Regional News

First Resources has announced a mandatory takeover of Austindo Nusantara Jaya, a move expected to bolster its earnings through strategic synergies and cost consolidation. The acquisition is projected to enhance First Resources’ financial performance, with a 17% upside and a forecasted yield of approximately 6% for the financial year 2025. The company’s stock is currently trading at a price-to-earnings ratio of 7.9x for 2026, which is at the lower end of its peer range of 6-11x.

The acquisition is anticipated to provide a full impact on earnings, leveraging the synergies from the consolidation of costing strategies. This strategic move aligns with First Resources’ ongoing efforts to strengthen its market position and financial stability. The company’s target price remains at SGD2.10, reflecting confidence in the potential growth and profitability post-acquisition.

The analyst report from RHB Group highlights the positive outlook for First Resources, maintaining a “BUY” recommendation. The report underscores the attractiveness of the stock, given its current valuation and the expected benefits from the takeover.

Looking ahead, First Resources’ acquisition of Austindo Nusantara Jaya is poised to significantly impact its market standing, potentially setting a precedent for similar strategic moves within the industry. The consolidation is expected to drive robust earnings and enhance shareholder value, marking a pivotal step in the company’s growth trajectory.
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Forbes Asia has released its fifth annual ‘100 to Watch’ list, highlighting promising small companies and startups across the Asia-Pacific region.

This year’s list, sponsored by FedEx, features firms from 16 countries, with India leading with 18 companies, followed by Singapore and Japan with 14 each. The list is available on Forbes’ website and in the September issue of Forbes Asia.

The 2025 edition showcases startups excelling in fields such as biotech, spacetech, and green tech, with many utilising advanced technologies like AI. These companies have collectively raised nearly $3b in funding, underscoring their potential. “Our fifth annual Forbes Asia 100 To Watch list showcases a range of innovative startups,” said Rana Wehbe Watson, Editorial Director at Forbes Asia.

The list categorises companies into ten industry sectors, with biotechnology and healthcare leading with 18 companies, followed by enterprise technology and robotics with 16. The selection process involved online submissions and nominations from accelerators, incubators, and venture capitalists. Criteria included being headquartered in the Asia-Pacific, privately owned, and having no more than $50m in annual revenue or $100m in total funding by 15 August.

Forbes Asia editors evaluated each submission based on industry impact, market fit, business model innovation, revenue growth, and funding ability. The list offers a glimpse into the dynamic startup ecosystem in the region, highlighting companies poised to make significant contributions to their industries.
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AsiaNext, a global institution-only digital asset exchange, has announced the appointment of David Martin as CEO of its derivatives business. This strategic move comes as institutions increasingly seek regulated, capital-efficient venues that bridge traditional and digital markets. Martin, who previously served as an executive at FalconX, brings over 17 years of experience in investment management, fintech, and cryptocurrency markets.

Martin’s career highlights include co-founding Blockforce Capital, a crypto hedge fund, and launching the first blockchain ETF. His extensive experience in the crypto industry, particularly in scaling FalconX into a leading global prime broker, positions him well to drive AsiaNext’s growth. David Newns, Head of SDX at SIX Group and AsiaNext Board Member, remarked, “David’s proven experience in leading teams through the crypto industry’s cycles of rapid expansion and volatility makes him exceptionally well placed to guide AsiaNext forward.”

Based in Singapore, Martin will focus on expanding AsiaNext’s derivatives offerings, leveraging the exchange’s robust infrastructure to provide a seamless bridge between traditional and digital finance. “Institutions want more than access to digital assets; they want efficiency, trust, and infrastructure that reflects how they trade,” Martin stated. “AsiaNext has been designed from the outset to meet those needs.”

AsiaNext, backed by SBI Digital Asset Holdings and SIX Group, operates under rigorous corporate governance standards and holds a Recognised Market Operator licence from the Monetary Authority of Singapore. As the digital asset market evolves, AsiaNext aims to provide a comprehensive platform for institutional traders, ensuring a secure and efficient trading environment.
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Singapore’s inflation rate continued to decelerate in July, with the Consumer Price Index (CPI) increasing by just 0.6% year-on-year, according to UOB Global Economics and Markets Research. This marks the slowest inflation pace since January 2021, when it was 0.2%. Core inflation, which excludes private road transport and accommodation, rose by 0.5% year-on-year, matching its slowest pace since March this year.

