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| 26-May-2026 11:19 |
AIMS APAC Reit
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AIMSAMPI Reit
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Aims Apac Reit eyes data centre growth as it expands beyond industrial assets Government endorsement for two Sydney sites gives the manager the option to develop them into data centre assets [SINGAPORE] Mainboard-listed Aims Apac Real Estate Investment Trust ( AA Reit : O5RU 0%) is zooming in on data centre opportunities as it looks beyond traditional industrial assets for its next phase of growth, to tap rising demand for digital infrastructure. &ldquo Even though we had another year of steady growth, we are making a deliberate pivot towards data centres,&rdquo said Russell Ng, CEO of AA Reit&rsquo s manager. He pointed to two sites in New South Wales, Australia, that received government endorsement as potential data centre developments &ndash a &ldquo significant game changer&rdquo . The state&rsquo s Investment Delivery Authority in March endorsed AA Reit&rsquo s two Sydney assets at Macquarie Park and Bella Vista, among a select group of strategic data centre projects. Ng noted that about A$92 billion (S$83.9 billion) in proposed projects were assessed, with around A$52 billion across 15 developments endorsed. These included sites owned by hyperscalers such as Microsoft, NextDC, Stockland and Goodman Group. The endorsement, he added, helps to connect the assets to key government agencies, including those involved in planning approvals and energy coordination. He also described it as &ldquo a big positive&rdquo that gives the manager &ldquo future optionality&rdquo to develop the sites as data centre assets, highlighting that data centre development is a multi-year undertaking. In the light of this, Ng expects that substantial future development upside may come from Australia. &ldquo If we are able to secure power and obtain the necessary approvals (from) the government over time, both these (Sydney) properties have substantial upside in terms of what they bring to the overall portfolio,&rdquo he said. Singapore, meanwhile, continues to form AA Reit&rsquo s core leasing and income base. Most of its leasing activity takes place in Singapore, where the manager has also undertaken the majority of its asset enhancement and redevelopment works. &ldquo Most of our organic growth has taken place predominantly in Singapore,&rdquo Ng noted, adding that it has completed nearly seven asset enhancement initiatives, including six projects in the city-state and one in Australia. It has also executed five redevelopment projects, again largely concentrated in Singapore. Nevertheless, AA Reit&rsquo s Australian properties &ndash which comprise three primarily master-leased assets with lease terms ranging from five to seven years &ndash provide long-duration income stability. These assets help anchor the portfolio, while the Singapore properties offer mark-to-market opportunities, lease renewals and asset enhancement initiatives. Active manager What differentiates AA Reit from its peers is its &ldquo active manager&rdquo approach, said Ng. &ldquo We don&rsquo t just collect rent,&rdquo he said. &ldquo We constantly seek ways to manufacture income and capital growth through asset enhancements and redevelopments.&rdquo In total, the Reit has about S$2.3 billion in assets across logistics, industrial business parks and high-tech properties, with roughly three-quarters of its portfolio in Singapore and the rest in Australia. AA Reit is sponsored by Aims Financial Group, a Sydney-based fund manager and owner of the Sydney Stock Exchange, with a portfolio value of close to A$3 billion. Ng joined AA Reit in 2020 as head of investor relations, investments and partnerships, then became chief executive in 2021. Prior to that, he was head of funds for Asia at Lendlease and earlier held roles in fund management at AEP Investment Management. A key focus of his has been executing four strategic pillars &ndash selective acquisitions, active asset management, prudent capital management and strategic partnerships &ndash to achieve results. He noted that AA Reit has delivered consistent year-on-year growth in revenue, net property income, distributions and distribution per unit (DPU) over the past five years. The exception was the 2024 financial year, when equity fundraising of S$100 million temporarily affected metrics. Earlier in May, the Reit posted a 4.1 per cent higher DPU for its second half ended Mar 31. It stood at S$0.0513, from S$0.0493 the year before. Revenue for the six months increased 4.1 per cent to S$97 million, from S$93.1 million in the corresponding year-ago period. The growth was driven by higher rental income and recoveries from logistics, warehouse and industrial properties such as 27 Penjuru Lane, as well as 8 and 10 Pandan Crescent. The manager also cited higher income contributions from 7 Clementi Loop following the completion of asset enhancement initiatives. &ldquo Investors were generally quite pleased at the fact that we&rsquo ve been able to, for five years in a row, deliver that top line... growth and almost year-on-year growth in DPU,&rdquo Ng said. Investors&rsquo main concerns centred on potential risks, including inflation, geopolitical tensions in the Middle East and interest rate uncertainty. &ldquo Our feedback was that there was minimal impact on our portfolio at this stage,&rdquo he said. &ldquo Most of our energy contracts have been locked in and secured for the next two (to) three years.&rdquo |
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| 26-May-2026 11:18 |
SATS
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Sats
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SATS earnings up 17% y-o-y to $285.2 mil for FY2026 declares final dividend of 5 cents SATS Limited (SGX:S58) has reported earnings of $285.2 million for the FY2026 ended March 31, up 17% y-o-y. Meanwhile, SATS has achieved a record revenue of $6.35 billion in the same period, which represent an increase of 9% y-o-y. SATS explained that the record revenue was supported by robust cargo volume growth and contributions from ground handling and food services. Gateway services revenue rose 10.8% y-o-y to $4.95 billion, driven by continued market share gains and cargo volumes that outperformed IATA&rsquo s global growth benchmarks. Food solutions revenue grew 2.9% y-o-y to $1.39 billion, reflecting stable inflight meal demand. Operating profit rose 14.2% y-o-y to $543.3 million, with operating profit margin expanding from 8.2% in FY2025 to 8.6% in FY2026, citing improved operating leverage. Share of earnings from associates and joint ventures was stable at $114.5 million. As at March 31, SATS&rsquo total equity increased to $2.94 billion, primarily attributed to profit generated during the financial year. Total assets grew to $9.07 billon while total liabilities increased by $23.3 million to $6.14 billion as compared to March 31, 2025. Operating cash flow after lease repayment was $560.5 million for FY2026, an increase of $110.5 million from a year ago. Free cash flow stood at $215.8 million, slightly lower compared against the figure of $228.3 million a year ago, due to higher capital expenditure and lease payments for facility expansions. SATS&rsquo board of directors has declared a final dividend of 5 cents per share, up 43% y-o-y from 3.5 cents per share. Combined with the interim dividend of 2 cents per share, total full-year dividend stood at 7 cents per share, which represent a 40% y-o-y increase. The proposed final dividend will be tabled for shareholders&rsquo approval at the upcoming AGM on July 17 and if approved, will be paid on August 6. Book closure date is July 24. " While short-term challenges persist, our operating model has consistently proven its resilience. We enter FY2027 with a broader network, continued infrastructure investment, a strong pipeline of opportunities and confidence in our ability to deliver long-term value for our shareholders,&rdquo says Kerry Mok, SATS&rsquo president and CEO. Shares of SATS closed 9 cents higher, or 2.74% up at $3.37 on May 25. |
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| 26-May-2026 11:11 |
Boustead
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Boustead on the move now
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Boustead more than doubles H2 profit to S$197.7 million Full-year earnings are up 145% the board proposes a final ordinary dividend of S$0.04 a share [SINGAPORE] Engineering and technology group Boustead Singapore&rsquo s net profit for its second half ended Mar 31 grew 235 per cent to S$197.7 million from the year-ago period. This came on the back of revenue rising 43 per cent to S$330.4 million, said the group on Monday (May 25). On a per-share basis, earnings for the half-year came in at S$0.392, up from S$0.12 in the year-ago period. For the full year, the group&rsquo s net profit was up 145 per cent at S$232.6 million, from S$95 million in FY2025. Boustead attributed the increase primarily to the sale of assets to UI Boustead Reit : UIBU +3.21%, as well as to a material improvement in its share of the losses of associates and joint ventures, upon the reversal of a S$7 million liability related to a fee imposed by a landowner. For a comparative review, after adjusting for other gains/losses and impairments, all net of non-controlling interests, it said that net profit for FY2026 would have been 35 per cent lower year on year. Wong Fong Fui, chairman and group chief executive officer of Boustead, said that the group &ldquo realised the full market value of its portfolio&rdquo through the sale of 21 Singapore properties from UI Boustead Reit&rsquo s March listing. Full-year revenue was up 18 per cent at S$624.4 million, from S$527.1 million. The increase was mainly due to &ldquo significantly higher revenue&rdquo from the group&rsquo s real estate solutions division and higher revenue from the energy engineering division. The group said its engineering order backlog stands at about S$840 million, comprising S$94 million from its energy engineering division and S$746 million from its real estate solutions division. The backlog refers to unrecognised project revenue as at the end of FY2026, together with the value of new orders secured since then. The board has proposed a final ordinary dividend of S$0.04 a share and a special dividend of S$0.045 a share, subject to shareholders&rsquo approval. Both dividends may be taken in cash and/or scrip. Including the interim dividend of S$0.015 a share that has already been paid, total dividends for FY2026 amount to S$0.10 a share, up from S$0.075 for FY2025. Full-year revenue from Boustead&rsquo s real estate solutions segment was 70 per cent higher year on year at S$228.2 million, on the back of &ldquo revenue recognition on a healthy order backlog carried forward into FY2026&rdquo . This was attributed to the recovery of Singapore&rsquo s industrial sector, with a notable pick up in projects and business development activities. The energy engineering division&rsquo s revenue was 8 per cent higher year on year at S$171.8 million, with higher contributions from project sales and faster progress on various projects. However, a lower order backlog carried forward at the end of FY2025 meant that revenue for this division was &ldquo dampened&rdquo , Boustead said. &ldquo With ongoing geopolitical tensions, the division&rsquo s clients have slowed down business development activities, resulting in fewer overall orders for this division in FY2026,&rdquo it added. Shares of Boustead ended trading at S$2.57, down S$0.15 or 6.2 per cent, before the news. |
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| 26-May-2026 11:10 |
Geo Energy Res
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Geo rebound
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Geo Energy Group: Director Mr Tai Mern Tze has acquired 20,000 ordinary shares in the Company through a market transaction.
