Latest Posts By Joelton
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| 11-May-2026 10:16 |
IX Biopharma
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iX Biopharma
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IX Biopharma - Restructuring of Consumer Business and Update on Proposed Joint Venture with Orion Speciality Labs
Internal Restructuring
US Strategy & Rationale
Joint Venture Update
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| 11-May-2026 10:14 |
Beng Kuang
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Beng Kuang Marine
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Beng Kuang Marine Term Loan Facility Key Highlights: Term Loan Facility
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| 11-May-2026 10:13 |
Raffles Edu
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A Few Good Men
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Raffles Education Limited: Proposed Refinancing & Special Dividend Key Transaction HighlightsThe company is proposing a Refinancing Exercise to replace existing debt with new long-term securities:
Special Interim DividendTo share the benefits of the cash preservation with all investors, the Board intends to declare a Special Interim Dividend:
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| 11-May-2026 10:12 |
Beng Kuang
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Beng Kuang Marine
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Buybacks, director transactions and stake realignments Beng Kuang Marine: ownership rotation as Asom deal lifts earnings capture On May 6, Amova Asset Management and Tokio Marine Life Insurance Singapore as well as oil and gas veteran Tan Kim Seng, alongside other investors, acquired 9.98 million shares for S$4.8 million that were divested by one of Beng Kuang Marine founder&rsquo s, Chua Meng Hua. The company&rsquo s executive chairman acquired 578,286 shares and the CEO took 500,000 shares. Beng Kuang Marine said the sale reflects the founder stepping back from an executive role, with ownership rotating into institutional and management hands. It added that the shareholder base broadened, liquidity improved and management alignment increased as the group continues to execute on offshore life-cycle services supported by a growing base of recurring work. On Feb 26, Beng Kuang Marine announced the proposed acquisition of the remaining 49 per cent stake in Asian Sealand Offshore and Marine (Asom), which already anchors the group&rsquo s earnings base, with FY2025 revenue of about S$75 million against group&rsquo s revenue of S$98 million, and standalone profit after tax of around S$14.9 million. The acquisition does not change revenue, which is already consolidated, but increases earnings attributable to shareholders through the removal of minority interests. Based on FY2025, this lifts attributable profit by roughly S$7 million, with no change to the underlying operating base. Asom is the core of the group&rsquo s floating production storage and offloading (FPSO) segment, supporting 19 vessels across seven countries and securing about S$27.6 million of FY2026 revenue with a high level of repeat work. The work is driven by inspection, maintenance and life extension cycles of FPSOs, providing recurring demand and anchoring earnings visibility. With most of FY2026 revenue already supported by a confirmed order book of around S$51.2 million, the acquisition brings the group&rsquo s main earnings driver fully in-house and improves visibility over earnings contribution. UOB Kay Hian and Lim & Tan have initiated coverage with &ldquo buy&rdquo calls with recently raised their target prices of S$0.75 and S$0.69, respectively, pointing to recurring FPSO lifecycle demand from an ageing global fleet and the earnings uplift from the full consolidation of Asom. The report highlights that inspection, repair and life extension work remains essential across offshore assets, and notes potential for strong earnings growth as Asom is fully consolidated within an asset-light, service-led model, with Asom forming the core of its recurring earnings base. From a value perspective, the transaction reflects three points. First, it increases earnings attributable to shareholders as the group moves to full ownership of its core FPSO life-cycle platform. Second, the stake is acquired at around eight times FY2025 earnings, consistent with comparable offshore life-cycle service providers. Third, it simplifies the ownership structure, with Asom fully in-house and improving visibility over earnings contribution. Overall, the transaction shifts the focus to earnings contribution, strengthening alignment between ownership and operations without changing the underlying operating base. Fuxing China: CEO increases stake as dividend policy anchors payouts Fuxing China&rsquo s CEO, Hong Shao Lin, increased his deemed interest in the company through a series of on-market transactions on May 4 and 5. Across four trades, he acquired a total of 87,000 shares for S$81,085, raising his deemed shareholding to 0.43 per cent of issued share capital. The purchases were conducted via the open market. For FY2025, Fuxing reported net profit of 20.5 million yuan (S$3.8 million), up from 900,000 yuan in the previous year, supported by improved cost discipline and lower financing costs. Gross profit rose 8 per cent to 49.5 million yuan, with gross margin improving to 7.4 per cent. As the fourth-largest zipper manufacturer globally in terms of sales value, the group&rsquo s revenue remains centred on the zipper segment, which accounted for 61.3 per cent of FY2025 revenue, alongside contributions from trading and processing. While overall revenue declined, the processing segment delivered improved margins on higher efficiency and automation, supporting gross margin expansion. A site visit by KGI Securities in January 2026 highlighted the group&rsquo s integrated manufacturing base in Jinjiang with headcount reducing to about 1,100 from around 3,000 in 2007, reflecting increased automation across production lines to improve operating margins. On Mar 31, Fuxing announced a dividend policy targeting a minimum annual payout of 15 per cent of profit attributable to equity holders for FY2026 through FY2028. For FY2025, the board recommended a final dividend of 0.15 yuan per share, amounting to approximately three million yuan and representing about 15 per cent of profit attributable to shareholders. The policy formalises capital allocation discipline alongside the group&rsquo s improving earnings base and cash flow generation. From a value perspective, the disposal of its subsidiary Jianxin generated proceeds of 45.6 million yuan and a gain of 20.2 million yuan. Fuxing&rsquo s borrowings declined by 91 million yuan, with the group moving into a net cash position of 62.6 million yuan, alongside operating cash flow of 76.2 million yuan. |
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| 09-May-2026 09:50 |
UOB
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UOB
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UOB beats estimates, announces franchise shift to wealth management United Overseas Bank (UOB) reported 1QFY2026 ended March 31 net profit of $1.437 billion, which was above the latest Bloomberg estimates of $1.39 billion, or a 3.3% beat. Net profit was up 2% q-o-q but down 4% y-o-y. Net interest income moderated 1% q-o-q and 4% y-o-y to $2.3 billion while net interest margin (NIM) narrowed 2 basis points (bps) q-o-q to 1.82%. Exit NIM was 1.83%. Net fee income increased 2% q-o-q but fell 8% y-o-y to $637 million. Other non-interest income rose 45% q-o-q but declined 17% y-o-y to $462 million. UOB kept its FY2026 guidance unchanged, with low single-digit loan growth, full-year NIM of 1.75%&ndash 1.80%, high single-digit fee growth, low single-digit operating cost growth, and total credit costs at 25&ndash 30 bps. JP Morgan says: &ldquo Numerically, UOB beat our 1QFY2026 estimates by 5%. Our full-year estimates are 6% below Bloomberg consensus, which suggests, at best, an in-line set of results. Yet, given the high bar set by DBS in 1QFY2026, we believe these numbers may not be a driver for the stock in either direction.&rdquo JP Morgan remains bullish on DBS, which announced its 1QFY2026 net profit of $2.93 million, up 30% q-o-q and 1% y-o-y, on April 30. It was 2% above JP Morgan&rsquo s own 1Q estimate and about a 2% beat compared to Bloomberg&rsquo s consensus. JP Morgan says: &ldquo [UOB&rsquo s] treasury income was quite firm, up $150 million q-o-q to $364 million (19% of pre-provisioning operating profit or PPoP), which in our view deserves lower multiples vs most other business lines. Fee growth was weak at 2% q-o-q despite seasonality, and down 8% y-o-y. This is an important contrast to DBS, which was up 35% and 16% q-o-q and y-o-y, respectively. We expect these trends to hold well at OCBC too. We worry that the weaker wealth management franchise at UOB could continue to be a drag on fees for a few quarters.&rdquo A lower cost-to-income ratio of 44.5%, down 1.9 percentage points y-o-y, was the main driver of the UOB&rsquo s PPoP beat, JP Morgan observes. Non-performing loans (NPL) were slightly better at 1.5% with credit costs at 24 bps, which was &ldquo a beat versus our forecasts&rdquo , the JP Morgan report indicates. UOB&rsquo s US portfolio quality improved in line with the 4Q2025 guidance, with NPL halving q-o-q to 1.5% with coverage at 233%. Group CEO Wee Ee Cheong announced a modest franchise shift: &ldquo Our immediate focus is to grow assets under management (AUM) and improve invested AUM penetration. Our ambition is to double wealth income by 2030 through discipline, organic execution, people and solutions.&rdquo UOB' s FY2025 wealth income was $1.281 billion Wee also emphasised UOB&rsquo s Asean footprint as a source of growth. &ldquo Over the past three years, our focus has been on integrating the Citi portfolio and bringing everything into a single, unified platform. That work is largely completed and positions us as one of the most connected banking franchises in Asean. We are moving into the next phase now, unlocking the value of our enlarged customer base to reshape the group towards a more diversified, fee-driven mix anchored on connectivity, trade and cash (management), lifestyle solutions like credit cards and wealth. We see significant opportunities, including in wealth, underpinned by a large and increasingly affluent customer base that is under-penetrated. This gives us a long runway for sustainable, organic growth,&rdquo Wee elaborates. On April 30, during a media briefing, DBS&rsquo s group CEO Tan Su Shan acknowledged that the environment in India and Indonesia is challenging: &ldquo We have been stress testing for rupee and rupiah volatility, which is why we have been fairly conservative in India and Indonesia. We reduced our unsecured consumer and SME exposures in these two markets, and to a smaller extent in China.&rdquo Wee says Indonesia is 3% of UOB&rsquo s total exposure. &ldquo We are still growing our consumer [banking], mortgages and SMEs. We have to stand by our customers. This is not the time to de-risk,&rdquo he says, repeating UOB&rsquo s tagline &ldquo Right by you&rdquo . UOB&rsquo s Group CFO Leong Yung Chee says that in Indonesia, UOB&rsquo s retail focus is on its affluent customer base. &ldquo Likewise, for wholesale banking, our focus is guided by our sector solutions group. We&rsquo ve identified seven specific industries: TMT [technology, media and telecommunications], consumer goods, industrial, construction and infrastructure, real estate, hospitality, energy and chemicals, and healthcare. In Singapore, because it&rsquo s our home market, we are more broad-based. Outside of Singapore, it&rsquo s more targeted, because there&rsquo s information asymmetry,&rdquo he elaborates. JP Morgan&rsquo s report says the DBS franchise &ldquo is on track to gain market share across profit pools. We expect re-rating for DBS to continue. With every passing quarter, our characterisation of DBS as the &lsquo JPM of Asia&rsquo appears truer&rdquo . The valuation disconnect between DBS and UOB is stark. DBS&rsquo s P/B ratio of 2.42 times as at May 7 and its dividend yield of 5.3% are at a premium to UOB&rsquo s P/B of 1.22 times and dividend yield of 4.3%. Perhaps investors should hedge their bets across all three local banks and JP Morgan, which last traded at a P/B of 2.45 times. |
