Regional News

Maybank has reported a 4% year-on-year increase in net profit for the first quarter of FY25, reaching RM2.59b. This growth was supported by a 1.8% rise in net operating income to RM7.71b, despite challenging economic conditions. The Group’s profit before tax also saw a 4.4% increase, totalling RM3.59b.

The bank’s net interest margin remained stable at 2.04%, bolstered by a 2.3% increase in net fund-based income to RM4.95b. This was achieved through a 3.2% year-on-year growth in loans across all key markets. Non-interest income, contributing 35.8% of total income, stood at RM2.76b, aided by improved performance in wealth management.

Overhead costs rose slightly to RM3.74b due to inflationary pressures, but pre-provisioning operating profit increased by 1.3% to RM3.97b. The Group’s asset quality remained robust, with net impairment provisions improving by 21.7% to RM426.4m, and the gross impaired loans ratio improving by 5 basis points to 1.27%.

Maybank’s President and Group CEO, Dato’ Khairussaleh Ramli, highlighted the Group’s resilience amidst global economic uncertainties, stating, “The global economic outlook remains uncertain. Nevertheless, we expect continued growth in the markets that we operate.”

Looking ahead, Maybank is focused on its M25+ strategy, which includes strengthening core operations, accelerating digital transformation, and embedding sustainability. The Group has already surpassed its sustainable finance target, achieving RM10.29b in the first quarter alone, and is on track to meet its long-term goals of carbon neutrality by 2030 and net zero by 2050.

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Pacific Carriers Limited (PCL) and the Singapore Maritime Foundation (SMF) have renewed their commitment to nurturing young talent in the maritime industry by signing a Memorandum of Understanding (MOU). This agreement, effective from 2025 to 2027, will see PCL sponsoring up to three MaritimeONE scholarships and at least three internships annually. These initiatives aim to provide youths with immersive learning experiences in the dynamic maritime sector.

The scholarships and internships will be managed and marketed by SMF, with both organisations jointly selecting candidates. This collaboration is part of a broader effort to support SMF’s talent development programmes, including the MaritimeONE Case Competition, Campus Connect, and Company Connect.

Tan Beng Tee, Executive Director of SMF, highlighted the significance of the partnership, stating, “The signing of the MOU between Pacific Carriers Limited and Singapore Maritime Foundation marks a collective commitment in our shared goal to build a talent pipeline for the industry.” She noted PCL’s consistent support, including a S$1 million contribution to the MaritimeONE Bursary Fund in 2023 and sponsorship of the MaritimeONE Case Summit in 2024.

Chubasco Antonio Monteiro, Deputy CEO and Fleet Director of PCL, emphasised the strategic importance of talent development, saying, “This MOU affirms our continued commitment to building a dynamic maritime workforce, one that is future-ready.” He praised the impact of the MaritimeONE scholars, noting their growth and contributions to the sector.

This renewed partnership underscores the ongoing efforts to ensure a robust and skilled workforce for Singapore’s evolving maritime industry.
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Singapore’s inflation rates are expected to remain stable throughout 2025, according to RHB Bank’s latest Global Economics and Market Strategy Report.

The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, forecasts headline inflation at 1.6% year-on-year (YoY) and core inflation at 1.1% YoY for the year.

April’s Consumer Price Index (CPI) held steady at 0.9% YoY, aligning with Bloomberg’s consensus and RHB’s expectations of 0.94% YoY. Year-to-date, headline and core inflation have averaged 1.0% YoY and 0.6% YoY, respectively.

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Singapore’s industrial production (IP) experienced a notable rebound in April, rising by 5.3% month-on-month, seasonally adjusted, following two months of decline. This resurgence is attributed to front-loading in production and exports, according to UOB Global Economics and Markets Research. The year-on-year growth for April stood at 5.9%, surpassing Bloomberg’s consensus estimate of 2.5%, though it fell short of UOB’s own forecast of 10.1%.

The electronics sector played a significant role in this recovery, with a 9.7% month-on-month increase and a 15.2% rise year-on-year. This growth was largely driven by semiconductors and consumer electronics. Additionally, the transport engineering sector saw a 9.1% monthly increase, bolstered by maintenance, repair, and overhaul activities in the aerospace segment.

However, the pharmaceutical sector faced a decline, with a 42.1% drop month-on-month and a 1.6% decrease year-on-year. This was attributed to the generally price-inelastic nature of pharmaceutical demand and ongoing trade discussions with the US regarding potential tariffs.

