Industry News

CSE Global, a systems integration and information technology solutions provider, is poised for a stronger second half of 2025, according to recent analyst reports from CGS International, Maybank, and UOB Kay Hian. The company expects a substantial increase in order wins and earnings, driven by project timings and strategic market positioning, particularly in the US.

In the first quarter of 2025, CSE Global’s order wins fell by 11% year-on-year to S$155m, attributed to delays caused by trade tariffs. However, the company secured a significant $15m (US Dollars) order from a major data centre hyperscaler, highlighting strong momentum in the data centre sector. The management’s decision to raise the dividend payout ratio to a minimum of 50% reflects confidence in the company’s earnings resilience and cash flow stability.

Maybank maintains a “Buy” rating on CSE Global, with a target price of S$0.58, noting that the company is reserving capacity for data centre and utilities market projects in the US. The bank also highlights CSE’s potential as a key beneficiary of the Monetary Authority of Singapore’s SGD5 billion programme.

UOB Kay Hian also retains a “Buy” rating, with a target price of S$0.61, despite a slight earnings revision due to the Singapore dollar’s strength against the US dollar. The company’s first-quarter revenue of S$206m, a 4% increase year-on-year, was driven by strong performances in the communications and automation segments.

Looking ahead, CSE Global’s acquisition of Chicago Communications is expected to bolster its communications network in the Americas, contributing approximately S$1.2m in net profit from May 2025. The company’s healthy orderbook of S$616m, supported by recent order wins, positions it well for future growth.

Moody’s Ratings has downgraded Yanlord Land Group Limited’s corporate family rating to B2 from B1 and its senior unsecured rating to B3 from B2. The downgrade, announced on 16 May 2025, is attributed to Yanlord’s declining operating scale and ongoing contracted sales declines, which are expected to weaken its performance and credit metrics over the next 12 to 18 months.

Yanlord, a real estate developer in China and Singapore, has seen its gross contracted sales fall to RMB22.2 billion in 2024, continuing a downward trend from 2023. This decline is driven by sector challenges and a slowdown in land replenishment. Moody’s Assistant Vice President and Analyst, Daniel Zhou, noted, “The stable outlook reflects our expectation that Yanlord will maintain adequate liquidity to meet all funding needs over the next 12 to 18 months.”

Despite the downgrade, Yanlord’s B2 rating considers its established brand, high-quality products, and adequate liquidity. The company benefits from solid recurring rental income from its investment properties in China and Singapore. However, its ratings are constrained by reduced operating scale, declining sales, and significant exposure to joint ventures.

Moody’s projects Yanlord’s debt leverage to increase to around 7.0x over the next 12 to 18 months, with adjusted EBIT/interest coverage declining to approximately 2.0x. The company’s liquidity remains adequate, supported by a cash balance of RMB10.2 billion and operating cash flow sufficient to cover debt maturities, including a $500m bond due in May 2026.

Yanlord’s ability to raise secured loans by pledging its investment properties can support liquidity, though increased reliance on secured borrowings may reduce financial flexibility. The B3 senior unsecured debt rating reflects structural subordination risk, with most claims at operating subsidiaries having priority over senior unsecured claims in a bankruptcy scenario.
“`

Singapore-based technology company FingerMotion has announced its expansion into the Indonesian market through a strategic partnership with PT Mach Wireless Teknologi. The collaboration aims to deploy FingerMotion’s AI-powered insurance risk rating platform, tailored specifically for the Indonesian market, to enhance underwriting processes for motor, health, and life insurance.

The platform, developed by Finger Motion Financial, a subsidiary of FingerMotion, leverages advanced machine learning models and data processing engines to integrate seamlessly into Indonesia’s telco-insurance ecosystem. This initiative is designed to empower telecom operators and insurers to deliver more accessible and personalised digital insurance products.

Martin Shen, CEO of FingerMotion, highlighted the significance of this expansion, stating, “Our entry into Indonesia represents a key milestone in FingerMotion’s strategic expansion across Southeast Asia. This platform aims to establish a strong telco-insurance ecosystem through collaboration between telecom operators and insurers.”

The partnership with Mach Wireless is also expected to facilitate connections with local solution providers, including insurance companies and telematics services, to strengthen the ecosystem further. Additionally, FingerMotion is finalising an agreement with a major telecommunications provider in Indonesia, which is anticipated to accelerate the platform’s adoption and scalability.

“`

RHB Singapore has launched the 15th edition of its RHB Top 20 Small Cap Jewels 2025 report, offering investors insights into promising small-cap companies in Singapore. Released on 14 May, the report identifies high-potential stocks with strong fundamentals and long-term growth prospects, particularly in the construction, consumer, and industrial sectors.