Geo Energy Group announced that Director Mr Tai Mern Tze has acquired 20,000 ordinary shares in the Company through a market transaction.
Based on the disclosed consideration of S$10,600, the shares were acquired at an implied price of approximately S$0.53 per share.
Following the acquisition on 20 May 2026, Mr Tai holds a direct interest of 20,000 shares in Geo Energy.
The Group&rsquo s fundamentals remain strong. Our current production, logistics, customer relationships, and export activities continue as normal. We continue to make steady progress on our MBJ Integrated Infrastructure, with successful truck trials completed last week and on track to commence operations in the second half of 2026. Coal prices remain strong, with ICI4 at US$64.43 per tonne as of 22 May 2026.
The Group will continue to execute its growth strategy and operational plans in a disciplined manner while remaining agile and responsive to evolving regulatory and policy developments.
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| 26-May-2026 11:09 |
Skylink
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Skylink
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Skylink Holdings Continues Growth Momentum Posts Strong Post-RTO Performance in Inaugural Full-Year Results Proposed Dividend of 0.55 SG cents per Share
&bull Revenue increased 34.1%, driven mainly by the Group&rsquo s Commercial Vehicle Leasing and Engineering businesses, which increased 37.8% and 54.3% respectively in FY2026.
&bull The Group&rsquo s Credit business continues to manage a healthy loan book size of S$66.24 million as at 31 March 2026, originated more higher-yield new loans during 2H2026 despite early settlement of legacy loans by hirers.
&bull Gross profit increased 45.9% in FY2026 with higher gross profit margins increasing 2.3 percentage points to 28.0%, despite increased depreciation on the back of higher COE prices.
&bull Reflecting the resilience of its integrated business model, both pre-tax operating profit and Net Profit are up by 64.3% and 61.7% to S$4.70 million and S$4.43 million, respectively, excluding non-recurring non-cash RTO Accounting Effects and the one-off RTO listing expenses.
&bull Generated net operating cash flows of S$11.97 million generated in FY2026, which continues to underscore the strength of the Group&rsquo s cash generative business activities.
&bull Proposed dividend of 0.55 SG cents per share, represents a dividend payout of more than 30% of Net Profit, in line with the dividend guidance committed at the time of its RTO.
&bull The Group has established an integrated business model with good revenue visibility, as supported by synergistic ecosystem and strategically expanded income-producing asset base for enhancing operating leverage and returns
Commenting on the Group&rsquo s FY2026 results, Mr Wesley Shen (沈 文 德 ), Executive Director & Chief Executive Officer of Skylink Holdings, said, &ldquo FY2026 marks a significant milestone for Skylink Holdings as we successfully completed our RTO in September 2025 to become a SGX-listed company.
In FY2026, the Group achieved strong revenue growth and delivered a robust underlying performance, with operating profit before tax, excluding RTO-related costs, increasing 64.3% to S$4.70 million, reflecting the resilience and scalability of our integrated business model.
Complementing this performance, the Group also generated healthy operating cash flows of S$11.97 million, underscoring the strength of our recurring and cash-generative business model.
With our listed platform, integrated ecosystem and strengthened balance sheet, we are strategically positioned to accelerate our growth ambitions, enhance our revenue visibility and further strengthen our position as a trusted one-stop commercial mobility solutions provider in Singapore.&rdquo
Commenting on the proposed dividend payout for FY2026 results, Wesley added, &ldquo Alongside our strong underlying performance and our commitment to shareholder returns, the Board has proposed a dividend of 0.55 SG cents, representing more than 30% of our Net Profit for FY2026.
This reflects our commitment to creating long-term value for our stakeholders as we continue to strengthen our market position and build a resilient platform for sustainable growth in the years ahead.&rdquo
Positive outlook ahead with enhanced revenue visibility and clear growth roadmap: Given the structural roles of the Group&rsquo s core businesses within the Singapore economy, the Group&rsquo s 3 core business activities have remained resilient despite heightened geopolitical risks. This is further supported by its strategically aligned and integrated business model within its synergistic ecosystem, as reiterated.
Furthermore, the Group maintains a highly diversified customer base, primarily small and medium-sized enterprises (&ldquo SMEs&rdquo ), with no material reliance on any single customer, thereby significantly mitigating business concentration risk.
Serving the needs of SMEs and essential mobility solutions, the majority of the Group&rsquo s commercial vehicle leases and hire-purchase loans are on long-term contracts for more than 1 year, thereby providing enhanced earnings visibility.
