Regional News

DFI Retail Group is set to experience a robust earnings recovery, with analysts maintaining a “buy” recommendation and raising the target price to $4.05 from $3.09, reflecting a 16% upside. The group’s net profit is expected to rebound this year, supported by its parent company, Jardine Matheson Holdings, which has a history of distributing dividends back to the group level. A special dividend per share of 44.3 US cents has been declared, surprising investors and returning excess cash to shareholders.

The company’s attractive valuation and dividend yield, projected at approximately 3% for the financial year 2026, further bolster investor confidence. Analyst Alfie Yeo noted that the special dividend declaration is a strategic move to enhance shareholder value and reflects the company’s strong cash position.

The announcement comes as part of a broader market analysis by RHB, highlighting DFI Retail Group’s promising recovery trajectory. The group’s performance is closely watched, given its significant role in the retail sector and its potential impact on market dynamics.

Looking ahead, DFI Retail Group’s focus on maintaining a strong dividend policy and capitalising on market opportunities is expected to drive continued growth. The company’s strategic initiatives and financial health position it well for sustained recovery and shareholder returns in the coming years.
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Holiday Inn Singapore Atrium has announced the appointment of Mia Jaafar as its new Hotel Manager and unveiled newly refurbished ballrooms, marking a significant step in enhancing guest experiences. With over 17 years of experience in the hospitality industry, Jaafar has held leadership roles across Asia, including at ANA InterContinental Tokyo and InterContinental Singapore. Her leadership is expected to focus on elevating guest experiences and fostering an inclusive environment for both leisure and business travellers.

The hotel’s ballrooms and event spaces have undergone a comprehensive refurbishment, featuring new carpets, energy-efficient LED lighting, and improved layout flexibility. In line with sustainability efforts, filtered water stations have replaced bottled water, and pencils have replaced pens to reduce plastic waste. Selected venues now offer natural daylight, providing a stylish and functional setting for events.

The hotel offers 13 event spaces, with the largest accommodating up to 400 guests, suitable for conferences, weddings, and corporate dinners. Medium-sized rooms cater to classroom-style training sessions and product launches, whilst smaller rooms are ideal for board meetings and private discussions.

Meeting packages start at $75++ per person, including complimentary use of a function room, free-flow coffee and tea, snack breaks, and an international halal buffet lunch. With 512 guestrooms and direct access to Havelock MRT station, Holiday Inn Singapore Atrium continues to be a preferred destination for meetings and social events.
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Foodpanda Singapore is honouring its delivery partners this National Day with a series of initiatives, including $11,800 (S$16,000) in education bursaries, pound-for-pound tip matching, and expanded safety training. These efforts are part of the Riding Singapore Forward campaign, which aims to recognise the vital role delivery partners play in keeping the city moving.

From 8 to 10 August, foodpanda will match all in-app customer tips pound-for-pound, showing appreciation for the dedication of its delivery partners. Additionally, from 1 to 10 August, delivery partners collecting orders with two complimentary Coca-Cola cans from selected Food Republic outlets will receive a free Coca-Cola.

Bhavani Mishra, Managing Director of foodpanda Singapore, stated, “Singapore’s 60th birthday is a meaningful milestone to honour our delivery partners, who show up every day—rain or shine—to bring convenience and comfort to homes across the city.”

In recognition of exceptional service, foodpanda awarded 31 delivery partners and provided over 700 attendees with goodie bags containing safety essentials. The company is also expanding its safety training programme ahead of Rider Safety Month in September. The new intermediate courses will cover practical techniques, hazard management, and road confidence, tailored by vehicle type.

These initiatives are part of foodpanda’s regional flagship programme, panda hearts, which focuses on safety, well-being, personal development, community, and welfare perks for delivery partners across Asia. Benny Tan Teng Soon, a bursary recipient and mechanical engineering student, expressed gratitude, noting the bursary would ease financial pressures and allow him to focus on his studies.
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HSBC Asset Management has announced the appointment of Karim Ghannam as the Global Head of Real Assets and Head of Alternatives in Singapore, effective 8 August 2025. With over 25 years of industry experience, Ghannam will spearhead the strategic development and management of HSBC AM’s real assets portfolio, which includes a diverse range of listed, direct, and indirect investment strategies.

Ghannam’s extensive background in the sector is expected to bolster HSBC AM’s position in the global market. His role will involve enhancing the firm’s real assets proposition, a critical component of its investment strategy. The appointment underscores HSBC AM’s commitment to expanding its footprint in the real assets domain, leveraging Ghannam’s expertise to drive growth and innovation.

