Industry News

Fraser and Neave, Limited (F&N) has announced a 13% increase in revenue for the first half of 2025, reaching $1,212.6m, driven by robust performance in its Food & Beverage (F&B) division. Despite market challenges, the company maintained profitability with a 2% rise in profit before interest and taxation (PBIT) to $165.1m.

The F&B division’s revenue surged by 15%, with the Beverages segment, including Beer and Soft Drinks, experiencing a 28% increase. This growth was attributed to successful Chinese New Year campaigns, new product launches, and improved pricing. The Dairies segment also saw an 8% rise in revenue, bolstered by strong domestic sales and contributions from the Malaysia Schools Milk Programme.

However, the Publishing & Printing segment faced a slight revenue decline of 1%, primarily due to the absence of one-off contributions from the previous year. The Group’s profit after taxation was slightly lower at $124.8m, reflecting a higher effective tax rate.

Chief Executive Officer Hui Choon Kit commented, “F&N has delivered a resilient performance despite the challenging market environment. Strong sales, a favourable cost environment, and positive forex movements in our F&B division reflect our ability to navigate external challenges.”

F&N also declared an interim dividend of 1.5 pence per share, consistent with the previous year. Looking ahead, the company is focusing on strengthening regional food security through its F&N AgriValley project, which aims to establish a sustainable fresh milk supply chain in Southeast Asia.
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Oversea-Chinese Banking Corporation Limited (OCBC) has announced a 12% increase in net profit for the first quarter of 2025, reaching S$1.88b. This growth is attributed to broad-based improvements across fees, trading, and insurance income, despite a challenging economic environment. The bank’s cost-to-income ratio improved to 38.7%, reflecting lower operating expenses.

The bank’s total income rose by 7% quarter-on-quarter to S$3.66b, with non-interest income experiencing a significant 36% increase to S$1.31b. This was largely due to heightened customer activity in wealth management, brokerage, and fund management. Insurance income also saw a substantial rise, reaching S$306m, attributed to improved performance and a rebound from previous challenges in the medical insurance sector.

OCBC’s loan and deposit growth remained robust, with customer loans increasing by 7% year-on-year to S$322b and deposits rising by 9% to S$403b. The bank’s non-performing loan ratio stood at 0.9%, indicating stable asset quality.

The bank’s return on equity improved to 13.0%, and earnings per share increased to S$1.68 on an annualised basis. OCBC’s capital and liquidity positions remain strong, with a Common Equity Tier 1 capital adequacy ratio of 17.6% under transitional Basel III reforms.

Looking ahead, OCBC has adopted a cautious approach by setting aside allowances for non-impaired assets, preparing for potential uncertainties in the operating environment.

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Frasers Property Limited has announced a profit attributable to shareholders of S$142.2m for the first half of the financial year ending 31 March 2025. The company attributes its performance to a strategic focus on creating, sustaining, and unlocking value across its diverse portfolio, which spans residential, industrial, and logistics sectors in multiple countries.

The group’s residential development pipeline in Singapore, Australia, Thailand, and China has generated significant earnings visibility, with unrecognised revenue of S$1.4b as of 31 March 2025. Additionally, Frasers Property has delivered approximately 402,500 square metres of industrial and logistics projects, with a further 682,000 square metres in the pipeline.

In sustaining value, the company has actively managed its investment properties, adding approximately one million square metres of income-generating assets over the past 18 months. This strategy aligns with favourable long-term market dynamics, whilst non-core properties have been divested.

Frasers Property is also unlocking value through strategic divestments and acquisitions. Notably, it proposed the divestment of a 50% stake in Northpoint City South Wing to Frasers Centrepoint Trust for S$187.6m. The group also acquired a residential land site in Shanghai and established a new capital partnership in Australia, placing eight industrial and logistics assets into a joint venture.

Looking ahead, Frasers Property plans to launch the Robertson Walk redevelopment project in Singapore in the latter half of 2025. The company remains committed to navigating economic challenges whilst leveraging its integrated business model to deliver long-term returns.
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ENNOVI has introduced ENNOVISealTech, a patent-pending busbar sealing technology designed to prevent coolant leaks in electric and hybrid vehicle drivetrains. This innovation aims to improve manufacturing efficiency and design flexibility compared to traditional methods. ENNOVISealTech can be applied to busbars or other interconnects, accommodating various applications such as motors, inverters, and oil pump interfaces.

The technology addresses the challenges of managing busbar interfaces in electric vehicles (EVs), where coolant is present on one side and a dry, electrically robust connection is required on the other. Dominik Pawlik, Product Portfolio Director for Power Interconnects at ENNOVI, explained that conventional methods like potting or rubber O-rings incur high costs and time for secondary processes, as well as potential leakage issues over time. ENNOVISealTech overcomes these limitations by offering two sealing methods: double-walled shrink tubes and adhesive tape, both of which eliminate post-processing.

