its efforts to increase cross-border logistics business. SingPost intends to leverage its warehouse space &ndash it has one million square feet of industrial space across its properties &ndash and expand into new logistics services. &ldquo This will enable us to serve our customers more comprehensively and unlock new revenue streams on customer expansion,&rdquo Chong explained. Shifting to variable cost structure Chong shared three ways that the group intends to cut the cost-to-serve for its logistics and letter business. First is an earlier announced S$30 million investment in a parcel sortation system. This will treble processing capacity of small to medium-sized parcels to 300,000 parcels a day when it goes live in July, bringing the group&rsquo s total daily capacity to 400,000 parcels. Chong said this will position SingPost to handle spikes in parcel volumes from its customers, including e-commerce platform operators during sales campaigns. Second, SingPost will be consolidating all its e-commerce parcel sortation at its e-commerce logistics hub by the end of 2026, improving efficiency and productivity. Third, the national postal provider will tap AI for delivery route optimisation. &ldquo As a result of these initiatives, we will shift from a largely fixed cost structure to one that is more variable and more efficient in cost base,&rdquo Chong added. &ldquo We will get the financial flexibility to adapt and scale with new opportunities.&rdquo Pricing discipline SingPost will continue to attract more business from e-commerce &ndash its core volume driver &ndash but Chong stressed that this will be done with pricing discipline despite the keen competition. &ldquo We will not sacrifice margins for volumes,&rdquo he said, adding that he believes this discipline can be maintained as a result of the cost savings and greater efficiencies reaped from the use of automation and technology. Chong is confident that this, along with SingPost&rsquo s competitive advantage from exclusive access to letterboxes &ndash the lowest cost delivery network available &ndash will position the group competitively against its peers. For now, SingPost is not looking at overseas expansion, he added. The group&rsquo s logistics investment in Australia had been its previous cash cow. Shareholders have been looking forward to the reset strategy that the national postal service provider has promised since the sale of the Australian business in 2025. Shares of SingPost closed 1.3 per cent or S$0.005 lower at S$0.375 on Wednesday. |
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| 14-May-2026 11:00 |
CNMC Goldmine
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Goldminer
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CNMC receives circular from local Kelantan mining authority to pay higher royalties CNMC Goldmine Holdings, which operates in Kelantan, says local authorities have raised the royalty rates miners in the state have to pay for their production. The company says it received a circular from the Kelantan State Land and Mines Office stating that with effect from Jan 1, it is to pay a 15% royalty rate on gold, up from 10% now, and 12% to be paid on silver, also up from 10%. The rate on other minerals lead and zinc will remain the same. CNMC, citing its Malaysian legal advisors, says that any variation to royalty rates imposed by a State Authority is generally required to be supported by publication in the official gazette in order for it to take legal effect. " No official gazette publication was attached to the circular effectively revising the royalty rates to the new rates stated above. " As at the date of this announcement, the company has not been served with such published official gazette. " The company is currently assessing the implications of the circular together with its legal advisers. CNMC says it is also working closely with all relevant stakeholders, including its joint venture partner, Kelantan State Economic Development Corporation, and the Kelantan Mining Association, to make representations and submit an appeal against the proposed increases in the royalty rate payable. CNMC Goldmine shares closed at $1.42 on May 13, down 3.73%. At its peak just over two months ago, CNMC shares were changing hands at more than $2. |
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| 14-May-2026 10:59 |
ComfortDelGro
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COMFORT DELGRO - MOVING FORWARD
