The Singapore stock market performed robustly in 2025, with STI posting a 23% gain. Notably, Hong Leong Asia soared by an impressive 173%; Food Empire surged 159%; ST Engineering jumped 85%.

Hong Leong Asia: Strong Growth, Twin-Engine Upside & ASEAN Expansion Opportunities

Hong Leong Asia benefited from rising construction demand in Singapore, Malaysia, and China, and a recovery in China’s truck market.

HLA has strong financials with significant net cash and free cash flow, supporting dividends, plant upgrades, and expansion in ASEAN without equity pressure.

Property and powertrain segments offer upside, with new batching capacity and regional engine production, while the group’s new-energy roadmap (hybrids, e-axles, hydrogen) keeps HLA competitive as truck electrification rises.

Food Empire soar on positive earnings

Food Empire’s revenue for the nine months ended 30 September 2025 (“9M2025”) jumped 23.9% year-on- year to US$426.7 million compared to US$344.3 million in the corresponding nine months a year ago (“9M2024”).

On a quarterly basis, revenue rose 28.3% to US$152.6 million for the three months ended 30 September 2025 (“3Q2025”) compared to US$118.9 million a year ago (“3Q2024”). This was driven mainly by a particularly strong quarter by both the Group’s Russia and Ukraine, Kazakhstan and CIS segments.

ST Engineering — The Steady Compounder

For 2025’s first half (1H2025), ST Engineering Ltd, or STE, recorded a 7% year-on-year (YoY) increase in revenue to S$5.9 billion. 

Profits grew even faster, with earnings before interest and tax (EBIT) coming in at S$602 million, rising 15% YoY.  

Commercial Aerospace, a key segment for STE, posted revenue of S$2.35 billion and EBIT of S$233 million, up 5% and 18% YoY, respectively.