Based in Singapore, Ghannam will be instrumental in aligning the firm’s real assets initiatives with broader market trends and client needs. His leadership is anticipated to bring a fresh perspective to HSBC AM’s approach, particularly in navigating the complexities of the global real assets landscape.

This strategic move by HSBC AM highlights the increasing importance of real assets in investment portfolios, as investors seek diversified and resilient options in a fluctuating economic environment. Ghannam’s appointment is a significant step in reinforcing HSBC AM’s capabilities and competitive edge in this sector.
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WorkWell Leaders (WWL), a registered charity focused on mental health and organisational wellbeing, has unveiled the WorkWell Leaders Impact Roadmap, a strategic guide for CEOs and Boards. Developed in collaboration with the National University of Singapore, this roadmap is based on a comprehensive study analysing over 200 organisational factors to identify the most influential drivers of wellbeing and performance.

The roadmap, supported by partners such as the Bank of Singapore and the Health Promotion Board, offers actionable guidance for leaders. Anthea Ong, Founder and Chairperson of WWL, emphasised the roadmap’s potential to empower leaders to act with focus and accountability. “Leaders want to make change and invest where it matters most – and now we know what matters most from this study,” Ong stated.

Key findings from the study highlight that organisational wellbeing is the primary enabler of performance, challenging the notion of wellbeing as a mere “soft” benefit. The roadmap outlines six drivers within the Organisational Wellbeing-Performance IMPACT Framework, including investing in leader wellbeing and promoting belonging.

Dr Reuben Ng, the principal researcher, noted, “The data are clear – what leaders do matters far more than what they say or delegate.” The roadmap also includes tailored applications for smaller businesses and trade-based workplaces, ensuring its relevance across various sectors.

The WorkWell Leaders Impact Measure study, conducted between November 2024 and April 2025, gathered insights from over 2,400 employees. It marks Singapore’s first nationally representative study linking leadership actions to wellbeing and performance outcomes. As Singapore looks to the future, this roadmap aims to redefine leadership in an uncertain world.
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Singapore has placed fourth spot amongst the best Asian workcation cities for 2025, according to the International Workplace Group’s (IWG) third annual Work from Anywhere Barometer.

The study highlights the increasing trend of ‘workcations’, where professionals combine work and leisure whilst travelling, driven by the rise of hybrid working models. Tokyo, on the other hand, has secured the top spot.

The report reveals that 60% of hybrid workers are more inclined to extend their holidays to work remotely compared to last year. Additionally, 86% of respondents consider the availability of flexible workspaces a crucial factor in choosing their destination. The freedom to work from anywhere is seen as a productivity booster by 87% of employees surveyed.

Singapore excels in several key areas, including food, broadband quality, happiness, culture, and sustainability. The city offers a hyper-connected environment with island-wide 5G coverage and seamless urban mobility, making it an attractive destination for digital nomads. Its blend of cultural richness and modern infrastructure, alongside a vibrant food scene, enhances its appeal as a workcation hotspot.

IWG’s network, with over 4,000 flexible workspace locations in more than 120 countries, supports this growing trend. The report suggests that adopting flexible workspaces as part of a hybrid strategy could boost productivity by up to 11% over the next five years. As companies increasingly embrace flexible working policies, the trend of workcations is expected to continue, offering significant benefits for both employees and employers.
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HDFX, a Singapore-based events and experiential marketing agency, has successfully launched EcoSwift’s Battery Charge and Swop Station, the first public charging and battery-swop station for electric heavy commercial vehicles in Singapore. Located in Tuas, the station was unveiled on 1 August 2025, representing a major advancement in the nation’s green logistics and sustainable transportation efforts.

The launch event, orchestrated by HDFX, featured a 3D, to-scale replica of the station, which served as both an educational centrepiece and the official launch mechanic. This innovative display was synchronised with the unveiling moment, symbolising the activation of Singapore’s first public charge-and-swop infrastructure. A giant LED screen further enhanced the experience by highlighting the station’s main features and communicating key messages to attendees.

HDFX managed the entire logistical setup, including tentage, cooling systems, AV equipment, and guest flow management. The agency also facilitated a live demonstration of EcoSwift’s swop technology, capturing the attention of both media and guests. Ryan Woon, CEO of EcoSwift, praised HDFX for their creativity and professionalism, stating, “The event made a strong impression and truly reflected the future-forward ethos of our brand.”

Chua Wen Fang, Events Executive at HDFX, expressed pride in the team’s execution, noting the project’s significance for Singapore’s sustainability journey. Miki Hay, Founder and Managing Director of HDFX, emphasised the alignment of EcoSwift’s vision with HDFX’s values, highlighting the importance of partnering with purpose-driven brands.

