Industry News

DBS Group Research anticipates challenges for SATS in FY26 due to fragile cargo demand and trade contraction, with a strategic pivot expected in FY27.

The FY25 results, excluding one-off items, were in line with expectations, providing a stable financial foundation.

Despite some relief from the suspension of US tariffs, DBS Group Research warns that the demand for cargo remains fragile, which could impact the company’s performance in FY26.

The company has adjusted its net profit forecasts for FY26 and FY27, reducing them by 14% and 8%, respectively, due to anticipated trade contraction and limited opportunities for trade diversion.

DBS Group Research maintains a “BUY” recommendation, albeit with a revised target price of $2.55 (SGD3.50).

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CSC Holdings, a Singapore-based foundation and geotechnical engineering specialist, has announced a return to profitability for the financial year ending 31 March 2025. This turnaround is attributed to heightened construction activity, which significantly improved the company’s operating performance in its core business within Singapore.

The company reported a 10.6% increase in group revenue, reaching $246m (S$337.8m), driven by the rising demand for construction services. This growth has resulted in a net profit attributable to shareholders of $1.38m (S$1.9m), a notable improvement from the net loss recorded in the previous financial year.

CSC Holdings maintains a healthy order book valued at $218m (S$300m) as of 30 April 2025, with the majority of these projects expected to be completed within the next 12 months. The company remains cautiously optimistic about its future prospects, citing sustained demand for construction services and a robust pipeline of infrastructure and public sector projects in Singapore.

The company’s financial results highlight a significant recovery, with a gross profit margin increase to 10.5% from 4.7% the previous year. This positive shift underscores CSC Holdings’ ability to capitalise on the growing construction sector in Singapore.

As CSC Holdings looks ahead, its focus on supporting large-scale projects positions it well to continue benefiting from the ongoing demand for construction services. The company’s strategic outlook and strong order book suggest a promising trajectory for the coming year.
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The Healthy Living Festival North West is set to transform the Singapore Turf Club into a hub of fitness and fun from 30 May to 1 June. Organised by the North West Community Development Council (CDC), the event aims to commemorate SG60 with a vibrant sports carnival that includes a variety of lifestyle and wellness activities. With an expected turnout of 10,000 residents, the festival seeks to foster community bonds and promote holistic wellness for all ages.

The festival will be hosted by Alex Yam, Mayor of the North West District, and will feature special guests such as Ong Ye Kung, Minister for Health, and other Grassroots Advisers. The event is free and open to the public, offering a diverse range of activities across more than 10 curated zones.

Participants can enjoy high-intensity workouts like Kpop Fitness and Zumba, or explore mindfulness activities in the ESports & Wellness Zone. For those seeking a more relaxed experience, the festival offers live music, outdoor movie screenings, and a unique Sunset Yoga session led by instructor Jimin Choi.

The festival is part of the SG60 Healthier Together Movement, which has already seen residents collectively achieve 60,000km through various sports. Lih Ming Construction has pledged $60,000 to support this initiative, further encouraging community participation.

Ritu Rishi, 47, a member of the North West Running Club, exemplifies the festival’s spirit. Her journey from a novice runner to a half-marathon enthusiast highlights the community’s supportive environment. The festival is open to all, inviting attendees to join the North West Healthy Living Club and continue their wellness journey.
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CapitaLand Ascendas REIT Management Limited has announced the acquisition of two prime properties in Singapore for approximately S$700m. The properties, 9 Tai Seng Drive and 5 Science Park Drive, are fully leased to reputable tenants in the technology sector, enhancing the REIT’s income resilience and increasing its Singapore portfolio to 67% of total assets under management.

The acquisitions are strategic moves to strengthen CapitaLand Ascendas REIT’s (CLAR) foothold in Singapore, a key market for the REIT’s multi-asset portfolio. William Tay, Executive Director and CEO of the REIT Manager, stated, “These strategic additions will increase the share of Singapore in CLAR’s portfolio to approximately 67% of total assets under management.”

Both properties are modern and well-located, with 9 Tai Seng Drive being a Tier III colocation data centre and 5 Science Park Drive serving as a premium business space. The properties are expected to contribute positively to long-term returns, with potential for organic growth through rental uplifts and asset enhancement opportunities. The acquisitions are also expected to be accretive to the distribution per unit (DPU) for unitholders, with a projected DPU accretion of 1.36% for the financial year ended 31 December 2024.

