Industry News

Wilmar International has reported a significant 30% quarter-on-quarter decline in its core net profit for the second quarter of 2025, amounting to $241 million. This performance, although within CGS International’s expectations, fell short of Bloomberg’s consensus estimates. The decline was largely attributed to compressed margins in the Feed & Industrial Products segment, particularly affecting palm oil processing.

The agribusiness giant’s first half of 2025 saw a core net profit of $584 million, marking a 4% year-on-year decrease. The company’s Food Products segment experienced softer sales volumes, whilst the Feed & Industrial Products segment suffered from weak palm processing margins. Despite these challenges, the Food Products segment’s profit before tax improved year-on-year due to better sales volumes and improved margins.

Looking ahead to the second half of 2025, Wilmar anticipates continued challenges in the Tropical Oils sub-segment due to difficult palm oil refining conditions in Indonesia. However, the company expects some relief from improved soybean crushing in China, driven by increased demand. The Plantation and Sugar Milling segment is also projected to benefit from higher commodity prices.

Despite these potential upsides, Wilmar remains cautious due to ongoing uncertainties in Indonesia, including land confiscation issues and investigations into alleged corruption related to palm oil export permits and rice mislabelling. CGS International has reiterated its “Reduce” rating for Wilmar, citing these risks alongside potential de-rating catalysts such as unfavourable court rulings and lower-than-expected crushing margins. Conversely, stronger-than-expected consumption in China could provide an upside to the company’s profitability.
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Propnex Ltd has reported a significant 73.3% year-on-year increase in revenue for the first half of 2025, reaching S$598.9 million. This growth was largely attributed to a surge in project marketing revenue, which rose by 183.2% to S$258.5 million, thanks to an increase in primary home transactions and new project launches, a CGS International report said. The company’s earnings per share (EPS) for the period stood at 5.71 Singapore cents, exceeding expectations by achieving 67.3% of the full-year forecast.

The company’s performance was bolstered by a higher gross profit margin of 11%, with a substantial portion of revenue coming from its high-yielding project marketing segment. Propnex also reported a 122.4% increase in profit after tax and minority interests (PATMI) to S$42.3 million. The company has proposed an interim dividend per share of 5 Singapore cents, reflecting an 87.6% payout ratio.

Propnex anticipates continued growth in new home sales, projecting sales to reach between 8,000 and 9,000 units in 2025, up 24-39% from the previous year. The company expects private home prices to rise by 3-4% and HDB resale prices to increase by 4-5% in 2025. The sales force has expanded by 7.8% since January 2025, now totalling 13,618 agents.

The company’s strong cash position of S$136.8 million as of the end of 1H25 supports its high dividend payout ratio. Propnex’s target price has been raised to S$1.77, with potential re-rating catalysts including a stronger-than-expected residential market performance and further market share expansion. However, risks such as a weaker macroeconomic outlook and rising mortgage rates could impact demand for housing and earnings.
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COSCO SHIPPING International (Singapore) Co., Ltd., a prominent logistics management service provider listed on the Singapore Exchange, has announced a 15% increase in net profit attributable to equity holders for the first half of 2025, reaching $2.6 million. This growth is primarily driven by higher profit margins in logistics and ship repair and marine engineering segments.

The company’s revenue for the period ending 30 June 2025 rose by 11% to $91 million compared to the same period in 2024. Logistics activities, which contributed 89% of the total revenue, saw a 12% increase to $80.6 million, largely due to enhanced transportation and container depot services. Meanwhile, revenue from ship repair and marine engineering experienced a modest 1% rise.

Despite the positive financial performance, COSCO SHIPPING International faced challenges, including a 28% decrease in other income and a 52% drop in interest income due to lower interest rates. Administrative expenses also rose by 8%, attributed to increased corporate function costs.

The global economic landscape remains uncertain, with trade protection policies and geopolitical tensions affecting supply chains. However, the International Monetary Fund’s July 2025 projection of a 3.0% global growth rate offers some optimism. Locally, Singapore’s GDP growth averaged 4.2% in the first half of 2025.

Looking ahead, COSCO SHIPPING International remains focused on long-term growth and resilience, aiming to expand its infrastructure and network across Southeast Asia. The company is committed to becoming a leading integrated shipping and logistics service provider in the region, delivering sustainable value to its shareholders.
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Lendlease Global Commercial REIT (LREIT) has reported a 1.8% year-on-year increase in its distribution per unit (DPU) for the second half of the financial year 2025, despite a S$2 million provision for outstanding rental from Cathay Cineplexes. The REIT, which invests in stabilised income-producing properties globally, is sharpening its competitive edge by concentrating on its Singapore portfolio, which constitutes 87% of its total valuation, a UOB Kay Hian report said.

