Industry News

NetLink NBN Trust, a key player in Singapore’s fibre network infrastructure, is maintaining a strong financial position despite market challenges, according to recent analyst reports from CGS International and DBS. Both reports, dated 16 May 2025, highlight NetLink’s resilience, with CGS International maintaining an “Add” rating and DBS a “Buy” rating, citing a target price of S$1.00 and S$0.98 respectively.

NetLink’s business model is underpinned by predictable revenue streams, which have helped it weather the impact of a lower interconnect rate in FY25. The company reported an EBITDA of S$288.1m for FY25, consistent with expectations despite a dip in non-residential connections. DBS notes that NetLink’s balance sheet remains robust, generating stable cash flows to support future capital expenditures and distributions.

Looking ahead, NetLink plans to focus on expanding its non-building address points and segment connections in FY26. The operationalisation of the Seletar Central Office is expected to contribute positively to the co-location segment. Additionally, NetLink’s gearing was reduced to 28.3% in March 2025, down from 30.6% in December 2024, indicating a decrease in capital expenditure for network upgrades in the coming fiscal year.

DBS anticipates a 1-2% annual increase in NetLink’s distribution per unit over the next few years, with the yield spread expected to narrow towards 250 basis points, reflecting the resilience of its distributions. This is supported by the Singapore Government’s 10-year bond yield of 2.6%, which implies a 330 basis point yield spread for NetLink, slightly above the four-year average.

In summary, NetLink’s strategic focus on infrastructure resilience and stable financial management positions it well for future growth, with analysts maintaining positive outlooks on its performance.
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Singapore-listed AEM Holdings Ltd has announced a collaboration with Intel Foundry to broaden access to their established System-Level Test (SLT) and Burn-In capabilities, specifically designed for advanced computing devices. This partnership aims to cater to Intel Foundry’s customer base, addressing the growing complexity of chips used in high-performance computing (HPC) and artificial intelligence (AI) applications. The collaboration promises to enhance test coverage whilst reducing the total cost of testing.

The partnership leverages decades of collaboration between AEM and Intel Foundry, resulting in one of the most comprehensive SLT and Burn-In ecosystems. These tests, conducted after the advanced package assembly process, ensure that chips meet reliability and performance standards in real-world environments, thereby reducing field failures and improving product quality. The collaboration offers precise thermal control and validation capabilities for next-generation devices, supporting power specifications exceeding 2,000 watts and package sizes over 200mm x 200mm.

AEM’s contribution includes device-specific configurable test units, advanced handlers, and consumables, along with software and application support for customer native boards. This integrated approach complements Intel Foundry’s suite of services, which includes factory automation, adaptive test data management, and turnkey Burn-In Board solutions.

Key benefits for customers include faster time-to-market, lower capital expenditure, and a US-based engineering and production ecosystem. “With chiplet-based architectures redefining integration and performance expectations, our open SLT and Burn-In ecosystem provides semiconductor manufacturers with a fast, scalable path to high-quality production,” said Mark Gardner, Vice President of Intel Foundry Services Package and Test Business Group.

Amy Leong, CEO of AEM Holdings, highlighted the collaboration’s potential to reduce capital costs and accelerate qualification, stating, “Together with Intel Foundry, we’re enabling customers to benefit from deep engineering collaboration that drives product success.”
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Sephora has announced an exclusive partnership with renowned make-up artist Mario Dedivanovic, marking 25 years of his artistry career, which began at Sephora. This collaboration will focus on co-created artistry content and unique in-person masterclasses, aimed at engaging the beauty community in Asia and worldwide. The initiative aligns with Sephora’s commitment to fostering inclusive beauty and supporting brands in their global growth.

The collaboration comes at a time when beauty consumers are increasingly seeking high-quality products and deeper connections with brands that resonate with their personal values. Jenny Cheah, Managing Director for Southeast Asia, Oceania, and India, noted, “We are excited to collaborate with Makeup By Mario to create exclusive content and tutorials that will inspire our community of beauty enthusiasts across the region.”

Mario Dedivanovic, who began his career at Sephora as a fragrance consultant, has grown into an internationally acclaimed make-up artist and founder of his own brand, Makeup By Mario. Reflecting on the partnership, Dedivanovic stated, “Sephora has been integral to my growth as a make-up artist and brand founder. I look forward to sharing my signature techniques with the world.”

The collaboration will feature an international masterclass tour, starting in Hamburg, Germany, on 21 May, followed by London on 9 June, and concluding in the US in September. These masterclasses will offer attendees insights into Dedivanovic’s techniques and vision for the future of beauty, providing a unique opportunity to learn from one of the industry’s leading figures.
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StraitsX, Southeast Asia’s leading digital payment infrastructure provider, has announced the launch of its Singapore dollar-backed stablecoin, XSGD, on the XRP Ledger (XRPL), a decentralised blockchain. This marks the first phase of a strategic collaboration with Ripple, aiming to accelerate the adoption of regulated stablecoins in institutional-grade financial ecosystems.

