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| 30-Apr-2026 09:51 |
Wilmar Intl
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Wilmar
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Wilmar posts 22.8% fall in Q1 net profit to US$265.6 million amid volatile commodity prices Operating conditions for the year depend on developments in global trade policies, says the company [SINGAPORE] Wilmar : F34 -1.29% 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. Revenue for the quarter grew 21.9 per cent to US$19.8 billion from US$16.2 billion in the year-ago period, it said in a bourse filing on Wednesday (Apr 29). This was backed by higher sales volume across all its core business segments &ndash increasing 22.3 per cent for food products and 11.7 per cent for feed and industrial products. The company noted that the consolidation of Indian edible oil processor AWL Agri Business (AWL) since December 2025 contributed to the year on year growth in sales volumes. Excluding AWL&rsquo s impact this quarter, overall volume would have risen 7.7 per cent to 24.8 million tonnes, while revenue would have grown 7.6 per cent to US$17.44 billion, said Wilmar. Meanwhile, the group&rsquo s core net profit shed 23 per cent, declining to US$264.2 million in Q1 from US$343 million in the corresponding quarter a year ago. Wilmar attributed this to a few reasons, including &ldquo temporary unrealised mark-to-market losses from (its) hedging activities caused by the Iran war&rdquo . It said most of these losses are expected to reverse in the coming quarters when physical commodities underlying the hedged contracts are delivered. Concurrently, the company saw weaker contributions from associates and joint ventures across China, Europe and South-east Asia regions. Profits from its plantation and sugar milling segment were also lower, impacted by lower palm oil prices and production volume, as well as weaker sugar performance, noted the agribusiness giant. However, these losses were partially offset by gains on disposal of joint ventures in China and higher volume of sales in the quarter. Overall, the company said that volume growth in the quarter was &ldquo overshadowed&rdquo by high volatility in commodity prices amid the US-Iran war. &ldquo Looking ahead, operating conditions for the remainder of the year will continue to depend on the evolution of geopolitical tensions and development in global trade policies,&rdquo said Wilmar. Shares of Wilmar closed up 1.3 per cent or S$0.05 to S$3.83 on Wednesday before the results. |
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| 30-Apr-2026 09:50 |
CityDev
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CityDev
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CDL strategic review &lsquo timely&rsquo after last year&rsquo s disputes, Sherman Kwek tells shareholders [SINGAPORE] An ongoing strategic review being done by City Developments Ltd (CDL) was &ldquo timely&rdquo after the company went through &ldquo some difficulties&rdquo and internal disputes last year, group chief executive officer Sherman Kwek told a packed shareholders meeting on Wednesday (Apr 29). The property giant is looking to &ldquo revamp&rdquo its strategy and better articulate its value to investors, and has appointed global advisory firm Teneo for the task. At CDL&rsquo s annual general meeting (AGM) on Wednesday, group CEO Sherman Kwek said that the review will be discussed at a board strategy meeting in May, with details expected to be unveiled by end-June. |
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| 30-Apr-2026 09:48 |
Landmark REIT
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Overview of Lippo Malls Trust
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Landmark Reit Q1 net property income rises 5.7% to S$30.8 million This comes amid an 8.5% depreciation of the rupiah against the Singapore dollar [SINGAPORE] Landmark Reit, formerly Lippo Malls Indonesia Retail Trust, on Wednesday (Apr 29) posted a 5.7 per cent increase in net property income to S$30.8 million for the first quarter ended Mar 31, 2026. This was up from S$29.2 million a year prior. This came amid an 8.5 per cent depreciation of the rupiah against the Singapore dollar, said the trust&rsquo s manager. In rupiah terms, net property income jumped 15.6 per cent to 406.9 billion rupiah (S$30 million). Despite the rupiah&rsquo s depreciation, rental revenue grew 4 per cent to S$28.5 million in Q1. Gross revenue rose 4.6 per cent to S$52.2 million in Q1, up from S$49.9 million in the previous corresponding period. This was supported by car park income increasing 29.1 per cent to S$3.1 million, following the full conversion of the trust&rsquo s car park management arrangement by Q4 2025, which allows income to be recognised on a gross basis. No distribution was declared for the quarter. The trust had previously announced it would cease distributions to the holders of its S$140 million and S$120 million perpetual securities in a bid to conserve cash. On Wednesday, the manager noted that following the completion of a rights issue in January 2026, the remaining US$22.6 million 2026 notes were fully redeemed in February 2026. The trust&rsquo s non-restricted cash and cash equivalents increased to S$47.8 million as at Mar 31, from S$16.3 million at the end of December 2025. The manager added that global and domestic economic uncertainties remain elevated, with the 2026 economic outlook softening slightly. The inflationary effects of recent tariff measures and geopolitical tensions could also impact the retail environment. Pending further improvement in the trust&rsquo s financial and cashflow positions, the manager said distributions to both unitholders and holders of its perpetual securities will continue to be withheld. The trust&rsquo s average portfolio occupancy improved to 87.5 per cent as at end March from 86.5 per cent as at December 2025. Weighted average lease expiry by net lettable area stood at 2.8 years as at Mar 31, with an average rental reversion of negative 0.8 per cent and a renewal rate of 68.7 per cent. Shopper traffic continued to recover in the quarter, up 5.1 per cent to 34.4 million shoppers from 32.8 million in the previous year. &ldquo Our targeted asset enhancement initiatives and active tenant optimisation continue to yield tangible results,&rdquo said the manager&rsquo s CEO James Liew. He noted that nearly 70 per cent of the Reit&rsquo s properties achieved occupancy levels above 85 per cent. At the same time, the group&rsquo s aggregate leverage improved to 40.22 per cent as at Mar 31, reinforcing the trust&rsquo s balance sheet and enhancing financial flexibility. Units of Landmark Reit ended Wednesday flat at S$0.007. |