The REIT’s properties, including 313@Somerset and Jem in Singapore, maintained high occupancy rates of 98.8% and 99.8% respectively. LREIT achieved a positive rental reversion of 10.2% for FY25, with tenant retention at 83.3%. The REIT’s strategy includes enhancing tenant mix and introducing new food and beverage offerings to boost shopper traffic.

LREIT’s new CEO plans to continue asset recycling to reduce gearing, with a significant divestment of Jem’s office component expected to complete in the second quarter of FY26. This move is anticipated to reduce the REIT’s aggregate leverage from 42.6% to 35%.

The REIT’s portfolio valuation increased by 2.2%, driven by growth at Jem and the strength of the euro. The valuation for Jem in Singapore and Sky Complex in Milan, Italy, rose by 2% and 8.7% respectively. LREIT also recognised a gain in the fair value of investment properties amounting to S$46.8 million.

Looking ahead, LREIT aims to enhance its Singapore assets further, with plans for a purpose-built music hall at 313@Somerset expected to attract more visitors. UOB Kay Hian maintains a ‘Buy’ recommendation with a target price of S$0.79, supported by a distribution yield of 6.7% for FY26.
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Sembcorp Industries has reported a stable performance for the first half of 2025, with net profits reaching S$536 million, aligning with market forecasts. Despite an 8% year-on-year decline in revenue to S$2.94 billion, the company declared a 50% increase in dividends compared to the previous year. UOB Kay Hian maintains a “buy” rating on the stock, citing an attractive entry point for investors following a recent share price drop.

The company’s robust balance sheet, with net debt standing at S$7.38 billion and 81% of its debt on fixed rates, supports its financial stability. Sembcorp’s growth in the renewables sector, particularly in India, and contributions from new projects have bolstered profitability, despite modest curtailment risks in China. The acquisition of Senoko Energy is expected to further enhance earnings in the latter half of the year.

Adrian Loh, an analyst at UOB Kay Hian, noted that the market’s reaction to Sembcorp’s results was an overreaction, presenting a buying opportunity. “The market had likely placed high expectations for SCI to deliver strong 1H25 results,” he stated, emphasising the company’s strengths in renewables and its strategic positioning in Singapore’s power generation market.

Looking ahead, Sembcorp aims to continue its expansion in renewables and integrated urban solutions, with new business parks in Vietnam expected to drive growth. The company also plans to deliver a 600MW hydrogen-ready co-generation plant in Singapore, further solidifying its position in the energy sector.
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Singapore Exchange (SGX) reported a 15.9% year-on-year increase in core net profit for the financial year ending 30 June 2025, reaching S$609.5 million. This performance aligns with expectations, driven by broad-based growth across all business segments. SGX’s net revenue rose by 11.7% to S$1,298.2 million, with notable contributions from fixed income, currencies, and commodities (FICC), cash equities, and equity derivatives, UOB Kay Hian said in a report.

The exchange’s cash equity business benefited from increased investor interest, with securities daily average traded value rising 26.5% year-on-year to S$1.34 billion. Equity derivatives also saw a 10.3% volume growth, despite some declines in specific contracts. SGX’s new dividend policy, which aims to increase dividends by 0.25 S cents per quarter through FY26 to FY28, is a significant positive development. The final quarterly dividend for FY25 was raised to 10.5 S cents, contributing to a total dividend of 37.5 S cents for the year.

Looking ahead, UOB Kay Hian maintains an optimistic outlook for SGX, with expectations of continued revenue growth driven by heightened global uncertainties and new product launches. The Monetary Authority of Singapore’s Equity Market Development Programme is also anticipated to invigorate the Singapore stock market. SGX’s management has expressed confidence in achieving its growth targets, which include a 6-8% annual increase in group revenue, excluding treasury income.
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Singapore’s major banks have demonstrated resilience in the second quarter of 2025, according to a report by UOB Kay Hian. Despite facing significant net interest margin (NIM) compression, banks like DBS, OCBC, and UOB have managed to maintain stable earnings. DBS reported a marginal NIM compression of 7 basis points quarter-on-quarter to 2.05%, aided by balance sheet hedging, whilst OCBC and UOB experienced more pronounced compressions of 12 and 9 basis points, respectively.

DBS’s net interest income saw a slight year-on-year increase of 1.5%, contrasting with declines of 6% for OCBC and 2.7% for UOB. UOB strengthened its deposit franchise, with its current account and savings account (CASA) ratio improving by 5 percentage points year-on-year to 56.5%.

The wealth management sector also saw a recovery, with DBS and OCBC reporting substantial fee surges of 25% and 32% year-on-year, respectively. UOB, adopting a cautious approach, saw a 9% increase. DBS’s asset quality remained stable, with a non-performing loan (NPL) ratio easing to 1.0%.

Capital management remains a priority, with DBS declaring a quarterly dividend of 60 Singapore cents and a capital return dividend of 15 Singapore cents for Q2 2025. OCBC and UOB declared interim dividends of 41 and 85 Singapore cents, respectively.

