Stocks to watch: Sembcorp, Bukit Sembawang, SBS Transit, Boustead
THE following companies saw new developments that may affect trading of their securities on Tuesday (May 27):
Sembcorp : Its subsidiary Sembcorp Utilities entered an agreement with several of its South-east Asian counterparts to explore exporting renewable energy from Vietnam into Malaysia and Singapore, the group said on Monday. Under the agreement, the parties will focus on unlocking Vietnam's renewable energy resources, particularly offshore wind power, as a source for green electron generation and to supply clean electricity across borders. The counter ended Monday 1.4 per cent or S$0.09 higher at S$6.65, before the news.
Bukit Sembawang : The property developer posted a net profit after tax of S$51.4 million for its second half ended March, a 13 per cent increase from S$45.6 million in the year-ago period. The increase was mainly due to the recognition of higher profits for residential development projects Pollen Collection, Liv@MB and Fraser Residence Orchard, the group said on Monday. Shares of Bukit Sembawang Estates closed Monday 0.3 per cent or S$0.01 lower at S$3.92, before the news.
SBS Transit : Member of Parliament for Tampines Changkat Desmond Choo stepped down from the board of SBS Transit with immediate effect on Monday, following his appointment as Minister of State for Defence last Friday. Choo, who has been a board member of the transport company since April 2021, will also relinquish his membership on the board's remuneration and nominating committee. He continues to be assistant secretary-general at the National Trades Union Congress. Shares of SBS Transit closed Monday 0.4 per cent or S$0.01 higher at S$2.75, before the news.
Boustead : The engineering and technology group on Monday posted a net profit of S$59.1 million for the six months ended March, representing a 58 per cent increase on the year, although revenue slid 42 per cent to S$231.9 million. The mainboard-listed company said that profits had risen despite lower revenue due to lower income tax expenses and a one-off gain. The counter ended lower by S$0.01 or 1 per cent at S$1.04, before the update.
Trading halt: Printing cylinder supplier Fuji Offset called for a trading halt with immediate effect on Tuesday morning, pending an announcement. Its shares closed Monday 19.7 per cent or S$0.065 higher at S$0.395.
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Straits Times
7 hours ago
- Straits Times
Continuity or reset? Japan, China seek clues to S. Korea President Lee Jae-myung's foreign policy
South Korean President Lee Jae-myung speaking during a media conference at the Presidential Office in Seoul on June 4. PHOTO: REUTERS – South Korea's East Asian neighbours Japan and China on June 4 quickly congratulated President Lee Jae-myung on his resounding election win, even as both countries are closely watching for clues to how the liberal leader will approach bilateral relations. This scrutiny stems from perceptions that South Korean diplomacy oscillates wildly depending on the ruling party of the day. Liberals are judged to be hostile towards Japan and friendly towards China and North Korea, while conservatives hold an opposite view. Ties between Tokyo and Seoul plunged into a deep freeze under the previous liberal President Moon Jae-in, only to thaw rapidly under Mr Lee's ousted predecessor, Yoon Suk Yeol, who is now facing insurrection charges for his martial law debacle. Mr Lee had previously described Japan as an 'enemy nation' and gone on a 24-day hunger strike to oppose Yoon's conciliatory policies, which he termed 'humiliating diplomacy'. He has also criticised Yoon for worsening ties with China by moving closer to the United States on positions such as Taiwan, which Beijing regards as part of its territory to be reunited with. But Mr Lee adopted a more centrist agenda on the campaign trail, saying that he wanted to repair fraying ties with China, while also insisting that he held a 'very favourable impression of the Japanese people'. His approach to this diplomatic tightrope will have ramifications from Washington to Tokyo, as the US corrals its Indo-Pacific allies for support in its big-power competition with China. Both Japan and South Korea are US security allies, while China is their largest trading partner. On June 4, Mr Lee said : 'I will strengthen cooperation between South Korea, the US and Japan, based on the solid South Korea-US alliance, and will approach relations with neighbouring countries from the perspective of national interest and practicality.' All eyes will be on Mr Lee's likely diplomatic debut on June 15 at the Group of Seven (G-7) summit in Canada, where South Korea has been invited as an obser ver. There, he could potentially meet bilaterally with US and Japan's leaders. Amid the diplomatic ambiguity, analysts in China were sanguine about Beijing-Seoul ties, while Japanese observers were more circumspect over Tokyo-Seoul relations. In a congratulatory message to Mr Lee, Chinese President Xi Jinping stressed that he attaches 'great importance' to China-South Korea relations. The two countries, he said, are close neighbours and partners that have overcome ideological and social differences in the 33 years since establishing diplomatic ties to develop stable and healthy relations. This partnership 'not only improved the well-being of the citizens in both countries, but also promoted regional peace and stability', Mr Xi added, according to state media reports. 'China is willing to work with South Korea to adhere to the original intention of the establishment of diplomatic ties and firmly follow the rules of good neighbourliness and friendship,' Mr Xi said, noting that this is to the benefit of both countries at a time of growing regional and international uncertainty. Over in Tokyo, Japanese Prime Minister Shigeru Ishiba delivered a similar message of working together as 'partners' and close neighbours to tackle global challenges, as the countries celebrate the 60th anniversary of bilateral ties in 2025. 