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| 30-Apr-2026 09:45 |
Sheng Siong
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Trading Idea / Chart Watchlist
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Sheng Siong Q1 net profit up 12.6% on stronger sales Revenue is up 12.4%, driven by the opening of 12 new stores [SINGAPORE] Supermarket operator Sheng Siong : OV8 -0.66% recorded a 12.6 per cent increase in net profit to S$43.4 million for the first quarter ended Mar 31, from S$38.5 million the year before. Revenue grew 12.4 per cent to S$452.8 million, from S$403 million in the corresponding period last year. This was attributed to the 12 new stores that opened in FY2025, as well as higher festive sales in the Chinese New Year and Hari Raya periods, said the company in a business update on Wednesday (Apr 29). Gross profit rose 15 per cent to S$140.3 million in Q1, from S$122 million in the year prior. Earnings per share stood at S$0.0287, up 11.7 per cent from S$0.0257 in the year-ago period. The improved performance came despite higher operating costs driven by a 12.8 per cent year-on-year increase in administrative expenses to S$17.8 million, and a 15.6 per cent rise in selling and distribution expenses to S$76.1 million. Sheng Siong attributed the increase to higher staff costs to support more stores and higher variable bonuses after an improved financial performance. It also experienced higher depreciation arising from the additional leases of supermarket stores and land lease for the group&rsquo s new distribution centre at Sungei Kadut. Cash flow from operating activities in Q1 went up by S$11.6 million year on year from higher profit and more non-cash payments received during the period. Amid geopolitical uncertainty and rising operating costs, the company noted that it is &ldquo actively refining its sales mix&rdquo and will continue to &ldquo diversify (its) supplier base to enhance supply chain resilience, while investing in automation to improve operational efficiency and mitigate rising labour costs&rdquo . Sheng Siong chief executive officer Lim Hock Chee noted that the group is expected to open two new stores in the second quarter, and another in the third quarter this year. The company is also awaiting five tender results to be released by the Housing & Development Board, noted Lim. &ldquo Through our prudent cost management and ongoing efforts to optimise our sales mix, we remain dedicated to combating rising business costs,&rdquo he said. The counter closed at S$2.99 on Wednesday, down 0.7 per cent or S$0.02, before the results. |
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| 30-Apr-2026 09:43 |
StarhillGbl Reit
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Starhill Global Reits
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Starhill Global Reit Q3 NPI flat at S$37.9 million Revenue for the period rose 0.7 per cent to S$47.9 million [SINGAPORE] The manager of Starhill Global real estate investment trust (Reit) posted a net property income (NPI) of S$37.9 million for the third quarter ended Mar 31, unchanged from the previous corresponding period. The performance was supported by stronger contributions from Ngee Ann City in Singapore and Lot 10 in Kuala Lumpur, as well as the appreciation of the Australian dollar and Malaysian ringgit against the Singapore dollar, the manager said in a bourse filing on Wednesday (Apr 29). This was largely offset by the loss of contribution from the divestment of Wisma Atria office strata units and lower contributions from the Myer Centre Adelaide Office and Wisma Atria Retail, as well as higher operating expenses for China Property, a retail asset in Chengdu in the Sichuan province. Revenue for the period rose 0.7 per cent to S$47.9 million. Gearing at the end of Mar 31 stood at 35.5 per cent. Committed occupancy across the portfolio was 96.4 per cent as at Mar 31, an improvement from 94.6 per cent as at Jun 30, 2025. The weighted average lease expiry stood at 7.3 years. In Australia, refurbishment works are under way for the Myer Centre Adelaide&rsquo s food court to modernise the space and enhance its attractiveness relative to newer concepts nearby. One phase of the A$6 million (S$5.3 million) project is expected to be completed by the end of 2026 its next phase covers the east seating zone and southern amenities, slated for completion in June 2026. The Reit&rsquo s China Property is now fully occupied following the commencement of a lease with a replacement tenant in March. The new tenant, a Chengdu interior design and renovation company, has taken over the premises for fit-out works. The manager noted that global economic uncertainty and geopolitical tensions continue to pose challenges, though resilient tourism and consumer spending in Singapore are expected to support demand for prime retail space. It added that it will maintain a prudent capital management strategy. At home, facade enhancement works in Wisma Atria&rsquo s Level 2 and Level 3 units commenced in March. The S$2.2 million project is targeted for completion by mid-2026, subject to approvals by the authorities. Units of Starhill Global Reit fell 0.9 per cent to close S$0.005 lower at S$0.55 on Wednesday. |
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| 30-Apr-2026 09:25 |
LHN
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LHN IPO - first ipo for the year should do well
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LHN, Coliwoo expect higher earnings for 1HFY2026 ended March Both LHN and its separately listed subsidiary Coliwoo Holdings expect to report higher earnings for their 1HFY2026 ended March, due to net fair value gains on their investment properties. In similar but separate announcements, the companies say that the profit guidances are based on preliminary assessment and may be subject to further adjustments and finalisations. Coliwoo Holdings shares closed at 50 cents on April 29, up 4.21% for the day. Its IPO last November was offered at 60 cents. LHN shares closed at 61 cents on April 29, up 0.83%. |
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| 30-Apr-2026 09:20 |
