Industry News

NetLink NBN Management Pte. Ltd., the Trustee-Manager of NetLink NBN Trust, has announced a 1.1% increase in its distribution per unit (DPU) for the financial year ending 31 March 2026 (FY26), reaching 5.42 Singapore cents. The company reported a revenue increase of 1.6% to $413.4m, driven by higher ancillary project revenue, although its EBITDA fell by 1.8% due to rising operating expenses.

The core fibre business of NetLink remained resilient, with stable Regulated Asset Base (RAB) revenue. However, the company faced challenges with a 12.6% decline in profit after tax, amounting to $83.3m. This decrease was attributed to higher depreciation, amortisation, and finance costs, partially offset by increased income tax credits.

NetLink’s operating cash flow remained robust, generating $258.8m, which supports its policy of distributing 100% of cash available for distribution semi-annually. Unitholders will receive a distribution of 2.71 Singapore cents per unit for the six months ending 31 March 2026, payable on 10 June 2026.

Despite the decline in profit, NetLink continues to focus on growth and network expansion, with significant investments in sustainability and operational excellence. The company has secured $120m in sustainability-linked credit facilities and issued $300 million in fixed-rate notes to enhance financial stability.

Linea Law LLC, formerly known as Vicki Heng Law Corporation, has announced its rebranding and the appointment of Rebecca Vathanasin and Sara Ng as directors. This change marks a significant step in the firm’s 13-year history, reflecting its commitment to a multi-disciplinary and client-focused legal practice.

The rebranding to Linea Law LLC symbolises the firm’s dedication to pursuing direct and aligned paths to achieve client objectives. Despite the new visual identity, the firm remains committed to its core values of integrity, empathy, and rigour.

Rebecca Vathanasin, known for her strategic approach to complex disputes, joins the leadership team with a focus on family law and landmark matrimonial cases. Her approach aligns with the firm’s “human first” ethos. Sara Ng, recognised for her expertise in high-stakes commercial disputes and private client matters, brings a wealth of experience in business conflicts and probate cases. She has been named one of Asian Legal Business’ “Asia 40 Under 40.”

Vicki Heng, Managing Director of Linea Law LLC, expressed that the addition of Vathanasin and Ng represents a shift towards a collaborative legal practice. “The addition of Rebecca and Sara is not just an expansion—it is a commitment to a new way of practising law,” she stated.

Linea Law LLC aims to provide integrated solutions across various legal needs, including commercial litigation, intellectual property, and corporate law.

Singapore Airlines (SIA) Group has reported a significant 39% increase in its full-year operating profit, reaching S$2.4b for the financial year ending 31 March 2026. This growth was driven by robust demand for air travel, improved yields, and reduced net fuel costs. However, the Group’s net profit fell by 57.4% to S$1.2b, primarily due to the absence of a one-off accounting gain from the previous year and losses from Air India.

The Group’s revenue hit a record S$20.5b, marking a 5% rise from the previous year. Passenger numbers reached 42.4 million, a 7.7% increase, with a passenger load factor of 87.7%. Cargo revenue, however, saw a slight decline of 2.1% due to reduced yields.

Despite the challenges, SIA Group maintained a strong balance sheet, reducing its debt-equity ratio from 0.82 to 0.62. The Group’s fleet expanded to 218 aircraft, with new orders placed for 11 Airbus A320neo family aircraft by Scoot.

Looking ahead, SIA plans to enhance its network, particularly in the UK, with increased flights to London and Manchester. The Group remains focused on leveraging its dual-brand strategy and digital capabilities to navigate the volatile market and enhance customer experience.

Huttons Asia has shared insights on two Government Land Sales (GLS) sites at Berlayar Drive and New Upper Changi Road, highlighting their potential appeal to developers. The Berlayar Drive site, located near the former Keppel Club, offers a rare waterfront opportunity with proximity to Telok Blangah MRT station. Mark Yip, CEO of Huttons Asia, noted the scarcity of waterfront residential sites in Singapore, making this a unique chance for developers to create properties with views of Sentosa and Labrador Nature Park. The site is expected to attract up to five bidders, with top bids ranging from $1,350 to $1,450 per square foot per plot ratio (psf ppr).

The New Upper Changi Road site, potentially the last available parcel near Bedok integrated transport hub in 16 years, is also anticipated to draw significant interest. Yip highlighted Bedok’s popularity as a mature estate well-served by public transport, expressways, and amenities. The site is expected to attract up to four bidders, with top bids between $1,100 and $1,200 psf ppr. The strategic location and demand from nearby landed estates and HDB flats are likely to enhance its appeal.

