Regional News

Hyphens Pharma International, listed on SGX Catalist, has announced a net profit of S$2 million for the first half of 2025, a significant drop from S$5.9 million in the same period last year. The company reported a revenue of S$89.5 million, down from S$99.6 million in 1H2024, primarily due to reduced sales in its Pharmaceutical and Medical Aesthetics segment and its Digital Platform and E-Pharmacy segment.

The company’s proprietary brands, however, achieved a notable 22.5% sales growth, driven by portfolio expansion and increased demand for products like Ceradan® and Ocean Health® supplements. Executive Chairman and CEO Lim See Wah highlighted the impact of external macroeconomic factors, including inflationary pressures and currency depreciation, on the company’s performance. He stated, “We will continue to be diligent in managing the impact of foreign exchange volatility and increased procurement pricing.”

Despite the challenges, Hyphens Pharma improved its gross profit margin to 39.4% from 34.9% in the previous year, thanks to a strategic focus on higher-margin products. The company also launched Winlevi®, a new acne treatment, in Singapore and Malaysia, strengthening its dermatology portfolio.

Looking ahead, Hyphens Pharma aims to continue expanding its proprietary brands and enhancing its digital platforms. The company recently upgraded its POM platform to foster deeper engagement with healthcare professionals. Additionally, Hyphens Pharma increased its stake in Ardence Pharma to 82%, reinforcing its presence in the medical aesthetics market. The company remains committed to its long-term strategy of delivering sustainable value to stakeholders amidst ongoing market volatility.
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ComfortDelGro Corporation Limited has announced a robust financial performance for the first half of 2025, with revenue reaching S$2.42 billion, marking a 14.4% increase year-on-year. The company’s profit after tax and minority interests (PATMI) also rose by 11.2% to S$106 million. This growth is largely attributed to the company’s expanding international operations, which now account for more than 50% of total revenue.

The Public Transport segment experienced a 29.6% increase in operating profit, driven by successful contract renewals in London and new bus franchises in Greater Manchester. Meanwhile, the Taxi & Private Hire segment saw a 20.6% rise in operating profit, bolstered by contributions from UK-based Addison Lee and Australia’s A2B, despite challenges in the Singapore and China markets.

Managing Director and Group CEO Cheng Siak Kian highlighted the company’s focus on international growth, stating, “The increase in overseas earnings reflects our focus on pursuing profitable international growth.” He also emphasised the company’s commitment to leveraging technologies such as artificial intelligence and autonomous vehicles to enhance operations.

ComfortDelGro has declared an interim dividend of 3.91 pence per share, representing an 80% payout ratio. The company continues to invest in autonomous vehicle technologies and artificial intelligence to optimise efficiency and improve services globally.

Looking ahead, ComfortDelGro anticipates continued growth in its public transport and private hire segments, with new contracts and tenders in the UK, EU, and Australia. The company remains vigilant in monitoring geopolitical and trade tensions, ensuring strategic execution amidst economic uncertainties.
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AEM Holdings Ltd, a leader in semiconductor test innovation, has announced a 10% year-on-year increase in revenue for the first half of 2025, reaching $139.5 million (S$190.3 million). This growth aligns with the company’s revised guidance, driven by early order pull-ins and a favourable product mix. The company also reported a significant rise in profit before tax, which soared by 284% to $2.9 million (S$3.9 million), and operating cash flow increased by $29 million (S$39.3 million) to $34.3 million (S$46.4 million).

The financial results highlight the performance of AEM’s Test Cell Solutions segment, which generated $87 million (S$118.6 million), accounting for 62.3% of total revenue. This segment saw an 18.8% increase compared to the previous year, attributed to the successful deployment of the AMPS-BI solution. However, the Contract Manufacturing segment experienced a 4.7% decline in revenue due to global trade uncertainties.

In a strategic move, AEM’s Board of Directors has appointed Samer Kabbani as the new CEO, effective 28 July 2025. Kabbani, who joined AEM in 2020, brings over 25 years of experience in semiconductor test and thermal systems. His leadership is expected to drive the next phase of growth, focusing on scaling innovations and reinforcing AEM’s reputation with customers.

Looking ahead, AEM anticipates revenue for the second half of 2025 to range between $124.5 million (S$170 million) and $139.5 million (S$190 million), with expectations of increased production from its major AI and high-performance computing customer. The company remains committed to expanding its technology roadmap and customer engagements as it enters a new phase of execution and expansion.
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Thakral Corporation has announced a record high attributable profit of S$109.3 million for the first half of 2025, driven by the successful listing of GemLife on the Australian Stock Exchange (ASX) and robust performance in its lifestyle segment. The company’s revenue rose by 25% year-on-year to S$160.5 million, with the lifestyle segment alone seeing a 26% increase to S$156.6 million, fuelled by strong demand for beauty products in China and lifestyle gadgets in South Asia.

