Industry News

United Overseas Bank (UOB) has announced a 3% increase in its operating profit for the first half of 2025 (1H25), reaching S$4.0 billion, driven by significant growth in fee income. However, net profit saw a 3% decline to S$2.8 billion, attributed to pre-emptive general allowances set aside in response to macroeconomic uncertainties. The bank declared an interim dividend of 85 pence per ordinary share, with an additional 50 pence special dividend as part of its capital distribution package.

The bank’s net interest income remained stable year-on-year, with loan volume growth offsetting margin compression from lower benchmark rates. Non-interest income showed positive momentum, with net fee income rising 11% across wealth management, loan-related services, and credit cards. Despite a slight dip in trading activities, customer-related treasury flows contributed to a 1% increase in other non-interest income.

UOB’s cost-to-income ratio improved to 43.5% from 44.4% the previous year, thanks to tighter cost management. Asset quality remained stable, with a non-performing loan ratio of 1.6%. Credit costs for 1H25 were 34 basis points, reflecting higher specific allowances and pre-emptive provisions.

Group Wholesale Banking faced a 12% decline in profit before tax due to lower interest rates and competition. However, investment banking achieved record fees, and transaction banking remained a key contributor, supported by a 12% increase in trade loans. Group Retail Banking reported an 11% rise in profit before tax to S$1.1 billion, driven by growth in CASA, wealth, and cards.

Deputy Chairman and CEO Wee Ee Cheong highlighted the bank’s robust fee growth and resilient asset quality, stating, “Our regional franchise has gained significant scale following the Citigroup acquisition.” He expressed confidence in ASEAN’s long-term prospects, emphasising UOB’s commitment to supporting clients and investing in sustainable growth.
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HDFX, a Singapore-based events and experiential marketing agency, has successfully orchestrated the launch of EcoSwift’s Battery Charge and Swop Station, the nation’s first public charging and battery-swop facility for electric heavy commercial vehicles. Located in Tuas, the station was unveiled on 1 August 2025, representing a pivotal move towards sustainable transportation in Singapore.

The launch event, managed by HDFX, featured a 3D, to-scale replica of the Battery Charge and Swop Station, which served as both an educational centrepiece and the official launch mechanism. This innovative display was synchronised with the unveiling moment, symbolising the activation of the new infrastructure. A giant LED screen further enhanced the experience by highlighting the station’s main features and key messages.

HDFX was responsible for the complete logistical setup, including tentage, cooling systems, AV equipment, and guest flow management. The agency also coordinated a live demonstration of EcoSwift’s swop technology, capturing the attention of both media and attendees. Ryan Woon, CEO of EcoSwift, expressed satisfaction with the event, stating, “From concept to execution, the HDFX team delivered with creativity, professionalism, and attention to detail.”

Miki Hay, Founder and Managing Director of HDFX, emphasised the alignment of EcoSwift’s vision with HDFX’s values, saying, “We believe in partnering with brands that are bold and purpose-driven, and we’re proud to have helped bring their values to life at their launch event.”

Founded in 2004, HDFX has completed over 2,000 events and formed more than 150 brand partnerships, blending creativity and strategic insights to deliver impactful campaigns across Asia. The successful launch of EcoSwift’s Battery Charge and Swop Station underscores HDFX’s commitment to supporting sustainable initiatives in Singapore.
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Christie’s International Real Estate Singapore has announced a collaboration with Al Hamra to offer exclusive investment opportunities in Ras Al Khaimah (RAK), United Arab Emirates. The initiative aims to attract Singapore-based investors to RAK, which is emerging as a prime real estate destination with projects like the SGD 6.5 billion Wynn Al Marjan Island resort, expected to open in 2027.

RAK’s transformation is reminiscent of Singapore’s own development following the launch of Marina Bay Sands and Resorts World Sentosa. The Wynn Al Marjan Island is projected to increase annual visitors from 1.5 million in 2022 to over 5.5 million by 2030, significantly boosting the local economy and real estate demand.

RAK offers a stable investment environment with an ‘A+’ sovereign credit rating, full foreign ownership rights, and no personal income tax. Property prices start at approximately SGD 500,000, with investments of SGD 700,000 qualifying for a 10-year renewable UAE Golden Visa. This visa provides long-term residency benefits, making RAK an attractive option for investors.

Harmeet Singh Bedi, Co-Founder of Christie’s International Real Estate Singapore, highlighted RAK’s potential, stating, “Ras Al Khaimah feels like what Dubai was 20 years ago, or Singapore in its early transformation phase.” The partnership with Al Hamra, a key player in RAK’s development, further strengthens this investment opportunity.