These GLS sites present valuable opportunities for developers amidst a declining supply of new homes in the Rest of Central Region (RCR), which is projected to drop from 2,407 units in 2026 to 2,048 units in 2027. The competitive bidding anticipated for these sites underscores the ongoing demand for prime residential locations in Singapore.

Rosti Group, a leader in precision injection moulding and integrated manufacturing solutions, has inaugurated its Rosti Asia Integrated Solutions in Singapore on 7 May 2026. This strategic investment aims to enhance production capabilities, improve market responsiveness, and solidify the company’s commitment to Southeast Asia.

The opening ceremony was attended by Rosti’s global leadership team, including CEO Jonas Persson and CFO Hans Månsson Rantzow, who highlighted the significance of the Singapore centre. Rantzow stated, “This investment sends a strong signal to customers, partners, and industry stakeholders. Rosti is doubling down on Asia with infrastructure and expertise tailored to the region’s unique requirements.”

Pat Williams, Senior Vice President Asia, explained the rationale behind choosing Singapore as the regional base. He noted that Singapore’s strategic location at major trade corridors allows for faster customer engagement and smarter decision-making. Williams introduced the operational mantra ABCD—Advance, Build, Capture, Deliver—to guide the company’s regional strategy.

The Singapore facility is designed as an interactive showcase of Rosti’s manufacturing capabilities, including precision injection moulding and integrated supply chain solutions. It serves as a regional sales and solution centre, working closely with manufacturing sites in China, Malaysia, and India to convert opportunities into long-term partnerships.

Rosti’s Singapore launch underscores the importance of regionalisation and customer proximity in the global manufacturing sector. As Williams affirmed, “Singapore is more than a new office; it marks the starting point for Rosti’s next era of growth in the world’s most dynamic market.”

Singapore’s construction sector is forecasted to remain robust in 2026, driven by public sector demand and significant infrastructure projects, despite global geopolitical tensions and supply chain disruptions. This is according to the Singapore Construction Market Review and Outlook 2026, released by SJ Group’s Project and Cost Management unit.

The report highlights that Singapore’s built environment sector continues to demonstrate resilience and adaptability. Senior Executive Director for Project and Cost Management at SJ Group, Ho Kong Mo, noted, “Even as global uncertainties drive cost pressures, a steady pipeline of public sector projects and continued infrastructure investment will underpin demand.”

Total construction demand is projected to range between S$47b and S$53b this year, following a peak of S$50.5b in 2025. However, construction costs are expected to rise by 2 to 5% in 2026, with material prices already increasing by 5 to 15% due to Middle East tensions. Oil prices exceeding $100 per barrel and ongoing supply chain volatility are anticipated to further impact project costs and timelines.

Key developments such as Changi Airport Terminal 5, MRT expansions, and healthcare projects are set to support the sector. Civil engineering demand alone is expected to reach between S$11.6b and S$13.4b. Meanwhile, the commercial segment is projected to recover, with demand rising to between S$6.1b and S$6.7b, led by projects like the Marina Bay Sands expansion.

The report underscores the importance of technology adoption and productivity improvements to manage costs and support long-term growth. Despite challenges, the sector is expected to remain supported by sustained government investment and a steady project pipeline.

Singapore Post Limited (SingPost) and Fullerton Healthcare Group have signed a Memorandum of Understanding (MOU) to co-develop an integrated healthcare delivery ecosystem. This partnership seeks to address the growing need for a resilient medical supply chain as Singapore transitions into a super-aged society in 2026.

The collaboration will leverage SingPost’s extensive logistics infrastructure and Fullerton Health’s clinical expertise to create innovative solutions for healthcare logistics and last-mile medical delivery. Mark Chong, CEO of SingPost, stated, “We believe that our ability to deliver medicine to every household will support Fullerton Health’s ambition to extend its reach to customers islandwide.”

As Singapore’s healthcare needs evolve with an ageing population, Fullerton Health aims to enhance its patient-centric care approach. Ho Kuen Loon, CEO of Fullerton Health, emphasised the significance of partnering with SingPost, saying it is a “significant milestone” in strengthening the healthcare value chain and improving access to medical care across Singapore.

