Regional News

UOB Kay Hian Research has initiated coverage on Dezign Format Group, an event management company, with a “buy” recommendation and a target price of $0.27 (S$0.37). This represents a 21.3% upside from its current share price of $0.22 (S$0.305). The company, known for its design, fabrication, and project management services, is expected to see core earnings growth of 20% in 2025 and 16% in 2026, driven by the rising demand in the meetings, incentives, conferences, and exhibitions (MICE) industry and the popularity of experiential events.

Dezign Format Group boasts a robust orderbook of $17.5m (S$24m) as of 31 December 2024, which is anticipated to support its earnings growth. The company has a strong track record, having worked with high-profile clients such as Burberry, Dior, and Singapore Airlines. It has completed notable projects including the Marina Bay Sands Lunar New Year 2024 and the IKEA Alexandra Store Interior Fit-Out.

The company is also expanding into the immersive location-based entertainment (LBE) segment, with new virtual reality projects planned across Southeast Asia. Dezign’s Malaysia production hub, expected to be operational by the end of 2025, is set to enhance delivery and cost efficiency.

With a high-margin, cash-generative business model, Dezign Format Group is well-positioned for future growth. The company’s net cash position is projected to reach $8.2m (S$11.2m) by August 2025, bolstered by $3.5m (S$4.8m) in net IPO proceeds. UOB Kay Hian highlights the company’s strong fundamentals, noting its superior net margin of 14.4% and a dividend yield of around 4% for 2026.
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The Singapore Department of Statistics has reported a 0.4% decrease in the Consumer Price Index (CPI) for July 2025 compared to the previous month. However, on a year-on-year basis, the CPI increased by 0.6%. This dual movement in the CPI reflects the ongoing economic adjustments within the country.

The monthly decline in the CPI suggests a temporary easing in consumer prices, which could be attributed to various factors such as changes in demand or supply chain adjustments. Conversely, the annual increase indicates a longer-term trend of rising prices, which may impact household budgets and purchasing power.

The CPI is a crucial indicator of inflation, measuring the average change over time in the prices paid by consumers for goods and services. Understanding these fluctuations is vital for policymakers and businesses as they navigate economic planning and strategy.

The Singapore Department of Statistics continues to provide detailed insights into these economic indicators through its SingStat Table Builder and the enhanced SingStat Mobile App. These tools offer users access to comprehensive data and improved features for better analysis and understanding of Singapore’s economic landscape.

For more detailed information, the full press release is available on the Singapore Department of Statistics website. As Singapore continues to monitor its economic indicators, these insights will play a significant role in shaping future economic policies and strategies.
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KSH Holdings Limited has announced that its wholly-owned subsidiary, Kim Seng Heng Engineering Construction (Pte) Ltd, has accepted a Letter of Acceptance for a new construction project. This development boosts the Group’s construction order book in Singapore to approximately S$315m. The order book is anticipated to contribute to the Group’s financial results up to the financial year ending 31 March 2027.

The Group is actively pursuing several tenders to further increase its order book. This strategic move is part of KSH Holdings’ ongoing efforts to strengthen its market position and financial performance in the construction sector.

Choo Chee Onn, Executive Chairman and Managing Director of KSH Holdings, confirmed the update, stating that the company is committed to expanding its project portfolio. The acceptance of the new project underscores the Group’s capability and ambition to secure significant contracts within the industry.

The announcement reflects KSH Holdings’ proactive approach to business growth and its focus on enhancing shareholder value through strategic project acquisitions. As the Group continues to bid for additional projects, it aims to further solidify its presence in the Singaporean construction market.
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Federal Express Corporation, a leading express transportation company, has made significant strides in its sustainability initiatives in Singapore and other countries in the Asia Pacific during Fiscal Year 2025. The company expanded its electric vehicle fleet and increased employee participation in community programmes, aligning with its goal to achieve carbon-neutral operations by 2040.

FedEx has bolstered its electric vehicle presence in key markets such as Japan, New Zealand, Singapore, and Thailand. Notably, it introduced its first fleet of electric cargo vans in Korea to enhance delivery operations in Seoul and Busan. This expansion is part of FedEx’s strategy to reduce emissions, as vehicles accounted for 25% of its carbon footprint in FY24.

The company is also integrating renewable energy into its facilities. The South Pacific Regional Hub in Singapore now sources over half of its electricity from solar power, showcasing FedEx’s commitment to clean energy.

Community engagement has seen a 20% increase in volunteer participation. FedEx employees have planted over 3,400 trees and contributed more than 1,000 hours to the FedEx Cares Purple Tote Campaign, impacting over 1,600 beneficiaries. The 2025 Library Programme has reached 40 schools in China, benefiting approximately 9,000 children and teachers.

