Regional News

Singapore-based Agoda, a digital travel platform, has partnered with the Association of Southeast Asian Nations (ASEAN) to launch the “A Destination for Every Dream” campaign, coinciding with ASEAN Day celebrations. Running until the end of 2025, the campaign aims to inspire travel within the ASEAN region by offering exclusive deals and curated travel experiences that highlight the region’s unique festivals and cultures.

The campaign features festival-focused travel guides that spotlight iconic cultural events across ASEAN member states, encouraging travellers to immerse themselves in the region’s rich cultural diversity. Discounts of up to 18% on accommodation, as well as savings on Agoda’s flights and activities, are available to travellers. Damien Pfirsch, Chief Commercial Officer at Agoda, stated, “Agoda is proud to partner with ASEAN to celebrate the incredible diversity and culture of the region.”

Oliver Chong, Assistant Chief Executive of International Group Designate at the Singapore Tourism Board and Chair of the ASEAN Tourism Marketing and Partnership Working Group, added, “This campaign reflects ASEAN’s commitment to showcasing Southeast Asia as a unique and interconnected destination.” By collaborating with Agoda and AirAsia, the campaign aims to make it easier for travellers to discover the vibrant festivals, diverse cultures, and authentic experiences that define the region.

The campaign not only offers great deals but also provides comprehensive guides to the most exciting festivals across ASEAN, ensuring a memorable travel experience. Travel deals and curated guides related to the campaign are available online at Agoda’s and ASEAN’s official tourism websites.
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KBP Biosciences Pte Ltd has announced that the Singapore International Commercial Court has upheld a temporary injunction against the company and its founder, Dr Huang Zhenhua, in support of arbitration proceedings initiated by both KBP and Novo Nordisk. The court’s decision means that the validity of Novo Nordisk’s injunction application will now be determined through arbitration, which KBP had initiated prior to Novo Nordisk’s involvement.

The court’s judgement delved into critical issues at the heart of the dispute, including the conduct of clinical trials and the adequacy of due diligence. Notably, the court referenced independent testimony from steering committee members Dr Bertram Pitt and Dr Janet Wittes, who stated in an open letter that neither party had provided convincing evidence of fraudulent results from the Bulgaria site. This letter was not available during the previous ex parte hearing.

Furthermore, the judgement highlighted statistical errors in Novo Nordisk’s termination of clinical trials for Ocedurenone, a drug acquired from KBP. Parexel International IRL Ltd later informed Novo Nordisk of these errors, suggesting that the drug still met one of the futility criteria and could be worth continuing development.

KBP contends that Novo Nordisk failed to disclose critical information during due diligence, despite having access to comprehensive data from KBP. Dr Huang Zhenhua expressed KBP’s commitment to proving Ocedurenone’s potential benefits to the tribunal, stating, “KBP believes that Novo Nordisk erred in stopping the development of Ocedurenone because it could help patients.”

KBP remains dedicated to advancing Ocedurenone’s development and is prepared to engage with new management to explore future possibilities, whilst also pursuing all legal avenues, including a potential appeal against the court’s decision.
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The Ministry of Trade and Industry (MTI) has announced an upgrade to Singapore’s GDP growth forecast for 2025, revising it from an initial range of 0.0-2.0% to 1.5-2.5%. This adjustment comes as a result of the country’s stronger-than-anticipated economic performance in the first half of the year. However, the outlook for the remainder of the year remains uncertain, with potential risks on the horizon.

In the second quarter of 2025, Singapore’s economy grew by 4.4% year-on-year, building on the 4.1% growth seen in the previous quarter. On a quarter-on-quarter basis, the economy expanded by 1.4%, reversing a 0.5% contraction in the first quarter. Key sectors driving this growth included wholesale trade, manufacturing, finance and insurance, and transportation and storage. The wholesale trade and transportation sectors benefited from increased activities ahead of US tariff implementations.

Despite the positive start to the year, MTI warns of potential challenges ahead. The global economic environment remains fraught with uncertainties, particularly due to the unpredictable nature of US trade policies and the impact of reciprocal tariffs. These factors could dampen growth in the second half of the year, especially in outward-oriented sectors like manufacturing and wholesale trade.

MTI will continue to monitor global and domestic economic developments closely, ready to adjust forecasts as necessary. The ministry highlights the importance of remaining vigilant amidst the evolving economic landscape.
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Singapore’s trade performance in the second quarter of 2025 showed robust growth, with non-oil domestic exports (NODX) and non-oil re-exports (NORX) leading the charge. According to Enterprise Singapore, NODX increased by 7.1% year-on-year, building on a 3.3% rise in the first quarter. This growth was driven by both electronic and non-electronic products, with electronics marking a fifth consecutive quarter of expansion.

