Industry News

Nomura’s Asia ex-Japan Daily Research Summary, released on 30 May 2025, highlights mixed financial performances across several sectors.

IHH Healthcare’s first-quarter results fell short of expectations, with a 6% year-on-year revenue increase but a 33% decline in profit after tax and minority interest (PATMI) to MYR514m. The Singapore market faced challenges due to renovations at Mount Elizabeth hospital, impacting overall performance.

Meanwhile, Farm Fresh reported an 18% year-on-year rise in fourth-quarter earnings, attributed to accelerated revenue growth and a gross margin increase of 1.4 percentage points. The company’s revenue grew by 13% year-on-year, driven by strong sales in Malaysia and new product launches.

Li Auto’s first-quarter results showed a 20.5% gross profit margin, surpassing expectations, although non-GAAP earnings declined by 20% year-on-year. The company’s outlook remains uncertain, with its i Series battery electric vehicle models expected to play a crucial role in future performance.

CSPC’s first-quarter results were weaker than anticipated, with a 21.9% drop in revenue and an 8.4% decline in earnings. The company’s gross margin narrowed by 5.2 percentage points due to unfavourable product changes, although lower selling expenses partially offset this.

These findings underscore the diverse challenges and opportunities faced by companies in the region. As businesses navigate these complexities, Nomura’s insights provide valuable guidance for investors and stakeholders. Looking ahead, the performance of key sectors will be closely monitored, with potential implications for future economic trends in Asia.
“`

MLCommons, a global leader in AI benchmarking, has announced the expansion of its AILuminate benchmark to include new models, languages, and tools. This expansion is marked by a partnership with NASSCOM, India’s premier technology trade association, to introduce AILuminate’s AI reliability benchmarks to South Asia. The initiative also includes proof of concept testing for AILuminate’s Chinese-language capabilities and updated reliability grades for large language models (LLMs).

Peter Mattson, President of MLCommons, expressed enthusiasm about the collaboration with NASSCOM, stating, “We’re looking forward to working with NASSCOM to develop India-specific Hindi-language benchmarks and ensure companies in India and around the world can better measure the reliability and risk of their AI products.” Ankit Bose, Head of NASSCOM AI, highlighted the importance of rigorous global standards in aligning the growth of India’s technology sector with emerging best practices.

The partnership with NASSCOM builds on MLCommons’ global approach to AI benchmarking, similar to its collaboration with Singapore’s AI Verify Foundation.

This collaboration aims to address South Asia’s urgent need for standardised AI benchmarks, trusted by industry experts, policymakers, and researchers.

AILuminate’s updated reliability grades are based on LLM responses to 24,000 test prompts across 12 hazard categories, ensuring methodological rigour. Rebecca Weiss, Executive Director of MLCommons, noted that these grades will help companies understand and compare risks across new AI models. The AI Risk & Reliability Working Group is also evaluating reliability across advanced AI tools, with plans to announce further benchmarks later this year.
“`

KSH Holdings Limited, a prominent construction and property management group, has announced a return to operational profit in the second half of FY2025, ending 31 March 2025. Despite a 14.6% decline in annual revenue to S$182.8m, the group managed to significantly reduce its net loss to S$5.9m for the year, compared to the previous year. The company also reported a net profit of S$0.5m for the second half of the year.

The group attributes its improved performance to a positive gross profit margin from its core construction business, supported by an order book exceeding S$230m. Executive Chairman and Managing Director Choo Chee Onn highlighted the group’s focus on executing existing projects smoothly and benefiting from favourable industry prospects.

KSH’s property development ventures in Singapore, including projects like The Arcady at Boon Keng and One Sophia, have contributed over S$162m in unrecognised attributable revenue. The company maintains a strong financial position with cash reserves of approximately S$123.1m and a reduced gearing ratio of 0.22x.

Looking forward, KSH remains cautiously optimistic amid global uncertainties, including the US-China trade tensions. The group plans to navigate these challenges through disciplined cost management and strategic investments to enhance shareholder value.

“`

Jardine Matheson Holdings Limited has announced the appointment of Lincoln Pan as its new Chief Executive Officer, effective 1 December 2025. Pan will succeed John Witt, who is set to retire at the end of November after more than three decades with the company. Pan joins from PAG, where he was a Partner and co-head of Private Equity.

Pan’s extensive experience in the Asia Pacific region is expected to bolster Jardine Matheson’s strategic objectives. Executive Chairman Ben Keswick expressed confidence in Pan’s ability to lead the company, citing his “wealth of investment experience” and his proven track record with company boards and management teams.

Witt, who has been with Jardine Matheson for 32 years and served as Group Managing Director since 2020, will continue as Chairman of Hongkong Land. He played a pivotal role in navigating the company through the global pandemic and simplifying its corporate structure. Witt remarked on his tenure, highlighting the company’s culture of integrity and long-term perspective.

