Industry News

RHB Bank’s latest Global Economics and Market Strategy Report, led by Acting Group Chief Economist Barnabas Gan, projects a cautiously optimistic outlook for Singapore’s manufacturing sector in 2025. The report maintains a full-year industrial production (IP) forecast of 3% and a gross domestic product (GDP) growth rate of 3%, supported by a robust global and domestic economic landscape. However, uncertainties surrounding US trade policies pose potential risks to this outlook.

In January, Singapore’s manufacturing sector showed promising growth, with a year-on-year (YoY) increase of 9.1%, up from December’s 5.2% YoY. This performance closely aligns with RHB’s estimate of 9% YoY and matches the Bloomberg consensus estimate of 9.1% YoY.

Gan emphasised the importance of monitoring external factors, particularly US trade policies, which could impact Singapore’s manufacturing and trade activities in the coming year. Despite these concerns, the overall sentiment remains positive, with expectations of continued growth driven by both global and domestic economic conditions.

The report highlights the significance of Singapore’s manufacturing sector as a key driver of economic growth, underscoring the need for vigilance in navigating potential challenges. As the year progresses, stakeholders will be closely watching developments in international trade policies and their implications for Singapore’s economy.
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Singapore’s industrial production (IP) experienced a notable increase in January, rising 9.1% year-on-year (YoY), according to a report by UOB Global Economics and Markets Research. This growth was primarily driven by a significant surge in semiconductor and pharmaceutical outputs, which rose by 17.9% YoY and 33.6% YoY respectively. The January figures mark a recovery from a revised 5.4% YoY contraction in December.

The report highlights the potential for biomedical output to grow in 2025, following three consecutive years of contraction. This anticipated growth is attributed to Singapore’s continued success in attracting high-quality investments in the biopharma, medical technology, and precision medicine sectors, as noted in the Economic Development Board’s Year 2024 review.

Despite the positive start to 2025, UOB cautions that the manufacturing sector may face challenges in the latter half of the year. The report suggests that the initial benefits of front-loading production in anticipation of tariff escalations might be offset by less favourable base effects, potentially leading to weaker year-on-year IP readings in the second half of 2025.

Furthermore, the electronics export cycle in South Korea and Taiwan, which serves as a regional indicator, peaked in the third quarter of 2024. UOB believes that Singapore’s electronics non-oil domestic exports (NODX) growth similarly peaked in late 2024, although further data is needed to confirm this trend.

In summary, whilst Singapore’s industrial production shows promising growth at the start of 2025, potential challenges loom as the year progresses, particularly in the electronics sector.
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Maybank has announced a 7.9% increase in net profit, reaching a record RM10.09b for the financial year ending 31 December 2024. The growth was supported by a 9.3% rise in profit before tax (PBT) to RM13.70b, attributed to robust operating income and improved net impairment provisions.

The bank’s net operating income rose by 8.1% to RM29.57b, bolstered by a significant 22.6% increase in non-interest income, which was driven by wealth management, investment banking, and insurance sectors. Net fund-based income also saw a modest growth of 2.0% to RM19.69b, with a 5.3% year-on-year increase in group loans across Malaysia, Singapore, and Indonesia.

Maybank’s President and Group CEO, Khairussaleh Ramli, highlighted the success of the M25+ strategy, stating, “We continue to see good traction across our core businesses, collectively strengthening our topline growth.” The bank’s focus on customer relationships and segmental approaches has further reinforced its market position.

The bank declared a full cash second interim dividend of 32 sen per share, contributing to a total dividend of 61 sen per share for the year, translating to a payout ratio of 73.0%. This exceeds Maybank’s minimum dividend policy of 40%, offering a strong dividend yield of 6.0%.

Looking forward, Maybank aims to conclude its M25+ strategy on a strong note in FY25, coinciding with Malaysia’s chairmanship of ASEAN. The bank is committed to delivering exceptional value and advancing its sustainability initiatives, having already exceeded its FY24 targets in sustainable finance and social impact programmes.
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PMG Healthcare Group has announced a RM74m strategic investment deal with Singapore-based Ikhlas Capital, aimed at expanding healthcare services in Sarawak and across Malaysia. Founded in 2012 in Sarikei, Sarawak, PMG has grown to become the largest integrated primary healthcare provider in East Malaysia, operating 152 community pharmacies, 28 medical clinics, and eight dental clinics nationwide.

