Industry News

RHB has released its 15th edition of the Singapore Small Cap Jewels, spotlighting 20 high-conviction small-cap stocks for 2025.

This year’s selection, unveiled on 14 May, emphasises sectors such as construction, consumer, and industrial, which are deemed well-positioned for structural growth amidst global trade uncertainties.

Over 60% of the chosen stocks are new, reflecting a strategic pivot towards domestically driven sectors.

The report, compiled using a rigorous combination of top-down and bottom-up approaches, aims to identify companies with strong fundamentals and compelling growth potential. “We remain committed to uncovering quality small-cap opportunities for long-term investors,” stated RHB in their announcement.

The 2025 edition follows the previous year’s report, which also highlighted 20 promising small-cap companies. This year’s focus on construction, consumer, and industrial sectors aligns with RHB’s belief in their potential for structural growth, driven by domestic factors.

In addition to the small-cap report, RHB’s recent publications include insights into sustainable practices in Johor’s plantations and strategies from the ASEAN Investment Conference 2025. These reports underscore RHB’s commitment to providing comprehensive market analysis and investment strategies.

Looking ahead, RHB’s focus on small-cap companies and sustainable investment practices suggests a continued emphasis on sectors poised for growth and resilience in the face of global economic challenges.
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IREIT Global Group Pte. Ltd., as manager of IREIT Global, has announced the pricing of S$85m in green notes, set to mature in 2028. Issued under a US$1b Multicurrency Debt Issuance Programme, these notes will bear a fixed interest rate of 6% per annum, payable semi-annually. The issuance, managed by DBS Trustee Limited, is scheduled for 22 May 2025, with the notes expected to be listed on the Singapore Exchange on 23 May 2025.

The proceeds from the Series 001 Notes will finance the repositioning of the Berlin Campus into a multi-let and mixed-use property, known as Project RE:O. This project aims to achieve a minimum Leadership in Energy and Environmental Design (LEED) Gold certification, aligning with IREIT’s Green Financing Framework. DBS Bank Ltd. serves as the sole green structuring adviser, whilst S&P Global Ratings has provided a second-party opinion on the framework.

Tikehau Capital, a joint sponsor and controlling unitholder of IREIT, will subscribe to approximately 13.8% of the Series 001 Notes. The offering is directed at institutional and accredited investors in Singapore, as well as investors outside the US, under Regulation S of the US Securities Act of 1933.

The issuance underscores IREIT’s commitment to sustainable development, with Project RE:O set to enhance the environmental credentials of the Berlin Campus. The listing on the Singapore Exchange will provide liquidity and visibility for the green notes, further supporting IREIT’s strategic objectives.
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Southeast Asian stem cell leader, Medeze, has announced a voluntary conditional cash partial offer to acquire a 10% stake in Singapore-listed Cordlife Group Limited.

The offer, priced at S$0.25 per share, represents a 61.3% premium over Cordlife’s last traded price on 9 May 2025.

This strategic move marks Medeze’s entry into the Singapore market, aiming to explore long-term collaborations with Cordlife.

Medeze, through its subsidiary Medeze Treasury Pte Ltd, seeks to acquire 25,630,774 shares of Cordlife, a company known for its cord blood banking services.

The offer is contingent upon receiving valid acceptances for the full 10% stake. Medeze views this as an opportunity to enhance its market presence and explore synergies with Cordlife, potentially offering complementary services to each other’s customers.

The offer provides Cordlife shareholders with a chance to exit at a premium, especially considering the shares have been thinly traded in recent years.

Medeze’s CEO, Dr Veerapol Khemarangsan, emphasised the company’s commitment to creating long-term value and fostering constructive partnerships with Cordlife’s existing shareholders and management.

Medeze, recognised as the Southeast Asia Stem Cell Banking Company of the Year by Frost & Sullivan, has seen significant growth, with revenues reaching $24.3m (THB 874.3m). The company plans to leverage its expertise and resources to drive sustainable value creation for both Medeze and Cordlife, potentially expanding their services internationally.
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The Ascott Limited, a subsidiary of CapitaLand Investment, is set to open more than 300 new properties by 2028, creating over 12,000 jobs globally.

To support this expansion, Ascott has introduced Ascott Accelerate, a talent management programme designed to fast-track associates into leadership roles. This initiative is complemented by a digital learning platform offering flexible development opportunities.

Ascott Accelerate is part of the Ascott Global Academy for Excellence, launched in 2024, which aims to build a future-ready workforce.

The programme features three career development tracks: Aim, Advance, and Aspire, each tailored to different leadership levels.

The digital platform will provide associates with access to tailored content across various operational areas, enabling them to develop skills at their own pace.

