Industry News

The Straits Times Index (STI) experienced a 4.5% rebound over five sessions ending 15 April, following a 12.7% decline in the preceding six sessions. This recovery reduced the month-to-date total return decline to 8.4%. Key contributors to the STI’s performance included SGX, YZJ Shipbuilding, ST Engineering, Singtel, and Seatrium, which were among the top eight stocks for net institutional buying during this period.

Institutions continued to net sell STI banks, resulting in a net outflow of $106.5 million (S$145.5 million). However, they were net buyers across the rest of the stock market, leading to a net inflow of $97.2 million (S$133 million). The telecommunications sector, in particular, saw the highest net institutional inflow, with Singtel, NetLink NBN Trust, and Starhub ranking among the 30 most net bought stocks.

Singtel’s stock reached $2.67 (S$3.65) in early trading on 16 April, marking its highest level since January 2017. This follows Singtel’s report in February of an 11% increase in underlying net profit after tax (NPAT), driven by strong performances from Optus and NCS, as well as higher contributions from India and Thailand. The company is approaching the one-year anniversary of its ST28 growth plan.

The telecommunications sector recorded a net institutional inflow of $96.8 million (S$132.5 million) over the past five sessions and $377.8 million (S$517.5 million) year-to-date. This highlights the sector’s strong appeal to institutional investors amidst the broader market fluctuations. As the STI continues to recover, the focus remains on how these trends will evolve in the coming months.
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CGS International has released its latest equity research report, highlighting significant changes in recommendations and target prices for various companies across the Asia Pacific region. Notably, Breville Group has been upgraded from ‘Sell’ to ‘Hold’, with a revised target price of AUD28.50, reflecting a more optimistic outlook as of 15 April. Meanwhile, ISOTeam Ltd is expected to benefit from the introduction of autonomous painting drones, maintaining an ‘Add’ recommendation with a target price of SGD0.096.

The report also details target price adjustments for several companies. Brazilian Rare Earths Limited has seen its target price rise to AUD4.45, driven by a bauxite deal that is expected to unlock hidden value. In contrast, CATL’s target price has been adjusted to CNY301.00, with the company remaining positive on its European prospects despite limited impact from US tariffs.

In Hong Kong, Huitongda is anticipated to experience a business turnaround in the fiscal year 2025, with a revised target price of HKD15.20. Medy-Tox in South Korea is showing signs of recovery, leading to an increased target price of KRW210,000.00. However, Shinsegae International continues to face a challenging operating climate, resulting in a lowered target price of KRW10,000.00.

Sector notes include a positive outlook for Chinese banks, with an ‘Overweight’ recommendation, suggesting investors should focus on eastern markets. Additionally, Alibaba Group’s cloud revenue is projected to grow, maintaining an ‘Add’ recommendation with a target price of HKD170.00.

These updates reflect CGS International’s ongoing analysis of market dynamics and company performance, providing investors with insights into potential opportunities and risks.
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New private home sales in Singapore saw a significant drop in March 2025, with developers selling 729 units, excluding executive condominiums (ECs), marking a 54.4% decrease from February’s 1,597 units. The decline is attributed to the lack of major condominium launches and uncertainties surrounding US tariffs, which may affect buyer sentiment.

The month witnessed a stronger performance in the EC segment, particularly with the Aurelle of Tampines EC, which sold 705 out of its 760 units. This project was one of three new launches in March, alongside Lentor Central Residences and Aurea. Lentor Central Residences alone accounted for 63% of the month’s total developer sales, highlighting the continued demand for mass-market homes.

In terms of regional performance, the Outside Central Region (OCR) led the sales with 596 units sold, though this was a sharp decline from February’s 1,469 units. Lentor Central Residences was the top-selling project in the OCR, moving 460 units at a median price of $2,213 per square foot (psf). Meanwhile, the Rest of Central Region (RCR) saw its lowest sales in three months, with 87 units sold, whilst the Core Central Region (CCR) experienced a 64% increase in sales, driven by the Aurea project.

Wong Siew Ying, Head of Research & Content at PropNex Realty, noted that the slower sales were primarily due to the absence of large-scale project launches. Despite the market uncertainties, Wong remains optimistic about the resilience of private housing demand, citing strong financial holding power among homeowners and developers, as well as stabilising macroprudential measures.

Looking ahead, PropNex projects that new home sales could reach between 8,000 and 9,000 units in 2025, supported by a robust pipeline of new launches. Additionally, private home prices are expected to rise by 3% to 4% this year, driven by upcoming projects in the CCR and RCR.
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As Singapore gears up for the General Election 2025 (GE2025), a recent survey by Blackbox reveals a significant surge in political interest among Singaporeans. Currently, 76% of the population is closely following local politics, marking an increase from 69% last year. This heightened engagement is most pronounced among seniors, with 81% showing interest, whilst those under 30 have also seen a rise to 72%.

