Industry News

The World Intellectual Property Organisation’s Director General, Daren Tang, has emphasised the importance of keeping human creativity at the forefront of intellectual property (IP) laws amidst the rapid rise of generative AI. Speaking at the “Intellectual Property and Technology in the 21st Century” conference, held on 4 and 5 August 2025 at NUS Law, Tang highlighted the need for IP systems to evolve whilst ensuring that technology serves humanity.

Tang noted that whilst generative AI has advanced swiftly, it remains a “skilful replicator” lacking the originality inherent in human creativity. He stated, “Ingenuity, invention and creativity is a fundamental part of who we are as a human species, and technology, as well as the IP system, must continue to protect, nurture and support this.”

The conference, organised by the Centre for Technology, Robotics, Artificial Intelligence & the Law and the EW Barker Centre for Law & Business at NUS Law, was co-hosted with law schools from Columbia, Oxford, and Tsinghua. It brought together over 100 participants from academia, government, and industry to discuss the challenges posed by technological advancements.

Adam Williams, CEO of the UK Intellectual Property Office, stressed the importance of IP rights in fostering innovation, whilst Tan Kong Hwee, CEO of the Intellectual Property Office of Singapore, highlighted the need for a balanced approach to protect IP owners’ rights and facilitate responsible innovation.

The event also featured discussions on the legal implications of AI, including the concept of ‘artificial causation’ and the challenges of attributing responsibility for AI-generated content. As the conference concluded, experts called for ongoing dialogue to ensure that IP frameworks remain relevant and supportive of human creativity in the digital age.
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Shawarma Shack, the Philippines’ leading shawarma chain with over 850 outlets, has opened its first international location in Singapore, choosing the city-state for its ease of business setup and strategic position in Asia. The first outlet launched on 30 July at Toa Payoh’s HDB Hub, with a second set to open in October at Poiz Centre, Potong Pasir. This expansion is part of the chain’s plan to use Singapore as a springboard for global growth.

Founded in 2015 by Walther Buenavista, Shawarma Shack began as a small food stall in Manila’s Divisoria market. It quickly gained popularity for its affordable, hearty meals, leading to rapid expansion across the Philippines. By 2018, the chain had opened its 100th store, and within a year, it had grown to 400 outlets. Buenavista attributes this success to the brand’s focus on providing delicious, value-for-money meals that cater to young professionals.

The Singapore outlets will offer a menu similar to that in the Philippines, featuring wraps, rice meals, and salad boxes with chicken and beef options. Prices start at $4.30 (S$5.90) for regular shawarma wraps, with the Classic Broasted Chicken Rice priced at $7.90 (S$10.90). The chain also plans to open five self-owned outlets in Singapore within the next year and is open to franchise requests.

Buenavista expressed optimism about the brand’s future in Singapore, stating, “We hope that Singaporeans will love our shawarmas and we look forward to a long and meaningful journey with our Singaporean landlords, staff, partners, and suppliers.” If successful, Shawarma Shack aims to expand further, establishing Singapore as its second headquarters.
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Elite UK REIT, the only UK-focused real estate investment trust listed in Singapore, has been highlighted by DBS in its latest analyst report as a promising investment. The report, dated 1 August 2025, maintains a ‘buy’ rating for the REIT with a target price of £0.40, reflecting a 14% upside from its last traded price of £0.35.

DBS analysts note that Elite UK REIT’s unique position in the market, with a significant portion of its rental income derived from leases with the AA-rated UK Government, provides a stable cash flow. The REIT’s distribution per unit (DPU) is projected to grow at a compound annual growth rate of approximately 3.5% from FY25 to FY27, driven by recent acquisitions, improved occupancy rates, and increased distribution payout ratios.

The REIT is also exploring strategic asset repositioning, including plans to convert several properties into purpose-built student accommodations (PBSA) to capitalise on favourable supply-demand dynamics in the UK. Additionally, a planning application for a data centre at Peel Park is underway, which could significantly enhance the net asset value and potentially boost share prices.

DBS highlights the REIT’s proactive management approach, including early lease regearing negotiations with the Department for Work and Pensions, which could mitigate lease expiry risks. The report underscores the REIT’s attractive forward yield of 9% and its strategic focus on value creation within its portfolio.

The REIT’s strategic initiatives and stable financial outlook position it well for continued growth, with DBS affirming its positive outlook and increased target price.
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OCBC Bank has reported its second quarter (Q2) 2025 financial results, revealing a slight miss on expectations due to weaker net interest margins (NIM). Despite this, the bank has decided to maintain its neutral rating and target price of SGD17.50, representing a 4% upside. The bank’s decision comes as it lowers its NIM guidance but retains other targets for 2025, including a 60% dividend payout and capital return plan.