The initiative reflects Ascott’s commitment to nurturing talent as it diversifies its portfolio, which includes serviced residences, hotels, and branded residences.

“Our vision is to be the preferred hospitality company,” said Lee Ngor Houai, COO for EMEA, South Asia, and China. “We remain deeply committed to developing our people.”

Wong Kar Ling, Chief Strategy Officer, added, “Ascott Accelerate will shape the next generation of hospitality leaders, equipping them with the capabilities to drive our continued success.”

Ascott’s global footprint currently spans over 990 properties in more than 230 cities. The company continues to expand its presence through a multi-typology brand strategy, with Malaysia playing a key role in this growth.
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BRC Asia Limited, a leading steel reinforcement solutions provider in Singapore, has reported a 9% year-on-year increase in net profit, reaching S$42.1m for the first half of the financial year 2025. This growth comes despite a 6% decline in revenue to S$715.6m, primarily attributed to a drop in steel prices, whilst delivery tonnage remained stable.

The company’s gross profit fell by 10% to S$67.4m, impacted by a S$7.7m provision for onerous contracts, contrasting with a reversal of S$3.1m in the previous year. Nevertheless, BRC Asia’s operating profit rose by 8% to S$51m, supported by a significant increase in other income, which climbed to S$7.1m from S$2.2m the previous year. This was largely due to a net foreign exchange gain and fair value changes in derivatives.

Operating expenses decreased by 16% to S$23.8m, driven by lower finance costs and other operating expenses, although distribution and administrative expenses saw an uptick. The company has proposed an interim dividend of 6 Singapore cents per share, representing a 39% payout ratio and a 1.9% dividend yield.

Seah Kiin Peng, Executive Director and CEO of BRC Asia, expressed confidence in the resilience of Singapore’s construction sector, citing strategic government initiatives and a robust domestic project pipeline. The company’s sales order book stands strong at S$1.5b as of 31 March 2025, underscoring its stable market position amidst global economic challenges.

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Cboe Global Markets, the world’s leading derivatives and securities exchange network, has announced the expansion of its Data Vantage sales team in the Asia Pacific region with the appointment of Junichi Nakagawa and Samuel Zou as Sales Directors.

Nakagawa, based in Japan, will focus on market data sales, whilst Zou, stationed in Singapore, will lead the growth of analytics and indices businesses.

This strategic move aims to address the increasing demand from Asia Pacific investors for Cboe’s data services, as they seek greater access to US and European markets.

The expansion is part of Cboe’s ongoing global growth strategy for its Data Vantage business, which leverages its extensive network of 27 markets across five asset classes. During Q1 2025, 55% of Data Vantage’s new data sales originated from clients outside the US, underscoring the international appeal of its offerings. Additionally, Cboe has received regulatory approval to sell its market data in China, further highlighting its commitment to global expansion.

Adam Inzirillo, Global Head of Cboe Data Vantage, stated, “We continue to see strong demand from Asia Pacific investors for Cboe’s Data Vantage products as they seek enhanced access and exposure to global markets.” He added that the addition of Nakagawa and Zou will help build on this momentum and emphasise the region’s significance to Cboe’s growth.

Cboe’s market data is accessible through multiple channels, including Cboe Global Cloud, which offers real-time data with reduced infrastructure costs. The company also plans to expand its US equities market data distribution for Asia Pacific and European customers, recognising the importance of real-time pricing in trading strategies. As Cboe continues to enhance its global presence, these developments are expected to strengthen its trading ecosystem and unlock new opportunities for investors worldwide.
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United Hampshire US REIT Management Pte. Ltd. has announced a slight decline in its financial performance for the first quarter of 2025, following the divestment of properties in Hudson Valley Plaza and Albany Supermarket. The REIT reported a 2% year-on-year decrease in gross revenue to $18.1m and an 8.4% drop in net property income to $11.7m for the quarter ending 31 March 2025. Distributable income also saw a minor decline of 1.4% year-on-year, totalling $6.3m.

Excluding the impact of these divestments, UHREIT’s gross revenue actually increased by 3.2%, whilst net property income saw a slight decrease of 1.5%. This performance was bolstered by rental income from new tenants, such as Dick’s Sporting Goods at Upland Square and Trader Joe’s at Lynncroft Centre, alongside rental escalations from existing leases.

Gerard Yuen, CEO of the Manager, highlighted the REIT’s strong operational performance, attributing it to proactive portfolio management and a resilient tenant base. “The divestments have reduced our gearing and provided ample headroom for potentially accretive acquisitions,” he stated.

The REIT’s Grocery & Necessity portfolio boasts a high committed occupancy of 97.2% and a long weighted average lease expiry of 7.8 years. With minimal lease rollover expected in the coming years, UHREIT is well-positioned for stability and growth. Additionally, its self-storage occupancy remains robust at 93.6%, and the REIT’s low net aggregate leverage of 36.8% offers room for future acquisitions.