The integration of XSGD on XRPL allows developers, fintechs, and financial institutions to utilise a programmable, fully regulated digital Singapore dollar for real-time cross-border payments and on-chain settlements. The XRPL’s efficient infrastructure supports these operations, enhancing the utility of XSGD in financial flows.

With cross-border commerce in Asia projected to exceed $4t by 2030, the demand for fast and trusted settlement infrastructure is rising. XSGD, issued by a Major Payment Institution licensed by the Monetary Authority of Singapore and backed 1:1 by reserves with DBS Bank and Standard Chartered, offers trust and utility. Users can mint, redeem, and integrate XSGD into decentralised applications and wallets via the StraitsX platform.

Liu Tianwei, Co-Founder and Deputy CEO at StraitsX, stated, “The availability of XSGD on the XRP Ledger is more than a deployment. It’s a marker of where financial infrastructure is heading.”

The XRPL launch is the first in a series of deployments under the StraitsX-Ripple collaboration. A second phase, set for June 2025, will focus on institutional use, enabling programmable payouts and compliance-ready integrations. This initiative aims to bridge digital assets’ speed and flexibility with the regulatory needs of businesses and financial institutions.

The expansion to XRPL strengthens StraitsX’s cross-chain capabilities, advancing its mission to enable SGD-denominated payments across diverse infrastructures. XSGD is already available on multiple platforms, including Arbitrum and Ethereum, further supporting its role in the digital economy.
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RHB has reiterated its overweight stance on Singapore Real Estate Investment Trusts (S-REITs), citing softer interest cost pressures and robust operational numbers as key positives. The financial results for S-REITs have largely met expectations, with a cautiously optimistic outlook despite moderating figures. The report, released on 20 May 2025, identifies CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, Frasers Centrepoint Trust, Keppel REIT, and AIMS APAC REIT as top picks.

The report notes that uncertainties from US tariffs remain a risk, but sector valuations are considered benign, presenting favourable medium-term risk-reward scenarios. Analyst Vijay Natarajan emphasised the importance of these factors in maintaining the overweight recommendation.

The focus on Singapore-centric REITs is due to their resilience in the face of global economic challenges. The report suggests that the softer interest costs will help these REITs maintain strong operational performance, which is crucial for investors seeking stable returns.

In addition to the REITs sector, the report also covers other investment areas, including data centres and sustainable plantations. The broader market strategy includes insights from the ASEAN Investment Conference 2025, highlighting regional investment opportunities.

Looking ahead, RHB’s analysis suggests that whilst challenges persist, the strategic positioning of S-REITs and their operational strengths make them a compelling investment choice. The report underscores the potential for continued growth and stability in the sector, driven by favourable economic conditions and strategic asset management.
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Moove Media Pte Ltd, the advertising arm of ComfortDelGro, has been awarded the Land Transport Authority’s tender to manage advertisements on public buses, terminals, and interchanges throughout Singapore. Starting 1 November 2025, this seven-year contract establishes Moove Media as the sole operator for bus advertising in the country, significantly enhancing its position in the Out-of-Home advertising sector.

The contract marks a substantial expansion of Moove Media’s advertising inventory, increasing from 4,500 to approximately 5,800 buses and from 20 to 28 bus interchanges. This growth offers advertisers a broader reach and more unified access to a diverse audience across the island. In addition to buses, Moove Media’s offerings include advertising in 52 rail stations on the Downtown and North East Lines, as well as on taxis and transport hubs.

Jeffrey Kwek, CEO of Moove Media, expressed enthusiasm about the opportunity, stating, “We are honoured to be entrusted with the responsibility of managing advertising across Singapore’s public bus network. With the expanded inventory, we are excited to offer advertisers an unparalleled opportunity to connect with a wide and diverse audience whilst delivering impactful, creative and effective campaigns.”

This development complements Moove Media’s unique offerings, including both 2D and 3D advertising formats on buses, providing brands with a distinctive platform for high-impact storytelling. As the only Out-of-Home advertising company in Singapore with such capabilities, Moove Media continues to innovate in the advertising landscape.

The new contract not only strengthens Moove Media’s market presence but also promises to deliver more creative and effective advertising solutions for businesses aiming to engage with Singapore’s commuting public.
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DFI Retail Group Holdings Limited has released its Interim Management Statement for the first quarter of 2025, revealing a mixed performance amidst global economic uncertainties. The Group’s underlying subsidiary sales were 1% lower than the same period in 2024, with strong results in the Health and Beauty segment offset by weaker performance in other divisions. Despite these challenges, the Group reported a 28% increase in underlying profit, excluding divestments, compared to the previous year.