The listing of GemLife, which raised A$750 million, marked the largest IPO in Australia for 2025. Thakral’s stake in GemLife was reduced from 31.7% to 16.8% post-IPO, resulting in a one-off unrealised valuation gain of S$102.4 million. The company has reclassified its investment in GemLife as financial assets measured at fair value through the income statement.

In addition to the financial gains, Thakral declared an interim dividend of 2 pence and a special interim dividend of 1 pence, offering an annualised yield of 3.6%. The company is optimistic about future growth, particularly in China’s beauty market and South Asia’s drone sector. Thakral’s CEO, Inderbethal Singh Thakral, highlighted the strategic importance of their investments in India, particularly in Gurugram’s real estate and healthcare sectors.

Looking ahead, Thakral plans to expand its retail presence in Greater China and strengthen its drone business in South Asia, capitalising on India’s “Make in India” initiative. The company also aims to broaden its footprint in the Nespresso market in India, following the launch of its first boutique in New Delhi.
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StarHub has announced a total revenue of $1.1 billion for the first half of 2025, marking a 2.2% increase compared to the same period last year. The growth was primarily driven by a 4.4% rise in broadband, a 6.8% increase in regional enterprise, and a significant 20.1% surge in cybersecurity services. The company also declared an interim dividend of 3.0 pence per ordinary share.

The company’s Chief Executive, Nikhil Eapen, highlighted the strategic moves that have bolstered StarHub’s market position. “We drove our industry-leading market position in Broadband by upgrading our customers to UltraSpeed plans,” he stated. The full acquisition of MyRepublic Broadband has further consolidated StarHub’s leadership in the broadband segment, enhancing its multi-brand, multi-segment strategy.

StarHub’s enterprise business saw a robust performance, with regional enterprise revenue reaching $296.1 million, driven by a 12.8% growth in managed services. The cybersecurity segment’s growth reflects the increasing demand for advanced solutions amidst a complex cyber threat landscape.

Looking ahead, StarHub plans to maintain competitive agility by adopting a more aggressive commercial stance in the second half of 2025. The company has revised its EBITDA outlook to achieve 88% to 92% of the FY2024 EBITDA, excluding certain non-recurring provisions. StarHub remains committed to enhancing shareholder returns, supported by a $50 million share buyback programme and a healthy balance sheet with cash reserves of $487.1 million.

As StarHub continues to invest in cybersecurity and digital infrastructure, it aims to strengthen its position as a trusted technology partner for government and enterprise clients, contributing to national cyber resilience efforts.
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Olam Group Limited has announced a remarkable 573.2% increase in profit after tax and minority interests (PATMI) for the first half of 2025, reaching S$323.8 million. This substantial growth, compared to the same period last year, has prompted the company to declare an interim dividend of 2.0 pence per share.

The group’s financial performance was bolstered by a 49.8% rise in sales of goods and services, totalling S$15.3 billion. This surge in revenue was accompanied by a notable net gain from changes in the fair value of biological assets, which increased by 72.1% to S$82.7 million. Despite a 57.4% rise in direct operating expenses, the company’s profit before tax reached S$153.6 million, a significant turnaround from a loss of S$128.7 million in the previous year.

The profit from discontinuing operations, net of tax, also contributed positively, increasing by 3.7% to S$223 million. This was part of a broader strategy to streamline operations and focus on core business areas. The comprehensive income for the period, however, showed a slight loss of S$3.4 million, largely due to foreign currency translation adjustments.

Olam Group’s strong financial results reflect its strategic initiatives and market conditions. The interim dividend declaration underscores the company’s confidence in its ongoing performance and commitment to delivering shareholder value. As the company continues to navigate the complexities of the global market, these results set a positive tone for the remainder of the year.
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Singapore-listed Manulife US Real Estate Investment Trust (MUST) has announced its financial results for the first half of 2025, revealing significant steps taken to reduce its debt burden. The trust successfully raised over $270 million through the sale of three assets, which has been utilised to pay down existing debts. This strategic move ensures that no further repayments are due until July 2026, when $35.6 million will be owed.

The management of MUST is actively developing a path for growth by focusing on asset dispositions and exploring various options to mitigate potential risks. This approach is part of their broader strategic leasing strategy aimed at building accretive income for the trust.

The financial results, which were released this morning, highlight the trust’s commitment to strengthening its financial position and preparing for future growth opportunities. A briefing on the results will be held today at 11am, providing further insights into the trust’s performance and strategic direction.

