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| 04-May-2026 10:04 |
ST Engineering
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ST Engg
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More than a defence contractor &ndash ST Engineering&rsquo s Vincent Chong is ready for the next lap To see the group as a mere defence proxy cashing in on conflict misses the plot entirely [SINGAPORE] It is easy to look at ST Engineering&rsquo s rising share price and assume that the defence contractor is simply riding a wave of global instability amid growing military budgets and heightened geopolitical tensions. Indeed, ST Engineering is currently the best performer among the Straits Times Index (STI) blue-chip stocks in the year to date. The stock has generated a total return &ndash with dividends reinvested &ndash of 28.4 per cent since the start of 2026, extending the strong momentum it built up last year. This dwarfs the 7.1 per cent total return of the STI over the same period. But to see ST Engineering as a mere defence proxy cashing in on conflict misses the plot entirely. &ldquo The defence business is core to us,&rdquo said ST Engineering group president and chief executive officer Vincent Chong. &ldquo But two-thirds of our group revenue comes from very strong global businesses in our commercial aerospace and smart city domains.&rdquo The real engine behind the group&rsquo s record operating profit and S$33.2 billion order book, Chong noted, was built years ago. The actual heavy lifting started during the darkest, quietest days of the Covid-19 pandemic, when the company decided to rip up its playbook and completely rewire how it does business. The Covid crucible For a company that drew a large chunk of its group revenue from aviation and aerospace, the Covid-19 pandemic &ndash during which aeroplanes were grounded and borders shut &ndash was a brutal period. But instead of going into survival mode &ndash hoarding cash and cutting costs to the bone &ndash ST Engineering went the other way and started a massive structural pivot. It tore down the old internal walls separating its land, sea, air and electronics divisions, and reorganised itself into customer-centric units. &ldquo During Covid, we made a conscious decision to proceed with our reorganisational changes because we want to be ready when the market recovers,&rdquo Chong recalled. &ldquo We also invested in new capacities for aerospace in the depth of Covid, so that we can be ready for the upturn.&rdquo It was a big gamble that paid off. When the skies reopened and the global economy restarted, the group hit the ground running. It brought in S$18.7 billion in new contracts in 2025. Recently, it announced an additional S$4.8 billion in new contracts for the first quarter of 2026 alone. This first-quarter haul added immense weight to an already bulging order book and provided clear revenue visibility. Flying high Bearing the most fruit from ST Engineering&rsquo s Covid-era restructuring might be the commercial aerospace division, which secured S$1.7 billion of the new first-quarter contracts. Instead of just fixing planes &ndash the group remains a leader in airframe maintenance, repair and overhaul &ndash it has moved upstream and now also manufactures the parts that go into them. Through acquisitions, it is a key original equipment manufacturer for engine nacelles &ndash the aerodynamic casings that house jet engines &ndash specifically for the popular Leap-1A engines. This shift from mechanic to manufacturer changes the profit profile entirely. Operating expenses as a ratio of revenue dropped to an all-time low of 10.2 per cent in 2025, down from 10.6 per cent the year prior and about 13 per cent some years ago. &ldquo We do expect improvements in Ebit (earnings before interest and taxes) margins,&rdquo Chong said. The way he sees it, successful execution of ST Engineering&rsquo s strategy not only means pushing for topline growth, but also looking at the group&rsquo s productivity and efficiency. The goal is to carve out another S$1 billion in cost savings over the five-year period from 2024 to 2029, purely to stay ahead of inflation. &ldquo We have our target of about S$200 million a year and every year, we have been beating those targets,&rdquo Chong said. Even as a defence contractor &ndash Chong prefers the term &ldquo strategic defence partner&rdquo &ndash ST Engineering plays a different game. In the first quarter of 2026, it secured S$2.4 billion for its defence and public security segment. This includes its entry into the Qatar defence market with a 315 million euro (S$470 million) deal, and a S$600 million subcontract to build eight patrol vessels for the Kuwait navy. Under ST Engineering&rsquo s asset-light model, it designs the ships, build a few in Singapore, and partners local yards to build the rest. This keeps capital costs low and fosters local goodwill. Wiring South-east Asia and beyond While aerospace and defence grab the flashy headlines, the urban solutions segment is quietly building up the bank. &ldquo Today, roughly about 50 per cent of the world population live in urban cities. Through 2050, about two-thirds of the projected growth in world population will be in urban cities,&rdquo Chong pointed out. In the first quarter of 2026, the urban solutions and satcom segment brought in S$700 million, snagging deals for passenger information systems for Taiwan&rsquo s Kaohsiung MRT Yellow Line and smart road projects in the Middle East. The group is exporting its smart mobility and traffic management systems &ndash honed on the congested streets of Singapore &ndash to places such as Bangkok and the Middle East. It upgraded its status in Taiwan from a subcontractor to a tier one prime contractor for major rail projects. For investors worried about lumpy defence contracts, this segment offers steady, predictable growth. Referring to major mobility projects, Chong is highly optimistic, saying: &ldquo By 2028, those revenues will double (from 2024 levels). By 2030, they will triple.&rdquo Space bump The pivot, though, has seen some bumps. The group took a massive S$689 million impairment hit recently on its satellite communication unit, battered by the sudden rise of low-earth orbit satellites. Even as underlying profit for the full year ended December climbed 21 per cent to a record S$850.8 million, from S$702.3 million in FY2024, the impairment slashed FY2025 earnings to S$462.8 million. Full-year revenue was up 9 per cent to S$12.3 billion. Chong is pragmatic but determined. &ldquo We are evaluating strategic options,&rdquo he said. &ldquo But at the same time, we are also doubling down on our turnaround efforts.&rdquo Meanwhile, the group is also reinforcing its commitment to earth observation satellites, designing and launching its own systems to sell the valuable data collected. &ldquo With the formation of the National Space Agency of Singapore, we believe that the growth trajectory will continue,&rdquo Chong said. To power all this, ST Engineering is undergoing a quiet talent revolution. It employs about 2,000 artificial intelligence engineers. Chong plans to increase that to 5,000 in the next five years. The company uses AI as a force multiplier in its engineering and defence products. When a company builds ships, fixes jet engines and designs smart toll gates, the market usually slaps it with a conglomerate discount. People assume these large empires are bloated and wasteful. Chong rejects the label flat out. &ldquo We are not a conglomerate per se, because conglomerates typically have businesses that run on their own with no particular synergies between them.&rdquo He points to a shared group technology office creating dual-use tech modules. An AI algorithm developed for a military command centre can be tweaked to manage a smart city&rsquo s power grid. To ensure that these divisions talk to each other, ST Engineering rewards collaborations financially. Senior leaders face peer appraisals based on how well they work across units. After a decade at the helm, Chong looks at his order book and the group&rsquo s target to hit S$17 billion in revenue by 2029 with quiet confidence. The heavy lifting of the 2020 pivot is done: the machine is built now, it is time for execution. &ldquo The best is yet to come for ST Engineering,&rdquo Chong said. &ldquo I really think so.&rdquo |
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| 04-May-2026 10:03 |
Addvalue Tech
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Addvalue Tech
