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| 13-May-2026 10:09 |
AIMS APAC Reit
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AIMSAMPI Reit
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RHB maintains ' buy' on AIMS APAC REIT, raises TP to $1.70 on data centre optionality and perpetual securities savings Vijay Natarajan of RHB Research Group has maintained his " buy" call on AIMS APAC REIT (AA REIT) and raised his target price from $1.62 to $1.70, implying 8% upside from its current share price of $1.56. Natarajan has also increased his FY2028 distribution per unit (DPU) estimate by 3%, factoring in savings from perpetual securities refinancing. Natarajan says AA REIT' s results for the FY2026 ended March 31 stood in line with expectations, with total distributable income rising to $81.6 million from $77.5 million in FY2025. He expands that portfolio committed occupancy remains robust at 96.8%, and same-store portfolio valuation grew approximately 3% y-o-y, driven by higher valuations for its Singapore properties, with Australian dollar appreciation partly offsetting slightly higher capitalisation rates in Australia. The more exciting medium-term catalyst, comments Natarajan, lies in AA REIT' s Australian assets. Its Macquarie Park and Bella Vista properties were recently endorsed by authorities as part of 15 data centre projects, and management is undertaking feasibility studies into the potential development of hyperscale data centres. " The projects &mdash if they materialise &mdash could boost NAV (net asset value) by approximately 10% &ndash 20%," says Natarajan, though he expects the process is likely to take two to three years. AA REIT is currently in preliminary talks with potential joint venture partners to explore these value-unlocking opportunities. According to Natarajan, one key earnings driver over FY2027 &ndash FY2029 will be savings from perpetual securities refinancing, with the REIT having issued $250 million in new perpetual securities to redeem $250 million of higher-coupon perpetuals in September, generating approximately $3 million per annum in savings. Combined with positive rent reversions, which are expected to moderate to 3% &ndash 5% in FY2027 from 7.7% in FY2026, Natarajan forecasts a FY2027&ndash FY2029 DPU compound annual growth rate of approximately 4%, with DPU rising from 10 cents in FY2026 to 11 cents in FY2028 and FY2029. Natarajan also lifted AA REIT' s ESG premium to 6% from 4%, citing a 40% increase in solar power capacity to 15.5 MWp in FY2026 and over 60% of new and renewed leases being classified as green leases. Before the midday break on May 12, shares in AA REIT were trading at a flat $1.56. |
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| 13-May-2026 10:08 |
SIA Engineering
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SIA Engineering
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SIA Engineering expects &lsquo moderate&rsquo impact from Middle East war &ndash for now Base maintenance demand is &lsquo still strong&rsquo , with the group getting more enquiries about slot availability [SINGAPORE] SIA Engineering : S59 +3.14% is not spared from rising electricity cost and diesel prices, but the impact will be muted to a &ldquo large extent&rdquo given the size of the business, said CEO Chin Yau Seng at an earnings briefing on Tuesday (May 12). Carriers cutting back flights &ndash as a result of rocketed jet fuel prices or fuel shortages &ndash is also a minus for the group&rsquo s line maintenance business, he noted. However, the group is looking at passing on costs to airline customers to mitigate cost pressures where possible, such as at upcoming contract renewals. Base maintenance demand is &ldquo still strong&rdquo as slots for heavy checks are fixed. In fact, the listed maintenance, repair and overhaul (MRO) arm of Singapore Airlines is getting more enquiries about slot availability. As for supply chain disruptions arising from the Middle East war, SIA Engineering has not been affected much, but it has trebled its stock of petroleum-based consumables. The overall impact, Chin added, is therefore &ldquo moderate&rdquo for the near term. Jet fuel, electricity and diesel prices have spiked amid a shortage of crude oil supply from the Middle East. After the US and Israel launched attacks on Feb 28, Iran effectively closed the Strait of Hormuz, a waterway through which 20 per cent of global oil supply normally flows. SIA Engineering is looking out for opportunities from the crisis, such as airlines that are serviced by Middle East providers. DBS Group Research said in a Tuesday report that it is bullish about SIA Engineering&rsquo s earnings outlook. Analyst Jason Sum said that the view is supported by the group&rsquo s resilient Asia-Pacific traffic, limited direct exposure to Middle Eastern airline MRO disruption, as well as visible capacity and capability expansion across its subsidiaries, associates and joint ventures. The group posted a 20.9 per cent year-on-year rise in net profit to S$85.6 million for the six months ended Mar 31, on the back of a 3.7 per cent increase in revenue to S$693.9 million. Basic earnings per share for the period came in at S$0.0764, up from S$0.0633 for the year-ago period. Net asset value per share rose marginally to S$1.569 as at Mar 31, from S$1.539 a year earlier. For the full year, SIA Engineering&rsquo s earnings improved 21 per cent year on year to S$168.9 million, with revenue up 14.3 per cent at S$1.4 billion. Group expenditure increased 13.2 per cent, mainly from set-up costs for two new subsidiaries in Malaysia and Cambodia, and higher costs for manpower, material, outhouse repair and IT system implementation. Chin said that the set-up cost for its Subang subsidiary in Malaysia peaked as the second hangar was delayed. Meanwhile, Singapore Aero Engine Services (SAESL) &ndash the group&rsquo s joint venture with aircraft engine manufacture Rolls-Royce &ndash is expected to see its gestational losses peak this financial year. &ldquo But we believe it&rsquo s for good reason,&rdquo said Chin. &ldquo It&rsquo s to grow the capacity with a lot of demand out there.&rdquo He added that SAESL&rsquo s expansion is &ldquo not just for increasing throughput, but also being able to get to advanced repair&rdquo . Shares of SIA Engineering rose 3.1 per cent or S$0.10 to close at S$3.28 on Tuesday. |
