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Stoneweg Europe divests assets in Poland and Italy
Stoneweg Europe Stapled Trust (SERT) has announced the divestment of Arkońska Business Park in Gdańsk, Poland, for €7.8m (approximately S$11.7m), alongside the completion of a €15.0m (approximately S$22.5m) sale of a property in Florence, Italy. These moves align with SERT’s strategy to reduce exposure to non-core markets and B/C grade office assets.
The sale of Arkońska Business Park, a two-building office complex, is expected to be finalised in the second half of 2025, subject to the execution of the sale and purchase agreement and the issuance of a VAT ruling by the Polish tax authority. This transaction will reduce SERT’s exposure to Poland from 7.0% to 6.7% and increase its logistics and light industrial exposure to 56.1%.
Simon Garing, CEO of the Managers, highlighted the strategic nature of these divestments, stating: “Since the beginning of 2022, we have executed €292.3 million divestments of non-strategic assets at a healthy €32.9 million (12.7%) premium to the latest valuations, recycling capital into more value-enhancing strategies.”
The proceeds from these sales will be used to reduce SERT’s revolving credit facility and for general working capital purposes. The divestments are part of SERT’s proactive asset management strategy, which aims to enhance portfolio quality and maintain a conservative capital structure.
These transactions underscore SERT’s commitment to optimising its portfolio and capitalising on strategic opportunities in the European commercial real estate market.
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Keppel DC REIT reports strong 1H25 performance
Keppel DC REIT has reported a robust performance for the first half of 2025, with its distribution per unit (DPU) reaching 5,133 Singapore cents, surpassing earlier projections. The REIT, which focuses on data centre investments, achieved a notable 51% positive rental reversion at its Singapore properties, contributing significantly to its strong showing.
The REIT’s financial strategy remains solid, with a debt headroom exceeding S$500m, positioning it well for future acquisitions, according to a DBS Research note. This financial flexibility supports Keppel DC REIT’s ongoing strategy to intensify and expand its portfolio, seeking accretive acquisitions to enhance its asset base.
Analysts have maintained a “BUY” recommendation for Keppel DC REIT, with a slightly increased target price of S$2.60. This reflects confidence in the REIT’s ability to continue delivering strong returns to its investors.
The positive rental reversion and strategic financial positioning underscore Keppel DC REIT’s commitment to growth and value creation in the competitive data centre market. As the demand for data storage and processing continues to rise, the REIT’s focus on expansion and intensification is expected to drive further success in the coming periods.
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HCSA and TTSH sign MoU to combat Hepatitis C
HCSA Community Services and Tan Tock Seng Hospital (TTSH) have signed a Memorandum of Understanding (MoU) to bolster efforts in eliminating Hepatitis C (HCV) among former drug offenders in Singapore. This collaboration, announced on World Hepatitis Day, is part of the Educate, Test, Treat! (ETT) initiative, which began in 2022 with support from Gilead Sciences.
The MoU, witnessed by Mdm Rahayu Mahzam, Minister of State, Ministry of Health and Ministry of Digital Development and Information, aims to enhance HCV screening and treatment accessibility. The initiative will employ saliva-based testing, eliminating the need for blood draws, and provide specialist medical support. From August 2025 to the end of 2026, the programme targets screening up to 600 individuals.
TTSH will offer a comprehensive range of services, including educational outreach, HCV screenings, and antiviral therapy. The hospital will also connect patients with HCSA for financial guidance. The first phase of the ETT initiative in 2023 successfully recruited 210 participants, whilst Phase 2, launched in 2024, has reached 85% of its 400-participant target.
Kim Lang Khalil, CEO of HCSA Community Services, emphasised the partnership’s role in restoring hope and health to former drug offenders. Dr Yew Kuo Chao of TTSH highlighted the hospital’s commitment to community care. Cathy Su of Gilead Sciences noted the growing strength of partnerships in achieving the World Health Organisation’s hepatitis elimination goals.
This initiative represents a significant step in addressing health disparities and ensuring vulnerable populations receive necessary care.
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Ideal Systems and NIN9 Studios launch Singapore’s first podcast studio
Ideal Systems and NIN9 Studios have announced the launch of Singapore’s first commercial podcast studio utilising Network Device Interface (NDI) technology. This collaboration aims to offer high-quality video podcast productions, marking a significant advancement in the local media landscape.
Located in Kallang, NIN9 Studios has upgraded its facilities with Ideal Systems’ NDI reference architecture. The studio is equipped with the VizRT Tricaster TC1 Pro, enabling top-tier production and live streaming capabilities. This setup supports multicamera inputs, including Birddog NDI HX X4 Ultra and DSLR cameras, and integrates Microsoft Teams and Zoom for live video conferencing.