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Maybank downgrades ComfortDelGro to &lsquo hold&rsquo after lower-than-expected 1QFY2026 results Maybank Securities&rsquo Eric Ong has downgraded ComfortDelGro to &ldquo hold&rdquo from &ldquo buy&rdquo previously after the group&rsquo s 1QFY2026 ended March 31 results came in below consensus&rsquo expectations. The group&rsquo s patmi for the quarter fell by 16.1% y-o-y to $40.5 million, meeting only 17.4% of the consensus&rsquo full-year estimates. Ong, who has lowered his target price to $1.50 from $1.70 previously, has also cut his FY2026 - FY2028 earnings by 17% to factor in higher fuel costs for CDG&rsquo s public transport segment and margin compression in the taxi and private hire segment amid industry competition. While CDG&rsquo s public transport business was stable during the quarter, fuel costs are expected to increase on the back of rising oil prices. &ldquo Management said an indexation mechanism in the contracts will mitigate recent energy cost rises with forward hedges (up to 50% of volumes) in place to manage short-term timing differences,&rdquo says Ong. CDG&rsquo s taxi and private hire segment also faces &ldquo strong headwinds&rdquo with &ldquo intensifying&rdquo competition in the business-to-consumer (B2C) mass market space. &ldquo CDG[&rsquo s] fleet size continues to reduce along with the structural decline with overall Singapore taxi fleet population. [Its] Australia[n] network also contracted from keen competition from other ride hailing platforms, as well as cautious consumer spending,&rdquo Ong notes. &ldquo Despite higher average trip value[s], UK trip volumes were hurt by fewer airport transfers due to ongoing Middle East conflict.&rdquo That said, Ong sees a bright spot in CDG&rsquo s Next-Generation Driving Centre, which will replace Bukit Batok Driving Centre by 2030. On March 11, CDG announced that it will invest over $200 million in new training facilities, technologies and operations to meet &ldquo sustained demand for high-quality, school-based driver training&rdquo and to address the declining number of private driving instructors. The investment includes ComfortDelGro Driving Centre&rsquo s tender award of the $38 million site at Lorong Bistari, Choa Chu Kang, to develop and operate the Next-Generation Driving Centre. &ldquo Upon completion, this project could potentially double CDG&rsquo s market share in Singapore and enhance the long-term financial performance of its Other Businesses segment,&rdquo says the analyst. For FY2026, Ong estimates CDG&rsquo s revenue and core net profit to come in at $5.2 billion and $192 million respectively. Shares in ComfortDelGro closed 2 cents lower or 1.39% down at $1.42 on May 13. |
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| 14-May-2026 10:40 |
GDS Global
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small ipo..can fly ? or fry?
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GDS Announces EGM to Seek Approval from Shareholders for the Strategic Acquisition of Asiabuild Metal Engineering and Integrated Aluminium to Expand into Building Materials Solutions
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| 14-May-2026 10:39 |
Geo Energy Res
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Geo rebound
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Geo Energy Delivers Steady 1Q2026 Earnings Over the Previous Quarter, Declares Interim Dividend Payout of 34% Positioned for Higher Earnings in a Landscape of Rising Coal Prices, Higher Coal Output, and the Startup of MBJ&rsquo s Operations in the Coming Quarters
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| 13-May-2026 10:16 |
Seatrium Ltd
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SEATRIUM LTD. - ROCKETING TO THE MOON BY 2028 !!!!
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Seatrium surge leads Singapore stocks slightly higher on Tuesday STI up 0.1% Across the broader market, gainers beat losers 316 to 267 after 2.3 billion securities change hands [SINGAPORE] Singapore stocks ended higher on Tuesday (May 12). The benchmark Straits Times Index (STI) gained 0.1 per cent or 3.23 points to finish at 4,946. Seatrium : 5E2 +5.38% led the gainers on Singapore&rsquo s blue-chip index, rising 5.4 per cent or S$0.12 to S$2.35. The worst performer among STI constituents was Frasers Logistics & Commercial Trust : BUOU -1.52%, which fell 1.5 per cent or S$0.015 to S$0.97. The three local banks ended the day mixed. DBS : D05 +0.56% rose 0.6 per cent or S$0.33 to S$59.10, and UOB : U11 +0.32% was up 0.3 per cent or S$0.12 at S$37.11. OCBC : O39 -0.76%, meanwhile, finished 0.8 per cent or S$0.17 lower at S$22.33. Within the iEdge Singapore Next 50 Index, Riverstone : AP4 +12.8% was the top gainer, rising 12.8 