Industry News

Moody’s Ratings has affirmed Singapore Telecommunications Limited’s (Singtel) A1 senior unsecured rating and a3 Baseline Credit Assessment (BCA), maintaining a stable outlook. This decision reflects Singtel’s strong market presence in Singapore and Australia, its diversified cash flow from Asian mobile associates, and its substantial financial flexibility through asset recycling initiatives.

Singtel’s A1 rating incorporates its a3 BCA, highlighting its well-established and geographically diversified business platform. Moody’s also expects strong support from the Government of Singapore through Temasek Holdings, which contributes to a two-notch uplift in the rating. Despite facing intense competition in its core markets and a depreciating Australian dollar, Singtel’s profitability is expected to be bolstered by cost-saving measures and earnings growth from regional mobile associates like Bharti Airtel and AIS.

The company anticipates an improvement in its EBITDA margin to 40-41% over the next 12-18 months. In May 2025, Singtel increased its asset monetisation target to $6.6 billion (SGD9 billion), with proceeds earmarked for growth initiatives, dividend payments, and a share buyback programme of up to $1.5 billion (SGD2 billion) over three years. However, Singtel’s adjusted free cash flows are projected to be negative in fiscal 2026 and 2027 due to higher dividends and ongoing capital expenditure.

Singtel’s liquidity remains strong, supported by a well-staggered debt maturity profile and robust access to funding. Governance risks are mitigated by a board with a majority of independent directors, ensuring compliance with Singapore Exchange regulations.

Looking ahead, Singtel’s stable outlook is supported by its dominant market position and diversification efforts. The company aims to reduce leverage towards 2.0x over the next two to three years. Potential rating upgrades or downgrades will depend on Singtel’s financial performance and its relationship with the Singapore government.
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Scientists from Nanyang Technological University, Singapore (NTU Singapore) and the University of Oxford have identified how cells repair toxic DNA damage, which is linked to cancer and premature ageing. The study, published in “Nucleic Acids Research”, highlights the role of the enzyme SPRTN in recognising and repairing DNA-protein crosslinks (DPCs), lesions caused by chemotherapy, UV exposure, and formaldehyde.

The research team discovered a new region within SPRTN that targets DPC lesions, increasing its repair efficiency by 67 times without harming other cellular proteins. This discovery is significant for cancer therapy and healthy ageing, as DPCs, if left unrepaired, can lead to neurodegeneration, premature ageing, and cancer.

DPCs occur during normal cellular processes and through exposure to harmful agents. SPRTN acts by degrading proteins in these lesions, allowing DNA replication to continue. The study found that SPRTN’s activity is enhanced by ubiquitin chains, which guide the enzyme to DPCs, accelerating the repair process.

Kristijan Ramadan, leading the study, noted the importance of ubiquitin chains in SPRTN’s rapid activation. This understanding could lead to new therapeutic strategies, especially for patients resistant to chemotherapy. Dr Wei Song from Oxford emphasised the potential to strengthen the body’s defences against age-related diseases.

Future research aims to validate these findings in animal models and explore therapeutic interventions, potentially revolutionising the understanding of ageing and cancer.
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The Faculty of Law at the National University of Singapore (NUS Law) has launched a  podcast series that transforms articles from the Singapore Journal of Legal Studies into audio content using Google’s AI-powered tool, NotebookLM. This initiative, a first in the realm of legal publishing, aims to make complex legal research accessible to a broader audience.

NUS Law’s innovative approach seeks to bridge the gap between legal academia and the public by converting peer-reviewed legal articles into podcasts that maintain intellectual depth whilst being easy to understand. “This innovation underscores NUS Law’s commitment to thought leadership, academic excellence, and public engagement,” said Andrew Simester, Dean of NUS Law.

The Singapore Journal of Legal Studies, established in 1959, is a cornerstone of legal commentary in Singapore and the British Commonwealth. Traditionally catering to lawyers, academics, and legal observers, the new podcast series aims to benefit a wider audience, including business leaders and policymakers. The full articles remain available under open access on the journal’s website, whilst the podcasts offer concise summaries to engage listeners beyond the legal field.

Professor Julien Chaisse from the City University of Hong Kong, whose work is featured in the series, praised the format for its accessibility. Similarly, Emilios Avgouleas, Chair of International Banking Law and Finance at the University of Edinburgh, highlighted the initiative’s potential to disseminate legal scholarship more widely.