By maintaining a focus on reducing debt and enhancing income, Manulife US REIT is positioning itself for sustainable growth in the coming years. The trust’s proactive measures reflect its dedication to delivering value to its stakeholders whilst navigating the challenges of the current economic environment.
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Singapore-headquartered Info-Tech Systems (ITL) is set to expand its presence in Malaysia and India following its initial public offering (IPO) in July 2025, which raised approximately $60m. The company, known for its cloud-based human resource management systems (HRMS), plans to leverage its asset-light model to achieve a return on equity (ROE) of over 80% in the financial year 2025 and a core net profit compound annual growth rate (CAGR) of 14% from 2024 to 2027.

ITL’s HRMS solutions are designed for small and medium enterprises (SMEs) in Singapore, Malaysia, India, and Hong Kong. As of June 2025, ITL boasted 25,300 HRMS customers and a 94% retention rate. The company offers competitive pricing, with fees significantly lower than local peers, which has helped it capture a 10% market share in Singapore.

In the first half of 2025, ITL added 2,500 new customers, primarily in Malaysia and India, contributing to a 5% year-on-year revenue growth to $22.4m. Despite a slight contraction in operating margins due to new hires in India, the company expects growth to normalise by 2026.

ITL’s expansion strategy is supported by its strong cash position and minimal capital expenditure needs. The company aims to increase its market penetration in Malaysia and India, where it anticipates revenue growth of 18% and 29% CAGR, respectively, from 2024 to 2027. The company’s target price is set at $1.10, reflecting a 33% potential upside from its current share price.

With a focus on affordable solutions for SMEs and a robust subscription model, ITL is well-positioned to enhance its market presence and drive sustainable growth in the coming years.
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CapitaLand Investment Limited (CLI) has reported a significant increase in its Fee Income-Related Business (FRB) revenue, reaching S$564 million for the first half of 2025. This growth is attributed to higher recurring fund management fees from acquisitions by listed funds, the creation of new private funds, and new management contracts. The FRB revenue includes contributions from Listed Funds Management, Private Funds Management, Lodging Management, and Commercial Management.

Despite a total revenue of S$1,040 million, which is lower than the previous year due to the deconsolidation of CapitaLand Ascott Trust as a subsidiary, CLI’s revenue saw a 7% increase when excluding the impact of divestments. This rise is largely due to improved fee income from the FRB segment and enhanced performance in the Real Estate Investment Business segment, particularly in the USA, Japan, and Europe.

CLI’s Total Profit After Tax and Minority Interests (PATMI) and Operating PATMI for the period were S$287 million and S$260 million, respectively. Although lower than the previous year, this was mitigated by new investments and improved lodging performance. The company’s EBITDA stood at S$581 million, influenced by various factors including the deconsolidation of CLAS and foreign exchange losses.

Group CEO Lee Chee Koon highlighted the company’s strategic focus on sectors with strong growth potential, such as living and lodging, logistics, and self-storage. He noted, “We are strengthening our funds platforms and continuously sourcing for attractive deals in sectors with strong tailwinds.”

Looking ahead, CLI aims to expand its private funds platform and accelerate capital deployment in key markets, with a target of achieving S$200 billion in funds under management by 2028.
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The Health Sciences Authority (HSA) of Singapore and the Department of Health (DoH) of Hong Kong Special Administrative Region have signed a Memorandum of Understanding (MOU) to enhance cooperation in healthcare regulatory matters. Signed on 13 August 2025, this agreement aims to strengthen ties between the two authorities by facilitating the exchange of information, best practices, and expertise across a wide range of health products, including pharmaceuticals, medical devices, and traditional medicines.

The MOU outlines plans for technical cooperation and mutual exchange of regulatory information, particularly concerning tobacco products and vaping devices. It also supports the exchange of regulatory experts, participation in scientific conferences, and collaboration in training courses and joint projects. This partnership underscores the shared commitment of Singapore and Hong Kong to ensure the safety, quality, and efficacy of health products.

HSA CEO Adjunct Professor Dr Raymond Chua stated, “By combining our expertise and sharing best practices, we can better tackle the emerging challenges in healthcare regulation, harness opportunities, and strengthen public health protection in both jurisdictions.”

The signing ceremony, held at the Ministry of Health’s College of Medicine Building, was attended by Singapore’s Minister for Health, Ong Ye Kung, and Hong Kong’s Secretary of Health, Professor Lo Chungmau. This collaboration marks a significant step forward in regulatory cooperation, aiming to advance regulatory excellence in both regions.
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