Industry News

Singlife Philippines has unveiled its latest insurance offering, Protect from Income Loss (Accidents), designed to provide Filipinos with a steady monthly income if they are unable to work due to an accident. Available through the Singlife Plan & Protect App, this plan aims to offer an affordable and accessible solution for families facing financial challenges following unexpected accidents.

The insurance plan distinguishes itself by offering monthly cash benefits rather than a one-time lump sum, mimicking a regular salary to help cover essential expenses. Policyholders can choose from coverage options of ₱20,000, ₱30,000, or ₱50,000 per month, with a cash bonus on the 36th month, potentially totalling up to ₱1.8 million in benefits. Premiums start at a budget-friendly ₱120 per month, with coverage commencing immediately upon purchase.

Lester Cruz, CEO of Singlife Philippines, emphasised the importance of this plan, stating, “For Filipino breadwinners, income isn’t just money—it’s food on the table, tuition, and tomorrow’s dreams. We created this plan to act like a salary that keeps coming in, even when you no longer can.”

The plan is fully digital, allowing customers to manage their policies, track transactions, and file claims through the app. Additionally, policyholders can benefit from the Super Boost Rewards Programme, earning up to 15% p.a. net interest, whilst maintaining an active policy earns 5% p.a. net interest.

This initiative reflects Singlife Philippines’ commitment to empowering Filipinos towards financial independence, providing real-world protection and financial growth opportunities.
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Citi has announced an expansion of its research division to include private companies, with a particular emphasis on the technology and artificial intelligence (AI) sectors. This strategic move aims to complement Citi’s existing public company research by providing insights into private firms, which are increasingly influential in today’s financial landscape.

Lucy Baldwin, Citi’s Head of Research, stated, “This investment and commitment underlines Citi’s focus on complementing our existing market leading public company research with access and commentary on private companies.” The initiative will be spearheaded by Heath Terry, a former executive at Goldman Sachs, who has joined Citi as Head of Technology and Communications Research.

The decision to expand into private company research reflects a broader shift towards private markets over the past decade. Citi plans to focus on approximately 100 large and influential private firms, primarily within the tech sector. The research will cover significant events such as product launches and customer acquisitions, employing fundamental research methods including direct engagement with stakeholders.

Citi’s approach will not include price targets or buy/sell recommendations for these private entities. Instead, the research aims to provide transparency and insights into how these firms might disrupt existing profit pools and which companies could emerge as market leaders.

This expansion comes as Citi continues to enhance its research capabilities, having recently been named Best Bank for Research by Euromoney. The initiative underscores the growing importance of private companies in shaping the future of various industries, particularly in technology and AI.
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Kuvings Singapore has launched its SG60 promotion to celebrate Singapore’s 60th National Day, offering customers special deals and exclusive gifts. Running from 25 July to 10 August, the promotion includes complimentary attachments and discounts for purchases made through the official Kuvings website.

Customers purchasing Kuvings juicers online will receive a free Ice Cream & Smoothie Maker attachment and a ceramic knife. Additionally, those submitting a photo review will be rewarded with a long-slot bread toaster, available whilst supplies last. New customers registering during the campaign will also benefit from extra discount vouchers.

The SG60 promotion is designed to appeal to health-conscious consumers looking to reduce sugar intake without compromising on taste. Kuvings is showcasing a range of innovative low-sugar juice recipes, utilising their advanced slow juicers to enhance nutrition and flavour.

With limited quantities available, Kuvings encourages customers to act swiftly to take advantage of these celebratory offers. The SG60 vouchers are accepted as a payment method on the Kuvings website, making it an opportune time for consumers to purchase the products they have been considering.

As Kuvings continues to cater to the growing demand for healthier lifestyle choices, this promotion not only marks a significant national milestone but also aligns with the brand’s commitment to providing premium kitchen appliances that support nutritious living.
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Singapore Airlines (SIA) has been downgraded to a “sell” recommendation by Maybank IBG Research following a significant drop in its first-quarter net profit for the financial year 2026. The airline reported a 58.8% year-on-year decline in net profit, amounting to $136 million (SGD186 million), which represents only 12% of the full-year forecasts by Maybank and other analysts. The downturn is attributed to reduced interest income and losses from associates, particularly Air India.

Maybank analyst Eric Ong noted that the airline’s share price has outpaced its fundamentals, leading to the downgrade. The target price has been adjusted to $4.93 (SGD6.75), down from $5.55 (SGD7.60), based on a price-to-book ratio of 1.25 times for FY26 estimates. Ong also highlighted the impact of rising non-fuel costs and a weaker cargo business on the company’s earnings, prompting a reduction in core earnings per share estimates by 25-29% for FY26-28.

The downgrade comes amidst a challenging environment for SIA, as it navigates increased operational costs and fluctuating demand in the aviation sector. The airline’s financial performance is under scrutiny as it attempts to balance cost management with strategic growth initiatives. The revised outlook suggests a cautious approach for investors, with Maybank advising a reassessment of SIA’s long-term prospects in light of current market conditions.
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Raffles Medical has been downgraded from ‘buy’ to ‘neutral’ by RHB, with a revised target price of S$1.10, reflecting a 3% upside. The downgrade comes despite expectations of a stronger second half of 2025, as the company’s current valuation already accounts for anticipated mid-teens profit growth. The first half of 2025 results met 47–48% of the full-year estimates, aligning with projections.