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| 09-May-2026 09:49 |
OCBC Bank
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OCBC
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OCBC&rsquo s hidden treasure Treasury actually. Can OCBC&rsquo s Treasury & Markets be scaled to deliver consistent double-digit growth in total income and further boost total shareholder returns? OCBC&rsquo s relatively new group CEO Tan Teck Long&rsquo s dividend policy is to maintain a 50% payout ratio as analysts clamour for more share buybacks. The higher the net profit, the higher the absolute dividends, and OCBC&rsquo s long-term shareholders prefer dividends. Let&rsquo s take a step back and focus on dividends from growth. On Feb 25, Tan introduced the Next Frontier Strategy with four important Shifts. In the Franchise Shift, available in OCBC&rsquo s 2025 Annual Report, one of the strategies is to grow OCBC&rsquo s private bank in Indonesia. To that end, OCBC&rsquo s has announced the acquisition of HSBC&rsquo s International Wealth and Premier Bank in Indonesia. Another franchise shift refers to deepening the twin hubs of Singapore and Hong Kong. The plan is to scale Global Markets in Hong Kong. Prior to joining OCBC, Tan was chief risk officer at DBS, and a member of the executive committee. He had been at DBS for 28 years and had a ringside seat to some of the changes DBS had experienced, including the setting up of its Corporate Treasury Function, and its digital shift in 2015 and 2016 following the failed attempt of the acquisition of PT Bank Danamon. In Tan&rsquo s Next Frontier, for the tech shift, he has ADD at the core, that is, AI, Digital, Data. The strategy is to embed customer centricity powered by ADD and pursue tech sectors. With a customer-centric strategy, the right customer will be delivered the right product at the right time. The shifts cut across OCBC&rsquo s consumer, wholesale, global markets, wealth management and the group&rsquo s other segments building on its One Group approach. Recall that DBS&rsquo s treasury business is an important cog in the wheel of its horizontal customer journeys. The Treasury & Markets (T& M) segment cuts across DBS horizontally - through consumer, wholesale and wealth. In FY2025 DBS reported $2.14 billion of treasury customer sales, and in 1Q2026, DBS clocked in $592 million of treasury customer sales, more than double the $269 million in 1Q2023. Banks&rsquo treasury products are used for both the banks&rsquo own treasury departments and their customers' needs. These comprise products for risk management, liquidity, investment yield, foreign exchange, interest rate hedging (ad infiniturm). The products range from offering customers investment solutions for the most simple to the most complex products for all kinds of financial assets but generally fixed income, interest rates, equities, exchange rates, and in some instances, commodities. During OCBC&rsquo s results briefing on May 8, Tan was asked about his plans for a treasury sales strategy at OCBC. &ldquo The Treasury business is a very important business for us. You have to think about Treasury business in two parts even though it' s described as trading income in our accounting terms. One part is trading. The second part is more important to us, which is trying to grow the customer flows with treasury products. This is the part where we are building up talent. If you look carefully at the quarterly results, the customer flow has been rising. To continue to sustain and grow, we have onboarded some talent, mainly in different product categories and sales. Product capability will help to drive the growth of the front-facing business, in particular the wealth business, because wealth is all about structuring products for sale,&rdquo he describes. &ldquo In our twin hub strategy in the Next Frontier strategy, we spell out that we want to scale up Treasury in Hong Kong, because Hong Kong is a wealth hub,&rdquo Tan adds. The OCBC CEO declines to give growth numbers but over time, treasury could turn out to be a growth engine to watch as increasingly sophisticated products form part of OCBC&rsquo s wealth continuum. Technically, the Straits Times Index didn&rsquo t move much during the week of May 3-8, gaining nine points week-on-week. ADX has fallen to 13, reflective of the STI&rsquo s sideways range. Quarterly momentum remains in a declining mode. 21-day RSI is moving sideways. The weight of the indicators suggests that the STI could ease mildly. Support appears at 4,700. Resistance has been established at 5,040. The uncertainty in the market&rsquo s blue-chip segment reflects investors&rsquo and market participants&rsquo reaction to the banks&rsquo results. Over and above what analysts have recommended, investors and market participants are weighing their decisions on whether they should or shouldn&rsquo t agree with the analysts. |
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| 09-May-2026 09:48 |
OCBC Bank
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OCBC
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OCBC&rsquo s Indonesia deal a &lsquo perfect fit&rsquo for Asean wealth ambitions, says CEO, as Q1 profit beats estimates Lender&rsquo s earnings for period rise 5% to S$1.97 billion [SINGAPORE] OCBC&rsquo s acquisition of HSBC&rsquo s wealth and retail portfolio in Indonesia is a &ldquo perfect fit&rdquo for the lender&rsquo s refreshed growth road map, group CEO Tan Teck Long said on Friday (May 8). This comes as strong wealth income helped drive a robust first-quarter earnings performance. &ldquo If you recall, under our &lsquo Next Frontier&rsquo strategy, we said that we are focused on growing wealth, as well as deepening our franchise in our core markets,&rdquo said Tan at the bank&rsquo s earnings briefing. &ldquo When I looked at (HSBC&rsquo s) portfolio, I realised this (acquisition) is a perfect fit,&rdquo he added. The move included doubling down on the bank&rsquo s wealth proposition and sharpening its focus on core Asean markets, which includes Indonesia. At an earlier briefing in February, Tan also flagged that the lender was exploring merger and acquisition opportunities in the region. That ambition has since materialised. Earlier this week, on Monday, OCBC announced that its Indonesian subsidiary, Bank OCBC NISP, would acquire HSBC&rsquo s retail and wealth management operations in Indonesia. The consideration will comprise the Indonesian business&rsquo net asset value upon completion, plus a premium of up to 6.5 trillion rupiah (S$475.5 million). The deal is expected to close in the second quarter of 2027. The acquisition is expected to contribute to earnings and add S$6.6 billion to OCBC Indonesia&rsquo s assets under management. This figure includes S$4.3 billion of customers&rsquo investments in mutual funds and bonds, as well as insurance and customer deposits of S$2.3 billion. A retail loan book of S$300 million and about 336,000 customers will also be transferred to OCBC Indonesia. Around 1,300 employees are expected to join its wealth management operations. Tan described the HSBC portfolio as &ldquo very clean&rdquo , noting that it is largely made up of deposits and assets under management, unlike &ldquo most other&rdquo portfolios in the market that tend to comprise a mix of loans and deposits. Acquiring a portfolio without a significant loan component means the bank does not need to &ldquo worry about&rdquo credit costs or single-borrower concentration risks, he said. &ldquo What I really like when I look at the deposits part of the acquisition (is that) they have sizeable Casa,&rdquo he added, referring to current account and savings account deposits, which provide banks with low-cost funding. Tan also described the wealth portion of the portfolio as &ldquo highly complementary&rdquo to OCBC&rsquo s existing Indonesian franchise. &ldquo We are one of the top three privately owned banks in Indonesia... we can bolt on this acquisition and gain cost synergies very quickly. Not many banks can match our economies of scale in Indonesia,&rdquo he said. To support its wealth ambitions, OCBC will continue expanding its sales-related wealth headcount, although the bank intends to &ldquo maintain high cost discipline&rdquo at the group level. Asked about competition in both mergers and acquisitions and wealth hiring &ndash after reports that DBS and UOB had also bid for the HSBC portfolio and separately spoken about growing their wealth teams &ndash Tan said competition was not new to OCBC. Still, he noted that the exit of several international players from Asean in recent years has resulted in a less crowded competitive landscape across the region. Wealth income offsets margin pressure On Friday, OCBC reported a 5 per cent rise in net profit for the first quarter ended Mar 31 to S$1.97 billion, from S$1.88 billion a year earlier. The result exceeded the S$1.88 billion consensus estimate in a Bloomberg survey. Net interest income fell 5 per cent to S$2.2 billion amid a lower interest rate environment, as net interest margin narrowed by 28 basis points to 1.76 per cent, from 2.04 per cent previously. This came as benchmark rates in Singapore and Hong Kong declined by more than 170 and 160 basis points year on year, respectively. However, the weakness was more than offset by non-interest income, which rose 23 per cent to a record S$1.61 billion. Under that bucket, wealth management fees climbed 34 per cent to S$422 million, supported by stronger customer activity across all wealth product channels. The non-performing loan ratio was unchanged at 0.9 per cent. Total allowances rose 2 per cent to S$216 million, largely due to higher provisions for &ldquo third-order&rdquo effects from the ongoing Middle East war. These were mainly linked to risks of a macroeconomic slowdown arising from elevated oil and energy prices. &ldquo We note no significant credit deterioration, and continue to refresh our stress tests,&rdquo said group chief financial officer Goh Chin Yee at the briefing. &ldquo (The) first-order impact is not material, at less than 3 per cent of loans or 1 per cent of total assets.&rdquo Tan added that operations in Dubai &ndash where OCBC&rsquo s private banking arm, Bank of Singapore, runs a booking centre &ndash have not been affected. Staff there continue to work remotely, including the 10 to 20 per cent of employees who voluntarily chose to leave the country after the outbreak of the war. The bank maintained its FY2026 guidance, including expectations for total income to remain &ldquo stable to growing&rdquo , along with a &ldquo slight to moderate&rdquo decline in full-year net interest income. The latter outlook assumes one US Federal Reserve rate cut in the fourth quarter of 2026, as well as benchmark Singapore and Hong Kong interest rates of 1.2 per cent and 2.7 per cent per annum, respectively. OCBC maintained its expectations for mid-single-digit loan growth, credit costs of 25 to 30 basis points, and a cost-to-income ratio in the mid-40 per cent range. In the first quarter, loans grew 8 per cent year on year to S$347 billion. Credit costs improved by one basis point to 23 basis points, while the cost-to-income ratio rose to 39.3 per cent from 38.7 per cent previously. OCBC rounded off the first-quarter earnings season for Singapore&rsquo s three local banks, following DBS on Apr 30 and UOB on Thursday. Shares of OCBC : O39 +0.09% were up 0.1 per cent or S$0.03 at S$21.91 as at 2.49 pm on Friday, the same day the bank paid out dividends. The counter has gained 10.4 per cent year to date. |
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| 09-May-2026 09:47 |
DBS
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DBS
