Stocks to watch: OCBC, Singtel, Wilmar, Food Empire, Telechoice
OCBC , Singtel : The bank will partner the three local universities on research to develop quantum technology applications in derivative pricing, fraud detection and data security. On Thursday, it inked 12-month long collaboration agreements with the National University of Singapore, Singapore Management University and Nanyang Technological University. It is also working with Singtel and the Monetary Authority of Singapore to explore the application of quantum key distribution. Shares of OCBC finished Thursday S$0.12 or 0.7 per cent higher at S$17.08; shares of Singtel closed 3 per cent or S$0.12 higher at S$4.17.
Wilmar International : It has agreed to acquire up to 20 per cent of the shares held by India's Adani Commodities in a joint venture (JV) between the two companies. This comes as Adani Commodities announced its exit from the JV in December 2024. For 275 rupees per share, Wilmar's wholly owned unit Lence will buy a maximum of 259.9 million shares in the Mumbai-listed JV, AWL Agri Business, which was formerly known as Adani Wilmar. Wilmar shares on the Singapore bourse ended Thursday at S$2.99, up 0.7 per cent or S$0.02.
Food Empire : The group on Friday announced its partnership with Santan Food Services to co-develop and launch a new range of ready-to-drink beverages. The collaboration will kick off with a Vietnamese iced coffee product, set to be sold on AirAsia flights and through retail channels across the region. It paves the way for Food Empire and Santan to explore further co-branded and private label initiatives across a wider range of beverages and snack products, said Food Empire. Santan is a brand under AirAsia's non-airline subsidiary, RedBeat Ventures. The counter finished Thursday 5.5 per cent or S$0.11 higher at S$2.12.
Telechoice International : The telco services company will exit the Singapore Exchange (SGX) watch list with effect from Friday. Its application to be removed from the list received SGX's in-principle approval, it said in a Friday bourse filing. The company was placed on the watch list in December 2023, after four consecutive years of losses. The counter ended Thursday flat at S$0.15.
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Business Times
4 hours ago
- Business Times
Bevy of Chinese mega listings propel Hong Kong to top global exchange in H1 2025
[HONG KONG] A parade of China's mega listings in Hong Kong since the turn of the year has helped restore some of the shine to the city as the world's largest fundraising destination for initial public offerings (IPOs). A significantly large number of Chinese firms seeking stock listings in Hong Kong, along with a rush of capital inflows from the mainland, has created a convergence of Chinese finance in the city. Fundraising in Hong Kong through IPOs reached HK$107.1 billion (S$17.5 billion) from 44 listings in the first six months of the year, far surpassing both the Nasdaq and the New York Stock Exchange (NYSE), according to data from the Hong Kong Stock Exchange (HKEX). This sent HKEX to the top of global exchanges for H1 2025, representing its best mid-year performance sine 2016. A spokesperson for the exchange, citing confirmation from several data providers including Dealogic, KPMG and EY, told The Business Times that its IPO fundraising in H1 put it at the top of global IPO rankings. The top listing on HKEX during this period was the US$5.3 billion IPO of China's largest battery maker Contemporary Amperex Technology in May. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This was followed by the HK$9.9 billion raised by Chinese drugmaker Jiangsu Hengrui Pharmaceuticals, which also took place in May, and the HK$9.4 billion IPO in June staged by China's largest condiment maker, Foshan Haitian Flavouring & Food. Hong Kong has long been in an intense tussle with Shanghai for the title of being China's primary funding source, and it seems that Hong Kong has the upper hand for now. As at Jul 8, Dealogic's team counted 184 planned IPOs in Hong Kong, all of which were from the city and the mainland, with the exception of two from the Cayman Islands, and one each from Malaysia, Singapore and the United Arab Emirates. Of the planned IPOs, 49 belong to the technology sector. Perris Lee, head of convertible bonds and Asia-Pacific equity capital markets at Ion Analytics, the parent company of Dealogic, said: 'At this point, we can say with much certainty that technology stocks will be central to many of the Hong Kong IPOs in the queue, thanks in no small part to (Chinese artificial intelligence company) DeepSeek.' He attributes the recent strong rally in Hong Kong stocks to a Deepseek-inspired optimism that may also spill over to industries such as healthcare and consumer-related businesses. The hectic pace of fundraising is also supported by what analysts call 'homecoming' listings by mainland Chinese companies with stocks already listed elsewhere outside the mainland, primarily in the US. Lee said that, given a US-China relationship that has been 'polite' at best in recent years, there have been many such homecoming listings in Hong Kong and China by US-listed Chinese companies. 