Available for free on Spotify, the podcast releases new episodes regularly.
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DBS has unveiled Programmable Rewards, a new digital voucher system powered by blockchain technology, accessible through the DBS PayLah! app. This innovative solution allows customers to redeem DBS points for Flexi eVouchers, which can be used at over 40,000 acceptance points across Singapore, thanks to integration with NETS QR. The launch aims to streamline the issuance and management of digital vouchers, enhancing customer experiences and supporting local businesses.

Programmable Rewards is part of DBS Token Services, which combines tokenisation and smart contracts with DBS’ transaction banking services. This system simplifies the creation and scalability of digital voucher programmes, providing issuers direct access to millions of wallet users. The smart contract technology ensures vouchers are automatically verified and settled, offering a seamless experience for both consumers and merchants.

Han Kwee Juan, Group Head of Institutional Banking at DBS, highlighted the platform’s potential: “By integrating our consumer and institutional banking capabilities with smart contracts and blockchain technology, we have created a transformative platform to rapidly launch and scale digital voucher programmes.”

As part of the launch, DBS is offering an SG60 promotion from 1 August to 30 September 2025. Customers redeeming 6,000 DBS Points for a SGD60 DBS Rewards Flexi eVoucher will receive an additional SGD60 cashback. This initiative supports local businesses and celebrates Singapore’s 60th anniversary.

DBS’ Programmable Rewards builds on its involvement in Project Orchid, a Monetary Authority of Singapore-led initiative exploring digital money use cases. This launch marks another step in DBS’ commitment to leveraging digital technology to enhance banking services.
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The Monetary Authority of Singapore (MAS) has announced the appointment of the first batch of asset managers under its S$5b Equity Market Development Programme (EQDP). This initiative sees MAS and the Financial Sector Development Fund (FSDF) placing an initial S$1.1b with the selected managers. Additionally, MAS has committed S$50m to bolster local equity research and expand the ecosystem of listed products.

The three asset managers appointed are Avanda Investment Management, Fullerton Fund Management, and JP Morgan Asset Management. These managers were chosen based on their fund strategies’ alignment with EQDP objectives, their ability to attract third-party capital, and their commitment to enhancing asset management and research capabilities in Singapore. The focus is on improving liquidity and participation in Singapore equities, particularly small- and mid-cap stocks.

MAS’s commitment of S$50m aims to strengthen the Grant for Equity Market Singapore (GEMS) Scheme, enhancing the equity research ecosystem. The scheme will now offer increased funding for research reports, particularly those covering small- and mid-cap enterprises and pre-IPO companies. New funding will also support research dissemination via digital media and research on private companies with strong local presence.

Furthermore, MAS is exploring measures to enhance investor protection by improving avenues for civil recourse. This includes consulting on proposals to facilitate legal action and self-organisation among investors. These initiatives are part of a broader effort to increase investor interest and trading liquidity in Singapore’s equities market, with the Review Group expected to release its final report by the end of 2025.
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A rare investment opportunity has emerged in Singapore’s historic Chinatown as The Platinum at Upper Cross Street is listed for sale at $55m. Marketed by Brilliance Capital, this four-storey conservation shophouse with an attic offers a unique blend of heritage charm and modern convenience, featuring 17 studio flats and three retail units.

Located in a prime conservation district, The Platinum is surrounded by iconic landmarks such as the Buddha Tooth Relic Temple and Chinatown Point. The property, originally purchased in 2002 and refurbished into a modern conservation building, boasts a striking silver-platinum façade and a lift serving all floors—an uncommon feature in conserved shophouses.

The property spans 390 m² with a total gross floor area of 1,331 m², translating to approximately $3,838 per square foot. Among its tenants is the renowned Chinese pharmaceutical company Beijing Tong Ren Tang, adding to its appeal. The studio flats range from 257 to 638 square feet, with five loft-style units offering enhanced spatial appeal.

Yong Choon Fah, Senior Associate Director of Brilliance Capital, highlighted the property’s unique configuration on commercial-zoned land, allowing investors to avoid the Additional Buyer’s Stamp Duty typically associated with residential purchases. “This presents a rare opportunity for investors, corporate entities, and family offices,” she stated.

The commercial zoning also offers future flexibility for redesign or repurposing, catering to various investment strategies. The Expression of Interest for The Platinum closes on 9 September 2025, providing a limited window for interested parties to secure this distinctive asset.
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Singapore’s salary budgets are projected to remain stable at 4% in 2026, according to the latest Salary Budget Planning Report by WTW, a global advisory and broking firm. This trend continues from 2024, reflecting a cautious approach by companies amidst ongoing global economic uncertainties.

