Industry News

Singapore’s mid-cap stocks, with market capitalisations between S$1b and S$3b, have experienced a significant rise in trading activity in the first quarter of 2025. These stocks have collectively attracted S$71m in net institutional inflows, contrasting with the broader market’s net institutional outflow of S$1.4b. The average daily turnover for these stocks has increased by 35% to S$67m, compared to S$50m in 2024.

Amongst the mid-cap segment, Yangzijiang Financial Holding, UOB Kay Hian Holdings, and Frasers Hospitality Trust have seen the most notable increases in trading activity. Yangzijiang Financial’s average daily turnover surged to S$14.1m from S$2.4m in 2024, with its share price gaining 61% and net institutional inflow reaching S$94.3m. The company reported a 51% increase in FY24 attributable net profit, driven by diversified asset allocation and gains from Singapore fund investments.

UOB Kay Hian Holdings also saw its average daily turnover rise to S$0.73m from S$0.21m in 2024. The company reported a 32% increase in FY24 attributable net profit, with commission and trading income up by 26%.

Frasers Hospitality Trust’s average daily turnover increased to S$1.33m from S$0.40m in 2024. The trust is actively seeking yield-accretive opportunities, particularly in Japan, despite challenges such as foreign exchange rates and interest rate outlooks.

The mid-cap stocks have averaged a 2% total return in 2025, following a 15% return in 2024, with a return-on-equity ratio of 6.7% and an indicative dividend yield of 4.8%. As the market progresses, these stocks continue to attract attention due to their robust performance and strategic initiatives.“`

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TechFin, a leader in emerging technology education in Singapore, has announced a strategic partnership with HeyGen, a US-based AI-powered video generation platform, to introduce AI video training in Singapore. Announced on 13 March 2025, this collaboration aims to empower professionals and small and medium enterprises (SMEs) to create studio-quality videos without the need for traditional filming or editing skills.

The partnership aligns with Singapore’s national initiatives to boost AI proficiency, providing practical, hands-on experience in AI-driven video creation. HeyGen’s platform, trusted by global brands such as McDonald’s and Salesforce, allows users to produce personalised, multilingual content using AI avatars and voice synthesis in 175 languages. This is particularly suited for Singapore’s diverse and globalised market.

Shaun Lai, Partner at TechFin, stated, “TechFin’s mission is to empower professionals with the latest AI tools and industry insights. Through this partnership with HeyGen, SMU Academy and all our participants will gain firsthand experience in AI-powered video production, equipping them with the skills to create impactful digital content for their businesses and careers.”

The initiative is designed to transform how Singapore’s professionals work and compete by enabling them to create high-quality videos quickly and reach international audiences. Kevin Raheja, Head of Product Partnerships at HeyGen, expressed excitement about the collaboration, saying, “We aim to equip learners with the tools they need to create compelling videos quickly and affordably, helping them thrive in today’s video-first world.”

This partnership underscores the growing role of AI in content creation and highlights the importance of upskilling professionals with next-generation digital tools.
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Eneco Energy, a prominent player in Singapore’s logistics sector through its subsidiary Richland Logistics, is set to broaden its business horizons. The company’s new executive director, Ang Jun Long, has announced plans to expand beyond their established expertise in airport cargo logistics to build a diversified portfolio of companies. This strategic move aims to leverage acquisitions for growth and position Eneco Energy ahead of its competitors.

Ang Jun Long, who recently took the helm, emphasised the importance of diversification in the company’s growth strategy. “We’re expanding beyond our expertise in airport cargo logistics to build a diversified portfolio of companies,” he stated. This shift is expected to enhance the company’s operational capabilities and open new avenues for revenue generation.

Eneco Energy’s decision to diversify comes at a time when the logistics industry is facing increasing competition and evolving market demands. By broadening its focus, the company seeks to mitigate risks associated with relying solely on logistics and tap into new business opportunities.

The expansion strategy will likely involve acquiring companies in complementary sectors, although specific targets have not been disclosed. This approach is intended to strengthen Eneco Energy’s market position and drive long-term growth.

As Eneco Energy embarks on this new chapter, the industry will be watching closely to see how the company’s diversification efforts unfold and what impact they will have on its overall performance.
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City Developments Limited (CDL) has announced the discontinuation of legal action concerning Board resolutions made since 7 February 2025. Executive Chairman Kwek Leng Beng confirmed the decision, stating that he will continue in his role, alongside Group Chief Executive Officer Sherman Kwek. All current directors, including Jennifer Duong Young and Su Yen Wong, will remain on the Board.

