Industry News

ISDN Holdings Limited has announced a robust financial performance for the first half of 2025, with a 22% increase in revenue to S$212.9 million. This growth was achieved despite the strengthening of the Singapore dollar, which, on a constant currency basis, would have seen revenue rise by 27% year-on-year. The company’s core shareholder profits surged by 35.1%, excluding unrealised foreign exchange losses, reflecting strong business growth across all segments.

The industrial automation sector, a key area for ISDN, recorded a 6.4% year-on-year growth, with notable performances in China and Southeast Asia. The company’s “Asia-for-Asia” strategy is capitalising on the localisation of global supply chains, contributing to this success. ISDN’s renewable energy segment also played a significant role, with its mini-hydropower plants generating stable income and accounting for 9.8% of the group’s gross profit.

Despite these gains, net profit attributable to equity holders fell by S$2.5 million to S$1.3 million, primarily due to S$3.2 million in non-cash, unrealised foreign exchange losses from long-term receivables and payables in the renewable energy business. However, ISDN remains optimistic about the future, with plans to expand its renewable energy capacity by 81.3% by 2026.

Managing Director and President Teo Cher Koon highlighted the company’s strategic investments during the recent downturn, stating, “ISDN’s strong performance in 1H2025 reflects continued results from our disciplined strategic investments during the cyclical downturn in the last 24 months.”

Looking ahead, ISDN aims to continue its growth trajectory by broadening its industrial automation capabilities and expanding its renewable energy business across strategic Asian markets.
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ST Engineering’s Commercial Aerospace division and SF Airlines have inaugurated a new airframe maintenance, repair, and overhaul (MRO) facility in Ezhou, Hubei, China. This joint venture, known as ST Engineering Aerospace (HuBei) Aviation Services, aims to cater to the increasing MRO needs of SF Airlines and other airlines operating in the region.

The facility, strategically located at China’s first dedicated cargo airport, Ezhou Huahu International Airport, will initially feature two hangars capable of accommodating up to four widebody or eight narrowbody aircraft simultaneously. The first hangar is set to induct its inaugural aircraft on 12 August 2025, with the second hangar expected to be completed in the second half of 2027. As demand grows, plans are in place to expand the facility with four additional hangars.

Jeffrey Lam, President of Commercial Aerospace at ST Engineering, highlighted the strategic importance of Ezhou as a logistics and aviation hub, stating, “Our new facility in Ezhou is well positioned to meet the rising MRO needs of operators in China and across the region.”

The facility currently employs around 200 staff and is projected to create up to 700 high-value jobs once fully operational. It will also incorporate smart technologies, including robotics and digital systems, to enhance operational efficiency.

Lisheng, Chairman of SF Airlines, noted the facility’s potential to leverage industrial chain synergies and build a competitive maintenance brand, contributing to the high-quality development of the aviation industry.

This development marks a significant expansion of ST Engineering’s global MRO network, aligning with its strategy to optimise its global footprint and meet evolving market demands.
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SBS Transit has announced a 4.5% decrease in revenue for the first half of 2025, totalling $745.9 million, compared to $781.4 million in the same period last year. The decline is primarily attributed to a significant reduction in fuel and electricity costs, which fell by 29.3%, and repairs and maintenance costs, which decreased by 13.8%.

The company’s operating profit also saw a slight dip of 1.7%, reaching $34.1 million. Despite these challenges, SBS Transit managed to maintain its staff costs, which increased marginally by 0.5% to $381.2 million. Other operating costs, however, rose by 35.9%, contributing to the overall financial outcome.

Interest income experienced a notable decline of 30.9%, whilst profit before taxation dropped by 6% to $37.8 million. After accounting for tax expenses, the profit after taxation stood at $31.1 million, a 7.7% decrease from the previous year.

The company’s earnings per share also reflected this downturn, with basic earnings per share falling from 10.80 cents to 9.95 cents. The comprehensive income for the period, which includes fair value adjustments on cash flow hedges, amounted to $30.6 million, down from $34.4 million in the first half of 2024.

