Industry News

Moody’s Ratings has upgraded Grab Holdings Inc’s corporate family rating (CFR) to Ba3 from B1, maintaining a positive outlook. This decision reflects Grab’s enhanced credit quality, driven by its leading market position and disciplined cost management, which are expected to boost its scale and earnings over the next 12 to 18 months, according to Yu Sheng Tay, a Moody’s Ratings Assistant Vice President and Analyst.

Grab, a prominent provider of ride-hailing and delivery services in Southeast Asia, reported double-digit growth in key metrics during Q1 2025. Despite economic uncertainties, the company’s resilient business model and substantial cash reserves provide stability and support for potential growth opportunities. Tay noted, “Grab’s resilient business model provides stability to its earnings and free cash flow generation.”

The upgrade also considers Grab’s prudent financial policies, balancing growth with profitability. The company is expected to see its adjusted EBITDA rise to approximately $300 million in 2025 and $450 million in 2026, up from $163 million in the 12 months ending March 2025. Free cash flow is projected to increase to $370 million to $500 million.

However, risks remain with Grab’s nascent digital banking operations, which are currently loss-making. The company aims for breakeven EBITDA in this segment by H2 2026. Grab’s strong liquidity, with $4.2 billion in unrestricted cash and short-term investments, bolsters its financial flexibility.

Future upgrades depend on maintaining market leadership and improving financial metrics, whilst a downgrade could occur if these conditions are not met.
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Banyan Group Residences is set to showcase its latest luxury real estate offerings at a sales exhibition in Singapore from 31 May to 1 June. The event, held at Fairmont Hotel, will highlight the group’s new projects in Phuket, including the ultra-luxurious Banyan Tree Beach Residences Oceanus. These properties are aimed at high-net-worth individuals (HNWI) amidst growing global demand for premium lifestyle homes in Phuket.

The Banyan Tree Beach Residences Oceanus, located in the prestigious Laguna Phuket area, feature 16 four-bedroom units with sizes ranging from 416 to 768 square metres. These residences are designed to offer unparalleled luxury, with high-quality finishes and direct beach access. Stuart Reading, Managing Director of Banyan Group Residences, noted the significant demand for new homes in Phuket, driven by factors such as urban flight and the island’s appeal as a year-round tropical destination.

In addition to the Oceanus project, the exhibition will present other recent launches, including the Garrya Phuket wellness concept homes and the Laguna Lake Residences Aster. These developments offer a range of amenities, from guaranteed rental returns to stunning communal spaces, catering to diverse buyer preferences.

Banyan Group plans to release $1 billion worth of new luxury residential real estate in Phuket over the next two to three years. The group’s strategy focuses on high-specification residences, with plans for larger branded flats and penthouses in prime locations. The scarcity of beachfront land allows for the creation of spacious, high-spec flats with private pools.

As part of its commitment to enhancing the living experience in Phuket, Banyan Group has introduced “The Laguna Advantage,” offering services such as property management and education privileges for new homeowners. With a strong international pipeline and a focus on quality, Banyan Group continues to lead in luxury property development in Thailand.
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Visa has announced a suite of AI-driven product innovations and strategic partnerships aimed at transforming commerce in the Asia Pacific region. The announcement was made at the Visa Asia Pacific Media Showcase in Singapore, where the company highlighted its commitment to enhancing flexibility, security, and acceptance in digital payments.

The new initiative, Visa Intelligent Commerce, introduces integrated APIs and a commercial partner programme to enable developers to deploy AI commerce capabilities securely and at scale. Visa is currently exploring collaborations with Ant International, Grab, and Tencent to facilitate a seamless checkout experience, leveraging its vast network of 4.8 billion credentials.

Jack Forestell, Visa’s Chief Product and Strategy Officer, stated, “Combining the strength of our global network with our leadership in payment innovation here in Asia Pacific, we are bringing new products and solutions that will transform commerce and deliver trust and security to AI-enabled payments across the region.”

Visa is also expanding its cryptocurrency offerings, including stablecoin-backed cards and programmable money, in partnership with DCS Singapore, DTC Pay, and StraitsX. The Visa Tokenised Asset Platform (VTAP) will further support the issuance and management of fiat-backed tokens, facilitating cross-border money movement.

Additionally, Visa’s Flex Credential, a next-generation card allowing users to toggle between debit, credit, and reward points, continues to gain traction, with plans to launch in Vietnam soon.

These innovations underscore Visa’s commitment to driving the future of commerce in Asia Pacific, with AI agents expected to play an increasing role in routine and complex transactions.
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Private equity investors in the Asia-Pacific region are exercising increased caution due to global trade concerns, interest rate uncertainties, and market volatility, according to KPMG’s latest insights. Despite these challenges, the region saw a robust $37.5 billion in private equity investments during the first quarter of 2025, indicating a strong start to the year even with a modest number of deals.