DBS
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DBS
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DBS Q1 net profit up 1% at S$2.93 billion on record wealth management fees, beating forecasts The lender declares a dividend of S$0.81 per share [SINGAPORE] DBS&rsquo net profit for its first quarter rose due to strong wealth management performance, it said on Thursday (Apr 30). Net profit for the three months ended Mar 31, 2026, stood at S$2.93 billion, up 1 per cent from the S$2.90 billion in the year-ago period. The earnings beat the S$2.88 billion consensus forecast in a Bloomberg survey of six analysts. Profit before tax was up 2 per cent on the year to S$3.51 billion, as total income reached a new high of S$5.95 billion. The lender declared a total dividend of S$0.81 per share for Q1, comprising an ordinary dividend of S$0.66 and a capital return dividend of S$0.15, up from S$0.75 per share in the year-ago period. For the commercial book, total income flat on the year at S$5.56 billion. Net interest income for the segment fell 7 per cent to S$3.48 billion, as net interest margin (NIM) posted a 39-basis-point decline to 2.29 per cent. Commercial book net fee and commission income was up 16 per cent at S$1.48 billion, as wealth management fees reached a record S$907 million, driven by higher investment product sales and bancassurance. Treasury customer sales and other income for the segment rose 10 per cent to S$602 million. Meanwhile, its markets trading income rose 7 per cent to S$389 million, on lower funding costs and improved trading conditions. Overall, group NIM fell to 1.89 per cent for the quarter, from 2.12 per cent in the previous corresponding period. Its non-performing loans ratio was lower at 1 per cent, from 1.1 per cent previously. Chief executive Tan Su Shan said: &ldquo We had a strong start to the year, with record total income and a return on equity of 17 per cent despite continued rate headwinds and heightened geopolitical uncertainty. &ldquo The quarter was anchored by record wealth management performance, alongside robust deposit growth, record transaction services fees and stronger markets trading income.&rdquo DBS was the first of Singapore&rsquo s three lenders to report quarterly results. UOB is scheduled to release earnings on May 7, while OCBC is expected to report on May 8. Shares of DBS : D05 -0.33% closed down 0.3 per cent or S$0.19 at S$56.56 on Wednesday. |
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| 30-Apr-2026 09:19 |
Totm Tech
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Why Is Price Of Yinda Slowly Moving Up Right Now?
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TOTM Technologies&rsquo subsidiary launches its first new venture: TOTM.AI TOTM Technologies Limited (TOTM Technologies) (SGX:42F) announced that its wholly owned subsidiary, TOTM Labs Pte Ltd (TOTM Labs) has launched TOTM.AI. According to TOTM Technologies, TOTM Labs is an AI-enabled venture builder that builds and scales next generation products through emerging technology capabilities, commercial intelligence, and capital alignment, which anchors on the foundations of trust, security, and stable value exchange. &ldquo Artificial intelligence (AI) sits at the core, driving venture sourcing, operational co-pilots, ecosystem mapping, and exit intelligence,&rdquo the company says. Since its official launch back on April 8, TOTM Labs has formalised a series of strategic Memorandum of Understanding (MOU) with key ecosystem partners across Southeast Asia, including the PILA, Global OnChain Economy Alliance, Sky Mavis, Vlinder and Asia Blockchain Association. &ldquo These partnerships demonstrate TOTM Labs&rsquo commitment to building trusted, AI-enabled on-chain products and services. One such collaboration is the demonstration of the On-chain Finance Network (OFN), showing that cross-border on-chain transactions enabled by verifiable credentials between Vietnam and Indonesia are technically achievable,&rdquo the company adds. At the same time, TOTM.AI introduces the next generation of enterprise collaboration through Digital Employees&mdash context-aware AI partners that mirror human capabilities, optimize operations, and drive efficiency while adhering to enterprise policies. " By equipping organizations with secure, verifiable, and intelligent Digital Employees, TOTM.AI ushers in a new era of autonomous workforce, working alongside human teams to accelerate productivity, scale outcomes, and continuously refine industry-specific expertise," the company explains. &ldquo We believe in users-first principle as we build secure and risk managed ventures to drive sustainable adoption. TOTM.AI marks the beginning of how we aim to shape the future of the emerging technology-oriented economy.&rdquo said Chan Wei Jie, head of TOTM Labs. Shares of TOTM Technologies closed 0.1 cent higher, or 3.33% up at 3.1 cents on April 29. |
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| 29-Apr-2026 11:53 |
Mapletree PanAsia C
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MCT
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MPACT Q4 DPU falls 2.6% to S$0.019 amid overseas headwinds [SINGAPORE] The manager of Mapletree Pan Asia Commercial Trust (MPACT) : N2IU 0% on Tuesday (Apr 28) reported a 2.6 per cent fall in distribution per unit (DPU) to S$0.019 for the fourth quarter ended March 2026, from S$0.0195 in the same year-ago period. It will be distributed on Jun 17, 2026, with an ex-dividend date on May 6, and its record date on May 7. Revenue for the period was down 5.5 per cent to S$210.7 million from S$222.9 million the year prior, on account of lower overseas contributions. Net property income also declined 5.9 per cent year on year to S$159.6 million, from S$169.5 million. Finance expenses also narrowed to S$42.4 million for the period, a 17.9 per cent dip from S$51.6 million a year prior. The manager said portfolio optimisation efforts will continue, as the company sharpens focus on quality assets. Amid macro headwinds, leasing and operational decisions across the portfolio have protected cash flows and bolstered stability. &ldquo VivoCity&rsquo s consistent outperformance reflects the manager&rsquo s ability to drive returns through targeted initiatives,&rdquo the Tuesday results statement added. Units of MPACT closed flat at S$1.40 on Monday, prior to the release of results. |