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Addvalue should rethink value-unlocking move The business it plans to spin off may garner a lofty valuation on Nasdaq, but its own shares may be plagued by a holding company discount [SINGAPORE] When Addvalue Technologies said on Mar 13 that it had formed a working team to realise the full potential of its Inter-Satellite Data Relay System (IDRS) business, it appeared to be embracing the shareholder value-focused mindset that the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) have been trying to encourage through their Value Unlock programme. It was not long before the working team came up with an actual plan. Before the market opened last Monday (Apr 27), the satellite communications and wireless connectivity group said an application had been submitted to SGX on a proposed spinoff and listing of its IDRS business on Nasdaq. Addvalue said that it intends to maintain a 51 per cent stake at least in the separately listed unit, and that SGX had concurred with its view that the move would not amount to a chain listing. The immediate reaction in the market was unequivocally positive. Addvalue&rsquo s shares rocketed on very strong trading volume, ending the day 36.4 per cent higher at S$0.161. Its shares closed on Thursday at S$0.143, up 21.2 per cent over the holiday-shortened week. Some investors might have misgivings about the longer-term implications of Addvalue&rsquo s value-unlocking strategy, though. While the IDRS business may garner a lofty valuation on Nasdaq, it is unclear whether the market value of Addvalue&rsquo s stake in this separately listed entity will always be fully reflected in its own share price. In my view, Addvalue should explain how it would address any potential holding company discount that opens up, and how it would ensure that its own shareholders reap the full benefit of the long-term growth potential of the separately listed IDRS business. Addvalue should also spell out why its shareholders would not be better off if the IDRS business remained a wholly owned unit of the group &ndash especially in light of the very strong performance of its shares even before the IDRS spinoff was mooted, and the ongoing effort to revitalise the local market. More relevant than ever This column suggested last month that Addvalue is one of the few Singapore-listed companies with a business profile overtly aligned with today&rsquo s geopolitical currents. The largest contributor to the group&rsquo s revenue during the six months to Sep 30, 2025, was its advanced digital radio business &ndash which is riding on demand for unmanned aerial systems, phased array radar used in the aerospace and defence sectors, multi-orbit mobile satellite networks, and complex test and measurement instruments. The group&rsquo s second-largest revenue generator was its space connectivity division, which encompasses its IDRS business. This business enables on-demand data communication with low earth orbit satellites. With the imminent listing of SpaceX, the intensifying US-China space race, and rising defence spending around the world, Addvalue has arguably never been more relevant to investors. For the six months to Sep 30, 2025, Addvalue reported a 53.6 per cent year-on-year increase in revenue to nearly US$8.8 million. Its earnings came in at nearly US$2 million, versus less than US$100,000 for the corresponding six-month period the previous year. The group&rsquo s space connectivity division achieved a 64.7 per cent increase in revenue to US$3.2 million during the period, while its advanced digital radio division&rsquo s revenue rose 76.6 per cent to more than US$5 million. On Apr 28, Addvalue said its space connectivity division had secured further new orders worth US$2.9 million from three clients, including one new account. This was on top of the US$13.6 million worth of new orders for IDRS terminals previously announced since November last year, Addvalue said. Together with the new orders, the group&rsquo s total order book expanded to US$24.9 million. This stream of new orders, and the company&rsquo s improving profitability, have not gone unnoticed by the market. Even before the spinoff announcement on Apr 27, Addvalue&rsquo s shares had climbed 66.2 per cent since the beginning of the year. Including the strong gains last week, its shares are up 101.4 per cent so far this year. Holding company discount? The way I see it, Addvalue&rsquo s proposed spinoff and listing of its IDRS business on Nasdaq are premature at best. Even after the strong rally in its shares, the company is still something of a minnow, with a market capitalisation of only S$526.7 million. While a separate listing for IDRS business would enable it to raise equity capital directly and pursue mergers and acquisitions, the move could also dilute investor interest in Addvalue&rsquo s own shares. This could result in a significant holding company discount &ndash which has plagued a number of companies that own major stakes in separately listed businesses. For now, the interests of Addvalue&rsquo s shareholders might best be served by the group retaining full ownership of both its key revenue drivers, and putting more resources towards engaging analysts and investors about its growth potential as a combined entity listed in Singapore. With the implementation of the slew of recommendations by the Equities Market Review Group, the conditions for companies like Addvalue to thrive in the local market are now falling into place. Last week, MAS and SGX responded to feedback gathered through public consultations on the introduction of the new Global Listing Board (GLB), which will serve as a dual-listing bridge between SGX and Nasdaq. Under the initiative, the GLB will adopt rules and processes harmonised with Nasdaq, in order to enable companies with market capitalisations of S$2 billion or more to obtain a dual listing with a single prospectus. Supporting demand for potential listings on the GLB is the Equities Market Development Programme, which is in the process of allocating S$6.5 billion to fund management firms with a strong focus on Singapore-listed companies. This may kick-start a virtuous circle of rising demand for, and supply of, high-quality dual-listed stocks that help to further enliven the whole market. Under the circumstances, Addvalue should probably shelve its proposal to spin off one of its most exciting business divisions. In a couple of years, the higher valuation it is hoping to achieve with a separate Nasdaq listing of its IDRS business may well be achieved anyway &ndash by simply keeping the whole group intact and listed in Singapore. |
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| 04-May-2026 10:02 |
CapLand IntCom T
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CICT - New Directions Together
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CICT&rsquo s Tan Choon Siang marks first year with billion-dollar deal streak Acquisition of Paragon and divestment of Asia Square Tower 2 follow CapitaSpring deal and ION Orchard acquirement [SINGAPORE] Since taking the reins a year ago, Tan Choon Siang, chief executive of CapitaLand Integrated Commercial Trust&rsquo s : C38U -1.26% (CICT) manager, has kept the real estate investment trust (Reit) firmly in motion, stepping up its capital recycling game with a string of mega deals as it reshapes its portfolio. Its latest moves &ndash the S$3.9 billion acquisition of Paragon and divestment of Asia Square Tower 2 for S$2.5 billion &ndash come on the heels of last year&rsquo s CapitaSpring deal and its ION Orchard acquisition in 2024. CICT purchased the remaining 55 per cent interest in the Grade A office building for S$1 billion, and the 50 per cent stake in ION Orchard and ION Orchard Link at S$1.85 billion. Over the past year, CICT units have risen about 10 per cent to S$2.36 as at market close last Thursday (Apr 30). The largest Reit in Asia-Pacific markets, its market capitalisation now stands at around S$18 billion. Distribution per unit (DPU) in FY2025 was up 6.4 per cent at S$0.1158, from S$0.1088 the previous year. &ldquo (But) three years is not a pattern,&rdquo Tan said with a chuckle. &ldquo If we do see an asset that we like, and we are able to fund it and buy it at a price that makes sense for unitholders, we will definitely take a look,&rdquo he said in an interview with The Business Times. &ldquo It just happens the environment is conducive and in the right market cycle (with interest rates easing). And I think sometimes, you have to be lucky.&rdquo In the case of Paragon, &ldquo the whole thing came about firstly because we were able to unlock value from Asia Square Tower 2 and monetise the asset&rdquo , said Tan. Proceeds from the divestment, together with a private placement that raised around S$750 million and some S$700 million in debt, will fund the acquisition. The manager approached Cuscaden Peak with an &ldquo unsolicited offer&rdquo earlier this year, after it had some interest in divesting the office building. &ldquo Without that, the second part of the equation would not have happened.&rdquo For one thing, Tan noted that acquiring &ldquo valuable&rdquo freehold assets in Singapore is challenging as they typically trade at tighter yields. Strong interest in core Central Business District (CDB) offices also supported the divestment. Asia Square Tower 2 is a &ldquo very high-quality (core) asset&rdquo that has always performed &ldquo very strongly&rdquo for the Reit, with stable income and high occupancy. &ldquo We&rsquo ve owned it since 2017, (adding) value along the way, and this is an opportune time to unlock value,&rdquo said Tan. The trust&rsquo s last three acquisitions have been for &ldquo very rare, high-quality prime Singapore commercial assets&rdquo . At Paragon, around 30 per cent of space is for office use, of which roughly 83 per cent comprises medical suites. &ldquo That medical space is a very strong and defensive sector,&rdquo said Tan, citing Singapore&rsquo s ageing population and rising medical tourism. After raising CICT&rsquo s private placement to S$750 million, the Paragon deal is now expected to be 1.7 per cent accretive to DPU, down from the earlier forecast of 2.1 per cent. This is &ldquo still very healthy&rdquo , Tan said, given that it is from a single transaction. Gearing eased to 38.7 per cent, from the previously projected 39.2 per cent. &ldquo Generally, if you&rsquo re able to get anything north of 1 to 1.5 per cent, actually that&rsquo s very good appreciation,&rdquo he added. &ldquo So we are quite happy with (the accretion). It is sufficient without sacrificing balance sheet strength.