Pan expressed his enthusiasm for his new role, stating, “It is an honour to serve as Jardine Matheson’s Chief Executive Officer as we execute on an exciting strategic evolution of the business.” He aims to drive shareholder returns whilst maintaining the company’s long-term approach and unique culture.

Jardine Matheson, founded in 1832, is a diversified investment company focused on Asia, with a primary listing on the London Stock Exchange.
“`

Tribe Payments, a prominent European paytech firm, has announced a strategic partnership with Singapore-based Finmo to deliver integrated treasury and payment services to banks and fintechs across Europe and the Asia-Pacific (APAC) region. This collaboration seeks to connect these regions with seamless card and non-card payment solutions, enabling real-time cross-border transactions and local payment scheme access in countries such as Singapore, Malaysia, and Vietnam.

The partnership combines Tribe’s global card scheme connectivity with Finmo’s treasury management tools and Major Payment Institution (MPI) licence. This marks a significant step in Tribe’s APAC expansion, following the launch of its Singapore headquarters in late 2024. Matt Weir, GM Asia-Pacific at Tribe Payments, expressed enthusiasm about the partnership, stating, “This will further supercharge our money movement offerings across Asia-Pacific and Europe.”

Founded in 2018, Tribe Payments has evolved its platform to provide frictionless customer experiences, offering connectivity through a single integration with major card networks like Mastercard, Visa, and UnionPay. Finmo, established in 2021, offers a comprehensive platform with real-time payment capabilities and holds an MPI licence from Singaporean authorities.

David Hanna, CEO of Finmo, highlighted the partnership’s significance, saying, “Tribe will enable us to offer card issuing and acquiring solutions to APAC and European markets.” This collaboration is set to reshape cross-border financial infrastructure, supporting high-growth sectors like B2B payments and digital commerce.
“`

IHH Healthcare has announced a robust operational performance for the first quarter of 2025, with revenue increasing by 6% to RM6.3 billion. This growth is attributed to improved inpatient volumes and higher revenue intensity across several markets. The healthcare giant, which is on track to expand its capacity by 4,000 beds, added 1,000 beds last year.

The company reported a 17% rise in revenue and an 8% increase in EBITDA on a constant currency basis, showcasing its operational resilience despite challenges such as the full Ramadan holiday period affecting many markets. However, EBITDA saw a slight decline of 2% year-on-year due to higher finance costs from acquisitions and decreased contributions from Singapore, where renovations at Mount Elizabeth Hospital are underway.

Group CEO Prem Kumar Nair highlighted the company’s commitment to value-based care and its strategic growth priorities. “We reported resilient operational performance for Q1 2025, driven by an improvement in inpatient volumes and higher revenue intensity in some markets,” he stated. The company has embarked on a multi-year transformation plan focusing on clinical excellence, patient experience, and technological advancement to future-proof its business.

Despite a 33% drop in PATMI due to lower net monetary gains and deferred tax credits from the previous year, PATMI excluding exceptional items rose by 5%, reflecting core operational growth. IHH Healthcare also secured its first S$300 million sustainability-linked loan, reinforcing its dedication to sustainable practices.

Looking ahead, IHH Healthcare remains optimistic about its growth trajectory amid rising healthcare demands, focusing on profitability and sustainable returns on equity.
“`

Futu Holdings Ltd, the parent company of the online brokerage platform Moomoo, has announced impressive financial results for the first quarter of 2025. The company reported a 98% year-on-year increase in net income, reaching $285 million, and a revenue surge of 81.1% to $603.4 million. As of 31 March 2025, Futu had 26.25 million registered users, 4.96 million brokerage accounts, and 2.67 million funded accounts, with client assets growing 12% quarter-on-quarter to $107 billion.

The company experienced robust growth across various markets, with Japan, Canada, and Malaysia achieving record highs in new funded accounts. The US and Australia also saw double-digit growth in funded accounts.

In Singapore, Futu attracted significant asset inflows from high-net-worth individuals, whilst in Hong Kong, client acquisition accelerated, with a nearly 20% quarterly rise in daily active users.

Futu’s trading activities reached new heights, with a total trading volume of $4.133 billion, marking a 140% year-on-year increase. The company also expanded its wealth management services, with assets under management rising by 118% to $179 billion. Notably, Futu introduced fractional US shares trading in Japan and launched new investment tools to cater to diverse investor needs.

The company further strengthened its community engagement and corporate social responsibility efforts, partnering with Seeking Alpha and sponsoring events like the Jersey City Marathon. Additionally, Futu announced a high-profile sports sponsorship with the New York Mets, enhancing its brand presence in the US. As Futu continues to innovate and expand, it remains a leading player in the global financial services sector.
“`

The Singapore Tourism Board (STB) and the Milken Institute have announced a new Memorandum of Understanding (MoU) to host the Milken Institute Asia Summit in Singapore from 2026 to 2028. This agreement aims to enhance collaboration and create a world-class platform for global leaders to discuss critical regional issues.