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| 29-Apr-2026 11:52 |
Stoneweg EUTrust EU
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Stoneweg
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Stoneweg Europe Stapled Trust reports 1QFY2026 DPU of 3.423 Euro cents 1.5% higher y-o-y Stoneweg European Stapled Trust (SERT) SET has reported a distribution per stapled security of 3.423 Euro cents for 1QFY2026 ended March 31, 2026, 1.5% higher y-o-y. Both gross revenue and net property income (NPI) were down 1.3% y-o-y to EUR52.8 million and EUR 33.1 million respectively. The lower figures were due to the impact of asset divestments completed in FY2025. On a like-for-like basis, NPI increased 2.3% y-o-y, driven by the resilient sector such as logistics and light industrial. Distributable income gained 0.4% y-o-y to EUR19.0 million, reflecting stable earnings following several years of portfolio optimisation. Net asset value (NAV) stood at EUR1.99 per stapled security as at March 31, 2026. Average all-in interest cost for 1QFY2026 was at 3.84% and SERT extended EUR160 million interest rate hedge from Nov 30, 2026 to Nov 30, 2028, which will see 87% of the trust&rsquo s interest rate exposure fixed till 2027. Net gearing stood at 42.7%, which is below both SERT&rsquo s board policy ceiling of 45% and loan covenants. Gearing is expected to reduce to the upper end of the 35-40% range given projected valuation gains and further planned asset sales. Meanwhile, overall portfolio occupancy rate stood at 92.8% with a weighted average lease expiry of 5.0 years. SERT sees minimal lease expiring in the next two years, providing investors with good income visibility. Occupancy rate for its logistics and light industrial portfolio was at 95.1% with a positive rental reversion of 7.6%. SERT shares that it continues to manage leasing at selected assets ahead of the planned data centre conversion. Occupancy rate for the office portfolio was at 86.8%, with a negative rental reversion of 2.8%, mainly driven by the three small leases totalling 1,095 sqm at identified non-core assets in Poznan, Helsinki and Paris. &ldquo SERT&rsquo s first quarter 2026 performance reflects the strength of our repositioned portfolio and the experienced local Stoneweg asset managers with excellent transaction execution capabilities across our European platform, despite a mixed macroeconomic backdrop,&rdquo says Simon Garing, CEO of the manager. As at 9.22am, Units in SERT were trading flat at EUR1.55. |
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| 29-Apr-2026 11:51 |
SIA
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SIA
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SIA&rsquo s Air India intervention a &lsquo capability transplant&rsquo crucial to its long-term play: analysts External headwinds have likely pushed the break-even mark for Singapore Airlines&rsquo investment towards 2030 [SINGAPORE] Singapore Airlines&rsquo ( SIA ) decision to embed a limited number of executives deep into Air India&rsquo s operations is a positive move to protect an asset battered by record losses and entrenched legacy cultures, aviation industry analysts mostly said. Linus Benjamin Bauer, founder of aviation consultancy BAA & Partners, called it a direct response to deep-rooted operational failings, though he warned that it does not come free of execution risks. &ldquo This is a capability transplant, not a leadership transplant &ndash and that distinction matters.&rdquo Bloomberg News on Apr 23 reported that the Singapore flag carrier is moving executives into key roles across Air India&rsquo s flight operations, engineering and maintenance. This marked an escalation in SIA&rsquo s engagement, giving it a more hands-on presence in India&rsquo s flag carrier. SIA has owned a 25.1 per cent stake in Air India since the latter&rsquo s 2024 merger with Vistara. Founded in 2013, Vistara was a joint venture between SIA and Tata Sons. Tata retains a 74.9 per cent stake in Air India. In response to queries from The Business Times, SIA said that it has been &ldquo working closely&rdquo with Tata to &ldquo support Air India&rsquo s transformation programme&rdquo . &ldquo This includes providing our expertise to Air India, where necessary,&rdquo it added. Air India did not respond to queries from BT. For SIA, the stakes are immediate. Air India&rsquo s losses swelled to about US$2.4 billion in 2025. The lack of visibility on when the carrier can turn a profit is a growing worry for SIA, which reported that losses from associated companies, mostly from Air India, hit S$178 million in its third quarter ended Dec 31, 2025. Retail investors who hold SIA shares for steady dividend yields have been spooked by the rising drag Air India has exerted on the Singapore group&rsquo s earnings. Some have called for it to divest its Air India stake. But analysts say that exiting &ndash especially now &ndash is ill-advised and too difficult. Capability transplant Analysts believe that SIA&rsquo s deeper involvement is a rescue mission for a transformation that is proving far more complex than Tata likely anticipated in 2021. BAA&rsquo s Bauer said that SIA having its people in Air India &ldquo means embedding institutional knowledge at the working level&rdquo . &ldquo SIA knows what &lsquo good&rsquo looks like in these domains at a granularity very few carriers can match,&rdquo he added. The maintenance challenge is particularly massive in scale. Bauer pointed to data from India&rsquo s civil aviation ministry, which showed that 82.5 per cent of Air India&rsquo s aircraft analysed since January 2025 had exhibited recurring technical defects the figure was 36.5 per cent for rival IndiGo. Air India has also been contending with planes flown without airworthiness certificates and regulatory lapses flagged by European regulators. However, Bauer warned that SIA&rsquo s rigorous standards risk triggering a &ldquo cultural antibody reaction&rdquo within Air India&rsquo s heavily unionised, tenured workforce. &ldquo SIA executives arriving with process rigour that Air India&rsquo s middle management hasn&rsquo t been socialised into can trigger passive resistance: compliance on paper, non-compliance in practice.