The electronics sector saw a 10.5% increase in domestic exports, with significant contributions from personal computers, integrated circuits, and disk media products. Non-electronic exports also rose by 6.0%, bolstered by non-monetary gold and specialised machinery.

NORX experienced an even more substantial rise, expanding by 24.9% in Q2 2025. This was attributed to higher shipments of both electronic and non-electronic goods, with electronic re-exports growing by 38.8%. Key markets such as Taiwan, the US, and Malaysia contributed significantly to this growth.

Total merchandise trade in Singapore rose by 7.1%, with exports up by 11.7% despite a decline in oil exports. The forecast for NODX in 2025 remains at a growth range of 1.0% to 3.0%, although economic uncertainties and evolving tariff situations could impact demand.

In the services sector, trade grew by 1.7% in Q2 2025, with exports and imports increasing by 2.7% and 0.6%, respectively. The rise in services exports was mainly due to higher receipts from business, financial, and travel services.

Enterprise Singapore’s data highlights the resilience of Singapore’s trade sector amidst global economic challenges, with continued growth expected across key trading partners.
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The Ministry of Digital Development and Information (MDDI) has initiated a public consultation to gather feedback on proposed amendments to the Public Sector (Governance) Act. These amendments are designed to enhance the use of data, ultimately aiming to deliver improved services to Singaporeans. The consultation period is open until 2 September 2025.

The proposed changes are part of MDDI’s ongoing efforts to leverage data more effectively within the public sector. By refining how data is utilised, the ministry hopes to streamline processes and improve the quality of services provided to the public. The consultation paper detailing these amendments is available online, and the public is encouraged to submit their views through the designated government portal.

This initiative underscores the government’s commitment to transparency and public engagement in policy-making. By inviting feedback, MDDI aims to ensure that the amendments reflect the needs and concerns of Singaporeans. The consultation process not only seeks to gather diverse perspectives but also aims to foster a collaborative approach to governance.

The outcome of this consultation could significantly impact how public sector services are delivered, potentially setting a precedent for future data governance policies. As the deadline approaches, the ministry urges citizens to participate actively and contribute their insights to shape the future of public service delivery in Singapore.
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Wilmar International has reported a significant 30% quarter-on-quarter decline in its core net profit for the second quarter of 2025, amounting to $241 million. This performance, although within CGS International’s expectations, fell short of Bloomberg’s consensus estimates. The decline was largely attributed to compressed margins in the Feed & Industrial Products segment, particularly affecting palm oil processing.

The agribusiness giant’s first half of 2025 saw a core net profit of $584 million, marking a 4% year-on-year decrease. The company’s Food Products segment experienced softer sales volumes, whilst the Feed & Industrial Products segment suffered from weak palm processing margins. Despite these challenges, the Food Products segment’s profit before tax improved year-on-year due to better sales volumes and improved margins.

Looking ahead to the second half of 2025, Wilmar anticipates continued challenges in the Tropical Oils sub-segment due to difficult palm oil refining conditions in Indonesia. However, the company expects some relief from improved soybean crushing in China, driven by increased demand. The Plantation and Sugar Milling segment is also projected to benefit from higher commodity prices.

Despite these potential upsides, Wilmar remains cautious due to ongoing uncertainties in Indonesia, including land confiscation issues and investigations into alleged corruption related to palm oil export permits and rice mislabelling. CGS International has reiterated its “Reduce” rating for Wilmar, citing these risks alongside potential de-rating catalysts such as unfavourable court rulings and lower-than-expected crushing margins. Conversely, stronger-than-expected consumption in China could provide an upside to the company’s profitability.
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Propnex Ltd has reported a significant 73.3% year-on-year increase in revenue for the first half of 2025, reaching S$598.9 million. This growth was largely attributed to a surge in project marketing revenue, which rose by 183.2% to S$258.5 million, thanks to an increase in primary home transactions and new project launches, a CGS International report said. The company’s earnings per share (EPS) for the period stood at 5.71 Singapore cents, exceeding expectations by achieving 67.3% of the full-year forecast.

The company’s performance was bolstered by a higher gross profit margin of 11%, with a substantial portion of revenue coming from its high-yielding project marketing segment. Propnex also reported a 122.4% increase in profit after tax and minority interests (PATMI) to S$42.3 million. The company has proposed an interim dividend per share of 5 Singapore cents, reflecting an 87.6% payout ratio.

Propnex anticipates continued growth in new home sales, projecting sales to reach between 8,000 and 9,000 units in 2025, up 24-39% from the previous year. The company expects private home prices to rise by 3-4% and HDB resale prices to increase by 4-5% in 2025. The sales force has expanded by 7.8% since January 2025, now totalling 13,618 agents.