To generate higher recurring revenue, improve cost synergies, and enhance asset utilisation under this ecosystem, the Group aims to strengthen its integrated commercial vehicle platform and implement its growth initiatives in a self-compounding business cycle, both by way of growing asset base and increasing business volume as follows:
(i) increase its commercial vehicle fleet with a focus on EV adoption initiatives
(ii) expand its loan book size for higher yields and
(iii) strengthen its engineering capacity and expand its corporate client base
Full results and slides here: https://www.skylink-ir.com/newsroom
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| 25-May-2026 10:44 |
Aspial Lifestyle
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Aspial Lifestyle
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Directors increase stakes in Aspial Lifestyle, Raffles Medical, Centurion, among others Leading the buyback tally is Singtel, with 25.5 million shares purchased at an average of S$4.76 apiece OVER the five sessions through to Thursday&rsquo s (May 21) close, 23 primary-listed companies conducted buybacks with a total consideration of S$183 million. Singtel : Z74 -2.34% led the buyback tally, with 25.5 million shares at an average price of S$4.76, purchased under the S$2 billion value realisation share buy-back programme on Thursday. Over the five sessions, 120 director interests and substantial shareholdings were filed for around 50 primary-listed stocks. Directors or CEOs reported 16 acquisitions and five disposals, while substantial shareholders recorded 10 acquisitions and three disposals. This included CEO or director acquisitions filed for Asian Pay Television Trust : S7OU -1.15%, A-Sonic Aerospace : BTJ +4.55%, Aspial Lifestyle : 5UF -1.19%, Centurion Corporation : OU8 0%, Ho Bee Land : H13 +2.44%, Hyphens Pharma International : 1J5 +1.56%, Megachem : 5DS 0%, Mermaid Maritime : DU4 0%, Nera Telecommunications : N01 0% and XMH Holdings : BQF +2.15%. Aspial Lifestyle: Chairman adds to stake on retail and lending growth Aspial Lifestyle non-executive chairman, Koh Wee Seng, increased his direct stake in the group, acquiring 2,108,300 shares between Monday and Thursday at an average price of about S$0.419 apiece. This lifted his direct interest from 9.94 to 10.06 per cent, with his total interest increasing from 80.78 to 80.87 per cent. Aspial has launched an equity fundraising to raise gross proceeds of about S$84.8 million, comprising a private placement and preferential offering priced at S$0.402 a share. This represents a discount of about 8.1 per cent to the prevailing volume-weighted average price. The transactions come amid continued earnings growth, with FY2025 revenue rising 41.3 per cent to S$830.1 million and profit before tax reaching S$102.5 million, supported by strong performance across its retail, pawnbroking and secured lending segments. Retail remains the group&rsquo s core driver, contributing 87.5 per cent of revenue, while pawnbroking and secured lending continue to benefit from expanding pledge books and portfolio growth. Momentum into 2026 has also strengthened, with expected revenue of about S$247 million and profit before tax of S$40 million for Q1 FY2026, representing year-on-year growth of 48 per cent and 140 per cent, respectively, supported by sustained demand across its portfolio and continued expansion in Malaysia. Aspial is evaluating capital-raising initiatives to position for growth opportunities in the pawnbroking and secured lending segments and to enhance capital structure flexibility, while maintaining a cautious stance given macroeconomic and commodity volatility. Raffles Medical: Chairman increases stake, maintains focus on China expansion and capital management Dr Loo Choon Yong, chairman of Raffles Medical Group : BSL 0%, increased his direct stake, acquiring 522,000 shares at S$0.95 apiece on Monday. This lifted his direct interest to 252,445,223 shares, with his total interest now representing 56.31 per cent of the group. Management continues to focus on growth drivers through expansion in China across Beijing, Shanghai and Chongqing, addressing domestic patient demand. The group maintains a disciplined approach, focusing on defined service segments, cost management and partnerships with leading public hospitals to support patient volumes and service uptake. Capital management also remains a key focus, with a FY2025 final dividend of S$0.03 a share representing about 84 per cent of sustainable earnings, alongside ongoing share buybacks. Centurion: Director increases stake amid strong occupancy and rental growth Centurion&rsquo s non-executive director and joint chairman Han Seng Juan increased his direct stake in the group, purchasing 247,800 shares at S$1.46 apiece on Monday. This lifted his direct interest to 15.36 per cent his total interest now represents 44.36 per cent of the group. The increase comes alongside continued operating momentum, with Q1 FY2026 revenue rising 30 per cent year on year to S$89.4 million, supported by high occupancies and rental reversions across its purpose-built worker and student accommodation assets. The group continues to scale its living sector platform, with about S$3 billion in assets under management across 81,388 beds in five countries, supported by income streams from owned assets, management services and Centurion Accommodation Reit-related income. Ho Bee Land: Deemed interest edges higher amid portfolio repositioning On Wednesday, Ho Bee Land executive chairman Chua Thian Poh&rsquo s deemed interest increased after market purchases of 50,000 shares by his spouse and another 93,600 shares by Ho Bee Holdings, for a combined 143,600 shares at about S$2.03 apiece. After these transactions, his deemed interest increased from 75.72 to 75.74 per cent. At Ho Bee Land&rsquo s recent annual general meeting, management highlighted ongoing portfolio repositioning initiatives, including plans to redevelop 1 St Martin&rsquo s Le Grand and enhancement work at 67 Lombard Street. The group also reiterated its approach to balancing reinvestment, debt reduction and shareholder returns, with a general dividend payout range of 20 to 50 per cent of profit excluding non-cash items, alongside a final dividend of S$0.05 a share for FY2025. XMH: Director continues to add to stake amid healthy order book XMH chairman and managing director Tan Tin Yeow increased his stake in the group, buying 119,100 shares across transactions on May 15 and Monday at about S$2.27 apiece, lifting his interest from 66.05 to 66.16 per cent. Tan founded the group&rsquo s distribution arm and secured its exclusive distributorships. He continues to oversee strategy, corporate planning and business development. XMH&rsquo s revenue for its first half ended Oct 31, 2025, rose 40.5 per cent year on year to S$94 million profit after tax increased 23 per cent to S$15.5 million, driven by growth across all segments. Since the results were posted, Tan has increased his interest from 64.18 per cent. The group also noted that a healthy order book continues to provide visibility into H2 FY2026. Hyphens Pharma: Chairman adds to stake on continued earnings and margin improvement Executive chairman and CEO Lim See Wah increased his stake in Hyphens Pharma International, buying 280,000 shares across transactions on Monday and Tuesday at an average price of about S$0.322 a share. This lifted his total interest from 47.90 to 47.99 per cent. Lim holds his deemed interest through Inomed Holding, reinforcing his position as the controlling shareholder. The acquisitions follow improved financial performance in FY2025, with the group delivering higher gross profit and achieving its highest gross profit margin to date, supported by product-mix optimisation and growth in its pharmaceutical and medical aesthetics segment. Management has outlined a continued focus on expanding proprietary brands, strengthening its core pharmaceutical platform and improving operational efficiency, with growth supported in Singapore and regional markets. A‑ Sonic Aerospace: CEO increases stake A-Sonic Aerospace CEO Janet LC Tan increased her direct stake in the group through open-market purchases of 175,000 shares at a weighted average price of about S$0.581 apiece between May 12 and 15. This lifted her direct interest to 66,338,000 shares, representing 65.87 per cent of the group. The increase consolidates her majority stake alongside ongoing share buybacks by A-Sonic. Management continues to focus on operational efficiency, digitalisation and strategic partnerships to enhance resilience and long-term growth, following a 15.6 per cent year-on-year increase in FY2025 profit before tax to US$4.204 million. TOTM placement to fund AI expansion TOTM Technologies : 42F +4% announced on Monday a proposed placement of up to 220.5 million new shares at S$0.025 each, raising gross proceeds of about S$5.5 million. SAC Capital is the placement agent with Maybank Securities the sub-placement agent. The new shares represent 14.5 per cent of the existing share base and 12.7 per cent post-enlargement, implying measured dilution with no transfer of control. The placement is being undertaken primarily to expand the group&rsquo s business in emerging technology sectors, including funding for its TOTM.AI initiative, while also providing capital for acquisitions, investments and joint ventures. Management has said that existing resources are sufficient for current needs, which positions the raise as being growth-oriented. Proceeds will be deployed mainly towards technology expansion, with the balance allocated to working capital, supporting the group&rsquo s transition into artificial intelligence, blockchain and digital infrastructure capabilities while maintaining operational flexibility. Bank of America crosses 5% in AEM via prime brokerage positioning A filing on Tuesday showed that Bank of America, through its wholly owned subsidiary NB Holdings Corporation, increased its deemed interest in AEM Holdings : AWX +0.53% from 4.73 to 5.31 per cent after a change on May 15. The increase of 1,843,198 shares reflects positioning through prime brokerage activities, where Merrill Lynch International and BOA Securities retain rights to rehypothecate client shares, alongside a small disposal of 23,400 shares held in principal capacity. The interest remains fully deemed with no direct holding at the parent level and is aggregated across wholly owned subsidiaries, including BofAML Jersey Holdings and Merrill Lynch International. |
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| 25-May-2026 10:43 |
ISDN
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ISDN
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CGSI' s Tng maintains ' add' call and 96 cents target price on ISDN William Tng, the only analyst with an active coverage on ISDN Holdings, has maintained 96 cents target price, following 1QFY2026 earnings that were in line with his full-year projections. Given how ISDN is seen by Tng to continue gaining market share with its competitive strength across the full range of industrial automation technologies, he has kept his " add" call. For the three months to March, earnings surged 31x y-o-y to $3.7 million, on the back of a 24.2% jump in revenue to $113.7 million, driven by its industrial automation segment. " The group saw strong demand in the from semiconductors and industrial robots. ISDN is benefitting indirectly from the global growth in AI, data centres, semiconductors and energy storage, as it supplies a broad range of components and solutions to these sectors," says Tng. ISDN says its order intake will continue growing this current financial year, underpinned by strong industrial automation demand. In addition, its renewable energy segment grew 39.3% y-o-y to $6.7 million in 1Q26, driven by construction income from its two new mini-hydropower plants in Indonesia which are on track for completion this year. However, three of its existing plants generated revenue that was 39% lower because of " highly unusual" weather variations. ISDN says that weather has since " normalised" and fluctuations of such magnitude is not seen to recur. Tng continues to value this counter at 24x FY2027 earnings, which is 1 sd above its FY2017 to FY2026 average. He expects the company' s earnings growth to resume over FY2026 to FY2028 at a CAGR of 45.6%. " We think the stock could also attract buying interest from Equity Market Development Programme (EQDP) funds," he says. For Tng, re-rating catalysts: higher-than-expected earnings 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 closed at 68 cents on May 22, down 2.17%, but up 73.08% year to date. |
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| 25-May-2026 10:42 |
TeleChoice Intl
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Telechoice
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PhillipCapital' s Chew raises target price for TeleChoice second time in two months
Paul Chew of PhillipCapital has kept his " buy" call on TeleChoice International after its 1QFY2026 results that were within expectations.