per cent or S$0.105 to S$0.925. UOB Kay Hian : U10 -2.56% was the index&rsquo s biggest decliner, falling 2.6 per cent or S$0.11 to end the session at S$4.19. Across the broader market, gainers beat losers 316 to 267, after 2.3 billion securities worth S$2.2 billion changed hands. Key regional indices were mixed on Tuesday. Japan&rsquo s Nikkei 225 rose 0.5 per cent, and the FTSE Bursa Malaysia KLCI advanced 0.3 per cent. Meanwhile, South Korea&rsquo s Kospi was down 2.3 per cent, and Hong Kong&rsquo s Hang Seng Index lost 0.2 per cent. &ldquo We see no disconnect between record US equities prices and elevated oil, commodities and yields,&rdquo said BlackRock Investment Institute, adding that markets were pricing in artificial intelligence-driven growth and the impact of the supply shock in the Middle East. &ldquo US inflation data this week will test still-firm price pressures, with implications for yields as markets assess the risk of further rate increases,&rdquo it added. |
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| 13-May-2026 10:15 |
UOB
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UOB
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More upside ahead for DBS, OCBC, UOB as wealth fees power Q1 earnings
Their combined non-interest income rises to a record S$5.16 billion from S$4.78 billion the year before
[SINGAPORE] Wealth management and other fee income are becoming increasingly important earnings buffers for Singapore banks, and analysts expect non-interest income to continue offsetting expected declines in net interest income amid a falling interest-rate environment.
This trend came through in the first-quarter results of DBS : D05 +0.56%, OCBC : O39 -0.76% and UOB : O39 -0.76%, which all beat analysts&rsquo consensus estimates for the three months ended Mar 31, 2026.
The three lenders&rsquo combined non-interest income 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, the Singapore Exchange&rsquo s (SGX) research team indicated in a market update last Friday (May 8).
This accounted for 39 per cent of the banks&rsquo total income.
At the same time, the trio reported combined net interest income of S$8.04 billion in Q1 &ndash breaching S$8 billion for the 14th straight quarter &ndash though this was down from S$8.24 billion in the previous quarter and S$8.44 billion in the year-ago period.
&ldquo The pivot to fee income-led growth to bolster profitability amid rate pressures stood out,&rdquo said Rena Kwok, senior credit analyst at Bloomberg Intelligence.
In the quarters ahead, &ldquo Singapore banks are likely to double down (on) their strategies to sustain wealth management fee momentum amid rate headwinds&rdquo , she added.
&ldquo Safe-haven inflows amid global uncertainties, driving new money for the lenders, is another lever.&rdquo
But she also said that the key risks ahead could include severe risk-off sentiment that hurts assets under management-based fees, or margin calls on lending to wealth clients during adverse market scenarios.
Wealth growth
The chief executives of all three lenders struck a bullish tone on their wealth management businesses during their respective earnings briefings, citing plans to recruit more wealth talent such as relationship managers.
For DBS, efforts to grow its wealth management franchise are &ldquo bearing fruit&rdquo , said CGS International (CGSI) Securities Singapore analysts Tay Wee Kuang and Lim Siew Khee in an Apr 30 note.
DBS led the three banks in wealth fee income, with record fees of S$907 million, up from S$724 million the year before.
The lender on Apr 30 posted a net profit that edged up 1 per cent to S$2.93 billion, higher than the S$2.88 billion consensus estimate in a Bloomberg survey of analysts.
This was as its non-interest income grew 10.3 per cent to S$2.45 billion in Q1, cushioning a 5 per cent fall in net interest income.
The CGSI analysts upgraded the counter to &ldquo add&rdquo from &ldquo hold&rdquo , with a new target price of S$63.80. The revision was due partially to stronger wealth management fee growth, which could allow DBS to &ldquo eke out&rdquo earnings growth in the 2026 financial year, they said.
In a May 4 report, RHB maintained its &ldquo buy&rdquo rating on DBS, with a new target price of S$64, up slightly from S$63.50 previously. This was partly on expectations of earnings being higher by 2 per cent a year until FY2028 from stronger non-interest income.
Over at OCBC, wealth management fees climbed 34 per cent to S$422 million. This helped to lift non-interest income by 23 per cent to S$1.61 billion and offset a 5 per cent decline in net interest income.