Looking ahead, UHREIT plans to continue strengthening its income streams and balance sheet through asset enhancement, development initiatives, and strategic acquisitions.

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The luxury non-landed homes market in Singapore experienced a robust start in the first quarter of 2025, with 72 units sold, marking the highest sales in two years, according to Huttons Asia’s Prestige Report. This represents a 63.6% increase quarter-on-quarter and a 35.8% rise year-on-year. The total value of these transactions reached $611.4m, a 64.2% increase from the previous quarter.

Foreigners and permanent residents (PRs) accounted for 12 of the 17 transactions valued at $10m or more, signalling a return to pre-cooling measures interest levels last seen in Q1 2023. Notable sales included two units at 32 Gilstead purchased by foreigners, and a penthouse at Park Nova acquired by a PR.

The Good Class Bungalows (GCBs) market also saw significant activity, with a total sales value of $103.8m in Q1 2025, despite being 12.3% lower than the previous year. The deal sizes, however, were larger, with a notable transaction in Cluny Hill reaching $58m.

Looking ahead, the market is expected to stabilise in Q2 2025, partly due to recent US tariff announcements. Nonetheless, the launch of new luxury projects, such as 21 Anderson, which sold three units for over $60m in April, reflects ongoing confidence in Singapore’s ultra-luxury market. Mark Yip, CEO of Huttons Asia, noted that this confidence underscores Singapore’s status as a safe haven for ultra-high-net-worth individuals.

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WM Senibong Sdn Bhd has announced that its Kew Green 1 project in Iskandar Puteri, Johor Bahru West, has achieved a 100% take-up rate within just three months of its launch in December 2024. This marks a significant milestone for the developer, as Kew Green 1 is the first precinct in The Kews, a 38-acre masterplanned community.

Kew Green 1 comprises 171 units of two- and three-storey designer link homes, named Pine, Fir, and Elm, with prices ranging from $233,000 (RM1.1m) to $445,000 (RM2.1m).

Located within Leisure Farm and just 10 minutes from Singapore via the Tuas Second Link, the development offers a blend of connectivity, comfort, and luxury living. The homes are certified with a GreenRE Gold Rating, reflecting a commitment to environmental leadership and innovative design.

The development features a private clubhouse and a variety of amenities, including indoor and outdoor gyms, a rooftop garden, and a recreational lake park. These facilities aim to promote a healthy lifestyle and community engagement. The location also provides easy access to key amenities such as Senibong Golf Club, Educity, and Gleneagles Medini.

CK Quay, CEO of WM Senibong, stated, “Our new homeowners are captivated by the eco-luxurious design where distinctive architecture and nature blend seamlessly.” The success of Kew Green 1 highlights the growing demand for luxury living in Iskandar Puteri, driven by regional developments like the upcoming RTS and SEZ.

Looking ahead, WM Senibong plans to launch the second phase, Kew Green 2, in August 2025, featuring 160 units of semi-detached houses and cluster homes, with prices expected to range from $296,000 (RM1.4m) to $803,000 (RM3.8m).
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VCI Global Limited, a diversified holding company, has announced a remarkable 41% increase in revenue for the financial year ending 31 December 2024, reaching $278m. This growth was largely fuelled by strong performances in its capital market consultancy, technology, and fintech segments. The company’s gross profit also rose by 39% to $229m, reflecting effective cost management and strategic expansion.

The technology development solutions and consultancy segment saw a significant 155% increase in revenue, amounting to $114m, supported by a robust 79% gross profit margin. This growth highlights VCI Global’s scalability and momentum in the sector. The company is also advancing its cross-sector platform strategy, integrating AI infrastructure, Cybersecurity-as-a-Service, fintech solutions, and renewable energy assets.

Key milestones for 2025 include the planned public listing of V Capital Consulting Group Limited, VCI Global’s consulting arm, and the expansion of AI-as-a-Service and Cybersecurity-as-a-Service through V Gallant Sdn Bhd. Additionally, the company aims to enhance its fintech infrastructure and roll out solar energy initiatives to support the digital economy.

Group Executive Chairman and CEO, Dato Victor Hoo, stated, “Our strong performance reflects bold strategic execution across high-growth sectors where we see sustained demand.” The company also reported a net income of $76m for 2024, up from $72m in 2023, and a significant increase in cash and cash equivalents to $81m by the end of the year.

VCI Global’s strategic office expansions into Singapore and Hong Kong are set to bolster its cybersecurity services and deepen its capital market presence in Greater China, positioning the company for continued growth and value creation for shareholders.

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