'Many of the US-listed companies that should or could seek a secondary listing have done so,' he said. 'Only a few remain on the drawing board.' In particular, he named technology giant Alibaba and electric vehicle (EV) maker Xpeng. 'These two deals were significant in many ways. One key aspect is that they were doing a dual primary listing in Hong Kong, rather than a secondary listing. Dual primary listings subject the companies to strict regulations in both the US and Hong Kong.' The immediate prospects are brightened by a long listing pipeline stretching well into the coming year. HKEX said it had given regulatory approval to 16 companies, with the applications of 176 companies currently 'under processing' as at Jun 30. Against this background, analysts said there is a far greater cascading of southbound net capital inflows into Hong Kong's stock market. James Wang, head of China strategy at investment bank UBS Global Research, said the total amount raised this year in IPOs was dwarfed when compared with its peak reached in 2020, as well as with the unprecedented southbound net inflows this year. In the first quarter alone, these hit HK$400 billion, the highest in history. Wang attributed this to the improved quality and vintage of companies listed in Hong Kong, tighter IPO restrictions in mainland China, improved liquidity in Hong Kong and a greater appetite for core Chinese assets from foreign investors for stocks such as EV car leader BYD, Tencent and Alibaba – basically global champions and top AI players. Southbound net inflows reached US$80 billion at the end of May, according to a chart released by Morgan Stanley. However, the pace had slowed down in that month, following a period of strong inflows from January to late April. To put things into perspective, a survey released in June by Deloitte China's Capital Market Services Group showed the IPO funds raised in Hong Kong this year exceeded those raised by Nasdaq and the NYSE by HK$31 billion and HK$43 billion, respectively. Of the 40 listings tracked by Deloitte in Hong Kong in H1, only two IPOs were staged by companies from outside China: one from Singapore and the other from Indonesia. 'National support for and emphasis on developing the technology and innovative sectors will encourage new quality productivity forces such as technology and new energy companies to raise funds in the capital market and enter the market spotlight in the second half of 2025,' said Tony Huang, national A-Share offering leader, capital market services group, Deloitte China. Deloitte expects companies to raise HK$200 billion in IPOs in Hong Kong by the end of the year, through 80 listings. There are potentially 25 IPOs from companies whose stocks are already listed on the mainland's A-shares market. Deloitte said that most of Hong Kong's new listings will come from the technology, media and telecommunications sectors, as well as consumer companies.
Business Times
7 hours ago
- Business Times
Aberdeen extends Clint deemed interest to 6%
OVER the five trading sessions from Jul 11 to 17, institutions were net buyers of Singapore stocks, with net institutional inflow of S$113 million adding to the S$94 million net inflow for the preceding five sessions. This further reduces the net institutional outflow for the 2025 year through to Jul 17 to S$1.65 billion. Institutional flows Over the five trading sessions through to Jul 17, the stocks that saw the highest net institutional inflow included Singtel , Keppel , City Developments Ltd , Singapore Airlines , Seatrium , Sembcorp Industries , OCBC , Frasers Hospitality Trust , CapitaLand Ascendas Reit , and Singapore Exchange . Meanwhile, DBS , UOB , NTT DC Reit, PSC Corporation , CapitaLand Integrated Commercial Trust , Mapletree Industrial Trust , Yangzijiang Shipbuilding , ComfortDelGro , CapitaLand Investment , and Mapletree Logistics Trust led the net institutional outflow over the five sessions. From a sector perspective, industrials and telecommunications booked the highest net institutional inflow, while financial services and materials & resources saw the most net institutional outflow for the five sessions. Industrials and telecommunications have also led the net institutional inflow for the year to Jul 17, while financial services has led the net outflow. CapitaLand India Trust On Jul 15, an acquisition of just over 2.5 million units of CapitaLand India Trust (Clint) at S$1.126 apiece increased the deemed interest of Aberdeen Group from 5.96 per cent to 6.15 per cent. This followed the group emerging as a substantial unitholder of Clint with its deemed interest crossing above the 5 per cent threshold on Jun 30. Clint is a Singapore-listed business trust that owns and manages income-generating real estate in India, including IT parks, industrial facilities, and logistics assets. Its portfolio spans major Indian cities such as Bangalore, Hyderabad, Chennai, Pune, and Mumbai, with a strong focus on technology and software development sectors. The properties serve a wide range of tenants, including global and Indian companies such as Tata Consultancy Services, Infosys, Amazon, and Applied Materials. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The trust grows its portfolio through acquisitions, forward purchases, and developments, including IT parks and data centres. The manager of Clint also maintains a disciplined capital management strategy, with a significant portion of its debt on fixed rates. It distributes most of its income available for distribution and repatriates income regularly from India to Singapore. Clint's development pipeline includes future projects in Bangalore and Hyderabad. The trust benefits from India's resilient economy and rising demand for commercial real estate, especially in tech-driven sectors. For its FY2024 (ended Dec 31), Clint reported improved performance, with higher distributions and stronger income. The increase was driven by contributions from newly acquired properties, higher rental income from existing assets, and positive rent reversions. Clint is scheduled to report its H1 FY2025 results after the Jul 30 close. Share buybacks The five sessions through to Jul 17 saw eight primary-listed companies make buybacks with a total consideration of S$53.5 million. UOB led the consideration tally, buying back one million of its shares at an average price of S$36.80. On its current buyback mandate, UOB has bought back 0.6 per cent of its outstanding shares as at Jul 17. DBS also bought back 350,000 shares at an average price of S$46.18 per share. Secondary-listed Hongkong Land Holdings also continued to conduct share repurchases, buying back 950,000 shares at an average price of US$6.27. Since Apr 24, the company has bought back US$121 million of its shares. Director transactions Over the five trading sessions leading up to Jul 17, a total of 55 director interests and substantial shareholdings were filed. Across more than 25 primary-listed stocks, directors or CEOs reported five acquisitions and no disposals, while substantial shareholders recorded eight acquisitions and six disposals. This included director or CEO acquisitions in Asian Pay Television Trust (APTT), Stamford Land Corporation , Aims Apac Reit and Singapore Shipping Corporation . Both share buybacks and director filings were fewer than the usual quota, as the local market nears a busy few weeks of financial reporting. Singapore Shipping Corporation On Jul 9, Singapore Shipping executive chairman Ow Chio Kiat acquired 2.5 million shares at an average price of S$0.275 apiece. This increased his total interest from 43.77 per cent to 44.39 per cent. The married deal was a significant step-up in pace compared to the 161,100 shares at the same price between Jul 3 and Jul 8. Ow has been gradually increasing the interest from 42.97 per cent in May 2024. For its FY2025 (ended Mar 31), Singapore Shipping achieved a net profit of US$11.4 million, which grew 24.6 per cent from FY2024. The group also maintains a net cash position of US$56.1 million and maintains that it ensures cash flow resilience with fixed-rate borrowings below prevailing deposit rates, insulating from rising interest rate risks. On the current industry outlook, Ow says that the global trade environment is becoming increasingly fragmented and uncertain due to rising tariffs, shifting geopolitical alliances, and new policy threats, such as potential US punitive fees on Chinese-built ships, which risk deeper economic dislocation. Despite these challenges, he notes that Singapore Shipping has remained steady, with its ship-owning segment delivering resilient earnings through long-term charters and the renewal of a five-year time charter for the mv Boheme with a blue-chip partner. Ow also adds that Singapore Shipping's agency and logistics business has swiftly adapted to the changing trade landscape, helping clients realign their supply chains and respond to new trading routes with greater confidence. Asian Pay Television Trust Between Jul 14 and 15, Lu Fang-Ming, non-executive director and vice-chair of the trustee-manager of APTT, acquired 417,100 units of the business trust for a consideration of S$38,230 at an average price of S$0.092 per unit. This increased his total interest from 1.25 per cent to 1.28 per cent. This followed his purchases of 400,000 units in June, 263,600 units in May and 319,400 units in April. APTT is Asia's first listed business trust focused on pay-TV and broadband. It invests in mature, cash-generative businesses in Taiwan, Hong Kong, Japan, and Singapore, aiming for operational ownership and control. Food Empire Holdings On Jul 15, independent director Adrian Chan exercised 105,000 share options at S$0.802 apiece. He is also head of corporate at the law firm, Lee & Lee, and has been in legal practice for over three decades. He was first appointed to the board of Food Empire Holdings in January 2022. This took his direct interest in the multinational food and beverage manufacturing and distribution group to 0.02 per cent. Food Empire owns proprietary brands such as MacCoffee, CafePHO, and Kracks, with MacCoffee leading in core markets through localised, innovative brand-building. In its Q1 FY2025 (ended Mar 31) business update, the group reported a 16.3 per cent increase in