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| 13-May-2026 10:07 |
NTT DC REIT USD
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NTT DC REIT
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NTT DC Reit posts H2 DPU of US$0.0387, beating IPO forecast by 2.4% This comes as revenue &ndash at US$115.3 million &ndash also exceeds earlier projections [SINGAPORE] The manager of NTT DC Real Estate Investment Trust (Reit) on Tuesday (May 12) reported a distribution per unit (DPU) of US$0.0387 for its second half ended Mar 31. This beat the DPU of US$0.0378 forecast in the Reit&rsquo s initial public offering by 2.4 per cent. NTT DC Reit debuted on the mainboard of the Singapore Exchange in July 2025. Revenue came in at US$115.3 million for the half-year, exceeding its IPO forecast of US$112.1 million by 2.8 per cent. The manager attributed this to higher revenue from the Reit&rsquo s colocation and power services, as well as an increase in tenant fit-out revenue from &ldquo heightened leasing activity and additional customisation works&rdquo for its US portfolio. Net property income (NPI) beat the IPO forecast by 2.5 per cent, at US$52.4 million for H2 FY2026. Besides higher revenue, this was also driven by lower-than-expected real estate taxes and a favourable foreign-exchange impact. These, however, were partially offset by higher repair and maintenance costs and other property expenses. Distributable income stood at US$40.1 million, versus US$39.2 million in the IPO forecast. The distribution will be paid out on Jun 29. For the full year ended Mar 31, NTT DC Reit&rsquo s revenue was US$164.8 million, coming in 2.5 per cent higher than the IPO forecast. NPI, at US$74.9 million, beat the forecast by 2.3 per cent. Full-year DPU was US$0.0556, exceeding the IPO forecast of US$0.0542. Distributable income was also higher than expected, at US$57.5 million. The manager said that the Reit&rsquo s outlook is &ldquo underpinned by strong leasing demand, consistent execution of strategic initiatives and favourable tailwinds in the data centre industry&rdquo . It added that it &ldquo remains mindful of ongoing geopolitical uncertainties and the potential impact on global demand, supply chains and capital market conditions&rdquo . |
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| 13-May-2026 10:06 |
Kimly
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Kimly Ltd
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Kimly' s 1HFY2026 earnings up 10.6% y-o-y to $16.4 mil Coffeeshop chain Kimly' s revenue for 1HFY2026 was up 1.3% y-o-y to $161.4 million with contributions from newly acquired coffeeshops and stalls. With better margins, the company was able to report earnings of $16.4 million, an increase of 10.6% for the same half year ended March. The company plans to pay an interim dividend of a cent a share. While Kimly was able to generate slightly higher revenue from its management of coffeeshops and other outlets, its revenue for food retail was down as it shut down numerous under performing stalls. As at March 31, it held some $65.1 million in cash, down from $68.1 million as at Sept 30 2025. Kimly warns that F& B operators face a " challenging" operating environment because of higher costs from logistics to production. " Labour costs are also expected to increase following the extension of wage adjustments under the Progressive Wage Model for a further three years," the company warns. Going forward, Kimly plans to continue its growth by acquiring outlets in " strategic" locations including those in mature housing estates. In 1HFY206, Kimly added three new cofeeshops and eight food stalls. It now runs 91 food outlets, 181 food stalls, plus other outlets under various brands and formats. Kimly shares closed at 42 cents on May 12. |
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| 13-May-2026 07:58 |
Genting Sing
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Genting Singapore' s 1QFY2026 earnings down 55% to $65.2 mil Genting Singapore' s revenue for its 1QFY2026 ended March was down just 3% y-o-y to $607.6 million, but earnings in the same quarter plunged by 55% to $65.2 million, on higher costs. While its gaming revenue was down 8% in the quarter to $403.4 million, Genting Singapore says that there has been " improving momentum" towards the end of the period. On the other hand, non-gaming revenue was up 8% to $204 million, driven by higher visitor numbers to its attractions. " The ongoing conflict in the Middle East and current geopolitical developments have increased cost pressures across supply chains, including higher energy, freight and logistics expenses, while elevated airfares are weighing on travel demand and dampening consumer sentiments," says Genting Singapore. The company says it remains focused on " asset optimisation" that includes a refreshed line up lifestyle and dining offerings so as to drive repeat visitors, and will continue to invest. Genting Singapore shares closed at 69 cents on May 12, up 1.47%. |
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| 12-May-2026 09:52 |
OCBC Bank
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OCBC