The partnership aligns with national health strategies prioritising community-anchored care, such as the Ageing in Place and Age Well Neighbourhoods initiatives. By combining their capabilities, SingPost and Fullerton Health aim to support these initiatives and facilitate efficient medication fulfilment within residential areas.

This collaboration marks a strategic shift for SingPost, diversifying its logistics portfolio to include healthcare alongside its established eCommerce operations. For Fullerton Health, it offers an opportunity to leverage existing infrastructure and expertise to deliver sustainable healthcare solutions in line with Singapore’s evolving needs.

TeleChoice International Limited has reported a robust start to the financial year 2026, with a 31% increase in revenue for the first quarter ending 31 March 2026. The Group’s revenue reached S$146.86m, up from S$111.8m in the same period last year. Profit before tax also saw a substantial rise, increasing by 78% to S$2.32m compared to S$1.3m in Q1 2025.

The Personal Communications Solutions Services (PCS) division was a major contributor, with revenue climbing 24% to S$101.13m and profit before tax surging 87% to S$2.09m. The division’s success was largely driven by its Malaysian operations, which benefited from a renewed fourth-party logistics contract with U Mobile Sdn Bhd. However, the Singapore operations faced challenges due to lower margins and increased marketing expenses.

The Info-Communications Technology Services (ICT) division reported a 79% revenue increase to S$27.09m, with a modest 20% rise in profit before tax. This growth was primarily attributed to the Digital Infrastructure business, which secured significant projects across various sectors, including a S$8m storage leasing arrangement with a financial institution.

Meanwhile, the Network Engineering Services (NES) division achieved a 22% revenue increase to S$18.64m, with profit before tax rising by 31%. The division’s Indonesian operations were pivotal, securing a S$24m order for coolant distribution units.

Looking ahead, TeleChoice anticipates stable business performance for FY2026, supported by ongoing demand in telecommunications and ICT sectors. The Group is also awaiting the outcome of a tender for a data centre project in Malaysia, which could further enhance its performance.

Marco Polo Marine Ltd has announced a proposed reverse takeover of Fuji Offset Plates Manufacturing Ltd, valuing its shipyard business at up to S$139m. This strategic move aims to unlock significant intrinsic value for shareholders by establishing an independent, separately listed platform for the shipyard operations.

The transaction will see Marco Polo Marine’s shipyard business gain direct access to capital markets, enhancing earnings visibility. Despite the changes, Marco Polo Marine will remain the controlling shareholder, allowing existing investors to continue benefiting from the shipyard’s long-term growth potential.

Under the agreement, Fuji Offset Plates Manufacturing Ltd, the purchaser, will acquire all issued share capital of Marco Polo Shipyard Pte Ltd and MP Marine Pte Ltd. These entities collectively own and operate the group’s shipyard operations, including PT Marcopolo Shipyard in Indonesia. Upon completion of the transaction, the purchaser will be renamed “MPSE Ltd.”

This development marks a significant step for Marco Polo Marine, as it seeks to capitalise on its shipyard business’s value and growth trajectory. The proposed transaction is expected to provide a robust platform for future expansion and investment opportunities in the maritime sector.

AEM Holdings Ltd, a global provider of semiconductor test and handling solutions, has announced a robust performance for the first quarter of 2026, with revenue surging by 35.8% year-on-year to S$116.9m. This growth is attributed to the ramp-up in production from its fabless AI and high-performance computing (HPC) customers, alongside rising demand from PC and foundry clients.

Profit before tax soared to S$17.8m, marking a substantial increase from the previous year, with the profit before tax margin expanding to 15.2%. The company’s Test Cell Solutions segment was a significant contributor, with revenue climbing 72% year-on-year to S$88.1m, driven by the deployment of AEM’s proprietary PiXLTM thermal technology.

The company has revised its full-year revenue guidance upwards by approximately 20%, now expecting between S$550m and S$600m. This adjustment reflects the continued momentum from its AI/HPC and PC/Foundry customers.

AEM’s strategic partnership with ASE Technology Holding, the largest outsourced semiconductor assembly and test services provider, is anticipated to further enhance its market position. This collaboration aims to advance next-generation AI/HPC test solutions, with initial deployments expected by late 2026.

CEO Samer Kabbani stated, “1Q2026 represents the start of a multi-year earnings upcycle for AEM, one grounded in structural industry change rather than cyclical recovery.” With the semiconductor market projected to exceed US$1.6t by 2030, AEM is poised to capitalise on the growing demand for AI and HPC technologies.