The bank’s earnings projections have been trimmed by 1-4%, leading to a corresponding reduction in dividend per share (DPS) forecasts. However, the bank’s yield remains at a decent 5.7%, according to the latest analysis by RHB Group. The report noted, “Whilst NIM guidance was lowered, other 2025 targets were retained.”

This announcement is significant as it highlights the challenges faced by OCBC Bank in navigating the current economic environment, particularly in managing interest rate pressures. The bank’s reaffirmation of its dividend and capital return plans suggests a commitment to shareholder returns despite the softer outlook for the full year 2025 profit after tax and minority interest (PATMI).

Looking ahead, OCBC Bank’s performance will be closely monitored as it continues to adapt to the evolving financial landscape. The bank’s ability to maintain its targets amidst NIM pressures will be crucial in sustaining investor confidence.
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Omni HR, a Singapore-based provider of cloud-based HR and payroll solutions, has announced its acquisition of MajuHR, a fellow Singaporean HR software company, for an undisclosed amount. This marks Omni HR’s first acquisition and is a strategic move to consolidate the fragmented HR technology landscape in Asia. The acquisition is set to integrate MajuHR’s chat-native capabilities with Omni HR’s multi-country platform, enhancing HR experiences for modern Asian teams.

Omni HR has been experiencing strong growth, bolstered by a $74 million funding round in 2024 and rapid customer expansion across 15 Asian markets. The company offers automated workflows and local compliance capabilities, which will now be complemented by MajuHR’s pioneering omnichannel-native software. MajuHR allows employees to manage HR tasks via WhatsApp, reflecting how many teams in Asia communicate.

The acquisition highlights the increasing demand in Asia’s $64 billion HR software market for platforms that combine sophisticated automation with regional compliance expertise. Brian Ip, founder and CEO of Omni HR, stated, “The acquisition of MajuHR allows us to deepen our product capabilities and broaden our client portfolio.”

Roshan Ravishankar, co-founder of MajuHR, expressed enthusiasm about the merger, noting that it will provide a seamless, data-rich experience for HR and finance leaders across the region. MajuHR’s customer base will transition to Omni HR’s platform, further expanding Omni HR’s reach among tech-forward businesses.

Looking forward, Omni HR plans to invest in deeper localisation and explore additional partnerships and product extensions to better serve mid-market and enterprise clients across Asia. The acquisition of MajuHR lays the groundwork for future expansion through both product development and strategic mergers and acquisitions.
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CDL Hospitality Trusts (CDLHT) reported a disappointing first half of 2025, with distribution per Stapled Security (DPS) dropping 21.1% year-on-year to 1.98 Singapore cents. This decline was primarily driven by a 14.2% fall in revenue per available room (RevPAR) for Singapore hotels, attributed to a high base effect and subdued corporate demand, according to DBS Group Research. However, the trust anticipates a stronger second half, buoyed by stabilising assets and a robust events calendar in Singapore, the UK, and Germany.

The trust’s UK and Japan portfolios provided some relief, with the UK seeing a 13.1% increase in net property income (NPI) due to contributions from new acquisitions like The Castings and Hotel Indigo Exeter. Japan also recorded an 11.4% NPI uplift. Despite these gains, increased interest costs from UK acquisitions and higher borrowing costs for The Castings pressured overall distributable income.

Looking ahead, DBS Group Research expects asset stabilisation and a favourable interest rate environment to support recovery. The trust’s management remains optimistic about achieving stabilised occupancy above 90% for The Castings by the fourth quarter of 2025. Additionally, the diversification into built-to-rent (BTR) and student accommodation (PBSA) sectors is expected to enhance resilience against cyclical hotel earnings.

Whilst the Singapore hotel market faces challenges from new supply and competitive pricing, the trust foresees gradual improvement, supported by a strong events pipeline and increased tourism. The trust’s strategic focus on diversification and proactive interest rate management positions it well for potential rate cuts in the latter half of 2025.
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Singapore’s small-mid cap stocks are set to receive a substantial boost following the Monetary Authority of Singapore’s (MAS) $5bn Equity Market Development Programme (EQDP). Announced on 21 February 2025, the EQDP aims to enhance the local asset management and research ecosystem, increasing investor interest in Singapore’s equities market. The first allocation of $1.1bn has been made to asset managers Avanda, Fullerton, and JP Morgan Asset Management, with further allocations expected in late 2025 and 2026.

The EQDP positions small-mid caps as a key focus, supported by targeted policies, and is expected to attract capital beyond the initial $5bn seed fund. This market segment, comprising 205 stocks with market caps between SGD100mn and SGD3bn, offers a broader opportunity set compared to the Straits Times Index’s (STI) 30 stocks. Notable potential beneficiaries include ComfortDelGro, GuocoLand, and Raffles Medical, among others.

DBS Group Research highlights the potential for small-mid caps to outperform large caps, citing attractive valuations and improved investor sentiment. The average month-to-date gain of 11.9% among 58 non-index stocks under DBS’s coverage surpasses the STI’s 7.5% increase. “The EQDP sends a strong signal to the market that small-mid caps are no longer an afterthought,” stated DBS analysts.