Andrew Thompson, Partner and Head of Asset Management and Private Equity at KPMG Asia Pacific, identified key trends influencing deals in the region. He noted that leaders are focusing on transactions that promote market consolidation, scalability, and technology adoption.

Stephen Bates, Partner and Head of Deal Advisory at KPMG in Singapore, elaborated on these trends in a video, emphasising the importance of strategic deals in the current landscape.

The report also explores the role of artificial intelligence (AI) in enhancing customer relationships. Guillaume Sachet, Partner in Corporate Transformation at KPMG in Singapore, highlighted the significance of the human factor in adopting new technologies, noting that AI is being used to improve operational efficiency and strengthen customer connections.

Additionally, KPMG’s study on AI trust revealed that whilst AI usage is widespread, less than half of users trust AI systems. The report delves into public expectations for AI regulation and governance.

In terms of employment trends, businesses in Singapore are increasingly prioritising talent with specialised skills to drive growth, despite facing challenges such as talent shortages and evolving employee expectations.

KPMG’s insights underscore the evolving dynamics in private equity, technology adoption, and employment, providing a comprehensive overview of the current business environment in the Asia-Pacific region.
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The rapid adoption of artificial intelligence (AI) and the growing demand for cloud services are driving a significant increase in data centre requirements across Asia Pacific, according to a new report by CBRE. Despite an anticipated doubling of data centre supply in the region over the next three years, a shortage of 15–25 gigawatts is expected by 2028 due to insufficient power supply and a lack of AI-ready facilities.

AI-focused data centres require more than double the power density per server rack compared to traditional centres, necessitating advanced infrastructure for cooling, floor loading, and network sensitivity. Many existing projects were designed before the AI era, leading to a projected shortage of suitable space.

Investment in data centres remains robust, with direct investment volumes reaching $4.7 billion in 2024, as reported by MSCI and CBRE Research. This trend is expected to continue into 2025, with operators and developers repurposing stabilised assets despite challenges such as inadequate power supply and construction delays.

Tom Fillmore, Executive Director of Data Centres, Capital Markets, Asia Pacific for CBRE, emphasised the importance of focusing on advanced data centre assets to capitalise on AI growth. He stated, “Prioritising mergers and acquisitions, as well as equity investments in operators with a strong development pipeline will be key to achieving scalability, especially for projects that are power-ready.”

Ada Choi, Head of Research, Asia Pacific for CBRE, added that developed markets like Japan, Australia, and Korea will see increased demand, with Singapore also drawing attention despite its supply constraints. The AI boom is expected to sustain strong demand for co-location and hyperscale data centres, attracting significant investor interest.
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Booking.com has unveiled a list of ten destinations worldwide that are making significant strides in sustainability, aiming to assist travellers in making more responsible choices in 2025.

This announcement comes as new research reveals a growing gap between the intentions and actions of Singapore-based travellers. Whilst 64% express a desire to travel more sustainably, 59% admit they are unsure how to find such options.

The findings highlight a demand for sustainable travel options, with 60% of Singaporeans believing there are insufficient choices available. In response, Booking.com is spotlighting destinations like Koh Yao Noi in Thailand, known for its renewable energy-powered accommodations, and Kyoto in Japan, which offers cultural experiences that support local communities.

Booking.com is also enhancing its platform by featuring third-party certified accommodations to help travellers make informed decisions. “We aim to make it easier for everyone to experience the world sustainably,” a spokesperson from Booking.com stated.

The initiative aligns with the upcoming World Environment Day on 5 June, underscoring the importance of sustainable travel. As more travellers seek authentic and culturally rich experiences, destinations like Seoul, South Korea, and Tabanan, Indonesia, offer unique opportunities to engage with local traditions and natural beauty.

This move by Booking.com not only addresses the current gap in sustainable travel options but also sets a precedent for future travel trends, encouraging more destinations to adopt eco-friendly practices.
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ComfortDelGro, a leading transport operator, is planning to bid for Melbourne’s metro system from 2027, a move that could significantly bolster its presence in Australia, RHB said.

This strategic expansion follows recent rail contract successes in Auckland, Paris, and Stockholm, highlighting the company’s focus on stable, regulated markets. The company has maintained a “buy” recommendation with a target price of S$1.75, reflecting a potential 24% upside and a yield of approximately 6%.

ComfortDelGro’s domestic operations have also seen a boost with Moove Media securing an exclusive advertising contract. However, RHB suggests that the immediate impact on earnings will be minimal. The company’s strategy is underpinned by expectations of mid-teens earnings growth and a dividend yield above the market average.

