Industry News

Genting Singapore, operator of Resorts World Sentosa, has reported a 7% year-on-year decrease in its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the second quarter of 2025, amounting to SGD188 million. The decline is attributed to higher staff costs incurred in preparation for the launch of the Oceanarium, despite a robust performance in gaming revenue, a DBS Group Research report said.

The company, which operates in Singapore’s duopoly gaming market, saw its VIP rolling volume grow by an estimated 15% year-on-year, defying initial expectations of a downturn due to regional economic challenges. However, slot revenue fell by approximately 17% year-on-year, contributing to the overall EBITDA shortfall.

Genting Singapore’s interim dividend remains unchanged at 2 Singapore cents, with management indicating a potential resumption of share buybacks, reflecting a more shareholder-friendly approach. The company’s financial outlook has been adjusted, with a 5% reduction in forecasted EBITDA for FY25 and FY26, due to anticipated continued high labour costs and lower room occupancy rates.

Despite these challenges, the DBS Group Research maintains a “HOLD” recommendation with a target price of SGD0.80, based on a blended valuation approach. The potential exclusion from the MSCI Singapore Index poses a risk to share price appreciation. Looking ahead, capital expenditure is expected to increase significantly in 2027 and 2028, with the construction of waterfront hotels slated for completion by 2030.
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Xiaomi has introduced its Mijia Front Load Washer Dryer 10.5kg to the Singapore market, marking the debut of its washing machines in the region. This two-in-one appliance boasts an extra-large drum for enhanced cleaning and drying, capable of eliminating up to 99.99% of bacteria through steam washing. The device is equipped with a durable direct drive motor for quiet operation and can be controlled via the Xiaomi Home app, promising an effortless laundry experience with a sleek, modern design.

The Mijia Front Load Washer Dryer features a 10.5kg washing capacity and a 7kg drying capacity, utilising Power Wash technology for deep cleaning. It employs high-temperature steam to penetrate fabrics, effectively removing bacteria and viruses without damaging clothes. Additional features include a stainless steel drying tunnel, nano anti-bacterial door gasket, and automated door spray rinsing, ensuring comprehensive hygienic care.

The appliance offers a colourful touch control panel with 32 tailored programmes, including Baby Care and Underwear settings, and a quick 59-minute Wash & Dry programme. Its load-sensing system optimises water and energy use by detecting laundry weight. Users can connect to the Xiaomi Home app for remote control and personalised programme recommendations.

Priced at $440 (SGD 599), the Mijia Front Load Washer Dryer is available for purchase through mi.com and Xiaomi Stores, with availability on Shopee starting 24 August. With a 2-year overall warranty and a 12-year motor warranty, this washer dryer is designed for households seeking both performance and style.
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Giant Carpentry Pte Ltd, a prominent event and exhibition setup specialist in Singapore, has successfully completed the HA Sisters Beauty Bakery pop-up event at Orchard Central. The project, which involved full booth construction and onsite execution, underscores Giant Carpentry’s expanding role in brand activations, exhibitions, and corporate events.

The activation at Orchard Central featured two distinct event zones—a main exhibition area and a stage zone—crafted by Giant Carpentry’s in-house team. The company managed the entire process, from fabrication and logistics to onsite setup and dismantling. Custom elements included box-up structures with columns, glass doors, integrated lighting, floor stickers, and a customer photo zone designed to boost engagement. “We handle the build so our clients can focus on the brand experience,” stated a representative from Giant Carpentry.

Giant Carpentry’s full-service model simplifies the often complex logistics of event booth management by offering end-to-end support. This includes fabrication, transportation, installation, and teardown, ensuring projects are delivered on time, within budget, and to high standards. This approach has made the company a trusted partner for experiential agencies, corporate brands, and event planners.

The company’s services cater to a diverse clientele, including corporate brands at exhibitions, brand activation agencies, and organisers of weddings and pop-up events. From compact backdrops to large-scale booth setups, Giant Carpentry provides reliable, hands-on support that enhances the visual impact of any event.
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The New York Stock Exchange (NYSE) has extended its congratulations to Singapore on its 60th National Day, celebrated on 9 August. Recognised for its robust governance and economic resilience, Singapore has become a key player in the global financial arena. Cassandra Seier, Head of International Capital Markets at NYSE, praised Singapore’s contributions, stating, “Singapore’s vibrant economy and contribution to the global community is deeply admired.”

Singapore’s journey over the past six decades has seen it transform into a regional powerhouse, known for championing open markets and sustainable growth. The NYSE acknowledges Singapore’s role in fostering international collaboration and innovation. Seier added, “We look forward to continuing our strong connections and fostering even greater collaboration within the interconnected global marketplace.”