The July headline inflation figure came in below both Bloomberg’s consensus and UOB’s forecast of 0.8%. On a month-on-month basis, headline inflation declined by 0.4%, whilst core inflation edged down by 0.1%.

Several components of the core CPI experienced sharper year-on-year declines, notably in information and communication, which fell by 2.6%, and household durables and services, which decreased by 0.5%. Clothing and footwear resumed its deflationary trend with a 2.3% drop after a brief rebound in June. However, the recreation, sport, and culture sector saw a smaller decline due to improved demand for leisure travel.

Despite a slight increase in private transport prices, headline inflation eased, offset by slower accommodation inflation and a significant reduction in housing maintenance and repair costs. Food inflation saw a slight uptick to 1.1% due to incremental price increases in non-cooked food and food serving services.

UOB maintains its average core inflation forecast for 2025 at 0.6% and 1.1% for 2026, with headline CPI forecasts unchanged at 0.9% for 2025 and 1.6% for 2026, though there is a risk of undershooting the 2025 headline forecast.
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Singapore’s Minister for Defence, Chan Chun Sing, visited Singapore Armed Forces (SAF) personnel in Temburong, Brunei, today. Accompanied by Chief of Army Major-General Cai Dexian and other senior officers, Chan engaged with officer cadets undergoing training in the region. He lauded the SAF personnel for their professionalism and dedication, highlighting the unique training opportunities provided by Brunei’s diverse terrain.

The visit underscored the significance of the Jungle Confidence Course, where cadets, with less than six months of experience, are trained to survive independently in the jungle for nine days. Chan remarked, “Hardly any military send their soldiers with less than six months experience to train in the jungle… speaks volumes of the quality of our training and safety system and our confidence in it.”

The relationship between Singapore and Brunei is marked by a longstanding defence partnership. Beyond the jungle training, both nations’ militaries engage in frequent bilateral exercises, professional exchanges, and cross-attendance of courses. These interactions have bolstered the friendship and professional ties between the two armed forces.

The visit not only highlighted the rigorous training SAF personnel undergo but also reinforced the strong defence ties between Singapore and Brunei, which continue to evolve through mutual cooperation and shared experiences.
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Thomson Medical Group Limited has announced the acquisition of a S$225m Islamic revolving credit facility from Maybank, marking a significant milestone as the Group’s first Islamic financing venture. This facility, secured under a Murabahah Agreement, includes an option to convert into a sustainability-linked facility within 12 months, contingent on meeting specific sustainability performance targets.

The funds from this facility will be utilised to manage existing financial obligations due in October 2025, as well as support working capital, capital expenditure, business acquisitions, and other corporate purposes. Dr Heng Jun Li Melvin, Executive Director and Group CEO of Thomson Medical Group, highlighted the strategic advantage of this facility, stating, “This facility gives Thomson Medical Group greater flexibility in managing our capital structure whilst positioning us to pursue growth opportunities in line with our strategic priorities.”

Maybank, acting as the sole lender and sustainability structuring adviser, expressed pride in collaborating with Thomson Medical Group. Alvin Lee, Country CEO of Maybank Singapore, noted, “This partnership will advance their sustainability journey and diversify their funding base.”

Thomson Medical Group, a prominent healthcare provider in South-East Asia, operates in Singapore, Malaysia, and Vietnam, offering a wide range of healthcare services. The Group’s commitment to sustainability and growth is further underscored by this new financial arrangement, paving the way for future developments in their healthcare services and infrastructure.
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KSH Holdings Limited has announced the successful sale of its 28,900,400 treasury shares, generating net cash proceeds of $8.67m. The shares were sold at S$0.305 each, a 6.44% discount to the previous day’s average price. The placement, managed by Evolve Capital Advisory and Maybank Securities, attracted significant interest from investors including ICH Capital, Ginko-AGT Global Growth Fund, and Lion Global Investors.

The decision to sell the treasury shares was driven by strong demand from both institutional and individual investors, aiming to broaden KSH’s shareholder base and enhance share liquidity. These shares were initially accumulated through KSH’s share buy-back scheme in previous years.