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OCBC, UOB, DBS lead Singapore stocks higher on Monday STI up 0.4% Across the broader market, losers outpace gainers 340 to 279, as 2.1 billion securities worth S$2.6 billion change hands [SINGAPORE] Singapore stocks ended higher on Monday (May 11), with the benchmark Straits Times Index (STI) rising 0.4 per cent or 20.87 points to 4,942.77. OCBC : O39 +2.65% led the gainers on the blue-chip index, advancing 2.6 per cent or S$0.58 to S$22.50. The other two local banks also closed higher. DBS : D05 +0.15% gained 0.2 per cent or S$0.09 to finish at S$58.77, and UOB : U11 +1.18% was up 1.2 per cent or S$0.43 at S$36.99. The worst performer among the STI constituents was Seatrium : 5E2 -3.04%, which fell 3 per cent or S$0.07 to S$2.23. Within the iEdge Singapore Next 50 Index, Riverstone : AP4 +7.19% was the top gainer with a 7.2 per cent or S$0.055 rise to S$0.82. Meanwhile, China Aviation Oil : G92 -5.71% was the biggest loser, declining 5.7 per cent or S$0.12 to end the session at S$1.98. Across the broader market, losers outpaced gainers 340 to 279, after 2.1 billion securities worth S$2.6 billion changed hands. Key regional indices were mixed. Hong Kong&rsquo s Hang Seng Index gained 0.1 per cent, Japan&rsquo s Nikkei 225 fell 0.5 per cent, South Korea&rsquo s Kospi was up 4.3 per cent, and the FTSE Bursa Malaysia KLCI declined 0.2 per cent. &ldquo Markets continue to prioritise AI-driven earnings optimism over escalating geopolitical risks, reinforcing the strength of the current momentum trade,&rdquo said Stephen Innes, SPI Asset Management managing partner. He added: &ldquo The longer the Strait of Hormuz remains unstable, the greater the risk that energy markets eventually force a repricing across equities, bonds and currencies simultaneously.&rdquo |
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| 12-May-2026 09:49 |
OCBC Bank
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OCBC
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OCBC consumer banking chief Sunny Quek aims to double wealth business by 2029 The lender&rsquo s new wealth management committee could hold the key to a successful execution of its &lsquo Next Frontier&rsquo pivot [SINGAPORE] OCBC head of global consumer financial services Sunny Quek has big ambitions. After doubling the lender&rsquo s consumer banking wealth business since he stepped into his current role in 2022, he is ready to do it again &ndash this time from a bigger base. &ldquo I&rsquo m going to double this business again by 2029,&rdquo he said in an exclusive interview with The Business Times. &ldquo My original target was to double our wealth business by 2030. Now, I think we can do it faster.&rdquo It is a bold statement to make, in a market filled with similar promises. But as a 30-year veteran of the banking industry, Quek knows the odds. He has spent 14 years at OCBC, where he has seen three group chief executives come and go. He has lived through the usual cycles of grand banking strategies and corporate reshuffles. Yet, he strongly believes the bank has finally found the right tool to force actual change: its newly minted wealth management committee. &ldquo My confidence comes from the experience I&rsquo ve had in the last four months with the wealth management committee,&rdquo he said. &ldquo I can feel the difference.&rdquo The wealth management committee took shape at the start of 2026. It is the main engine powering new group chief executive Tan Teck Long&rsquo s &ldquo Next Frontier&rdquo strategy, as the bank pivots towards a &ldquo whole-of-wealth&rdquo model. Tan designed the committee to tear down historic walls dividing the consumer bank, private wealth arm, and insurance unit. It compels OCBC&rsquo s consumer banking head to sit at the same table with the CEOs of Bank of Singapore and Great Eastern. The central mandate forces these divisions to operate under shared financial targets. It ensures they stop fighting over the same lucrative clients and start pooling their resources to lock in regional assets. Tan chairs the group, and having the chief executive in the room means everyone faces real consequences if they fail to align. Structural advantage Quek acknowledged, however, that almost every financial institution has drawn up similar playbooks. &ldquo All of us have a wealth strategy. What&rsquo s really going to differentiate one bank from another is the execution,&rdquo he said. And OCBC has a clear structural advantage in Singapore: it owns an insurance company. &ldquo No other Singapore bank has that,&rdquo Quek said. &ldquo An insurer&rsquo s CEO does not sit in a committee with other banking heads they are not part of that value chain. For us, however, whatever is built by any of the three of us is built for the whole group.&rdquo This means the bank pulls all three entities together under unified leadership, unlike its peers, Quek said. If they can get the banking app to talk seamlessly to the insurance database without duplicating costs, they might just have a winning formula. But Quek will have his work cut out for him &ndash the base he intends to double is already massive. The bank&rsquo s full-year performance for 2025 also laid down a formidable bedrock of wealth momentum. Lifted by income growth across the wealth continuum, group wealth management income soared 14 per cent to a record S$5.6 billion in 2025. This lucrative segment now represents 38 per cent of the group&rsquo s entire income, which rose a record S$14.6 billion. A key driver was wealth management fees. These surged 33 per cent to an all-time high, and drove a 22 per cent increase in total net fee income to S$2.4 billion. The bank scooped up more assets, and rode on positive market valuation to push its banking wealth assets under management (AUM) up 15 per cent to S$343 billion. Digital channels saw even sharper spikes