Founded in 2004, HDFX has completed over 2,000 events and partnered with more than 150 brands across Asia. The agency is known for its high-definition, marketing-driven campaigns, blending creativity, precision, and strategic insights to bring innovative ideas to life.
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UOB Kay Hian’s Alpha Picks portfolio achieved a remarkable performance in July, increasing by 17.7% on an equal-weighted basis and surpassing the Straits Times Index (STI) by 12.4 percentage points. This outperformance was driven by strong gains in small to mid-cap stocks, including iFAST, Frencken, and China Sunsine, which saw monthly increases of 37.3%, 33.9%, and 28.4%, respectively.

The portfolio’s success comes amidst a backdrop of positive economic data from the US and a revitalised local bourse, bolstered by the Monetary Authority of Singapore’s (MAS) S$5 billion equity market development programme. The STI itself rose by 5.3% month-on-month, reflecting renewed investor interest.

In anticipation of MAS’s capital injection, UOB Kay Hian has adjusted its portfolio for August by adding Hong Leong Asia, Marco Polo Marine, and CSE Global, whilst removing iFAST and Sheng Siong Group. Hong Leong Asia is expected to benefit from favourable construction sector trends, Marco Polo Marine from high charter rates, and CSE Global from a robust orderbook.

The analysts at UOB Kay Hian continue to recommend a range of stocks, including PropNex and DFI Retail, both of which have shown strong performance and promising outlooks. PropNex is poised to capitalise on stable transaction volumes in Singapore’s residential markets, whilst DFI Retail has reported robust results, driven by its health and beauty and food divisions.

As the portfolio continues to outperform, UOB Kay Hian remains optimistic about its strategic stock selections and the potential for continued growth in the coming months.
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Venture Corporation has announced a special dividend of S$0.05, bringing the total interim dividend per share (DPS) for the first half of 2025 to S$0.30. This comes as the company reported a revenue decline of 8.8% year-on-year to S$1.26 billion for the same period. Despite the drop, the company’s net profit of S$113 million exceeded expectations, aligning with Bloomberg’s consensus forecast, CGS International said in a report.

The decision to issue a special dividend follows shareholder demands for higher returns, voiced during the annual general meeting on 24 April. Venture’s balance sheet remains robust, with net cash of S$1.3 billion as of the end of June and a free cash flow of S$137.8 million.

The company experienced a slight revenue recovery in the second quarter of 2025, with a 4.7% increase quarter-on-quarter. This was driven by a rise in demand from sectors such as life sciences, medical, semiconductor, and advanced industrial segments. However, challenges persist due to uncertainties in the tariff environment and softness in the lifestyle domain.

Looking ahead, CGS International has upgraded its earnings outlook for Venture Corporation for the fiscal years 2025 to 2027, maintaining its net margin target of 8-10%. The company anticipates improved business conditions by 2027, with potential growth catalysts including new product launches and production diversification from China to Malaysia.

Venture’s stock has been upgraded to “Add” with a target price of S$13.45, reflecting a positive outlook as the company continues to invest in long-term growth and value creation.
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Parkway Life REIT (PREIT) has announced an 8.1% year-on-year increase in revenue for the first half of 2025, reaching S$78.3 million, with net property income (NPI) also up by 8% to S$73.8 million. This growth is attributed to acquisitions in France and Japan, alongside enhanced lease arrangements in Singapore. The distribution per unit (DPU) increased by 1.5% to 7.65 Singapore cents, supported by an equity fundraising exercise that facilitated the purchase of 11 properties in France.

The REIT’s financial performance was bolstered by a strong operating and capital structure, with Singapore contributing 64.8% of total revenue, CGS International said in a report.

Overseas operations in Japan and France accounted for 35.2% of revenue. PREIT has implemented foreign exchange hedges to mitigate currency volatility, resulting in a forex gain of S$4.35 million in the first half of the year. Additionally, tax exemptions approved by the Inland Revenue Authority of Singapore for foreign-sourced income from its French properties are expected to yield annual tax savings of approximately S$1.26 million.

PREIT’s gearing ratio stood at 35.4% at the end of the first half, with 97% of its interest rate exposure hedged into fixed rates. The REIT plans to optimise its asset portfolio by divesting non-core assets and reinvesting in strategic opportunities, particularly in France, whilst maintaining its core market in Singapore.

The REIT has reiterated its “Add” rating, raising its target price to S$4.93, reflecting the anticipated benefits from tax savings and potential accretive acquisitions. However, risks such as deflationary pressures and potential capital expenditure overruns at Mount Elizabeth Hospital remain considerations for investors.
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