Despite this growing attentiveness, a notable 30% of voters remain undecided about their choice, with uncertainty particularly prevalent in the North-East and West regions. This indicates that whilst political engagement is high, voter conviction is still in flux. The coming weeks will be crucial for political parties to refine their strategies and connect with the electorate.

Leadership approval ratings remain robust, with Prime Minister Lawrence Wong enjoying a 75% approval rating. Meanwhile, Workers’ Party leader Pritam Singh has seen his approval rise to 71%, up seven points from the previous quarter. This suggests that his recent speeches have resonated well with the public, overshadowing past controversies. Political activity has increased in neighbourhoods, with the People’s Action Party (PAP) more visible in the East and North, whilst the Opposition gains ground in the North-East.

The cost of living continues to dominate voters’ concerns, cutting across all demographics. Housing affordability is a pressing issue for those aged 30–39, whilst jobs and wages remain core concerns. Although 88% believe Singapore is heading in the right direction and 56% expect personal improvements over the next year, economic pressures persist. The party that effectively addresses these everyday concerns, particularly for the middle class, is likely to gain an advantage in the upcoming election.
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The Singapore Department of Statistics has announced the release of the Singapore Standard Industrial Classification (SSIC) 2025, a comprehensive update to the nation’s industry categorisation system. This new classification aims to provide a more accurate reflection of the current economic landscape and facilitate better data collection and analysis.

The SSIC 2025 is designed to align with international standards, ensuring that Singapore’s economic data remains comparable on a global scale. This update is crucial for businesses, policymakers, and researchers who rely on accurate industry data for decision-making and strategic planning.

The revised classification includes changes that reflect the evolving nature of industries, particularly in areas such as technology and services. By incorporating these updates, the SSIC 2025 aims to capture the dynamic shifts in the economy, providing a clearer picture of Singapore’s industrial activities.

The release of the SSIC 2025 is part of Singapore’s ongoing efforts to maintain its status as a leading global business hub. By ensuring that industry classifications are up-to-date, the government aims to support economic growth and innovation.

For more detailed information on the changes and implications of the SSIC 2025, stakeholders are encouraged to refer to the full release available on the Singapore Department of Statistics website. This update is expected to have significant implications for data reporting and analysis across various sectors in Singapore.
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Fullerton Health Indonesia has inaugurated its first Executive Health Screening Centre (EHS) in Jakarta, marking the third such facility in the Fullerton Health Group’s portfolio across Asia. Located on the ground floor of Mandiri Inhealth Tower in Mega Kuningan, the 700-square metre centre offers a premium, customised health screening experience, eliminating unnecessary tests and examinations.

The centre provides three tiers of screening options, allowing customers to choose add-on tests based on their risk profile, lifestyle, and concerns. Available tests include ultrasounds, mammograms, X-rays, spirometry, hormone panels, and cancer marker panels. Each customer’s results are reviewed by a medical doctor, and higher-tier packages include consultations with a nutritionist and wellness services in weight management, physiotherapy, and mental health.

A concierge service is available to assist with follow-up appointments, including referrals within Fullerton Health’s network in Indonesia and Singapore. Future enhancements will include deploying nurses as health ambassadors to guide customers on post-screening steps.

Alain Durand, Managing Director of Fullerton Health Indonesia, stated, “Our centre offers those who prefer a more bespoke screening experience a service that is truly tailored to their needs and preferences.” Ho Kuen Loon, Group CEO, added, “With chronic diseases on the rise, it is more important than ever to provide seamless access to screening and care within and across borders.”

The centre also aims to support companies by offering wellness talks and events in a dedicated event space, appealing particularly to multinational corporations with employees accustomed to higher standards of care. Designed for comfort and privacy, the centre features eight health screening pods and four private suites, allowing for individual or small group screenings.
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YouTrip has unveiled its Malaysian Ringgit (MYR) wallet for users in Singapore, allowing them to exchange and store MYR at competitive rates without hidden fees. This launch aims to help travellers secure favourable exchange rates and manage currency volatility. The wallet’s introduction comes as YouTrip data shows users actively monitoring exchange rates up to two weeks before trips, particularly during peak travel periods like Hari Raya Puasa and Good Friday.