Net profit rose 5 per cent to S$1.97 billion, exceeding the S$1.88 billion consensus estimate.
Tay and Lim of CGSI maintained &ldquo hold&rdquo on the counter, also keeping their target price of S$23.30 unchanged, in a May 8 report.
Integration costs from the lender&rsquo s acquisition of HSBC&rsquo s wealth and retail business in Indonesia, which is expected to close in Q2 2027, could &ldquo weigh on&rdquo the franchise&rsquo s profitability post-acquisition, the analysts said.
RHB on May 11 kept its &ldquo buy&rdquo rating on OCBC with a target price of S$24.65, after raising its earnings forecasts for the lender until 2028, on expectations of higher non-interest income.
Meanwhile, UOB is betting on wealth management to become a larger contributor to its earnings over time.
The bank&rsquo s wealth fees registered a modest 2.8 per cent increase to S$219 million, from S$213 million in the year-ago period.
This was despite an overall decline of 11.9 per cent in non-interest income, alongside a 4 per cent fall in net interest income. This brought net profit down 4 per cent to S$1.44 billion, although this still beat expectations.
UOB' s profitability could improve only in the second half of FY2026, the CGSI analysts said in another report on May 8.
They cited support from higher wealth management fees from new product launches, as well as other measures to drive new-money inflows following its acquisition and integration of Citigroup&rsquo s consumer banking franchise.
They maintained &ldquo hold&rdquo on the stock, with a target price of S$38.70.
Also on May 8, RHB kept its &ldquo neutral&rdquo rating on UOB, with S$39.50 as the target price. The brokerage believes &ldquo its valuation is decent and fairly reflects asset-quality risks and the lower provision coverage level (versus) the sector&rdquo .
Commenting on UOB&rsquo s target of doubling wealth income to at least S$2.5 billion by 2030, Morningstar equity analyst Kathy Chan noted that the business is still &ldquo a relatively small contributor&rdquo . She estimates that it would make up 15 per cent of the top line in that year.
However, she raised her forecast for the lender&rsquo s non-interest income growth rate to 6 per cent a year from 5 per cent annually for FY2026 to FY2030.
Credit quality
Beyond wealth management, the SGX research team noted that non-interest income growth across the three lenders was &ldquo broad-based&rdquo and also reflected stronger contributions from fee income, treasury customer sales, trading income and insurance.
Still, analysts cautioned that &ndash amid the ongoing Middle East conflict &ndash credit risks remained key to watch.
Bloomberg&rsquo s Kwok said that credit costs are &ldquo likely to be within guidance for Singapore banks in 2026&rdquo , given their &ldquo sound asset quality&rdquo and &ldquo already ample provision coverage&rdquo .
While second and third-order effects such as higher logistics and material costs stemming from the Iran war could have a broad impact on businesses, the Singapore banks&rsquo &ldquo tight underwriting record&rdquo should allow them to absorb potential credit losses if headwinds worsen, she added.
Shares of DBS closed Tuesday 0.6 per cent higher at S$59.10, while those of OCBC fell 0.8 per cent to S$22.33. UOB rose 0.3 per cent to finish at S$37.11.