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DBS sells private credit fund yielding up to 20% to rich clients &mdash Bloomberg (May 8): Singapore-based firm Granite Asia has engaged the private banking arm of DBS Group Holding Ltd to raise additional capital for its first private credit vehicle, people familiar with the matter said. Access to the fund, which reached its first close last year, was recently made available to wealthy investors via DBS Private Bank, the people said, who asked not to be identified discussing private matters. It targets an internal rate of return of about 16% to 20% per year, with investor cash yields of about 8% to 10%, according to a document seen by Bloomberg News. Granite&rsquo s latest effort will serve as a fresh gauge of appetite among Asia&rsquo s wealthy investors for private credit &mdash a US$1.8 trillion ($2.3 trillion) asset class that has been shaken globally by high-profile defaults and heavy redemption requests in the US. While Asia has remained relatively insulated, concerns still rippled through the region earlier this year, prompting private bankers in Hong Kong and Singapore to reassure clients. The strategy is structured as a closed-ended vehicle, meaning investments are illiquid, with no redemption rights and limited transferability during the fund&rsquo s term, according to the document. It also requires a long-term commitment with no certainty of return, the document added. DBS Private Bank&rsquo s high-net-worth clients and family offices will be able to access to the fund, said James Tan, group head for investment product and advisory at the bank. Granite&rsquo s push follows a similar move by Singapore-based firm SeaTown Holdings International, a unit of sovereign wealth fund Temasek Holdings Pte, which raised around US$180 million through DBS Private Bank for its third private credit fund. Clients must hold at least US$5 million in assets to qualify for such an account at the financial institution, according to its website. Last year, Granite &mdash the re-branded Asian business of US venture capital firm GGV Capital &mdash secured more than US$350 million in anchor commitments for the fund&rsquo s first close and is targeting total capital of US$500 million. Proceeds raised will be deployed across roughly 20 to 30 deals, each capped at 10% of the fund&rsquo s size, according to the document. The deals will be in the form of hybrid capital, combining secured lending with upside participation, the document added. |
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| 09-May-2026 09:46 |
StarHub
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Starhub
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DBS, RHB stay cautious on StarHub after weak 1Q earnings as price competition bites DBS Group Research and RHB Bank are staying cautious on StarHub after the telco&rsquo s 1QFY2026 earnings missed expectations, with both research houses warning that price competition in mobile and broadband will continue to weigh on margins. For the three months ended March, StarHub&rsquo s net profit after tax (NPAT) attributable to shareholders fell 81.3% y-o-y to $5.9 million, while ebitda declined 22.5% y-o-y to $77.7 million. Service revenue fell 3.9% y-o-y to $445.7 million, due mainly to lower revenue from its consumer segments. DBS analyst Sachin Mittal says StarHub&rsquo s 1QFY2026 normalised earnings of $5.9 million came in below consensus expectations of $10.6 million, while service revenue was 4% below consensus expectations of $466.1 million. The miss was &ldquo mainly due to ebitda decline alongside higher depreciation and amortisation and higher net finance costs&rdquo , he writes in his May 7 note. Mittal maintains his &ldquo fully valued&rdquo call on StarHub with an unchanged target price of 94 cents. Meanwhile, RHB has kept its &ldquo sell&rdquo call with a lowered target price of 87 cents, from $1 previously, implying a downside of 13.9%. &ldquo We expect the earnings malaise to continue with price competition having intensified in recent weeks, while strategic cost management initiatives will take time to yield results,&rdquo says the research house. The pressure was most visible in StarHub&rsquo s consumer business. Mobile service revenue fell 10.9% y-o-y to $124 million, while broadband revenue dropped 8.7% y-o-y to $58.8 million. Entertainment revenue declined 9.1% y-o-y to $45.8 million. StarHub says mobile revenue was lower mainly due to softer roaming, value-added services, and SMS usage, while broadband revenue fell mainly due to lower subscription revenue. Both research houses flag competition as the main concern. DBS says StarHub highlighted that Singtel has been " overly aggressive" in both mobile and broadband. Similarly, RHB says management pointed to the incumbent undercutting prices across the board, with some price points falling below mobile virtual network operators and value brands. That pressure is showing up in StarHub&rsquo s margins. Its service ebitda margin narrowed to 16.5% from 20.6% a year earlier, while RHB says higher staff and marketing costs added to the ebitda drag. StarHub has maintained its FY2026 ebitda guidance at 75% to 80% of FY2025 levels, which Mittal notes is below consensus expectations of about 83%. The company is also targeting $70 million in savings through FY2028 under its Strategic Cost Pillars programme that includes legacy decommissioning, network optimisation, systems re-architecture and business simplification. However, Mittal expects the bulk of the savings to kick in only from FY2027 onwards, while RHB says the benefits are likely to be back-loaded to FY2028. RHB has cut its FY2026 and FY2027 core net profit forecasts by 10.7% and 8%, respectively, while raising its FY2028 forecast by 13%. StarHub and Temasek agreed after the quarter ended to terminate an assigned rights arrangement relating to part of StarHub&rsquo s economic and equity interest in Ensign InfoSecurity for total cash proceeds of $121 million. StarHub expects to recognise a fair value gain of about $244 million, strengthening FY2026 NPAT, while its remaining 38.92% stake in Ensign will be recognised as an associate company. The dividend remains one source of support. DBS says StarHub&rsquo s management remains committed to paying at least 6 cents per share for FY2026, while RHB forecasts a dividend yield of 6% from FY2026 to FY2028. RHB says downside risks include weaker-than-expected earnings and margins, competition and regulatory setbacks. Upside risks include easing competition from industry consolidation and stronger-than-expected earnings, though the research house says such upside risks are receding as price competition intensifies. As at 11.08 am, shares in StarHub are trading 1 cent lower, or 0.99% down, at $1. |
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| 09-May-2026 09:43 |
AvePoint
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AvePoint
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AvePoint 1QFY2026 earnings rise as SaaS revenue jumps 35% AvePoint has reported earnings of US$15.3 million ($19.4 million) for its 1QFY2026, more than four times the US$3.6 million recorded a year earlier. The data management and governance tools provider benefited from higher software-as-a-service (SaaS) revenue and wider operating margins. For the three months ended March 31, total revenue rose 26% y-o-y to US$117.2 million. SaaS revenue, its largest business line, increased 35% y-o-y to US$93.4 million, helped by demand for data protection, security and governance software. Operating income rose to US$12.7 million from US$3.3 million a year earlier. AvePoint&rsquo s GAAP operating margin improved to 10.9%, from 3.5% in 1QFY2025. Listed on Nasdaq and the Singapore Exchange, AvePoint sells software that helps companies secure, govern and recover data across cloud systems including Microsoft, Google, Salesforce and other cloud environments. The company is positioning that business as part of the enterprise AI spending cycle, where organisations must first control fragmented and overexposed data before deploying AI tools more widely. Annual recurring revenue reached US$435.2 million as at March 31, up 26% y-o-y. The company&rsquo s dollar-based net retention rate was 111%, while gross retention stood at 89%. AvePoint had more than 28,500 customers and 863 customers with over US$100,000 in ARR, according to its investor presentation. North America accounted for 42% of ARR, while EMEA made up 36% and Asia Pacific 22%, giving the company a diversified revenue base. The company raised its full-year ARR guidance to between US$523.4 million and US$529.4 million, implying growth of 26% at the midpoint. It expects full-year revenue of US$509.4 million to US$515.4 million, or growth of 22% at the midpoint. AvePoint also expects full-year non-GAAP operating income of US$91.5 million to US$94.5 million However, AvePoint says foreign-exchange fluctuations are expected to weigh on its metrics, more than offsetting the ARR raise and first-quarter outperformance for revenue and non-GAAP operating income. On a constant-currency basis, full-year revenue growth is expected to be 20% at the midpoint. For 2QFY2026, AvePoint expects revenue of US$120.3 million to US$122.3 million, representing y-o-y growth of 19% at the midpoint. Non-GAAP operating income is expected to come in between US$18.7 million and US$19.7 million. AvePoint ended the quarter with cash and cash equivalents of US$444.1 million, down from US$481.1 million as at Dec. 31. The company spent US$59.8 million buying back common stock during the quarter and has renewed its share repurchase programme for another three years, allowing it to buy back up to US$150 million of common stock. As at 9.16 am, shares in AvePoint are trading on SGX 23 cents lower, or 1.76% down, at $12.85. |
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| 09-May-2026 09:42 |
Frasers Property
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Frasers Property
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Frasers Property' s attributable profit for 1HFY2026 down 37.8% y-o-y Frasers Property' s attributable profit for its 1HFY2026 ended Maych 31 is down 37.8% y-o-y to $88.4 million, weighed down by an impairment of $38 .2 million made for an investment in Thailand. If a one-off tax provision reversal in 1HFY2025 was excluded, attributable profit would have increased 77% y-o-y. In the same half year ended March 31, Frasers Property' s PBIT was up 13.2% to $678.7 million, driven by residential projects in Singapore, Australia and China, industrial estate land sales in Thailand, non-core land sales in Australia. The company enjoyed higher retail contribution as well, with the increased stake in Northpoint City South Wing in May 2025. Revenue was down 5.2% y-o-y to $1.51 billion. " We remain firmly on strategy, with continued focus on delivery amid the uncertain operating environment," says group CEO Panote Sirivadhanabhakdi. " Our integrated investor - developer - operator model positions us to create, sustain and unlock value at every stage." The company has made " progress" on multiple fronts: growing the development pipeline, active asset management sustaining recurring income quality, and capital recycling across markets, he adds. For one, the collective sale award for the leasehold rear plot of The Centrepoint also opens " exciting possibilities" to unlock further value from this prime asset along Orchard Road. As at March 31, the company' s net asset value was $2.40 per share, versus $2.37 as at Sept 30, 2025. Its net debt to property assets ratio as at March 31 was 45.5%, up slightly from 43.7% as at Sept 30, 2025. Net debt to total equity, meanwhile, was 94.2%, up from 89.2%, partly due to the redemption of perpetual securities in January this year. Some 69.4% of its total debt was on fixed rates or hedged, with a weighted average debt maturity of 2.5 years and blended cost of debt of 3.8% per annum. Frasers Property shares closed at $1.14, up 0.88% year to date. |
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| 09-May-2026 09:41 |
Oiltek
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Latest ipo, whats your view on this?