topline revenue from Q1 FY2024 to US$136.6 million. Food Empire has long identified Asia as a key growth region, with South-east Asia – led by Vietnam – now its largest revenue contributor, and recent investments including a coffee-mix facility in Kazakhstan set to complete by end-2025. On Jul 9, Food Empire announced that it will invest US$37 million to expand its coffee facility in India, boosting capacity by 60 per cent. The project, part of its vertical integration strategy, begins in Q4 2025 and completes by end-2027. The group remain cautiously optimistic about sustaining strong top-line growth, backed by brand building and market leadership. Its Asia-focused strategy and robust expansion pipeline positions it well for emerging market demand. At the same time, it maintains it continues to monitor macro risks – such as climate-driven coffee price volatility and trade tensions – and will adjust strategies to mitigate potential impacts. The group also remains confident that its strong brand equity will provide resilience against the direct impact of tariffs in the geographical segments where it operates. With a return on equity of 17.8 per cent, the stock's P/E ratio has increased from 7x to 17x this year, while average daily trading turnover at S$1.21 million in the 2025 year to Jul 17 has almost doubled the S$670,000 in 2024. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit
Business Times
8 hours ago
- Business Times
Reit ETFs see 40% AUM growth in past year as S-Reits regain appeal
[SINGAPORE] Over the past 12 months, Singapore-listed real estate investment trust (Reit) exchange-traded funds (ETFs) have seen more than S$300 million in net new inflows, reflecting continued investor demand. The combined assets under management (AUM) of these ETFs have surged by 40 per cent over a year, reaching an all-time high of S$1.2 billion by the end of the first half of 2025. This growth in AUM has outpaced the Reit sector's price movements, as reflected by the iEdge S-Reit Index and FTSE EPRA Nareit Index which reported total returns of 10.5 per cent and 12.5 per cent respectively. Both retail and institutional investors have actively contributed to the growth of AUM for Reit ETFs in Singapore. On average, the five Reit ETFs have posted total returns of 10.7 per cent over the past year ended Jun 30, 2025. Trading activity for these Reit ETFs also surged by 34 per cent quarter on quarter for the April to June 2025 period. Among the top 10 traded ETFs listed in Singapore, the Lion-Phillip S-Reit ETF and the NikkoAM-StraitsTrading Asia ex Japan Reit ETF stood out, recording the highest net inflows. The Lion-Phillip S-Reit ETF, Singapore's first and largest ETF focusing on S-Reits, tracks the Morningstar Singapore Reit Yield Focus Index, which includes 21 constituents and boasts an AUM of more than S$540 million. As one of the two pure-play Singapore Reit ETFs, it offers a dividend yield of 5.8 per cent and achieved total returns of 4.1 per cent in the first half of 2025. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The NikkoAM-StraitsTrading Asia ex Japan Reit ETF tracks the FTSE EPRA Nareit Asia ex Japan Net Total Return Reit Index, consisting of 43 constituents across Singapore, Malaysia, Hong Kong, India, South Korea, Thailand and the Philippines. Singapore remains the largest exposure at 68 per cent of the portfolio. Notably, this ETF distributes quarterly dividends, unlike the others which distribute semi-annually. It ranks as the second-largest Reit ETF by AUM, with over S$420 million, yielding 5.8 per cent in dividends and generating total returns of 6.0 per cent in the first half of 2025. In terms of returns, the UOB Asia-Pacific Green Reit ETF was the best-performing Reit ETF for the first half of 2025, returning 9.3 per cent in total returns. The underlying index, the iEdge-UOB Apac Yield Focus Green Reit Index, emphasises environmental factors such as energy consumption, water consumption, GHG emissions and green building certifications. The index has 50 Reits across Australia (42 per cent), Japan (32 per cent), Singapore (19 per cent), and Hong Kong (7 per cent). The UOB Apac Green Reit ETF presents an option for investors seeking sustainable investments while maintaining highly competitive dividend yields. The CSOP iEdge S-Reit Leaders ETF has the highest dividend yield among the five Reit ETFs at 6 per cent. It tracks the iEdge S-Reit Leaders Index, which comprises 22 S-Reits. Phillip Securities research analyst Helena Wang recently initiated coverage on the Phillip SGX Apac Dividend Leaders Reit ETF for its exposure to 31 Reits in the Asia-Pacific ex Japan region, and its consistent dividend growth. The report highlighted that since 2021, dividends have remained steady between four and six Singapore cents per share. The ETF's book value has also become more attractive, historically trading at 1.3 times the price-to-book ratio, and now at 0.8 times. The ETF tracks the iEdge Apac ex-Japan Dividend Leaders Reit Index, which selects Reits based on their dividend payout. SGX RESEARCH The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the S-Reits & Property Trusts Chartbook.
