Industry News

CSE Global Limited has announced a significant contract win valued at US$49.8m (approximately S$64.3m) in the United States. The contract involves the design and manufacture of power distribution centres (PDCs) and the integration of complex electrical and control systems for the Cheyenne Power Hub project.

The PDCs will play a crucial role in the power infrastructure, ensuring safe and reliable power distribution to an adjacent data centre. The project is set to be executed progressively between 2026 and 2027.

Lim Boon Kheng, Group Managing Director and CEO of CSE Global, stated, “Securing this major contract reflects CSE Global’s strong integration capabilities across diverse sectors and the confidence our customer has in our proven execution track record.” He added that the contract strengthens their Electrification business and showcases their ability to deliver critical power infrastructure solutions for large-scale energy and data centre developments.

The contract is expected to positively impact CSE Global’s financial performance for the financial years ending 31 December 2026 and 2027. However, it is not anticipated to materially affect the consolidated net tangible assets per share or earnings per share for the current financial year. None of the directors or substantial shareholders of CSE Global have any direct or indirect interest in the contract.

This development underscores CSE Global’s role as a key player in the global systems integration market, particularly in electrification and automation solutions.

RHB Bank has revised its full-year forecast for Singapore’s non-oil domestic exports (NODX) growth to 15.5% for 2026, up from an earlier projection of 11.5%. This adjustment is attributed to a stronger-than-expected year-to-date performance and ongoing robust demand in the electronics and electrical (E&E) sector, according to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank.

The report highlights that the sustained strength in E&E production, alongside artificial intelligence-driven demand, is expected to continue driving NODX and industrial production performance throughout the year. However, Gan cautions that despite the impressive year-to-date NODX performance, vigilance is required due to potential downside risks.

In July, Singapore’s NODX surged by 24.2% year-on-year, although it experienced a slight month-on-month seasonally adjusted decline of 0.3%. This growth follows an upwardly revised 20.8% year-on-year increase in June, but it fell short of Bloomberg’s estimate of a 26.5% year-on-year rise.

This revision in the NODX forecast underscores the importance of the E&E sector in Singapore’s export landscape, as it continues to be a key driver of economic growth. The updated forecast reflects the dynamic nature of global trade and the evolving demands of technology-driven industries. As the year progresses, RHB Bank will continue to monitor these trends closely, ensuring that their economic strategies align with the shifting market conditions.

The Straits Trading Company Limited has announced a significant revenue growth of 49.5% for the first half of 2026, reaching $400m. This increase, compared to $267.5m in the same period last year, was primarily driven by stronger performances in the Resources and Real Estate segments. The company also reported a narrowed loss attributable to its owners, reducing from $40.8m in H1 2025 to $11.1m in H1 2026.

The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) remained stable at $53.8m, slightly down from $55.3m the previous year. This stability was attributed to robust earnings from the Resources segment, which offset weaker contributions from the Real Estate and Hospitality sectors. The absence of a non-cash remeasurement loss on Exchangeable Bonds, which impacted the previous year’s results, also contributed to the improved financial performance.

As of 30 June 2026, Straits Trading’s net gearing decreased to 57.5%, down from 61.8% at the end of 2025. The company’s cash and bank balances stood at $280.4 million, a decline from $488.4m at the end of the previous year, primarily due to the settlement of bank loans.

The improved financial results highlight Straits Trading’s resilience and strategic focus on its core segments, positioning the company for potential growth in the coming months.

ETC has announced the launch of a freehold residential site at 33 Sembawang Road in the Springleaf/Upper Thomson precinct for collective sale. The public tender for the site, currently occupied by Hong Heng Garden, will close on 23 September 2026 at 3pm. This marks the first collective sale attempt for the property, following the successful consent of 80% of the owners.

The site, zoned for residential use under the URA Master Plan 2025, offers a plot ratio of 1.4 and can yield a gross floor area of approximately 11,386.38 square metres. The reserve price is set at S$130m, equating to a land rate of S$1,128 per square foot per plot ratio, inclusive of a 7% bonus gross floor area.

Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the site’s appeal, stating, “The launch of 33 Sembawang Road comes at an opportune time when demand for homes within the Outside Central Region (OCR) continues to remain strong and healthy.” She emphasised the scarcity of reasonably-sized freehold redevelopment sites in Singapore, making this a rare acquisition opportunity for developers.