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Thirty-bagger Oiltek eyes further &lsquo exponential&rsquo growth Oiltek International&rsquo s CEO Henry Yong is relying on demand for food and energy security to drive its next phase of growth, anchored by recurring income, a resilient business model and renewable energy With the recent pick-up in Singapore&rsquo s equities market, there has been a growing list of multi-baggers that have successfully caught investors&rsquo attention with their growth stories. Few in the Singapore Exchange (SGX)-listed universe have come close to Oiltek International. The firm made a relatively quiet IPO in March 2022, raising just over $5 million by selling shares at 23 cents, including only 500,000 shares to the public. With a quick succession of new contracts and strong earnings growth, Oiltek&rsquo s shares began a steady climb to become a rare 30-bagger, including dividends and a bonus share issue. It hit a peak of $2.46 on April 21, which lifted Oiltek&rsquo s market capitalisation above the $1 billion mark, before easing slightly to close at $2.13 on May 6. Since listing, Oiltek &ldquo graduated&rdquo to the Mainboard of the SGX in June 2025, saying the move will enhance the company&rsquo s credibility, visibility, liquidity and access to capital. An impending secondary listing on Bursa Malaysia will further expand its shareholder base. Established in 1980, Oiltek is an integrated provider of process technology and renewable energy solutions for vegetable oils, including global commodities such as palm oil, soybean oil and rapeseed oil. For FY2025 ended Dec 31, the company reported earnings of RM32 million ($10.3 million), representing a y-o-y rise of 7.9% and continuing its streak of increasing earnings since listing. For comparison, in FY2020, the company reported earnings of RM12.1 million. Oiltek&rsquo s share price, which already gained rapidly in the last two years in line with the higher earnings trend, enjoyed a significant uptick earlier this month. On April 6, it surged above $2 after announcing a heads of agreement with BioSeaga Industries to construct a sustainable aviation fuel (SAF) production facility in Sabah. Before the announcement, the counter&rsquo s shares closed at $1.55 on the previous trading day. BioSeaga Industries is an affiliate of the Brunei-based BioSeaga group, which specialises in the strategic development of food security and renewable and sustainable fuel projects across the region. Under the agreement, Oiltek is the exclusive contractor for the project. The scope of works includes engineering, procurement, construction and commissioning (EPCC) for the plant&rsquo s pre-treatment facilities, SAF production plant, tank farm and logistic bulking infrastructure and partial blending facilities. Oiltek will also provide the necessary preliminary technical expertise and data reasonably required by BioSeaga and its adviser for financial modelling and project planning. At an estimated value of US$350 million ($446 million), the contract, should it be signed off, would quintuple Oiltek&rsquo s order book to above RM1.7 billion. It would also represent Oiltek&rsquo s largest ever contract win. While the eye-watering size of the potential contract drove Oiltek&rsquo s share price higher, another detail in the agreement could signal the company&rsquo s next phase of growth, which, according to CEO Henry Yong in an interview with The Edge Singapore, could be &ldquo exponential&rdquo . Recurring income In addition to the provision of EPCC solutions, the agreement included a clause granting Oiltek the right of first refusal to participate in any equity investment, joint venture or ownership opportunity related to the project or its subsequent phases, meaning Oiltek could take an ownership stake in the project. Yong says co-owning new plants will now be part of his business expansion strategy. &ldquo Instead of selling [EPCC solutions] to our client and making a one-time reasonably small profit, we are thinking of participating in the projects as an equity partner with the client,&rdquo he notes. For context, Oiltek&rsquo s gross profit and patmi margins are 32.5% and 15.1% respectively for FY2025. For Yong, Oiltek&rsquo s participation as an equity owner provides the plant owner with confidence by aligning the interests of both parties, with Oiltek offering synergistic capabilities through operational, maintenance and technological support for the plant. &ldquo For most of the customers, their strength is more on selling the end-product, but they may need support in the plant&rsquo s technology,&rdquo he adds. &ldquo Oiltek, as the solutions provider, can not only oversee routine operations and maintenance, but also step in to fine-tune, redesign or upgrade the facilities when necessary, as it is our forte.&rdquo Yong has high expectations of this strategy to boost the business. &ldquo Through this method, we can generate recurring income,&rdquo he says. &ldquo And this recurring income could be very significant, even outperforming our EPCC business segment.&rdquo Resilient business model The EPCC business is Oiltek&rsquo s bread and butter. With over 45 years of industry experience, Oiltek provides a comprehensive range of process and engineering solutions across the global vegetable oils industry value chain. It has designed, built and commercialised over 650 plants in more than 35 countries across five continents. After joining Oiltek in 2008, Yong realised the company was too reliant on a single line of business, concentrating risk. Diversification was therefore seen as critical not just for survival but also for growth. &ldquo I don&rsquo t like to have a concentration risk, just selling one or two products,&rdquo he says. &ldquo To diversify, we need to have a very strong innovation.&rdquo To Yong, innovation means delivering differentiated solutions that are unique to Oiltek. He says: &ldquo I cannot be selling something commonly available in the market and instead, must sell something better than whatever is in the market.&rdquo A key competitive advantage for Oiltek is its technological edge. The company holds eight technology patents across a range of processes, from palm oil refining and phytonutrient extraction to oil and fats fractionalisation and the processing of palm oil mill effluent (POME). Some of these patents stem from Yong&rsquo s own inventions, which he later patented and assigned to the company. Yong is a 1997 first-class honours chemical engineering graduate from the University of Malaya. Not only have the patents given Oiltek an edge, but they have also enabled the company to expand into the midstream and downstream segments of the food security value chain. &ldquo We have built a comprehensive range for the food security segment, meaning that we can construct, design and build the facility to produce all kinds of products from vegetable oils, which not only includes palm oil, but also soybeans, sunflower and rapeseed,&rdquo he says. &ldquo These products could just be the basic commodity or even niche high-value-added products.&rdquo As an example of its unique capabilities in the food security value chain, Oiltek can formulate calcium salts or rumen-protected &ldquo bypass fats&rdquo which can be used as feed for cows. Consumption of these products increases milk production. &ldquo We are not just involved in building the infrastructure to produce a food product, but we are also utilising our technology to enhance food security by supporting the increase in food production.&rdquo Estimates suggest the global oil and fats market will grow to between US$336 billion and US$646 billion over the next decade. Correspondingly, the vegetable oil market is expected to grow to around US$446 billion in the same time frame. These potential market developments &ldquo create opportunities&rdquo for Oiltek, according to its FY2025 annual report. Renewable energy to fuel &lsquo exponential&rsquo growth Beyond the vegetable oils industry, Oiltek has also been expanding its renewable and sustainable energy business. In FY2025, renewable energy contributed RM61.7 million in revenue, representing a y-o-y increase of almost 250%. By focusing on the biodiesel segment, Oiltek can now offer a variety of solutions for other, more sustainable biofuels. These include bioethanol, which is blended into petrol to reduce carbon emissions, and black biochar pellets, which can serve as a carbon-neutral alternative to coal. More significant for Oiltek is its capability to process POME to produce biogas, which can be used to generate steam for electricity production or be compressed into bio-CNG (compressed biomethane), an emerging, sustainable and reliable baseload energy source for data centres. Yong believes that structural tailwinds are driving the adoption of renewable energy. Firstly, with the ongoing Middle East conflict, many have observed that it is providing impetus for countries and businesses to reexamine their assumptions on the reliability of energy sourcing. &ldquo The situation is no longer about pricing, but availability of energy,&rdquo says Yong. Concern over climate change is a key driver, paving the way for decarbonisation efforts, including the use of cleaner energy. According to Oiltek&rsquo s FY2025 results announcement, Indonesia, the world&rsquo s biggest palm oil producer, continues to mandate a 40% (B40) biodiesel blend. In contrast, Malaysia, the world&rsquo s second-largest palm oil producer, continues to phase in its biodiesel programme, with a 10% biodiesel blending ratio (B10) for the transportation sector and a 7% blending ratio (B7) for industrial use. Presumably, these mandates provide a consistent stream of opportunities for its core business. At the same time, the company is eyeing the burgeoning SAF market. From delivering plants capable of treating and cleansing POME and other vegetable oil-based raw materials in compliance with the International Sustainability and Carbon Certification (ISCC) for use as feedstock in the production and manufacture of hydrogenated vegetable oil (HVO) or renewable diesel, Oiltek has gained experience and capabilities which are transferable to the SAF value chain. According to the International Air Transport Association (IATA), the air transport industry will require around 500 million tonnes of SAF in 2050 to achieve net-zero emissions. However, only around 2 million tonnes of SAF were produced in 2025, necessitating a large-scale increase in SAF production. With Southeast Asian countries &mdash Vietnam, Indonesia, Malaysia, the Philippines and Thailand &mdash possessing the most abundant feedstock to support SAF production, Oiltek, based in the region, is well-positioned, both figuratively and geographically, to capitalise on the demand for SAF and more accessible feedstock. Beyond biofuels and SAF, The Edge Singapore understands that Oiltek is also exploring opportunities in green ammonia production, which would expand the company&rsquo s offerings into the maritime fuel value chain, meaning Oiltek would be involved in producing green fuels for land, air and sea transportation. &ldquo The food segment is our main revenue contributor,&rdquo says Yong. &ldquo But in the future, the energy segment will be the exponential booster.