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| 13-May-2026 10:14 |
Trek 2000 Intl
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Trek 2000--- the next multi bagger 2014/2015
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Azure' s Wong emerges as substantial shareholder of Trek 2000 after married deal at 12 cents Terence Wong, who runs the Azure Singapore Equity Fund, has emerged as a substantial shareholder of Trek 2000 International after acquiring a 7.3% stake on May 11 at a premium over the then market price. According a filing by Trek 2000 on May 12, Wong is paying 12 cents each for 22,074,000 shares. In absolute terms, that' s $2,648,880. The deal is pending completion. As indicated in Trek 2000' s annual report, as of March 24, Ron Sim, Osim' s founder, holds 9.3% Creative Technology holds 9.09% while Kioxia Corp, formerly Toshiba' s memory business, has a total interest of more than 17%. Wayne Tan, executive chairman of the company, is the single largest shareholder with total interest of 35.54%. Trek 2000 shares closed at 12 cents on May 12, up 10.48% for the day. |
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| 13-May-2026 10:14 |
UMS
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UMS
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UMS Integration up 14.4% after posting &lsquo strong&rsquo double-digit sales growth in Q1 Group&rsquo s earnings up 43% at S$14 million in first quarter [SINGAPORE] UMS Integration : 558 +13.56% on Monday (May 11) posted a 43 per cent surge in earnings to S$14 million for its first quarter ended Mar 31, from S$9.8 million in the previous corresponding period. As at 9.33 am on Tuesday, the counter rose as much as 14.4 per cent or S$0.34 to S$2.70, with 10.6 million shares changing hands. By 10.11 am it had eased to S$2.57, still up 8.9 per cent or S$0.21, with 15.1 million shares traded. The precision engineering group recorded earnings per share of S$0.0163 for Q1 2026, compared with S$0.0138 in the previous corresponding period. Its revenue grew 20 per cent on the year to S$69.4 million from S$57.7 million. The group declared a tax-exempt cash dividend of S$0.01 per ordinary share, unchanged from the year-ago period, which will be paid on Jul 24. Better performances across core segments It said that the robust showing was driven by better performances across all core business segments, which recorded &ldquo strong double-digit sales growth&rdquo . UMS Integration CEO Andy Luong said: &ldquo We benefited from artificial intelligence-driven increases in demand for deposition, etch and advanced packaging tools across memory, foundry chipmakers as well as the continued resilience in global aviation.&rdquo Higher sales and a foreign exchange gain of S$1.5 million, versus a loss of over S$1.1 million in Q1 2025, lifted the group&rsquo s profitability in the quarter, though this was partly offset by lower gains on the disposal of fixed assets of around S$600,000. The semiconductor business grew 21 per cent amid a sales surge. This was boosted by higher revenues from semiconductor component sales, which jumped 26 per cent on the year to S$36.5 million amid higher new customer demand, and from semiconductor integrated system sales, which grew 14 per cent to S$22.4 million during the same period. The aerospace business&rsquo revenue grew 18 per cent to S$7.3 million for the quarter, lifted by robust global aviation demand, while the others segment rose 10 per cent, due to recovery of its material distribution business. UMS Integration said that all key markets geographically reported higher revenue in Q1, with strong double-digit growth, except for the US market, which recorded a 12 per cent decline in sales amid lower semiconductor and aerospace component shipments. The mainboard-listed group said that its financial position remained healthy as at end March 2026, with net cash of S$26 million. The group expects its integrated systems demand to increase as existing key customers&rsquo outlook stays strong amid higher semiconductor capital spend from 2026 to 2028, &ldquo as chipmakers keep putting money into advanced-node capacity to build more complex processors&rdquo . The aerospace business is also expected to &ldquo persist with its strong efforts in driving earnings growth&rdquo as the global aerospace industry is &ldquo poised for continued expansion, driven by factors like increasing air travel demand and advancements in technology&rdquo , said the group. The group remains optimistic and expects to achieve better performance in FY2026, barring unforeseen circumstances. |
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| 13-May-2026 10:13 |
UMS
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UMS