In celebration of Singapore’s achievements, the NYSE plans to host the NYSE International Day this autumn. This event will gather leaders and innovators to explore new ideas and strengthen global partnerships. The NYSE’s commitment to celebrating Singapore’s progress underscores the nation’s influence and its dedication to building a prosperous future for its citizens and the international community.

As Singapore celebrates this milestone, the NYSE’s recognition highlights the nation’s significant impact on the global stage, reinforcing its status as a respected voice in international affairs.
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Trident Digital Tech Holdings Ltd., a Singapore-based leader in digital transformation, is spearheading a national campaign for Singapore’s 60th National Day Parade (NDP 2025) through its blockchain-based platform, Tridentity. As the Principal Partner of NDP 2025, Trident is inviting Singaporeans to engage in the festivities via the Tridentity GO app, which connects users with exclusive deals from over 70 local merchants.

The Tridentity GO campaign, running from early July to the end of August, transforms the SG60 celebration into an interactive experience. Users can collect digital stamps by logging into the app daily, answering quiz questions about Singapore’s history, and purchasing or redeeming special SG60 deals. Accumulating these stamps allows participants to unlock prizes and enter a lucky draw in September.

Midway through the campaign, over 60 participants have already collected 60 stamps and claimed prizes. Trident also hosted a special event on 26 July during the NDP rehearsal at Suntec Convention Centre to boost campaign awareness among performers.

The initiative aims to support Singapore’s local merchant community by driving traffic and sales through exclusive app deals. “Joining NDP 2025 as a Principal Partner is an honour for us at Trident,” said Soon Huat Lim, Founder, Chairman, and CEO of Trident. “With the Tridentity GO campaign, we aim to bring the community closer to the SG60 celebration in an interactive and rewarding way.”

The campaign continues to offer opportunities for users to engage with their heritage and support local businesses, blending technology with community spirit.
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Dream Cruises has announced an exclusive 5 Night voyage to Bali, departing from Singapore on 30 November 2025 aboard the Genting Dream. This special sailing coincides with the start of the year-end school holidays, offering travellers a unique opportunity to explore the vibrant ports of Denpasar and Celukan Bawang in Bali.

Michael Goh, President of StarDream Cruises, expressed excitement about the offering, stating, “We’re excited to offer families and travellers a unique way to celebrate the start of the Singapore school holidays and festive season with this exclusive 5 Night cruise from Singapore to Bali.” The cruise promises a blend of relaxation and adventure, catering to guests of all ages.

Onboard the Genting Dream, passengers can indulge in world-class dining, enjoy live entertainment, and participate in various activities such as rock climbing and ziplining. For those seeking luxury, The Palace offers exclusive amenities and 24-hour butler service. The itinerary includes two full days at sea, allowing ample time to enjoy the ship’s offerings.

The cruise will explore two distinct areas of Bali. In Denpasar, guests can experience the bustling markets and spiritual landmarks, whilst Celukan Bawang in North Bali offers serene beaches and lush landscapes. This itinerary provides a comprehensive taste of Bali’s rich culture and natural beauty.

With limited cabins available, bookings for this exclusive cruise open on 21 August. Travellers are encouraged to secure their spots early for this unique journey. StarDream Cruises, launched in March 2025, continues to redefine cruising in Asia with its diverse offerings and expertise in the region.
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Nibertex, a Singapore-based deep-tech manufacturing company, has successfully closed a $7 million Series A funding round led by TNB Aura, a Southeast Asian venture capital firm. Announced on 7 August at TNB Aura’s VC Socials event in the Philippines, the funding will enable Nibertex to expand its PFAS-free textile membrane production, addressing the global demand for sustainable alternatives.

PFAS (per- and polyfluoroalkyl substances) are widely used in products for their water and stain resistance but are under scrutiny due to environmental and health concerns. Nibertex’s proprietary electrospinning technology produces PFAS-free membranes that are waterproof, breathable, and environmentally responsible. Richard Beck, Chief Strategy Officer of Nibertex, highlighted the urgency of transitioning to PFAS-free materials, stating, “PFAS-free performance materials are no longer a ‘nice to have’ — they’re fast becoming a requirement.”

The funding will allow Nibertex to increase its manufacturing capacity in the Philippines, advance research and development for applications beyond apparel, and strengthen market reach through strategic partnerships. Vicknesh Pillay, Co-Founder and Managing Partner at TNB Aura, expressed confidence in Nibertex’s potential, noting their early commercial success and cost-effective manufacturing capabilities.

