Industry News

Singapore’s economic landscape is set for a positive shift following the National Day Rally 2025, with analysts forecasting a favourable outlook for local equities. The rally’s focus on innovation, healthcare, ageing, and urban renewal is expected to provide significant momentum for sectors such as healthcare, industrial real estate investment trusts (REITs), and construction.

The rally’s policies are anticipated to enhance the performance of Singapore REITs, high-yield equities, and small to mid-cap stocks. Investors are advised to concentrate on quality, domestic-oriented, income-generating plays within consumer staples, healthcare, land transport, and industrial REITs. This strategic focus is expected to leverage the tailwinds from the rally’s policies, providing a robust foundation for growth in these sectors.

In addition to the rally’s impact, the report also noted the potential for improved momentum in Singapore’s small and mid-cap companies. The emphasis on domestic policy headroom and the anticipated easing of US interest rates are seen as pivotal factors that could further bolster the local market. As Singapore navigates these economic shifts, the focus remains on maintaining a stable and growth-oriented investment environment.

Looking ahead, the implications of these developments suggest a promising trajectory for Singapore’s economic sectors, particularly those aligned with the rally’s strategic priorities. The continued emphasis on innovation and urban renewal is poised to drive sustained growth and investment opportunities in the region.
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TalkMe AI, the flagship product of Singapore-based Inspired AI, made a significant impact at Google I/O by presenting a fully AI-generated brand film. Built on Google’s Gemini Veo 3 and Flow models, the film tells the story of a penguin learning English, embodying the mantra “Don’t worry, Give it a try.” This innovative approach highlights TalkMe’s mission to make language learning as natural and expressive as real life.

The app’s storytelling-first strategy has resonated with users, boasting over 1 million learners and a curriculum of 10,000 lessons. Users engage with the app 34 times per week on average, speaking over 2,000 words weekly, with more than 60% remaining active after three months. TalkMe maintains a 4.8 global store rating and reached the top spot on ProductHunt in March 2025.

TalkMe’s collaboration with Google, initiated through the Google for Startups Accelerator in 2024, underscores its commitment to innovation. The app’s upcoming release will allow users to create complete lessons from a single sentence, marking a step towards an education AI Agent. Guided by the slogan “Real talk, Real confidence,” TalkMe is demonstrating that language learning powered by generative AI can be simple, human, and inspiring.

Founded in 2023, Inspired AI continues to redefine language learning and communication through its AI-native applications, transforming education worldwide.
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Corporate and Specialty insurer HDI Global SE has reported robust financial results for the first half of 2025, driven by new business growth. The company, part of the Talanx Group, saw its insurance revenue increase to €5.1 billion, up from €4.8bn in the same period last year. Operating profit rose by 24% to €377b, whilst the return on equity improved by 1.7 percentage points to 17.4%.

The Singapore branch of HDI Global played a significant role in these achievements, focusing on growth and resilience with innovative solutions tailored to individual client needs. Alex Tarantino, Managing Director and Principal Officer of HDI Global Singapore, highlighted the branch’s strengthening of its Renewable Energy and Construction portfolios, aligning with the region’s infrastructure and energy transition. “Our Property book remains strong, amidst external pressures like the Thai earthquake,” Tarantino noted.

Globally, HDI Global’s insurance revenue, adjusted for currency effects, rose by 8%, with large loss payments well below budget. The combined ratio stood at 91.6%, within the expected range for the full year. The company’s contribution to Talanx Group’s net income increased by 23% to €274m.

Looking ahead, Tarantino expressed optimism for the remainder of 2025, emphasising HDI Global’s focus on profitable growth and strategic technology investments in South-East Asia. Despite geopolitical tensions, the company aims to forge strong partnerships and unlock new opportunities, ensuring continued superior service delivery.
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UOB Kay Hian Research has maintained its “hold” rating on Singapore Technologies Engineering (ST Engineering), following the company’s announcement of a 19.7% year-on-year increase in net profit for the first half of 2025. The net profit reached $403m, aligning with UOB Kay Hian’s expectations and representing 49.5% of the full-year forecast. The company’s revenue for the period was $5.92b, slightly behind projections but expected to catch up in the second half of the year.

