Morgan Stanley has expressed optimism about Singapore’s equity market following the introduction of new measures aimed at enhancing market liquidity and valuations. The Monetary Authority of Singapore (MAS) has announced a $5b liquidity injection into actively managed funds investing in Singapore stocks, alongside a requirement for family offices with assets under management exceeding S$200m to invest S$50m in Singapore-listed equities.

The measures are expected to surprise the market positively, according to Morgan Stanley, which anticipates a broad-based positive reaction from investors. The bank described these steps as “bold and meaningful,” likely serving as catalysts for re-rating Singapore equities. The liquidity injection is seen as substantial, with the potential to attract further private capital and stimulate incremental investment flows.

Morgan Stanley also highlighted the political will behind these initiatives, suggesting that they are part of a broader strategy to solidify Singapore’s status as a global financial centre. The bank expects MAS to unveil additional measures by the end of the year, further strengthening the equity market ecosystem and potentially attracting new listings.

The introduction of these measures is seen as a critical move to revitalise Singapore’s stock market, enhancing trading liquidity and valuation multiples. This, in turn, could lead to increased job creation and capital formation, reinforcing Singapore’s position as a financial hub. Morgan Stanley remains optimistic about the future of Singapore equities, citing the potential for further support and investment inflows.
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Nomura has initiated a strategic trade involving the Singapore Dollar (SGD) and US rates, targeting a 25 basis point gain by the end of March.

This move comes as SGD rates have outperformed the US since mid-January, driven by a lower Singapore Overnight Rate Average (SORA) fix, increased activity from Commodity Trading Advisors (CTAs), and expectations of slower growth due to potential tariffs under a Trump administration.

The SORA fix has averaged around 2.5% in February, with sporadic but slightly higher volumes. Additionally, the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) has risen, trading approximately 125 basis points above the mid-point of the policy band. This shift is attributed to an unwinding of market positions, leading to increased liquidity. However, Nomura views this as a temporary change, anticipating the SORA fix to rise again.

Loan growth in Singapore has been robust, particularly in December, which may reduce bank receiving in the Overnight Index Swap (OIS) market. The share of time deposits as a percentage of bank funding has decreased, further influencing this trend.

Nomura’s strategy also includes maintaining a 2s10s flattener position, with a conviction level of 3 out of 5. The firm notes that SGD rates appear expensive on an implied S$NEER metric, with the implied SGD rate now trading above the 3-month SORA rate for the first time in four years. This suggests that SGD rates may be too high relative to the basket, especially given the lack of a short-end anchor.

With markets pricing in an easing of tariff-related tensions, Nomura remains cautious about potential tariff escalations, which could impact Singapore’s growth and rekindle expectations of Monetary Authority of Singapore (MAS) easing.
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The Singapore residential property market witnessed a remarkable surge in Q4 2024, with new sales in the primary market tripling both quarter-on-quarter and year-on-year, according to Savills Research.

This surge was largely attributed to an increase in the number of launched units and declining interest rates, which encouraged local homebuyers to enter the market.

In Q4 2024, new sales across all three market segments saw substantial growth. The Rest of Central Region (RCR) experienced the most significant increase, with sales soaring from 391 units in Q3 to 1,859 units. The Core Central Region (CCR) rebounded from six consecutive quarters of decline, more than doubling its sales from 54 to 137 units. Meanwhile, the Outside of Central Region (OCR) nearly doubled its sales from 715 to 1,424 units.

Despite a 4.7% quarter-on-quarter decline in secondary sales in Q4, the overall secondary market still saw a 22.6% year-on-year increase, marking a recovery after two years of decline. The OCR recorded the largest year-on-year growth in secondary sales at 24.3%.

George Tan, Managing Director of Livethere Residential at Savills Singapore, noted the positive momentum in the market, driven by new launches and improved buyer sentiment. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, highlighted the narrowing price gap between public flats and private properties, suggesting it could further drive demand for private housing in 2025.

Looking ahead, the market’s performance in 2025 will depend on potential cooling measures and their timing. If implemented early, these measures could temper price increases by year-end.
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The Singapore Department of Statistics has announced that the Consumer Price Index (CPI) for January 2025 experienced a 0.7% decrease from the previous month.