Founded in 2019, Nibertex aims to lead in sustainable materials as global regulations tighten on PFAS use. The company’s innovative approach positions it as a valuable partner for manufacturers seeking environmentally safe alternatives without compromising performance.
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Lendlease Global Commercial REIT (LREIT) has announced the sale of its Jem office for $462 million as part of its capital recycling strategy. The transaction, revealed on 4 August 2025, is expected to reduce LREIT’s gearing from 42.6% to 35% by using the proceeds to pay down debt, CGS International said in a report. This move is anticipated to improve the REIT’s financial flexibility and enable it to pursue future growth opportunities, the report added.

The sale of the Jem office is projected to result in a divestment gain of $8.9 million, which could potentially be distributed to unitholders. Following the divestment, LREIT’s portfolio will see an increased focus on Singapore retail, which will account for 85% of its portfolio value, up from 60%.

LREIT’s recent financial performance showed a 1.9% year-on-year increase in revenue and a 2.7% rise in net property income for the second half of the financial year ending June 2025. Despite a 5.1% decline in retail tenant sales, rental reversions remained robust at +10.2% for FY25. The REIT also reported a 4.8% year-on-year growth in distributable income, translating into a distribution per unit (DPU) of 1.8 Singapore cents.

The REIT’s average cost of debt decreased by 8 basis points quarter-on-quarter to 3.46%, with an improved interest coverage ratio of 1.6 times by the end of FY25. The divestment is expected to create an income vacuum, leading to a reduction in DPU estimates for FY26 and FY27 by 6.95% to 8.64%.

LREIT maintains an “Add” rating with a revised target price of $0.67, reflecting the potential for growth following the balance sheet improvements post-divestment.
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CGS International has released a new report, “Make Singapore Great Again – Value Up A-Z chart book,” forecasting a positive outlook for Singapore’s equity market. The report, authored by Chua Wei Ren, Lim Siew Khee, and William TNG, anticipates improved trading liquidity and a narrowing of valuation discounts, driven by the Singapore government’s S$5bn Equity Market Development Programme (EQDP).

The report identifies 23 Singapore-listed stocks that are trading below 10x price-to-earnings (P/E) or 1x price-to-book value (P/BV), suggesting potential upside. These stocks have shown strong bullish rebounds and are forming early to mid-uptrends, with momentum expected to continue over the next six to 12 months. Investors are advised to consider accumulating shares on dips or positioning for potential breakout levels, especially in stocks with attractive valuations and improving fundamentals.

Among the highlighted stocks are Asian Pay Television Trust and Aztech Global Ltd. Asian Pay Television Trust, a cable operator, has maintained a stable dividend yield of around 10% and is trading below its net asset value per share. Aztech Global Ltd, in the electronic equipment sector, is in an early uptrend with a target price of S$1.020.

The report underscores the strategic importance of the EQDP in enhancing Singapore’s market competitiveness and attractiveness to investors. As the programme unfolds, it is expected to bolster the market’s overall performance and investor confidence.
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CapitaLand Integrated Commercial Trust (CICT) has announced its acquisition of the remaining 55% stake in CapitaSpring, a premium Grade A office tower located in the heart of Singapore’s Central Business District. The acquisition, valued at $1,390 million (S$1,900 million), involves purchasing interests from CapitaLand Development Limited and Mitsubishi Estate Co. Upon completion in the third quarter of 2025, CICT will gain full ownership of the 51-storey tower, which houses notable tenants such as JPMorgan Chase, Millennium Capital, and Sumitomo Mitsui Banking.

The acquisition is expected to deliver a distribution per unit (DPU) accretion of 1.1% despite its modest scale, according to a UOBKayHian report. CICT’s exposure to Singapore will increase from 94% to 95% of its portfolio valuation. The acquisition will be funded by proceeds from a private placement, with plans to refinance loans at a lower interest rate of 2.7%.

CapitaSpring, with its strategic location and reputable tenants, registered positive rental reversion of 5-7% in recent years. The limited supply of Grade A office space in the core CBD is anticipated to benefit CICT further. The acquisition will expand CICT’s portfolio valuation by 4.2% to $19.75 billion (S$27 billion).

The trust’s financial performance remains robust, with a 3.5% year-on-year increase in DPU for the first half of 2025. The acquisition aligns with CICT’s strategy to enhance its portfolio through strategic investments and asset enhancements. The trust maintains a stable balance sheet with an aggregate leverage of 37.9% as of June 2025.
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