The Board members have collectively agreed to set aside their differences for the benefit of CDL and its stakeholders. This resolution aims to refocus efforts on strengthening the company’s business operations and adhering to good corporate governance practices. Key initiatives include completing significant developments in Singapore and globally, expanding the Millennium & Copthorne brands, and continuing the capital recycling initiative.

Kwek Leng Beng emphasised the Board’s commitment to maximising shareholder value, stating, “We will all continue to focus on strengthening CDL’s business, in accordance with good corporate governance, now and in the future.” This move is expected to stabilise the company’s leadership and reinforce its strategic objectives.
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Ngee Ann Polytechnic, a prominent educational institution in Singapore, has partnered with Denodo, a leader in data management, by joining the Denodo Academic Programme. This collaboration aims to equip students with advanced skills in data analytics and management, preparing them for leadership roles in the field.

The Denodo Academic Programme offers a comprehensive learning experience through virtual, self-paced modules, live workshops, and practical sessions using the Denodo Platform. This initiative is integrated into Ngee Ann Polytechnic’s Diploma in Data Science curriculum, providing students with both theoretical knowledge and hands-on experience in data management.

Dr. Joel Yang, director of the School of InfoComm Technology at Ngee Ann Polytechnic, highlighted the importance of this collaboration, stating, “Through our collaboration with Denodo, students gain hands-on experience with cutting-edge tools and practices, such as data virtualisation and data integration. This prepares them to drive innovation and contribute meaningfully to the future of data management.”

The partnership is part of a broader effort by Ngee Ann Polytechnic to address the STEM skill gap in the Asia-Pacific region. By offering specialised courses in engineering, health sciences, and information technology, the institution aims to prepare students for the evolving technological landscape.

Shanmuga Sunthar Muniandy, director of Data Architecture and chief evangelist at Denodo, emphasised the growing demand for data management solutions in Singapore, driven by emerging technologies like generative AI. He noted, “Denodo’s partnership with Ngee Ann Polytechnic is instrumental for imparting comprehensive knowledge about data management and providing students with the hands-on experience they need to excel in today’s data-driven world.”

This collaboration not only enhances the educational offerings at Ngee Ann Polytechnic but also positions its students to meet the increasing demand for skilled data professionals in the region.
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The Institute of Singapore Chartered Accountants (ISCA) has introduced the Singapore Chartered Accountant Qualification (SCAQ) Career Mobility Programme (CMP), designed to support accountancy undergraduates in achieving the Chartered Accountant of Singapore designation. Launched on 5 March 2025, the programme aims to bolster the accountancy talent pipeline and support regional business growth, beginning with a pilot in Vietnam and expanding to other countries by Q2 2025.

ISCA will collaborate with Accredited Training Organisations (ATOs) and their international networks to offer high-quality training and development. This includes creating cross-border work opportunities such as exchanges and secondments, allowing candidates to gain overseas work experience and cross-cultural insights. ISCA President Teo Ser Luck stated, “The launch of the CMP is a significant step towards enhancing ISCA’s impact on the accountancy profession both in Singapore and beyond.”

KPMG Vietnam and KPMG in Singapore are the first ATOs to partner with ISCA’s CMP, offering professional stints in each other’s offices. This partnership aims to address manpower shortages and enhance the profession’s appeal in the region. Chang Hung Chun, Managing Partner at KPMG Vietnam & Cambodia, remarked, “This MOU marks a significant milestone in the strong partnership between ISCA and KPMG, enabling cross-border mobility.”

The CMP is part of ISCA’s broader strategy to expand its regional presence, with agreements signed with leading Vietnamese universities to nurture accountancy talent. Additionally, ISCA has launched a Professional Services Centre in Ho Chi Minh City to promote professional services and support business growth.
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Chocolate Finance and Allfunds, a global fund distribution platform, have jointly reaffirmed the security of Chocolate’s customer investment funds and the orderly processing of withdrawals. As a licensed custodian, Allfunds provides fund dealing and custody services to Chocolate, ensuring investments are safeguarded within Singapore’s regulatory framework.

Chocolate Finance emphasised that customer investment funds are held in segregated, ringfenced accounts, managed according to Singapore’s stringent regulatory safeguards. David Pérez de Albéniz, CEO at Allfunds Singapore, stated, “Customer investment funds’ holdings are completely segregated and ringfenced, as required by Singapore’s regulations, which means that the safety of investment fund holdings is assured.”