&rdquo Targeting more opportunities The deal with BioSeaga is just one opportunity Oiltek is exploring, with Yong noting that the company is actively pursuing other similar projects, particularly in Malaysia and Indonesia. In particular, he sees potential for additional refining capacity in Malaysian Borneo. Despite supplying more than 60% of Malaysia&rsquo s crude palm oil (CPO), Sabah and Sarawak lack refining capabilities, says Yong. &ldquo Both states have large land banks for CPO but have relatively small internal refining capacity,&rdquo he adds. &ldquo This presents a very good opportunity for Oiltek to help develop downstream processing capacity, supporting GDP growth and job creation.&rdquo In addition to abundant resources, Yong says that Sabah and Sarawak&rsquo s location is a geographical advantage because goods produced in these two states can be easily shipped to Northeast Asian markets, including China, Korea and Japan. Beyond diversifying into new segments and geographies, Oiltek is also broadening its shareholder base through a secondary listing on Bursa Malaysia, following its transfer from Catalist to the Mainboard in Singapore. Yong thinks that the company&rsquo s strong operational footprint in Malaysia provides it with greater visibility, adding that the additional listing aims to enhance shareholder value further and potentially increase liquidity. &ldquo We were one of the first companies in the market to actively enhance liquidity, such as undertaking a bonus issue in 2025,&rdquo says Yong. &ldquo Coupled with a strong outlook, institutional investors will start to show interest in the company.&rdquo He sees Oiltek as a technology company in the growth stage, making efforts to help investors not only better understand its business but also value the company appropriately. &ldquo When I joined Oiltek in 2008, the company&rsquo s net tangible assets were only around RM13 million or $5 million based on the then exchange rate,&rdquo he adds. &ldquo We have managed to transform and diversify the company, earning a valuation of around $33 million when we listed in 2022.&rdquo As mentioned earlier, Oiltek is valued at more than $1 billion when its share price reached $2.46 on April 21. Last year, it won The Edge Singapore&rsquo s Centurion Club Awards 2025 &mdash Highest Returns to Shareholders over Three Years Award for the Industrials sector. With more than 45 years of history, Oiltek is a trusted and reputable global brand, says Yong. By expanding from upstream to downstream across vegetable oils and multiple biofuel value chains over the years, he notes that the company&rsquo s vertically integrated solutions give it an additional competitive advantage. &ldquo Our integration makes us a one-stop provider which can be attractive to clients who prefer to deal with only one vendor instead of multiple suppliers,&rdquo says Yong. Besides having diverse solutions and a varied customer base across more than 30 markets that minimise concentration risk, Yong adds that Oiltek&rsquo s customers comprise large, well-known companies, including those listed in Singapore and Malaysia. He adds that Oiltek has not taken on any debt to fund growth, with the company maintaining a net cash position of around RM100 million. The company has been paying out dividends after its listing as well. &ldquo Perhaps investors should have a better idea of Oiltek&rsquo s value,&rdquo adds Yong. &ldquo Not so many companies have experienced our exponential growth trajectory over the last few years.&rdquo Are there value traps? Since the BioSeaga announcement, investors have not only jumped into Oiltek shares &mdash interest in two other entities has increased as well: Koh Brothers Eco Engineering, which holds the controlling stake of more than two-thirds in Oiltek, and Koh Brothers Group, which is the controlling shareholder of the former. On the surface, Oiltek&rsquo s market cap has far exceeded those of the two entities, suggesting that they are now undervalued. Some analysts such as Paul Chew of PhillipCapital have reservations about whether this is a correct trade. &ldquo Firstly, owning the parent can be a value trap similar to closed-end funds that perpetually trade at a discount to underlying value. Secondly, acquiring the parent company includes inheriting a loss-making and cash flow draining engineering and construction operation,&rdquo says Chew. At least from how the brokerage analysts have reacted by how they&rsquo ve raised their respective target prices for Oiltek, this is the counter where they are focusing on. They include Heidi Mo of UOB Kay Hian, who estimates that a 10% stake in the BioSeaga project could generate around RM14 million to RM28 million of recurring earnings per annum, based on a 10%&ndash 20% return on investment (ROI) of the plant&rsquo s RM1.4 billion construction value. Mo, in her April 7 report, sees this as a &ldquo significant&rdquo sum as it is equivalent to 45%&ndash 90% of Oiltek&rsquo s FY2025 earnings. She adds that Oiltek is an engineering firm that enjoys &ldquo high&rdquo return on equi ty and margins, while providing exposure to the high-growth renewable fuel segment. Mo expects the ongoing Middle East conflict will accelerate adoption and capex for SAF plants which will benefit Oiltek. Valuing the company at 28 times forecasted 2027 P/E, Mo increased her target price to $2.78 from the previous $1.05. Meanwhile, CGS International&rsquo s William Tng projects the company&rsquo s net profit to quadruple to RM167 million in FY2027 should the contract be confirmed. He notes in his April 14 report that potential equity participation in future projects could lessen the firm&rsquo s dependence on order wins and create a recurring revenue stream. Tng expects the company&rsquo s EPS to grow 300% y-o-y and values the company at 27 times the forecast FY2027 P/E, with a target price of $3.38, a significant jump from the previous 94 cents. For PhillipCapital&rsquo s Chew, Oiltek is expected to gradually secure a recurring earnings stream from maintenance and ownership stakes in SAF plants, with demand for SAF growing at a CAGR of 46% through 2030. Raising FY2027 earnings forecast by 322%, Chew pegs Oiltek&rsquo s price to 24 times P/E or $2.72, up from the previous target of $1.18. The valuation is also 50% higher than that of peers listed in Malaysia, with Chew justifying the premium on the company&rsquo s growth, high ROE, and RM100 million cash balance. Similarly, Lim and Tan&rsquo s Nicolas Yon also recognises the potential growth in net profit, writing: &ldquo Oiltek has cemented its position as a credible mid-cap player, marking a successful transition from its small-cap origins.&rdquo Yon is also cognisant of the significance of Oiltek&rsquo s potential diversification from the &ldquo cyclical&rdquo nature of project-based EPCC work. &ldquo It gives Oiltek a clear path to take equity stakes in the SAF plants they build,&rdquo he states in his April 20 report. From a target of 94 cents in July 2025, Yon now values Oiltek at $3.10, or 27 times the forecast FY2027 P/E. He also believes there is still room for growth in the share price, with more potential contract wins, a successful secondary listing in Malaysia, increasing profitability and dividends, and a &ldquo seismic&rdquo shift in earnings profile from FY2027. &ldquo Beyond ownership, Oiltek is also targeting long-term maintenance and service contracts for these specialised facilities,&rdquo adds Yon. &ldquo This shift is critical because it transforms the business model from one that relies on constantly winning new contracts to one that captures a steady stream of high-margin income over the 20- to 30-year lifespan of a plant. We view this positively and expect Oiltek&rsquo s valuation to reflect a fundamental shift in its business model, assuming Oiltek is successful in its endeavours.&rdquo For Yong, these may be the beginning of a new wave of re-ratings sparked by Oiltek&rsquo s &ldquo exponential&rdquo growth. |
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| 09-May-2026 09:41 |
Huationg Global
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Huationg Global Limited (41B)
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Huationg Global to spend $58 mil on dormitory development Construction firm Huationg Global plans to spend $58 million to develop a workers' dormitory by acquiring a 4,385 sqm 45-year-leasehold plot from an unrelated third party. Construction work at the site, Lot 8244M of Mukim 27, will start in the second half of this year and is targeted for completion by second half of 2028. Huationg expects the dorm to commence operations by first half of 2029. The company plans to fund this project via a combination of internal resources and bank borrowings. " The proposed acquisition and proposed development would positively contribute to the business of the group," says Huationg in its May 7 announcement. Huationg Global shares closed at 87 cents on May 7, up 1.16% for the day, extending its year to date gain of 64.15%. |
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| 09-May-2026 09:40 |
ASTI
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Time To Change
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ASTI Holdings: The company nobody wanted to rescueASTI Hol Every semiconductor chip used in consumer electronics is first placed into a plastic carrier tape, sealed, and wound onto a reel. This allows the chips to be fed into automated assembly machines with maximum efficiency. Without this step, modern electronics manufacturing would grind to a halt. Since 1999, ASTI Holdings has been in the business of doing this at scale. Headquartered in Singapore with factories in Malaysia, the Philippines, China and Scotland, the group describes itself as one of the world&rsquo s largest independent providers of tape-and-reel packaging services for semiconductors. For much of the past four years, however, ASTI Holdings has been better known for a governance crisis that saw its shares suspended and its annual reports years overdue. From shareholder to CEO In January 2024, CEO Ng Yew Nam stepped into the role with a mandate to fix the problems. Before ASTI Holdings, he founded iTrue Technologies in 2005 and led it for nearly 20 years, building it into a specialist in machine vision inspection for passive electronic chip components. Prior to that, Ng had been an employee within one of ASTI Holdings&rsquo subsidiaries, and later became a substantial shareholder in the group. When trading at ASTI Holdings was suspended in 2022, he offered to step in, though that opportunity did not materialise. By early 2024, the previous board had been entirely replaced. Ng became CEO in January and was elevated to executive chairman by November. &ldquo The decision to take on this role was a combination of factors. I invested in the company, and I wanted to protect my investment,&rdquo he adds. &ldquo But more importantly, after carefully evaluating the situation, I was convinced that the challenges were structural rather than fundamental.