The company’s strong cash position of S$136.8 million as of the end of 1H25 supports its high dividend payout ratio. Propnex’s target price has been raised to S$1.77, with potential re-rating catalysts including a stronger-than-expected residential market performance and further market share expansion. However, risks such as a weaker macroeconomic outlook and rising mortgage rates could impact demand for housing and earnings.
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COSCO SHIPPING International (Singapore) Co., Ltd., a prominent logistics management service provider listed on the Singapore Exchange, has announced a 15% increase in net profit attributable to equity holders for the first half of 2025, reaching $2.6 million. This growth is primarily driven by higher profit margins in logistics and ship repair and marine engineering segments.

The company’s revenue for the period ending 30 June 2025 rose by 11% to $91 million compared to the same period in 2024. Logistics activities, which contributed 89% of the total revenue, saw a 12% increase to $80.6 million, largely due to enhanced transportation and container depot services. Meanwhile, revenue from ship repair and marine engineering experienced a modest 1% rise.

Despite the positive financial performance, COSCO SHIPPING International faced challenges, including a 28% decrease in other income and a 52% drop in interest income due to lower interest rates. Administrative expenses also rose by 8%, attributed to increased corporate function costs.

The global economic landscape remains uncertain, with trade protection policies and geopolitical tensions affecting supply chains. However, the International Monetary Fund’s July 2025 projection of a 3.0% global growth rate offers some optimism. Locally, Singapore’s GDP growth averaged 4.2% in the first half of 2025.

Looking ahead, COSCO SHIPPING International remains focused on long-term growth and resilience, aiming to expand its infrastructure and network across Southeast Asia. The company is committed to becoming a leading integrated shipping and logistics service provider in the region, delivering sustainable value to its shareholders.
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Lendlease Global Commercial REIT (LREIT) has reported a 1.8% year-on-year increase in its distribution per unit (DPU) for the second half of the financial year 2025, despite a S$2 million provision for outstanding rental from Cathay Cineplexes. The REIT, which invests in stabilised income-producing properties globally, is sharpening its competitive edge by concentrating on its Singapore portfolio, which constitutes 87% of its total valuation, a UOB Kay Hian report said.

The REIT’s properties, including 313@Somerset and Jem in Singapore, maintained high occupancy rates of 98.8% and 99.8% respectively. LREIT achieved a positive rental reversion of 10.2% for FY25, with tenant retention at 83.3%. The REIT’s strategy includes enhancing tenant mix and introducing new food and beverage offerings to boost shopper traffic.

LREIT’s new CEO plans to continue asset recycling to reduce gearing, with a significant divestment of Jem’s office component expected to complete in the second quarter of FY26. This move is anticipated to reduce the REIT’s aggregate leverage from 42.6% to 35%.

The REIT’s portfolio valuation increased by 2.2%, driven by growth at Jem and the strength of the euro. The valuation for Jem in Singapore and Sky Complex in Milan, Italy, rose by 2% and 8.7% respectively. LREIT also recognised a gain in the fair value of investment properties amounting to S$46.8 million.

Looking ahead, LREIT aims to enhance its Singapore assets further, with plans for a purpose-built music hall at 313@Somerset expected to attract more visitors. UOB Kay Hian maintains a ‘Buy’ recommendation with a target price of S$0.79, supported by a distribution yield of 6.7% for FY26.
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Sembcorp Industries has reported a stable performance for the first half of 2025, with net profits reaching S$536 million, aligning with market forecasts. Despite an 8% year-on-year decline in revenue to S$2.94 billion, the company declared a 50% increase in dividends compared to the previous year. UOB Kay Hian maintains a “buy” rating on the stock, citing an attractive entry point for investors following a recent share price drop.

The company’s robust balance sheet, with net debt standing at S$7.38 billion and 81% of its debt on fixed rates, supports its financial stability. Sembcorp’s growth in the renewables sector, particularly in India, and contributions from new projects have bolstered profitability, despite modest curtailment risks in China. The acquisition of Senoko Energy is expected to further enhance earnings in the latter half of the year.

Adrian Loh, an analyst at UOB Kay Hian, noted that the market’s reaction to Sembcorp’s results was an overreaction, presenting a buying opportunity. “The market had likely placed high expectations for SCI to deliver strong 1H25 results,” he stated, emphasising the company’s strengths in renewables and its strategic positioning in Singapore’s power generation market.

Looking ahead, Sembcorp aims to continue its expansion in renewables and integrated urban solutions, with new business parks in Vietnam expected to drive growth. The company also plans to deliver a 600MW hydrogen-ready co-generation plant in Singapore, further solidifying its position in the energy sector.
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