Withdrawals are being processed as expected, with customers receiving their funds within three to six business days, aligning with standard industry settlement periods. Walter de Oude, CEO and Founder of Chocolate, noted, “Whilst we have seen a spike in withdrawals, all are being processed in an orderly manner. We assure customers that their funds are secure, and withdrawals are proceeding as scheduled.”

Chocolate Finance continues to collaborate with Allfunds to maintain high levels of security, compliance, and operational efficiency. This partnership underscores their commitment to trust in Singapore’s financial system and providing a reliable investment platform.
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Singapore Exchange (SGX) has reported strong market data for February 2025, yet the outlook for the second half of the financial year remains below expectations. Analyst Shekhar Jaiswal maintains a neutral stance on SGX with a target price of SGD13.60, reflecting a 4% upside. The securities turnover and derivatives volume for the second half of FY25 are projected to be lower than anticipated, despite a positive outlook for Singapore’s equity market and expected market volatility.

The Monetary Authority of Singapore’s (MAS) measures are expected to boost the equity market, potentially increasing the securities’ daily average traded value in FY26-27. However, the current valuation of SGX is considered stretched amidst a moderating growth outlook. Jaiswal notes, “Whilst we are positive on Singapore’s equity market outlook and expect elevated near-term market volatility to result in higher sequential derivatives volumes, the securities’ daily average traded value will remain flat HoH in 2HFY25 before rising in FY26-27.”

The report highlights the importance of MAS’s initiatives in supporting future growth, yet cautions investors about the current valuation levels. The neutral rating suggests that whilst there are positive elements in the market, investors should remain cautious due to the potential for volatility and the current stretched valuations.

Looking ahead, SGX’s performance will likely be influenced by the broader economic conditions and the effectiveness of MAS’s measures in stimulating market activity.
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Hyphens Pharma International Limited has announced an agreement with medac Gesellschaft für klinische Spezialpräparate m.b.H. to exclusively register and commercialise the Metoject® subcutaneous autoinjector pen in Singapore, Malaysia, the Philippines, and Vietnam.

This device is used for treating rheumatoid arthritis and plaque psoriasis, offering a convenient two-step self-injection with a built-in needle cover for enhanced safety.

The Metoject® pen administers methotrexate, a first-line treatment for rheumatoid arthritis, ensuring high bioavailability and reduced gastrointestinal side effects compared to oral administration. Available in multiple strengths, it allows for tailored treatment options. The pen has already been commercialised in over 15 countries, including the US and Japan.

Frank Lucaßen, CEO of medac, expressed confidence in Hyphens Pharma’s capabilities, stating, “We were looking for a partner in Southeast Asia with strong regulatory and sales and marketing capabilities, and Hyphens Pharma clearly stood out.” Lim See Wah, Chairman and CEO of Hyphens Pharma, added, “We are delighted to work with Medac to bring Metoject® to Southeast Asia as it provides an effective, safe and convenient treatment benefitting rheumatoid arthritis and plaque psoriasis patients in the region.”

This agreement is not expected to materially affect Hyphens Pharma’s financials for the year ending 31 December 2025. The move marks a significant expansion of Hyphens Pharma’s Speciality Pharma portfolio, enhancing treatment options for rheumatologists and dermatologists in the ASEAN region.
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Lady Gaga’s upcoming concerts in Singapore have ignited a surge in travel interest, with digital travel platform Agoda reporting a 358% increase in accommodation searches for the city-state.

The concerts, scheduled for 18, 19, 21, and 24 May 2025, have drawn attention from fans across the region, particularly from Taiwan, Indonesia, mainland China, the Philippines, and Malaysia.

The announcement has notably propelled Taiwan to the top of the search rankings for Singapore on 10 March, despite not featuring in the top five origin markets in the two weeks prior. Matteo Frigerio, Chief Marketing Officer at Agoda, remarked, “It’s no bad romance—big events inspire travel, and Lady Gaga’s upcoming concert series in Singapore is proof of that.”

Agoda’s data highlights the appeal of Singapore as a destination for major events, underscoring the platform’s role in connecting travellers with value deals. With over 5 million holiday properties, more than 130,000 flight routes, and over 300,000 activities, Agoda offers a comprehensive travel experience. The platform’s mobile app and website are available in 39 languages, supported by 24/7 customer service.

As fans prepare to “just dance” at the concerts, Agoda ensures they have access to the best stays in Singapore, reinforcing the city’s status as a vibrant hub for entertainment and tourism.
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