FedEx continues to invest in future talent through the International Trade Challenge, which attracted 4,700 students this year. This initiative encourages young entrepreneurs to develop strategies for a circular economy.

FedEx’s 2025 Corporate Responsibility Report, detailing these achievements, is now available, reflecting the company’s ongoing commitment to sustainability and community empowerment.
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OCBC has unveiled a groundbreaking $1 billion digital US commercial paper (USCP) programme, leveraging blockchain technology to facilitate near-instantaneous short-term US dollar funding. This innovative approach allows OCBC to receive funds within minutes, thanks to tokenised securities and on-chain funds. The programme marks OCBC as the first USCP issuer globally to utilise blockchain throughout the entire lifecycle of securities, thereby reducing reliance on traditional infrastructure and intermediaries.

The initiative is a significant step in OCBC’s strategy to bolster liquidity resilience amidst a volatile geopolitical and macroeconomic environment. By tapping into the expansive $1.4t USCP market, OCBC aims to quickly raise USD, complementing its existing $25b conventional USCP programme. The blockchain-based system also enhances transparency and trust, as all parties involved can view and verify transaction data in real-time.

J.P. Morgan’s Digital Debt Service application, part of its Kinexys Digital Assets platform, will support OCBC’s digital USCP programme, with J.P. Morgan acting as the sole dealer. The first tokenised issuance under this programme occurred on 20 August 2025, with six-month maturity notes issued to an accredited institutional investor.

Kenneth Lai, OCBC’s Head of Global Markets, highlighted the bank’s focus on commercialisation within Singapore’s rapidly advancing blockchain ecosystem. “Our new digital USCP programme will deepen investor engagement and sharpen our global capital markets profile,” he stated. Scott Lucas from J.P. Morgan added, “Our partnership with OCBC in support of developing both their access to the US market and their digital agenda is aligned to our commitment of offering innovative liquidity solutions.”

The digital USCP programme has received top credit ratings of P-1 from Moody’s and F1+ from Fitch, underscoring its financial robustness. This development follows OCBC’s previous successes with blockchain applications for repo transactions, further strengthening its liquidity management capabilities.
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The Institute of Singapore Chartered Accountants (ISCA) and Ernst & Young LLP (EY Singapore) have signed a three-year Memorandum of Understanding to launch the “EY x ISCA SCAQ Career Mobility Programme”. Announced on 19 August 2025, this initiative seeks to develop and globally position accounting talents from Southeast Asia, particularly from Singapore, Thailand, and Vietnam, amidst a growing demand for accountants in the region.

The programme arrives at a crucial moment for the accounting profession, which is experiencing growth driven by digital transformation and sustainability reporting. However, the industry faces a talent shortage, with Singapore alone needing an additional 6,000 to 7,000 accountants by 2025. The programme promotes the Singapore Chartered Accountant Qualification (SCAQ) as a globally recognised pathway, offering university students a chance to gain international career opportunities.

ISCA President Teo Ser Luck highlighted the importance of talent mobility in adapting to industry changes, stating, “Through this partnership with EY, we are building a strong regional pipeline of future-ready Chartered Accountants.”

The collaboration will involve promoting the SCAQ among university students, providing training, and offering cross-cultural work experiences in Singapore. EY Singapore will also guarantee interview opportunities for students completing the SCAQ Foundation Programme, with successful candidates joining EY as full-time graduates.

EY’s Liew Nam Soon emphasised the programme’s role in nurturing talent, noting EY’s investment of $3.7 million (S$5 million) over five years to support local professionals pursuing the SCAQ. With enrolment in the SCAQ rising by 47% in 2024, ISCA aims to exceed 7,000 candidates in 2025, enhancing cross-border exposure and career prospects for aspiring accountants.
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Saint Clare School for Special Education has introduced an innovative Learning Management System (LMS) designed to revolutionise lesson planning and Individualised Education Plans (IEPs) for students with special needs. The system, enhanced by generative AI and leveraging over 15 years of curriculum data, promises to streamline planning, improve teaching efficiency, and strengthen parent-teacher communication.

Developed in collaboration with SOZCODE and guided by Saint Clare’s academic board, the LMS is expected to reduce curriculum development time by 30-50%. Teachers can now input basic learning needs into the system to receive suggested learning goals and lesson ideas, which can be tailored to each student’s unique requirements. Kelvin Ng, co-founder of Saint Clare School, highlighted the system’s potential to provide structured and validated curriculum access, especially in regions lacking special needs education support.