Since its inception in 2014, the Milken Institute Asia Summit has become a prestigious event attracting business leaders, government officials, and investors worldwide. The summit, organised by the Milken Institute’s Asia headquarters in Singapore, addresses pressing challenges and proposes actionable solutions.

This year’s summit will take place on 13 October, coinciding with Singapore’s Formula One race week. This timing underscores Singapore’s reputation as a hub for high-impact business discussions and world-class entertainment. Melissa Ow, Chief Executive of STB, stated, “We value our strong partnership with Milken Institute, and their decision to anchor their prestigious summit in Singapore further cements our position as a premier destination for meaningful dialogue and collaboration.”

The partnership between STB and the Milken Institute has been robust since the summit’s first edition in Singapore. Notably, during the COVID-19 pandemic, the summit successfully transitioned to a hybrid format, earning the Outstanding Event Organiser award at the 2021 Singapore Tourism Awards.

Richard Ditizio, CEO of the Milken Institute, expressed pride in the ongoing partnership, stating, “I am proud to redouble our commitment to Singapore by anchoring our signature Asia Summit here for the next three years.”

The MoU signifies a continued commitment to fostering dialogue and innovation in Singapore, reinforcing its status as a leading destination for global business events.
“`

Singapore-listed Golden Agri-Resources (GAR) has released its Sustainability Report 2024, highlighting a year of significant progress in its climate ambitions and sustainability commitments. The report outlines GAR’s efforts to combat deforestation, enhance traceability, and support resilient agricultural communities amidst global challenges such as economic shifts and extreme weather.

GAR’s Chairman and CEO, Franky O Widjaja, emphasised the company’s commitment to sustainability, stating, “At GAR, sustainability isn’t just a part of our business strategy; it is our business strategy.” The report introduces a double materiality assessment, addressing both the company’s environmental and social impacts and their influence on GAR’s long-term resilience and financial performance.

Key developments include the launch of the “Collective for Impact” framework, which focuses on responsible sourcing, caring for the planet, and empowering people. This strategy extends beyond GAR’s Indonesian palm oil supply chain to encompass its entire business and value chain. Anita Neville, GAR’s Chief Sustainability and Communications Officer, noted, “Collective for Impact strengthens our resilience, creates long-term value, and builds trust to keep us ahead of global expectations.”

In 2024, GAR set ambitious targets to reduce emissions by 2030, aiming for net zero emissions by 2050. Despite a 7% increase in total emissions due to a rise in supply chain emissions, the company achieved a 3% reduction in direct emissions through energy efficiency and renewable energy initiatives.

GAR has also made strides in transparency and traceability, achieving 99.5% traceability to the plantation in its Indonesian palm oil supply chain and 100% traceability to the mill for other commodities globally. The company continues to support communities through its Bright Future Initiative, empowering micro, small, and medium enterprises with skills and training.

As GAR advances its sustainability journey, it remains committed to responsible production and global delivery, ensuring compliance with upcoming regulations such as the European Union Deforestation Regulation.
“`

UBTS Pte Ltd, a prominent Singaporean logistics company, has partnered with Cuber AI, a leader in agentic AI systems, to conduct an exploratory study on the transformative potential of advanced artificial intelligence in logistics and supply chain operations. This initiative aims to evaluate how Cuber AI’s autonomous decision-making platform can optimise various aspects of logistics, including predictive demand forecasting, dynamic risk mitigation, intelligent resource allocation, and regulatory compliance automation.

The collaboration reflects the shared vision of both organisations to shape the future of intelligent logistics in the region. Jimmy Ng, UBTS Chairman, stated, “We view this as a collaborative exploration of what Agentic AI can enable in logistics—not just in terms of efficiency but in rethinking supply chain adaptability itself.”

Key areas of evaluation include operational agility, with the potential to reduce crisis-response decision time by up to 60%, and sustainability goals, assessing AI’s ability to reduce emissions through smarter routing. The study will also explore hybrid workforce models that integrate human expertise with AI-driven support.

Ng Chee Keong, Cuber AI Managing Director, remarked, “Our collaboration with UBTS is about jointly discovering what’s possible. This study will lay the foundation for cognitive supply chains that learn, adapt, and evolve in sync with market realities.”

Founded in the 1960s, UBTS has grown significantly, now boasting a staff of 300 and a fleet of over 1,000 vehicles. Meanwhile, Cuber AI, established in 2024, specialises in digital employee robotics and AI hyperautomation, with a strong presence across Asia.
“`