However, on a year-on-year basis, the CPI rose by 1.2%, indicating a moderate increase in consumer prices compared to January 2024.
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Koh Brothers Eco Engineering Limited, a sustainable engineering solutions provider listed on SGX Catalist, announced a revenue of S$149m for the financial year ending 31 December 2024. Despite a 16% decline in revenue from the previous year, the company reported a significant improvement in its net loss, which decreased to S$7.8m in the second half of 2024 from S$9.3m in the first half.

The decline in revenue was attributed to the completion of certain projects within the Engineering and Construction segment. However, this was partially offset by increased revenue from the Bio-Refinery and Renewable Energy segment, driven by rising demand for vegetable oils. The company achieved a gross profit of S$6.2m, marking an 822% increase from the previous year.

Koh Brothers Eco’s CEO, Paul Shin, highlighted recent project wins, including a S$313.9m contract from the Land Transport Authority for the Lorong Halus Bus Depot and a S$77.6m contract with Sport Singapore for the Toa Payoh integrated development. These projects contribute to a robust order book valued at approximately S$828.7m.

The company remains focused on leveraging its capabilities to secure larger-scale projects, aiming for sustainable growth. With a healthy balance sheet, including cash and bank balances of S$58.6m, Koh Brothers Eco is well-positioned to navigate future challenges and opportunities in the engineering sector.
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Trust Bank has announced a significant milestone, reaching one million customers and becoming the fourth largest retail bank in Singapore by customer numbers. To celebrate, the bank is launching a give-back programme, providing S$100,000 to support 1,000 families in need and enhance digital and financial literacy. Additionally, Trust Bank has introduced TrustInvest, an investment solution developed in partnership with abrdn, aimed at making investing more accessible and straightforward for Singaporeans.

The bank’s rapid growth is attributed to its innovative products and strong customer engagement, with over 70% of new customers joining through referrals. In 2024, Trust Bank’s revenue more than doubled to S$97 million, whilst costs rose only slightly above inflation. This financial progress was supported by the launch of various products, including a cashback credit card and the digital banking experience Trust+.

TrustInvest, the bank’s latest offering, aims to simplify investing by providing a seamless experience through the Trust App. Customers can start investing with as little as S$100 and choose from five curated funds designed to meet different investment goals and risk profiles. The platform charges no platform or sales fees, only a clear fund management fee, with incentives for customers who remain invested until the end of 2025.

Dwaipayan Sadhu, CEO of Trust Bank, expressed excitement about the partnership with abrdn, stating, “We’re excited to partner with abrdn on the launch of Trust’s first investment solution and improve our customers’ financial wellbeing.” The launch of TrustInvest marks a significant step in Trust Bank’s mission to make investing accessible to a broader audience, empowering even new investors to build towards their financial future.
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United Overseas Bank (UOB) Sydney Branch has successfully priced a A$2b three-year senior floating-rate bond on 21 February 2025, marking the largest Australian dollar issuance by a Singaporean issuer. The bond was priced at 0.65% above the three-month Bank Bill Swap Rate (BBSW), achieving the tightest spread for a jumbo-sized issuance above A$1b by any Asian bank.

Koh Chin Chin, Head of Group Treasury, Research and Customer Advocacy at UOB, highlighted the significance of the transaction, noting the growth in Australian dollar primary issuances. “We are particularly pleased to have been able to achieve the volume today whilst at the same time, with the support of both our domestic and international investors, a very balanced distribution,” she said.

The issuance comes amid a record start to the year for the Australian bond market, with A$69b issued so far in 2025, a 28% increase year-on-year. UOB capitalised on these favourable conditions, announcing the mandate and initial pricing guidance on 20 February, and opening the books with indications of interest totalling A$3.85b.

The final order book reached A$4.4b, representing a subscription ratio of 2.2 times. The issuance saw strong demand from both domestic and international investors, with 57% of the allocation going to Australian investors. The notes are expected to be issued on 28 February 2025, with joint lead managers including Australia and New Zealand Banking Group, Bank of China, Commonwealth Bank of Australia, UBS, UOB, and Westpac Banking Corporation.
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OPPO, a leading smart device brand, has announced the release of the OPPO Find N5, the world’s thinnest book-style foldable phone, available from 28 February 2025. Priced at S$2,499, the device will first launch in Singapore, Malaysia, and Hong Kong, with additional markets to follow.