The acquisition of 9 Tai Seng Drive will expand CLAR’s data centre assets under management by 32.8%, whilst 5 Science Park Drive will reinforce its market leadership in the Singapore Business Space and Life Sciences segment. Both properties are fully committed, with 5 Science Park Drive serving as the regional headquarters for Shopee, a major e-commerce platform.

These acquisitions align with CLAR’s strategy to leverage global growth trends in technological advancement and digital transformation, diversifying and strengthening its customer base.
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OCBC has announced significant leadership changes within its Global Wholesale Banking division, effective 1 October 2025. Elaine Heng, currently the Group Chief Strategy and Transformation Officer, will take over from Linus Goh as Head of Global Commercial Banking. Goh, who has been with OCBC since 2004, will retire on 30 September 2025. These changes aim to bolster OCBC’s position in commercial banking and global financial institutions.

Under Goh’s leadership, OCBC’s commercial banking has become a leading force in Singapore, Malaysia, Hong Kong, and Indonesia, serving one in two SMEs in Singapore. He has been instrumental in focusing on digitalisation, ecosystems, sustainable finance, and internationalisation, contributing to a nearly 40% profit growth in the global financial institutions business from 2022 to 2024.

Heng, who joined OCBC in 2024, has been pivotal in shaping the bank’s strategic roadmap. Her previous roles include CEO of Retail Business and Deputy Group CEO at FairPrice Group, where she led a significant digital transformation. “Elaine is taking over a strong Commercial Banking team built by Linus over the last 17 years,” said Tan Teck Long, Head of Global Wholesale Banking.

Tan Yuen Siang, who has led the Global Financial Institutions business since 2021, will join the Global Wholesale Banking Leadership Team. Group CEO Helen Wong praised Goh’s contributions, stating, “His thought leadership and advocacy have helped shape industry standards and inspired progress across the financial ecosystem.”

These leadership changes are expected to drive OCBC’s next growth phase, focusing on digital and sustainability-led initiatives.
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The International Air Transport Association (IATA) has announced the appointment of Sheldon Hee as the new Regional Vice President for Asia-Pacific, effective 1 June 2025. Based in Singapore, Hee will oversee IATA’s operations across 39 countries, representing 53 member airlines in a region poised for significant growth in passenger demand.

With over 25 years of experience in the airline industry, Hee has held various management roles at Singapore Airlines in multiple countries, including Japan, Switzerland, and the UK. Before joining IATA, he served as Vice President for Partnerships and International Relations at Singapore Airlines. Hee expressed his enthusiasm for the new role, stating, “I am humbled and privileged to continue contributing at an industry level by leading IATA’s activities in Asia-Pacific.”

The Asia-Pacific region is expected to see the fastest-growing passenger demand over the next 20 years. In 2024, it accounted for a third of global passenger traffic, and projections indicate it will contribute more than half of global passenger traffic in the coming decades. Hee aims to collaborate with member airlines, governments, and partners to support the region’s aviation development.

Hee holds a Bachelor of Applied Science and a Master of Science from Nanyang Technological University, as well as a Master of Business Administration from the University of Oxford. His appointment follows the interim leadership of Dr Xie Xingquan, who managed the region after Philip Goh’s retirement in April 2024.
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Singapore-based digital travel platform Agoda is celebrating World Bicycle Day on 3 June by highlighting five exceptional cycling destinations in Asia.

These locations, ranging from the serene landscapes of Hokkaido, Japan, to the historic allure of Sukhothai, Thailand, offer diverse experiences for cycling enthusiasts. With cycling tourism rapidly growing in the Asia-Pacific region, Agoda aims to make planning these adventures easier with its extensive travel deals.

Cycling tourism is gaining traction globally, with the Asia-Pacific region leading the trend. Krishna Rathi, Senior Country Director at Agoda, noted, “World Bicycle Day is the perfect occasion to celebrate the joy of cycling and the incredible destinations Asia has to offer.” Agoda’s curated list includes Hokkaido, Japan, known for its stunning landscapes and diverse cycling routes, and Luang Prabang, Laos, where cyclists can explore historic streets and ancient temples.

