Regional News

Singapore’s non-oil domestic exports (NODX) experienced a notable decline of 3.5% year-on-year in May, according to a report by UOB Global Economics and Markets Research. This figure fell short of Bloomberg’s consensus estimate of a 7.8% increase and was closer to UOB’s own projection of a 2.3% rise. The data suggests a softening in front-loading momentum, with both overall non-oil re-exports (NORX) and electronics NORX showing a marked slowdown.

The electronics sector, a significant component of Singapore’s exports, saw its NODX growth slow to 1.7% year-on-year in May, down from 23.4% in April. This was largely due to weaker exports of personal computers and integrated circuits. Non-electronics NODX also contracted by 5.3%, with petrochemicals, non-monetary gold, and specialised machinery contributing most to the decline. However, pharmaceutical exports remained positive, possibly due to concerns over potential US tariffs.

The report highlighted that NODX to six out of Singapore’s top ten markets contracted, with exports to the US dropping by 20.6% year-on-year. Electronics exports to South Korea and Taiwan also eased significantly, indicating fatigue from earlier front-loading activities.

In light of these developments, UOB has adjusted its full-year 2025 NODX forecast to a range of 1.0-3.0%, down from the previous 2.0-4.0%. The bank cited concerns over potential new unilateral tariff rates and escalating geopolitical tensions in the Middle East as factors that could further impact trade activity in the second half of 2025.
“`

M1 Limited, a leading network operator in Singapore, and Ericsson have announced a strategic partnership to enhance M1’s 5G network through advanced automation and analytics. The collaboration will see the commercial deployment of Ericsson’s Transport Automation Controller, a cloud-native solution that utilises Artificial Intelligence (AI) and Machine Learning (ML) to optimise transport network operations.

The Ericsson Transport Automation Controller, having successfully completed a proof of concept, will initially be integrated into M1’s microwave transport network. This innovative controller has demonstrated its ability to identify interference sources, improve synchronisation monitoring, and enhance service assurance. By providing AI-driven insights, it enables M1 to make proactive, data-driven decisions, streamline operations, and optimise power consumption, aligning with the company’s sustainability goals.

“This marks a significant milestone in our digital transformation journey,” said Denis Seek, Chief Technical Officer at M1. “By adopting intelligent automation, we are not only enhancing our network performance and reliability but also strengthening our commitment to sustainability and excellent customer experience.”

The collaboration is particularly significant for mission-critical sectors, where M1’s resilient connectivity supports essential operations. Daniel Ode, Head of Ericsson in Singapore, Philippines, and Brunei, stated, “This collaboration reflects our shared vision with M1 to lead the future of network automation.”

This initiative represents a major advancement in network automation, supporting digitalisation efforts across key industries in Singapore. M1 plans to extend the transport controller’s capabilities to its IP transport network, further advancing its network excellence.
“`

Morgan Stanley Research has reported a dramatic 53% month-on-month (MoM) decline in Singapore’s home sales for May 2025, attributed to the absence of new project launches during the country’s General Elections. Despite this, sales were up 41% year-on-year (YoY) due to a low base in the previous year. The total sales volume for the first five months of 2025 reached 4,350 units, marking a 158% increase YoY.

The report highlights that sales momentum has heavily relied on new project launches, explaining the sharp drop in sales volumes. Among existing projects, Kingsford’s One Marina Gardens led with 62 units sold at a median price of S$2,980 per square foot (psf). Other notable sales included Bloomsbury Residences and The Hill @One North, with median prices of S$2,500 psf.

Looking ahead, Morgan Stanley anticipates subdued sales in June due to school holidays, with a potential rebound in July as new projects are expected to launch. Huttons estimates suggest that approximately 16 projects, comprising around 7,800 units, could be introduced in the second half of 2025.

The executive condominium market also saw limited activity, with only 24 units sold in May. As developers typically avoid launching new projects during school holidays, the market is expected to remain quiet until the end of June.
“`

ST Engineering is poised for growth as it capitalises on increasing global defence spending, according to a recent update from RHB.

The company, which has been expanding its capabilities in both conventional and digital defence, is expected to benefit from a diversified orderbook and international contract wins. Despite these strengths, its year-to-date share price gain has not kept pace with regional peers, presenting a potential opportunity for investors.

The company’s new target price has been set at $6.50 (SGD8.90), up from $6.05 (SGD8.30), reflecting a 12% upside. Analyst Shekhar Jaiswal highlighted that ST Engineering is trading below the regional peer average, excluding India and China, yet offers comparable margins, superior return on equity, and higher yields, estimated at around 2% for the financial year 2025 forecast.

ST Engineering’s international expansion is seen as a key driver for its balanced and resilient growth profile. The company is well-positioned to leverage the global surge in defence spending, which has been on the rise due to geopolitical tensions and increased national security budgets worldwide.