Now, citing the recent re-rating of SGX-listed proxies in the system integration sectors, Chew has applied a higher valuation multiple and has thus raised his target price to 33 cents from 27.5 cents. This marks his second price target increase in two months after he raised it from 21.5 cents in March. For its 1QFY2026, TeleChoice reported profit before tax of $2.3 million, an increase of 78% y-o-y, driven mainly by a big jump in its business of managing logistics of mobile devices on behalf of its key customer in Malaysia, U-Mobile, which won over more subscribers, which led to a bigger volume of mobile devices in demand. However, in Singapore, TeleChoice' s mobile retail business suffered losses because of longer replacement cycles. On the other hand, TeleChoice' s other business segment, ICT, is barely profitable in the quarter with profit before tax of just $60,000, up just $10,000 from the year-earlier 1QFY2025. The company is focused on the rollout of digital infrastructure, namely, storage solutions, and plans to move toward AI solutions. " The sales cycle is longer for such projects," says Chew. This current year, the mobile devices segment is seen to remain the main growth driver. TeleChoice' s contract with U-Mobile has been extended for another year and Chew expects further extension upon further negotiations. The company has another business segment in network installation and Chew notes that the company' s entry into data centre coolant installations in Indonesia is another area of growth. In what might be another significant growth driver, TeleChoice announced in March it was participating in a tender to design and build a data centre project in Malaysia. The tender results will be known within months. " Award of the Malaysia design-and-build data centre project will provide Telechoice with a significant pivot into a new, faster-growth segment," says Chew. For now, he has kept his FY2026 earnings estimates but has raised his valuation multiple from 15 x to 18x FY2026 earnings, in line with the recent re-rating of SGX-listed proxies in the system integration sectors. Chew expects stable growth for the mobile devices segment but warns that a weak rupiah will weigh on growth for the network engineering segment, while the ICT segment is still seeking new growth verticals amid a competitive environment. In another positive aspect, Chew observes that Telechoice has been undertaking share buybacks as high as 26.38 cents. TeleChoice International shares closed at 25 cents on May 23, down 1.96% for the day but up 47.06%. |
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| 25-May-2026 10:41 |
AIMS APAC Reit
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AIMSAMPI Reit
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Aims Apac Reit eyes data centre growth as it expands beyond industrial assets
Government endorsement for two Sydney sites gives the manager the option to develop them into data centre assets
[SINGAPORE] Mainboard-listed Aims Apac Real Estate Investment Trust ( AA Reit : O5RU -0.62%) is zooming in on data centre opportunities as it looks beyond traditional industrial assets for its next phase of growth, to tap rising demand for digital infrastructure. &ldquo Even though we had another year of steady growth, we are making a deliberate pivot towards data centres,&rdquo said Russell Ng, CEO of AA Reit&rsquo s manager. He pointed to two sites in New South Wales, Australia, that received government endorsement as potential data centre developments &ndash a &ldquo significant game changer&rdquo . The state&rsquo s Investment Delivery Authority in March endorsed AA Reit&rsquo s two Sydney assets at Macquarie Park and Bella Vista, among a select group of strategic data centre projects. Ng noted that about A$92 billion (S$83.9 billion) in proposed projects were assessed, with around A$52 billion across 15 developments endorsed. These included sites owned by hyperscalers such as Microsoft, NextDC, Stockland and Goodman Group. The endorsement, he added, helps to connect the assets to key government agencies, including those involved in planning approvals and energy coordination. He also described it as &ldquo a big positive&rdquo that gives the manager &ldquo future optionality&rdquo to develop the sites as data centre assets, highlighting that data centre development is a multi-year undertaking. In the light of this, Ng expects that substantial future development upside may come from Australia. &ldquo If we are able to secure power and obtain the necessary approvals (from) the government over time, both these (Sydney) properties have substantial upside in terms of what they bring to the overall portfolio,&rdquo he said. Singapore, meanwhile, continues to form AA Reit&rsquo s core leasing and income base. Most of its leasing activity takes place in Singapore, where the manager has also undertaken the majority of its asset enhancement and redevelopment works. &ldquo Most of our organic growth has taken place predominantly in Singapore,&rdquo Ng noted, adding that it has completed nearly seven asset enhancement initiatives, including six projects in the city-state and one in Australia. It has also executed five redevelopment projects, again largely concentrated in Singapore. Nevertheless, AA Reit&rsquo s Australian properties &ndash which comprise three primarily master-leased assets with lease terms ranging from seven to 12 years &ndash provide long-duration income stability. These assets help anchor the portfolio, while the Singapore properties offer mark-to-market opportunities, lease renewals and asset enhancement initiatives. Active manager What differentiates AA Reit from its peers is its &ldquo active manager&rdquo approach, said Ng. &ldquo We don&rsquo t just collect rent,&rdquo he said. &ldquo We constantly seek ways to manufacture income and capital growth through asset enhancements and redevelopments.&rdquo In total, the Reit has about S$2.3 billion in assets across logistics, industrial business parks and high-tech properties, with roughly three-quarters of its portfolio in Singapore and the rest in Australia. AA Reit is sponsored by Aims Financial Group, a Sydney-based fund manager and owner of the Sydney Stock Exchange, with a portfolio value of close to A$3 billion. Ng joined AA Reit in 2020 as head of investor relations, investments and partnerships, then became chief executive in 2021. Prior to that, he was head of funds for Asia at Lendlease and earlier held roles in fund management at AEP Investment Management. A key focus of his has been executing four strategic pillars &ndash selective acquisitions, active asset management, prudent capital management and strategic partnerships &ndash to achieve results. He noted that AA Reit has delivered consistent year-on-year growth in revenue, net property income, distributions and distribution per unit (DPU) over the past five years. The exception was the 2024 financial year, when equity fundraising of S$100 million temporarily affected metrics. Earlier in May, the Reit posted a 4.1 per cent higher DPU for its second half ended Mar 31. It stood at S$0.0513, from S$0.0493 the year before. Revenue for the six months increased 4.1 per cent to S$97 million, from S$93.1 million in the corresponding year-ago period. The growth was driven by higher rental income and recoveries from logistics, warehouse and industrial properties such as 27 Penjuru Lane, as well as 8 and 10 Pandan Crescent. The manager also cited higher income contributions from 7 Clementi Loop following the completion of asset enhancement initiatives. &ldquo Investors were generally quite pleased at the fact that we&rsquo ve been able to, for five years in a row, deliver that top line... growth and almost year-on-year growth in DPU,&rdquo Ng said. Investors&rsquo main concerns centred on potential risks, including inflation, geopolitical tensions in the Middle East and interest rate uncertainty. &ldquo Our feedback was that there was minimal impact on our portfolio at this stage,&rdquo he said. &ldquo Most of our energy contracts have been locked in and secured for the next two (to) three years.&rdquo |
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| 25-May-2026 10:40 |
Fuxing China
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Fuxing China
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Fuxing CEO Hong: Margin discipline matters more than revenue
On many pieces of clothing, and likely every bag you own, there is a zipper.
Somewhere along the chain of suppliers that brought this unassuming but essential part to market, there is a good chance that it is from a factory in Jinjiang, Fujian.
Fuxing China Group has been making zippers since 1992 and has grown to become the world' s fourth-largest zipper manufacturer by sales value, according to the 2023 edition of the Euromonitor Report.
The group supplies to more than 1,600 customers across China, including Peak, Erke, Septwolves, 361° , Li-Ning, Samsonite, Beneunder and Northpole China, among others. The company has been listed on the Singapore Exchange since 2007.
For most of that time, Fuxing has operated exactly as its product does &mdash reliably, without drawing much attention to itself.
Then in FY2025, several key developments marked a turning point, setting the stage for its next phase of growth.
CEO Shaolin Hong describes a business at an inflexion point: " In recent years, we have undertaken various initiatives to streamline non-core operations, enhance productivity, and strengthen margins across our business segments."
For the first time since 2011, it has announced a dividend of RMB0.15 ($0.028) per share and a dividend policy to pay at least 15% of its net profit attributable to shareholders over the next three years.
From scarce resources to global supplier
Fuxing was founded by Hong' s father, Hong Qingliang, in the early years of China' s economic opening. Resources were scarce, but that did little to hold back his ambition.