&rdquo Balancing disruption and value When Cuscaden Peak proposed privatising Paragon Reit in 2025 &ndash when the mall was held as a 99-year leasehold property by the trust &ndash it cited plans for a major overhaul needed to improve the mall&rsquo s standing in order to compete with other prime retail assets. The asset enhancement initiative (AEI) was expected to take up to four years, with capital expenditure of S$300 million to S$600 million. Whether such a major AEI is still on the cards will be subject to fresh evaluation, CICT has said. While Paragon is seen as a trophy asset with its current full occupancy and strong luxury tenants, its greater value lies in the freehold title of the prime Orchard Road site on which the mall stands. With other asset owners on the retail strip such as Frasers Property and Hotel Properties Ltd eyeing redevelopments in line with a government plan to rejuvenate Singapore&rsquo s shopping street, is a rebuild in the pipeline? &ldquo Redevelopment is the optionality&hellip because when the tenure dwindles down to, say, 50 or 60 years, that&rsquo s when you will be really thankful that you own a freehold title,&rdquo he said. Any AEI would require careful consideration. As the new owner, CICT has yet to have established relationships with Paragon&rsquo s tenants, and the works would be disruptive. &ldquo It disrupts not just ourselves in terms of cash flows, (but also) tenants&rsquo operations,&rdquo he said, especially those who have already invested &ldquo significant capital expenditure&rdquo into their stores. Over the past year, several of the mall&rsquo s luxury brand tenants have significantly expanded their footprint in the property. Bottega Veneta in December 2025 opened a two-storey Singapore flagship, while Balenciaga and Tom Ford opened new duplex spaces earlier. Potential AEIs would therefore be phased, focusing on improving internal and external connectivity, visitor flow and overall efficiency, said Tan. CICT has also said that with 30 per cent of leases up for renewal by the end of the year, there will be the possibility of positive rental reversions as leases roll over, and the Reit will look at refreshing the tenant mix. &ldquo We have to go in and take a look (once the transaction completes),&rdquo he added. &ldquo We can&rsquo t say that Paragon is not doing well as it is, so I don&rsquo t necessarily think it requires an overhaul&hellip We&rsquo re probably tweaking at the margins.&rdquo While the Reit&rsquo s major acquisitions over the last three years have brought inorganic growth, CICT is undertaking AEIs across several properties to drive organic growth. On Apr 24, the manager announced a S$160 million asset enhancement at Plaza Singapura and The Atrium@Orchard. The works will be carried out in phases from Q3 this year to Q4 2028, with the mall remaining open and operational throughout. Most of its existing tenants will not be affected, though &ldquo there will be some turnover&rdquo in areas affected by the AEI, Tan said. The manager has also secured &ldquo good commitment&rdquo from new tenants, with the revamp also aimed at bringing in new brands. All in, the Reit manager has announced AEIs for seven properties. Three have been completed at a cost of around S$325 million, while another four are under way or will start this year, costing a total of S$246 million. At Clarke Quay, however, a S$62 million AEI completed in April 2024 has not quite had the desired effect. The rebranded CQ@Clarke Quay has seen occupancy fall to 80-plus per cent recently, with business said to be slow for tenants as the property pivots from a nightlife hub to a &ldquo day and night space&rdquo . &ldquo Clarke Quay is tough,&rdquo Tan acknowledged, but it may be &ldquo premature to think Clarke Quay at its current state is the norm&rdquo . He sees footfall improving in the near future with the completion of the nearby Canninghill Piers integrated development. The City Developments Ltd and CapitaLand mixed-use project holds almost 700 residential units as well as two hotel properties. Growth drivers Over the past year, the trust&rsquo s average rental reversion was about 6 to 7 per cent. This was even higher in the prior year in the high single digits. With rental reversions calculated based on the average incoming rent of a new lease versus the outgoing rent of expiring leases, &ldquo if I have a rental reversion of 6 to 7 per cent, I can still benefit from a yearly growth of around 2 to 3 per cent every year for the next three years&rdquo , Tan said. This is &ldquo very reasonable&rdquo in a market with inflation of around 1 to 1.5 per cent, and these are &ldquo hardly numbers that will drive someone out of business&rdquo , he added. What else might be in the pipeline for CICT? For one thing, its sponsor&rsquo s development arm CapitaLand Development owns a 49 per cent stake in Jewel Changi Airport, a showcase mall that draws both tourists and local shoppers. While Jewel is a &ldquo great asset&rdquo that is &ldquo doing very well&rdquo , Tan said it is unclear &ldquo if it&rsquo s immediately ready for injection into the Reit, or even eventually&rdquo . &ldquo We believe in the Singapore growth story,&rdquo he said, pointing to the Republic&rsquo s ever-growing population and tourism industry. The real estate market also remains limited. &ldquo It&rsquo s complicated,&rdquo he quipped. As a fund manager, CICT is always evaluating whether to hold or sell its assets, said Tan. &ldquo If you have a need for capital, because you need to buy something, then that gives you an even greater incentive to execute a divestment. But if you have no immediate need for funding&hellip then you don&rsquo t have to rush these things.&rdquo Currently, CICT has a debt headroom of about S$700 million to S$800 million. Bukit Panjang Plaza was divested since the manager prefers to be the &ldquo dominant mall&rdquo in a given area. Also in CICT&rsquo s pipeline is an upcoming mall within a massive mixed-use development at Hougang Central. The trust will develop and fully own the commercial component, spanning about 300,000 square feet in net lettable area. An 835-unit residential component is being built by UOL and CapitaLand Development. Total development cost is estimated at around S$1.1 billion. Tan said undertaking such a large and complex greenfield project was not in CICT&rsquo s &ldquo natural DNA&rdquo . But the Hougang parcel was &ldquo very unique&rdquo given its sizeable retail component and strong connectivity, with two MRT stations and a bus interchange, alongside private residences. In comparison, the retail portion of most integrated developments is typically limited to a podium. &ldquo So it&rsquo s not so interesting for us,&rdquo he said. &ldquo But (this) is a real mall that is bigger than Junction 8.&rdquo &ldquo I don&rsquo t think it&rsquo s something that we will repeatedly do,&rdquo he added. &ldquo Buying completed core assets is something that is more in our DNA.&rdquo Although the manager will definitely &ldquo look at things that come to the market&rdquo , including the array of prime CBD office assets now up for sale, Tan said it will remain disciplined in its acquisition and funding approach, stressing that any deal must be accretive and enhance the trust&rsquo s overall portfolio without &ldquo adding stress to (its) balance sheet&rdquo . |
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| 04-May-2026 10:01 |
YZJ Maritime
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YZJ Maritime
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Ho of DBS reiterates ' buy' on Yangzijiang Maritime following order for ten new vessels Ho Pei Hwa of DBS Group Research has reiterated her " buy" call and 88 cents target price for Yangzijiang Maritime Development, following news that the company is expanding its fleet with a recent new order. On April 27, the company announced it has signed orders for ten new eco-compliant vessels, including tankers and bulk carriers. The vessels, to be built by third-party Chinese yards, can run via methanol. The vessels will be financed through a mix of equity co-investments and debt, in line with its established capital deployment framework. Deliveries of these vessels are scheduled from 2027 to 2029. With this latest order, the company' s fleet will expand to 105 vessels including 53 under construction. The latest order reinforces the group&rsquo s growth trajectory and enhances earnings visibility, says Ho, referring to the expanding fleet. " The diversified vessel mix and eco-compliant designs position the fleet to capture charter demand amid tightening environmental regulations, while supporting premium asset values," says Ho. " The expansion aligns with Yangzijiang Maritime&rsquo s capital-cycling strategy, providing flexibility to monetise assets via chartering, leasing, or pre-delivery resale, sustaining returns and mitigating cyclicality across shipping markets," she adds. The cost of the ten new orders were not disclosed by the company but Ho estimates the value to be around US$550 million. Assuming an average of 85% stake and 40% equity, YZJ Maritime might need to pay around US$45 million per year in 2026-2029. Even so, net gearing should still be manageable at 0.1-0.2x. She estimates the company can enjoy potential earnings accretions of up to US$20 to US$30 million per year from charter income or divestment gains for these 10 vessels. If the vessels can be resold before delivery, that will be a key re-rating catalyst to watch, says Ho. Yangzijiang Maritime Development shares closed at 68 cents on April 30, down 3.57%. |
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| 02-May-2026 12:51 |
iWOW Tech
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IoT solution technology provider
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iWOW Technology to acquire The Gentle Group for a total consideration of $11.2 mil
iWOW announced that it has entered into a sale and purchase agreement for the proposed acquisition of The Gentle Group Pte Ltd and its subsidiary, which is a provider of therapeutic nutrition solutions for seniors.
The existing shareholders of The Gentle Group include its founder, Shen Yiru, impact investment firm OCTAVE Capital, SEEDS, an arm of SG Growth Capital (the investment platform of the Singapore Economic Development Board and Enterprise Singapore), minority shareholders and option holders.
According to iWOW Technology, this acquisition is valued at $11.2 million and is expected to be earnings-accretive over time as the business scales and profitability improves. &ldquo The Gentle Group has demonstrated strong growth, with revenue increasing at a CAGR of approximately 51% from FY2022 to FY2025,&rdquo iWOW adds.
