Industry News

RHB Singapore has launched the 15th edition of its RHB Top 20 Small Cap Jewels 2025 report, offering investors insights into promising small-cap companies in Singapore. Released on 14 May, the report identifies high-potential stocks with strong fundamentals and long-term growth prospects, particularly in the construction, consumer, and industrial sectors.

The 2025 edition arrives as global market dynamics continue to evolve, providing institutional investors and fund managers with research-driven insights into resilient investment opportunities beyond large-cap stocks. Alfie Yeo, Senior Research Analyst at RHB Singapore, noted, “This year’s edition reflects a sharper focus on resilient, regionally and domestically exposed sectors that are well-positioned to navigate global headwinds.”

Over 60% of the stock picks in this edition are new, highlighting businesses with compelling growth stories and strong balance sheets. Yeo added, “These are fundamentally strong businesses with compelling growth stories, strong balance sheets, or catalysts that could unlock significant value for investors.”

The Top 20 Small Cap Jewels report is part of RHB’s broader Regional Small Cap Compendium, reinforcing the group’s reputation as a leading research house in ASEAN. The publication is a valuable resource for institutional investors tracking emerging opportunities across the region.

The report aims to identify undervalued stocks and provide early visibility into companies with the potential to become future mid- or large-cap leaders. This initiative underscores RHB’s commitment to uncovering quality small-cap opportunities for long-term investors.
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RHB Bank has announced that it will keep its full-year Non-Oil Domestic Exports (NODX) growth projection at 0.0%, alongside maintaining a Gross Domestic Product (GDP) forecast of 2.0% for Singapore, despite recent developments in US tariff policies. This decision comes as NODX experienced a significant surge of 12.4% year-on-year in April, exceeding market expectations of a 4.3% increase and marking a sharp acceleration from March’s 5.4% rise.

The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlights a cautious stance towards Singapore’s export-oriented sectors, including chemicals, machinery and transport, and manufacturing. These sectors are expected to face broader fallout due to uncertainties surrounding tariff policies.

Gan’s analysis underscores the resilience of Singapore’s export performance in April, despite the looming challenges posed by tariff discussions. The month-on-month seasonally adjusted growth also showed a robust 10.4% increase, further indicating the strength of the export sector.

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Morgan Stanley Research has released a report detailing the anticipated impact of Singapore Exchange Regulation’s (SGX RegCo) proposed regulatory changes, which aim to transition towards a more disclosure-based regime. The ongoing implementation of these reforms, first announced in February 2025, and a second set expected in the second half of 2025, are seen as significant positive drivers for the market.

SGX RegCo’s proposed reforms include streamlining Mainboard admission criteria by focusing on disclosure rather than prescriptive measures, and removing the financial watch-list, although issuers must still announce three consecutive years of losses. The reforms also propose refining post-listing queries to focus on material price-sensitive disclosures and enabling shareholder-requisitioned meetings.

Morgan Stanley’s report suggests that these reforms, alongside strong recent trading volumes, should support the Singapore Exchange’s (SGX) Overweight rating. The changes are part of a broader effort to adopt a more pro-enterprise stance, which is expected to enhance the attractiveness of Singapore’s equity market.

The report also notes that the continuous implementation of these market reform measures is crucial for maintaining momentum. “We see ongoing implementation of the first set of measures announced in February 2025, and the upcoming second set in the second half of 2025, as key positive drivers for the market,” the report states.

As Singapore continues to refine its regulatory framework, the market is poised for potential growth, with these reforms likely to attract more investors and issuers to the SGX.
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A recent survey by the Association of Chartered Certified Accountants (ACCA) has highlighted a significant shift in career ambitions among finance professionals in Singapore and the Asia Pacific region.

The 2025 Global Talent Trends survey found that 37% of Singaporean finance professionals and 52% across Asia Pacific are keen to become entrepreneurs. Additionally, 65% of Singapore respondents expect to change roles within the next two years, reflecting a dynamic shift in the workforce.

The survey, which is the largest of its kind in the finance sector, gathered responses from over 10,000 professionals worldwide. It revealed a growing interest in sustainability-related careers, with 61% of Singaporean respondents expressing a desire to focus on environmental issues within accountancy. This trend aligns with the increasing demand for purposeful work that addresses high-value challenges.

Despite the enthusiasm for new career paths, there is concern about skill development, particularly in artificial intelligence (AI). A significant 65% of Singaporean professionals worry they are not acquiring the necessary AI skills for future workplaces. This concern is compounded by the fact that only 27% of organisations currently offer AI-related learning opportunities.