The partnership with Ikhlas Capital, an ASEAN private equity fund manager, is set to bolster PMG’s mission of providing high-quality and accessible primary healthcare. Dr. Chieng King Chong, Executive Chairman of PMG Healthcare Group, stated, “This collaboration will empower us to expand our successful integrated healthcare services model nationwide, upgrade our facilities, implement innovative technologies, and make treatments more affordable through effective procurement strategies.”

Ikhlas Capital Chairman TS Nazir Razak emphasised the alignment of values between the two organisations, noting, “PMG Healthcare is not just a financial investment. We see ourselves as allies in PMG’s mission to shape the future of the healthcare industry and to deliver exceptional care to those who need it the most.”

The Sarawak government has expressed optimism about the partnership’s potential to fill gaps in primary and preventive care. Deputy Premier and Minister for Public Health, Housing and Local Government, Datuk Amar Prof. Dr. Sim Kui Hian, remarked that the collaboration aligns with the state’s healthcare aspirations.

This strategic investment is expected to enhance PMG’s capacity to deliver both physical and digital healthcare services, ultimately contributing to the transformation of Malaysia’s healthcare delivery ecosystem.
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Schneider Electric, a leader in energy management and automation, has announced a strategic partnership with CPG Corporation to advance the decarbonisation of Singapore’s built environment. The memorandum of understanding (MOU) was exchanged during Schneider Electric’s 2025 Singapore Innovation Day, attended by CPG Corporation’s President and Group CEO, Tan Shao Yen, and Schneider Electric’s Cluster President for Singapore and Brunei, Yoon Young Kim.

The collaboration will focus on developing energy-efficient solutions for sectors such as data centres and healthcare, leveraging both companies’ expertise in digital tools and sustainable design. Tan Shao Yen highlighted the importance of cross-sector collaboration, stating, “Effectively addressing the climate crisis demands innovative, scalable solutions for a net-zero world.”

The partnership aligns with the theme of this year’s Innovation Day, “Scaling Up for a Net Zero Singapore,” and underscores the role of industry leaders in supporting Singapore’s sustainability goals. Yoon Young Kim remarked, “This strategic partnership builds upon our joint vision for a net-zero future by accelerating decarbonisation efforts in the built environment sector.”

As part of the MOU, Schneider Electric and CPG Corporation will explore new business opportunities, including cross-support on tenders and carbon advisory services. They will also develop a white paper to advance industry insights and propose energy-efficient solutions for at least two projects in data centres and healthcare.

This collaboration marks a significant step towards creating a greener, more resilient urban landscape in Singapore, with both companies committed to driving sustainable solutions across various sectors.
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Internationally acclaimed chef Rose Ang is set to lead DOMO Modern Japanese at Fairmont Singapore, marking her return to the city-state after a 29-year global culinary journey. Known for her innovative approach, Ang has been instrumental in setting up popular restaurants across Europe, including a six-year tenure with the NOBU Group, where she launched outlets in Greece, Germany, Italy, and Switzerland.

DOMO, a collaboration with Asia Grand Restaurant, will showcase Ang’s unique blend of traditional Japanese and contemporary European cuisine. The restaurant will feature Japanese robatayaki, a grilling technique using hot charcoal, infused with modern European creativity. Ang’s focus on fresh, quality ingredients and the natural umami flavours of Japanese cuisine promises a distinctive dining experience.

The media is invited to a tasting event at DOMO on 4 March and 12 March 2025, offering a preview of the culinary artistry that Ang brings to the table. DOMO aims to elevate the dining experience by combining the exceptional freshness of seafood with the rich flavours of premium meats, all expertly grilled over binchotan charcoal.

DOMO’s opening at Fairmont Singapore represents a significant addition to the city’s dining scene, blending culinary traditions with modern innovation. As Ang takes the helm, her return is anticipated to bring a fresh perspective to Singapore’s vibrant culinary landscape.
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Singapore faced a significant financial setback in 2024, with over $800m (S$1.1b) lost to scams, as reported by the Singapore Police Force. The alarming rise in cybercrime saw phishing scams increase by 69% compared to 2023, totalling nearly 6,000 cases. Overall, scam and cybercrime incidents rose by 10.8% to 55,810 cases, up from 50,376 in the previous year.