Looking ahead, UOB anticipates that growth momentum in the second quarter of 2025 may continue to show resilience due to a temporary truce in US-China trade tensions. However, potential payback effects from front-loading could lead to a downturn in trade and manufacturing activity later in the year. Consequently, UOB has adjusted its 2025 growth forecast to 1.7% and lowered its 2026 projection to 1.4%.
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Citi has announced the appointment of Prashant Thakker as the new Head of Asia South Corporate Bank, effective immediately. Thakker will be responsible for overseeing business strategy, financial performance, talent development, and execution across Local Corporate, Financial Institution, Public Sector, and Global Network Banking businesses in nine Asian markets, including India, Indonesia, and Singapore. He will report to Jason Rekate and John Chirico, Global Co-Heads of Corporate Banking, and Amol Gupte, Head of Asia South Cluster.

Thakker, who has been with Citi for 18 years, brings a wealth of experience from various leadership roles. Previously, as head of Capital Management, he achieved significant gains in return on tangible common equity (ROTCE) and balance sheet efficiency. His earlier tenure in Shanghai saw him lead Diversified Industrials Coverage and Corporate Finance, contributing to revenue growth for the China Corporate Bank.

Having joined Citi in 2007 as a banker in India, Thakker moved to Hong Kong in 2013, where he managed the non-Target Market Leveraged Finance portfolio. He currently heads Capital Management for Japan, Asia North, and Australia, alongside Asia South, and will be relocating to Singapore for his new role.

This strategic appointment underscores Citi’s commitment to strengthening its corporate banking operations in the Asia South region. As Thakker steps into his new role, Citi anticipates continued growth and enhanced client engagement across its diverse markets.
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Centurion Corp is poised for growth as it capitalises on a dormitory supply shortage in Singapore, leading to improved rental rates. The company, which specialises in purpose-built workers accommodation (PBWA) and student accommodations (PBSAs), is expected to see a 13% upside in its stock, with a new target price of SGD1.50. This follows an increase from the previous target of SGD1.43, according to a report by analyst Alfie Yeo.

The company’s earnings forecasts have been revised upwards by 4% for FY25 and FY26, and by 5% for FY27. This optimism is driven by the expectation that bed rates will outperform previous assumptions, particularly in the PBWA and PBSA sectors. Centurion Corp’s strategic positioning in both local and overseas properties is seen as a key factor in its anticipated long-term growth.

The report highlights the company’s ability to leverage the current market conditions to enhance its profitability. “We believe Centurion Corp remains well positioned to yield better rental rates in Singapore from the dormitory supply shortage situation,” the report states.

As Centurion Corp continues to expand its footprint, the focus on improving bed rates and capacity is expected to drive its growth trajectory.
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Lazada has announced a significant $100 million investment into its LazAffiliate Programme, aiming to strengthen the creator economy in Southeast Asia. This strategic move, unveiled at the Lazada Affiliate Southeast Asia Awards 2025 in Bangkok, introduces new features designed to enhance performance-led marketing for brands and sellers in the region.

The revamped LazAffiliate Programme offers a range of new tools and incentives to empower creators, influencers, and everyday users. Key updates include customisable storefronts that allow affiliates to showcase recommended products, an advanced performance dashboard providing real-time data on clicks and conversions, and Campaign Rewards Accelerators offering bonuses and higher commissions during major shopping festivals.

This initiative is set to coincide with the upcoming 6.6 Mega Sale, where affiliates can earn up to 36% commission and share in over $100,000 in regional rewards. Lazada is also partnering with top brands to deliver cost-effective marketing strategies, co-investing in store vouchers to incentivise consumer purchases.

Jared Chan, Head of Regional Affiliate at Lazada Group, stated, “Lazada is committed to enabling influencers and content creators across Southeast Asia to unlock new income streams and scale their impact.”

The LazAffiliate Programme is open to a wide range of creators, from influencers to everyday shoppers, offering a no-barrier entry into creator commerce. With this investment, Lazada aims to cultivate a vibrant affiliate ecosystem that supports entrepreneurial growth and fosters authentic connections between brands and consumers.
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Tetra Pak has launched the 2025 edition of its Dairy Processing Handbook, coinciding with World Milk Day on 1 June. This updated resource, marking 40 years since its first publication, is designed to equip dairy professionals with the latest insights and innovations in the industry. With Singapore’s dairy market expected to grow at a compound annual growth rate of 5.3% from 2025 to 2033, the handbook arrives at a crucial time for the sector.

