Industry News

BRC Asia Ltd, a leading supplier in Singapore’s steel market, has reported a 24% year-on-year increase in net profit for the third quarter of 2025, according to a recent report by CGS International. This growth aligns with the company’s forecast, reflecting its strong position in the construction sector, which is experiencing a significant upcycle. The company holds an estimated 55-60% market share in Singapore, benefiting from increased demand for steel in major projects, including the Changi Airport Terminal 5.

The company’s revenue for the third quarter rose by 7% year-on-year, despite a 14% drop in steel prices, indicating a substantial increase in sales volume. BRC’s gross profit margin improved from 8.5% in the previous year to 11% this year, attributed to economies of scale. The company is a key supplier for Housing Development Board (HDB) build-to-order projects, with a robust pipeline of 58,000 units launched since 2023 and plans for an additional 35,000 units by 2027.

In a strategic move, BRC completed the acquisition of a 55% stake in Southern Steel Mesh on 14 August 2025. This acquisition is part of a restructuring effort aimed at modernising machinery and processes to enhance competitiveness. The first phase of this project is underway and expected to conclude by March 2026.

BRC’s management remains optimistic, reiterating an “Add” recommendation with a forecasted dividend yield of 6.3% for FY26. The company’s order book, bolstered by recent contract wins, stands at S$2 billion, positioning it well for sustained growth. However, potential risks include economic slowdowns and regulatory changes affecting its predominantly foreign workforce.
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UMS Integration Ltd, a Singapore-based semiconductor company, has announced a promising growth trajectory following its secondary listing on the Main Market of Bursa Securities on 1 August 2025. The company’s shares debuted at RM5.00, closing at RM5.50, reflecting an 8.5% premium over its Singapore Exchange (SGX) price. This move is expected to broaden UMS’s investor base and enhance its market valuation, according to a CGS International report.

The company’s financial performance in the first half of 2025 has been robust, with a 14% year-on-year increase in revenue to S$125 million, despite geopolitical tensions and US trade tariffs. Net profit also rose by 5% to S$20.1 million. UMS’s management attributes this success to strengthened production capabilities and new product introductions from a key customer in Malaysia. The company is optimistic about future growth, particularly with the expansion of its facilities in Penang, which positions it well to benefit from the global semiconductor supply chain shift towards Malaysia and Singapore.

UMS has resumed coverage with an “Add” call, setting a target price of S$1.87, based on a projected net profit growth of 11.1% to 19.4% from FY25 to FY27. The company also offers a dividend yield of 3.70% over the same period, which is expected to support its share price. Potential catalysts for re-rating include securing additional customers and orders for its Penang plant, as well as a resurgence in aeroplane component orders.

UMS’s strategic moves, including its secondary listing and expansion in Malaysia, are set to enhance its competitive edge and investor appeal. However, risks such as potential sales losses in China and slower-than-expected business progress with new customers remain.
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Singapore-listed ISDN Holdings Limited has announced the acquisition of a 51% stake in PT Funda Konstruksi Engineering, a move aimed at enhancing its hydropower capabilities in Indonesia. The acquisition involves 25,500 shares at a nominal value of IDR1,000,000 each, totalling IDR25.5b (approximately S$2.0m).

PT Funda, established in February 2024, specialises in end-to-end hydropower services, including engineering, procurement, and construction (EPC) as well as operations and maintenance (O&M). This acquisition complements ISDN’s existing renewable energy operations, which focus on mini-hydropower plants, enabling the company to offer comprehensive project lifecycle solutions.

The team at PT Funda, with over 20 years of experience, has completed more than 70 hydropower projects across Asia, boasting a total installed capacity of 4,500 MW. In Indonesia, they have successfully executed four grid-connected projects with a combined capacity of 57 MW. Currently, PT Funda has a robust pipeline exceeding 300 MW in planned capacity.

ISDN’s Managing Director and President, Teo Cher Koon, stated, “The acquisition of PT Funda aligns with ISDN’s long-term plan to provide a one-stop renewable energy solution in Indonesia and capture a larger pie in this growing sector.”

This strategic move comes as the Indonesian government aims to double its renewable energy capacity by 2034, with hydropower expected to account for 27.5% of the new capacity. The acquisition positions ISDN to leverage these opportunities, expanding its project pipeline and enhancing its service offerings in early-stage project development and downstream O&M services.

With PT Funda’s integration, ISDN anticipates strengthening its business resilience and expanding its recurring income base, further solidifying its position in the renewable energy sector.
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KSH Holdings Limited has announced the successful sale of its entire 28,900,400 treasury shares, raising $6.35m (S$8.67m) through a placement. The shares were sold at $0.22 (S$0.305) each, a 6.44% discount to the previous day’s average price. The placement, managed by Evolve Capital Advisory and Maybank Securities, attracted notable investors such as ICH Capital, GinkoAGT Global Growth Fund, and Lion Global Investors.