during the year. Digital wealth revenue in the city-state surged by over 80 per cent. Even gold and silver are glittering brighter, with precious metals revenue rocketing more than eight times year on year. Regional push The hunger for wealth extends well beyond Singapore&rsquo s borders. The city-state&rsquo s offshore wealth fees grew more than 30 per cent. Hong Kong, the other half of OCBC&rsquo s &ldquo twin hubs&rdquo strategy, grew its Premier Banking customers by more than 30 per cent offshore customers there expanded by over 40 per cent. In Malaysia, wealth fees grew more than 10 per cent, accompanied by a near 15 per cent rise in new affluent customers. To service this regional influx, the bank plans to hire close to 250 relationship managers in Singapore and Hong Kong. Not content with organic growth, the bank is also making a grab for scale in South-east Asia&rsquo s largest economy. On May 4, it announced that its Indonesian subsidiary had agreed to acquire the retail banking and wealth management operations of Bank HSBC Indonesia, in a deal which instantly injected 336,000 customers into the OCBC Indonesia franchise. It brings across S$6.6 billion in AUM. This sizeable chunk of wealth includes S$4.3 billion in customer investments in mutual funds, bonds and insurance, along with S$2.3 billion in deposits. When completed in the second quarter of 2027, the move will boost OCBC Indonesia&rsquo s AUM by 25 per cent and add about 1,300 staff to its talent pool. It firmly anchors the bank&rsquo s ambitions in a critical regional market. Momentum is certainly building for this overarching strategy. The traction was clearly visible in OCBC&rsquo s Q1 financial results released on May 8. This was the first quarter since the wealth management committee convened and Tan&rsquo s Next Frontier strategy was put in place. The lender posted a 5 per cent rise in net profit to S$2 billion for the three months ended Mar 31, neatly beating market estimates. While a lower interest rate environment dragged net interest income down by 5 per cent to S$2.2 billion, wealth management was the undeniable hero of the quarter as record-high non-interest income plugged the gap. Wealth fees in Q1 surged 34 per cent to S$422 million, driven by robust customer activity across all channels. Overall wealth management income climbed 11 per cent to S$1.5 billion, representing 39 per cent of the group&rsquo s total income. The chief executive explicitly called out this wealth-led performance as crucial support against geopolitical tensions and inflation risks. Shifting attitudes OCBC&rsquo s pivot comes amid shifting consumer attitudes towards wealth. As digital platforms democratise market access, younger consumers expect to start their investment journeys earlier, with far less capital. &ldquo Consumers don&rsquo t think about their life goals holistically,&rdquo Quek said. &ldquo You often hear: &lsquo I&rsquo m too poor to think about retirement&rsquo ... &ldquo What we are seeing globally, not just in Singapore, is the growing need for better financial literacy, earlier retirement planning, and much more structured wealth advice across different life stages,&rdquo he added. &ldquo These trends are reshaping how we think about wealth management.&rdquo The bank is adapting its tools to capture this new generation. Its mobile app now offers fractional investment solutions to sharply lower the barrier to entry. Customers can start small with products such as the Blue Chip Investment Plan, RoboInvest, unit trusts and even fractions of precious metals down to 0.1 grams of gold. The goal is to hook customers early and use the new committee structure to seamlessly pass them up the wealth chain as their assets grow. While digital channels provide the volume, Quek stresses that managing significant wealth remains deeply rooted in trust and human advice. To execute its ambitious plans on the ground, OCBC is heavily equipping its relationship managers with advanced tools. The bank recently rolled out an artificial intelligence training programme for its wealth advisors, and the early results underscore Quek&rsquo s confidence about execution. Advisers who completed the programme booked twice as many client appointments as their peers. Their monthly revenues jumped 50 per cent from that in the three months prior to the training. Indeed, changing entrenched corporate culture and erasing silo mentalities take significant time and are a massive undertaking. With a firm hand from the top, a clear road map for South-east Asia, and a fresh war chest of Indonesian assets, OCBC is laying the groundwork. But while the mandate to double the consumer wealth business by 2029 sets a high bar, Quek sees a clear path forward. And if his infectious confidence spreads, that ambitious target could be well within reach. |
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| 12-May-2026 09:47 |
AvePoint
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AvePoint
