Market Snapshot

Singapore stocks opened lower on Thursday. STI fell 0.5%; Keppel and Clint rose 3%; iFast rose 2%; Seatrium fell 2%; OCBC fell 0.7%; UOB fell 0.6%; DBS fell 0.5%.

Stocks in Focus

Keppel: Asset manager Keppel saw net profit rise 24.2 per cent to S$377.7 million for the first half ended June 30, driven by growth in its real estate segment. The profit growth came even as revenue fell 5.2 per cent to S$3.1 billion. Revenue from the Infrastructure segment fell by 12 per cent to $2 billion, with lower net generation in the integrated power business.Keppel announced an interim dividend of 15.0 cents per share – unchanged from the year-ago period. The counter finished Wednesday 0.2 per cent or S$0.02 higher at S$8.18.

Jardine Cycle & Carriage (JC&C): The group on Wednesday posted a 23 per cent decline in earnings to S$371.1 million for the first half of 2025, from S$483.3 million for the year-ago period. H1 revenue inched up 1 per cent to US$10.8 billion, from US$10.7 billion. The board declared an interim dividend of US$0.28 per share, unchanged on the year, to be paid on Oct 3, 2025. Shares of JC&C fell 0.6 per cent or S$0.17 on Wednesday to S$27.35, before the announcement.

Seatrium: The offshore and marine specialist marked the second H1 profit since its reconstitution in 2023. Its net profit for the six months ended Jun 30 grew 301.3 per cent to S$144.4 million, from S$36 million during the same period last year. This was led by 33.7 per cent rise in revenue of S$5.4 billion, as well as a stronger gross margin. The counter closed Wednesday up 0.8 per cent or S$0.02 at S$2.40, after it announced fines totaling S$240 million to settle corruption offences.

Mapletree Pan Asia Commercial Trust (MPACT): The manager on Wednesday reported a 3.8 per cent fall in distribution per unit to S$0.0201 for Q1 of FY2026, from S$0.0209 in the year-ago period. Revenue for the qarter ended June fell 7.6 per cent to S$218.6 million from S$236.7 million previously, due to lower contributions from most of its properties. Units of MPACT closed up 1.6 per cent or S$0.02 at S$1.31 on Wednesday.

Mapletree Logistics Trust (MLT): It entered into an agreement through its wholly owned South Korea-incorporated subsidiary to divest Mapletree Logistics Centre-Yeoju for 8 billion won (S$7.4 million). The buyer is an unrelated third party. The sale price is 1.3 per cent higher than the property’s valuation of 7.9 billion won as at March and will be satisfied in cash, the manager said on Wednesday. Units of MLT closed S$0.01 or 0.8 per cent lower at S$1.19 on Wednesday, before the announcement.

Sheng Siong: The supermarket operator reported a 3.5 per cent increase in H1 2025 net profit to S$72.3 million, from S$69.9 million the year-ago period. Revenue grew 7.1 per cent to S$764.7 million, from S$714.2 million, driven by the opening of 11 new stores in H1 of 2025 and in 2024. Sheng Siong shares closed down 0.5 per cent or S$0.01 at S$2.13 on Wednesday, before the announcement.

CapitaLand India Trust (Clint): The trust posted a higher net property income (NPI) of S$113.6 million for the six months ended Jun 30, 2025. Total property income for the period increased by 10 per cent year on year to S$149.3 million, due to higher rental income from existing properties compared to H1 FY2024. Income available for distribution in H1 FY2025 rose by 10 per cent year on year in Singapore dollar terms to S$59.6 million. Units of Clint ended Wednesday at S$1.17, up S$0.03 or 2.6 per cent, before the H1 results were posted.

Aims Apac Reit: It reported on Thursday a 0.4 per cent increase in distribution per unit of S$0.0228 for Q1 FY2026, from S$0.0227 in the same year-ago period. Distributions to unitholders also grew 1.1 per cent for the period to S$18.6 million, from S$18.4 million in the corresponding period a year prior. Net property income fell slightly by 1 per cent year on year to S$34.1 million, however, from S$34.4 million the same period a year before. This was mainly due to temporary vacancy arising from the ongoing asset enhancement initiatives at 7 Clementi Loop compared to the same period last year. Units in Aims Apac Reit closed 1.4 per cent or S$0.02 higher at S$1.40 on Wednesday.

SG Local News

Grab Beats Revenue Estimates on Strong Consumer Spending

Grab Holdings beat Wall Street expectations for second-quarter revenue on Wednesday, as consumers boosted spending on its ride-hailing and food delivery platform despite global economic uncertainty.

Grab's push to turn its platform into a superapp, integrating ride-hailing, food and grocery delivery, and other digital services, has drawn a growing number of users willing to pay for its subscription plans.

While ongoing U.S. trade negotiations have cast a cloud over global economic stability, leading to concerns about tariffs and elevated costs in Southeast Asia, the Singaporean economy has remained resilient. It grew 4.3% in the second quarter, avoiding a technical recession.

Keppel Posts Higher Earnings on Strong Infrastructure, Real Estate Operations

Keppel posted higher first-half earnings and announced a share buyback programme on Thursday, as a recovery in the real estate business and resilient infrastructure operations helped underscore its pivot towards stable, recurring income streams.

The Singapore-based asset manager's net profit for the six months ended June rose to S$431 million ($332.54 million) from S$345 million reported a year earlier.

The profit excludes mainly legacy offshore and marine assets, which are not aligned with the company's asset-light focus.