The site benefits from its proximity to the Thomson-East Coast Line and various lifestyle amenities, enhancing its connectivity and appeal. Additionally, the area is set to gain from upcoming developments, including a mixed-use project at Upper Thomson Road, which will add commercial space and amenities.

With its strategic location and freehold status, 33 Sembawang Road presents a significant opportunity for developers looking to expand their landbank in a thriving residential market.

Mooreast Holdings Ltd. has announced a significant improvement in its gross profit margin to 48% for the first half of 2026, despite a 51% drop in revenue to S$12.3m. The Singapore-based mooring solutions specialist attributes this to enhanced cost management and a favourable project mix.

The company’s revenue decline is primarily due to the timing of project deliveries, with many scheduled for completion in the second half of the year. Despite this, Mooreast has strengthened its balance sheet through strategic corporate actions, including the acquisition of 60 Shipyard Crescent, which has expanded its manufacturing capacity. This acquisition, completed in March 2026, is expected to enable the company to handle a broader range of offshore energy projects.

Mooreast also completed a S$6m private placement in June 2026, attracting institutional investors such as Amova Asset Management and Lion Global Investors Limited. Additionally, the company has entered into a strategic collaboration with Swedish firm SeaTwirl AB, enhancing its presence in the ASEAN floating wind market.

Looking ahead, Mooreast anticipates improved revenue in the second half of 2026 as projects reach completion. However, start-up costs for the new facility at 60 Shipyard Crescent may impact near-term financial performance. CEO Eirik Ellingsen stated, “Our fundamentals remain strong, and we have established a strong foundation to execute our growth strategies to serve the emerging floating renewable market.”

Wee Hur Holdings Limited has announced a 17% increase in net profit attributable to equity holders for the first half of 2026, reaching S$45.3m. This growth is attributed to a significant rise in construction and workers’ dormitory revenues, as the company progresses with its ongoing projects.

Revenue for the period grew by 4.9% to S$163.6m, with a notable 39.1% increase when excluding a one-off performance fee from the previous year. The construction segment saw a 162.5% surge in revenue to S$67.2m, driven by project advancements and cost savings. Meanwhile, workers’ dormitory revenue rose by 50.7% to S$63.3m, largely due to the ramp-up of Pioneer Lodge.

The company is optimistic about its future, with earnings visibility extending to FY2031. It plans to expand its recurring income base by increasing student accommodation beds from 409 to approximately 1,860 by 2028. Additionally, the opening of DoubleTree by Hilton Singapore Robertson Quay in the fourth quarter of 2026 is expected to further bolster its income streams.

Executive Chairman and Managing Director of Wee Hur Holdings, Goh Yeow Lian, stated, “1H 2026 reflects strong operating performance across our core businesses, led by construction execution and the ramp-up of Pioneer Lodge.”

Looking ahead, Wee Hur Holdings aims to continue its growth trajectory with strategic developments in Singapore and Australia, positioning itself for sustainable long-term success.

OUE Healthcare Limited has officially opened its flagship Shenzhen China Merchants-Lippo Prince Bay Hospital, marking a significant expansion in the Greater Bay Area. The hospital, which opened on 24 July 2026, is strategically located in Shenzhen’s Shekou area and aims to provide holistic care across the patient life cycle.

The Prince Bay Hospital, operated by OUE Healthcare’s joint venture, China Merchants Lippo Hospital Management, spans approximately 42,000 square metres and houses over 230 beds. It offers a comprehensive range of services based on the 4P principles—Predictive, Preventive, Personalised, and Participatory. The hospital is designed to cater to both local and international patients, with multilingual specialists and service staff.

Key facilities include the International Medical Centre, Minimally Invasive Surgery Centre, and Health Management Centre. Additionally, the hospital specialises in areas such as Pain Management, Rehabilitation, Gynaecology, Traditional Chinese Medicine, Gastroenterology, and Respiratory Medicine. Payment options are enhanced through dual channels, including China’s national medical insurance system and major commercial insurers like Bupa Group and Cigna & CMB Life Insurance.

Lee Yi Shyan, Chairman of OUE Healthcare, highlighted the hospital’s role in building a regional healthcare ecosystem anchored on Singapore’s medical excellence. Yet Kum Meng, CEO of OUE Healthcare, emphasised the hospital’s competence in offering minimally invasive procedures for improved patient outcomes.