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DBS keeps AvePoint at &lsquo buy&rsquo on AI governance, US public-sector recovery DBS Group Research analyst Sachin Mittal has kept his &ldquo buy&rdquo call and $20 target price on AvePoint, after what he calls &ldquo a steady quarter&rdquo for the data management and governance software provider. AvePoint&rsquo s 1QFY2026 results were broadly in line, supported by demand for AI governance and resiliency solutions. Total revenue rose 26% y-o-y and 2% q-o-q to US$117.2 million ($148.7 million), about 1% above consensus estimates and at the higher end of management&rsquo s guidance. Software-as-a- Service (SaaS) remained AvePoint&rsquo s largest revenue driver, growing 35% y-o-y and 5% q-o-q to US$93.4 million. This lifted its share of total revenue to a record 80%. Annual recurring revenue (ARR) rose 26% y-o-y and 4% q-o-q to US$435.2 million, in line with consensus. Net new ARR recorded its 12th consecutive quarter of double-digit organic growth. One reason for Mittal&rsquo s positive view is AvePoint&rsquo s growing exposure to AI governance. Governance now accounts for about 40% of the company&rsquo s pipeline, up from less than a third last year, helped by the bundling of AI governance tools. During the quarter, AvePoint launched AgentPulse Command Center, which enables unified monitoring and control of AI agents across Microsoft 365 and Google Cloud environments. Non-GAAP operating income rose 53% y-o-y but declined 10% q-o-q to US$20.5 million, about 2% above consensus and at the higher end of management&rsquo s guidance. Non-GAAP operating margin came in at 17.5%, up 310 basis points y-o-y, helped by improved sales productivity, growing channel contribution and operating leverage. AvePoint has trimmed its FY2026 ARR and non-GAAP operating income guidance slightly due to the stronger US dollar. Management now expects FY2026 ARR of US$523.4 million to US$529.4 million, from US$525.1 million to US$531.1 million previously. The midpoint remains in line with consensus. FY2026 non-GAAP operating income guidance was also lowered to US$91.5 million to US$94.5 million, from US$92.6 million to US$96.6 million previously. Still, Mittal does not see the softer guidance as a major concern. &ldquo AvePoint has a track record of delivering above its quarterly guidance for revenue and non-GAAP operating income, as we have seen in the past four quarters,&rdquo he writes in his May 8 note. The company is continuing to invest in sales, marketing, AI governance capabilities and go-to-market expansion as it works towards its US$1 billion ARR target by 2029. Mittal expects AvePoint&rsquo s FY2026 performance to benefit from a recovery in US public-sector spending, rising demand for resiliency solutions in the Middle East and AI governance-driven ARR growth. AvePoint&rsquo s longer-term ARR target is expected to be driven by multi-cloud growth, led by a sharper rise in Google-related demand, as well as AI governance. Management also reiterated expectations for FY2026 free cash flow of more than US$100 million, while continuing share repurchases and retaining flexibility for strategic acquisitions. As at 11.07 am, shares in AvePoint are trading on SGX $1.02 higher, or 7.67% up at $14.32. |
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| 12-May-2026 09:46 |
SIA
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SIA
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SIA boosts Europe flight frequencies, returns to Madrid amid strong travel demand Its weekly flights to Europe have increased by almost 12% over the last two months [SINGAPORE] Singapore Airlines (SIA) : C6L -0.79% is ramping up its flights to Europe, even as it pulls back on its services to the Middle East. Over the last two months, the national carrier has increased its weekly flights to Europe by 11.9 per cent. As at end-April, the airline had 226 flights to Europe, up from 202 flights as at end-February, it said in response to queries from The Business Times. SIA is also progressively increasing its flight frequencies to key European cities to cater to &ldquo strong demand&rdquo , it said in a press statement on Friday (May 8). These changes include:
More flights despite Gulf conflict SIA&rsquo s overall weekly flights have increased marginally to 2,356 at the end of April, from 2,340 in February, said the airline. The increase comes even as SIA pulls back on its services to the Middle East. SIA and its budget arm Scoot cancelled services to Dubai and Jeddah from Feb 28 this year, against the onset of the Gulf conflict. SIA also deferred the launch of its Riyadh services from Jun 2 to Sep 1 this year. &ldquo The difference between the overall network change and the increase in Europe services reflects capacity redeployment across SIA&rsquo s network, with increases in selected markets partially offset by adjustments elsewhere, including the suspension of services to Dubai,&rdquo said an SIA spokesperson. In April, Asian airlines reported surging demand on European routes as travellers shied away from disrupted Middle Eastern stopover hubs such as Dubai and Doha. SIA&rsquo s share of seats filled on its European flights jumped to 93.5 per cent in March, up from 79.7 per cent a year earlier. This was the sharpest gain among the regions covered by the airline, and was partly due to spillover Europe-bound traffic. Beyond the European redeployment, SIA will deploy its flagship double-decker Airbus A380 aircraft on one of its Melbourne routes during the northern summer 2026 season, injecting additional capacity to meet strong Australian demand. |
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| 12-May-2026 09:45 |
SIA Engineering
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SIA Engineering
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SIA Engineering' s FY2026 earnings up 21% to $168.9 mil SIA Engineering has reported earnings of $85.6 million for its 2HFY2026 ended March, up 20.9% y-o-y. This brings its full year earnings to $168.9 million, up 21%. Revenue in the same FY ended March was up 14.2% to $1.42 billion, thanks to " robust" demand for maintenance, repair and overhaul services, in turn, underpinned by stronger air travel. In Singapore, the number of flights handled for the full year increased by 3.3% compared to a year ago. Flight volumes in the final quarter rose 5.2% year-on-year. The company plans to pay a final dividend of 8.5 cents per share, which will bring its full year payout to 11 cents. In contrast, a total of 9 cents was paid for the preceding year. SIA Engineering plans to generate long-term growth by expanding its presence across Asia Pacific, increasing capacity and improving capabilities for next-generation aircraft. Going forward, SIA Engineering flags that the evolving situation in the Middle East has introduced greater uncertainty, as flight route adjustments, rescheduling and cancellations present business risks. " Ongoing industry challenges, including supply chain disruptions and inflationary pressures, could be further exacerbated if geopolitical issues are heightened. " At this stage, the near-term impact on MRO demand is expected to be moderate. The group is closely monitoring developments and actively engaging with customers to seek new revenue opportunities," the company adds. SIA Engineering shares closed $3.18 on May 11, down 2.45% for the day, extending a drop of 11.17% year to date. |