The Health and Beauty division experienced a 4% year-on-year increase in like-for-like (LFL) sales, driven by successful promotional campaigns and the introduction of a loyalty programme in Malaysia. Conversely, the Convenience division saw a 6% decline in LFL sales due to a cigarette tax increase in Hong Kong. The Food division’s LFL sales were slightly below the previous year, although profitability improved by 14% year-on-year.

DFI Retail Group continues to focus on high-growth, high-margin businesses, recently announcing the divestment of its Singapore Food business for approximately $93m. This move aligns with the Group’s strategy to strengthen its balance sheet and invest in growth areas such as Guardian and 7-Eleven in Singapore.

Looking ahead, the Group remains committed to expanding its market share through a robust value proposition and enhanced omnichannel presence. It maintains its full-year profit guidance of between $230m and $270m, supported by an anticipated 2% organic revenue growth.
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Singapore and the Netherlands celebrated 60 years of diplomatic relations at an event held on 19 May 2025 at the Fullerton Bay Hotel. The event, attended by Minister-in-Charge of Trade Relations Grace Fu and Dutch Minister of Economic Affairs Dirk Beljaarts, underscored the enduring partnership between the two nations, rooted in shared values and a commitment to open, rules-based trade.

The relationship between Singapore and the Netherlands has been pivotal, with Dutch economist Dr Albert Winsemius playing a significant role in Singapore’s early industrialisation. Dutch companies like Shell and Philips have had a longstanding presence in Singapore, with Shell establishing its first oil refinery in 1961 and Philips setting up manufacturing facilities in 1968.

Today, the economic partnership has expanded significantly. Major Dutch companies such as Heineken, FrieslandCampina, and DSM-Firmenich have regional headquarters in Singapore, whilst Singaporean firms like Olam and Keppel have operations in the Netherlands. The Netherlands is Singapore’s second-largest EU investor and investment destination within the EU.

Looking forward, both nations are enhancing collaboration in sustainability, digitalisation, and innovation. Initiatives such as the Singapore – Rotterdam Green and Digital Shipping Corridor and the Global Innovation Alliance nodes in Amsterdam and Eindhoven highlight their shared ambition to pioneer solutions in sustainable shipping and advanced manufacturing. The Netherlands’ participation in Semicon Southeast Asia further exemplifies the ongoing commitment to innovation.

The event symbolised the dynamic partnership between Singapore and the Netherlands, with both countries eager to build on their strong foundation for future prosperity.
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NetLink NBN Trust has announced its financial results for the fiscal year 2025, revealing a stable EBITDA of S$288.1m, consistent with the previous year. The trust’s performance was in line with expectations, despite facing challenges from a lower interconnect rate throughout the year. The distribution per unit (DPU) increased by 1.1% year-on-year to 5.36 Singapore cents, meeting market expectations.

The trust’s yield remains largely insulated from broader economic uncertainties, maintaining a 6% yield. DBS Group Research recommended a “BUY” with an unchanged target price of S$0.98, citing the current yield spread of 330 basis points, which is higher than its four-year average of 319 basis points. This spread is expected to support an increase in the share price.

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StarHub has signed a Memorandum of Understanding (MOU) with Trends and Technologies, Inc., a leading systems integrator in the Philippines, to bolster digital transformation efforts for businesses in the region. This collaboration is part of StarHub’s strategy to expand its enterprise presence across Asia through impactful local partnerships.

The partnership will integrate StarHub’s Modern Digital Infrastructure platform, powered by Cloud Infinity, with Trends’ expertise in cybersecurity and systems integration. This combination aims to provide secure, resilient, and scalable solutions to businesses in the Philippines, enhancing user experiences and supporting business continuity. “This partnership reflects our commitment to meeting enterprises and citizens where they are, with solutions that are secure, scalable, and built to deliver real results,” said Tan Kit Yong, Head of Enterprise Business Group at StarHub.

Hasan Fard, Chairman and CEO of Trends, added, “By combining our deep expertise and capabilities in cybersecurity, managed services, and technology-enabled business services with StarHub’s modern digital infrastructure solutions, we’re creating a powerful partnership that helps businesses in the Philippines simplify operations, strengthen digital foundations, and grow with confidence in a fast-evolving landscape.”

The collaboration will focus on delivering practical innovation through a unified go-to-market strategy, including co-developed bundled offerings and coordinated sales and marketing efforts. This initiative aims to make innovation more accessible and practical for businesses, ensuring they can adapt to a rapidly changing market with confidence.
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