'The importance of holding summit talks at an early date and engaging in 'shuttle diplomacy' won't change,' Mr Ishiba said, referring to the practice of the leaders regularly visiting each other's countries, while expressing his hopes to 'further invigorate bilateral exchanges' at all levels. Yet, Japanese officials are wary that Mr Lee's election would portend a dramatic shift in bilateral ties, given that he has said he would broach wartime issues over Japan's colonial rule of the Korean peninsula from 1910 to 1945, and the territorial dispute over the Dokdo/Takeshima islets. This is especially since 2025 marks the 80th year since Japan's wartime surrender, an anniversary year that could be weaponised to stoke tensions by raising historical grievances. Japan's position is that all wartime reparations have been 'completely and finally' settled under a 1965 agreement to normalise ties, with Tokyo paying US$500 million (worth about US$5 billion today, or S$6.4 billion) in grants and low-interest long-term loans to South Korea. But past South Korean administrations have repeatedly brought up historical issues, including comfort women and wartime labour, casting a pall over bilateral relations. 'Even if the administration takes a conciliatory stance towards Japan at the start, it could gradually evolve into a hardline stance towards Japan,' a Japanese Foreign Ministry official was quoted as telling the Mainichi newspaper. Another official was cautiously optimistic, saying it would be foolhardy to stoke anti-Japan sentiment at this time, given the positive public opinion. North Korea's military involvement in Russia's invasion of Ukraine also means that geopolitical calculations would have changed, the official was cited as saying. Kobe University's Professor Kan Kimura told The Straits Times that the way forward is unpredictable, given that invoking history would be a non-starter for Japan. 'Lee's language over history and territorial disputes is going to be provocative,' he said. 'The question is whether both countries can delink history with economic and security issues.' He saw it in Seoul's interests to maintain close ties with Tokyo, saying: 'Given that South Korean public opinion towards China is worsening, North Korea is refusing to engage in dialogue with South Korea, and the US is exerting pressure including through tariffs, objectively speaking, South Korea has almost no diplomatic options.' Analysts in China told ST that ties will likely thaw between Beijing and Seoul under Mr Lee, whom they expect will strike a better balance amid US-China competition. Associate Professor Zhang Guangxin at Zhejiang Gongshang University's East Asian Institute in Hangzhou noted that despite Yoon's pivot to the US that had chilled bilateral relations with China, trade between the two countries remains robust. Exports from South Korea to China grew 6.6 per cent in 2024 from a year ago, which underscores the robust trade relations, Prof Zhang noted. 'Mr Lee's clear victory over the People Power Party (which Yoon belonged to) shows the South Korean public's desire for economic stability,' he said. Prof Kim Chang Hyun of the China-Europe International Business School in Shanghai, meanwhile, said business elites in South Korea no longer see China as solely a big market for their products but 'an important partner to learn from', pointing to China's advances in green technology and artificial intelligence. The two experts said that public opinion in South Korea towards the US is likely deteriorating, given US President Donald Trump's demands that Seoul pay more for defence, and the threat of 'reciprocal tariffs' of 25 per cent. Students from South Korea – the third-largest source of foreign students to the US – are also facing heightened uncertainty over Mr Trump's immigration policies. 'There will be some rebalancing in public opinion in South Korea towards the US now,' Prof Kim said. Walter Sim is Japan correspondent at The Straits Times. Based in Tokyo, he writes about political, economic and socio-cultural issues. Aw Cheng Wei is The Straits Times' China correspondent, based in Chongqing. Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
7 hours ago
- Straits Times
Thailand vows measures to prevent money laundering at casinos
BANGKOK – Thailand plans to record and monitor financial transactions of visitors to casinos to deter money laundering, officials said as the government sought to win over opponents of a bill to legalise gambling venues as part of new integrated resorts. The South-east Asian nation will enforce rules for responsible gaming, including a ban on casino advertisements and denial of entry for individuals deemed to carry 'financial risks', said Mr Suksit Srichomkhwan, Deputy Secretary-General to Prime Minister Paetongtarn Shinawatra. Thailand's gaming regulations will be modelled on Singapore, Japan and the United Arab Emirates, which limit the number of licences and require mega investments, he told a briefing in Bangkok on June 4. Each entertainment complex in Thailand will require a minimum investment of 100 billion baht (S$3.94 billion), he said. Ms Paetongtarn's administration was forced to delay a Bill to legalise casinos earlier in 2025 due to mounting opposition from religious groups, anti-gambling networks and some political parties. The government has pitched it as a way to burnish the appeal of its tourism industry, a key pillar of Thailand's economy. If the Bill is passed, it could pave way for Thailand to capture a slice of the growing global gaming market alongside Macau and Singapore, and tap into another potential growth engine to galvanise its sluggish economy. Wynn Resorts and MGM Resorts International have shown interests in investing in Thai casinos, according to officials. The so-called entertainment complexes can boost foreign tourist arrivals by 5 per cent to 20 per cent and lift average spending per person per trip by about 22,000 baht, Mr Suksit said. But the critics of the casino plan have argued the gaming venues will fuel gambling addiction and benefit big businesses and foreign companies, besides them turning into avenues for money laundering. 