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| 12-May-2026 09:44 |
DBS
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DBS
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Potential sale of car dealership may fetch US$350 mil for Jardine C& C DBS maintains ' buy' and $39 target price Elizabelle Pang of DBS Group Research has kept her " buy" call and $39.00 target price for Jardine Cycle & Carriage after news that it is exploring a sale of its Singapore and Malaysia car dealership business operated under the Cycle & Carriage brand. This divestment is apparently in line with parent company Jardine Matheson' s broader strategy of capital recycling, seen across its various other units including Hongkong Land and DFI Retail Group. Earlier, Jardine C& C itself has divested minority stakes in businesses in the region such as Vinamilk. Pang of DBS estimates that Cycle & Carriage is worth more than US$350 million, based on FY2026 earnings estimates at US$50 million valued at a " conservative" 7x earnings If the divestment is completed, JC& C can turn from net debt of US$200 million to a net cash position. " While surprising given C& C&rsquo s long-standing status as a core, majority-controlled asset, the sale would enhance strategic flexibility and could increase the likelihood of a longer-term JC& C privatization," says Pang. The Jardine group acquired the Cycle & Carriage business back in 2002. The car dealership carries brands such as Mercedes-Benz, Mitsubishi, Kia, Citroen and Peugeot. " In our view, the sale would materially enhance JC& C&rsquo s financial flexibility for capital recycling, opportunistic M& A, and potential shareholder returns such as share buybacks. " More importantly, if completed, it could increase the likelihood of a JCNC privatization in our view, subject to JM&rsquo s broader capital allocation priorities," she adds. Jardine C& C shares closed at $32.88 on May 8, up 1.51% for the day but down 3.27% year to date. |
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| 12-May-2026 09:42 |
Mapletree Ind Tr
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MAPLETREE Industrial Trust (MIT)
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Mapletree buys 39-ha site in New Jersey for logistics facility, in sixth US development project The new development will be near key air cargo hubs and seaports, and comprise two warehouse buildings [SINGAPORE] Mapletree Investments has acquired a site the size of 55 football fields in New Jersey, where it is planning its largest US logistics facility to date, adding to its US portfolio of six greenfield sites currently in development. Spanning 39.1 hectares (ha), the site is near major air-cargo hubs and three of the US&rsquo busiest seaports &ndash the Port of New York and New Jersey, the Port of Philadelphia and the Port of Wilmington in Delaware. The new development, spanning 952,720 square feet (sq ft), will comprise two warehouse buildings of 300,220 sq ft and 652,500 sq ft. The site will include 366 car-parking spaces, 141 trailer-parking spaces and 172 dock doors, said the asset manager on Monday (May 11). The acquisition cost was not disclosed. The development properties are currently held under Mapletree&rsquo s balance sheet, said the group in response to queries from The Business Times. It added that it plans to have a vehicle in place for these developments eventually, with a fund being one possible structure. Chiagorom Osu, Mapletree&rsquo s head of US logistics development, said: &ldquo Central New Jersey continues to be an important logistics market, and this project builds on Mapletree&rsquo s growing development presence in the state as we continue to invest in high-conviction opportunities across the country.&rdquo The acquisition is Mapletree&rsquo s sixth greenfield project in the US since its first development, Burlington-Mount Holly Road, in December 2024. It will also be its largest logistics development project stateside. The group is expanding a seventh existing development. The group currently has about US$500 million in development projects under construction in the US, with completions expected from the second half of 2026 to Q1 2028. In an interview with BT in March, Mapletree US chief executive officer Richard Prokup said that it has &ldquo an aggressive budget&rdquo to acquire both development properties and stabilised assets in the US. In FY2026/2027, the group plans to &ldquo get back out and start acquiring again&rdquo . Growing its US footprint Mapletree owns and manages about 1.5 million sq ft of industrial assets in New Jersey and Pennsylvania. These contribute to its broader US logistics footprint, which totals more than 66 million sq ft. Three private funds hold the bulk of its US assets under the Mapletree US & EU Logistics (MUSEL) Private Trust, Mapletree US Logistics (MUSLOG) Private Trust, and Mapletree US Income Commercial (MUSIC) Trust. The New Jersey deal, slated for completion in the first quarter of 2028, follows recent industrial divestments by the