" My father built a livelihood from scratch," Hong says. " He didn' t just start a factory."
He describes his father' s approach as a &ldquo first-mover spirit&rdquo &mdash a willingness to act before the path was clear. That instinct, Hong says, is part of what he brings to the business today, alongside a recognition that the environment he navigates is radically different from 1992.
Jinjiang, where the group is headquartered, is known in China as the birthplace of some of its most successful consumer brands. Brands like Anta and 361° both started there.
For Fuxing, being embedded in this cluster has been a strategic asset.
" Our proximity to the big consumer brands creates a cluster effect," Hong says. " We benefit from a specialised labour pool, faster supply chains, and enhanced ability to align our products with market trends in real time."
Not just a zipper
The competitive landscape for zipper manufacturers is defined by one name: YKK, the Japanese manufacturer that dominates the premium end of the global market and supplies most of the world' s luxury and high-performance brands.
Against this backdrop, Fuxing continues to strengthen its competitive position by focusing on quality, branding, innovation, and integrated manufacturing capabilities.
Building on its technical expertise and supported by an in-house R& D team of nearly 20 professionals, the Group places strong emphasis on product and technical enhancement, to drive continuous innovation in both product performance and manufacturing efficiency.
Quality control remains a core priority across all production processes: the Group obtained various domestic and international quality certifications, which included ISO 9001:2015 Quality Management System Certificate, ISO 45001:2018 Occupational Health and Safety Management System Certificate, ISO 14001:2015 Environmental Management System Certificate and Global Recycled Standard Certificate (GRS 4.0), among others, ensuring consistency and reliability across its product range.
Building on its technical expertise and manufacturing depth, Fuxing has developed a comprehensive portfolio of innovative zipper solutions used across a wide range of applications, including apparel, footwear, bags, and outdoor equipment.
" We don' t just sell a zipper," he says. " We help our customers design the fastening solution that fit their design concepts, delivering both functionality and design intent."
Its proprietary &ldquo 3F&rdquo brand continues to gain recognition for reliability and value, reinforcing Fuxing&rsquo s position as a competitive and increasingly differentiated player in the global zipper industry.
" We look at how to reduce their assembly time or waste, enabling faster time-to-market and strengthening relationships without compromising our margins."
Looking ahead, Hong says the group' s growth priorities include increasing direct-to-brand sales, new product innovation, and deepening its existing customer relationships.
" We want to enhance our responsiveness to market demand," he says, " and harness new opportunities as they emerge."
Right now, Fuxing operates through four segments: zipper manufacturing, processing services, raw material trading, and a small real estate operation in Xiamen, where the group retains two floors of its Fuxing International Centre for rental income.
Strong underlying asset base with net asset per share of $5.40
For shareholders who have held Fuxing shares through the years, the most significant announcement from FY2025 might not be the profit number. Instead, it is the dividend.
Fuxing is proposing a final dividend of RMB15 cents per share for the year, the first payment to shareholders since 2011.
Alongside it, Fuxing also announced a new dividend policy: at least 15% of net profit distributed for the next three years, with shareholders able to choose between cash and/or new shares.
" We have reached a major milestone," Hong says.
The company' s net asset value per share stands at approximately RMB29.60 &mdash around $5.40 &mdash against recent share prices of $0.40 to $0.70. Hong frames this gap as an unrecognised value.
" We want investors to see the underlying strength of our financial position," he says.
Targeting revenue growth and margin expansion
Looking ahead, Hong is aiming for revenue growth and margin expansion through enhanced operational efficiency, leveraging automation and digitisation across its operations, and strengthening direct-to-brand sales.
&ldquo Digitalisation and automation will be key drivers of our margin expansion,&rdquo he says, as the Group advances its transition from a traditional manufacturer to a more agile, brand-aligned partner.
By embedding greater efficiency and responsiveness across its operations, the Group aims to strengthen its competitive positioning and harness higher-value opportunities.
After all, zippers are not something most people think about &mdash until they stop working. Hong&rsquo s ambition is for Fuxing to move beyond that invisibility and be on investors' minds a great deal more.
About Fuxing China Group
Established in 1993, Fuxing China Group is the fourth-largest zipper manufacturer globally by sales value. Over the past 30 years, the Group has built strong integrated manufacturing capabilities, developed its proprietary &ldquo 3F&rdquo brand, and established a solid market reputation alongside a diversified customer base in the PRC.
Serving over 1,600 customers and trusted by renowned brands such as Peak, Erke, 361° , Li-Ning, Samsonite, Reebok, Joma, Ellesse, Meituan, Sela, Bosideng and Northpole China, the group&rsquo s zipper products are widely used in apparel, footwear, bags and camping equipment.
With strong emphasis on quality assurance and research and development, the Group has obtained various international certifications in recognition of its quality standards and innovation capabilities.
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| 25-May-2026 10:39 |
Raffles Edu
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Profitable years ahead
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Raffles Education: Chew Hua Seng&rsquo s next chapter
After easing Raffles Education&rsquo s debt burden, CEO Chew Hua Seng is betting on Asean to power the former market darling&rsquo s next phase of growth
Two decades ago, at the height of the local market&rsquo s last bull run, Raffles Education was a standout favourite. Investors bought into CEO Chew Hua Seng&rsquo s pitch that the group was well placed to ride a surge in demand for higher education across the region.
After peaking above $3.50 in 2007, the company&rsquo s shares entered a long decline, falling to four cents in 2024 amid mounting debt pressures and softer student enrolment. The situation was compounded by a long-running feud between Chew and substantial shareholder Oei Hong Leong, alongside a series of legal disputes.
In recent years, Raffles Education has mostly made headlines for sporadic updates on property divestments in Singapore as it sought to lighten its debt load. Sentiment turned sharply earlier this year. The company sold its 51 Merchant Road property for $121.8 million, below its June book value of $152.7 million, but still recorded a net gain of $53 million, which will be used to reduce debt.
Chew, the controlling shareholder, has also increased his stake. Last October, he said he would convert about $16.5 million of unlisted convertible bonds into new ordinary shares at 6.44 cents each, instead of seeking repayment. He also elected to receive scrip shares in lieu of cash for his entitlement to the special dividend funded by the divestment of 51 Merchant Road.
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| 25-May-2026 10:37 |
Geo Energy Res
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Black Gold Industry Discussion
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Geo Energy: Statement on Indonesia&rsquo s new plan to centralise control of commodity exports
The Board of Directors (&ldquo Directors&rdquo ) of Geo Energy Resources Limited (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) (SGX:RE4) wishes to provide a statement in relation to recent media reports regarding Indonesia&rsquo s proposed plan to centralise control of commodity exports.
The Directors note that the Indonesian Government&rsquo s proposed centralisation of commodity export controls reflects a broader policy direction aimed at strengthening state oversight and improving coordination across key resource sectors in Indonesia.
While the initiative may enhance regulatory efficiency and support national revenue objectives over the longer term, further clarity is expected regarding the implementation framework, administrative processes, and documentation requirements.
The Directors believe that this transition period may take time to fully evolve and be implemented, as policies are refined and operationalised across the relevant agencies and industry stakeholders.
At this stage, the Company has not received any official communication or directive in relation to the matter and will continue to closely monitor developments, while engaging with the relevant authorities and stakeholders as appropriate. The Company will make further announcement on this matter if and when there are further developments.
The Group&rsquo s fundamentals remain strong. Our current production, logistics, customer relationships, and export activities continue as normal. We continue to make steady progress on our MBJ Integrated Infrastructure, with successful truck trials completed last week and on track to commence operations in the second half of 2026. Coal prices remain strong, with ICI4 at US$64.43 per tonne as of 22 May 2026. The Group will continue to execute its growth strategy and operational plans in a disciplined manner while remaining agile and responsive to evolving regulatory and policy developments.
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| 23-May-2026 13:54 |
SingTel
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singtel
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Earnings miss, downside risks weigh on Singtel shares, but RHB sees &lsquo re-entry opportunity&rsquo
The brokerage expects legacy share overhang to clear, and is betting on the telco&rsquo s AI, cloud initiatives
[SINGAPORE] Singtel&rsquo s share price volatility offers investors a &ldquo re-entry opportunity&rdquo into the counter, said RHB analysts on Friday (May 22), even as other brokerages flagged the group&rsquo s latest earnings miss.
RHB analysts said the volatility has been amplified by technical selling pressure linked to Singtel&rsquo s legacy discounted shares, adding that this overhang is expected to normalise going forward.