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DBS maintains ' buy' and $2.92 target price on UMS Integration shares surge near 14% Ling Lee Keng of DBS Group Research has kept her " buy" call and E$2.92 target price on UMS Integration after AI-led semiconductor demand and disciplined cost control drove a broad-based earnings uplift for the company. In its most recent quarter ended March, UMS, led by executive chairman Andy Luong, reported earnings of $14 million, up 42.5% y-o-y, on the back of a 20.4% jump in revenue to $69.4 million. The company was able to grow it revenue from its semiconductor business by 21% y-o-y but its other key segment aerospace was up 18% as well. UMW was able to improve its gross margin to 52.6% from 49.6% in 4QFY2025. Net margin, meanwhile, was up to 20.2% from 16.5% in the preceding 4QFY2025, thanks to operating leverage and favourable currency movements. The company, rare among local listcos to pay dividends quarterly, plans to maintain the latest payout at 1 cent per share. Ling, in her May 12 note, suggests that the company' s prospects for the whole of FY2026 is " brighter" , with " robust" order forecasts provided by UMS' s customers, in turn underpinned by " sustained" AI-driven demand. In semiconductors, the main key customer is expected to grow its equipment business by more than 20% in 2026, while the new key customer continues to divert US supply sourcing to Asia, supporting strong component order flow, says Ling. New product introductions (NPI) qualifications could further lift component revenue as programmes transition into volume production, she adds. Semiconductor aside, aerospace is the second growth pillar of the company. Resilient global aviation demand, rising aircraft orders and a record industry backlog, should sustain demand for precision parts. Ling expects the company to record a 42% jump in earnings for the current FY2026, and a further 25% in the coming FY2027. For Ling, UMS remains her top pick in the semiconductor space, supported by strong customer-driven momentum and leveraged exposure to advanced packaging. UMS Integration shares jumped by 13.98% as at 2.08 pm to trade at $2.69, extending a gain of 133.91% year to date. |
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| 13-May-2026 10:12 |
OUE
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OUE
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OUE unit issuing S$150 million 3.25% green notes due in 2033 [SINGAPORE] OUE Treasury, a wholly owned subsidiary of OUE : LJ3 0%, has proposed to issue S$150 million worth of 3.25 per cent green notes due in 2033. The notes will be issued pursuant to the S$3 billion multicurrency debt issuance programme established on Nov 30, 2016. They will be unconditionally and irrevocably guaranteed by OUE, the group said in a bourse filing on Monday (May 11). OCBC has been appointed as the sole global coordinator. The bank, together with DBS and the Singapore branch of HSBC, has also been appointed as the joint lead manager, bookrunner and joint green finance structuring bank. Net proceeds arising from the issuance, after deducting issue expenses, will go towards financing or refinancing new or existing eligible green projects, in accordance with the company&rsquo s green finance framework. The notes will be issued in registered form at an issue price of 100 per cent of their principal amount and in denominations of S$250,000. They will be payable semi-annually in arrears on May 18 and Nov 18 each year, starting from Nov 18 this year. The notes are expected to be issued on May 18, 2026, and unless previously redeemed, purchased or cancelled, will mature on May 18, 2033. Application for the listing and quotation of the notes on the Singapore Exchange will be made. OUE shares closed flat at S$1.10 before the news. |
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| 13-May-2026 10:11 |
Aoxin Q & M
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UOBKH sees 38.5% upside in Aoxin Q& M Dental on back of China dental consolidation push Tang Kai Jie of UOB Kay Hian has initiated coverage on Aoxin Q& M Dental with a " buy" call and a target price of 36 cents, implying an upside of 38.5% from its current share price of 26 cents. Tang&rsquo s target price is pegged to an FY2027 P/E of 52.5 times and 2.5 standard deviations (s.d.) above historical averages, based on parent company Q& M Dental Group' s P/E band. In its FY2025 ended Dec 31, 2025 results, Aoxin delivered a significant earnings turnaround, swinging from a net loss of RMB8 million ($1.5 million) in FY2024 to a net profit of RMB7 million, driven primarily by a sharp narrowing of losses from its associate Acumen Diagnostics. Core net profit also grew 11.6% y-o-y to RMB7 million despite a 3.6% decline in revenue to RMB171 million, supported by improved cost discipline. On the revenue front, weakness in the primary healthcare segment was partially offset by stronger dental equipment distribution sales to government hospitals and higher laboratory services revenue from Singapore. " Primary healthcare remains the core earnings driver, and recurring demand from preventive and restorative treatments underpins strong revenue visibility over time," says Tang. Aoxin' s management is pursuing an aggressive acquisition-led expansion strategy