group. In the year to date, Mapletree has sold US$782.5 million in US logistics assets, following divestments of US$691.1 million in 2025. In April, it sold a 1.3 million sq ft mid-shallow bay logistics portfolio &ndash comprising 19 warehouse assets in key US distribution markets &ndash to Dalfen Industrial for US$207.5 million. It sold another portfolio of 25 warehouses in the US to EQT Real Estate for US$575 million. Capital from divestments is redeployed into &ldquo strategic development opportunities&rdquo that expand the group&rsquo s national pipeline and reinforce its commitment to the US logistics sector, said Prokup. Since entering the US real estate market in 2014, Mapletree has built a diverse portfolio in logistics, data centre, office, student housing and multifamily properties. As at Mar 31, 2025, the US accounted for about a quarter of the group&rsquo s total assets under management, valued at around US$60.1 billion. |
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| 12-May-2026 09:37 |
Lincotrade
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Fabchem
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Lincotrade: Executive Chairman Dr Tan Kok Heng increases equity stake
His direct shareholding increased:
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| 12-May-2026 09:35 |
Geo Energy Res
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Black Gold Industry Discussion
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Geo Energy locks in $1.90b valuation for coal infrastructure unit with ResInvest deal
The two will also form a marketing JV.
Geo Energy Resources Limited (Geo Energy) has signed a binding term sheet with ResInvest to invest in its PT Marga Bara Jaya (MBJ) subsidiary at a valuation of $1.90b (US$1.5b), with the final investment amount and percentage holding to be confirmed in a definitive agreement.
The investment is structured in two tranches, with an initial capital injection targeted for the third quarter of 2026 and the remainder to follow in the first quarter of 2027. Geo Energy described the amount under discussion as substantial.
MBJ comprises a 92-kilometre hauling road and jetty capable of handling up to 50 million tonnes of coal per year at full operational capacity.
The group said the infrastructure is targeted to generate up to an additional $380.61m (US$300m) in EBITDA annually within a few years, underscoring its scale and commercial potential.
Alongside the MBJ investment, Geo Energy and ResInvest Commodities Pte Ltd will form a marketing joint venture aimed at maximising returns from the sales of coal produced by another Group subsidiary, PT Triaryani.
Geo Energy said further announcements will be made once the definitive agreement has been signed.
The news follows Geo Energy completing a share placement of 35 million new ordinary shares.
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| 12-May-2026 09:34 |
Fuxing China
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Fuxing China
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Fuxing Accelerates Direct-to-Brand Strategy with an Expanding Portfolio of International and Domestic Brand Owners
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| 11-May-2026 10:23 |
Riverstone
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Riverstone
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Riverstone Q1 profit falls 27.1% to RM41.1 million on a stronger ringgit Revenue for the first quarter is down 15.1% at RM214.3 million despite steady sales volumes [SINGAPORE] Glove manufacturer Riverstone Holdings posted a 27.1 per cent drop in net profit to RM41.1 million (S$13.3 million) for its first quarter ended Mar 31, 2026, from RM56.4 million in the previous corresponding period. In an update released on Friday (May 8), the mainboard-listed company attributed the decline to the strengthening of the Malaysian ringgit against the US dollar throughout the quarter, which weighed on the group&rsquo s performance. Revenue for Q1 fell 15.1 per cent to RM214.3 million, from RM252.3 million in the year-ago period. This occurred despite steady sales volumes in both the cleanroom and healthcare segments. No dividend was declared for the quarter. Executive chairman and CEO Wong Teek Son said that Q1 &ldquo was a challenging quarter for the group, with macroeconomic and geopolitical factors weighing on (its) reported performance&rdquo . &ldquo Encouragingly, customer demand has to date been stronger than expected. Cleanroom glove segment continues to benefit from artificial intelligence infrastructure and data centre demand, while healthcare glove customers have proactively placed orders to build inventory in anticipation of prolonged supply chain disruptions,&rdquo he noted. Wong added that the group remains &ldquo cautiously optimistic&rdquo about its long-term business growth prospects. Shares of Riverstone : AP4 +4.79% closed at S$0.765 on Friday, up S$0.035 or 4.8 per cent, before the results were announced. |
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| 11-May-2026 10:22 |
Jumbo
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Jumbo