They expect &ldquo early success&rdquo in the telco&rsquo s artificial intelligence and cloud initiatives, which generated S$25 million in revenue from an initial 1 megawatt pilot phase.
The pilot marked the initial deployment of the group&rsquo s data centre and AI initiative. Singtel&rsquo s management plans to scale this capacity further next year, supported by about S$600 million in dedicated growth capital expenditure.
Earlier in 2026, Singtel tied up with KKR to buy ST Telemedia Global Data Centres for almost S$14 billion, with the deal expected to be completed in the second half of the year.
RHB also pointed to the telco&rsquo s return on invested capital, which has moved into double-digit territory at 11.1 per cent, alongside a record FY2026 dividend.
The brokerage trimmed its target price by about 1.8 per cent to S$5.40 from S$5.50 to reflect the latest market valuation, though still implying about a 15 per cent upside from current levels.
It also maintained its &ldquo buy&rdquo call on Singtel.
Singtel&rsquo s financial results
On Thursday, the telecommunications giant reported fourth-quarter 2026 core net profit of S$672 million, down 10 per cent quarter on quarter but up 11.8 per cent year on year, bringing its full-year core net profit to S$2.8 billion.
Several brokerages said the results were &ldquo slightly below expectations&rdquo .
CGSI&rsquo s Prem Jearajasingam said the full-year core net profit was in line with its estimates, though he noted that the dividend per share of S$0.185 came in below forecasts.
He added that FY2027 guidance for low-to-mid-single-digit growth in earnings before interest and taxes (Ebit) was &ldquo overly conservative&rdquo and well below market estimates of about 18 per cent.
Citi analysts similarly said that Singtel&rsquo s underlying profit slightly missed expectations, citing a weaker Q4, in which recurring profit fell about 10 per cent sequentially on weaker Singapore operations.
They noted that Singapore Ebit fell 5 per cent to S$795 million for the year, while Q4 earnings before interest, tax, depreciation and amortisation (Ebitda) declined 9 per cent quarter on quarter and 11 per cent year on year amid sustained competition in the consumer segment.
DBS analyst Sachin Mittal said that Singtel&rsquo s core net profit was about 6 per cent below consensus forecasts, citing &ldquo lower-than-expected&rdquo contributions from Singapore and Australia, which dented the operational company&rsquo s earnings.
Looking ahead, the analyst expects Optus to stage a &ldquo strong recovery&rdquo , which could support mid-single digit group Ebit growth for FY2027.
Optus, Singtel&rsquo s Australian subsidiary, has previously faced pressure, including accumulated losses since FY2021 and operational disruptions such as a major outage in February that affected about 200,000 customers.
Despite this, Optus has shown some recovery, with operating revenue rising 2.4 per cent to A$4.3 billion (S$3.9 billion) in its second half ended Mar 31, while Ebitda increased 4.8 per cent to A$1.2 billion.
Singtel is exploring the possibility of bringing in a strategic partner for Optus, as part of its broader approach to manage its portfolio of operating companies and associates.
Risks ahead
Brokers are broadly aligned that energy prices remain a key headwind, although some believe Singtel can ride out higher energy costs.
CGSI&rsquo s Jearajasingam flagged several downside risks, including prolonged disruption in energy markets that could reduce telecommunications and IT spending intensifying competition in Singapore and Australia the risk of large, expensive acquisitions and potential regulatory changes that could weigh on cash flow and earnings.
DBS&rsquo Mittal said that FY2027 Ebit guidance of low-to-mid-single-digit growth sits below expectations of more than 12 per cent, reflecting sector headwinds including delayed consolidation in Singapore, recent declines in mobile pricing, and the wind-down of cost savings.
He also highlighted continued competitive pressure in the Singapore market.
Meanwhile, Citi analysts flagged foreign-exchange volatility as a drag on regional associate contributions, alongside slowing earnings momentum as FY2027 growth moderates from double-digit levels in FY2026.
RHB noted that it views the second-order impact from higher energy costs as &ldquo manageable&rdquo , supported by improving returns on invested capital and the scaling of new growth engines such as NCS and Nxera, which operates Singtel&rsquo s AI-ready data centres across Asia-Pacific.
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| 23-May-2026 13:53 |
Sri Trang Gloves
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Sri Trang Gloves
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Sri Trang Gloves Q1 profit falls 9.5% to 384.1 million baht
Revenue is down 16.2% at 5.49 billion baht, from 6.55 billion baht a year earlier
[SINGAPORE] Sri Trang Gloves : STG 0% posted a 9.5 per cent decline in net profit for its first quarter ended Mar 31, to 384.1 million baht (S$15.1 million) from 424.2 million baht a year earlier.
This came as lower revenue and margins weighed on the group&rsquo s performance.
Revenue fell 16.2 per cent to 5.49 billion baht from 6.55 billion baht a year earlier, the Thailand-based manufacturer said in a regulatory filing on Thursday (May 21).
Gross profit dropped 33.1 per cent to 568.4 million baht, while gross profit margin shrank to 10.4 per cent from 13 per cent previously.
Sales volume for the quarter fell 0.4 per cent year on year to 9.16 billion pieces. However, the group noted that this was a 4.6 per cent increase quarter on quarter, as operations normalised after temporary disruptions from flooding in late 2025.
Sri Trang&rsquo s bottom line was buoyed by 284 million baht in partial insurance compensation income relating to the flooding. This boosted the group&rsquo s other income to 326.2 million baht, from 47.8 million baht a year earlier.
It also recorded a net foreign-exchange gain of 92 million baht, reversing from a loss of 12.8 million baht previously.
Earnings per share came in at 0.14 baht, down from 0.15 baht a year earlier.
Sri Trang said that it remains upbeat in its outlook, though it acknowledged that the Middle East conflict has disrupted synthetic rubber supply chains.
Rising raw material prices have caused prices of nitrile rubber, used in glove manufacturing, to surge by 160 per cent, it noted.
However, Sri Trang said it still has a competitive advantage in manufacturing by using natural rubber latex, of which prices have risen more modestly, by about 30 per cent.
Separately, Sri Trang announced a second phase of its share repurchase programme for financial management purposes.
The group will spend up to 683 million baht to buy back up to 62.1 million shares, representing 2.17 per cent of its total issued shares. The repurchase period runs from May 12 to Nov 7.
This comes after the completion of its first share buyback phase in March, during which it repurchased 100.18 million shares for 816.8 million baht.
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| 23-May-2026 13:52 |
SIA Engineering
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SIA Engineering
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SIA Engineering opens base maintenance facility in Subang sees &lsquo strong potential&rsquo in Malaysian aerospace sector
The two-hangar facility will supplement hangars in Singapore and the Philippines to support MRO works
[SINGAPORE] SIA Engineering Company (SIAEC) : S59 +0.32% on Friday (May 22) announced the opening of a base maintenance facility in Subang, Malaysia, which will form part of its regional base maintenance network.
Base Maintenance Malaysia (BMM), wholly owned by SIAEC, will provide additional capacity to supplement hangars in Singapore and the Philippines.
This will support both widebody and narrowbody aircraft maintenance, repair and overhaul (MRO) of current and next-generation aircraft across Asia-Pacific and beyond, said SIAEC.
Located at Sultan Abdul Aziz Shah Airport, the two-hangar facility can accommodate up to six concurrent aircraft checks. It enhances SIAEC&rsquo s operating resilience, while providing customers with greater flexibility in meeting their MRO requirements, said the group.
SIAEC added that BMM obtained the necessary regulatory approvals for the first of its two hangars and had performed its first A350 aircraft check in November 2025.
It said that the opening of BMM reflects its confidence in Malaysia as an &ldquo important aerospace location&rdquo , with Subang, in particular, continuing to play a &ldquo key role&rdquo in Malaysia&rsquo s aviation and aerospace ecosystem.
The group added that Malaysia offers a &ldquo strong aviation heritage, strategic location, established infrastructure and a growing pool of skilled aerospace talent&rdquo .
&ldquo The establishment of BMM supports the continued development of Malaysia&rsquo s aerospace ecosystem by creating skilled employment, developing local technical capability and providing career pathways for aircraft technicians, licensed aircraft engineers, maintenance planners, and quality and safety professionals,&rdquo said SIAEC.
It added that it will continue to support BMM by sharing technical expertise, operational experience, governance, training, systems and customer support.