Workplace wellbeing remains a critical issue, with 53% of Singapore respondents reporting that work pressures negatively impact their mental health. The survey also highlighted a preference for hybrid working models, although 41% of respondents still work full-time in the office, indicating a potential disconnect that could affect employee engagement.

Daniel Leung, ACCA Singapore’s Country Manager, emphasised the need for organisations to invest in their talent pool to ensure long-term resilience. He stated, “It is imperative for employers to challenge the status quo and invest in their talent pool to ensure long-term resilience for organisations.”

The findings underscore the evolving landscape of the finance profession in Singapore, driven by entrepreneurial ambitions and the pursuit of meaningful work. As the sector adapts to these changes, organisations are encouraged to support skill development and address workplace wellbeing to retain talent effectively.
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Tetra Pak has inaugurated its Customer Innovation Centre (CIC) in Bangkok, designed to assist food and beverage companies across the Asia-Pacific region, including Singapore, in bringing innovative packaging solutions to market more swiftly.

This initiative aligns with Singapore’s Budget 2025, which prioritises helping local businesses expand internationally amidst rising costs and resource constraints.

Located at Bhiraj Tower, EmQuartier, the CIC serves as a collaborative hub, enhancing product development efficiency and reducing time-to-market. The centre offers a comprehensive five-step model, including insight discovery, category immersion, innovation showcase, co-creation space, and prototyping. This model is intended to support brands from concept ideation to product launch.

Julia Luscher, Vice President Marketing, Market Operations at Tetra Pak, highlighted the importance of innovation in adapting to changing consumer preferences and global food system uncertainties. “Building long-term resilience has never been more critical,” she stated. “The launch of the CIC Bangkok underscores our commitment to helping the industry navigate change and explore new growth opportunities.”

The CIC Bangkok joins Tetra Pak’s global network of innovation centres, which includes locations in the US, Sweden, Italy, Dubai, and Brazil. Looking ahead, Tetra Pak plans to open a Product Development Centre in Rayong, Thailand, in 2026, further solidifying its role as a leader in food and beverage innovation.
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LussoCitta, a Singapore-based online platform known for selling branded and designer products, has announced a strategic partnership with KrisShop, the flagship omnichannel retailer. This collaboration, which began in October 2024, is part of LussoCitta’s broader strategy to make luxury items more accessible to a wider audience. The partnership allows LussoCitta’s range of designer bags to be available on KrisShop’s e-commerce site, KrisShop.com, offering KrisFlyer members special discounts and the option to redeem products using KrisFlyer miles.

The collaboration aims to expand customer engagement and market reach for both brands. By integrating its offerings into KrisShop’s retail ecosystem, LussoCitta seeks to increase its exposure among frequent travellers and KrisFlyer members. For KrisShop, the inclusion of LussoCitta’s luxury products introduces a new category to its existing catalogue, aligning with its strategy to offer merchandise across various price points.

LussoCitta plans to develop the partnership in phases, focusing initially on integrating new product lines and seasonal collections into KrisShop’s platform. Regular promotional activities, including targeted campaigns and member-exclusive offers, are expected to maintain customer engagement and drive sales. Further updates on new campaigns, brand partnerships, and expanded product offerings will be communicated through official channels as they are confirmed.

Established in 2009, LussoCitta emphasises product authenticity and customer service, providing a streamlined and secure shopping experience for luxury handbags. This partnership with KrisShop marks a significant step in LussoCitta’s efforts to expand its market presence whilst maintaining its focus on accessible luxury.
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The GrowHub, a Singapore-based company specialising in blockchain technology for product traceability, has announced a strategic partnership with Why Ventures to deploy agri-tech solutions in Vietnam’s Central Highlands. This collaboration aims to implement The GrowHub’s traceability system across cacao and coffee farms, enhancing yield quality and market access for local farmers.

The initiative, set to launch at Why Ventures’ pilot site, will serve as a testbed for The GrowHub’s digital solutions, ensuring transparency from bean-to-bar or bean-to-cup. This partnership is part of The GrowHub’s ongoing expansion following the establishment of its regional branch in 2024, focusing on software development and data analytics to promote tech-driven agricultural solutions in Vietnam.

Why Ventures will integrate The GrowHub’s platform into its entrepreneurship programmes, allowing participants to experience the impact of technology on sustainable agriculture. Christine Ng, founder of Why Ventures, emphasised the importance of digital tools for Vietnamese farmers, stating, “This partnership gives these farmers access to The GrowHub’s proprietary traceability solution that aims to help build trust with consumers, improve sustainability, and increase profits through better data and storytelling.”