The decision to downgrade is influenced by the absence of special dividends or major mergers and acquisitions, which limits immediate growth catalysts. However, the long-term outlook remains positive, driven by steady revenue growth in Singapore and China, and progress towards EBITDA breakeven in China. The company’s ex-cash price-to-earnings ratio remains attractive, yet the valuation is comparable to regional peers.

Shekhar Jaiswal, an analyst at RHB, noted that whilst the company’s financial metrics are appealing, the lack of immediate catalysts necessitated the downgrade. The report highlights that the company’s valuation already reflects expected profit growth, suggesting limited room for further appreciation in the short term.

Raffles Medical’s strategic focus on expanding its healthcare partnerships in China and maintaining steady growth in its core markets supports its long-term prospects. However, investors may need to temper expectations for immediate returns, given the current market conditions and valuation levels.
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The Singapore Airlines (SIA) Group has announced a resilient operating profit of $405m for the first quarter of FY2025/26, despite facing a challenging operating environment. The Group’s financial results, released on 28 July 2025, highlight a robust demand for air travel, with Singapore Airlines and its low-cost subsidiary, Scoot, carrying a record 10.3 million passengers during the quarter.

Group revenue increased by 1.5% to $4.79b, driven by strong passenger demand, although passenger yields fell by 2.9% due to increased industry capacity. Despite this, the Group’s passenger load factor improved slightly to 87.6%. However, the net profit saw a significant decline of 59% to $186m, attributed to reduced interest income and losses from associated companies, including Air India.

The Group’s expenditure rose by 3.2% to $4.386b, primarily due to inflationary pressures on non-fuel costs. Whilst fuel costs decreased by 7.9% due to lower prices, this was offset by higher fuel volume and hedging losses.

SIA’s strategic initiatives include agreements with Neste and World Energy to acquire Sustainable Aviation Fuel (SAF), aiming to reduce carbon emissions by over 9,500 tonnes. Additionally, a proposed joint venture with Malaysia Airlines received conditional approval from the Competition and Consumer Commission of Singapore, promising enhanced connectivity and tourism benefits.

Looking ahead, SIA plans to expand its network, with Scoot launching new routes to Vietnam and Malaysia later this year. The Group remains committed to maintaining strong connectivity through Singapore, especially following the closure of Jetstar Asia.
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SATS Ltd., a global leader in gateway services, has announced the completion of Avilog Logistics Services Company’s strategic investment in SATS Saudi Arabia Company (SATS SA). Avilog, a joint venture between Albawardi Group and Al Muhaidib Group, has acquired a 49% stake in SATS SA, marking a significant step in enhancing Saudi Arabia’s aviation and logistics capabilities.

SATS SA operates a vital network of cargo handling operations across Dammam, Jeddah, and Riyadh, serving over 30 airlines. The partnership aims to expand SATS SA’s infrastructure, including a new cargo facility in Jeddah with a 300,000-tonne annual capacity, set for completion by Q1 2027. Avilog’s local expertise and infrastructure, combined with SATS’ industry knowledge, will enhance operational efficiencies and connectivity, meeting the Kingdom’s growing demand for air cargo services.

Isam Majid Al Muhaidib, Chairman of Avilog, stated, “This partnership is a defining step for Avilog as we focus on reshaping the logistics sector in Saudi Arabia.” Bob Chi, CEO Gateway Services Asia Pacific at SATS Ltd., added, “This collaboration strengthens our ability to create integrated logistics solutions that connect air cargo seamlessly with sea, rail, and road transportation across Saudi Arabia.”

The collaboration supports Vision 2030, aiming to position Saudi Arabia as a leader in logistics and air cargo handling. By integrating SATS’ global best practices with Avilog’s market knowledge, the partnership seeks to elevate air cargo handling standards and enhance customer value, contributing to the Kingdom’s ambitious transportation goals.
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CapitaLand Ascott Trust (CLAS) has reported a 6% increase in gross profit for the first half of 2025, reaching S$182.5m, alongside a 3% rise in revenue to S$398.5m. This growth is attributed to the trust’s robust operating performance, strategic portfolio reconstitution, and asset enhancement initiatives (AEIs). Revenue per available unit (REVPAU) also climbed by 3% to S$150, reflecting higher occupancy rates across key markets.

The trust’s total core distribution increased by 1% year-on-year to S$91.6m, maintaining a stable distribution per stapled security at 2.40 pence. CLAS Chairman Lui Chong Chee highlighted the trust’s resilience amidst global uncertainties, noting that 66% of gross profit was derived from stable income sources. “We continue to seek opportunities to reconstitute and enhance our portfolio,” he stated, emphasising the strategy of reinvesting proceeds from property divestments into higher-yielding acquisitions and AEIs.

Chief Executive Officer Serena Teo announced plans for three additional AEIs in 2025 and 2026, with a total capital expenditure of approximately S$205m. These initiatives aim to enhance property value and profitability in key gateway cities. The trust also acquired two hotels in Japan for JPY21b (S$178.5m), which Teo noted would more than compensate for income from previously divested properties.

Looking ahead, CLAS remains committed to strengthening its portfolio and positioning itself for future growth, supported by a strong financial position and strategic investments.
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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 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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