Chin Yau Seng, CEO of SIAEC, noted that Malaysia&rsquo s aerospace sector has &ldquo strong potential&rdquo , particularly in talent development, technical capability and long-term industry growth.
This makes BMM a &ldquo strategic investment for SIAEC to drive sustainable long-term growth&rdquo , he said.
&ldquo Together with SIAEC&rsquo s three other joint venture companies in Malaysia, comprising Asia Pacific Aircraft Component Services, Eaton Aero Services and Pos Aviation Engineering Services, BMM enhances our ability to support customers and provides an important platform for us to grow our presence in Malaysia,&rdquo he added.
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| 23-May-2026 13:51 |
NIO Inc. USD OV
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New listing (20May2022) Nio, EV manufacturer
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Nio Q1 net loss narrows to 332.1 million yuan as revenue doubles
The EV maker&rsquo s loss per share of 0.2 yuan compares with 0.29 yuan a year earlier
[SINGAPORE] Chinese electric vehicle maker Nio : NIO -3.74% posted a net loss of 332.1 million yuan (S$62.5 million) for its first quarter ended Mar 31, narrowing from a net loss of 6.75 billion yuan a year earlier.
Nio is listed in the US, Hong Kong and Singapore.
On a quarter-on-quarter basis, the group&rsquo s latest results marked a reversal from the net profit of 282.7 million yuan that it posted for Q4 2025.
For Q1 2026, Nio&rsquo s loss per share stood at 0.2 yuan, up from a loss of 3.29 yuan per share a year earlier, the group&rsquo s unaudited financials released on Thursday (May 21) showed.
Revenue came in at 25.5 billion yuan, an increase of 112.2 per cent from 12 billion yuan in the year-ago period.
This came as vehicle sales jumped 129.2 per cent to 22.8 billion yuan on higher delivery volumes and a higher average selling price driven by a favourable product mix.
The EV maker delivered 83,465 vehicles in Q1, up 98.3 per cent from the 42,094 cars delivered a year earlier.
The deliveries comprised 58,543 vehicles from its premium brand Nio, 13,339 from its family-oriented brand Onvo, and 11,583 from its Firefly brand.
Vehicle margin rose to 18.8 per cent from 10.2 per cent a year earlier. Overall gross margin also improved to 19 per cent, compared with 7.6 per cent in Q1 2025.
Other sales grew 31.2 per cent to 2.75 billion yuan. This was mainly due to an increase in the sales of parts, accessories and after-sales vehicle services, the provision of power solutions, and higher revenues from car financing services.
Giving its outlook for Q2, Nio said it expects to deliver between 110,000 and 115,000 vehicles, representing an increase of 52.7 to 59.6 per cent from the previous corresponding period.
It expects Q2 revenue to be between 32.78 billion and 34.44 billion yuan, representing a year-on-year increase of 72.4 to 81.2 per cent.
William Li, founder, chairman and chief executive officer of Nio, said that the company has &ldquo entered an intensive new product launch and delivery cycle&rdquo starting in Q2.
Stanley Yu Qu, Nio&rsquo s chief financial officer, noted that the group&rsquo s other sales margin reached a four-year high of 20.6 per cent.
&ldquo Looking ahead, we will further enhance cost and operational efficiency while strengthening our sustainable business capabilities,&rdquo he added.
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| 23-May-2026 13:50 |
Keppel
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Keppel Corp
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Keppel shares close 4.7% higher after M1-Simba deal falls through
Analysts are mixed on the counter after the news
[SINGAPORE] Shares of Keppel : BN4 +4.7% rose on Friday (May 22) after the asset manager confirmed the termination of its proposed divestment of M1&rsquo s telecommunications business to Simba Telecom.
The counter climbed 6.1 per cent or S$0.64 to an intraday high of S$11.06 just four minutes after market open, with 932,800 shares changing hands. It settled over the course of the day, ending 4.7 per cent or S$0.49 higher at S$10.91 with 6.6 million shares traded.
On Friday morning, Simba parent Tuas Ltd and Keppel announced in separate statements that the M1 deal, first announced in August 2025, had fallen through.
This was after Keppel failed to obtain relevant approvals from the Infocomm Media Development Authority (IMDA) by the extended long-stop date of May 21.
IMDA announced on Monday that it had halted its assessment of the proposed M1-Simba consolidation after learning that Simba was in possible breach of the Singapore&rsquo s Telecommunications Act.
Keppel shares slid as much as 5 per cent on Monday after the authority&rsquo s announcement shares of Tuas Ltd on the Australian Securities Exchange fell more than 60 per cent.
IMDA said that Simba could have used radio frequency bands it had not been assigned to provide mobile services.
Separately, on Wednesday, Keppel said that it ranked in the top 1 per cent in the industrial conglomerate industry in the S& P Global Sustainability Yearbook 2026, which distinguishes companies that have demonstrated strengths in corporate sustainability.
This makes it the only Singapore company ranked within the top 10 per cent of their industries.
Keppel was also included as a constituent of both the Dow Jones Best-in-Class World Index and the Asia Pacific Index for the fourth consecutive year.
Analysts&rsquo reactions mixed
JPMorgan on Thursday upgraded Keppel to &ldquo overweight&rdquo from &ldquo neutral&rdquo it forecast a special dividend of S$0.08 for FY2026 and a total dividend of S$0.42.
Similarly, UOB Kay Hian (UOBKH) on Tuesday maintained its &ldquo buy&rdquo call on Keppel with a target price of S$13.23. It noted that the asset manager&rsquo s goal to monetise S$2 billion to S$3 billion in non-core assets remains intact.
UOBKH analyst Adrian Loh said on Tuesday that the pause in the M1-Simba merger is being used to improve M1&rsquo s financials and realise a &ldquo robust future exit valuation&rdquo .
This comes as Keppel pivots to its &ldquo Plan B&rdquo &ndash a 90-day plan to rightsize and restructure M1&rsquo s business &ndash with a near-to-medium-term aim of a higher run rate earnings before interest, taxes, depreciation and amortisation.
Meanwhile, CGS International (CSGI) on Monday downgraded Keppel to a &ldquo hold&rdquo from its previous &ldquo add&rdquo after news of the consolidation&rsquo s delay.
It cut its target price for Keppel by 14.9 per cent to S$11.50 from S$13.52, noting that the " unfavourable&rdquo delay could slow the pace of monetisation.
&ldquo With the latest development, we conservatively cut our (dividend per share) assumptions to S$0.45 from S$0.48,&rdquo said CGSI analysts Lim Siew Khee and Meghana Kande.
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| 23-May-2026 13:48 |
UIBREIT
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UI Bousted Reit - UIBU
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UI Boustead Reit, Boustead unit to co-invest in S$104 million Seletar aerospace facility
The real estate investment trust may fully purchase the asset after it gets a temporary occupation permit
[SINGAPORE] UI Boustead Real Estate Investment Trust : UIBU +0.65% (Reit) and Boustead Singapore : F9D +1.68% are co-investing in the development of a build-to-suit aerospace facility in Seletar Aerospace Park, in a project valued at about S$104 million.
The manager of the Singapore-listed Reit announced in a filing on Friday (May 22) that the facility will be fully leased to &ldquo a leading global aerospace corporation&rdquo for about 22.5 years, with built-in rental escalations.
UI Boustead Reit holds a 51 per cent interest in the development. A subsidiary of Boustead Singapore holds the remaining 49 per cent, which the Reit will have the option of purchasing after the project obtains its temporary occupation permit.
The facility will be located in Seletar Aerospace Park on a site of 322,800 square feet (sq ft) its projected gross floor area is about 252,100 sq ft. The land lease from JTC Corporation will run until 2050.
Including fees and related expenses, UI Boustead Reit&rsquo s effective investment value in the project is estimated at S$53.9 million the required capital commitment is about S$17.9 million.
As the project&rsquo s costs will be funded progressively over the development period, the manager said that it would finance the project with internal funds, existing debt facilities or both.
Funding through external borrowings would raise the Reit&rsquo s aggregate leverage from 37.9 to 39.7 per cent when the development is completed, on a pro forma basis, the manager said.
UI Boustead Reit&rsquo s 51 per cent interest in the development translates to 2.8 per cent of its deposited property.
The manager said that the project has an estimated yield on cost of 8.6 per cent, above the projected 2027 net property income yield of 7.4 per cent for the Reit&rsquo s Singapore portfolio.
Tan Shu Lin, CEO of the Reit&rsquo s manager, noted that this marks UI Boustead Reit&rsquo s second co-investment since its listing on the Singapore Exchange in March.