The decision to sell the treasury shares was driven by strong demand from both institutional and individual investors, aiming to broaden KSH’s shareholder base and improve share liquidity. These shares were initially acquired through the company’s share buy-back scheme in previous years.

Executive Chairman and Managing Director Choo Chee Onn expressed gratitude for the investor interest, stating, “The interest from institutional funds and individual investors for this Placement demonstrates confidence in KSH’s long-term prospects. We appreciate the unwavering support from our shareholders as we pursue long-term growth.”

KSH Holdings, a prominent construction and property development group, has been listed on the Singapore Exchange since 2007. The company is recognised for its capability in handling diverse construction projects and has received accolades such as the BCA Construction Excellence Awards. The funds raised from this placement will be used for working capital, supporting KSH’s ongoing commitment to enhancing shareholder value and delivering sustainable returns.
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Moody’s Ratings has revised the outlook for Frasers Hospitality Trust (FHT) to negative whilst affirming its Baa3 issuer rating. This change reflects uncertainties surrounding FHT’s financial policies and capital structure following its privatisation and impending delisting. The move comes after FHT’s unitholders approved a privatisation proposal by Frasers Property Limited (FPL) on 15 August 2025, with a court hearing scheduled for September to finalise the transaction.

The outlook downgrade highlights concerns over FHT’s transition to a privately held entity, which is expected to reduce corporate transparency. Yu Sheng Tay, a Moody’s Ratings Assistant Vice President and Analyst, noted, “The outlook revision to negative reflects the uncertainty around FHT’s future financial policies and capital structure following its privatisation and delisting.”

FHT’s Baa3 rating is supported by its ownership of a high-quality, geographically diverse property portfolio, which benefits from long-term master lease agreements. However, the privatisation will lead to reduced external oversight and visibility into FHT’s financial performance and governance. FPL’s stake in FHT will increase to 63% post-transaction, with TCC Group Investments Limited retaining 37%.

Moody’s expects FHT’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) to moderate to around SGD78 million over the next 12 to 18 months, down from SGD80 million in fiscal 2024. This is attributed to softer demand and increased competition. Despite these challenges, FHT maintains excellent liquidity, with cash reserves of approximately SGD100 million as of June 2025.

The outlook could stabilise if FHT provides greater clarity on its future financial policies and maintains a prudent credit profile. Conversely, more aggressive financial strategies could lead to a downgrade.
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Some of Singapore’s most celebrated music figures, including JJ Lin, Benjamin Kheng, Shabir Sulthan, Awi Rafael, and Taufik Batisah, have pledged their support to the Gift a Guitar initiative. This movement, aimed at providing musical instruments and education to underserved youths, will see these artists auctioning signed guitars to raise funds for the Business Times Budding Artists Fund.

The initiative, spearheaded by Danny Loong, CEO and Founder of Timbre Group, seeks to distribute 600 guitars to youths aged 13 to 20, offering them structured lessons and mentorship. Participants will also have the opportunity to perform at the Sing60 Music Festival this December. JJ Lin, who donated his Martin D-45 guitar, expressed his hope to inspire young people to find their voice through music, stating, “When I first held a guitar as a teenager, it opened up a world where I could dream, express myself, and connect.”

The programme is not just about music; it aims to build confidence, discipline, and a sense of belonging among participants. Danny Loong was inspired to launch Gift a Guitar by his own experiences and a gesture from Prime Minister Lawrence Wong, who gifted him a guitar in 2019. Loong hopes to pass on the encouragement he received to today’s youths.

Gift a Guitar is a collaboration between SGMUSO and The Rice Company Limited, with the goal of nurturing Singapore’s cultural landscape and providing opportunities for young musicians. As the initiative gains momentum, it promises to make a lasting impact on the lives of many young Singaporeans.
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The Singapore Armed Forces (SAF) has announced a series of military and live firing exercises scheduled from 25 August to 1 September 2025. These exercises will take place on the islands of Pulau Sudong, Pulau Senang, and Pulau Pawai, as well as in the Pasir Laba SAFTI Live Firing Area and various locations across Singapore, including Seletar, Marsiling, and Tuas.

During this period, the SAF will conduct live firing and demolition activities, which may result in loud noises. The public is advised to stay clear of these areas and the surrounding waters, including the prohibited waters off Changi Naval Base and Tuas Naval Base. Sea vessels navigating the Western Johor Straits are instructed to remain within the 75-metre Navigable Sea Lane to avoid the Live Firing Boundary, where live ammunition and flares will be used.