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Jumbo H1 profit falls 22.3% to S$6.2m on higher operating costs revenue up 7.9% An interim dividend of S$0.005 per share was declared for the half-year [SINGAPORE] Jumbo Group posted a 22.3 per cent drop in net profit to S$6.2 million for its first half ended Mar 31, 2026, from S$7.9 million in the previous corresponding period. In an update released on Friday (May 8), it attributed this to higher operating expenses, including employee benefits, operating leases, and utilities. The Catalist-listed food and beverage group cited &ldquo annual wage adjustments, higher headcount required to support recently opened outlets, increased business activities and expanded operation premises&rdquo . Earnings per share stood at S$0.01 for the half-year, down from S$0.013 the previous year. Revenue rose 7.9 per cent to S$105.1 million, from S$97.3 million a year earlier, driven mostly by the group&rsquo s Singapore operations, which benefited from contributions from new outlets, and an 11.5 per cent increase in revenue from operations in China. An interim dividend of S$0.005 per share was declared for the half-year, unchanged from the year before. The dividend will be paid on May 28 after books closure on May 18. The group expects the operating environment to remain challenging due to cautious consumer sentiment, macroeconomic uncertainties, and geopolitical tensions. It noted that competition in the local food-and-beverage industry remains intense. Group executive chairman and chief executive Ang Kiam Meng said: &ldquo Amid cost pressures and intense competition, we will remain focused on strengthening productivity, sharpening our offerings and building a more efficient platform for sustainable growth.&rdquo The group also said it expects the consolidation of its headquarters and central kitchen to support greater operational efficiency over time. It added the China market is expected to remain competitive and sensitive to changes in consumer sentiment. The group will continue to focus on targeted marketing initiatives, customer engagement and operational discipline. Shares of Jumbo closed flat at S$0.28 on Friday, before the release of the results. |
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| 11-May-2026 10:21 |
SingTel
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singtel
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Capital Group emerges as substantial Singtel shareholder after raising stake at average of $4.67 each US asset manager Capital Group has emerged as a substantial shareholder of Singapore Telecommunications, after it bought more shares from the open market. In a May 8 filing, Singtel says that Capital Group had on May 6 bought 19,314,800 shares at an average of $4.67 per share, a level that is around 10% lower from its recent peak two months ago. This brings Capital Group' s total stake to 837,947,249 shares, equivalent to 5.1%, up from 4.98% previously, necessitating a filing with SGX as it is above 5%. At this level, Capital Group is likely the second largest shareholder after Temasek, which holds just over 50%. According to Singtel' s most recent FY2025 annual report, within the standard top 20 list of shareholders, 18 of which are nominee accounts of brokers, banks or the CPF Board. Atrium Investments, meanwhile, is the eight largest shareholder with 184,900,210 shares, equal to 1.12%. Singtel shares, after reaching a recent peak of $5.21 on March 20, has been trending down since. That was around a month before holders of Singtel' s so-called Special Discounted Shares can transfer and sell their shares and receive proceeds in cash. The CPF Board, ranked 7th on Singtel' s shareholders list, holds 737,334,544 shares, equivalent to 4.47% in custody for these SDS shareholders. These shares were mainly bought using their CPF savings from more than three decades ago. Previously, if SDS shareholders sold their Singtel shares, they had to refund the proceeds to their CPF accounts, which are then subjected to the usual withdrawal rules. According to Singtel on May 7, some 83,000 or 13% of the total of some 615,000 SDS shareholders have sold their shares. Singtel will be announcing its full year results on May 21. Singtel closed at $4.69 on May 8, up 1.08% for the day, and up 2.4% year to date. |
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| 11-May-2026 10:20 |
Salt Investments
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Jasper Investments secured $13 million investments
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Salt Investments raised $4.8 mil from investors including Lion Global, Ginko-AGT Salt Investments has raised some $4.8 million placing out new shares at 0.275 cent to investors including Ginko-AGT Global Growth Fund, Lion Global Investors and Value Partners Hong Kong, as well as certain unnamed individuals. Salt Investments plans to tap this additional capital to speed up its transformation into a scalable, integrated marine and infrastructure platform. Specifically, the new capital will be used to support the growth in the company' s core business in bunkering and trading, oil waste recycling, and oil lubricants. The placement of nearly 1.75 billion new shares was managed by Evolve Capital Advisory and Maybank Securities was the sub-placement agent. These new placement shares have increased the company' s share base by 6.71% to more than 26 billion shares. " This placement represents a pivotal step in Salt&rsquo s strategic evolution," says executive director and CEO Dennis Goh. " By securing growth capital today, we are building the foundation for stronger operational scale, enhanced earnings quality, and sustainable shareholder returns tomorrow," he says. " Recent geopolitical developments have underscored the resilient fundamentals of the oil and gas industry, as well as the structural gaps that remain. " At Salt, we are advancing our vision to address these gaps and capture the significant growth opportunities presented by the global macroeconomic situation today," says Goh. |
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| 11-May-2026 10:17 |
Geo Energy Res
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Black Gold Industry Discussion
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Geo Energy Secures Binding Term sheet with ReInvest for a Substantial Investment in MBJ Integrated Infrastructure Business at a Valuation of US$1.5 Billion
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