&rdquo He observed that despite the trading suspension, the company continued generating revenue, and customers had not walked away. &ldquo That is why I thought it was worth fixing,&rdquo he says. Rebuilding ASTI In January 2024, ASTI Holdings held meaningful cash across its operating subsidiaries, but &ldquo the corporate had no money,&rdquo Ng says plainly. Beyond the cash, the compliance backlog was substantial. The company had not held its FY2021 AGM by the required date and had missed successive deadlines for FY2022 and FY2023. Auditors had issued qualified opinions, and the previous board had been in breach of regulatory requirements. As a result, Ng&rsquo s immediate priority was not growth but governance. He adds: &ldquo Without resolving the audit backlog, we could not talk to the Singapore Exchange [SGX]. We could not engage any potential acquirer. We could not do anything. What we were focused on was fixing the compliance, so that we could be in a position to attract an exit offer for shareholders.&rdquo Between May 2024 and February 2025, ASTI Holdings completed four overdue AGMs and one EGM &mdash covering financial years 2021 through 2024 &mdash within 15 months. New auditors were appointed, and loss-making subsidiaries were wound down. Dragon Group International, a separately listed subsidiary with a troubled history, was placed into creditors&rsquo voluntary liquidation in October 2024. ASTI Holdings eventually resumed trading on SGX on Jan 22, ending a suspension of more than three years. In March, ASTI Holdings also reached an amicable settlement with Advanced Systems Automation (ASA) to recover $6 million in legacy debts. While the governance work was underway, the operating business still had to run. Ng describes the challenge of managing customers through a period of deep uncertainty as one of the harder aspects of the turnaround. &ldquo To be honest, they did not believe in the business in the beginning. But I personally visited the customers. Openly, transparently, I explained to them the situation, what we were trying to fix, what our roadmap was,&rdquo Ng says. That transparency, he adds, was what eventually converted scepticism into something more durable: &ldquo They even share their expansion plans with us now. They want us to be part of their total supply chain in the future.&rdquo Competitors as customers After semiconductor components are manufactured and tested, they undergo visual inspection &mdash camera-based systems check for surface defects at high speed. The components are then placed into embossed plastic carrier tapes, sealed with a cover tape, and wound onto reels. This is the format required by the automated surface-mount assembly machines that build circuit boards. &ldquo And even though the components look small, they require special equipment, precise handling and consistent quality control. Not every company is willing to invest in this.&rdquo Most of ASTI Holdings&rsquo customers &mdash integrated device manufacturers and contract electronics manufacturers &mdash choose not to maintain this capability in-house. &ldquo We have 30 years of experience and more machine capability than most,&rdquo Ng adds. Even some customers with in-house capabilities still come to ASTI Holdings when volume overflows, or they encounter product types outside their toolset. &ldquo So sometimes our competitor is also our customer,&rdquo says Ng. The AI boom The semiconductor industry&rsquo s dominant narrative over the past two years has been the AI boom, marked by soaring demand for advanced chips, record revenues for companies like Nvidia, and rising valuations across the supply chain. ASTI Holdings, however, does not serve that segment. As Ng notes, its business lies in standard IC packaging for consumer electronics, industrial applications, and automotive markets, where the recovery has been more muted. Yet he disputes the idea that ASTI Holdings is being left behind. &ldquo The initial AI boom was concentrated in high-performance computing, GPUs and CPUs. We are not in that segment. But we represent the broader semiconductor ecosystem. More and more devices are now being built with embedded AI capabilities. That will benefit us.&rdquo ASTI Holdings itself has also begun integrating AI models into its manufacturing processes to optimise throughput and reduce defects. But Ng&rsquo s ambitions go beyond operational stabilisation. He wants to transform ASTI Holdings from a pure services provider into what he calls a &ldquo technology-driven company&rdquo &mdash one that controls the service of packaging chips, the machines used to do it, and the materials consumed in the process. The next stage The reference point is the company&rsquo s own history. The group once owned Semiconductor Technologies & Instruments, a subsidiary that manufactured the taping machines used in its own operations. That capability was later lost. &ldquo We want to go back to that and become a technology-driven company,&rdquo Ng says. &ldquo If we can control the machine, control the material, and have the service in-house, we can offer customers a complete solution. If I can tell a customer: the old way costs you a dollar, and my way costs seventy cents, that is a no-brainer decision for them.&rdquo He also flags a shift in packaging technology as an area of expansion. Wafer-level packaging &mdash where chips are mounted directly onto circuit boards without traditional leads or wiring &mdash is becoming the standard for advanced components, including AI chips. ASTI Holdings is moving into this process as an adjacent service to its core tape-and-reel business. Geographically, Thailand is the next step. Ng says a major customer is planning significant capacity expansion there, aiming to grow revenue from US$12 billion ($15.2 billion) to US$20 billion by 2030, and has invited ASTI Holdings to participate. A factory is planned. For shareholders who spent three years unable to sell their shares, the immediate question is what the return to trading actually means. &ldquo I recognise their patience,&rdquo Ng says. &ldquo I have received many calls at AGMs. People asking: Is there still any value? Is the company still operating? My focus has been on rebuilding a solid foundation, so that they can benefit from what we are building now.&rdquo ASTI Holdings returned to profit in FY2025, posting net earnings of $1.1 million on revenue of $36.9 million, following a loss of $18.9 million the year before. The group entered 2026 free of bank borrowings, holding a net cash position of $13.1 million, after netting lease liabilities and long-term payables. In January, a share placement raised additional gross proceeds of $3.2 million for expansion. The tape-and-reel business is still running, and customers are still placing orders. For Ng, who stepped into a role few wanted, the focus is now on what comes next. About ASTI Holdings Listed on the mainboard of the Singapore Exchange, ASTI Holdings is a global leader in backend semiconductor tape and reel packaging and integrated circuit programming services. As one of the world&rsquo s largest independent providers, the company serves a broad spectrum of integrated device manufacturers, contract manufacturers, and component distributors worldwide. On June 6, 2022, ASTI received a delisting notification from SGX-ST, and trading in the Company&rsquo s securities ceased on July 5, 2022, and was to remain suspended until the completion of an exit offer. On Dec 4, 2025, SGX-ST informed ASTI that it had no objection to ASTI&rsquo s application to resume trading. On Jan 20, ASTI obtained concurrence from SGX-ST on the application to resume trading of its shares with effect from Jan 22, and ASTI&rsquo s shares resumed trading on the same day. With a robust and synergistic portfolio, the ASTI Group of companies delivers comprehensive, integrated solutions tailored to meet the diverse needs of our clients. ASTI&rsquo s extensive reach and capabilities position it as a trusted partner in the semiconductor industry. Headquartered in Singapore, ASTI operates seven strategically located factories across Southeast Asia, Greater China and the UK. This expansive network ensures we remain close to our customers, facilitating efficient distribution and exceptional service across key markets in Asia and beyond. |
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| 09-May-2026 09:39 |
Aztech Gbl
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Aztech Global IPO
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Aztech Global gains favour with wider customer base Aztech Global reported 1QFY2026 ended March results that came in roughly in line with analysts&rsquo expectations. However, with new orders secured, the manufacturer enjoyed upgrades and higher target prices to reflect the better prospects ahead. In 1QFY2026, Aztech reported earnings of $4 million, a jump of 167% y-o-y. This came on the back of a 54% increase in revenue to $64.7 million, led by stronger demand for Internet of Things devices, which accounted for a big chunk of Aztech&rsquo s business. Orders in data communication products also helped lift the bottom line. The 1QFY2026 numbers show Aztech has put behind the lower earnings it posted in FY2025 as a key customer cut back orders, no thanks to softer global demand and a more competitive operating landscape. In FY2025, Aztech&rsquo s revenue fell 30.4% y-o-y to $432.5 million and earnings plunged 43% to $40.2 million. UOB Kay Hian&rsquo s John Cheong sees a more positive year ahead for Aztech. &ldquo While management remains cautious on the near-term macro backdrop, earnings visibility is set to improve,&rdquo says Cheong, who has raised his target price from 58 cents to $1.32, along with a &ldquo buy&rdquo call from &ldquo hold&rdquo . The brighter prospects are partly due to the ramp-up of new projects secured. Aztech won 27 new projects in 2025, of which only eight entered commercial production that year. &ldquo The remaining are scheduled to commence production in 2026, providing a clearer growth pipeline,&rdquo says Cheong. In 1QFY2026, Aztech further secured six new project orders and added two new customers in the security and renewable energy segments. Also, six new project orders started commercial production. &ldquo These project wins and new product introduction progress support medium-term customer and revenue diversification, despite modest early-stage revenue,&rdquo says Aztech. Aztech also has the capacity to handle higher pick-up volumes. In January, the company&rsquo s Malaysia facility obtained US FDA registration for high-value medtech. Cheong has raised his FY2026 earnings estimate by 15% and his FY2027 estimate by 25%, underpinned by more resilient and growing customer demand. Correspondingly, Cheong&rsquo s target price has been raised to $1.32, pegged to 20 times FY2027 earnings, or a 25% discount to Singapore peers&rsquo average of 27 times. Besides trading at a lower valuation relative to peers, Cheong notes that Aztech offers an attractive 5% core yield, with total yield reaching 14%&ndash 15% in 2024&ndash 2025 after including special dividends. William Tng of CGS International has similarly upgraded his call from &ldquo hold&rdquo to &ldquo add&rdquo . &ldquo Despite the slow start to FY2026, we expect Aztech to see q-o-q improvements in the second and third quarters, based on historical trends,&rdquo says Tng, who has raised his target price to $1.14 from 78 cents. He last raised his target price to 78 cents from 66 cents on March 3. For the current FY2026, Tng, citing Aztech&rsquo s management, warns that macroeconomic and geopolitical uncertainties will weigh on demand amid ongoing cost pressures. &ldquo Against this backdrop, Aztech will focus on progressing its net property income pipeline towards commercial production and securing new project orders from the MedTech and renewable energy segments,&rdquo says Tng. While Tng has held his earnings forecast for FY2026 to FY2028, he has applied a higher valuation multiple on this counter, due to expected buying support from the Equity Market Development Programme. From an earlier valuation multiple of 13 times FY2027 earnings, Tng figures Aztech should fetch 19 times the average of FY2026 to FY2028 earnings, which is 3 s.d. above its five-year average P/E over FY2022 to FY2026. Tng says re-rating catalysts include potential new customer wins and more projects from its main customer. In contrast, downside risks include order cancellations due to an economic slowdown affecting demand, and, last but not least, volatile foreign exchange rate movements affecting its financials. Ling Lee Keng of DBS Group Research has maintained her &ldquo hold&rdquo rating and earnings estimates. Ling flags Aztech&rsquo s margin resilience will likely hinge on maintaining healthy utilisation rates, continued supplier cost management and ongoing productivity improvements from manufacturing and design enhancements. Having said so, she has raised her target price from 67 cents to 93 cents, to reflect the &ldquo ongoing sector re-rating driven by structurally led growth in the technology space&rdquo . Her higher target price of 93 cents is based on 15 times FY2027 earnings, around +1.5 s.d. above the four‑ year average. |