&rdquo He added that any split operational structure between SIA and Tata would require active management to prevent contradictory signals at the ground level. Shukor Yusof, founder of advisory and research firm Endau Analytics, was far less bullish on the move&rsquo s probability of success and forecast it would not be effective &ldquo at all&rdquo . &ldquo It&rsquo s too much to expect Air India employees to respond efficiently and quickly to &lsquo outsiders&rsquo who have been parachuted in and may not have a good grasp of the local work culture,&rdquo he said. Active protection upgrade Mayur Patel, regional sales director at travel data provider OAG, said that Air India&rsquo s bid to return to its 1970s world-class status has been hampered by a combination of external shocks and structural resistance. About 16 per cent of Air India&rsquo s total passenger capacity has been grounded. &ldquo The operational escalation... suggests SIA is now treating Air India not as a portfolio investment but as an asset that requires active protection,&rdquo Patel said. The earliest shock came when Pakistan closed its airspace to Indian aircraft in April 2025, forcing Indian aircraft heading to Europe or North America to reroute over the Arabian Sea. Patel said this adds up to four hours per journey and an estimated US$600 million in additional annual costs for Air India. The Iran war that started on Feb 28 has closed another key corridor for Air India, hindering access to a region that accounts for nearly half of India&rsquo s international passenger traffic. Flights such as those from Delhi or Mumbai to New York now have to make a fuel stop in Rome to account for the added distance. Jet fuel costs have doubled on some routes. OAG data shows that Air India and Air India Express shed over 500,000 seats worth of passenger traffic in April from a year earlier &ndash an 8 per cent decline. Despite the drop in traffic, SIA still views its Indian investment as a key strategy for the long term the country&rsquo s fast-growing middle-class and massive global diaspora represent a lucrative future prize. A longer game Bauer noted that the airline&rsquo s revised business plan could push the break-even for SIA&rsquo s investment towards FY2029 or FY2030, with FY2028 identified as the earliest window for operational stabilisation. This represents a significant delay from original estimates, creating a &ldquo genuine investor relations challenge&rdquo for the Singaporean carrier. Endau Analytics&rsquo Shukor was also downbeat on SIA having an &ldquo easy way out&rdquo even if the Singaporean airline wanted to divest its Air India stake, owing to how deeply it was &ldquo financially and physically&rdquo embedded. &ldquo Structurally there&rsquo s much more that needs to be overcome in the domestic aviation market to attain success,&rdquo he said. &ldquo SIA has said it is in it for the long term, so I guess they&rsquo re comfortable to take losses for another decade at least.&rdquo Still, most analysts still view SIA&rsquo s strategic rationale as sound. OAG&rsquo s Patel stated that &ldquo none of (the) structural logic&rdquo behind investing in the Indian aviation market has changed. &ldquo What has changed is the timeline and the cost of getting there.&rdquo Alton Aviation Consultancy noted in a February white paper that India is forecast to be one of the world&rsquo s fastest-growing air travel markets between 2024 and 2044. With international traffic in the Asia-Pacific region having risen 8 per cent in 2025, Alton noted that airlines are responding with &ldquo strategic moves&rdquo and &ldquo ambitious partnerships&rdquo . For SIA, holding no domestic market of its own, cementing its footprint in India remains the most efficient long-term growth play. &ldquo SIA&rsquo s India bet was always strategically sound,&rdquo said Patel, noting that it also serves as protection against Gulf carriers&rsquo longstanding bypass of Singapore as a transit hub on Europe-Asia routes. |
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| 29-Apr-2026 11:50 |
UIBREIT
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UI Bousted Reit - UIBU
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UOBKH' s Koh maintains ' buy' call and $1.16 target price on UI Boustead REIT following Japan logistics project Jonathan Koh of UOB Kay Hian has kept his " buy" call and $1.16 target price on newly-listed UI Boustead REIT after it announced its first co-development project. According to the REIT on April 24, it has taken a 24.26% effective interest in the co-development project UIB Konan Phase 3 to build two modern logistics facilities with a total NLA of 508,880 sf at Konan City, Shiga Prefecture, Japan. Its partners in this project are its sponsor, UIB Holdings (1.38%), Fraxtor UIB Konan (50.1%) and a Tokyo-listed corporation with 24.26%. With its interest of 24.26%, UIBREIT' s effective total investment value will be $20.8 million and capital commitment of $7.3 million. Upon completion by 2QFY2027, the property will be managed by UI Japan, the sponsor&rsquo s wholly owned subsidiary. The project is adjacent to UIB Konan Phase 2, which the REIT already owns, creating operational synergies. The area benefits from strong logistics demand and low vacancy rates due to its position as a key overland gateway connecting Osaka and Nagoya - two of Japan&rsquo s largest metropolitan regions. According to Koh, the project is aligned with UIBREIT&rsquo s strategy of pursuing selective value-accretive and risk-mitigated development projects. " By investing at the development stage, UIBREIT was able to capture development margins with an estimated yield on cost of 4.8%, which compares favourably with its projected Japan portfolio yield of 3.6%," he says. From Koh' s perspective, this is a relatively small investment with portfolio AUM expanding marginally by only 1.1%, and its aggregate leverage is expected to increase by 0.7ppt to 38.6% upon completion of the development projects anticipated in 2Q27. Under terms of this development, UIBREIT has an option to acquire the remaining 75.74% interest at a yield of 4% after the two logistics facilities are completed, which gives it the flexibility to deepen its long-term exposure into this region. According to Koh, UIB Konan Phase 3 can help capture spillover demand from 3PL logistics providers and manufacturers operating in the vicinity and existing tenants currently housed at UIB Konan Phase 1 and Phase 2. The development is poised to secure pre-commitment of 70% from three potential tenants. At UIB Konan Phase 2, occupancy has improved by 4ppt to 81% and the REIT is aiming for 90% by June. Despite this overseas commitment, Koh points out that UIBREIT is keeping its primary focus on Singapore, which accounted for 70.4% of portfolio AUM post-transaction, while exposure to Japan expanded by 0.8ppt to 29.6% of portfolio AUM. Meanwhile, UIBREIT will have a pipeline of other co-developments including a built-to-suit project in Singapore.According to Koh, there are value-accretive AEI opportunities such as the $3 million conversion of AUMOVIO Building Phase 3 at Boon Keng Road from a single-tenanted property to a multi-tenanted property. Koh, estimating that UIBREIT provides an attractive DPU yield of 8.1% for FY2027, is keeping his " buy" call and $1.16 target price. UI Boustead REIT, as at 10.52 am, traded at 83.5 cents. It was listed at 88 cents last month. |