The report highlights that whilst two out of five organisations in Singapore have reduced their salary budgets due to anticipated recession and cost management concerns, 15% expect higher increases driven by tight labour markets and inflationary pressures. Gary Goh, Rewards Data Intelligence Practice Leader at WTW, noted, “Employers are becoming more strategic in how they distribute compensation, prioritising investments and defining the results they aim to achieve.”

In addition to salary stability, 82% of companies in Singapore plan to maintain their headcount over the next year, marking a 10% increase from 2024. Of the remaining organisations, 12% intend to increase their workforce, whilst only 6% plan reductions. Employers are also adjusting compensation programmes to address rising operating costs and competitive labour pressures, with actions such as targeted salary increases and retention bonuses.

Shai Ganu, Managing Director at WTW, emphasised the importance of adapting to economic shifts, stating, “Employers are concerned about losing critical talent, with change management and employee experience being significant issues.” The survey also revealed a shift towards intra-Asia resilience, with companies exploring new markets within Asia and diversifying supply chains.

Overall, the trends in Singapore and the broader Asia Pacific region reflect a balanced approach to workforce management, maintaining stability whilst addressing emerging challenges in the labour market.
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Prudential PLC, a prominent player in the insurance sector, is experiencing a notable undervaluation of its non-Indian operations, according to CGS International’s latest equity research report. Despite Prudential’s Indian business accounting for only 3% of its new business profits and 6% of net profits in the fiscal year 2024, a substantial 29% of the company’s market capitalisation is tied to its Indian associates. This discrepancy is highlighted in the report dated 21 July 2025.

The report underscores that Prudential’s share price has surged by 58% year-to-date in 2025, yet the market continues to undervalue its operations outside India. CGS International maintains an “Add” rating for Prudential, reiterating its target price of HKD142.00, positioning it as the top pick in its sector.

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CGS International Securities Singapore Pte Ltd has successfully facilitated the listing of Lum Chang Creations Limited on the Singapore Exchange’s Catalist Board, raising S$12.25m. The initial public offering (IPO) was priced at S$0.25 per share, with CGS International acting as the Sole Underwriter and Placement Agent. This move underscores CGS International’s expanding influence in Asia’s capital markets.

The IPO attracted substantial interest from institutional investors, including Lion Global Investors Limited and Nikko Asset Management Asia Limited, highlighting confidence in Lum Chang Creations’ growth potential. Jason Saw, Group Head of Investment Banking at CGS International, remarked, “We are proud to have supported Lum Chang Creations in their public market debut as it expands its regional footprint and deepen capabilities in the built environment sector.”

Lum Chang Creations, a subsidiary of Lum Chang Holdings, is renowned for its expertise in urban revitalisation in Singapore. The funds raised will be channelled towards accelerating regional growth, expanding the company’s project pipeline in the high-end residential sector, exploring acquisitions, and bolstering working capital.

This listing is part of a series of successful equity offerings led by CGS International, reinforcing its role in shaping the dynamic capital markets landscape in Asia. The firm continues to build a strong track record by supporting prominent issuers across various sectors and geographies.
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The newly launched Otto Place Executive Condominium (EC) in Tengah’s Plantation Close has made a significant impact on its first day of sales, with 351 out of 600 units sold. This represents approximately 59% of the total units available, with an average price of $1,700 per square foot. The project, launched on 19 July, follows the earlier release of Aurelle of Tampines EC in March 2025.

Unit prices at Otto Place range from $1.41m for a 3-bedroom deluxe to $2.18m for a 4-bedroom luxury plus study. PropNex CEO Kelvin Fong noted that about 75% of buyers opted for the Deferred Payment Scheme, making the purchase more accessible. Fong commented, “ECs remain a top favourite amongst homebuyers, owing to their relatively more affordable pricing compared with other new private condo projects.”

The popularity of ECs is underscored by the price difference between these and other private homes. In the first half of 2025, the median price for 99-year leasehold non-landed private homes was $2,343 psf, compared to $1,756 psf for new ECs. The second-timer buyer quota was quickly reached, indicating strong demand, and further sales are anticipated when bookings reopen for second-timers.

With only 18 unsold EC units in the market by the end of June 2025, and Otto Place likely being the last EC launch of the year, interest remains high. The project’s proximity to future MRT stations and the Jurong Lake District adds to its appeal, particularly for families and HDB upgraders.
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