Regional News

Morgan Stanley Research has shared its findings from recent discussions with 60 investors in Singapore and Hong Kong, following the release of its Singapore Bluepaper. The conversations centred on Singapore’s macroeconomic outlook, market reforms, and strategic positioning, with significant attention given to banks, Singtel, Keppel, and Real Estate Investment Trusts (REITs).

The report highlighted a debate over the sustainability of Singapore’s productivity growth and the effectiveness of market reforms in enhancing new listings and liquidity. Investors showed interest in the implications of de-dollarisation on Singapore’s interest rates and bank net interest margins (NIMs) for the second quarter of 2025. Additionally, there was a focus on the potential for profit-taking in Singtel, although Morgan Stanley still identifies growth opportunities for the company.

In the energy sector, Keppel Corporation attracted considerable interest due to its strategy of reallocating capital, raising dividends, and divesting lower-return businesses. The report also noted positive investor sentiment towards REITs, driven by rate compression.

Morgan Stanley’s analysis suggests that for Singtel to achieve further growth, it needs to improve its return on invested capital (ROIC), exceed earnings per share (EPS) and dividend per share (DPS) expectations, and enhance asset monetisation. For Keppel, asset monetisation and a focus on recurring income through an asset-light model are expected to expand its return on equity (ROE) by 200-300 basis points by 2027.

The findings underscore the varied investor perspectives on Singapore’s economic trajectory and the potential impact of ongoing market reforms.
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A recent survey by Milieu Insight has unveiled a generational split in attitudes towards office romances in Singapore, following a high-profile incident involving former Astronomer CEO Andy Byron. The survey, conducted online from 23 to 25 July with 500 Singaporeans aged 18 and above, highlights varying perspectives on workplace relationships, power dynamics, and leadership accountability.

The survey found that over 70% of Gen Z and Millennials were aware of the incident, primarily through social media, whilst only 36% of baby boomers learnt about it via news outlets. Despite the professional implications, 39% of respondents found the video “entertaining.” Interestingly, 66% believed the relationship was “meant to be hidden,” with 56% attributing the backlash to the CEO’s concealment attempts.

Millennials, stepping into managerial roles, are generally supportive of workplace relationships if disclosed and managed professionally. In contrast, 30% of Gen X and 38% of baby boomers have formed workplace relationships, raising concerns about power imbalances due to their senior positions.

The survey also revealed that 64% of Gen Z, 57% of Millennials, and 46% of Gen X believe workplace relationships are appropriate only if disclosed to HR. However, 38% of baby boomers think they are acceptable regardless of context. Additionally, 44% of Singaporeans find senior-on-senior relationships acceptable if managed professionally, though 25% acknowledge potential power imbalances.

Juda Kanaprach, Co-Founder and Chief Commercial Officer at Milieu Insight, stated, “Gen Z and Millennials expect workplace relationships to be handled with transparency and professionalism. It’s not about banning relationships entirely, but ensuring they’re disclosed to HR and managed with clear boundaries.” The survey underscores the evolving workplace culture and the need for organisations to adapt to these changing expectations.
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Singapore Airlines (SIA) has been downgraded from “Hold” to “Reduce” by CGS International, following a disappointing first quarter of the financial year 2026 (1QFY26). The downgrade comes as SIA’s core net profit fell by 56% quarter-on-quarter to S$186 million, largely due to its 25.1% stake in Air India, which reported significant losses. Despite strong performance in its Singapore passenger and cargo operations, the airline’s share price is expected to face pressure.

The report highlights that SIA’s Singapore operations achieved a 42% increase in operating profit to S$405 million, driven by robust passenger volumes and lower fuel costs. However, Air India’s losses, amounting to S$130 million for SIA, overshadowed these gains. The losses were exacerbated by the aftermath of a 787-8 crash in Ahmedabad, India, on 12 June 2025, leading to a reduction in Air India’s flight operations.

CGS International has adjusted its target price for SIA to S$6.80, down from S$6.88, reflecting a 10.5% downside from the current share price of S$7.60. The report advises investors to take profit before the 30 Singapore cents final dividend per share ex-date on 8 August 2025, noting that SIA’s share price historically drops post-dividend.

Looking ahead, SIA’s financial outlook remains challenging, with projected losses from Air India expected to widen in the coming fiscal years. Whilst Air India plans to restore flights by October 2025, the recovery in demand and pricing may take longer. Potential catalysts for SIA’s share price include a faster-than-expected recovery for Air India, though current valuations suggest limited upside.
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Mapletree Logistics Trust (MLT), an Asia-focused logistics real estate investment trust, has reported a 12.4% year-on-year decline in its distribution per unit (DPU) for the first quarter of FY26. The decrease is attributed to the depreciation of several regional currencies against the Singapore dollar and ongoing trade tensions impacting tenant sentiment, according to a UOBKayHian research note.