Darren Guccione, CEO and Co-Founder of Keeper Security, emphasised the growing threat posed by cybercriminals who are exploiting digital transactions and cloud services. “As businesses and individuals increasingly rely on digital transactions and cloud-based services, attackers are leveraging AI-driven scams and social engineering to exploit human vulnerabilities,” he stated. Guccione warned that without proper awareness and security measures, compromised credentials could lead to severe consequences, including financial fraud and data breaches.

To combat these threats, Guccione recommends several strategies for both organisations and individuals. These include implementing strong authentication, least-privilege access controls, and enterprise password management solutions. Regular cybersecurity awareness training is also crucial to help recognise phishing attempts and credential-harvesting schemes.

For individuals, using strong, unique passwords and enabling Multi-Factor Authentication (MFA) across all accounts is advised. Guccione also urged caution regarding unsolicited messages, particularly those requesting urgent action or financial transactions. Whilst initiatives like ScamShield offer additional protection, vigilance and securing personal accounts remain the best defence against online threats.

The report underscores the urgent need for enhanced cybersecurity measures to protect against the evolving tactics of cybercriminals.
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Singapore’s manufacturing sector experienced a notable increase in January 2025, with output rising by 4.5% on a seasonally adjusted month-on-month basis.

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Transcelestial, in collaboration with Singapore’s Office for Space Technology and Industry (OSTIn) and ST Engineering Satellite Systems, is set to launch Singapore’s first intersatellite laser communications mission. This groundbreaking initiative aims to revolutionise data exchange in Low Earth Orbit (LEO) by using laser communication terminals, which promise faster and interference-free data transfer compared to traditional radio frequency methods.

The project, supported by OSTIn, will see Transcelestial’s laser terminals integrated with ST Engineering’s satellite bus products. Scheduled for testing in orbit by 2026, the mission will demonstrate various configurations of data exchange between satellites using the Laser Communication Inter-Satellite Terminals. This technology is expected to significantly enhance connectivity for the burgeoning LEO micro-satellite constellation market.

Rohit Jha, CEO of Transcelestial, emphasised the mission’s importance, stating, “Establishing a scalable high bandwidth space network which extends Terabits of capabilities not only worldwide instantly but also to Humanity’s march into deep space has been the core mission for the team from Day 1.” Jonathan Hung, Executive Director of OSTIn, added that the partnership will bolster Singapore’s position as a connectivity hub across aviation, maritime, and infocomm sectors.

As Transcelestial progresses, the company plans to offer a comprehensive range of laser communication services, including Space to Ground terminals and a Worldwide Optical Ground Station network. This initiative not only strengthens Singapore’s space ecosystem but also positions the nation as a leader in next-generation space communications.
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Sevens Atelier Limited, a prominent player in Singapore’s Design and Build industry for landed properties, has announced a net profit of $22.6m (S$31m) for the financial year 2024, marking a significant turnaround from a $295.3m (S$405m) loss in FY 2023. This achievement is attributed to streamlined operations and cost structures that have enhanced efficiency and profitability.

The company’s revenue for FY 2024 decreased to $663.1m (S$910m) from $1,044.8m (S$1,433m) in the previous year. However, gross profit margins improved from 15.4% to 19.6%, reflecting successful restructuring and cost management efforts. Administrative expenses were also reduced by nearly 50%, setting the stage for sustainable long-term growth.

Sevens Atelier’s order book, valued at $900.1m (S$1,236m) as of 31 December 2024, surpasses its FY 2024 revenue, positioning the company for stronger revenue streams in the coming year. The company aims to enhance project profitability, with contracts expected to generate higher profit margins despite challenges such as cost inflation and rising competition.

The Group’s focus on high-quality Design and Build solutions for landed homes in Singapore continues to distinguish it from competitors. Its flagship experience centre enhances customer engagement, contributing to increasing demand and a growing pipeline of projects.

Looking ahead, Sevens Atelier is exploring strategic growth opportunities through mergers and acquisitions, and expansion into new business segments and geographic markets. With a favourable macroeconomic outlook, including stabilising market demand and positive expectations on global interest rate adjustments, the company is well-positioned to capitalise on emerging opportunities. Tang Yao Zhi, the Group’s Operation Director, stated, “Achieving our first full-year profit since changing to a Design and Build player is a testament to our unwavering commitment to financial prudence and operational efficiency.”
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