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| 29-Apr-2026 11:49 |
ISDN
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ISDN new
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Tng of CGSI raises ISDN' s target price to 96 cents on resilient industrial automation business William Tng of CGS International has more than doubled his target price for ISDN Holdings from 44 cents to 96 cents, on the premise that the company' s resilient industrial automation business will see further growth, therefore justifying a higher earnings multiple. In February, ISDN reported FY2025 revenue of $440 million, an increase of 18% y-o-y, driven largely by its industrial automation business in China. Gross margin for this business segment was relatively stable at 24.3% in FY2025 versus 24.2% in FY2024. Earnings for the year was $7 million, down 21% y-o-y, dragged by $4.5 million in unrealised, noncash foreign exchange revaluation losses from its hydropower business in Indonesia. Excluding which, core profit for the year was up 26% y-o-y. Even so, ISDN wants to grow its renewable energy business, with two additional mini hydropower plants scheduled for completion in 2026. According to Tng, ISDN continues to see broad-based demand for its IA business as factories continue to enhance their capabilities via advanced IA solutions. The company has also expanded its presence across Asia to capture emerging opportunities from Malaysia and Taiwan amid ongoing global supply chain diversification, he says. Tng' s higher target price of 96 cents is based on 24x FY2027 earnings, which is 1 sd. above its 10-year average of between FY2017 to FY2026. His earlier target price was based on an earnings multiple of 13.5x, the company' s ten-year average between FY2016 to FY2025. Besides earnings growth seen to resume in FY2026 to FY2028, Tng believes that this counter will also draw buying interest from Equity Market Development Programme (EQDP) funds. Re-rating catalysts include higher-than-expected net profit contribution from its hydropower business segment, a faster pace of economic growth in China as it stimulates its economy, and a stronger global semiconductor recovery. On the other hand, downside risks include weak customer demand if the global economy continues to slow, and potential bad debts as economic conditions worsen. ISDN shares, as at 11.41 am, changed hands at 61 cents, up 26.04%. |
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| 29-Apr-2026 11:48 |
CapitaLandInvest
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CapitaLand Investment (SGX: 9CI)
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CapitaLand Investment sets sights on single flagship C-Reit to drive scale It intends to combine CapitaLand Commercial C-Reit with a second China Reit slated to list this year [SINGAPORE] CapitaLand Investment : 9CI -0.35% (CLI) aims to eventually combine its two China real estate investment trusts, or C-Reits, into a single flagship vehicle as it builds scale. The global asset manager listed its first internationally sponsored retail C-Reit, CapitaLand Commercial C-Reit, in September 2025, seeded by CapitaMall SKY+ and CapitaMall Yuhuating. It plans to list a second commercial C-Reit in the second or third quarter of 2026, said Puah Tze Shyang, chief executive officer of CLI China, at the group&rsquo s annual general meeting (AGM) on Tuesday (Apr 28). The second C-Reit will be seeded by two assets: Raffles City Shenzhen, a mixed-use development comprising retail, office and serviced residence components and CapitaMall Fucheng, a retail mall in Sichuan province. &ldquo If we are able to combine the two... subject to regulators&rsquo guidance and support, we could have bigger scale and greater diversity across asset classes, and I think these are the factors that will lead to a more robust-performing C-Reit,&rdquo said Puah. &ldquo The intention is to have a single flagship C-Reit that will allow us to recycle capital on some of our stabilised China assets.&rdquo For the 2025 financial year, CLI&rsquo s earnings were S$145 million, down 70 per cent from S$479 million in FY2024, due mainly to lower portfolio gains and higher revaluation losses on the group&rsquo s China portfolio. Significant non-cash revaluation losses within its China portfolio pushed CLI&rsquo s full-year overall revaluation loss in FY2025 to S$439 million, widening from FY2024&rsquo s S$261 million. CLI generated a return on equity (ROE) of 1.1 per cent in 2025. However, excluding China, ROE would have been about 6.9 per cent, improving from 6.7 per cent and indicating steady underlying progress, noted the group. Portfolio optimisation efforts in China &ldquo remain a strategic priority&rdquo for CLI, it said in a bourse filing on Apr 23, responding to shareholders&rsquo questions ahead of the AGM. It added that its &ldquo domestic-for-domestic approach provides multiple pathways to progress divestments&rdquo , including C-Reits, renminbi-denominated fund structures and selective third-party asset sales, which allow the company to recycle capital while building fee-earning funds under management. While China&rsquo s economy is recovering gradually, with gross domestic product reaching 5 per cent in Q1 2026, the recovery has been uneven across sectors, said Puah, noting that CLI&rsquo s greatest exposure is to commercial real estate. Lee Chee Koon, the group&rsquo s CEO, said at the AGM: &ldquo There has been an oversupply of commercial real estate in various Chinese cities, and the challenge is more pronounced in the office and business parks segments.&rdquo He added: &ldquo A lot of foreign companies are not expanding in China, and locally, some of the Chinese companies are taking a wait-and-see approach. However, retail, hotels and rental apartments are doing relatively well, and we are starting to see green shoots of recovery.&rdquo CLI does not expect recent geopolitical developments to have a material direct impact on its China divestment plans, but prolonged tensions could affect global risk sentiment &ndash which may indirectly influence transaction activity and pricing, the group said in its Apr 23 filing. |