The company mentions that with one in four residents in Singapore expected to be 65 and above by 2030, demand for eldercare solutions is set to surge. Also, Singapore&rsquo s government push for Ageing-In-Place and a more holistic longevity approach to ageing is expected to broaden spending and shift it towards community care.
iWOW Technology believes that this acquisition will position the company in capturing the growth in the longevity economy.
&ldquo Safety earns trust in critical moments, but food builds trust every day. By bringing both together, we are creating a continuous relationship with families &mdash one that allows us to support seniors earlier and more meaningfully across their ageing journeys,&rdquo says Raymond Bo, CEO of iWOW Technology.
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| 02-May-2026 12:50 |
China Sunsine
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China sunsine
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China Sunsine reports 6% y-o-y increase in sales revenue for 1QFY2026
China Sunsine has reported sales revenue of RMB890 million for 1QFY2026 ended March 31, up 6% y-o-y, driven by higher sales volume.
For 1QFY2026, China Sunsine sold 60,916 tonnes of products, 15% higher y-o-y and hits another record high for its quarterly sales volume.
Gross profit margin declined by 2.7 percentage points to 21.4% in 1QFY2026, mainly due to lower average selling price (ASP). Net profit for the same period was at RMB69.5 million.
Although the company adjusted upwards its ASP due to higher raw materials, it was constrained by pre-agreed lower quarterly prices which accounted for approximately half of 1QFY2026 orders.
As a result, ASP declined 7% y-o-y to RMB14,511 per tonne, despite increasing by 4% on a q-o-q basis. China Sunsine expects an increase in its ASP in the next quarter due to the recent increase in raw materials prices.
Looking ahead, beyond market expansion and enhancing internal efficiency, China Sunsine aims to maintain its market leadership position and remains confident on its profitability and future growth.
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| 02-May-2026 12:44 |
CityDev
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CityDev
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Governance concerns, company review among issues raised at CDL AGM
SINGAPORE - Corporate governance concerns surfaced at the annual general meeting (AGM) of City Developments Limited (CDL) on April 29, as shareholders questioned the role of its directors and the progress of a strategic review.
This followed a high-profile dispute between executive chairman Kwek Leng Beng and group chief executive Sherman Kwek in 2025.
The elder Mr Kwek had accused his son of staging a coup to consolidate control of the board, but he dropped the lawsuit soon after.
The media was not permitted to attend the AGM, but National University of Singapore professor Mak Yuen Teen, who attended the meeting, told The Straits Times that shareholders seemed to be &ldquo pretty happy&rdquo thanks to the company&rsquo s performance.
CDL&rsquo s 2025 earnings soared 213 per cent to $629.7 million, up from $201.3 million in 2024.
But Prof Mak told ST he had some concerns. During the AGM, he asked whether there was a conflict of interest regarding Mrs Wong Ai Ai, who is an independent non-executive director and chair of the Nominating and Remuneration Committee at CDL.
She also sits on the board of SWI Capital Holding, a global investment company involved in sectors like real estate and digital infrastructure. The company also has interests in markets like Britain, where CDL has properties under its hotel unit.
SWI Capital, which listed in Amsterdam in February, also holds a majority stake in Stoneweg European Real Estate Investment Trust (REIT), which owns commercial properties across Europe.
Meanwhile, CDL has a stake in IREIT Global, which owns similar assets in Europe. The two REITs are listed on the Singapore Exchange and are seen as competitors.
According to Prof Mak, the board replied that it is not uncommon for directors to serve on multiple boards where conflicts may arise.
Questions were also raised about CDL&rsquo s strategic review, which the company said it began earlier in 2026. The review aims to boost shareholder value by selling existing non-core assets and reinvesting the capital to reshape CDL&rsquo s property portfolio.
Shareholders asked who would be appointed to carry out the review, Prof Mak said, noting that the board said it has selected Teneo, a global strategic advisory and communications firm, to lead the process.
Mr Sherman Kwek also replied that the review will be discussed at a board strategy meeting in May, with details expected to be unveiled by end-June, according to a report by The Business Times.
Mr Sherman Kwek called the review &ldquo timely&rdquo , after CDL faced difficulties in 2025, including its highly publicised internal dispute, BT reported.
CDL had divested about $2 billion worth of assets in 2025, including South Beach and Fortune Centre units in Singapore. The South Beach sale was one of its largest to date, based on a valuation of about $2.75 billion. Other divestments included Bespoke Hotel Shinsaibashi in Japan and Millennium Hotel St Louis in the US.
CDL also made $1.7 billion worth of investments, including its purchase of Holiday Inn London in Kensington High Street.
In responses to questions submitted by shareholders on April 24 before the AGM, CDL had said the Holiday Inn deal strengthens its presence in central London, with the hotel achieving occupancy rates of over 95 per cent.
Together with the adjoining Copthorne Tara Hotel, CDL now controls two large freehold sites in the area, offering long-term redevelopment potential.
The group said it will adopt a multi-year approach to divestments, with a pipeline of assets identified globally for potential sale, including its land bank in Britain.
Mr Sherman Kwek said CDL&rsquo s current strategy was launched in 2018, and the group needs external help to see if the strategy is still appropriate and relevant, and if it is communicated properly to shareholders, BT added.
All resolutions tabled at the AGM were passed with a comfortable majority. These resolutions included the re-election of independent directors and its share purchase mandate, among others.
CDL also held its extraordinary general meeting on the same day to vote on its new long-term share incentive plan.
Under the plan, selected management staff may be awarded CDL shares. It aims to tie the company&rsquo s long-term value creation to senior management remuneration. This resolution was passed with over 77 per cent approval.
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| 01-May-2026 12:21 |
MoneyMax Fin
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Moneymax Financial Services
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Catalist-listed MoneyMax to transfer to SGX mainboard on May 6 The company&rsquo s placement of 53 million new shares on Monday fulfils the requirements for the move [SINGAPORE] Catalist-listed pawnbroker MoneyMax Financial Services will transfer to the mainboard of the Singapore Exchange (SGX) on May 6, it said on Thursday (Apr 30). The transfer will enhance the long-term value for its shareholders, the company said in January. Being on the mainboard will also boost its image and give it greater visibility and recognition, the company added. MoneyMax on Monday also completed the placement of 53 million new ordinary shares at S$0.835 per share, raising S$44.3 million. They represent about 5.7 per cent of the previous total of 937.5 million MoneyMax shares. &ldquo With the completion of this placement, we... have fulfilled the requirements for the transfer (to the mainboard),&rdquo said Dr Lim Yong Guan, executive chairman and chief executive of MoneyMax. The price per new share represented a discount of about 3.1 per cent to the volume weighted average price of S$0.862 for trades done on Apr 15. The placement received &ldquo robust demand&rdquo from institutional investors, said MoneyMax. It also noted that long-only institutional fund managers under the Monetary Authority of Singapore&rsquo s Equity Market Development Programme, including Fullerton Fund Management, Lion Global Investors and Eastspring Investments, had subscribed for all the new shares. In February, MoneyMax reported that its profit for the second half of 2025 nearly doubled to S$42 million, driven by strong growth in its core business segments. Shares of MoneyMax rose 1.7 per cent to be S$0.015 up at S$0.925 as at 1.55 pm on Thursday. |
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| 01-May-2026 11:41 |
Lum Chang
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LUM CHANG