ST Engineering, a global technology, defence, and engineering group, reported that its defence and public security (DPS) segment outperformed expectations with an 11.7% increase in revenue, supported by growth across all subsegments. The commercial aerospace (CA) segment also showed resilience, with a 5.2% revenue increase, despite challenges from the US-China tariff war. However, the urban solutions and satcom (USS) segment underperformed, with revenue growth of only 0.3%.

The company’s orderbook reached a record high of $31.2b by the end of the second quarter, with significant contract wins across its business segments. Management remains optimistic about the company’s growth prospects, maintaining its five-year targets, including an 8.6% revenue compound annual growth rate (CAGR) from 2025 to 2029.

ST Engineering plans to use proceeds from the disposal of Leeboy and SPTel shares to reduce debt further, with net gearing expected to decrease. The company has also maintained its quarterly dividend of 4 Singapore cents, translating to a 2.1% dividend yield for 2025. UOB Kay Hian has raised its target price for ST Engineering to $8.56, citing the company’s strong orderbook and growth potential.
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Food Empire Holdings has seen a significant boost in its financial performance for the first half of 2025, with core profit after tax and minority interest rising by 32% year-on-year to $31m. This exceeded UOB Kay Hian Research’s expectations by 8%, leading the firm to raise its target price for Food Empire’s shares by 14% to $2.00 (S$2.73).

The company’s revenue surged by 22% year-on-year to $200m (US$274m), with Vietnam leading the charge with a 37% increase. This growth was bolstered by strategic initiatives, including a partnership with Capital A’s Santan to launch new products and expand capacity in India. Food Empire also declared its first-ever interim dividend of 3.0 Singapore cents per share, reflecting confidence in its growth trajectory.

Food Empire’s expansion plans include a $27m (US$37m investment in its spray-dried coffee manufacturing facility in Andhra Pradesh, India, expected to increase capacity by 60% by the end of 2027. Additionally, a partnership with Capital A Berhad’s Santan Food Services aims to co-develop ready-to-drink beverages, starting with Vietnamese iced coffee, to be launched on AirAsia flights and in regional retail outlets.

The company’s strong performance has been recognised with several accolades in 2025, including being listed in the Fortune Southeast Asia 500 and receiving the “Company of Good” recognition from the National Volunteer & Philanthropy Centre. These achievements underscore Food Empire’s commitment to sustainable innovation and community empowerment.
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UOB Kay Hian Research has reiterated its ‘buy’ recommendation for CapitaLand Investment (CLI), maintaining a target price of $3.49, reflecting a 28.3% upside from the current share price of S$2.72. Despite a 24% year-on-year drop in revenue to $1.04b for the first half of 2025, the company’s strategic initiatives in capital recycling and lodging expansion are expected to drive future growth.

CapitaLand Investment, a global real estate manager with a strong presence in Asia, reported a decline in its profit after tax and minority interests by 13% year-on-year to $287m. This was attributed to the deconsolidation of CapitaLand Ascendas REIT and the loss of contributions from divested assets. However, the company executed $3.1b in transactions and raised $2.1b in capital, indicating robust underlying performance.

The company is optimistic about the second half of 2025, with plans to scale its fee-related earnings through new fund launches and capital raising. Its lodging business saw a 5% increase in revenue per available unit (RevPAU), driven by higher occupancy rates and average daily rates. Additionally, CapitaLand Investment is on track to list its CapitaLand Commercial C-REIT, aiming to establish a perpetual onshore fund platform in China.

UOB Kay Hian noted that CapitaLand Investment’s asset-light growth strategy, supported by $116b in funds under management, remains a key driver for the company. The research firm also highlighted the potential for stronger-than-expected growth in funds under management and successful listing of the C-REIT as catalysts for the stock.
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UOB Kay Hian Research has reaffirmed its ‘buy’ recommendation for ComfortDelGro Corporation, maintaining a target price of $1.70, reflecting an 11.1% upside from its current share price of $1.53. The research firm noted that ComfortDelGro’s first half of 2025 core profit after tax and minority interests was $99m, a 7% year-on-year increase, though slightly below expectations due to softer UK margins.

ComfortDelGro’s revenue for the first half rose to $2.4b, driven by strategic acquisitions such as Addison Lee and A2B, as well as UK bus contract renewals. The company declared an 11% increase in its interim dividend to 3.91 Singapore cents per share, maintaining an 80% payout ratio.