'Money laundering will be almost impossible in these premises' due to stringent surveillance, he said. 'Even the operators want to compete in a strictly regulated environment.' The draft legislation proposes that casinos take up only 10 per cent of the spaces within each integrated entertainment complex, which will be required to house at least four other types of businesses. It also moots stringent entry requirements for Thai citizens, including proof that they have 50 million baht in bank deposits. The government is not in a hurry to push through the Bill as it is committed to ensuring the legislation is 'clean and clear', Deputy Finance Minister Julapun Amornvivat said. The entertainment complexes can be a new engine to drive growth amid rising geopolitical challenges, he said, adding that the aim is to pass the Bill during the remainder of the government's two-year tenure. Bloomberg Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
17 hours ago
- Business Times
More Chinese corporates eyeing deals in Asean, secondary listings on SGX
[SINGAPORE] Chinese corporates are increasingly looking for deals in South-east Asia amid rising uncertainty from US trade policies, said Jason Saw, head of investment banking at CGS International. Saw expects CGSI will see eight to 10 major deals in the coming months, in its four key markets in Malaysia, Indonesia, Singapore and Thailand, with many of these transactions coming from Chinese and Hong Kong-based companies. These companies are in the infrastructure, green energy, manufacturing, and healthcare sectors. 'Essentially, our focus is to look for companies that have growth – they're not your old-school economy ideas where growth is in the single digits; a lot of the opportunities we bring are new thematics,' said Saw in an interview with The Business Times. Particularly in Singapore, Saw said he sees interest from Chinese companies to make secondary listings on the Singapore Exchange (SGX). 'If you have monitored the markets this year, A+H share listings have been very hot... So if we can replicate a bit of that success in Singapore, I think it'll be a very big win,' Saw said. 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 He raised the example of Contemporary Amperex Technology (CATL)'s dual listing in Hong Kong and Shenzhen. A+H share listings refer to Chinese companies that list their shares on the Shanghai or Shenzhen Stock Exchange, known as A-shares, and the Hong Kong Stock Exchange, known as H-shares. In May, Shenzhen-listed CATL listed in Hong Kong in the world's biggest initial public offering (IPO) this year, signalling strong prospects for Chinese equities despite global market uncertainty. These Chinese corporates like that Singapore can give them international recognition, and that the SGX is a transparent neutral ground. They can also have a shorter time to market if they list in Singapore, given that the queue for IPO listings in Hong Kong or mainland China is 'quite long', Saw said. Deglobalisation After US President Donald Trump's 'Liberation Day', Saw said he saw rising engagement from corporates, especially from Chinese companies. The escalation in the trade war between US and China has increased the appetite for diversification, he noted. Saw said: '(Chinese corporates) seem to understand the need to diversify from the US and into other markets, and South-east Asia is clearly on their radar.' Chinese companies are also interested in building distribution channels in the region. Saw said the South-east Asian consumer distribution is 'under appreciated' because the markets are fragmented. 'What they want to do is to export that product out into this region, find local partners and grow the business to cater for the local population – Asean has 600 million consumers; if every head count consumes one item, that's a huge market for each and every Chinese product out there.' Much of the conversation that he has with Chinese companies also revolves around serving the local markets. 'Beyond capital market equities, we are driving a lot of conversations in terms of foreign direct investment (FDI) as well,' he said. 'Iff anything, the last (few months) taught you that you cannot rely on one country as your end market and you cannot depend on one location as your manufacturing.' Asean-China growth For CGSI, Saw sees the biggest opportunities from the growth of China-Asean business relations. He noted that the securities company has a unique position – it has been present in South-east Asia for decades, yet its parent company is Chinese state-owned brokerage and investment bank China Galaxy Securities. 'Because we are state owned, (Chinese companies) are even more comfortable to work with us to share information and their strategy,' he said. Nevertheless, Saw said the firm services 'anyone that comes into South-east Asia' – around 90 per cent of its revenue from IPOs today are still intra-Asean. 'We are just starting this journey of people wanting to come to South-east Asia in a more aggressive manner, and there's a lot of sectors that require investments and have growth opportunities,' he said. In the past two years, CGSI has obtained investment banking business licenses in Indonesia, Malaysia, Singapore and Thailand – allowing it to participate in activities including IPOs, corporate financing and fundraising. Saw expects China flows will have a greater part to play in the business in the years ahead, given that most deals need time to progress. 'I'm quite excited about the future…because there are deals that we're trying to do now, and if they materialise, that fits into the Asean-China (trend) that we are seeing.'