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Lum Chang Creations seeks shareholders&rsquo nod on bonus issue, lifting of MD&rsquo s share sale moratorium To meet minimum shareholding rules, group proposing to let Lim Thiam Hooi place out up to 7.7 million shares [SINGAPORE] Lum Chang Creations (LCC) has scheduled an extraordinary general meeting (EGM) on May 25 to seek shareholder approval for a 1-for-1 bonus issue and its transfer from the Catalist board to the Singapore Exchange&rsquo s (SGX) mainboard. The EGM serves as the final hurdle for the urban revitalisation specialist, which already secured in-principle approval from SGX in February. To facilitate the move, LCC has to address minimum shareholding spread requirements. The group is proposing to amend its existing moratorium undertakings to permit managing director Lim Thiam Hooi to sell up to 7.7 million shares via a placement. This will increase the proportion of shares held by public shareholders. Additional resolutions to be voted on at the EGM include a proposed bonus issue of up to 330 million new shares on a 1-for-1 basis to reward shareholders, and plans to replace its existing share issue mandate with a new one to comply with a mainboard rule post-transfer. As part of its approval for LCC to upgrade to the main board, SGX granted the company a waiver, which typically requires a minimum two-year listing period, given LCC was just spun off from its mainboard-listed parent, Lum Chang Holdings (LCH), in July 2025. LCH currently retains a 71.1 per cent stake in the group. The proposed transfer follows a period of rapid growth for the company. LCC&rsquo s net profit surged 104 per cent to S$11 million for the first half of FY2026, driven by accelerated progress on its ongoing projects. The group also reported an order book of about S$132 million as at Dec 31, 2025, providing clear revenue visibility. Major contract wins bolstering the order book include the S$31.9 million redevelopment of the Registries of Civil and Muslim Marriages Building and the S$31.5 million Orchard Road Presbyterian Church project. Lim said that the mainboard listing will broaden the company&rsquo s access to investors and raise its profile among institutional players. |
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| 01-May-2026 11:40 |
Wilmar Intl
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Wilmar
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Wilmar shares tumble up to 10.4% as hedging losses from Iran war weigh on results Q1 profit down 22.8% to US$265 million company cites temporary unrealised mark-to-market losses from hedging [SINGAPORE] Shares of Wilmar International dropped as much as 8.9 per cent on Thursday (Apr 30) after the group on Wednesday reported a drop in net profit for its first quarter. The company reported a 22.8 per cent decrease in net profit to US$265.6 million for the first quarter ended Mar 31, from US$343.9 million in the corresponding year-ago period. Investors reacted negatively to the news, with the counter retreating as much as S$0.40 to S$3.43 on Thursday as at 1.35 pm. It later pared losses to trade 7.6 per cent lower at S$3.54 as at 4.10 pm. Wilmar attributed the decline to a few reasons, including &ldquo temporary unrealised mark-to-market losses from (its) hedging activities caused by the Iran war&rdquo . Revenue for the quarter, however, rose 21.9 per cent to US$19.8 billion from US$16.2 billion in the year-ago period, backed by higher sales volume across all its core business segments. Following the results, brokerages RHB and Citi both maintained &ldquo neutral&rdquo ratings on the stock, though they each raised their target price. RHB raised the target price to S$3.70, up from S$3.45. It also raised Wilmar&rsquo s net profit forecasts by 5.7 per cent, 8.4 per cent and 7 per cent for the financial years 2026, 2027 and 2028, respectively, after adjusting for the brokerage&rsquo s latest in-house foreign exchange assumptions. The brokerage also increased its crude palm oil (CPO) price assumptions to RM4,400 (S$1,420) per tonne for 2026 and RM4,300 per tonne for 2027. Wilmar is a major player in the palm industry, higher CPO prices serve as a key driver for the company&rsquo s valuation. Addressing the broader geopolitical and macroeconomic climate, RHB noted that if its base case scenario of a Middle East ceasefire holds for more than two weeks, CPO prices should stabilise between RM4,200 and RM4,500 per tonne. This stabilisation would likely keep higher biodiesel mandates in place, resulting in tighter overall global supplies of vegetable oils, said RHB. The broker also said that the palm oil-gas oil spread has turned positive again, meaning there should still be adequate funding in the Indonesia biodiesel fund to subsidise B50 mandates at the current export tax and levy rates. Meanwhile, Citi raised its target price to S$3.95 from S$3.10, citing liquidity flows into Singapore equities. While Wilmar&rsquo s revenue saw a 22 per cent boost partly due to the consolidation of Agri Business Limited (AWL), Citi noted that underlying growth remained intact. Excluding AWL, first-quarter sales volume and revenue would have still grown by 7.7 per cent and 7.6 per cent, respectively. |
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| 01-May-2026 11:39 |
DBS
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DBS
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DBS soars 4.3% to two-month high on higher Q1 earnings that beat estimates Its S$2.93 billion Q1 earnings beat the consensus forecast in a Bloomberg survey of six analysts [SINGAPORE] Shares of DBS : D05 +3.43%rose to their highest price in more than two months on Thursday (Apr 30), after Singapore&rsquo s largest lender posted higher earnings for its first quarter ended Mar 31. As at 9.05 am, the counter rose to S$59, up by 4.3 per cent or S$2.44 from Wednesday&rsquo s closing price of S$56.56, with over 1.7 million shares changing hands. This was its highest price in more than 11 weeks &ndash it last traded higher at S$59.52 on Feb 6, 2026. As a result, it boosted the Straits Times Index by nearly 1 per cent. By 10.04 am, it had eased to S$58.50, still up by 3.4 per cent or S$1.94, with more than 4.3 million shares traded. DBS on Thursday posted a Q1 net profit of S$2.93 billion, up 1 per cent from S$2.9 billion in the year-ago period on strong wealth management performance. Total income rose 1 per cent to a record S$5.95 billion. The improved earnings surpassed the S$2.88 billion consensus forecast in a Bloomberg survey of six analysts. The bank announced a total dividend of of S$0.81 per share for Q1, including a S$0.66 ordinary dividend and a S$0.15 capital return dividend. Net fee and commission income rose 16 per cent to a record S$1.48 billion, fuelled by improved wealth management fees, which hit a new high of S$907 million. For the quarter, customer deposits rose 9 per cent on the year to S$629.9 billion, driven by the current accounts and savings accounts (Casa), outpacing the 4 per cent growth in customer loans to S$453.2 billion. DBS chief executive Tan Su Shan said that deposit growth was &ldquo higher than expected&rdquo , and that the bank is lifting its 2026 deposit growth outlook as it guides for steady earnings amid an uncertain rate environment. Prior to DBS&rsquo earnings release &ndash which is the first of the three local banks&rsquo &ndash analysts&rsquo forecasts indicated that Iran war-related safe-haven deposit inflows could boost Q1 net interest income (NII) of Singapore banks, The Business Times reported on Monday. UOB and OCBC are set to post results on May 7 and May 8, respectively. The absence of previously-expected rate cuts from the US Federal Reserve within Q1 was another factor that analysts predicted could shore up local lenders&rsquo earnings. Earlier on, at its Q4 earnings briefing, the bank had pencilled in two Fed rate cuts for 2026. However, the US central bank turned away from the anticipated Q1 rate cuts following fuel price hikes more recently, it decided to keep interest rates unchanged after the latest Fed meeting on Wednesday. Moreover, DBS now expects FY2026 net profit to stand at around 2025 levels, an improved forecast from last quarter, when it guided for lower full-year earnings. Analysts mixed on DBS post-earnings release On Thursday, analysts were mixed on DBS following the release of its results. Citi Research on Thursday assigned DBS a target price of S$63.60, implying a 2.6 times price-to-book ratio, and gave it a &ldquo buy&rdquo rating, highlighting key positives such as the bank&rsquo s deposits growth and improved asset quality. Another positive is that DBS&rsquo NII guidance remains &ldquo largely intact despite the Singapore Overnight Rate Average (Sora) run-rate (being) below initial expectations&rdquo , said Citi Research analyst Tan . CGS International (CGSI) on Thursday maintained its &ldquo hold&rdquo rating for DBS, with its target price unchanged at S$60. The investment house kept its FY2026 guidance for DBS unchanged in light of the Middle East crisis, which could lead to higher credit costs for the rest of the financial year, said CGSI analyst Tay Wee Kuang. &ldquo We remain cognisant of potential asset quality deterioration that could result in higher credit costs for the remainder of FY2026,&rdquo Tay said. Another downside risk is the &ldquo further compression in net interest margin from lower Sora, that could mimic US interest rates should the Fed start to lower interest rates,&rdquo he added. Meanwhile, upside risks include stronger-than-expected wealth assets-under-management inflows for the rest of the year, which could lift non-interest income and recovery in Sora, to support a &ldquo resilient NII&rdquo , said Tay. In a flash note on Thursday, Macquarie Capital maintained its guidance for DBS and kept its &ldquo underperform&rdquo rating for the bank unchanged. It lowered its 12-month target price of S$48.56 from S$48.67 previously. While DBS&rsquo Q1 fee income was &ldquo strong&rdquo , driven by the wealth segment, Macquarie Capital analyst Jayden Vantarakis noted that growth was more modest for all other segments, including cards and loans. He added that the 5 per cent year-on-year compression in NII was the &ldquo key reason (why) profits were essentially flat year on year&rdquo , while net interest margin dropped 4 basis points on the quarter to 1.89 per cent. &ldquo The slides indicate the impact of rates has been largely mitigated, with DBS continuing to capture hedging opportunities,&rdquo Vantarakis said. |