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| 29-Apr-2026 11:47 |
Micro-Mechanics
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Is Micro Mech a good buy
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Micro-Mechanics reports 18.8% y-o-y increase in net profit for 3QFY2026 Micro-Mechanics (SGX:5DD) has reported a net profit of $3.8 million for 3QFY2026 ended March 31, up 18.8% y-o-y. Revenue in the same period increased 16.2% y-o-y to $16.2 million, mainly driven by the consumable tools segment, where revenue increased 20.9% y-o-y to $14.4 million. Meanwhile, wafer fabrication equipment (WFE) sales saw a modest increase of 2.6% y-o-y to $4.2 million. Gross profit improved by 18.9% y-o-y to $9.6 million in 3QFY2026 while gross profit margin increased 1.1 percentage points y-o-y to 51.6%. The better margins was a result of enhancement seen in its manufacturing processes and stronger customer engagement. As at March 31, 2026, Micro-Mechanics possess a debt free balance sheet, with cash and bank balances of $25.7 million. For 3QFY2026, the company will be investing $463,000 into new hardware and software, plant machinery, and factory renovation. The company expects its capital expenditure for 2HFY2026 to be around $2.0 million. &ldquo We delivered strong growth in 3QFY2026, as sustained AI and compute demand drove global semiconductor sales to new highs. As the industry continues to ramp, we remain focused on improving lead times and on‑ time delivery to support this demand,&rdquo says Kyle Borch, CEO of Micro-Mechanics. Shares of Micro-Mechanics closed 11 cents higher, or 3.34% up at $3.40 on April 28. On a YTD basis, its share price saw a gain of nearly 110%. |
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| 29-Apr-2026 11:46 |
Aztech Gbl
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Aztech Global IPO
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Aztech Global&rsquo s 1QFY2026 earnings up 166.7% y-o-y to $4 mil secures six new project orders Manufacturing services provider Aztech Global (SGX:8AZ) has reported earnings of $4.0 million for 1QFY2026, ended March 31, up 166.7% y-o-y. The higher earnings were supported by a gain of $3.1 million from the sale of its property in Dongguan, China in the quarter, offset by lower interest income and unrealised foreign exchange loss. Revenue in the same period was up 54% y-o-y to $64.7 million, driven by increased demand for IoT devices and data-communication products from existing and new customers. Meanwhile, EBITDA stood at 9.3% of its 1QFY2026&rsquo s revenue. As at March 31, 2026, net cash generated from operating activities stood at $11.1 million, compared to $18.6 million a year ago. The lower figure was driven by working capital movements arising from an increase in payment to suppliers to secure materials for customer orders. Meanwhile, Aztech Global secured six new project orders and added two new customers in the security and renewable energy segments in this quarter. Across the same period, six new project orders commenced commercial production. Aztech Global explains that the project wins and new product introduction (NPI) progress will help support its customer and revenue diversification in the medium term. Looking ahead, Aztech Global expects macroeconomic and geopolitical uncertainties to weigh on demand amid ongoing cost pressures. &ldquo Against this backdrop, we will remain focused on progressing its NPI pipeline towards commercial production and securing new project orders from the MedTech and renewable energy segments,&rdquo the company states. &ldquo Our focus remains on manufacturing excellence and being agile, while we continue with disciplined cost management and broadening of customer base to support long-term growth,&rdquo says Michael Mun, executive chairman and CEO of Aztech Global. Shares of Aztech Global closed 2 cents higher, or 2.34% up at 87.5 cents on April 28. |
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| 29-Apr-2026 11:45 |
Seatrium Ltd
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Seatrium - Sea of Hopes & Atrium of Surprises (II)
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Seatrium&rsquo s $400 million notes issuance 1.7 times covered In a bourse filing on April 28, offshore and marine company Seatrium announced the successful closing of its inaugural $400 million, 2.95% fixed rate notes due in 2031. This issuance marks Seatrium&rsquo s first drawdown under its $3 billion multicurrency debt issuance programme. The order book for the issuance exceeded $670 million, representing coverage of approximately 1.7 times. Seatrium notes that &ldquo strong&rdquo demand for the notes from high-quality regional institutional investors &mdash fund managers, banks, corporates and high net worth individuals &mdash highlight the market&rsquo s confidence in Seatrium&rsquo s credit profile and growth strategy. &ldquo The strong support and confidence from investors underscore the progress we have made in strengthening our financial position and enhancing our credit profile,&rdquo says Seatrium CFO Stephen Lu. &ldquo We remain committed to prudent financial management and to building enduring partnerships with the capital markets as we continue to advance Seatrium&rsquo s growth agenda.&rdquo Seatrium notes that the notes diversifies its funding sources, enhancing financial flexibility as it executes its &ldquo robust&rdquo order book while maintaining disciplined capital allocation. The proceeds will mainly be used to refinance existing borrowings, support working capital and capital expenditure requirements and/or other general corporate purposes. Shares in Seatrium rose six cents or 2.6% to close at $2.40 on April 28. |
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| 29-Apr-2026 11:44 |
EliteUKREIT GBP
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Elite REIT - the only GBP-denominated REIT today.