Looking ahead, SBS Transit will need to navigate these financial pressures whilst continuing to manage operational costs effectively. The company has not yet outlined specific strategies to address these challenges but remains focused on stabilising its financial performance in the coming months.
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Mooreast Holdings Ltd has reported a net profit of S$3.5 million in the first half of 2025, a remarkable turnaround from a net loss of S$1.3 million in the same period last year. This positive shift is attributed to a substantial rise in revenue, which reached S$25.2 million.

The company’s financial recovery highlights its strategic efforts to enhance operational efficiency and capture new market opportunities. The increased revenue has been pivotal in reversing the previous year’s losses, showcasing Mooreast’s resilience and adaptability in a competitive market.

This financial performance is a testament to the company’s robust business model and its ability to navigate challenging economic conditions. The results reflect the successful implementation of strategic initiatives aimed at boosting profitability and ensuring sustainable growth.

Mooreast’s impressive financial results in H1 2025 set a positive tone for the remainder of the year, with the company poised to continue leveraging its strengths to maintain its upward trajectory. The turnaround not only strengthens Mooreast’s financial standing but also positions it favourably for future expansion and investment opportunities.
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The latest report from Huttons reveals a notable increase in the value of shophouse transactions in Q2 2025, with a total of $332.9 million, marking a 179.3% rise from Q1 2025’s $119.2 million. This surge comes despite a slight decline in the overall transaction volume for the first half of 2025, which saw 41 shophouses sold—6.8% lower than the same period in 2024.

The increase in transaction value is attributed to three major deals exceeding $200 million collectively. These include the acquisition of 21 Carpenter, a 48-key boutique hotel, by Timemerchant Capital for an estimated $100 million, and the sale of Duxton Reserve hotel to Lotus One Investment for $80 million. Additionally, LHN Limited sold its stake in Coliwoo Hotel Gay World to CWL Properties for $25.8 million.

Investors are showing a preference for shophouses used for living and hospitality purposes, moving away from those used for food and beverage (F&B) due to challenging operating conditions. This shift is reflected in the fact that 85% of shophouses sold in Q2 2025 were priced up to $15 million, with Districts 8 and 15 being particularly popular.

Looking ahead, Lee Sze Teck, Senior Director, Data Analytics at Huttons, anticipates that transaction volumes and values may remain subdued in the second half of 2025. The ongoing evolution of sectoral tariffs and the closure of several F&B businesses are expected to keep investors cautious, with many likely to remain on the sidelines unless compelling assets become available.
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Singapore’s economy demonstrated robust growth in the second quarter of 2025, expanding by 4.4% year-on-year. This positive performance has prompted an upward revision of the nation’s GDP growth forecast for the year, now projected to be between 1.5% and 2.5%, according to the latest figures released by the Department of Statistics Singapore.

The revised forecast reflects a more optimistic outlook for Singapore’s economic recovery, which was initially expected to range from 0.0% to 2.0%. This adjustment suggests a stronger-than-anticipated rebound as the country continues to navigate post-pandemic challenges and global economic uncertainties.

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StarHub has successfully completed the acquisition of the remaining 49.9% stake in MyRepublic Broadband, making it a wholly-owned subsidiary. This strategic move, announced on 12 August 2025, aims to bolster StarHub’s leadership in Singapore’s broadband market by integrating MyRepublic’s brand and operational assets. The acquisition is expected to enhance service differentiation and enable cross-product bundling, aligning with StarHub’s multi-brand strategy.

The acquisition allows StarHub to fully integrate MyRepublic Broadband’s operations, securing its brand equity in Singapore. This alignment is set to drive greater value creation and service innovation for customers. Nikhil Eapen, Chief Executive of StarHub, stated, “This isn’t just an acquisition. It’s an acceleration. We’ve laid a strong foundation for growth and with MR Broadband fully under our wing, we can move faster, go further, and serve customers with even greater clarity and care.”

StarHub’s move comes as part of its broader strategy to digitise and modernise its core business, focusing on enhancing customer experiences and driving sustainable growth. As the broadband landscape in Singapore evolves, StarHub aims to shape the next phase of market consolidation, prioritising scale, quality, and resilience. Eapen added, “As the market shifts, scale, quality, and resilience matter more than ever. Our role is to step up to provide the reliability, performance, and consistency that customers deserve.”