into Central and Southern China, with two non-binding MOUs (memoranda of understanding) announced in 2026. The Central China target operates 30 clinics with around 80 dentists, valued at RMB150 million, while the Southern China target operates 15 clinics with around 60 dentists, valued at RMB376 million with consideration split evenly between cash and shares. If completed, the deals would nearly triple Aoxin' s current network to 59 clinics and add around 140 dentists, with Tang forecasting the acquisitions could contribute RMB32 million in profit in FY2027, lifting net profit nearly six-fold from RMB7 million to RMB40 million. According to Tang, Aoxin' s balance sheet is well-positioned to fund this growth, with net cash doubling to RMB255 million following a proposed $20 million placement of 134 million shares, of which parent company Q& M Dental subscribed for 50 million shares. Tang notes that China' s dental market remains highly fragmented and is estimated at RMB160 billion &ndash RMB200 billion, growing at 15%&ndash 20% annually, with organised dental chains expanding even faster at a compound annual growth rate (CAGR) of around 18%. This fragmentation creates a compelling consolidation runway for Aoxin as a well-capitalised, institutionally-backed operator, says Tang. Tang flags that despite the strong share price performance (up over 660% in the past three months), the near-term earnings contribution from acquisitions will take time to flow through, limiting upside in FY2026 where net profit is forecast at only RMB7.6 million on a 214 times FY2026 P/E before the step-change in 2027. In spite of the remaining completion risk, Tang still views the company&rsquo s risk-reward profile as &ldquo favourable, with sustained earnings momentum likely to catalyse a valuation re-rating over the next 12 months.&rdquo As at 10.33am on May 12, Aoxin Q& M Dental shares are trading at 26 cents flat. |
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| 13-May-2026 10:10 |
Hong Leong Asia
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Hong Leong Asia
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CGSI reiterates ' add' on Hong Leong Asia, raises TP to $5.50 on powertrain strength and Yong Tai Loong acquisition Natalie Ong, Then Wan Lin and Tay Wee Kuang of CGS International have reiterated their " add" call on Hong Leong Asia (HLA) and with a higher target price of $5.50 from $4.50 previously on stronger powertrain earnings and the accretive acquisition of Yong Tai Loong (YTL). The analysts&rsquo new target price implies an upside of 62.2% from HLA&rsquo s last-closed share price of $3.39 as at May 12. The analysts have also raised their earnings per share (EPS) estimates for the FY2026/FY2027 by 3% and 11% respectively for the same reasons. HLA' s powertrain segment is expected to remain its key earnings driver over FY2026 &ndash FY2028, with segment profit forecast to grow 47% y-o-y in FY2026 on a better sales mix, driven by robust demand for high-horsepower (HHP) engines used in data centres and marine applications. The analysts estimate HHP engine sales could contribute 15% &ndash 19% of HLA' s patmi in FY2026 &ndash FY2028. Underpinning demand is rising AI capex from Chinese hyperscalers, estimated to grow from US$60 billion ($76.2 billion) in 2025 to US$80 billion in FY2026, representing a 33% y-o-y increase. Beyond HHP engines, China' s total diesel vehicle sales grew 16% y-o-y in 1QFY2026, with export growth outpacing domestic sales at 72% y-o-y, as Chinese original equipment manufacturers gain traction across ASEAN, the Middle East and Latin America. On the building materials front, HLA completed its acquisition of YTL on April 21 for $90.7 million, implying approximately an FY2025 P/E of 4 times, based on the analysts&rsquo estimates. YTL is one of only five HDB-approved household shelter steelwork suppliers in Singapore, which the analysts say gives the business high barriers to entry and two to three years of order book visibility from Singapore' s HDB build-to-order pipeline of approximately 55,000 units across FY2025 &ndash FY2027. The analysts believe that the acquisition is &ldquo immediately accretive&rdquo to FY2026/FY2027 EPS at 4%/8%, with YTL expected to contribute $13 million and $28 million to HLA&rsquo s patmi in FY2026 and FY2027 respectively. In FY2026, the analysts project HLA&rsquo s patmi to increase to $156 million from FY2025&rsquo s $113 million, and subsequently to $206 million in FY2027. The revised sum-of-the-parts target price values HLA' s building materials segment at 8 times FY2027 EV/Ebitda. Re-rating catalysts include a successful spin-off of Guangxi Yuchai Marine and Genset Power Co., Ltd. (MGP) on the Hong Kong Stock Exchange and a step-up in dividends. On the other hand, downside risks include a slower China recovery and delayed project execution. Shares in Hong Leong Asia were up 8 cents, or 2.36%, trading at $3.42 before the midday break on May 12. |
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