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| 09-May-2026 09:38 |
Sheng Siong
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Sheng Siong
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Higher target prices for Sheng Siong on earnings growth from new stores Several analysts have raised their target prices for Sheng Siong Group, citing expectations that demand will remain resilient and new store openings will drive earnings. Along with his &ldquo buy&rdquo call, Alfie Yeo of RHB Bank Singapore has raised his target price for the supermarket chain to $3.45 from $3.02, reflecting a higher valuation multiple. In FY2026, Yeo expects Sheng Siong to report higher earnings, driven partly by the 12 new stores it opened in FY2025. In 1QFY206, Sheng Siong reported earnings of $43 million, up 12% y-o-y, and revenue was up 12% to $452 million, in line with Yeo&rsquo s estimates. Thanks to a better sales mix, gross margins improved by 0.7 percentage points to 31%. Yeo&rsquo s new target price is based on a 28 times multiple of blended FY2026 and FY2027 earnings, reflecting deeper and wider market penetration, up from an earlier 25 times multiple on FY2026 earnings. &ldquo Growth outlook is positive, as Sheng Siong Group continues to penetrate the market with more stores,&rdquo he says. This year, the company has already secured three new outlets and is awaiting tender results for another five. Yeo expects Sheng Siong to bid for two more tenders in the next 6&ndash 12 months. &ldquo For the longer term, its new distribution centre will support more than 120 stores eventually. Finally, we believe that the Singapore market&rsquo s positive fund flows will provide tailwind and lift valuations higher over the medium term,&rdquo he reasons. Yeo says his higher multiple of 28 times, which is slightly above the Singapore grocery retail sector&rsquo s long-term average forward P/E valuation of 26 times, is justified because of the pace at which Sheng Siong is growing. Yeo notes that despite the Middle East conflict, Sheng Siong, with its diversified supply base, has not seen any hiccups. Neither will higher energy costs hurt its margins &ldquo strongly&rdquo as the company hedges. &ldquo In addition, suppliers have yet to increase prices,&rdquo says Yeo. For him, key downside risks to his earnings estimates include slower-than-expected store openings, lower sales demand and per-sq-ft traction, and the inability to maintain the current gross profit margin. &ldquo We expect Sheng Siongs&rsquo s performance to remain resilient, as it targets the mass market value segment, which will enjoy the effects of downtrading in a soft consumption environment,&rdquo says Yeo. Chu Peng of OCBC Group Research has kept her call at &ldquo hold&rdquo but has raised her fair value for Sheng Siong from $2.78 to $3.26, on the premise that this is a defensive business amid rising inflation and slower economic growth. &ldquo Demand for groceries could be supported by a shift in consumption patterns towards a focus on value-for-money purchases due to inflationary pressures and a higher cost of living. &ldquo Moreover, grocery sales could be supported by inflation-relief measures announced in Singapore&rsquo s Budget 2026, such as the CDC vouchers,&rdquo she adds. Chu, citing management, says Sheng Siong expects to maintain rational pricing unless its competitors become aggressive. Its suppliers have also flagged potential price hikes, but some are holding back given the weak consumer sentiment. While consumer spending is cautious and prioritising daily essentials, sales should see &ldquo support&rdquo as the next tranche of $500 in CDC vouchers, originally scheduled for January 2027, has been brought forward to June. Chu says Sheng Siong is now trading at a 12-month forward P/E of 27.3 times, around 3 s.d. above its historical average of 20.2 times. She has revised her earnings forecasts and raised the fair value estimate to $3.26, reflecting a lower cost of equity assumption and a higher terminal growth rate. Chee Zheng Feng of DBS Group Research is a bit more cautious. He has raised his target price, too, from $2.60 to $2.80. His call remains &ldquo hold&rdquo . Chee sees a slightly improved earnings outlook and longer‑ term growth optionality. His new target price of $2.80 is pegged to a higher 26 times forward P/E, up from 24 times, which is 2.5 s.d. above the five-year average. &ldquo We believe the higher valuation premium is justified by a more conducive store network expansion environment, a rational competitive landscape, and increased investor appetite for defensive names amid heightened geopolitical uncertainty stemming from the ongoing Iran war,&rdquo says Chee. |
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| 09-May-2026 09:37 |
A-Sonic Aero
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The making of a Dyna-Mac type of run
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A-Sonic Aerospace leans on acquisitions and buybacks to close valuation gap For A-Sonic Aerospace&rsquo s (SGX:BTJ) (A-Sonic) CEO Janet LC Tan, her journey in founding the company was driven more by her work experience than formal education. In a recent interview with The Edge Singapore, she recalls never really getting along with books during her school days. &ldquo After my secondary four education, I started working at the age of 17 and went on to have about 10 years of working experience in the building industry,&rdquo says Tan. Through a referral from a former colleague, Tan secured an interview with an aviation company that required her to be based in Beijing, China. &ldquo At that time, I knew nothing about the aviation industry and the country as well. So I just went ahead with the interview, and they offered me the job after two to three weeks of waiting.&rdquo From there, she entered the aviation industry, spending three years in Beijing working with airlines. After returning to Singapore, Tan started her own business. &ldquo Initially, we were doing a variety of things. However, from 1996 till our IPO in 2003, we decided just to stay focused on the aviation industry and gave up the rest of the business segments.&rdquo With her sister Jenny Tan Lay Yong, co-founder and executive director of the company, she brought A-Sonic to a listing on the Singapore Exchange (SGX) in September 2003. The IPO price was set at 26.5 cents per share with an initial market capitalisation of $75 million. In the latest SGX filing dated May 6, Tan holds a 65.65% stake in the company. Speaking on how responsibilities are divided, Tan says she was essentially the front-line person while her sister handled operations. &ldquo She takes care of all kinds of deliveries and the overall operations, while I was visiting customers and trying to secure business for the company. In the beginning, I used to travel a lot to the likes of China, the US and Europe. The cumulative travelling duration can run up to six months on a yearly basis.&rdquo That front-facing role, she adds, shaped her management style. She also admits that she can be quite strict at work. &ldquo I do demand from our people to perform. But when it comes to fun, I am all but ok with it we can all have fun together.&rdquo A-Sonic leans on logistics for growth Today, A-Sonic and its subsidiaries operate in two areas of business, mainly aviation and logistics. Under the A-Sonic aviation solution, it is involved in the purchase and sale of aircraft components, while the A-Sonic logistics solution covers logistics, which includes air and ocean freight, warehousing, transportation and air cargo terminal handling. As at Dec 31, 2025, the company has a staff strength of approximately 557 and operates in 28 cities across 14 countries, including the US, Canada, Dubai, China and Australia. For the logistics segment, Tan says that her current plan is to continue building logistics volume here in Asia, as well as the US and Europe. &ldquo Especially long-haul routes like the US and Europe, these are giving us better margins and rates. Also, by building up our volume, this will help the company to secure better pricing and bargaining power,&rdquo says Tan. Apart from building volume, Tan also prefers to enter into long-term contracts with her customers to build certainty for the company. According to her, a typical long-term contract averages around five years. &ldquo We like repeat customers with long-term contracts so that we can grow together as partners.&rdquo In the recent FY2025 results, A-Sonic&rsquo s logistics business unit registered a profit before tax of around US$4.6 million ($5.8 million), while its aviation business unit incurred a small loss before tax of US$358,000. &ldquo For the losses at our aviation business unit, it is still a relatively small amount, and we will be looking to scale up the business at the right opportunity to turn around the unit,&rdquo says Tan. Meanwhile, she believes logistics will never go out of fashion, as cargo cannot move itself and will always rely on logistics companies to move goods across the globe. The recent conflict in Iran, however, has pushed up oil prices, putting pressure on corporate costs. She notes that while companies cannot fully pass on these increases to customers, contractual arrangements allow for partial pass-through, with costs benchmarked against specified indices to determine the recoverable amount. Moving into logistics tech While the company remains focused on its logistics and aviation segments, it has also begun expanding into information technology (IT). On Feb 3, it announced that its wholly owned subsidiary, A-Sonic SCM, had entered into a binding joint venture agreement to acquire a 55% equity interest in RES Malaysia (RES), a Malaysian IT company. &ldquo The logistics industry is undergoing rapid digital transformation, and our customers increasingly expect integrated solutions that combine physical logistics execution with digital visibility, automation and data intelligence,&rdquo she says. Through the joint venture with RES, she believes that A-Sonic can accelerate its ability to offer digital supply chain visibility, workflow optimisation and recurring service models that complement its logistics operations. &ldquo This joint venture strengthens our competitiveness and positions us for the next phase of growth as our long-term strategy is to evolve from a traditional logistics provider into a technology-enabled supply chain solutions group,&rdquo Tan adds. She hopes that by strengthening A-Sonic&rsquo s competitiveness, the company will be able to improve operational productivity in its logistics-related business and achieve cost savings. &ldquo I will also want to integrate artificial intelligence (AI) into our systems, whenever feasible,&rdquo adds Tan. She admits that building a full-stack logistics technology platform internally would take a timeline of between three and five years and require significant investment. &ldquo RES already has proven products, an established customer base and domain expertise in mobility, automation and workflow systems. This will give us the capability and market access almost immediately.