Christopher Hewett, Senior Vice President of Al Hamra, noted the growing international interest in RAK, driven by its natural beauty and thriving business environment. With over 30,000 new businesses established last year, RAK is poised for significant growth, offering early investors a unique opportunity to enter a burgeoning market.
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A.P. Moller – Maersk A/S (Maersk) has announced an increase in its full-year guidance following a robust performance in the second quarter. The company achieved a 2.8% rise in revenue, with earnings before interest and taxes (EBIT) reaching $845 million. This performance aligns with the previous year’s results, despite facing significant geopolitical uncertainties and ongoing rate pressures.

The company’s success in Q2 was largely attributed to strong results in its Terminals segment, volume growth in its Ocean division, and increased profitability in Logistics & Services. Maersk also highlighted the impact of continued operational improvements and stringent cost discipline across all business segments.

The announcement comes as Maersk navigates a volatile external environment, marked by geopolitical tensions and fluctuating market conditions. The company’s ability to maintain steady performance under these circumstances underscores its strategic resilience and operational efficiency.

Looking ahead, Maersk’s revised full-year guidance reflects confidence in its ability to sustain growth and profitability amidst ongoing challenges. The company’s focus on operational excellence and cost management is expected to play a crucial role in achieving its financial targets for the year.
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The Lion-OCBC Securities Singapore Low Carbon ETF, which invests in Singapore-affiliated companies with a low-carbon focus, has seen significant growth since its launch in April 2022. By July, the ETF had achieved a 50% total return, with an annualised return of 13% as of 6 August. This performance is indicative of the growing interest in sustainable investments, particularly among younger investors.

The ETF tracks the iEdge-OCBC Singapore Low Carbon Select 40 Capped Index, which includes 19 Straits Times Index (STI) stocks, 13 Singapore-listed mid-caps, and eight Singapore-affiliated stocks listed abroad. Notably, the ETF’s expense ratio is capped at 0.45% per annum, making it an attractive option for cost-conscious investors.

Digital platforms and dollar cost averaging (DCA) plans have facilitated access to the ETF, contributing to its assets under management (AUM) growth. The ETF’s total net asset value has reached $63.5 million (S$86.3 million), with $7.4 million (S$10 million) in net inflows this year alone. The ETF’s diversified exposure and low-carbon tilt resonate with investors prioritising sustainability.

The ETF’s portfolio includes prominent Singapore-affiliated companies such as Sea, Trip.com Group, and iFAST Corporation. iFAST, in particular, has seen a significant net institutional inflow following its strong financial performance in the first half of 2025, with a 34.7% increase in net profit compared to the previous year.

As the ETF continues to attract investors, its focus on sustainability and accessibility through digital platforms positions it well for future growth.
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Rex International Holding Limited, an oil exploration and production company, announced its financial results for the first half of FY2025, revealing a revenue of $154.5 million. This figure shows a slight decline from the $158.67 million reported in the same period last year. Despite the stable revenue, the company experienced a loss after tax of $29.65 million, attributed mainly to tax expenses and non-cash items such as depletion and impairment losses.

The company’s production averaged 11,208 barrels per day in the first half of 2025, an increase from 10,934 barrels per day in the previous year. However, the revenue was impacted by a decrease in average crude oil sale prices. John d’Abo, Executive Director and Chairman of Rex, noted that the increased volume of oil lifted and sold resulted in higher depletion costs, amounting to $50.71 million.

Looking ahead, Rex plans to ramp up drilling and production activities in Oman, Norway, Germany, and Benin. The company is also exploring debt financing alternatives to support these initiatives. Lime Petroleum Holding AS, a subsidiary, raised approximately $9.17 million through bonds listed on the Oslo Stock Exchange to aid financial independence.

Rex remains committed to expanding its production and reserves portfolio. In Norway, the company is involved in a drilling campaign at the Brage Field, whilst in Benin, its subsidiary has commenced drilling in the Sèmè Field. Plans are also underway for drilling in Germany’s Erfelden area, aiming to boost production by early 2026.
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Frasers Property Limited reported $1.4 billion for the nine months ending 30 June 2025 in pre-sold residential revenues from Singapore, Australia, Thailand, and China, highlighting its strategic focus on long-term value creation amidst challenging macroeconomic conditions.

In residential development, Frasers Property achieved notable sales, including 712 units in Singapore with $0.4 billion in unrecognised revenue. The Robertson Opus sold 41% of its units over its launch weekend, whilst The Orie achieved a 91% sales rate. In Australia, 774 units were settled, contributing to $0.5 billion in unrecognised revenue. Thailand and China also saw substantial sales and revenue.

The industrial and logistics sector experienced robust demand, with nine projects completed across Australia and Europe, and significant developments in Thailand and Vietnam. The hospitality division expanded with six new openings in China and Vietnam, including the Group’s first premium rental offering in China, Modena by Fraser Shenzhen.