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| 01-May-2026 11:29 |
CDL HTrust
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CDL HTrust - Nice breakout
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CDL Hospitality Trusts Q1 NPI rises 10.4% to S$33.1 million Revenue up 5.9% for the quarter at S$67.1 million, driven by broad-based growth [SINGAPORE] Net property income (NPI) for CDL Hospitality Trusts (CDLHT) was up 10.4 per cent at S$33.1 million for the first quarter ended Mar 31, from S$30 million in the same year-ago period. Revenue increased by 5.9 per cent on the year to S$67.1 million in Q1, driven by &ldquo broad-based growth&rdquo across a majority of its portfolio markets, apart from that of Japan and the Maldives. Based on a Thursday (Apr 30) statement, revenue per available room (RevPAR) across CDLHT&rsquo s portfolio came in mixed during the quarter. For Singapore hotels, RevPAR stood at S$184 in Q1, up 6.6 per cent year on year from S$173. NPI for the Singapore portfolio came in at S$18.8 million for the quarter, a 5.9 per cent year-on-year increase from S$17.7 million. Occupancy levels for the Singapore portfolio rose 5.4 percentage points to 80.4 per cent in Q1, from 75 per cent a year prior. CDLHT&rsquo s managers said that geopolitical uncertainty arising from the Middle East conflict had begun to weigh on sentiment in March 2026, but while there had been some cancellations and moderation in demand, &ldquo the overall impact has not been significant so far&rdquo . The managers said that Claymore Connect at 442 Orchard Road in Singapore recorded a 5 per cent year-on-year growth in NPI, mainly due to annual rent escalations. Its committed occupancy level held steady at 97.7 per cent as at Mar 31. Grand Millennium Auckland in New Zealand saw a 16.3 per cent rise in RevPAR, driven by strong convention-related demand and rate gains, after the Phase 2 room renovations were completed at the end of 2025. Its NPI rose 46.1 per cent on the year in Q1, added the statement. In contrast, its Japan hotels recorded a 4.2 per cent year-on-year decline in RevPAR, amid ongoing geopolitical tensions between Japan and China which curtailed inbound demand from China. &ldquo Performance was also measured against a high base in the prior year, when the hotels achieved record performance,&rdquo CDLHT&rsquo s statement noted. The Maldives resorts reported a 6.4 per cent year-on-year decline in RevPAR for Q1, mainly due to a sharp weakening of demand in March after the escalation of the Iran war. &ldquo (This) resulted in the suspension or reduction of services by several carriers serving the Maldives,&rdquo CLDHT&rsquo s managers said. Its NPI declined 26.3 per cent on the year in Q1, as the revenue shortfall was amplified by the relatively fixed nature of resort operating costs. Looking ahead, the managers noted that the operating backdrop has become &ldquo more challenging&rdquo amid heightened geopolitical uncertainty. &ldquo The ongoing conflict in the Middle East continues to pose headwinds to global growth and will weigh on our near-term results,&rdquo they said. &ldquo While resolution could support recovery in connectivity and travel flows, elevated energy costs and airfares may continue to dampen leisure and corporate travel demand, with broader inflationary pressures filtering through to operating margins.&rdquo Stapled securities of CDLHT : J85 +1.25% closed on Wednesday 1.2 per cent or S$0.01 lower at S$0.80. |
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| 01-May-2026 11:25 |
Mapletree Log Tr
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MTL ( MAPLE LOGISTICS TRUST)
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Mapletree Logistics Trust posts 7% fall in Q4 DPU to S$0.01819 Distributable income down 6.1% at S$93 million from S$99.1 million [SINGAPORE] The manager of Mapletree Logistics Trust (MLT) on Thursday (Apr 30) posted a distribution per unit (DPU) of S$0.01819 for the fourth quarter ended March, down 7 per cent from S$0.01955 in the year-ago period. This brings total DPU for FY2026 to S$0.07262, down 9.8 per cent year on year. Distribution for Q4 will be paid on Jun 23. Distributable income fell 6.1 per cent to S$93 million for Q4, from S$99.1 million in the same period the year before, amid an enlarged unit base. Revenue was down 1.7 per cent on year at S$176.6 million and net property income (NPI) fell 0.9 per cent to S$151.4 million in Q4. The declines were primarily due to an absence of contributions from divested properties and weaker regional currencies, said the manager. In FY2026, MLT divested six properties at an average premium to valuation of about 20 per cent. The properties sold include 1 Genting Lane, 8 Tuas View Square and Mapletree Logistics Centre-Yeoju in South Korea. Excluding the impact of divestments and currency volatility, MLT would have registered growth in revenue and NPI of S$3.6 million and S$4.1 million, respectively. This would have come amid higher contributions from the existing portfolio and contribution from the newly completed redevelopment project in Singapore, said the manager. For the full-year, revenue was down 2.6 per cent at S$708.3 million in FY2026, from S$727 million the year before. NPI fell 2.4 per cent to S$610.2 million in FY2026, from S$625.3 million. Distributable income for FY2026 was S$370.1 million, down 8.9 per cent from the previous year&rsquo s S$406.4 million. &ldquo In light of the ongoing Middle East conflict and broader supply chain uncertainties, we remain vigilant and focused on execution,&rdquo said Jean Kam, chief executive officer of MLT&rsquo s manager. &ldquo Our immediate priorities are to preserve portfolio stability through tenant retention, prudent cost management and active lease management, while continuing our portfolio rejuvenation strategy to unlock value and position MLT for sustainable long-term growth,&rdquo she added. Units of MLT ended Thursday 0.8 per cent or S$0.01 lower at S$1.22, before the release of the results. |
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| 01-May-2026 11:25 |
ParkwayLife Reit
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PLife REIT
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Parkway Life Reit Q1 DPU up 15.1% at S$0.0442 on higher Singapore hospital rents Revenue falls 2.1% to S$38.2 million, dragging net property income down 2.7% to S$35.8 million [SINGAPORE] Parkway Life Real Estate Investment Trust (Reit) on Thursday (Apr 30) reported a 15.1 per cent rise in first-quarter distribution per unit (DPU) to S$0.0442, from S$0.0384 in the year-ago period. Distributable income stood at S$28.8 million, up 15.1 per cent year on year from S$25 million. Revenue fell 2.1 per cent to S$38.2 million, dragging net property income down 2.7 per cent to S$35.8 million. The Reit&rsquo s manager attributed the higher DPU and distributable income to greater rental contributions from Singapore hospitals, which followed the cessation of three-year rent rebates, as well as the implementation of a new rent review formula. However, the growth was partially offset by the depreciation of the Japanese yen and lower rental income from the trust&rsquo s Japan portfolio. Under the annual rent review formula, the minimum rent for Singapore hospitals will climb to S$99.1 million from the 2026 financial year. This represents a 24.3 per cent increase from the actual rent payable in FY2025. The revision comes after master lease renewals with sister company Parkway Hospitals Singapore for a term of 20.4 years from Aug 23, 2022. The healthcare provider is the master lessee of the Reit&rsquo s Mount Elizabeth, Gleneagles and Parkway East hospitals. As Parkway Life Reit makes distributions on a semi-annual basis, there is no distribution for Q1. The DPU of S$0.0442 will form part of the distribution for the first half of FY2026. During the quarter, the trust completed its S$350 million rejuvenation of Mount Elizabeth Hospital. It also pre-emptively repossessed five nursing home properties in Osaka after a tenant, Miyako Group, entered liquidation proceedings. However, the manager noted that the security deposits held are &ldquo largely sufficient&rdquo to offset the outstanding rent. Finance costs for Q1 FY2026 rose 7 per cent to S$3.5 million from S$3.3 million previously. This was due to funding capital expenditure and higher interest costs from yen-denominated debts, though these were partly offset by the Japanese currency&rsquo s depreciation. Expansion in growing healthcare markets As at March 2026, the Reit&rsquo s portfolio size was S$2.57 billion, accounting for 74 properties and 30 lessees. By revenue, 67.6 per cent of its properties are in Singapore, 24.7 per cent in Japan, and 7.7 per cent in France. The bulk of its portfolio asset mix by value is taken up by hospitals and medical centres at 67.8 per cent, with nursing homes comprising the remaining 32.2 per cent, as at Mar 31. Its weighted average lease to expiry by revenue was 14.85 years. Not more than 3 per cent of the Reit&rsquo s leases is due to expire each year over the next five years, the manager noted. Parkway Life Reit&rsquo s weighted average debt term to maturity stood at 3.8 years as at March. The manager said gearing was healthy at 34.2 per cent, with ample debt headroom. It added that the Reit is targeting expansion in growing healthcare markets, particularly in the countries in which it has investments. It intends to leverage its first-mover advantage and strong network in Japan to expand in the country, as well as build a third key market that can contribute to its enhanced growth in the mid to long term, the manager said. Units of Parkway Life Reit closed at S$4.02 on Thursday, lower by 1 per cent or S$0.04. |