ENNOVISealTech undergoes rigorous testing to ensure it meets design requirements, including thermal ageing at 150°C for 1,000 hours and thermal shock cycling from -40°C to 150°C for 600 cycles. A leak test is also conducted to verify sealing integrity. The technology is compatible with various metals and plastics, including copper, aluminium, and polycarbonate, allowing it to adapt to different busbar shapes and specifications.

ENNOVI continues to leverage its expertise in electromechanical engineering and high-precision manufacturing to support EV original equipment manufacturers (OEMs) and suppliers in bringing innovative solutions to market.
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The latest instalment of #whatstrending, a series dedicated to exploring market trends, features insights from Beansprout, a Monetary Authority of Singapore (MAS)-licensed investment advisory platform. Gerald Wong, founder and CEO of Beansprout, shares his expertise on the valuation of Software-as-a-Service (SaaS) companies, a sector gaining significant traction in the Singapore market.

SaaS companies, known for delivering software over the internet, are evaluated using specific metrics that differ from traditional businesses. Key metrics include customer acquisition cost, customer lifetime value, and monthly recurring revenue. These metrics help investors understand the financial health and growth potential of SaaS firms.

Wong emphasises the importance of understanding these metrics when valuing SaaS companies. “Investors need to look beyond traditional valuation methods and focus on the unique aspects of SaaS businesses,” he notes. This approach is crucial as SaaS companies often operate with different business models and revenue streams compared to conventional firms.

The #whatstrending series aims to provide educational content for investors, offering factual information on market drivers and sector-specific insights. By focusing on SaaS companies, Beansprout highlights a growing area of interest for investors looking to diversify their portfolios with technology-driven businesses.

As the SaaS industry continues to expand, understanding its valuation becomes increasingly important for investors. Beansprout’s insights offer a valuable perspective for those navigating this dynamic sector.
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In the early part of the second quarter of 2025, ten of the most actively traded stocks on the Singapore Exchange (SGX) have defied a general market downturn, achieving impressive double-digit percentage returns. Despite the Straits Times Index (STI) experiencing a 1.1% decline in total return through to 7 May, these stocks have averaged a 14% total return, effectively doubling their year-to-date performance to 28%.

The standout performers include CNMC Goldmine, Food Empire, Sheng Siong, Singtel, Hongkong Land, ST Engineering, Frasers Hospitality Trust, Geo Energy Resources, Jardine Matheson, and Top Glove Corp Bhd. These stocks have been buoyed by net institutional inflows, reflecting investor confidence in their resilience amidst global economic challenges.

The broader market context reveals that institutions have net bought S$92m in stocks, whilst retail investors have been more active, purchasing S$904m worth of stocks. The Telecommunications and Industrials sectors have seen the most significant institutional inflows, whereas the STI Banks and Technology sectors have experienced outflows.

The global economic landscape remains uncertain, influenced by ongoing trade negotiations and potential tariff scenarios. The Federal Reserve has indicated that future interest rate decisions will be data-driven, adding to the market’s cautious outlook.

As global investors focus on economies with robust domestic demand, Singapore’s strong fiscal position and banking sector resilience are highlighted by the International Monetary Fund (IMF) as key strengths. This positions Singapore well to navigate potential challenges and opportunities in the coming months.
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Klook has unveiled its SG60 Passport to Adventure, a campaign designed to celebrate Singapore’s 60th birthday by offering exclusive deals and experiences starting at just S$6. The initiative aims to encourage Singaporeans to rediscover their homeland through a variety of attractions, food and beverage (F&B) options, hotels, cruises, tours, car rentals, and wellness activities.

The campaign, which will feature over 60 merchants with deals refreshed monthly, is supported by bank partners and seeks to foster a renewed sense of discovery, bolster local businesses, and enhance community engagement. Sarah Wan, General Manager of Klook Singapore, Indonesia, and Malaysia, stated, “SG60 provides a platform for us to inspire Singaporeans to rediscover the joy of exploration, right here at home.”

The SG60 Passport to Adventure will roll out new deals each month, highlighting themes such as nostalgic trails, nature escapes, foodie finds, and wellness wonders. Key highlights include:

– **Shiok Makan Deals**: Offers include a S$6 Toast Box set and discounts on popular local snacks and restaurant menus.
– **Cruise Lobang**: Savings of up to S$106 on cruises such as StarDream Cruises and Ovation of the Seas by Royal Caribbean International.
– **Attractions Boleh**: Discounts on cultural experiences like the National Gallery Singapore and the Royal Albatross City Lights & Sunset Dinner Cruise.
– **Tours and Activities Jalan Jalan**: Up to 40% off on local tours and activities, including the Naturalist Night Adventure and the Orchid Perfume Workshop.