MLT’s gross revenue and net property income fell by 2.4% and 2.1% respectively, primarily due to lower contributions from China and South Korea, as well as the absence of income from 12 divested properties. The Australian dollar, Chinese yuan, Hong Kong dollar, and Korean won all weakened against the Singapore dollar, further affecting the trust’s financial performance. Borrowing costs also rose by 2.3% year-on-year.

Despite these challenges, MLT achieved a positive rental reversion of 2.1% in the quarter, driven by strong performances in Singapore and Japan. However, China experienced a negative rental reversion of 7.5%, with revenue from the region declining by 18.4% due to continued negative rental trends.

The trust’s portfolio occupancy eased slightly to 95.7% as of June 2025, with Singapore’s occupancy dropping due to the newly completed Mapletree Joo Koon Logistics Hub. MLT’s management remains cautious, expecting tenants to be wary due to uncertainties in trade policies, which could affect demand for warehouse space.

Looking ahead, MLT plans to retain divestment gains, with a target to complete divestments worth $110 million (S$150 million) in FY26. The redevelopment of 5A Joo Koon Circle in Singapore is progressing well, with management expecting occupancy to reach 80% by the end of FY26.
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Global Branded Residences (GBR), a leading advisory firm for branded residential developments, has launched in the Asia Pacific region, responding to its rapid growth in the luxury real estate sector. This expansion aims to support developers and operators as Asia Pacific is poised to match North America as the largest market for branded residences.

Asia Pacific is currently the second largest market for completed branded residential developments and holds a significant pipeline position, according to GBR data. Over 900 branded residences projects are expected to launch globally in the next five to six years, with Asia Pacific driving this growth. Thailand, Vietnam, and India are leading the charge, with cities like Bangkok, Phuket, and Bali emerging as key hotspots.

Phuket and Bangkok have secured top global rankings, with Phuket now overtaking Bangkok in pipeline projects. Vietnam has seen a remarkable rise, with 51 projects currently in development, making it the top spot in Asia Pacific for branded residential projects.

GBR, led by founder Riyan Itani, has advised on over 150 branded residential projects across 40 countries, working with marquee brands such as Four Seasons and Ritz-Carlton. The firm has appointed Anna Carver as Business Development and Brand Selection and Negotiation Manager for the region, based in Singapore.

“The growth of branded residences in Asia Pacific is both rapid and sustained,” said Itani. Carver added, “We’re seeing developers increasingly recognise the value that hotel and lifestyle brands bring to residential developments.”

GBR’s expansion follows its role as Strategic Partner at the Branded Residences Forum Asia in Bangkok, where it presented its latest data and moderated key sessions on the sector’s future.
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UNIQLO has announced its first collaboration with the Pokémon Trading Card Game (TCG) and the Pokémon TCG Pocket app, set to launch on 11 August. This new UT Collection reimagines Pokémon nostalgia into everyday wear, featuring designs inspired by original card illustrations of beloved characters like Pikachu, Lapras, and Mewtwo. The collection includes five designs for adults and four for children, available in all UNIQLO stores and online.

To celebrate the launch, Pikachu will make special appearances at UNIQLO’s Orchard Central Global Flagship and Jewel Changi Airport stores on the release day. Fans purchasing two UTs from the collection can take photos with the Pikachu mascots between 12pm and 6.30pm. By sharing these photos on Instagram and tagging @uniqlosg, participants stand a chance to win a Pokémon Trading Card Game Deluxe Battle Deck. Entries will be accepted until 17 August, with winners announced on 18 August.

The collection offers T-shirts priced at $19.90 (£15.50) for adults and $14.90 (£11.60) for children, with sizes ranging from XS to 3XL for adults and 100 to 160 cm for children. This collaboration marks another successful venture for UNIQLO, following previous popular partnerships with the Pokémon brand. The Pokémon TCG Pocket app, which digitises the card collecting experience, complements this launch, offering fans a modern twist on a classic pastime.
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The Singapore Department of Statistics has reported varied movements in the country’s price indices for June 2025. The Import Price Index increased by 1.3%, whilst the Export Price Index saw a modest rise of 0.1%. The Domestic Supply Price Index also experienced a slight increase of 0.3%. However, the Singapore Manufactured Products Price Index fell by 0.8% compared to May 2025.