In addition to live firing, military exercises will occur in several locations, including Jalan Bahar, Neo Tiew, and Lim Chu Kang, where blanks and thunderflashes will be employed. The SAF has emphasised that trespassing into gazetted and restricted areas is an offence punishable by law, urging the public to adhere to safety guidelines.

These exercises are part of the SAF’s routine training to ensure operational readiness and effectiveness. The public is reminded not to be alarmed by the activities and to prioritise safety by avoiding the designated areas.
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The Singapore dollar is gaining recognition as a stable and secure currency in Asia, according to a recent report by Julius Baer. The report, authored by equity research analyst Jen-Ai Chua, highlights the currency’s 25-year track record of appreciation, averaging 1.55% annually, supported by Singapore’s robust economic growth and fiscal discipline. This stability has positioned the Singapore dollar as a potential alternative to the Swiss franc for investors seeking safe haven currencies amidst US dollar diversification.

The report notes that the Singapore dollar’s strength is underpinned by a unique managed float system, which is overseen by the Monetary Authority of Singapore (MAS). This system allows the currency to maintain its stability and avoid excessive market speculation. The Singapore dollar’s resilience was evident during past financial crises, such as the 1997-1998 Asian Financial Crisis and the 2008 Global Financial Crisis, where it outperformed other regional currencies.

Julius Baer has upgraded Singapore equities from Neutral to Overweight, citing the defensiveness of the Singapore dollar, attractive equity market valuations, and an anticipated liquidity boost from the Equity Market Development Programme. The report also highlights Singapore’s position as the largest forex centre in the Asia Pacific and the third largest globally, with daily trades of around $1 trillion.

As the Singapore dollar continues to demonstrate its stability and strength, it is increasingly being recognised as one of the world’s major currencies, consistently ranking within the top 15 most traded currencies globally.
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Schroders, a prominent global asset management firm, has announced the appointment of Marita McGinley as Head of Operations for Asia Pacific, effective 1 September. McGinley, who is based in Singapore, will continue her role as Global Head of Digital Assets Strategy. Her appointment underscores Schroders’ commitment to advancing its Global Operating Platform, which integrates emerging technologies like artificial intelligence and distributed ledger technology.

McGinley joined Schroders in 2016 and has played a crucial role in establishing the Global Digital Assets Centre of Excellence in Singapore. Her leadership has been pivotal in fostering innovation and collaboration within the digital asset space. Prior to her tenure at Schroders, McGinley gained extensive experience at Man Group, focusing on operational management and transformation.

Gopi Mirchandani, Head of Client Group Asia at Schroders, praised McGinley as an exceptional leader with deep operational expertise and a forward-thinking approach. “Her leadership in digital assets, combined with her ability to navigate the region’s evolving landscape, uniquely positions her to lead our operational platform,” Mirchandani stated.

McGinley expressed enthusiasm for her new role, highlighting Asia Pacific’s dynamic growth and potential for financial innovation. “There is an enormous opportunity to position Schroders and our clients at the frontier of digital transformation,” she remarked.

This strategic appointment aligns with Schroders’ vision to enhance its operational resilience and drive the adoption of digital solutions across the region. McGinley will report to Dionne Smith, Global Head of Platform Services, and Keith Frimpong, Global Head of Platform Change.
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Singzyme, a biotech startup based in Singapore, has been awarded the 2025 Golden Ticket by Amgen and NSG BioLabs. This accolade grants Singzyme a one-year residency at NSG BioLabs, complete with access to certified BSL-2 lab facilities and networking opportunities within Amgen’s scientific community. The Golden Ticket Programme, now in its fourth year, aims to support biotech startups by providing essential infrastructure, mentorship, and resources to foster the development of new therapies.

Singzyme was chosen from a competitive pool of six finalists, impressing Amgen’s internal scientific committee with its proprietary Peptide Asparaginyl Ligase platform. This innovative technology addresses significant challenges in the manufacturing of antibody-drug conjugates and other complex biologics, offering potential for safer and more efficient production of targeted therapies.

Dr Alan Russell, Vice President for Research Biologics at Amgen, praised Singzyme’s platform, stating, “Singzyme’s novel platform reflects the strong scientific thinking and innovation emerging from Singapore’s biotech sector.” Daphne Teo, CEO and Founder of NSG BioLabs, highlighted the programme’s role as a “valuable stepping stone for biotech startups at critical stages of their journey.”

Singzyme’s Chief Technology Officer, Abbas Sahili, expressed that the award validates the transformative potential of their technology, whilst CEO Wee Kiat Tan emphasised their commitment to advancing the platform towards clinical applications in oncology and beyond.

The Golden Ticket Programme has previously supported companies like Albatroz Therapeutics and VerImmune, which have leveraged the programme to further their research and expand partnerships. The initiative underscores the importance of cross-sector collaboration in accelerating biotech innovation and growth.
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