The SG60 Passport to Adventure is available online, providing Singaporeans with easy access to these exciting offers.
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Synology has unveiled two new DiskStation models, the DS1825+ and DS1525+, aimed at small and medium enterprises and professional users seeking high-performance storage solutions. These models, launched on 7 May 2025, promise to deliver robust data management capabilities and scalability.

The DS1525+ and DS1825+ are equipped with dual 2.5GbE ports, with the DS1525+ offering an upgrade to 10GbE via the E10G22-T1-Mini module. The DS1825+ includes a PCIe 3.0 slot supporting 10GBASE-T or 10/25GbE SFP+/SFP28 network cards. Both models feature two M.2 slots, enabling users to create an all-flash cache or storage pool for demanding workloads. In performance tests, the DS1825+ achieved up to 2,239 MB/s read and 1,573 MB/s write speeds, whilst the DS1525+ reached 1,181 MB/s for both read and write.

Owen Liao, Product Manager at Synology, stated, “These two models offer a powerful foundation for data management and collaboration. With evolving needs for data management, they are perfectly designed to deliver business-grade performance, scalability, and reliability.”

The systems support capacity expansion with up to two 5-bay DX525 expansion units, allowing businesses to increase storage as needed. The DS1525+ can provide up to 300 TB of raw storage, and the DS1825+ up to 360 TB when fully expanded.

Powered by Synology’s DiskStation Manager, the models offer features like Synology Drive for private cloud capabilities, Active Backup Suite for comprehensive device protection, and Surveillance Station for video management.

The DS1825+ and DS1525+ are now available through Synology’s global network of partners and resellers.
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Global apparel retailer UNIQLO has announced a new collaboration with British designer Anya Hindmarch for the Summer 2025 Collection, titled “T-SHIRT SHOP,” available from 23 May. This collection, which follows the success of last season’s launch, features Hindmarch’s signature eye motif and deconstructed stitching on T-shirts designed for both women and children, offering stylish and breathable summer essentials.

The women’s collection includes four meticulously crafted styles, each designed with attention to fabric, sleeve length, and neckline. The T1BOXY features a looser fit with striking zigzag stitching, whilst the T2CLASSIC offers a neat fit with fun stitching details. The T3SLEEVELESS is ideal for warm days with its unique shoulder detail, and the T4TANK provides a modern, fitted style. For children, the KT1EASY T-shirt is designed for play, available in four vibrant colours with playful animations.

In addition to T-shirts, the collection includes machine-washable square pouches in two sizes, perfect for travel or gifting. Hindmarch expressed her excitement about the collaboration, stating, “The T-SHIRT SHOP covers all the weights, shapes, and purposes you need, combining what UNIQLO does so well with a playful Anya approach.”

The full lineup will be available at all UNIQLO stores in Singapore and online. Prices for women’s T-shirts start at S$19.90, whilst children’s T-shirts are priced at S$14.90. Accessories range from S$14.90 to S$19.90.
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ETC has announced the sale of five adjoining three-storey conservation shophouses located on Temple Street in Singapore’s vibrant Chinatown. The properties, collectively priced at $65m (S$90m), are available to both local and foreign buyers without the imposition of Additional Buyer’s Stamp Duty or Seller’s Stamp Duty. The sale will be conducted through an Expression of Interest exercise, closing on 8 July 2025.

Situated within the Kreta Ayer Conservation Area, these shophouses boast a total land area of 559.2 sq m and a built-up area of 1,402.3 sq m. Currently operating as The Inn at Temple Street, a 42-key boutique hotel, the property benefits from a 999-year leasehold tenure. Under the Urban Redevelopment Authority’s Master Plan 2019, the site is zoned for commercial use, allowing for diverse applications such as retail, hospitality, and office spaces.

Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the property’s unique attributes, stating, “The subject property offers a compelling blend of historical charm, prized hotel approval, near freehold-equivalent tenure and five separate land titles – a robust combination that’s nearly impossible to replicate in Singapore’s tightly held shophouse market.”

The strategic location near Chinatown MRT Interchange enhances its appeal, providing excellent connectivity and high foot traffic. The property’s corner position offers significant street visibility, with potential for creative enhancements such as a statement mural, subject to approval.

This sale represents a rare opportunity for investors to acquire a landmark asset in one of Singapore’s most culturally significant areas. The flexibility of individual land titles allows for various development possibilities, from standalone shophouses to innovative lifestyle concepts.
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