The public transport segment showed strength, particularly in the UK, with revenue up 4% year-on-year. The taxi and private hire segment saw a 59% increase in revenue, although quarterly growth eased due to competitive pressures. Other private transport services benefited from the acquisition of CMAC, with revenue rising 11% year-on-year in the second quarter.

Looking ahead, UOB Kay Hian anticipates stronger performance in the second half of 2025, supported by Singapore rail revenue growth and UK bus contract renewals. The firm has adjusted its core PATMI forecasts for 2025 to 2027, citing lower-than-expected UK margins, but remains optimistic about the stock’s potential backed by a 5.5% dividend yield.
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StarHub has introduced ScamSafe, a new mobile app designed to combat the growing sophistication of scam calls and messages. Developed in collaboration with Gogolook, a leader in AI anti-scam technologies, the app automatically blocks known scam calls and filters suspicious SMS messages. Available to all Singaporeans for free for the first six months, ScamSafe aims to make digital security simple and accessible.

ScamSafe is part of StarHub’s SafeHub+ suite, which provides a range of cybersecurity tools to help users stay safe online. The app allows users to set up keyword filters for SMS, check unknown numbers against an updated scam database, and report scams to protect others. As Singapore celebrates SG60, StarHub is committed to enhancing digital safety, with plans to expand SafeHub+ throughout 2025.

The app is available for download on the App Store and Google Play. After the initial free trial, StarHub customers can subscribe for $2.99 per month, whilst non-StarHub users will pay $4.99 monthly. StarHub customers can access the exclusive rate via the My StarHub app.

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True Global Ventures 4 Plus Pte Ltd (TGV) has been granted a Capital Markets Services (CMS) licence by the Monetary Authority of Singapore (MAS), allowing the firm to conduct regulated fund management activities beyond its previous venture capital focus. This licence positions TGV as a Licensed Fund Management Company (LFMC) for accredited investors, enabling it to manage regulated investment funds from Singapore.

With this new licence, TGV can broaden its investment strategies. The firm plans to manage Continuation Funds, providing growth capital to high-performing portfolio companies and offering investors continued participation in later stages, including pre-IPO companies. Additionally, TGV aims to diversify investor portfolios through Fund of Funds, investing in top-tier venture capital managers globally. The licence also permits TGV to invest in public companies aligned with its core themes of artificial intelligence and blockchain, and to offer professionally managed exposure to digital assets through Crypto Funds.

Beatrice Lion, CEO of TGV, stated, “We are honoured to receive the CMS licence from MAS, which reflects our commitment to meeting the highest regulatory compliance and governance standards.” Dušan Stojanović, initiator of TGV, added that the expanded licence allows the firm to maintain its core focus on equity funds with sizes between $100m and $200m, where it has achieved exceptional returns.

This development marks a significant step in TGV’s mission to support innovative entrepreneurs and disruptive technologies worldwide, whilst adhering to high fiduciary standards. TGV, a global venture capital firm, invests in sectors such as artificial intelligence and blockchain, leveraging its extensive network across major cities including Singapore, Hong Kong, and New York.
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Yangzijiang Financial Holding Ltd. has announced its role as the anchor investor in a $100m investment fund launched by ICH Asset Management, targeting Singapore’s small and mid-cap enterprises. This initiative is designed to support high-potential businesses from the pre-IPO stage through to IPO participation and active trading in public securities.

The partnership aims to leverage Yangzijiang Financial’s investment management expertise alongside ICHAM’s local market knowledge to capture value-accretive opportunities. This strategic deployment of funds aligns with the Monetary Authority of Singapore’s $5b Equity Market Development Programme, which focuses on enhancing the local asset management ecosystem and boosting investor interest in small and mid-cap stocks.

The fund will invest across various growth stages of companies, including strategic placements post-listing. This approach is expected to unlock growth potential in an underserved area of the equity market, addressing the lack of large institutional capital and research coverage.

Ren Yuanlin, Executive Chairman and CEO of Yangzijiang Financial, expressed enthusiasm about the untapped potential within Singapore’s small and mid-cap space, emphasising the long-term commitment to the local equity market. Vincent Toe, Cofounder of ICH Group and Managing Director of ICHAM, highlighted the strategy of working closely with quality companies through their growth phases.

The deployment of funds is set to begin in September, with initial investments spanning sectors such as technology, healthcare, sustainability, and consumer services. This initiative is expected to enhance market liquidity and broaden investor participation in Singapore’s stock market.
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