The 2025 edition arrives as global market dynamics continue to evolve, providing institutional investors and fund managers with research-driven insights into resilient investment opportunities beyond large-cap stocks. Alfie Yeo, Senior Research Analyst at RHB Singapore, noted, “This year’s edition reflects a sharper focus on resilient, regionally and domestically exposed sectors that are well-positioned to navigate global headwinds.”

Over 60% of the stock picks in this edition are new, highlighting businesses with compelling growth stories and strong balance sheets. Yeo added, “These are fundamentally strong businesses with compelling growth stories, strong balance sheets, or catalysts that could unlock significant value for investors.”

The Top 20 Small Cap Jewels report is part of RHB’s broader Regional Small Cap Compendium, reinforcing the group’s reputation as a leading research house in ASEAN. The publication is a valuable resource for institutional investors tracking emerging opportunities across the region.

The report aims to identify undervalued stocks and provide early visibility into companies with the potential to become future mid- or large-cap leaders. This initiative underscores RHB’s commitment to uncovering quality small-cap opportunities for long-term investors.
“`

RHB Bank has announced that it will keep its full-year Non-Oil Domestic Exports (NODX) growth projection at 0.0%, alongside maintaining a Gross Domestic Product (GDP) forecast of 2.0% for Singapore, despite recent developments in US tariff policies. This decision comes as NODX experienced a significant surge of 12.4% year-on-year in April, exceeding market expectations of a 4.3% increase and marking a sharp acceleration from March’s 5.4% rise.

The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlights a cautious stance towards Singapore’s export-oriented sectors, including chemicals, machinery and transport, and manufacturing. These sectors are expected to face broader fallout due to uncertainties surrounding tariff policies.

Gan’s analysis underscores the resilience of Singapore’s export performance in April, despite the looming challenges posed by tariff discussions. The month-on-month seasonally adjusted growth also showed a robust 10.4% increase, further indicating the strength of the export sector.

“`

Morgan Stanley Research has released a report detailing the anticipated impact of Singapore Exchange Regulation’s (SGX RegCo) proposed regulatory changes, which aim to transition towards a more disclosure-based regime. The ongoing implementation of these reforms, first announced in February 2025, and a second set expected in the second half of 2025, are seen as significant positive drivers for the market.

SGX RegCo’s proposed reforms include streamlining Mainboard admission criteria by focusing on disclosure rather than prescriptive measures, and removing the financial watch-list, although issuers must still announce three consecutive years of losses. The reforms also propose refining post-listing queries to focus on material price-sensitive disclosures and enabling shareholder-requisitioned meetings.

Morgan Stanley’s report suggests that these reforms, alongside strong recent trading volumes, should support the Singapore Exchange’s (SGX) Overweight rating. The changes are part of a broader effort to adopt a more pro-enterprise stance, which is expected to enhance the attractiveness of Singapore’s equity market.

The report also notes that the continuous implementation of these market reform measures is crucial for maintaining momentum. “We see ongoing implementation of the first set of measures announced in February 2025, and the upcoming second set in the second half of 2025, as key positive drivers for the market,” the report states.

As Singapore continues to refine its regulatory framework, the market is poised for potential growth, with these reforms likely to attract more investors and issuers to the SGX.
“`

A recent survey by the Association of Chartered Certified Accountants (ACCA) has highlighted a significant shift in career ambitions among finance professionals in Singapore and the Asia Pacific region.

The 2025 Global Talent Trends survey found that 37% of Singaporean finance professionals and 52% across Asia Pacific are keen to become entrepreneurs. Additionally, 65% of Singapore respondents expect to change roles within the next two years, reflecting a dynamic shift in the workforce.

The survey, which is the largest of its kind in the finance sector, gathered responses from over 10,000 professionals worldwide. It revealed a growing interest in sustainability-related careers, with 61% of Singaporean respondents expressing a desire to focus on environmental issues within accountancy. This trend aligns with the increasing demand for purposeful work that addresses high-value challenges.

Despite the enthusiasm for new career paths, there is concern about skill development, particularly in artificial intelligence (AI). A significant 65% of Singaporean professionals worry they are not acquiring the necessary AI skills for future workplaces. This concern is compounded by the fact that only 27% of organisations currently offer AI-related learning opportunities.

Workplace wellbeing remains a critical issue, with 53% of Singapore respondents reporting that work pressures negatively impact their mental health. The survey also highlighted a preference for hybrid working models, although 41% of respondents still work full-time in the office, indicating a potential disconnect that could affect employee engagement.