The update underscores the company’s solid fundamentals and its strategic positioning in the defence sector. As ST Engineering continues to secure international contracts, it is expected to enhance its market position and deliver value to shareholders. The company’s focus on both conventional and digital defence capabilities further strengthens its competitive edge in the global market.

Looking ahead, ST Engineering’s ability to capture international defence contracts and maintain a diversified orderbook will be crucial in sustaining its growth trajectory. The company’s performance will be closely watched by investors seeking exposure to the defence sector’s growth potential.
“`

UltraGreen.ai, a leader in surgical imaging technology based in Singapore, has announced its acquisition of Danish clinical software company Perfusion Tech ApS. This strategic move aims to position UltraGreen at the forefront of fluorescence-guided surgery by integrating Perfusion Tech’s real-time perfusion quantification software with UltraGreen’s global fluorescence platform. The combined technology promises to transform how surgeons assess tissue viability, enhancing decision-making and improving patient outcomes.

The acquisition is set to create a comprehensive surgical intelligence platform that offers objective and standardised perfusion assessments. This innovation is expected to reduce surgical risks and improve clinical outcomes across various procedures, including colorectal, reconstructive, and vascular surgeries. Additionally, the integration opens new commercial opportunities in chronic wound care and diabetic foot ulcer treatment, potentially benefiting over 18 million patients globally.

UltraGreen’s platform, enhanced by AI-powered insights and cloud-based data management, aims to support long-term product development. Co-CEO of UltraGreen.ai, Ravi Sajwan, highlighted the significance of the acquisition, stating, “With Perfusion Tech’s platform, we are unlocking a new layer of insights—bringing scalable, quantitative intelligence to procedures where precision is critical.”

The acquisition also aligns with UltraGreen’s growth strategy, aiming to capture value across multiple touchpoints in the surgical workflow. The enhanced platform is particularly valuable in fields where accurate perfusion assessment is critical, such as colorectal and reconstructive surgery. Furthermore, it paves the way for expansion into vascular medicine and chronic wound care, addressing the growing demand for real-time, non-invasive perfusion measurement.

Perfusion Tech co-founders Mads H A Madsen and Morten A V Lund expressed enthusiasm about the acquisition, stating, “We are excited that Perfusion Tech and our quantification software, PerfusionWorks, have found a new home within UltraGreen, and we very much look forward to continuing the journey together.”

This acquisition marks a significant milestone in advancing surgical precision and safety, setting new standards for healthcare delivery worldwide.
“`

Fortune has unveiled its 2025 Southeast Asia 500 rankings, highlighting the largest companies in the region by revenue for the 2024 fiscal year. Singapore’s Trafigura retains the top spot, with the energy sector leading the charge. The rankings reveal a significant increase in female CEOs, now nearly 40, up from 28 last year. Indonesia boasts the most companies on the list, with 109, but Singaporean firms lead in revenue, profits, and assets.

The list underscores Southeast Asia’s growing role as a global economic powerhouse, driven by shifts in manufacturing capacity from China due to trade tensions. The top five companies, including Thailand’s PTT and Indonesia’s Pertamina, generated $516 billion, accounting for 28% of the total revenue of all 500 companies. Singapore-based companies alone contributed $637 billion, highlighting the city-state’s status as a regional business hub.

Energy remains the dominant sector, representing almost a third of the total revenue. Thai oil refiner Bangchak made a notable entry into the top 20 with a 47% revenue increase. Financial firms are the second-largest sector, with Singapore’s DBS leading in revenue and earnings.

The rankings also spotlight fast-growing companies like Malaysia’s NationGate and Vietnam’s Tasco JSC. The list reflects a dynamic leadership landscape, with 37 female CEOs and 37 women chairpersons, alongside ten CEOs in their 30s. The 2025 Southeast Asia 500 companies employ over 63 million people, showcasing the region’s economic vitality. The full list is available on Fortune’s website and in the June-July issue of Fortune Asia magazine.
“`

H2G Green Limited, a leader in sustainable energy solutions, has unveiled its strategic vision to bolster Singapore’s status as an LNG hub whilst advancing towards net-zero carbon emissions by 2050. The company’s new CEO, Pek Hak Bin, highlighted the significant growth opportunities for local green energy firms like H2G in meeting the rising demand for clean energy in Singapore and the broader region. H2G is focusing on biomass-to-hydrogen development and expanding the use of LNG.

As Singapore’s energy consumption increases, the nation is intensifying efforts to achieve net-zero carbon emissions by 2050. Imported LNG has played a crucial role in this endeavour since 2013. Pek stated, “International oil and gas majors have undertaken much of Singapore’s LNG business, but we also have enormous untapped potential right here with impactful homegrown companies like H2G.”