Frasers Property’s investment properties maintained high occupancy rates, with Singapore’s retail portfolio reaching 99.6%. The Group also engaged in active portfolio management, divesting a 50% stake in Northpoint City South Wing and forming a joint venture for a $503 million portfolio in Australia.

Looking ahead, Frasers Property remains committed to navigating global economic uncertainties and enhancing capital efficiency. The Group’s strategic pillars focus on creating, sustaining, and unlocking value, with an emphasis on sustainability and ESG trends. The launch of its Climate and Nature Transition Plan in June 2025 underscores its dedication to managing climate risks and opportunities.
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IREIT Global, a Europe-focused real estate investment trust, has announced a 26% year-on-year decrease in its distribution per unit (DPU) for the first half of 2025, amounting to €0.71 cents. This decline is attributed to the full vacancy at Berlin Campus, which began on 1 January 2025, as the property undergoes a significant repositioning project. The construction works commenced in the second quarter of 2025, following the acquisition of necessary permits and Unitholders’ approval.

Gross revenue for the period fell by 27.5% to €26.6 million, whilst net property income decreased by 33.3% to €18.0 million. The absence of income from dilapidation costs, previously paid by the main tenant at Berlin Campus in 1H2024, further contributed to the decline. Despite these challenges, IREIT’s CEO, Peter Viens, expressed optimism, stating, “IREIT’s portfolio has continued to display resilience. We are heartened with the progress made at strengthening IREIT’s portfolio through our leasing efforts at the Spanish portfolio.”

The Spanish Portfolio saw an increase in occupancy from approximately 77% to 80%, with new leases and extensions covering over 7,000 square metres. Meanwhile, the repositioning of Berlin Campus is supported by the issuance of S$85 million in green notes, and long-term leases have been secured with hospitality operators for 24% of the lettable area.

Looking forward, IREIT is in advanced discussions to refinance its German and Spanish portfolios, aiming to extend debt maturity to July 2027. The European real estate market is anticipated to improve, bolstered by supportive fiscal policies, although financial volatility and geopolitical tensions may pose challenges.
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DBS has announced its second quarter (Q2) 2025 results, showcasing a robust performance with a 6% upside potential and a target price of SGD52.80, according to RHB’s report. The bank’s balance sheet growth and strategic hedges have contributed to its resilience compared to peers. The management is optimistic about maintaining the 24 Singapore cents step-up in annual dividends per share (DPS) for 2026, reinforcing its commitment to capital returns and dividend policies.

DBS’s strong earnings delivery is attributed to its strategic initiatives, which have positioned the bank favourably amidst market challenges. The bank’s focus on capital returns and dividend commitments remains a key thesis for investors. “DBS’ 2Q25 results were in line, as balance sheet growth and hedges put in place has helped the bank post a set of numbers that is relatively more resilient vs peers,” stated the Singapore Research team.

The announcement is significant as it highlights DBS’s ability to navigate economic uncertainties whilst ensuring shareholder value through consistent dividend growth. This approach not only strengthens investor confidence but also sets a benchmark for other financial institutions aiming for sustainable growth.

Looking ahead, DBS’s strategic focus on maintaining robust financial health and delivering shareholder value positions it well for future growth. The bank’s commitment to sustainable dividends is expected to continue attracting investor interest, reinforcing its status as a leading financial institution in the region.
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Millennium Hotels and Resorts (MHR) has been named Singapore’s most valuable hotel brand for the second consecutive year, according to the Brand Finance Hotels 50 2025 global ranking. With a brand value of $421 million, MHR has climbed three positions to 31st globally, reinforcing its leadership in the hospitality sector. The combined brand value of Millennium and its sister brand, Copthorne, now stands at $644 million.

MHR’s success is attributed to its strategic transformation, focusing on innovation, digital enablement, and guest-centric growth. Recent initiatives include the introduction of AI-powered assistants AVA and Ask Millie, full GSTC certification across all Singapore hotels, and an enhanced MyMillennium loyalty programme. The brand has also expanded its lifestyle offerings with the launch of M Social Resort Penang and upcoming openings in New York and Florida.

Kwek Leng Beng, Executive Chairman of City Developments Limited, emphasised the importance of brand strength in driving sustainable growth. “Developing a strong and reputable brand is my priority,” he stated. Alex Haigh, Managing Director Asia Pacific at Brand Finance, highlighted MHR’s focus on smart innovation and sustainability as key factors in its regional success.

Saurabh Prakash, Interim Chief Operating Officer and Chief Commercial Officer at MHR, noted that the brand’s achievements are the result of a deliberate strategy aligned with the company’s vision. With over 145 hotels in 80 destinations, MHR aims to expand to 500 hotels globally through strategic partnerships and innovation.
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