&ldquo This underscores UI Boustead Reit&rsquo s uniquely differentiated growth strategy of undertaking co-investment opportunities in partnership with our sponsor, enabling the Reit to invest at the development stage, which enhances value accretion on a risk-mitigated basis for unitholders,&rdquo she said.
Boustead Projects will take on the engineering, procurement and construction management contract for the facility.
In a separate filing, Boustead Singapore said that the co-investment brings the total value of new contracts secured by the group since the start of FY2027 to about S$461 million.
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| 23-May-2026 11:31 |
TheHourGlass
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The Hour Glass
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The Hour Glass H2 profit jumps 39% to S$103.8 million on higher sales
Its full-year earnings are up 32% at S$179.4 million
[SINGAPORE] Luxury watch retailer The Hour Glass reported a 39 per cent rise in net profit to S$103.8 million for its second half ended Mar 31, driven by stronger sales momentum.
This was up from S$74.4 million a year earlier, the company said in a bourse filing on Friday (May 22). Revenue rose 16 per cent year on year to S$722.8 million, from S$622.6 million.
For the full year, The Hour Glass&rsquo net profit rose 32 per cent to S$179.4 million, up from S$135.8 million the previous year.
Revenue came in at S$1.34 billion, an increase of 15 per cent from S$1.2 billion a year earlier.
Gross margin for the full year narrowed slightly to 30.4 per cent, from 30.9 per cent in FY2025. However, the bottom line was lifted by a fair-value gain on investment properties of S$20.3 million, reversing a loss of S$6.5 million the year before.
The board recommended a final dividend of S$0.04 a share, unchanged from the year prior. Together with an interim dividend of S$0.02 a share, the total payout for FY2026 will be S$0.06 a share.
Earnings per share for the full year rose to S$0.28, from S$0.21 the year before.
Michael Tay, group managing director of The Hour Glass, noted that the results were &ldquo significant and meaningful&rdquo , given the global contraction in the broader luxury sector, alongside ongoing conflicts and trade wars.
&ldquo Management&rsquo s energy this year was channelled into strengthening the operating model, deepening our partnerships and ensuring the group is always positioned to act with conviction,&rdquo he said.
The group expects persistent global uncertainty to lead to cautious consumer sentiment. However, it expects to remain profitable in the next financial year.
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| 23-May-2026 11:30 |
Fuxing China
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Fuxing China
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Fuxing CEO Hong: Margin discipline matters more than revenue
On many pieces of clothing, and likely every bag you own, there is a zipper.
Somewhere along the chain of suppliers that brought this unassuming but essential part to market, there is a good chance that it is from a factory in Jinjiang, Fujian.
Fuxing China Group has been making zippers since 1992 and has grown to become the world' s fourth-largest zipper manufacturer by sales value, according to the 2023 edition of the Euromonitor Report.
The group supplies to more than 1,600 customers across China, including Peak, Erke, Septwolves, 361° , Li-Ning, Samsonite, Beneunder and Northpole China, among others. The company has been listed on the Singapore Exchange since 2007.
For most of that time, Fuxing has operated exactly as its product does &mdash reliably, without drawing much attention to itself.
Then in FY2025, several key developments marked a turning point, setting the stage for its next phase of growth.
CEO Shaolin Hong describes a business at an inflexion point: " In recent years, we have undertaken various initiatives to streamline non-core operations, enhance productivity, and strengthen margins across our business segments."
For the first time since 2011, it has announced a dividend of RMB0.15 ($0.028) per share and a dividend policy to pay at least 15% of its net profit attributable to shareholders over the next three years.
From scarce resources to global supplier
Fuxing was founded by Hong' s father, Hong Qingliang, in the early years of China' s economic opening. Resources were scarce, but that did little to hold back his ambition.
" My father built a livelihood from scratch," Hong says. " He didn' t just start a factory."
He describes his father' s approach as a &ldquo first-mover spirit&rdquo &mdash a willingness to act before the path was clear. That instinct, Hong says, is part of what he brings to the business today, alongside a recognition that the environment he navigates is radically different from 1992.
Jinjiang, where the group is headquartered, is known in China as the birthplace of some of its most successful consumer brands. Brands like Anta and 361° both started there.
For Fuxing, being embedded in this cluster has been a strategic asset.
" Our proximity to the big consumer brands creates a cluster effect," Hong says. " We benefit from a specialised labour pool, faster supply chains, and enhanced ability to align our products with market trends in real time."
Not just a zipper
The competitive landscape for zipper manufacturers is defined by one name: YKK, the Japanese manufacturer that dominates the premium end of the global market and supplies most of the world' s luxury and high-performance brands.
Against this backdrop, Fuxing continues to strengthen its competitive position by focusing on quality, branding, innovation, and integrated manufacturing capabilities.
Building on its technical expertise and supported by an in-house R& D team of nearly 20 professionals, the Group places strong emphasis on product and technical enhancement, to drive continuous innovation in both product performance and manufacturing efficiency.
Quality control remains a core priority across all production processes: the Group obtained various domestic and international quality certifications, which included ISO 9001:2015 Quality Management System Certificate, ISO 45001:2018 Occupational Health and Safety Management System Certificate, ISO 14001:2015 Environmental Management System Certificate and Global Recycled Standard Certificate (GRS 4.0), among others, ensuring consistency and reliability across its product range.
Building on its technical expertise and manufacturing depth, Fuxing has developed a comprehensive portfolio of innovative zipper solutions used across a wide range of applications, including apparel, footwear, bags, and outdoor equipment.
" We don' t just sell a zipper," he says. " We help our customers design the fastening solution that fit their design concepts, delivering both functionality and design intent."
Its proprietary &ldquo 3F&rdquo brand continues to gain recognition for reliability and value, reinforcing Fuxing&rsquo s position as a competitive and increasingly differentiated player in the global zipper industry.
" We look at how to reduce their assembly time or waste, enabling faster time-to-market and strengthening relationships without compromising our margins."
Looking ahead, Hong says the group' s growth priorities include increasing direct-to-brand sales, new product innovation, and deepening its existing customer relationships.
" We want to enhance our responsiveness to market demand," he says, " and harness new opportunities as they emerge."
Right now, Fuxing operates through four segments: zipper manufacturing, processing services, raw material trading, and a small real estate operation in Xiamen, where the group retains two floors of its Fuxing International Centre for rental income.
Strong underlying asset base with net asset per share of $5.40
For shareholders who have held Fuxing shares through the years, the most significant announcement from FY2025 might not be the profit number. Instead, it is the dividend.
Fuxing is proposing a final dividend of RMB15 cents per share for the year, the first payment to shareholders since 2011.
Alongside it, Fuxing also announced a new dividend policy: at least 15% of net profit distributed for the next three years, with shareholders able to choose between cash and/or new shares.
" We have reached a major milestone," Hong says.
The company' s net asset value per share stands at approximately RMB29.60 &mdash around $5.40 &mdash against recent share prices of $0.40 to $0.70. Hong frames this gap as an unrecognised value.
" We want investors to see the underlying strength of our financial position," he says.
Targeting revenue growth and margin expansion
Looking ahead, Hong is aiming for revenue growth and margin expansion through enhanced operational efficiency, leveraging automation and digitisation across its operations, and strengthening direct-to-brand sales.
&ldquo Digitalisation and automation will be key drivers of our margin expansion,&rdquo he says, as the Group advances its transition from a traditional manufacturer to a more agile, brand-aligned partner.
By embedding greater efficiency and responsiveness across its operations, the Group aims to strengthen its competitive positioning and harness higher-value opportunities.
After all, zippers are not something most people think about &mdash until they stop working. Hong&rsquo s ambition is for Fuxing to move beyond that invisibility and be on investors' minds a great deal more.
About Fuxing China Group
Established in 1993, Fuxing China Group is the fourth-largest zipper manufacturer globally by sales value. Over the past 30 years, the Group has built strong integrated manufacturing capabilities, developed its proprietary &ldquo 3F&rdquo brand, and established a solid market reputation alongside a diversified customer base in the PRC.
Serving over 1,600 customers and trusted by renowned brands such as Peak, Erke, 361° , Li-Ning, Samsonite, Reebok, Joma, Ellesse, Meituan, Sela, Bosideng and Northpole China, the group&rsquo s zipper products are widely used in apparel, footwear, bags and camping equipment.
With strong emphasis on quality assurance and research and development, the Group has obtained various international certifications in recognition of its quality standards and innovation capabilities.
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