Under Pek’s leadership, H2G will prioritise three strategic areas: championing clean energy innovation in Singapore, expanding regionally into Southeast Asia, and forging partnerships with like-minded organisations. H2G’s engineering expertise and commitment to safety set it apart, with its subsidiary GasHub specialising in last-mile LNG distribution and Green Energy Investment Holding converting biomass waste into green hydrogen.

Pek, who assumed the CEO role on 1 June 2025, brings three decades of energy sector experience, including leadership roles at KPMG Singapore and BP Singapore. His strategic vision aims to unlock new growth opportunities for H2G as it advances Singapore’s energy transition.
“`

AVATAi has launched its enterprise-ready 3D avatar cloud platform at SuperAI Singapore 2025, taking place from 18 to 19 June at Marina Bay Sands, Singapore. This innovative platform enables businesses to create and deploy photorealistic, fully animatable 3D avatars for customer service, product demonstrations, internal training, and virtual events, all without the need for specialised hardware or coding skills.

The AVATAi Cloud Platform offers users complete control over avatar creation and deployment, featuring a public API for seamless integration with existing enterprise workflows. Built on a secure, cloud-native infrastructure, the platform promises speed, reliability, and scalability across various industries. “We’re here to show what’s possible when you combine AI with scalable infrastructure,” said Magomet Malsagov, Chairman and CEO of AVATAi. He emphasised the platform’s potential to simplify avatar deployment for businesses.

Since its launch in December 2024, AVATAi has achieved significant traction, generating over 63 million ad impressions in the US and recording more than 50,000 app downloads with over 40,000 monthly active users. The company plans to introduce enhanced 3D Messenger and Personal Assistant apps at Ai4 2025 in Las Vegas this August, featuring multilingual voice synthesis and conversational AI.

As the global avatar market is projected to reach $74.5b by 2033, AVATAi positions its platform as a crucial infrastructure for future brand and business engagement. Attendees at SuperAI Singapore 2025 can experience the platform firsthand at Booth MB4.
“`

Huawei Digital Power and Peak Energy have entered into a Memorandum of Understanding (MoU) to accelerate the deployment of 700 megawatt-peak (MWp) commercial and industrial (C&I) solar projects across the Asia-Pacific region. The agreement was signed at the SNEC 2025 event by Peak Energy CEO Gavin Adda and Huawei Digital Power Vice President Nate Luo. This collaboration seeks to enhance the region’s clean energy capabilities by combining Huawei’s digital power technology with Peak Energy’s market expertise.

The partnership will focus on key Asia-Pacific markets, including Japan, Korea, Singapore, Indonesia, the Philippines, Malaysia, and Thailand. Peak Energy has established regional teams to ensure swift project execution, providing turnkey clean energy solutions to corporate clients aiming to reduce emissions and energy costs. Huawei will contribute its advanced Smart PV solutions, which integrate power electronics and energy storage to optimise energy yield and operational reliability.

Gavin Adda highlighted the significance of the partnership, stating, “This partnership is a key milestone in our efforts to become the leading energy partner for corporates looking to reduce costs and carbon emissions in Asia.” Nate Luo added, “Our collaboration with Peak Energy demonstrates Huawei’s unwavering commitment to driving Asia-Pacific’s clean energy transformation.”

With increasing corporate decarbonisation commitments and supportive policy frameworks, the MoU sets the stage for substantial carbon reduction and energy resilience in the region. Huawei and Peak Energy are poised to lead the transition towards a low-carbon, high-efficiency future, beginning with this 700MWp initiative and aiming for gigawatt-scale transformation.
“`

BBR Holdings (S) Ltd, a prominent construction and specialised engineering group in Singapore, has successfully secured approximately S$220 million in new contracts. These contracts encompass significant infrastructure projects, including developments for the Housing & Development Board (HDB), the Cross Island MRT Line-Punggol extension, and a large-scale infrastructure project in the east. The projects are set to commence in June 2025, with completion expected by 2029.

The newly awarded contracts highlight BBR’s robust capabilities in the construction and engineering sectors. The projects include the construction of four residential blocks, a multi-storey car park, and social communal facilities at Yishun Street 31 for HDB. Additionally, BBR will undertake bored piling works for the Cross Island MRT Line-Punggol extension at Elias Station and associated tunnels, as well as participate in a large-scale infrastructure development in eastern Singapore.

Adrian Seow, CEO of BBR Holdings, stated, “As we secure these landmark projects, BBR Holdings reaffirms our commitment to supporting Singapore’s infrastructure ambitions with integrity and innovation. Our ability to win and deliver on such major contracts reflects our strong track record, skilled workforce, and unwavering focus on operational excellence.”

These projects are expected to bolster BBR’s revenue outlook over the medium term, although they are not anticipated to materially impact the consolidated net tangible assets per share or consolidated earnings per share for FY2025. BBR continues to focus on sustainable construction practices and operational excellence, aiming to create long-term value for its stakeholders.
“`