These indices are crucial as they reflect the price changes of goods traded internationally and domestically, impacting economic planning and business strategies. Excluding oil, the Export, Singapore Manufactured Products, and Domestic Supply Price indices decreased by 0.6%, 1.6%, and 1.5% respectively, whilst the Import Price Index remained unchanged.

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MATRIXX Software has announced a five-year extension of its partnership with Singapore’s telecommunications giant, StarHub. This collaboration aims to bolster StarHub’s digital offerings and provide agile, real-time monetisation solutions for both consumer and enterprise sectors. Initially implemented to support the launch of StarHub’s all-digital brand, giga!, the partnership will now extend to the main brand offerings.

StarHub’s chief information officer, Adam Seyer, highlighted the company’s commitment to modernising its infrastructure. “StarHub is modernising from the inside out, driving growth in our consumer business through smarter cross-product bundling and a multi-brand, multi-segment strategy that creates meaningful value,” he stated. The partnership with MATRIXX will enable StarHub to deliver faster and more seamless digital experiences, catering to evolving customer needs.

The collaboration will see StarHub leveraging MATRIXX’s cloud native monetisation solution to unify its IT infrastructure, enhancing both consumer and enterprise offerings. This move is part of StarHub’s long-term growth strategy, aiming to accelerate the delivery of new digital services and experiences.

Tom Fisher, vice president of APAC sales at MATRIXX Software, expressed enthusiasm about the continued partnership. “We are excited to continue our partnership with StarHub, delivering the agile, real-time charging capabilities that enable them to bring new digital products and services to market faster and deliver world-class customer experiences,” he said.

The extension of this partnership is expected to drive new growth opportunities for StarHub, particularly in the realm of innovative 5G services, and further solidify its position in Singapore’s dynamic mobile market.
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Registration is now open for the DNDA25 Summit, co-hosted by Singapore Polytechnic and the Don Norman Design Award, set to take place from 19 to 21 November 2025 at the Singapore Polytechnic Convention Centre. This marks the first time the summit will be held outside the United States, underscoring Asia’s rising role in shaping design for societal impact.

Themed “Humanity-Centred Design (HCD+): The Future of Education, Business and Community,” the summit will gather global designers, innovators, and educators. Attendees can expect transformative keynotes, stories of design breakthroughs, and debates on how HCD+ can foster positive change for people and the planet.

Keynote speakers include design pioneer Don Norman, Ezio Manzini from Politecnico di Milano, and Daniel Iacofano, CEO of MIG. Also speaking are Dr Wong Sweet Fun from Khoo Teck Puat Hospital and Sanjay Purohit of the Centre for Exponential Change, with more speakers to be announced.

A highlight of the event will be the DNDA25 Awards, celebrating contributions in early-career work, educational programmes, and organisational leadership. Honourees will share insights from their design journeys, inspiring others to integrate humanity-centred values into their work.

This summit builds on a partnership between Singapore Polytechnic and Don Norman, which began in 2023. The collaboration has grown, with SP receiving global recognition at DNDA24 for leadership in the HCD+ space. The DNDA25 Summit invites professionals, students, and industry leaders to join a movement redefining design’s impact.
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Synagistics Limited, a leading AI-powered digital commerce platform in Southeast Asia, has announced the launch of its Digital Finance Group (SDFG). This strategic initiative is set to develop interoperable multi-currency stablecoins and real-world asset tokenisation solutions, marking Synagistics’ entry into the programmable finance sector. The initiative aims to bridge traditional financial systems with blockchain infrastructure, enabling tokenised settlements of real-world assets like trade receivables and inventory using stablecoins pegged to multiple fiat currencies, including the Hong Kong Dollar, offshore Renminbi, and Singapore Dollar.

The venture will be led by Katherine Tsang, former Chairperson of Greater China at Standard Chartered, alongside a team of seasoned industry veterans. Tsang emphasised the importance of creating a “trusted, scalable solution that supports sovereign currencies, enhances regional liquidity, and empowers businesses with 24/7 programmable money.”

Synagistics is leveraging its existing infrastructure and partnerships to accelerate the adoption of SDFG’s solutions. Collaborations include a digital trade platform with China Post Hong Kong and a pan-regional AI-powered trade corridor with Jiangsu Soho, a major Belt and Road Initiative enterprise. These partnerships aim to support SMEs and exporters by providing faster, more transparent, and cost-effective financial solutions.

As Asia-Pacific emerges as a hub for digital trade, with Southeast Asia’s e-commerce GMV expected to surpass $295 billion by 2025, the demand for regulatory-compliant stablecoins and tokenised assets is anticipated to grow. Synagistics’ initiative positions it at the forefront of this digital finance transformation, offering scalable and compliant solutions to meet the region’s evolving needs.
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