&rdquo On the acquisitions front, Tan believes that the cash pile sitting on the company&rsquo s balance sheet allows them to consider strategic acquisitions, especially during these turbulent times. As at Dec 31, 2025, A-Sonic was in a net cash position of US$45.86 million. &ldquo We have identified numerous potential acquisition targets and will try to shortlist two potential targets that are focused on end-to-end logistics. Hopefully, we can see through it by the end of this year,&rdquo says Tan. While she wishes to do more in terms of acquisitions, she believes that it takes time to integrate the acquisition target into the existing business of A-Sonic and therefore she would rather take it at a slower pace to ensure stability. As for picking the acquisition targets, Tan says that some of the criteria include the geographical focus and the type of logistics and supply chain that they are in. &ldquo Some of these targets can be operationally strong in either air, land or sea, and these are different segments of the logistics industry. Therefore, we have to see which one is the best fit for A-Sonic.&rdquo Share buybacks and spin-offs While the idle cash pile remains on its balance sheet for potential acquisitions, Tan has recently begun deploying part of it through a series of share buybacks in a bid to narrow the valuation gap. With a share price of 55.5 Singapore cents and a net asset value (NAV) of 47.91 US cents, this translates to a price-to-book ratio of 0.9 times. For the past six months, the share price has seen a gain of 65%. Furthermore, A-Sonic&rsquo s net cash position of $58.53 million versus its current market capitalisation of $57.46 million means that the market has assigned a negative value to its business operations, which has generated US$3.37 million in profit after tax in FY2025. &ldquo Our share price has been trading at a discount to our NAV for the longest time. Therefore, through these frequent share buyback transactions, we hope to bridge the gap between our share price and our book value,&rdquo says Tan. Recently, analysts have begun taking a closer look at A-Sonic. On April 1, Paul Chew from PhillipCapital issued a non-rated report on the company. While no target price and recommendation were stated in his report, he says that A-Sonic&rsquo s working capital requirements have been minimal or negative over the past five years, with payables exceeding receivables. &ldquo A-Sonic is trading at attractive valuations with net cash that has been stable, averaging US$45 million per year over the past five years,&rdquo Chew adds. He foresees that with the cash hoard, A-Sonic can undertake earnings accretive tuck-in acquisitions and help to boost its scale and enable spin-offs in the future. As for potential spin-offs, Tan says that any such corporate action will be highly dependent on the performance of the companies within A-Sonic. &ldquo Why do I think that spin-offs are important? While it can help to increase our company&rsquo s value, I also believe that post spin-offs, the entity could grow on its own and could even be a household name.&rdquo Growth strategy overview Looking ahead, A-Sonic will adopt a multi-pronged growth strategy. &ldquo First, we will be looking at internal growth, which is really to increase our customer base and network by securing long-term contracts. Second, on the inorganic growth front, we will also undertake any potential acquisitions and joint venture partnerships. Third, of course, we will be looking at any potential spin-offs as well to drive our growth,&rdquo adds Tan. The company is also looking to expand further into Southeast Asia, particularly Malaysia, Vietnam and Indonesia, which are fast-growing countries with a combined population of approximately 424 million people. &ldquo At the end of the day, we will continue to put in efforts to create value for all of our shareholders,&rdquo she adds. |
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| 09-May-2026 09:36 |
HG Metal
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Nobody interested in this stock?
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HG Metal reports net profit of $6 mil for 1HFY2026, down 4% y-o-y HG Metal (SGX:BTG) has reported net profit after tax of $6.0 million for 1HFY2026 ended March 31, a decline of 4% y-o-y. Revenue stood at $81.0 million in 1HFY2026, a drop of 5% y-o-y, mainly due to a 1% drop in sales volume and a decline of 4% in average selling price amid the continued weakness in steel prices. Despite the lower revenue, HG Metal&rsquo s gross profit grew by 21.1% y-o-y to $13.8 million and gross profit margin expanded to 17.1% in the same period, driven by lower average material costs. Other operating income was lower at $1.3 million due to lower foreign exchange and fair value gains and reduced interest income, which were partially offset by a one-off insurance compensation for property repair cost. Selling and distribution expenses decreased by 8% y-o-y to $800,000 in 1HFY2026. This was attributed to internal fleet optimisation and reduced outsourced logistics services. Administrative expenses were higher by approximately $500,000 due to higher salary costs. Other operating expenses rose to $2.2 million in 1HFY2026 as a result of higher repair and maintenance costs. Finance costs declined 30% y-o-y, driven by lower utilisation of trade financing and repayment of bank loans. HG Metal&rsquo s total net asset stood at $155.4 million as at March 31, with lower bank borrowing of $4.4 million following loan repayments made during the period. Cash and cash equivalents decreased to $55.5 million due to the cash outflow from the $5.7 million Eden Flame subscription and $1.0 million deposit paid for 47 Tuas View Circuit. &ldquo We remain focused on operational efficiency and long-term value creation for our shareholders, while staying watchful of the evolving macroeconomic and geopolitical landscape,&rdquo says Xiao Xia, executive director and CEO of HG Metal. Shares of HG Metal closed 1 cent lower, or 1.6% down at 61.5 cents on May 8. |
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| 09-May-2026 09:35 |
SBS Transit
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SBS Transit
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SBS Transit Q1 profit slips 2.2% to S$15.6 million despite ridership gains But its revenue grows by 4.8% to S$391.8 million [SINGAPORE] Transport operator SBS Transit : S61 -0.28% on Friday (May 8) posted a 2.2 per cent decline in net profit to S$15.6 million, from S$15.9 million in the year-ago period. The group attributed the dip in profit to lower interest income. Revenue stood at S$391.8 million, a 4.8 per cent increase from S$373.8 million in the previous year. The increase in revenue was driven by higher service fees for buses, the result of higher fuel indexation and annual indexation. Higher rail fare revenue, driven by a higher average fare and ridership numbers, also contributed to the rise in overall revenue. Daily ridership numbers also rose. The North-East Line clocked a 2.7 per cent increase in average daily ridership to 610,814 the Downtown Line&rsquo s average daily ridership numbers rose 2.1 per cent to 474,846. SBS Transit introduced three new two-car Light Rail Vehicles to the Sengkang West Loop under its expansion plan for Sengkang-Punggol LRT. By 2028, 25 such vehicles will be deployed in the network. Operating costs, on the other hand, grew 4.9 per cent to S$374 million, from S$356.5 million in the year-ago period. The increase came from higher fuel and electricity costs, mainly arising from higher average prices and higher staff costs. The group&rsquo s operating profit increased 2.9 per cent to S$17.8 million, from S$17.3 million in the year-ago period. Shares of SBS Transit fell 0.3 per cent or S$0.01 to S$3.60 on Friday, prior to the announcement. |
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| 09-May-2026 09:35 |
NoonTalk Media
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NoonTalk Medi
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Dasmond Koh&rsquo s NoonTalk Media narrows Q3 loss by 41.9% to S$0.4 million Revenue for the quarter is down 3.3% year on year at S$683,895 [SINGAPORE] NoonTalk Media on Friday (May 8) announced a loss of S$437,615 for its third quarter ended Mar 31, a narrowing of 41.9 per cent from S$752,974 for the year-ago period. The Catalist-listed media group, helmed by former DJ Dasmond Koh, who is its chief executive and executive director, posted a 3.3 per cent year-on-year decline in Q3 revenue to S$683,895, from S$707,015 previously. Revenue from its management and events segment decreased 52.4 per cent to S$210,310 during the quarter. The group attributed this to lower artiste revenue and studio rental, as well as its &ldquo strategic pivot away from studio management services&rdquo . NoonTalk&rsquo s production segment&rsquo s revenue, meanwhile, increased 78.4 per cent to S$473,585, from S$265,401 a year earlier. This was driven by a &ldquo growing number&rdquo of micro-drama projects, the group said. &ldquo This surge reflects a broader trend toward shorter, more compact storytelling formats that are being produced and released more frequently, thereby driving up the total volume,&rdquo it added. Loss per share for Q3 FY2026 narrowed to S$0.0022, from S$0.0038 a year earlier. For the nine months ended Mar 31, NoonTalk&rsquo s loss widened 27.5 per cent to S$2.1 million, from S$1.6 million for the previous corresponding period. Revenue fell 23.9 per cent to S$2.8 million. NoonTalk said that the business environment is &ldquo expected to remain cautious, with businesses taking a more considered approach to spending and project commitments amid ongoing macroeconomic and geopolitical uncertainties&rdquo . The group expects short-format content and marketing-led projects to remain relevant. It will also draw on its experience on digital storytelling and integrate artificial intelligence-generated content tools, in response to evolving requirements. &ldquo Over the next 12 months, business performance is expected to be influenced by broader economic conditions and rising business costs, as well as the pace at which projects are realised and executed,&rdquo NoonTalk added. |
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