Daniel Leung, ACCA Singapore’s Country Manager, emphasised the need for organisations to invest in their talent pool to ensure long-term resilience. He stated, “It is imperative for employers to challenge the status quo and invest in their talent pool to ensure long-term resilience for organisations.”

The findings underscore the evolving landscape of the finance profession in Singapore, driven by entrepreneurial ambitions and the pursuit of meaningful work. As the sector adapts to these changes, organisations are encouraged to support skill development and address workplace wellbeing to retain talent effectively.
“`

Tetra Pak has inaugurated its Customer Innovation Centre (CIC) in Bangkok, designed to assist food and beverage companies across the Asia-Pacific region, including Singapore, in bringing innovative packaging solutions to market more swiftly.

This initiative aligns with Singapore’s Budget 2025, which prioritises helping local businesses expand internationally amidst rising costs and resource constraints.

Located at Bhiraj Tower, EmQuartier, the CIC serves as a collaborative hub, enhancing product development efficiency and reducing time-to-market. The centre offers a comprehensive five-step model, including insight discovery, category immersion, innovation showcase, co-creation space, and prototyping. This model is intended to support brands from concept ideation to product launch.

Julia Luscher, Vice President Marketing, Market Operations at Tetra Pak, highlighted the importance of innovation in adapting to changing consumer preferences and global food system uncertainties. “Building long-term resilience has never been more critical,” she stated. “The launch of the CIC Bangkok underscores our commitment to helping the industry navigate change and explore new growth opportunities.”

The CIC Bangkok joins Tetra Pak’s global network of innovation centres, which includes locations in the US, Sweden, Italy, Dubai, and Brazil. Looking ahead, Tetra Pak plans to open a Product Development Centre in Rayong, Thailand, in 2026, further solidifying its role as a leader in food and beverage innovation.
“`

LussoCitta, a Singapore-based online platform known for selling branded and designer products, has announced a strategic partnership with KrisShop, the flagship omnichannel retailer. This collaboration, which began in October 2024, is part of LussoCitta’s broader strategy to make luxury items more accessible to a wider audience. The partnership allows LussoCitta’s range of designer bags to be available on KrisShop’s e-commerce site, KrisShop.com, offering KrisFlyer members special discounts and the option to redeem products using KrisFlyer miles.

The collaboration aims to expand customer engagement and market reach for both brands. By integrating its offerings into KrisShop’s retail ecosystem, LussoCitta seeks to increase its exposure among frequent travellers and KrisFlyer members. For KrisShop, the inclusion of LussoCitta’s luxury products introduces a new category to its existing catalogue, aligning with its strategy to offer merchandise across various price points.

LussoCitta plans to develop the partnership in phases, focusing initially on integrating new product lines and seasonal collections into KrisShop’s platform. Regular promotional activities, including targeted campaigns and member-exclusive offers, are expected to maintain customer engagement and drive sales. Further updates on new campaigns, brand partnerships, and expanded product offerings will be communicated through official channels as they are confirmed.

Established in 2009, LussoCitta emphasises product authenticity and customer service, providing a streamlined and secure shopping experience for luxury handbags. This partnership with KrisShop marks a significant step in LussoCitta’s efforts to expand its market presence whilst maintaining its focus on accessible luxury.
“`

The GrowHub, a Singapore-based company specialising in blockchain technology for product traceability, has announced a strategic partnership with Why Ventures to deploy agri-tech solutions in Vietnam’s Central Highlands. This collaboration aims to implement The GrowHub’s traceability system across cacao and coffee farms, enhancing yield quality and market access for local farmers.

The initiative, set to launch at Why Ventures’ pilot site, will serve as a testbed for The GrowHub’s digital solutions, ensuring transparency from bean-to-bar or bean-to-cup. This partnership is part of The GrowHub’s ongoing expansion following the establishment of its regional branch in 2024, focusing on software development and data analytics to promote tech-driven agricultural solutions in Vietnam.

Why Ventures will integrate The GrowHub’s platform into its entrepreneurship programmes, allowing participants to experience the impact of technology on sustainable agriculture. Christine Ng, founder of Why Ventures, emphasised the importance of digital tools for Vietnamese farmers, stating, “This partnership gives these farmers access to The GrowHub’s proprietary traceability solution that aims to help build trust with consumers, improve sustainability, and increase profits through better data and storytelling.”

Alec Ngo, COO of The GrowHub, expressed enthusiasm for the collaboration, highlighting the potential to cultivate a new generation of tech-savvy, environmentally conscious agrientrepreneurs. The partnership is expected to expand beyond cacao and coffee, offering scalable opportunities for other agricultural sectors in Vietnam in 2025 and beyond.
“`