Prince Bay Hospital has formed alliances with institutions such as the First Affiliated Hospital of Jinan University and the Chinese University of Hong Kong. The hospital plans to continue partnering with healthcare institutions to advance healthcare innovations and deliver high-quality care.

ComfortDelGro Corporation Ltd has announced a 5.7% increase in revenue for the first half of 2026, reaching S$2.56b, primarily driven by its international public transport operations. Despite this growth, the Group’s Profit After Tax and Minority Interests (PATMI) fell by 19.7% to S$85.1m due to ongoing challenges in the point-to-point business.

The public transport segment saw revenue rise to S$1.72b, supported by renewed bus contracts in London and new contracts in Victoria, Australia. This segment now accounts for approximately 67% of the Group’s revenue, bolstered by long-term contracts that provide stability and predictability. Managing Director and Group CEO Cheng Siak Kian highlighted the importance of expanding the Group’s base of contracted earnings and repositioning its point-to-point business towards premium and enterprise mobility.

The Group is also investing in autonomous vehicle capabilities, with Zig Driverless commencing public rides in Singapore. This initiative is part of ComfortDelGro’s strategy to transition 10% of its global point-to-point fleet to autonomous vehicles by 2030.

The Board has maintained an interim dividend of 3.91 cents per share, reflecting confidence in the Group’s long-term strategy. Chairman Mark Greaves emphasised the Group’s strategic direction and its commitment to delivering sustainable value for shareholders.

Looking ahead, ComfortDelGro plans to continue expanding its public transport portfolio and enhancing its point-to-point offerings, whilst monitoring geopolitical and trade tensions that may impact foreign exchange and interest rates.

A recent study by Jumio has highlighted that 84% of Singaporean consumers believe that access to age-restricted online content poses a risk to minors. The study, part of Jumio’s 2026 Online Identity Study, also found that 81% of Singaporeans are willing to verify their age online to prevent minors from accessing adult content. However, the challenge for digital platforms lies in balancing protection with privacy, as 36% of respondents would avoid platforms requiring personal data for age verification.

The research underscores the public’s demand for stronger online protections for minors, with 84% supporting government regulation of age-restricted content. Despite this, there is a reluctance among some users to share personal information, with 46% preferring less secure platforms to avoid identity checks. Joe Kaufmann, Jumio’s global head of privacy, noted, “Transparency and responsible data handling are critical to building trust and encouraging consumers to participate in the verification process.”

The study also revealed a strong interest in reusable identity solutions, with 70% of Singaporeans preferring to verify their age once and reuse it across multiple platforms. Jumio CEO Mark Lorion emphasised the need for a multi-layered approach to age assurance, stating, “The focus now must be on delivering that assurance whilst minimising the amount of data collected and stored.”

As global age verification requirements expand, the study suggests that consumer participation hinges on organisations demonstrating transparency and privacy protection. For digital platforms, building trust may depend as much on explaining data protection measures as on the verification technology itself.

GXS Bank, a digital bank owned by Grab and Singtel, has launched the GXS Credit Card, a new unlimited cashback credit card in collaboration with Visa. The card is designed to maximise the value of consumer spending within the Grab and Singtel ecosystem, offering up to 10% cashback on eligible Grab transactions and 1.75% cashback on Singtel bills from the first dollar spent.

Cardholders can earn GrabCoins, which can be used to offset costs on Grab services such as transport and food delivery. Additionally, the card offers a flat 1.75% cashback on other eligible spends, provided a minimum monthly spend of S$500 is met.

Pei-Si Lai, Group CEO of GXS Bank, highlighted the card’s integration with Grab and Singtel, stating, “Our ecosystem strength has been GXS Bank’s secret sauce from day one. We want to make sure that every transaction counts for consumers when they use Grab and Singtel.”

To ensure the card meets customer needs, GXS Bank conducted a beta programme with over 1,000 participants, with more than 90% using the card for Grab and Singtel payments. Tiffany Yeoh, a beta participant, praised the card’s ease of use and unlimited cashback benefits.

The GXS Credit Card can be signed up for via the GXS app or directly through the Grab app, marking a first in Singapore for a bank-issued credit card available through a third-party app. The first 1,000 customers to order a physical card from 18 August will receive a limited-edition version.