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| 30-Apr-2026 11:57 |
ComfortDelGro
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COMFORT DELGRO - MOVING FORWARD
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SP Mobility, ComfortDelGro Engie bag contracts to deploy EV fast-charging hubs in HDB towns Each site will feature six to eight 50 kilowatt fast chargers [SINGAPORE] SP Mobility and ComfortDelGro Engie have won contracts from EV-Electric Charging (EVe) to deploy electric vehicle (EV) fast-charging hubs in HDB towns. EVe is a subsidiary of the Land Transport Authority. The hubs will be located across eight sites, including at HDB towns and car parks serving recreational facilities, said EVe on Wednesday (Apr 29). Each site will feature six to eight 50 kilowatt (kW) fast chargers, with the Bukit Canberra site also featuring three 7.4 kW slow chargers. The latest development follows earlier contracts awarded to SP Mobility and Shell in March after the government outlined plans for every HDB town to have at least one fast-charging hub by end-2027. &ldquo This tender award, together with our earlier contracts for six fast-charging sites in March 2026, will accelerate the roll-out of fast chargers to keep pace with growing EV demand and adoption,&rdquo said EVe chief executive Stephanie Tan. Electric vehicle brands reached new heights in the first quarter of 2026, with registrations for some increasing by as much as five times. Fast-charging options at convenient locations will allow drivers to charge their EVs &ldquo as part of their daily routines&rdquo , added EVe. The Singapore-assembled Hyundai Ioniq 5&rsquo s battery can be charged from 10 per cent to 80 per cent in about an hour with a 50 kW fast charger. Both SP Mobility and ComfortDelGro Engie are part of EVe&rsquo s refreshed pre-qualified panel of EV charging operators, appointed to support the next phase of public charging point deployment. There are currently 21 publicly available fast-charging hubs in Singapore, with planned HDB town deployments set to add around 20 more. |
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| 30-Apr-2026 09:56 |
Aspial Lifestyle
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Aspial Lifestyle
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Aspial Lifestyle moving to SGX mainboard on May 4 after meeting public float requirement Parent Aspial Corp divests 10 million shares, raising subsidiary&rsquo s public float above 15% [SINGAPORE] Catalist-listed Aspial Lifestyle will move its listing to the mainboard of the Singapore Exchange (SGX) on May 4. Trading of its shares on the mainboard will commence at 9 am that day, the company announced in a Tuesday (Apr 28) bourse filing. The confirmation of the proposed mainboard transfer, announced on Mar 4, comes after Aspial Lifestyle met all the conditions laid out in the in-principle approval for the shift granted by SGX. In March, the local bourse announced its in-principle approval of the upgrade to the mainboard, subject to several requirements. These included shareholders&rsquo approval and a minimum public float requirement &ndash at least 15 per cent of its issue capital had to be owned by no fewer than 500 shareholders who are members of the public. The subsidiary of Aspial Corp narrowly fell short of this requirement as at Mar 4, with 14.94 per cent of its entire share capital in public hands. Aspial Corp divested 10 million shares &ndash around 0.54 per cent of Aspial Lifestyle&rsquo s share capital &ndash at S$0.31 apiece, amounting to S$3.1 million in total. The sale put Aspial Lifestyle in compliance with the minimum public float requirement by bringing the percentage of its share capital owned by the public to above 15 per cent. Meanwhile, Aspial Corp&rsquo s stake in the group was lowered to 70.79 per cent from 71.33 per cent. On Mar 4, Aspial Lifestyle said the transfer to the mainboard was to enhance the group&rsquo s ability to access equity and debt capital markets, as the investment mandates of some institutional and international investors focus on mainboard-listed firms. This would support future funding requirements and improve financial flexibility for expansion pursuits, including the diversification of its revenue streams, it added then. Aspial Lifestyle&rsquo s net profit more than doubled to S$80.7 million in the FY2025 ended December, from S$34.3 million in FY2024. Full-year revenue jumped 41 per cent to S$830.1 million. Shares of Aspial Lifestyle closed on Tuesday at S$0.42, down by 3.4 per cent or S$0.015. Year to date, the counter has more than doubled from S$0.20 in January. Shares of Aspial Corp ended the day at S$0.133, down by 1.5 per cent or S$0.002. |
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| 30-Apr-2026 09:55 |
Mapletree Ind Tr
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MAPLETREE Industrial Trust (MIT)
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Mapletree Industrial Trust to divest up to S$600 million of North America assets, eyes Japan and Europe for growth The divestments are expected to be carried out within the next 1 to 2 years [SINGAPORE] Mapletree Industrial Trust (MIT) plans to divest S$500 million to S$600 million of assets in North America within the next one to two years, as it steps up efforts to recycle capital into higher-quality properties and expand into new markets. &ldquo With over S$500 million divested and more divestments planned, this gives us a nice headroom for acquisitions,&rdquo said Lily Ler, CEO of the manager, at the earnings briefing on Wednesday (Apr 29). She added that MIT continues to see opportunities in data centres and is looking to grow its footprint in Japan while exploring a first entry into Europe, as it becomes more selective on the US given its substantial existing exposure. &ldquo Greater diversification and more exposure to hyperscale tenants would improve the resilience of MIT&rsquo s portfolio.&rdquo On the potential acquisition of the remaining 50 per cent stake in its portfolio of 13 data centres from its joint venture with sponsor Mapletree Investments, Ler said it would depend on whether the sponsor is willing to divest. She highlighted that the portfolio is of high quality, with more than 50 per cent hyperscale tenant exposure, which MIT would like to increase its exposure to. A &ldquo large portion&rdquo of the sale target comprises vacant or near-vacant properties, alongside selected income-producing assets with limited long-term upside, such as those with low power capacity or weaker re-leasing prospects, said Ler. San Diego, for instance, is not in &ldquo a key data centre market&rdquo , with divestment &ldquo definitely on the cards&rdquo , she added. The five-storey building, which comprises data centre and office space, was valued at US$49.2 million as at end-March 2026. Its tenant, AT& T, accounts for about 2.5 per cent of MIT&rsquo s overall portfolio by gross rental income, with the lease expiring in May 2026. Ler indicated that the trust would take a pragmatic approach to divestments, aiming to achieve at least book value but remaining open to selling below valuation if required by market conditions. For properties not seen to be contributing to portfolio income, &ldquo it&rsquo s actually better for us to just take the hard decision and divest it so we can recycle it into something that is contributing to the portfolio&rdquo , she said. MIT is in &ldquo slightly more advanced discussions&rdquo on some potential sales and expects to provide updates within the next six months. While North America remains a key focus for divestments, Ler said the trust is also reviewing its local portfolio for further opportunities, including properties with shorter remaining lease tenures such as Kallang 1 and 2, which have about five years left on their leases. Selling such assets would help preserve capital value, she said, adding that the trust is also engaging JTC to explore the possibility of tenure extensions, including by securing tenants that align with government priorities. In financial year 2026, MIT completed S$550.6 million of divestments, including the sale of the Georgia data centre for US$11.8 million at an 18.6 per cent premium over market valuation. It also sold two business park buildings and one hi-tech building in Singapore in August 2025 for S$535.3 million, at a 2.6 per cent premium over market valuation and 22.1 per cent above the original investment cost. FY2026 earnings The manager posted a distribution per unit (DPU) of S$0.0309 for its fourth quarter ended Mar 31, down 8 per cent from S$0.0336 in the year-ago period. Distributable income fell 7.9 per cent on the year to S$88.2 million in Q4. Revenue was down 7.9 per cent at S$163.8 million, and net property income declined 8.6 per cent to S$119.9 million in Q4. For FY2026, revenue fell 5.5 per cent year on year to S$673 million, and net property income was down 5.9 per cent at S$500.4 million. The weaker performance was driven mainly by the absence of income from the sale of the three Singapore assets, non-renewal of North American leases, and currency headwinds from the US dollar and yen. Distributable income was down 6.1 per cent on year at S$362.6 million and DPU fell 6.3 per cent to S$0.1271. The manager highlighted several upcoming headwinds, including the &ldquo confirmed non-renewal of leases&rdquo in its North American portfolio in FY2027, and &ldquo higher borrowing costs from the repricing of maturing interest rate swaps&rdquo . Geopolitical tensions and inflationary pressures on operating costs also remain key concerns, it added. Units of MIT were trading 3.9 per cent or S$0.08 lower at S$1.98, as at 12.43 pm on Wednesday. |