The new edition introduces chapters on mixing technology, lactose-free dairy products, and sustainability in dairy processing. These additions aim to address the rising demand for health-conscious and sustainable dairy options. Charles Brand, Executive Vice President of Processing Solutions & Equipment at Tetra Pak, stated, “For 40 years, the Dairy Processing Handbook has been a cornerstone of our commitment to the dairy industry, reflecting our deep heritage and expertise.”

The handbook, authored by 35 experts, features over 460 pages and 600 illustrations, making it a comprehensive guide for industry professionals, academics, and students. It also includes a chapter on the primary production of milk, contributed by experts from DeLaval.

As lactose-free options gain popularity, the handbook’s focus on this segment reflects global consumer trends and offers new opportunities for innovation. Additionally, the sustainability chapter provides insights into transitioning towards more environmentally friendly operations, addressing the industry’s responsibility to reduce its 2.7% contribution to global greenhouse gas emissions.

The 2025 edition of the Dairy Processing Handbook is set to empower the next generation of dairy professionals, fostering innovation and resilience in a rapidly evolving industry.
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Vogue Singapore’s flagship event, Next in Vogue, has clinched the Gold for Best Event (In-Person and Virtual) at the Native Advertising Awards 2025. Celebrated for its innovative approach to experiential storytelling, the 2024 edition of the event brought together over 1,200 guests, marking it as Singapore’s premier fashion conference.

Held in October 2024, Next in Vogue showcased a blend of fashion, technology, and culture through a series of curated panels, exhibitions, and immersive activations. The event featured five key components, including Vogue Conversations, which hosted 13 panel sessions with 41 global voices, and the Vogue Closet, an exhibition of red carpet couture by Asian designers like Chet Lo and Gaurav Gupta.

The event also highlighted fashion-tech innovations in the Vogue Innovation Lounge, featuring an Apple Vision Pro experience and a carbon-capturing dress by COzTERRA and Bryan Yeo. Additionally, the Vogue Glam Room offered beauty innovation masterclasses, whilst the Vogue Networking Lounge facilitated brand showcases and collaborations.

Natasha Damodaran, Publisher of Vogue Singapore, remarked, “With NEXT IN VOGUE, our aim was to create a future-facing platform that actively shaped change. This recognition affirms our belief in fashion as a powerful cultural connector—and in Singapore as a creative hub for the region.”

The event achieved significant milestones, including $42m (S$58m) in media value and a 97% satisfaction rate among attendees from across Southeast Asia. Next in Vogue is set to return this October, continuing its mission to inspire and lead the conversation in fashion.
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Singapore Telecommunications Ltd. (Singtel) is set to bolster its shareholder returns through an expanded asset monetisation programme, according to a recent report by S&P Global Ratings. The telecommunications giant aims to repurchase up to S$2b of shares over the next three years, supplementing its core dividends and a “value realisation” dividend announced in 2024.

Singtel’s asset recycling programme, initially valued at S$6b, has been increased to S$9b and will span the next three to four years. This initiative is expected to generate cash proceeds of S$2.4b to S$2.6b in fiscal 2026, up from S$1.9b in fiscal 2025. A significant portion of these proceeds includes the recent S$2b sale of a 1.2% stake in Bharti Airtel Ltd., completed on 16 May 2025.

Despite the increased spending on shareholder returns, Singtel’s capital expenditure will remain high, focusing on network enhancements and growth areas such as data centres and artificial intelligence. The company anticipates capex to be between S$2.4b and S$2.6b annually for fiscals 2026 and 2027.

Singtel’s adjusted EBITDA is projected to decline by S$250m to S$350m in fiscal 2026, before recovering in subsequent years. This is attributed to a reduction in dividends from associates and the impact of a stronger Singapore dollar on its Australian subsidiary, Singtel Optus Pty Ltd. However, cost reduction efforts and a recovery in Optus’ mobile segment are expected to partially offset these challenges.

Looking ahead, Singtel’s earnings are expected to rise in fiscals 2027 and 2028, driven by improvements in Optus’ performance and contributions from new data centres. The company’s debt-to-EBITDA ratio is anticipated to remain within acceptable limits, providing further financial flexibility.

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