The expansion into Melbourne is part of ComfortDelGro’s broader strategy to leverage its expertise in public transport systems globally. “ComfortDelGro’s plan to bid for Melbourne’s metro system from 2027, if successful, is set to further strengthen its presence in Australia,” noted analyst Shekhar Jaiswal.

Looking ahead, ComfortDelGro’s growth prospects remain robust, driven by improvements in UK public transport margins and contributions from recent Australian bus tender wins. The company also anticipates positive developments in its China taxi business. As ComfortDelGro continues to expand its international footprint, its strategic moves in Australia and beyond are likely to play a crucial role in its future growth trajectory.
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Frasers Property Singapore is set to transform its shopping centres into a vibrant playground with the launch of the LINE FRIENDS: Summer Food Fiesta 2025. Running from 30 May to 31 July, the event promises a unique blend of food, fun, and fan-favourite characters across 11 participating shopping centres. Shoppers can enjoy Singapore’s first-ever LINE FRIENDS oversized food-themed props and bouncy playgrounds, featuring beloved characters like BROWN, CONY, SALLY, and CHOCO.

The fiesta’s highlight is the LINE FRIENDS Play Paradise, debuting at six shopping centres with attractions such as bouncy burgers, pizza slides, and bubble tea obstacle courses. These colourful, food-themed play zones offer perfect photo opportunities and are open to FRx members aged four and above. A 25-minute play session can be redeemed with a $50 spend in a single transaction, with bookings available online from 30 May.

Additionally, shoppers can purchase LINE FRIENDS Plush Cushions featuring BROWN and CONY for $19.90 with a $50 spend at participating FRx stores. The cushions are available for collection in two phases: BROWN from 9 to 29 June and CONY from 30 June to 31 July, whilst stocks last.

Citi Mastercard holders can enjoy extra perks, including a $15 FRx Gift Card and 150 bonus FRx Points with a minimum spend of $150 in up to three same-day transactions. Furthermore, FRx members can unlock exclusive foodie deals on the FRx App, with special eDeals available on 30 May, 16 June, and 1 July.

The Summer Food Fiesta 2025 offers a delightful experience for families and LINE FRIENDS enthusiasts, promising a season of fun and rewards at Frasers Property Singapore shopping centres.
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The Singapore Interior Design Awards (SIDA) 2025 is now accepting entries until 1 August 2025, as announced by the Society of Interior Designers Singapore (SIDS). This prestigious event, now in its ninth edition, seeks to honour outstanding projects and professionals in the interior design sector globally. This year, SIDA has introduced six new award categories specifically for Singaporean designers, aiming to highlight their unique contributions and reinforce Singapore’s status as a global design hub.

The new categories include Best Design Firm of the Year, Designer of the Year, Lifetime Achievement Award, Design Educator of the Year, Best Design of the Year, and Young Designer of the Year. These awards are designed to celebrate the creativity and innovation of local designers, providing them with a platform to gain international recognition.

Nithipong Subaneknan, Chairman of the Organising Committee for SIDA 2025, stated, “As we launch SIDA 2025, our mission is clearer than ever: to identify and celebrate interior design projects that truly define excellence, whether on our shores or across continents.” He emphasised the importance of inviting global talent to elevate the competition and inspire local designers with diverse perspectives.

The introduction of these new categories is expected to further cement Singapore’s role as a leader in design innovation, encouraging local designers to push the boundaries of creativity. As the call for entries opens, the global design community eagerly anticipates the innovative projects that will emerge from this year’s competition.
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Singapore-listed China Sunsine Chemical, a major producer of rubber chemicals, is holding its ground amidst pricing pressures due to declining feedstock costs. The company, which specialises in rubber accelerators, is benefiting from China’s resilient automotive market, with vehicle sales in the first quarter of 2025 up 11% year-on-year. Despite a reduction in average selling prices (ASPs) driven by lower aniline prices, Sunsine’s market leadership and production capacity provide it with a competitive edge.

The China Association of Automobile Manufacturers reported that new energy vehicle sales surged by 47% year-on-year, contributing to the overall demand for rubber accelerators, essential in tyre manufacturing. Sunsine’s strong market position is further bolstered by its significant production capacity of 117,000 tonnes annually, surpassing its closest competitors.

Whilst the ASPs for rubber accelerators have decreased by approximately 18% year-on-year, Sunsine’s flexible pricing strategy and cost efficiency have helped mitigate the impact. The company’s earnings for the first quarter of 2025 reached Rmb108 million, a 27% increase year-on-year, although revenue slightly missed expectations due to lower ASPs.

Sunsine’s financial health remains robust, with a net cash position and a dividend yield of 5.2%. The company continues to focus on maintaining a balance between sales and production to drive competitiveness. Despite revising its 2025-2027 revenue forecasts downward due to pricing pressures, Sunsine maintains a “buy” recommendation with a target price of S$0.63, reflecting confidence in its market strategy and financial stability.
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