The OPPO Find N5 stands out with its ultra-thin design, measuring just 8.93mm and weighing 229g. It features a 7,000-series aluminium alloy frame and ultra-durable nanocrystal glass, enhancing its structural integrity and drop resistance. The device is available in Cosmic Black and Misty White and is the first foldable phone with IPX9 water resistance.

Equipped with the largest inner display of any book-style foldable, the Find N5 offers an 8.12-inch screen when open and a 6.62-inch cover display when closed. It boasts a 1,120Hz refresh rate and over 2,000 nits peak brightness, providing an immersive viewing experience. The device also supports the OPPO Pen for creative tasks.

The Find N5 is powered by a 5,600mAh dual-cell battery, offering the best battery life of any foldable phone. It supports 80W SUPERVOOC and 50W AIRVOOC charging, allowing for rapid charging. The phone is the first foldable to feature the Qualcomm Snapdragon 8 Elite Mobile Platform, enhancing AI performance by 45%.

Running on Android 15 with ColourOS 15, the Find N5 offers features like Boundless View for multitasking and AI tools for photo editing. OPPO’s O Connect app enables seamless file sharing between MacOS computers and the Find N5, enhancing cross-device functionality.
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The Equities Market Review Group has introduced a comprehensive set of measures to bolster Singapore’s equities market, following extensive consultations with industry stakeholders. Announced on 21 February 2025, these measures include tax incentives and a $5b Equity Market Development Programme (EQDP) by the Monetary Authority of Singapore (MAS) and the Financial Sector Development Fund (FSDF).

The EQDP will see MAS investing with selected fund managers to focus on Singapore stocks, aiming to deepen trading liquidity and strengthen the local fund management ecosystem. Additionally, a tax exemption on fund managers’ qualifying income from Singapore-listed equities will support the launch and distribution of such funds.

To attract more capital inflows, the Global Investor Programme (GIP) will be adjusted to focus on equities listed on approved Singapore exchanges. The Research Development Grant Scheme will also be expanded to enhance investor interest in mid- and small-cap enterprises.

Further measures include a 20% corporate income tax rebate for new primary listings and a 10% rebate for secondary listings, alongside a 5% concessionary tax rate for new fund manager listings in Singapore. These incentives aim to attract quality listings and support local enterprises.

The Review Group also recommends a pro-enterprise regulatory stance, moving towards a more disclosure-based regime. This includes consolidating listing suitability and prospectus disclosures under Singapore Exchange Regulation (SGX RegCo) and streamlining listing processes to enhance efficiency.

MAS and SGX RegCo will issue detailed consultations on these proposals by mid-2025, with further initiatives expected by the end of the year. These efforts are designed to address current challenges and position Singapore as a competitive global equities market.
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SATS Ltd., a leading provider of air cargo handling services, has announced a net profit of S$70.4m for the third quarter of the financial year 2025, marking a significant improvement from the previous year. The company’s revenue increased by 12.5% to S$1.52b, attributed to a rise in business volumes and rate increases.

The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) margin expanded from 15.7% to 17.3%, reaching S$263.9m. Free cash flow also saw a notable improvement, rising from S$44.7m to S$118.1m. SATS secured S$92m of its targeted S$100m in EBITDA integration synergies.

Kerry Mok, President and CEO of SATS, highlighted the role of scale and operating efficiencies in achieving profitability. “The recovery of passenger volumes at Changi Airport to 99.1% of pre-pandemic levels also contributed to our improved performance,” Mok stated.

The company’s Gateway Services revenue increased by 10.1% year-on-year to S$1.17b, whilst Food Solutions saw a 21.1% rise to S$356.7m, driven by the recovery in travel and demand for inflight meals. Operating profit for the quarter rose by S$43.9m to S$127.3m, with an improved operating profit margin of 8.4%.

Looking ahead, SATS remains focused on expanding its network and enhancing operational excellence, positioning itself to support customers amid ongoing market volatility.
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