The report maintains an “OVERWEIGHT” rating on the sector, highlighting attractive dividend yields and capital management strategies. OCBC is recommended as a top buy for its focus on ASEAN trade and investment flows, whilst DBS is noted for its robust yield.
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EMERGE @ FIND is set to broaden its horizons at Singapore Design Week 2025, welcoming designers from across Asia, including China, Hong Kong, Japan, South Korea, and Taiwan. This marks the first time the event will feature a Singaporean co-curator, Edwin Low, alongside returning co-curator Suzy Annetta. The event, taking place from 11 to 13 September at Marina Bay Sands, will showcase over 70 designers and more than 100 works, celebrating Singapore’s 60th year of independence with the theme “Nation by Design.”

Presented by the DesignSingapore Council and supported by FIND – Design Fair Asia, this year’s edition aims to highlight the region’s creative diversity. “This year’s edition exemplifies FIND’s devotion to championing design that is globally resonant, regionally grounded, and always forward-looking,” said Carl Press, Event Director of FIND – Design Fair Asia.

The showcase will explore the theme “Dialogue through Design,” focusing on how design can serve as a medium for storytelling and cultural exchange. Notable works include the “Movement01” floor lamp series by China’s Swirl Up and the “Threads of Becoming” by Singapore’s Shervon and Melvin Ong, which combines traditional lacquer techniques with modern 3D printing.

In addition to the main event, EMERGE 2025 will feature fringe activations, including a dedicated showcase at the Enabling Village in October and retail activations at the Asian Civilisations Museum. “With the expanded footprint featuring designers across Asia, our curators have created a showcase that is at once deeply regional and broadly global,” said Dawn Lim, Executive Director of the DesignSingapore Council.

The event promises to be a significant milestone in the evolution of EMERGE, fostering cross-cultural innovation and craft. Admission is complimentary with pre-registration, whilst on-site registration will incur a fee.
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Alpadis, an international provider of bespoke trust and corporate services, has acquired Ingenia Consultants, a leading compliance service provider in Singapore. This strategic acquisition, completed through a share exchange, aims to expand Alpadis’ services for boutique and medium-sized financial institutions across Asia and the Middle East.

The acquisition will see Ingenia Consultants’ operations integrated into Alpadis, launching a new Regulatory Compliance Services division. Rolf Haudenschild, Co-Founder of Ingenia Consultants, will lead this division as Managing Director and Head of Regulatory Compliance Asia. “This is a strategic joining of forces rather than a simple acquisition,” said Alain Esseiva, Chairman and CEO of Alpadis. “We share a common culture and many clients, and together we will offer a more comprehensive and integrated service proposition to financial institutions.”

Ingenia Consultants, known for its compliance advisory, internal audit, and MAS licensing support, serves over 100 boutique and mid-sized financial institutions. The acquisition enhances Alpadis’ offerings, providing end-to-end support from corporate set-up to compliance, and sets the stage for regional expansion into markets such as the UAE, Hong Kong, and Malaysia.

Haudenschild emphasised the partnership’s long-term nature, stating, “Together we will strengthen our ability to help clients navigate complex regulatory environments as they grow across Asia and beyond.” The transition of Ingenia’s 20-member team into Alpadis will bring additional regulatory expertise to the firm’s Southeast Asia operations.

Alpadis continues to invest in AI and innovative technologies to enhance service delivery, aiming to provide clients with tailored, efficient, and future-ready solutions.
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IP Week @ SG 2025, Singapore’s premier intellectual property (IP) and innovation event, is set to take place at Marina Bay Sands from 26 to 27 August 2025. Organised by the Intellectual Property Office of Singapore (IPOS), the event will explore the growing importance of intangible assets (IA) in driving business and innovation amidst global changes. Themed “Ideas to Assets: Innovating in Times of Change,” the event will bring together global IP leaders, business decision-makers, and policymakers.

The event will feature strategic plenaries on IA trends, legal frameworks, and future IP policies. Key topics include IA valuation, IP regulation in the age of Artificial Intelligence, and SME IP-readiness. A welcome reception will be held on 25 August, followed by an opening address by Dr Tan See Leng, Minister for Manpower, on 26 August. The event will also include a SIPS 2030 appreciation ceremony to honour contributions to Singapore’s IP strategy.

Participants can engage in the IP Marketplace, offering free consultations on trade mark strategy and IP management. The event will see increased international participation, with over 100 companies, including Alibaba and TikTok, highlighting the region’s innovation ecosystem. Mr Daren Tang, Director-General of the World Intellectual Property Organisation, will share insights from WIPO’s Dialogue on IP and SMEs.

IP Week @ SG 2025 aims to foster collaboration and knowledge exchange, reinforcing Singapore’s position as a global IP hub.
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