Fintan Mc Kiernan, CEO of Ideal Systems Singapore, highlighted the transformation, stating, “Cost effectively upgrading a traditional photography studio into a full function video production studio for commercial podcasts is yet another case study highlighting the benefits and flexibility of NDI.”
Vinod Rai Sharma of NIN9 Studios expressed enthusiasm about the new venture, noting, “The equipment and system provided by Ideal Systems has opened up a whole new business channel for us. Podcasting isn’t just a creative outlet; it offers real, measurable commercial benefits for businesses, brands, and individuals.”
The studio not only serves as a production facility but also acts as an NDI test lab, allowing for the benchmarking and testing of new NDI products. This initiative is expected to boost brand awareness and create monetisation opportunities through sponsorships and advertising, whilst also enhancing networking through guest interviews with industry leaders.
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SMU launches inaugural $150m Sustainability Bond
Singapore Management University (SMU) has announced the issuance of its inaugural Sustainability Bond, raising $150m to support environmental and social initiatives. This landmark bond, issued on 28 July 2025, is the first of its kind by an Autonomous University in Singapore and will mature on 28 July 2032. Oversea-Chinese Banking Corporation Limited (OCBC) acted as the sole lead manager and bookrunner for the issuance.
The proceeds from the bond are earmarked for projects that deliver measurable environmental and social benefits, guided by SMU’s newly established Sustainable Financing Framework. This framework, developed in collaboration with OCBC, outlines criteria for allocating funds to projects such as green buildings, energy efficiency upgrades, and programmes promoting inclusive education.
SMU President Lily Kong highlighted the significance of the bond, stating, “This inaugural Sustainability Bond is more than just a financial instrument; it reflects our belief that universities must play a leading role in building a more sustainable and inclusive future.” She added that the bond aligns with the Singapore Green Plan 2030 and underscores SMU’s commitment to shaping future-ready graduates.
The bond has received a Second Party Opinion from Moody’s Investors Service, affirming its alignment with international standards and awarding it a Sustainability Quality Score of SQS2, or “Very Good.” SMU’s Senior Vice President of Administration, Lim Boon Wee, described the issuance as a strategic milestone, emphasising its role in enhancing environmental performance and social impact.
Elaine Lam, Head of Global Corporate Banking at OCBC, praised SMU’s leadership in integrating sustainability into its mission, noting the potential to inspire students to advocate for environmental stewardship and social equity.
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Frasers Centrepoint Trust sees positive growth signs
Frasers Centrepoint Trust (FCT) has reported a promising set of third-quarter operational results, prompting analysts to maintain a “buy” recommendation and increase the target price to S$2.50. The trust, which focuses on suburban retail properties in Singapore, has shown sequential improvements across all key metrics, with tenant sales on the rise due to asset enhancements and government incentives.
The trust’s borrowing costs are expected to decrease significantly, which is anticipated to boost the distribution per unit (DPU). Analyst Vijay Natarajan noted that asset enhancements are likely to be a major growth driver for FCT. He also mentioned that potential risks from the upcoming Johor Bahru-Singapore Rapid Transit System are considered manageable.
The trust’s strategic focus on suburban malls, which are well-located and have a strong catchment area, positions it favourably in the market. With a current yield of approximately 5.5%, FCT remains an attractive investment for those seeking exposure to the resilient Singapore retail sector.
Looking ahead, the trust’s management is expected to continue leveraging asset enhancements to drive growth, whilst maintaining a strong portfolio that benefits from Singapore’s economic recovery. The positive outlook and strategic initiatives suggest that FCT is well-positioned to capitalise on future opportunities in the retail sector.
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MSCI report highlights climate risks in APAC
The latest Transition Finance Tracker from the MSCI Sustainability Institute has unveiled significant climate and investment risks across the Asia-Pacific (APAC) region. The report projects that by 2050, cities such as Melbourne, Tokyo, and Shanghai could experience up to a 31% increase in extreme heat days under a 3°C warming scenario.
Additionally, over 70% of listed companies in major APAC markets, including Singapore, Hong Kong, and Mainland China, are on emissions trajectories exceeding the 2°C threshold.
The report underscores the urgency for investors to manage both transition risks and the immediate financial implications of climate-induced disruptions. It highlights that nearly two-thirds of listed firms globally are on warming paths above 2°C, with a global average of 2.7°C. In Singapore, 81% of listed companies are on an emissions trajectory breaching the 2°C threshold, with 28% exceeding 3.2°C.