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| 30-Apr-2026 09:54 |
Aztech Gbl
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Aztech Global IPO
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Aztech shares jump over 17% CGSI upgrades stock to &lsquo add&rsquo , lifts target 46.2% despite earnings miss An expected earnings recovery and potential EQDP-driven rally may benefit stock, says analyst [SINGAPORE] CGS International upgraded Aztech Global : 8AZ +15.43% to &ldquo add&rdquo from &ldquo hold&rdquo and raised its target price for the tech manufacturer by 46.2 per cent to S$1.14, from S$0.78, despite disappointing first-quarter earnings. The company&rsquo s Q1 net profit, released on Tuesday (Apr 28), came in at S$4 million and missed expectations, but the investment house says earnings recovery is &ldquo likely&rdquo . Its revenue of S$64.7 million was in line with expectations. CGSI analyst William Tng noted the &ldquo historical seasonality&rdquo of Aztech&rsquo s performance, with Q1 typically the weakest quarter. &ldquo Despite the slow start to FY2026, we expect Aztech to see quarter-on-quarter improvements in Q2 to Q3, based on historical trends, and retain our earnings forecasts,&rdquo said Tng. The group&rsquo s Q1 net profit, though 166.7 per cent higher year on year, was just 9 per cent of CGSI&rsquo s and a Bloomberg consensus&rsquo forecasts for the full year and was &ldquo below expectations due to (an) unrealised foreign exchange loss of S$1.8 million&rdquo , said CGSI. Aztech had benefited from a S$3.1 million gain from the sale of its property in Dongguan, China, but was hurt by the unrealised foreign exchange loss, the investment house said. However, Tng noted that Aztech secured six new project orders in Q1, with commercial production started during the quarter, as well as added two new customers in the security and renewable energy segments. &ldquo The project wins and new product introduction progress support medium-term customer and revenue diversification, despite modest early-stage revenue,&rdquo said Tng, citing Aztech&rsquo s management in its Q1 2026 business update released on Tuesday. Order cancellations due to an economic slowdown affecting demand and volatile foreign exchange rate movements affecting financials are downside risks, he said. Another boon for Aztech is a potential rally driven by the Equity Market Development Programme (EQDP), said Tng. With FY2026 to FY2028 forecasts for Aztech unchanged, CGSI sees an earnings recovery with a compound annual growth rate of 7.4 per cent, supported by projected dividend yields of 4.3 to 4.7 per cent &ldquo EQDP buying support could re-rate Aztech to 19 times, three standard deviations above its five-year average price-to-earnings ratio over FY2022 to FY2026, leading us to raise our target price to S$1.14,&rdquo he said. Aztech shares rose as much as 17.7 per cent on Wednesday to S$1.03 as at 2.36 pm, with nearly 32 million shares traded. Year to date, the counter has gone up 57.3 per cent from its S$0.655 closing price on Dec 31, 2025. It was among the group of tech stocks that staged a rally last week on the back of a stronger-than-expected 15.3 per cent surge in Singapore&rsquo s key exports due to artificial intelligence-linked demand. |
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| 30-Apr-2026 09:53 |
Hong Leong Asia
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Hong Leong Asia
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Hong Leong Asia offers 50 mil new shares at $2.90 each Conglomerate Hong Leong Asia (HLA) is offering 50 million new ordinary shares at a placement price of $2.90, according to a bourse filing on April 29. The placement price represents a discount of approximately 5.76% to the volume weighted average price of $3.0771 for trades done on the Singapore stock exchange (SGX-ST) on April 27, being the last full market day on which HLA&rsquo s shares were traded prior to the trading halt called by the company before trading hours on 28 April 2026 and up to the time of execution of the placement agreement with CGS International Securities. Approximately $113.8 million, representing 80% of net proceeds of $142.3 million, will go towards general corporate activities including but not limited to investments, acquisitions, business expansion and repayment of bank borrowings. The remaining 20%, or $28.5 million, will be used to meet the general working capital requirements of the business. HLA shares that net proceeds, pending deployment, may be deposited with banks or financial institutions, invested in short-term money market instruments or marketable securities, and/or used for any other purpose on a short-term basis. After completion of the placement, the total number of issued shares for HLA will increase to more than 798 million. On a pro-forma basis where it is assumed that the placement was completed on Dec 31, 2025, net tangible asset per share will increase to $1.4134 from $1.3177. For earnings per share, if the placement was completed on Jan 1, 2025, EPS for FY2025 will be diluted from 15.08 cents to 14.14 cents. The new shares are issued in accordance with the general share issue mandate granted by shareholders at HLA&rsquo s AGM on April 24. The company may issue up to more than 149.6 million new shares The placement is not underwritten and is scheduled to be completed not later than May 11. As at around 10.10 am on April 29, shares in Hong Leong are trading at $2.95, down 11 cents or 3.6%. |
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| 30-Apr-2026 09:52 |
CapitaLandInvest
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CapitaLand Investment (SGX: 9CI)
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CapitaLand Investment&rsquo s fee-related revenue up 10% y-o-y in 1QFY2026 CapitaLand Investment (CLI) recorded $310 million fee-related revenue, up 10% y-o-y, for 1QFY2026 ended March 31, supported by strong listed funds growth. This includes CLI&rsquo s 40% share of SC Capital Partners (SCCP) fee revenue. As at March 31, 59% of CLI&rsquo s total revenue comes from its fee business, while 41% comes from its investment business. CLI&rsquo s private funds segment grew the most across segments, surging 58% y-o-y to $41 million in 1QFY2026. This includes CLI&rsquo s 40% share of SCCP fee revenue, amounting to some $2 million and $7 million for listed and private funds management respectively. Listed funds management grew 14% y-o-y to $87 million in 1QFY2026, while commercial management grew 3% y-o-y to $98 million for the quarter. Lodging management, meanwhile, was stable y-o-y, at $84 million in 1QFY2026. CLI&rsquo s all-in fee-related revenue over funds under management (FRR/FUM) was 82 basis points (bps) during the quarter, down slightly from 85 bps over FY2025. CLI&rsquo s fund management fee-related revenue to funds under management ratio (FM FRR/FUM) was 51 bps during the quarter, down slightly from 52 bps over FY2025. CLI&rsquo s balance sheet, based on open market value, fell $0.4 billion y-o-y to $3.9 billion in 1QFY2026, as CLI works on improving capital efficiency. CLI&rsquo s net debt/equity stands at 0.41 times as at 1QFY2026, down from 0.43 times in FY2025. CLI&rsquo s interest coverage ratio fell to 3.9 times in 1QFY2026 from 4.2 times in FY2025. CLI&rsquo s fixed rate debt stands at 73% as at 1QFY2026, compared to 72% in FY2025. CLIs&rsquo average debt maturity stands at 2.9 years in 1QFY2026, down from 3.1 years in FY2025, with implied interest cost at 3.6% per annum in 1QFY2026, down from 3.9% per annum in FY2025. CLI&rsquo s operating cashflow, which includes dividend received from associates, joint ventures and other investments, stands at $289 million in 1QFY2026, up from $255 million in 1QFYF2025. In its business update released April 29, CLI says uncertain market conditions are expected to moderate the pace of capital raising and deployment, with continued focus on risk-adjusted returns. &ldquo Potential inflation-driven cost pressures may weigh on asset operations, reinforcing ongoing portfolio optimisation and cost discipline,&rdquo adds CLI. CLI says a continued focus on its high-conviction themes &mdash lodging and living, logistics and self-storage, real estate credit &mdash in resilient markets like Singapore, Japan and Australia continue to attract institutional capital and provide stability. &ldquo CLI&rsquo s strong balance sheet and capital position provide flexibility to pursue strategic and accretive opportunities,&rdquo it adds. Shares in CLI closed 0.71% down at $2.81 on April 28, up 2.5% year to date. |
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