The MYR wallet launch is accompanied by a series of perks for frequent travellers to Malaysia. From 19 April to 11 May, YouTrip users can enjoy free shuttle bus rides from Kranji MRT Station to Mid Valley Southkey Mall in Johor Bahru every weekend. Additionally, the first 5,000 users who spend a minimum of S$200 will receive 3% cashback on all MYR transactions.

Kelvin Lam, Chief Operating Officer of YouTrip, stated, “We’re excited to offer our users greater control and flexibility with the ability to lock in MYR exchange rates through our in-app wallet. Launching this highly anticipated feature alongside complementary perks like the free bus rides and cashback was a deliberate decision to deliver even more value, convenience, and rewards to users.”

The company also revealed a creative augmented reality stunt featuring purple clouds over Johor Bahru, which gained viral attention online. This stunt was part of the promotional campaign for the new MYR wallet. With these initiatives, YouTrip continues to enhance the travel and spending experience for Singaporeans visiting Malaysia.
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Jones Lang LaSalle (JLL) has released its Singapore Market Dynamics report for the first quarter of 2025, offering a comprehensive overview of the performance across the country’s major real estate sectors. The report, published by JLL’s Research & Consultancy division, provides valuable insights into the office, residential, industrial, and retail markets.

The office sector report reveals significant trends and data, which can be accessed through JLL’s online platform. Similarly, the residential sector analysis provides an in-depth look at the current housing market dynamics. For those interested in the industrial sector, JLL offers a detailed examination of the latest developments and trends. The retail sector report completes the series, offering insights into consumer behaviour and retail space utilisation.

These reports are crucial for stakeholders looking to understand the evolving landscape of Singapore’s real estate market. JLL encourages interested parties to download the full reports from their website to gain a deeper understanding of each sector’s performance.

As Singapore continues to navigate its economic landscape in 2025, these insights from JLL will be instrumental in guiding investment and development decisions. The reports are expected to influence strategic planning and policy-making in the real estate industry, reflecting the dynamic nature of Singapore’s market.
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Sabana Industrial Real Estate Investment Trust (REIT) has reported a robust performance for the first quarter of 2025, achieving positive double-digit rental reversion. This success comes amid a challenging economic environment, as Singapore’s Ministry of Trade and Industry has downgraded the country’s growth forecast to between 0.0% and 2.0% due to global trade tensions and US-China tariff wars.

The REIT’s CEO, Donald Han, highlighted the resilience of their portfolio and the continued demand from tenants across diverse trade sectors. “Our operational performance underscores the REIT’s portfolio resilience and continued demand among our existing tenants,” Han stated. The REIT’s occupancy rate has improved significantly, rising from 78.8% in Q2 2024 to 86.4% in Q1 2025.

Looking forward, the REIT anticipates challenges due to economic uncertainties and potential US tariffs. However, the management is focused on optimising portfolio occupancy and stabilising service charges to attract and retain tenants. The successful implementation of solar initiatives is expected to yield cost savings, further supporting these efforts.

The REIT is also enhancing tenant engagement by initiating discussions 12 months before lease expiries, compared to the previous six to nine months. This proactive approach aims to maintain competitive rents and adapt to market changes effectively.

As Sabana Industrial REIT navigates these economic challenges, its strategic initiatives and strong performance in Q1 2025 position it well for the remainder of the year.
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Singapore Airlines (SIA) Group’s March 2025 operating results reveal a mixed performance, with a slight decline in passenger traffic and an increase in cargo carriage. The group’s passenger traffic fell by 0.8% compared to the previous year, attributed partly to the shift of the Easter holiday from March in 2024 to April in 2025. Despite this, passenger capacity rose by 2.7%, with the passenger load factor (PLF) at 84.7%, a decrease of 3 percentage points year-on-year.

The SIA Group, comprising Singapore Airlines and its low-cost subsidiary Scoot, carried a total of 3.3 million passengers in March 2025, marking a 0.8% increase from the previous year. Singapore Airlines recorded a PLF of 84.1%, whilst Scoot achieved a higher PLF of 87.2%. However, Scoot’s decision to suspend services to Berlin as part of a network review was noted during the month.

On the cargo front, the SIA Group experienced a 7.6% year-on-year increase in cargo carriage, driven by front-loading in anticipation of global trade uncertainties. This was particularly evident in the East Asia region, where load factors rose by 4.4 percentage points. However, weaker demand in the Americas and Europe limited the overall cargo load increase to 2.0%, below the 7.7% rise in capacity, resulting in a cargo load factor drop of 3.1 percentage points to 56.9%.

By the end of March 2025, the SIA Group’s passenger network spanned 128 destinations across 36 countries and territories, with Singapore Airlines serving 79 destinations and Scoot 71. The cargo network covered 132 destinations in 37 countries and territories.
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