Despite these challenges, the report identifies progress in transition-focused climate funds, which have seen assets rise nearly 20-fold to $590 billion since 2018. These funds are increasingly targeting high-emission sectors like utilities to accelerate decarbonisation. Publicly traded climate funds now account for almost 40% of all climate funds, with significant investments in transition-enabling sectors such as information technology and materials.
The findings suggest a growing recognition among investors of the need to finance hard-to-abate industries to achieve real-world emissions reductions. As climate funds continue to grow, they predominantly invest in US-listed companies, with a notable presence in Europe and APAC.
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Airwallex launches Yield in Singapore for smarter returns
Airwallex, a global fintech platform, has launched Airwallex Yield in Singapore, an investment fund management service designed to help businesses earn competitive returns on surplus funds. This development follows the approval of a Capital Markets Services (CMS) licence by the Monetary Authority of Singapore (MAS), allowing Airwallex to offer regulated investment solutions and custodial services through its Singapore entity, Airwallex Capital Singapore Pte Ltd.
Airwallex Yield enables businesses to maximise returns on their multi-currency funds by investing in highly rated money market funds, grow foreign currency balances without opening additional accounts, and maintain liquidity with no lock-up periods. The service allows businesses to move funds between cash balances and Yield accounts as needed. Fullerton Fund Management and Goldman Sachs Asset Management will manage the Singapore Dollar (SGD) and US Dollar (USD) solutions, respectively.
Arnold Chan, General Manager for Asia Pacific at Airwallex, expressed enthusiasm about the launch, stating, “Launching Airwallex Yield in Singapore is a significant milestone as we continue to innovate and empower businesses here to unlock new opportunities to thrive.”
Gary Harvey, Executive Director of Airwallex Capital Singapore, highlighted the importance of cash management, saying, “With Airwallex Yield, we are giving businesses a simple and flexible way to grow their idle funds.”
The launch in Singapore follows successful rollouts in Australia and Hong Kong, reinforcing Airwallex’s strategy to empower companies to grow faster and smarter.
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US ETF boosts stake in Singapore’s Rex International
American Century Investment has increased its stake in Rex International, a Singapore-listed company, through the Avantis International Small Cap Value ETF (AVDV ETF). This move, announced on 17 July, saw the Kansas City-based investment firm surpass the 5% substantial shareholder threshold, acquiring 2,436,200 shares at S$0.178 each. The AVDV ETF, which targets small-cap stocks in non-US developed markets, now holds 5.3% of Rex’s outstanding shares.
The AVDV ETF, with assets under management close to $11 billion, includes 30 Singapore-listed stocks. Yangzijiang Financial Holding is the largest Singapore weight in the ETF at 0.61%, followed by First Resources at 0.18%. Rex International accounts for 0.09% of the ETF’s portfolio. The ETF’s strategy focuses on stocks with low valuations and strong profitability to enhance expected returns.
The ETF’s inclusion of 30 Singapore stocks has seen a significant increase in their Average Daily Turnover (ADT) in 2025, rising to S$52.9 million from S$29.3 million in 2024. These stocks have delivered an average total return of 42% and a median total return of 25%.
The AVDV ETF’s investment approach evaluates companies based on financial metrics such as book value and cash flow, aiming to build a diversified portfolio adjusted for market capitalisation, value, and profitability. This strategic move highlights the growing interest in Singapore’s small-cap market, potentially influencing future investment trends.
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SIA Engineering downgrades after share price surge
SIA Engineering (SIE) has downgraded its stock rating from Add to Reduce following a significant 54% increase in its share price over the past three months. The company reported a net profit of $31.5 million (S$42.9 million) for the first quarter of FY26, exceeding expectations and representing a 29% increase quarter-on-quarter. This surge was attributed to a 36% rise in profits from its associates and joint ventures, particularly in engine and component maintenance.
Despite the positive earnings outlook, SIE’s operating profit fell slightly from $4.7 million (S$6.4 million) in the previous quarter to $3.7 million (S$5.1 million), due to start-up costs associated with its overseas expansion initiatives. These include new maintenance facilities in Malaysia and a joint venture in Cambodia, expected to commence operations later this year.
The company’s new contracts with Singapore Airlines (SIA) and Scoot, effective from 1 April 2025, are anticipated to boost manpower charge-out rates, aligning with rising labour costs. However, SIE remains cautious, expecting to fully realise these benefits in the second half of FY26, contingent on meeting performance metrics.
Whilst the medium-term outlook remains positive, the share price already reflects the current earnings trajectory. The company warns of potential derating catalysts, such as increased start-up and gestation losses, although there is an upside risk if performance metrics are met. The target price remains at $2.28 (S$3.10), with a current price of $2.46 (S$3.35), indicating a downside of 7.5%.
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