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RHB and PhillipCapital keeps &lsquo buy&rsquo on Elite UK REIT following recent 1QFY2026 business updates RHB Bank Singapore and PhillipCapital are keeping their respective &ldquo buy&rdquo calls on Elite UK REIT (SGX:MXN) following the recent 1QFY2026 business updates. In his April 27 report, RHB Bank Singapore&rsquo s Vijay Natarajan points out that Elite UK REIT is currently in discussions to refinance its debt due for renewal next year, with plans to stagger the loan expiries and lower debt margins. &ldquo We expect interest costs to be relatively flat at current levels due to a slightly more hawkish inflationary outlook in the UK on the back of the Middle East war,&rdquo says Natarajan. Meanwhile, the latest re-gearing exercise, which saw about 64% of the leases by income expiring in April 2028 being extended by 7-10 years, beats Natarajan&rsquo s expectations. &ldquo This also reflects further valuation growth potential if Elite UK REIT secures lease extensions for the remaining 32% of leases, which are set to expire in April 2028. The valuation increase has also brought down net gearing to a comfortable 37.4% from 40.7% and an 13% increase in NAV to £ 0.45 per unit,&rdquo Natarajan adds. For the potential divestment of Peel Park, Natarajan mentions that Elite UK REIT&rsquo s management team has set a target to complete the divestment by the end of this year. &ldquo We expect such a sale to possibly net £ 20-30 million in gains, further reducing Elite UK REIT&rsquo s gearing and providing debt headroom for accretive acquisitions,&rdquo the analyst predicts. At the same time, the conversion of Lindsay House in Dundee into a 170-bed purpose-built student accommodation (PBSA) facility is on track, with targeted student intake slated for the 2027 academic year. &ldquo Elite UK REIT expects yield-on-cost of around 7% on its £ 15-17 million capex and ROI of about 20%. Plans are currently underway to convert Cambria House, Cardiff, into a 348-bed PBSA,&rdquo the analyst adds. As such, Natarajan tweaks his DPU forecast for FY2026, FY2027 and FY2028 by 0%, -1%, and +1%, factoring in divestments and lower vacancy costs. &ldquo Our target price of £ 0.41 includes a 0% ESG premium/discount, given Elite UK REIT' s 3.1 score is on par with the country median,&rdquo he concludes. Meanwhile, in his April 27 report, PhillipCapital analyst Hashim Osman states that Elite UK REIT&rsquo s 1QFY2026 revenue and adjusted net property income (NPI) rose 1.2% and 4% respectively to £ 9.4 million and £ 9.1 million, which forms 25% and 27% of his FY2026 forecast. &ldquo Distributable income increased 9.8% y-o-y to £ 5.3 million. The increase was driven by positive rental reversions, contributions from 3 acquisitions (Priory Court, Custom House, Merlin House) in FY2025, and falling financing costs through debt repayment,&rdquo the analyst states. According to Hashim, Elite UK REIT&rsquo s borrowing cost is stable at 4.7%, with 92% of debt at fixed rate (85% fixed as of last December). Interest coverage ratio is stable q-o-q at 2.6 times. As such, he maintains a &ldquo buy&rdquo call with unchanged DDM-based target price of £ 0.41 for Elite UK REIT. His estimation of FY2026 DPU to be at 3.06 pence, which accounts for lower rental income from assets that may not be re-geared with DWP. &ldquo Approximately 20% of the remaining 30% of DWP&rsquo s leases are expected to be re-geared, with the remaining assets likely to be repositioned or divested. Elite UK REIT is trading at a 9.0% FY2026 dividend yield, and a Price/NAV of 0.87 times. Units of Elite UK REIT closed unchanged at £ 0.345 on April 28. |
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| 29-Apr-2026 11:44 |
Mencast
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Mencast Outlook
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Mencast and Salt Investments to jointly tackle marine waste Mencast Holdings and Salt Investments are collaborating to manage marine waste. The two companies, via their respective subsidiary units, will jointly collaborate in collecting, receiving, treating, and responsibly processing marine oily waste, slops and sludge generated by marine vessels. The two partners believe they can create a synergistic and scalabale business by recovering oil for secondary use and thereby contribute to a cleaner environment. Mencast was in the news recently after EDIS invested in the company via a three-year $3 million bond that can convert to shares at 14 cents each. EDIS is eyeing the potential business Mencast can bring by making energy-efficient propellors. " This strategic collaboration marks an important step forward in strengthening Singapore&rsquo s marine waste management ecosystem," says Glenndle Sim, CEO, Mencast Holdings. " By combining Mencast&rsquo s licensed treatment and resource recovery capabilities with Salt Investments&rsquo marine logistics and commercial network, we are establishing a fully integrated and scalable solution to meet the growing demand for compliant and sustainable marine waste services. " Beyond operational efficiencies, this collaboration supports the maritime industry&rsquo s transition towards higher environmental standards and circular resource recovery, where waste streams are effectively converted into usable fuel products," adds Sim. Dennis Goh, CEO, Salt Investments calls this collaboration a " significant" milestone for his company. " By combining our collection and logistics strengths with Mencast&rsquo s established marine waste treatment infrastructure, we are creating a comprehensive and commercially robust service offering that meets the rising sustainability and compliance demands of the global maritime industry. " We also look forward to expanding the downstream market for recycled fuel oil, contributing to circular-economy outcomes for our customers, and ultimately, good returns for our shareholders," he adds. Salt Investments shares last traded at 0.3 cents before it was halted pending this announcement Mencast Holdings shares closed at 11 cents on April 28, up 3.96%. |
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| 29-Apr-2026 11:42 |
CapitaLandInvest
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CapitaLand Investment (SGX: 9CI)
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Merger with Mapletree may not be a good fit, some shareholders tell CapitaLand InvestmentSINGAPORE - CapitaLand Investment (CLI) responded at length to a shareholder&rsquo s question on a rumoured acquisition of Mapletree Investments, reiterating that it would not pursue deals simply to meet its $200 billion funds under management (FUM) target by 2028.
The shareholder said Mapletree&rsquo s asset strategy appears to be &ldquo vertically siloed&rdquo , with its two real estate investment trusts (REITS) &ndash Mapletree Investment Trust and Mapletree Logistics Trust &ndash focusing on industrial and logistics assets.
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