Alec Ngo, COO of The GrowHub, expressed enthusiasm for the collaboration, highlighting the potential to cultivate a new generation of tech-savvy, environmentally conscious agrientrepreneurs. The partnership is expected to expand beyond cacao and coffee, offering scalable opportunities for other agricultural sectors in Vietnam in 2025 and beyond.
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Singapore EXPO, managed by Constellar, has achieved the prestigious Platinum Certification for MICE Sustainability, marking a significant milestone in the Meetings, Incentives, Conferences, and Exhibitions (MICE) industry. This certification, developed by the Singapore Association of Convention and Exhibition Organisers and Suppliers (SACEOS), aligns with the Global Sustainable Tourism Council’s (GSTC) MICE Criteria and is supported by the Singapore Tourism Board.

The Platinum Certification, introduced in November 2024, represents the highest level of recognition for sustainability in the MICE sector. It evaluates venues and organisers on their environmental, social, and governance practices. Singapore EXPO’s commitment to sustainability is evident in its transition to renewable energy, advanced waste management systems, and energy-efficient technologies. Notably, it boasts Singapore’s largest single-site solar rooftop installation, powering all MICE activities with clean energy.

Key achievements include a comprehensive waste management programme, energy-efficient lighting systems, and water conservation initiatives. The venue also engages with local organisations to drive skills training and community outreach. “Being a sustainable venue is a key differentiator for events,” said Chua Wee Phong, Group CEO of Constellar, highlighting the venue’s role in fostering sustainable growth.

Richard Ireland, President of SACEOS, commended Constellar’s achievement, stating, “This is the highest accolade that sets a new benchmark for the industry.” Looking ahead, Singapore EXPO plans to expand its renewable energy sources and enhance green infrastructure, contributing to Singapore’s Green Plan 2030.
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Lotus One Investment Pte Ltd has acquired the Duxton Reserve Singapore, a 49-key luxury boutique hotel, from the Garcha Group for $58m (S$80m). The transaction, facilitated by JLL Hotels & Hospitality Group, marks a strategic move for both parties, allowing the Garcha Group to focus on new development projects and expand its brand internationally.

The Duxton Reserve, part of Marriott International’s Autograph Collection, is renowned for its unique design by British designer Anouska Hempel and its location within conserved heritage shophouses in Tanjong Pagar. The Garcha Group, known for its heritage-rich luxury properties, will continue to manage the hotel to ensure a seamless transition.

Satinder Garcha and Harpreet Kaur Bedi, founders of the Garcha Group, expressed pride in the project, stating, “Duxton Reserve has been a defining project for us, and we’re incredibly proud of what we built. We are excited about the potential for long-term collaboration and the continued journey of Duxton Reserve.”

For Lotus One Investment, the acquisition aligns with its strategy of investing in culturally significant assets. Nirmal Singh, Director of Lotus One Investment, commented, “Duxton Reserve is an iconic and rare asset that embodies cultural richness and architectural distinction, values that align closely with our long-term philosophy.”

The sale attracted significant interest, highlighting the growing appeal of boutique heritage properties. JLL’s Ling Wei Tan noted the strong investor interest due to the asset’s quality and uniqueness. Lighthouse Canton, acting as portfolio adviser, supported Lotus One Investment in evaluating the opportunity as part of its broader strategy.
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HSBC Global Private Banking has announced the appointment of Kapil Khanna as Desk Head for Australia, Japan, and International, effective 14 July 2025. Based in Singapore, Khanna will spearhead the growth and client coverage strategy for these significant markets, reporting to Abhishek Mehrotra, Market Head, Southeast Asia International.

Khanna brings a wealth of experience in managing ultra-high-net-worth (UHNW) client relationships across the Asia-Pacific (APAC) and Europe, the Middle East, and Africa (EMEA) regions. Originally from Australia, he began his career in investment banking in Sydney, gaining substantial expertise in the Australian wealth management industry before expanding his reach across APAC and EMEA.

Prior to this role, Khanna served as Head of International Investment Counselling at HSBC and has held various leadership positions, including UHNW investment counsellor and cluster head, overseeing teams that service clients across the region.

Tommy Leung, Head of Global Private Banking, South Asia, commented on the appointment, highlighting the strategic importance of the Australia, Japan, and International markets. “With Kapil’s extensive experience across both institutional and private banking, including his deep understanding of the Australian market, he is well-positioned to lead our efforts to deepen client relationships and strengthen our foothold in these developed economies,” Leung stated.

This appointment underscores HSBC’s commitment to delivering bespoke wealth solutions to clients in developed economies, leveraging the bank’s global reach and local expertise. The move aligns with HSBC’s long-term growth strategy, as the global high-net-worth individual (HNWI) population is projected to grow by 28.1% from 2023 to 2028.
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