With the EQDP’s liquidity injection and favourable valuations, small-mid caps are poised for continued growth, offering investors the potential for market-beating returns. As the programme progresses, it is expected to channel significant liquidity into the Singapore equities market, enhancing overall market liquidity and capitalisation.
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DBS Group Research has downgraded CapitaLand China Trust (CLCT) from a “Buy” to a “Hold” rating, citing a challenging operating environment in China and a softer reversionary outlook. The trust’s revenue for the first half of 2025 fell by 6.3% year-on-year to RMB867.6 million, whilst its distribution per unit (DPU) dropped by 17% to 2.49 Singapore cents, falling short of expectations.

The downgrade comes as tenant confidence wanes amidst a soft reversionary outlook, with estimated negative reversions of 3% for retail, 10% for business parks, and 30% for logistics. The trust’s participation in the C-REIT platform is seen as a potential differentiator, but it may lead to a prolonged recovery period. The anticipated divestment of Yuhuating Mall is expected to reduce gearing but could also dilute DPU.

Geraldine Wong, an analyst at DBS, noted that “supply risks and lower submarket rents may extend the soft reversionary outlook across all asset classes.” Despite asset enhancement initiatives, the trust’s business parks and logistics sectors have seen significant declines in revenue due to oversupply and lingering effects of the tariff war.

Looking ahead, the trust faces potential further dilution of DPU with the repositioning of CapitaLand Xinnan and perpetual reissuance. The possibility of privatisation by sponsor CapitaLand Integrated Commercial Trust is considered unlikely at this stage. The revised price target for CLCT is set at SGD0.75, reflecting a 1% downside from the last traded price of SGD0.760 on 31 July 2025.
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Far East Hospitality Trust (FEHT) has reported a 4.2% year-on-year decline in gross revenue to SGD51.6 million for the first half of 2025, according to DBS Group Research. The decline is attributed to weaker performance from its Singapore hotels, although this was partially offset by contributions from the newly acquired Four Points by Sheraton Nagoya. Despite the dip, DBS maintains a ‘buy’ rating with a target price of SGD0.70, citing the trust’s attractive valuation and resilience amidst a higher supply landscape in Singapore.

The Singapore-based real estate investment trust, which focuses on hospitality assets, experienced a 9.1% year-on-year drop in distribution per unit (DPU) to 1.78 Singapore cents. This aligns with DBS’s full-year estimate of 3.67 Singapore cents. The decline in revenue was also influenced by a 5.7% and 6.5% drop in revenue per available room (RevPAR) for hotels and serviced residences, respectively, due to increased supply and lower MICE (meetings, incentives, conferences, and exhibitions) activity.

Despite these challenges, FEHT’s borrowing costs decreased by 30 basis points to 3.40%, and the acquisition of the Nagoya property is expected to enhance net operating income yields from 3.7% to 4.9% by the financial year 2026. Geraldine Wong, an analyst at DBS, noted, “FEHT remains well positioned to capture budget-conscious travellers, offering an attractive value proposition for tourists.”

Looking ahead, FEHT is poised to benefit from an anticipated increase in visitor arrivals, with the Singapore Tourism Board projecting up to 18.5 million tourists this year. The trust’s strategic asset enhancement initiatives and rebranding efforts are expected to bolster its market share in the competitive Orchard area.
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DBS Group Research has reiterated its ‘Buy’ recommendation for Seatrium Limited, highlighting the company’s robust performance in the first half of 2025. Seatrium, a leader in offshore engineering, reported a core gross margin expansion to 8.2%, a significant improvement from 3.6% in the second half of 2024. This margin growth is attributed to operational enhancements and a focus on higher-margin projects.

The company, formed from the merger of Keppel Offshore & Marine and Sembcorp Marine in March 2023, is on track to achieve annual cost savings of $220 million (SGD300 million) by the end of 2025. Seatrium aims to grow its revenue at a compound annual growth rate of 7%-10% to reach $7.3-8.8 billion (SGD10-12 billion) by 2028, supported by a strong order book exceeding $13.2 billion (SGD18 billion) and increasing demand for oil, gas, and renewable infrastructure.

Despite a slow order flow year-to-date, Seatrium remains optimistic about securing new contracts, with a pipeline valued at $22 billion (SGD30 billion). The company is also building capabilities in carbon capture and storage, which could serve as a long-term growth engine. DBS has adjusted its price target for Seatrium slightly down to $2.17 (SGD2.96), reflecting earnings revisions.

Key risks include potential drops in oil prices and integration challenges. However, the conclusion of investigations by the Monetary Authority of Singapore and the Commercial Affairs Department, with no further action against Seatrium, removes a significant overhang from past legal issues. As Seatrium continues to execute its strategy, contract wins will be crucial in driving future growth.
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