This acquisition reinforces StarHub’s position as a leading provider of high-quality broadband and mobile services in Singapore, ensuring that local consumers benefit from improved service offerings.
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The Competition and Consumer Commission of Singapore (CCCS) has successfully obtained court orders against several immigration consultancy businesses for engaging in misleading practices. This legal action, announced today, aims to protect consumers from deceptive marketing tactics that have been prevalent in the industry.

The CCCS’s investigation revealed that these firms had been providing false or misleading information to clients regarding immigration services, which led to the court’s intervention. The court orders mandate that the implicated businesses cease their misleading practices immediately and rectify any false claims made to their clients.

This move by the CCCS underscores its commitment to maintaining fair trading practices and safeguarding consumer interests in Singapore. By holding these companies accountable, the CCCS aims to deter similar conduct in the future and ensure transparency in the immigration consultancy sector.

In a statement, the CCCS emphasised the importance of accurate information in consumer decision-making processes. “Consumers should be able to trust that the information provided by businesses is truthful and not misleading,” the commission stated.

The court orders serve as a warning to other businesses in the industry to adhere to ethical practices and provide honest services to their clients. The CCCS continues to monitor the sector closely and encourages consumers to report any suspicious activities.

This legal action is expected to have significant implications for the immigration consultancy industry in Singapore, promoting a more transparent and trustworthy environment for consumers seeking immigration advice and services.
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Singapore Management University (SMU) has announced the launch of the Singapore Tax Academy Research Initiative (STARI), a collaborative effort with the Tax Academy of Singapore. The initiative, supported by a grant from the Tax Academy, will be managed by the Centre for Commercial Law in Asia at SMU’s Yong Pung How School of Law. It aims to advance international tax research, develop local academic expertise, and foster connections with global tax leaders.

Dennis Lui, CEO of the Tax Academy of Singapore, emphasised the initiative’s focus on the Asian context, stating, “Through STARI, we will conduct tax research in a rapidly developing international tax landscape. This industry-relevant research will enhance our training programmes, offering tax professionals deeper insights into regional complexities and emerging challenges.”

The initiative will be led by SMU Assistant Professor of Law Vincent Ooi and will cover various research areas, including harmful tax competition, Global Minimum Tax, and environmental taxation. Ooi highlighted the importance of the initiative, noting that it will develop a Research Affiliates Programme and host Academic Writing Workshops to build research capacity among Singaporean tax professionals.

STARI will also collaborate with an Academic Expert Panel, featuring scholars from prestigious institutions such as the University of Oxford and New York University. The initiative will host an Annual Conference and Visiting Academic Seminars to facilitate academic debate and industry exchange.

The first Annual Conference, held today, featured keynote lectures and panel discussions with international tax experts, marking the official launch of STARI.
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Riverstone Holdings, a Singapore-based rubber glove manufacturer, has reported a disappointing first half of 2025, with net profit falling short of expectations at 43% of its full-year forecast, according to a CGS International  report. However, the company anticipates a stronger performance in the second half, driven by increased demand in its cleanroom segment, which caters to data centres and AI-related industries.

The company’s revenue for the first half of 2025 was RM497.1 million, flat compared to the previous year, with a decline in cleanroom volumes and foreign exchange losses impacting results. Gross profit also fell by 24.8% year-on-year due to the depreciation of the US dollar against the Malaysian ringgit, higher volumes of lower-margin healthcare gloves, and increased depreciation costs.

Despite these challenges, Riverstone’s management remains optimistic about the second half of the year. The company plans to focus on higher-margin cleanroom gloves and customised healthcare gloves to drive growth. “Market conditions are improving heading into the second half,” the management stated, highlighting stable demand for healthcare gloves and a stronger contribution from the cleanroom segment.

CGS International has upgraded its outlook for Riverstone to “Add” from “Hold,” citing a potential recovery in net profit for the fiscal years 2026 and 2027. CGS International has also adjusted its valuation to reflect a 15.6 times FY27 earnings per share forecast, acknowledging its earnings exposure to higher-margin products and effective cash management during the COVID-19 pandemic.

Looking ahead, Riverstone aims to maintain its competitive edge by prioritising ESG (Environmental, Social, and Governance) compliance, having been recognised for its commitment to worker rights and sustainability. The company is also focused on reducing energy and water intensity by 2025, setting a benchmark for its peers in the industry.
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