Executive Chairman and Managing Director, Choo Chee Onn, expressed gratitude for the investor confidence, stating, “The interest from institutional funds and individual investors for this Placement demonstrates confidence in KSH’s long-term prospects. We appreciate the unwavering support from our shareholders as we pursue long-term growth.”

KSH Holdings, a prominent construction and property development group in Singapore, has been expanding its business portfolio and geographical presence since its listing on the SGX-ST in 2007. The funds raised from this placement will be allocated towards working capital, supporting the company’s ongoing commitment to enhancing shareholder value and delivering sustainable returns.
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Singapore Post (SingPost) has reported a significant decline in its Q1 revenue for the financial year 2025/26, amounting to S$162.3m, a 23.8% decrease from the previous year’s $213.0m. The drop is largely attributed to a reduction in international deliveries amidst increased market pressure and competition.

Operating expenses also saw a reduction of 22.7%, from S$204.6m to S$158.2m, as the company implemented cost management strategies following the divestment of its Australian business in March 2025. This strategic move was part of SingPost’s efforts to align its cost base with its reduced operational footprint. Consequently, the group’s operating profit fell to S$3.4m from S$8.4m in the previous year.

The postal and logistics segment experienced lower revenue due to declining delivery volumes, with letter mail volume contracting as e-substitution continued to rise. Additionally, both domestic and international eCommerce volumes were affected by competitive pressures. During the quarter, SingPost unwound Quantium Solutions International’s minority cross-holdings with Alibaba, selling QSI’s 17.6% stake in Shenzhen 4PX to Cainiao.

In the property sector, leasing revenue from SingPost Centre remained stable, with an overall occupancy rate of 97.8%. SingPost has also initiated the divestment of 10 HDB shophouses on a sale and leaseback basis, maintaining current post office services.

Looking ahead, SingPost aims to focus on its core Singapore business, streamline operations, and enhance digital capabilities in its domestic delivery services. The company is committed to improving operational efficiency and creating sustainable value for stakeholders.
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Capital World Limited has announced that its wholly-owned subsidiary, Capital City Property Sdn Bhd (CCPSB), has received a Writ of Summons and Statement of Claim from Chong Kim Chuan. The claim, dated 14 August , relates to a Sale and Purchase Agreement for a service suite unit within the Capital City development. The purchaser is seeking a refund of RM286,212.28 for the purchase price and RM41,740.81 in interest paid, totalling RM327,953.09, due to CCPSB’s failure to deliver vacant possession of the unit within the agreed 52-month period from 14 March 2021.

The legal proceedings require CCPSB to respond within 14 days, or the purchaser may proceed with the action and potentially secure a judgement without further notice. Capital World has engaged legal counsel to explore its options and is preparing for a case management session scheduled for 11 September at the Johor Bahru Session Court.

The company has advised shareholders to carefully consider this announcement and any future updates, and to seek professional advice if uncertain about their actions regarding their securities. Further announcements will be made as developments occur.
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Singapore has introduced a pioneering standard, SS 715:2025, to enhance energy efficiency in data centres, marking a significant step in sustainable IT practices. This initiative, launched on 22 August 2025, targets a 30% reduction in energy consumption by optimising IT equipment operations at higher temperatures. The standard is particularly significant as IT equipment typically accounts for 60% of a data centre’s energy use, a figure expected to rise with the increased adoption of Artificial Intelligence.

The SS 715:2025 standard encourages data centre operators to select IT equipment that meets international energy efficiency benchmarks and adopt best practices like workload consolidation and virtualisation. These measures aim to maximise IT equipment utilisation, thereby increasing compute workload without additional energy consumption. Furthermore, the standard specifies that IT equipment should safely operate at temperatures up to 35°C, aligning with Singapore’s Tropical Data Centre standard SS 697:2023, which can yield additional energy savings on cooling systems.

Data centre users can also benefit from the Infocomm Media Development Authority’s (IMDA) Energy Efficiency Grant, which co-funds the purchase of pre-approved energy-efficient IT equipment. Aileen Chia, Deputy Chief Executive of IMDA, emphasised the importance of data centres in supporting Singapore’s digital economy, stating, “This new IT EE standard builds on the progress made following the launch of the Green Data Centre Roadmap.”

The standard, developed with industry experts and academia, is available for purchase online. Industry leaders like GovTech Singapore and Equinix have expressed support, highlighting the standard’s role in advancing sustainability and energy efficiency in the sector.
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