Sun Moon Lake in Taiwan offers well-maintained trails with breathtaking views, whilst Sukhothai, Thailand, provides a journey through ancient ruins and temples. Hoi An, Vietnam, presents scenic routes through rice paddies and vibrant villages. Agoda’s platform, with over 5 million holiday properties and extensive flight and activity options, supports travellers in planning seamless cycling trips.

Agoda’s offerings ensure that travellers can enjoy cultural immersion and natural beauty whilst cycling through these destinations. For more information and the best deals, Agoda encourages users to explore their mobile app.
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Ascentium, a global business services platform based in Singapore, has unveiled its new Centre of Excellence, Ascentium Max, in Kuala Lumpur. This state-of-the-art shared service centre is designed to optimise internal operations and bolster the company’s growth throughout Asia, with plans to venture into emerging markets. Lennard Yong, Group CEO of Ascentium, highlighted the strategic importance of the centre, stating it will be “a cornerstone for our expansion plans into new markets.”

The Kuala Lumpur hub will function as a non-client-facing shared service centre, consolidating key processes to improve operational effectiveness. It will serve as a hub for specialised expertise and best practices, enabling Ascentium’s branches across the Asia Pacific region to focus on strategic priorities whilst ensuring seamless management of essential back-end operations.

Ascentium Max will be staffed by a team of highly skilled professionals covering several critical business functions, including company secretarial services, Know Your Customer (KYC) processes, accounting and tax services, and payroll processing. By centralising these functions, the centre aims to deliver enhanced efficiency, improved accuracy, cost optimisation, consistent quality, and scalability for future business expansion.

The establishment of Ascentium Max marks a significant step in Ascentium’s commitment to operational excellence and regional growth. As the company continues to expand its footprint, the new centre is expected to play a pivotal role in supporting its Asia Pacific operations and ensuring a seamless transition into new markets.
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Submarine cables, the unseen backbone of global internet connectivity, are playing a pivotal role in Asia’s digital transformation. The SEAH2X cable project, a collaboration between China and ASEAN countries, is set to enhance regional connectivity by linking China with the Philippines, Singapore, Malaysia, and beyond. With a design capacity of 160 terabits per second, SEAH2X is not just infrastructure—it’s a digital lifeline.

The South China Sea has become a hub for these vital communication lines, with over 15 international submarine cable systems either operational or under construction, spanning more than 80,000 kilometres. Chief Engineer Mu Chunbo emphasised the importance of these cables, stating, “Submarine cables are more than business—they’re shared arteries connecting societies.”

The SEAH2X system, spearheaded by a consortium including China Mobile International, China Unicom Global, the Philippines’ Converge ICT, and Malaysia’s PPTEL, is expected to be operational by 2025. In September 2024, the cable made landfall in Bauang, La Union, on the northern coast of the Philippines. Converge CEO Dennis Anthony Uy highlighted the project’s significance, saying it will “strengthen regional connectivity and meet bandwidth demand for the next 10 to 15 years.”

Despite the challenges of laying cables through areas with maritime disputes, international cooperation remains crucial. Ding Hongqing, Deputy Director of the Planning and Construction Department at China Mobile, noted, “Whatever the external environment is like, we’ll always maintain an open and cooperative mindset.”

CGTN’s documentary, “Catching a Wave 2,” showcases how these efforts are quietly transforming the region, underscoring the importance of cooperation and connectivity in the digital age.
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Shareholder activism in Asia has reached unprecedented levels, with over 200 companies targeted in both 2023 and 2024, according to Diligent’s latest report, “Shareholder Activism in Asia 2025”. This marks a significant increase from 134 companies in 2021, highlighting a growing trend towards corporate governance reforms across the region.

Japan and South Korea have emerged as the focal points of this activism. Japan alone witnessed 108 campaigns in 2024, largely driven by local activists and robust governance reforms. South Korea followed with 78 campaigns, a nearly fivefold increase from 2018, as new activist players and retail investors, facilitated by online platforms, have begun to influence campaign dynamics.

In Singapore, shareholder activism has remained steady year-on-year, primarily focusing on board-related demands such as appointments and removals. Despite the modest overall volume compared to its regional counterparts, Singapore’s campaigns have not yet seen major structural changes in 2025.

Hong Kong and Singapore both experienced a peak in activism in 2024, though the focus remains on routine governance and personnel issues. The report underscores the evolving landscape of shareholder activism in Asia, driven by both traditional and new players, and its potential to reshape corporate governance practices in the region.
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