Industry News

Venture Corporation’s first half of 2025 (1H25) results have met expectations, with a slight improvement in net margin to 9.0% and a special dividend of 5 Singapore cents declared. Despite a broad-based recovery in the second quarter of 2025 (2Q25), the consumer lifestyle segment remains weak. DBS Group Research has maintained a “hold” rating on the company, raising the 12-month target price to SGD13.60 from SGD11.80, reflecting a 7% upside.

The company’s revenue for 1H25 was SGD1.26 billion, marking an 8.8% year-on-year decline, primarily due to reduced demand in the lifestyle domain. However, Venture’s strong cash position, with net cash of SGD1.26 billion, supports a dividend per share (DPS) of at least 50 Singapore cents in the second half of 2025, bringing the full-year DPS to 80 Singapore cents, implying an attractive yield of approximately 6%.

Venture is well-positioned to capitalise on the China+1 manufacturing trend, with facilities in Malaysia. The company is experiencing strong momentum in new business wins across diverse technology domains, driven by its research and development capabilities and operational excellence. The anticipated launch of a new product in the lifestyle segment next year could serve as a catalyst for recovery.

DBS Group Research’s higher target price is based on a 4-year average price-to-earnings ratio of 16x, reflecting the potential re-rating of quality stocks under the Monetary Authority of Singapore’s Equity Market Development Programme. Key risks include global economic slowdown and USD volatility, which could impact revenue and earnings.
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DBS Group Research has downgraded StarHub from a “buy” to a “hold” recommendation, citing increased competition in the mobile sector as a key factor. The revised 12-month price target is now SGD1.20, down from SGD1.38, reflecting a 2% downside from its last traded price of SGD1.23 on 6 August 2025. Analyst Sachin Mittal highlighted that the downgrade is driven by the aggressive pricing strategies of competitors, notably M1, which has introduced ultra-low-cost SIM-only plans.

The competitive landscape has intensified with M1’s Maxx plans, offering 290GB for SGD7.90, significantly undercutting StarHub and Singtel’s offerings. This has pressured the average revenue per user (ARPU) and margins within the mobile sector. StarHub may need to adjust its pricing strategies to maintain market share, despite its enterprise and managed services segments showing resilience.

DBS anticipates that StarHub’s earnings will benefit from the absence of transformation costs by FY26F, projecting an 11% compound annual growth rate in earnings from FY25F to FY27F. The company’s DARE+ transformation programme aims to enhance its digital platform capabilities, with meaningful results expected from FY26F.

The potential divestment of StarHub’s cybersecurity venture, Ensign, could also impact its financial outlook. Ensign, which could be valued at SGD0.33 per share, has the potential to grow at a 20% CAGR over 2025-2027. StarHub holds a 55.73% stake in Ensign, with the option to divest to Temasek after 4 October 2025.

DBS’s revised valuation approach for StarHub’s core business, excluding Ensign, now uses a price-to-earnings ratio due to reduced earnings visibility. The core business is valued at SGD0.87 per share, whilst Ensign is conservatively valued between SGD0.25 and SGD0.41 per share. The report suggests a high likelihood of sector consolidation within the next 12-15 months, which could reshape the competitive dynamics in Singapore’s telecom market.
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DBS Group Research has upgraded Suntec REIT from “hold” to “buy,” setting a new target price of SGD1.40, reflecting a 17% upside from its last traded price of SGD1.20 on 6 August 2025. The upgrade is driven by anticipated tailwinds from declining interest rates and a strategic review that could unlock significant value for the real estate investment trust.

Suntec REIT, which owns key office assets in Singapore’s Central Business District, is poised to benefit from a potential 10% increase in distribution per unit (DPU) with every 50 basis point reduction in financing costs. The REIT’s current price-to-book ratio stands at 0.6x, with forward yields of approximately 5.3%.

The strategic review is expected to be a major catalyst for re-rating Suntec REIT. Analysts suggest that divesting certain assets, such as its one-third stake in Marina Bay Financial Centre and One Raffles Quay, could raise over SGD1 billion, strengthening the REIT’s balance sheet and setting it back on a growth path. Additionally, the potential reinstatement of the Managed Investment Trust (MIT) structure in Australia could reduce withholding tax rates from 30-45% to 10-15%, providing further financial relief.

Despite challenges in its overseas markets, Suntec REIT’s Singapore portfolio has shown resilience, with office and retail rents experiencing positive reversions. The REIT’s strategic review could address its higher-than-peer leverage ratio and close the current price-to-book gap, enhancing its market valuation.
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DBS Group Research has maintained its “Hold” rating on United Overseas Bank (UOB), citing concerns over asset quality and revising the price target to SGD33.90 from the previous SGD32.70. The revision comes after UOB’s second-quarter results for 2025 showed revenue and net profit missing consensus estimates by 3% and 9%, respectively. The bank’s net interest margin also narrowed by 9 basis points quarter-on-quarter due to lower asset yields amid declining benchmark rates.

UOB’s acquisition of Citigroup’s consumer businesses in several ASEAN countries is seen as a strategic move to expand its franchise. However, the integration’s success remains crucial for achieving long-term synergies. The bank’s management has revised its return on equity (ROE) guidance downwards from 14% to a range of 12%-13%, amidst macroeconomic uncertainties and an escalating trade war environment.

The report also notes that UOB’s asset quality is under scrutiny, particularly due to a higher formation of non-performing assets (NPAs) in the second quarter, driven by a specific US commercial real estate exposure. Despite this, UOB’s average loan-to-value for office commercial real estate remains at approximately 50%, providing some buffer against potential valuation collapses.

DBS Group Research’s revised price target is based on the Gordon Growth Model, reflecting an environment of slower growth and accelerating rate cuts. Key risks identified include deteriorating asset quality and faster-than-expected Federal Reserve rate cuts, which could impact earnings estimates.
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Parkway Life Real Estate Investment Trust (REIT), one of Asia’s largest healthcare REITs, is poised for substantial growth following strategic acquisitions and lease renewals, a DBS Group Research report said. The REIT reported a 1.5% year-on-year increase in its distribution per unit (DPU) for the first half of 2025, meeting expectations. This growth is attributed to the acquisition of nursing homes in France and Japan, alongside increased rental contributions from Singapore hospitals.

The REIT’s recent activities include the renewal of Singapore hospitals’ master lease, which is expected to bring a 40% rent increment and a 20-year extension starting in 2026. This renewal is projected to boost the DPU by nearly 20% and yield close to 4.5%. Additionally, the REIT’s acquisition of nursing homes in France is anticipated to accelerate near-term growth.

Parkway Life REIT’s strategy includes reducing concentration risk in Japan by potentially divesting 10%-15% of its assets there. The REIT plans to reinvest proceeds into more promising markets like Singapore and Europe. The potential acquisition of Mount Elizabeth Novena Hospital remains a significant growth catalyst, with DBS Group Research maintaining a “BUY” recommendation and a target price of $3.50 (SGD 4.75).

The REIT’s low leverage ratio provides ample debt headroom for further acquisitions, reinforcing its position in Singapore’s private hospital market. With a projected FY26 yield of close to 4.5%, Parkway Life REIT is well-positioned for sustainable DPU growth through its strategic initiatives.
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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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