The LMS also features a Single Child View, consolidating each student’s class enrolment, IEPs, therapy records, and communication logs. This allows for more efficient collaboration among teachers, Heads of Department, and leadership teams. Additionally, the system supports student progress tracking and custom analytics, enabling educators to assess IEP effectiveness and refine teaching approaches based on real data.

Looking ahead, Saint Clare School plans to evolve the LMS into a comprehensive special education operating system, with pilot programmes set for late 2025 or early 2026 in Kuala Lumpur and Sabah. This initiative aims to empower schools across Southeast Asia to deliver credible individualised learning support, aligning with Singapore’s high educational standards.

Established in 2007, Saint Clare School has supported over 2,000 students and is recognised for its commitment to quality education. The school is expanding regionally, licensing its curriculum to partners in Malaysia and attracting interest from Indonesia. With this new LMS, Saint Clare School is poised to lead the way in data-driven, inclusive special education.
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Mapletree Investments has announced its entry into Australia’s student housing sector with the acquisition of a 1,398-square-metre site on Wellington Street, Perth. The site will host a premium 835-bed student housing development, marking the company’s first venture into this market in Australia. The project is set to be completed by 2027, with operations beginning in February 2028.

The development is strategically located near major educational institutions, including Edith Cowan University and Curtin University Law School, and is within walking distance of Perth’s first city-based campus, ECU City Campus, which is scheduled to open in 2026. This prime location is expected to attract a significant number of students, enhancing the demand for student accommodation in the area.

Matt Walker, CEO of Student Housing at Mapletree, highlighted the appeal of Australia’s student housing sector, noting its large student population and limited supply. “Perth remains one of Australia’s most undersupplied central business districts for student accommodation,” he said. The project aligns with Mapletree’s strategy to focus on student housing as a core sector.

The development will feature extensive amenities, including a communal rooftop area, dining and game facilities, green spaces, and leisure options such as a café, gym, music room, and cinema. It aims to achieve a 5 Green Star rating, reflecting its commitment to sustainability.

Mapletree’s expansion into Australia adds to its growing portfolio of student housing assets, which includes properties in the US, UK, Canada, and Germany. The company continues to leverage its real estate capabilities to deliver top-tier assets that appeal to both students and investors.
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The Singapore telecommunications sector is witnessing significant consolidation, potentially leading to market price adjustments. Recent mergers and acquisitions are expected to influence the mobile and broadband markets, with mobile network operators maintaining a “high-press” strategy to protect and expand their revenue market share in the short to medium term. RHB has maintained a NEUTRAL sector rating, with Singtel highlighted as the top pick due to its return on invested capital (ROIC) expansion and capital management advantages.

The consolidation trend is seen as a positive development, potentially stabilising the market. However, expectations regarding market price repair vary. Singtel’s strategic positioning in key markets undergoing price adjustments, along with its robust capital management, makes it a standout choice for investors. The company’s focus on ROIC expansion and exposure to markets with pricing opportunities further solidifies its position.

Singtel’s strategic initiatives include a cost-out programme that has already achieved $400m in savings for FY24-25, with a target of $600m by FY26. Additionally, a $2b share buy-back programme over three years is expected to be earnings accretive. The company’s upgraded capital recycling target of $9bn in the mid-term offers further dividend upsides, supported by a strong balance sheet.

As the sector evolves, the impact of these consolidations will be closely monitored, with potential implications for pricing strategies and market dynamics. Singtel’s proactive measures and strategic focus position it well to navigate these changes and capitalise on emerging opportunities.
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Luxury watchmaker IWC Schaffhausen has teamed up with GASSAN to unveil an exclusive pop-up store at Singapore Changi Airport. This new venture aims to offer travellers a unique shopping experience, featuring a selection of IWC’s renowned timepieces. The pop-up store is strategically located to attract the airport’s diverse international clientele, providing them with access to IWC’s iconic collections.

The collaboration between IWC Schaffhausen and GASSAN highlights both brands’ commitment to delivering luxury and craftsmanship in travel retail. GASSAN, a family-owned company based in Amsterdam, is a prominent name in luxury retail and diamond cutting, with a strong presence in travel retail, including 11 stores at Schiphol Airport and six at Changi Airport.

The pop-up store will showcase IWC’s celebrated collections, including the Pilot’s Watches, known for their aviation-inspired designs, and the Portugieser, which epitomises elegance and technical sophistication. Other collections featured include the timeless Portofino, the sporty Aquatimer, and the robust Ingenieur, each offering a unique blend of style and functionality.

This initiative not only enhances the shopping experience at Changi Airport but also strengthens GASSAN’s position in the luxury travel retail sector. The pop-up store is expected to attract watch enthusiasts and travellers seeking exclusive timepieces, further cementing IWC Schaffhausen’s reputation as a leader in haute horlogerie.
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