Market Snapshot

Singapore stocks opened lower on Tuesday. STI fell 0.2%; SIA fell 7%; Keppel Pacific Oak US Reit fell 4%; ESR-Reit rose 3%.

Stocks in Focus

Singapore Airlines: The company reported a 58.8 per cent drop in Q1 FY2026 net profit to S$186 million on Monday, even as revenue rose 1.5 per cent to S$4.8 billion. The drop in net profit was mainly driven by lower interest income and share of losses of associates, said the airline. Meanwhile, the rise in revenue was driven by stronger demand across SIA and Scoot. The airline said it was facing challenges from geopolitical tensions, macroeconomic fluctuations, and changing market dynamics. Tariffs were also set to continue to affect the cargo network of the airline. The counter closed up 0.4 per cent or S$0.03 at S$7.60 on Monday.

CapitaLand Ascott Trust: The manager on Tuesday posted a 1 per cent drop in distribution per stapled security to S$0.0253 for its first half ended Jun 30, from S$0.0255 in the previous corresponding period. Revenue for the first half inched up 3 per cent to S$398.5 million from S$386.4 million in the year-ago period, as gross profit rose 6 per cent, to S$182.5 million from S$172.9 million. Stapled securities of CapitaLand Ascott Trust ended on Monday 0.5 per cent or S$0.005 lower at S$0.905.

ESR-Reit: It posted a 0.2 per cent rise in distribution per unit to S$0.11239 for the first half ended Jun 30, from S$0.1122 in the corresponding year-ago period. The distribution will be paid out on Sep 12, after the record date of Aug 6. Net property income rose by 30.1 per cent to S$166.3 million from S$127.8 million in H1 FY2024, while revenue for the half-year period increased 23.2 per cent to S$222.9 million from S$180.9 million. Units of ESR-Reit closed on Monday 1.9 per cent or S$0.05 higher at S$2.64.

First Sponsor: The property developer reported on Monday a 59.2 per cent jump in H1 2025 earnings, up to S$19 million, mainly driven by a higher share of profits from associates and joint ventures. However, its revenue dropped 11 per cent to S$153.9 million in the first half of the financial year compared to the same period in 2024. The revenue dip was largely attributed to a fall in revenue from the sale of development properties, property financing and hotel operations, though mitigated by an increase in rental income from investment properties. The company’s shares closed flat at S$1.05 on Monday.

iFast: Shares in iFast surged 11.3 per cent on Monday after the digital banking firm reported strong Q2 net profit. It hit an intraday peak of S$8.26 – 11.3 per cent higher than its last close of S$7.42 – at 4.30 pm, with a trading volume of 7.1 million shares. The company also announced plans to target higher dividend payout ratio at a briefing on Monday. The counter ended the day at S$8.17, up 10.1 per cent, with 7.5 million shares transacted.

Keppel Pacific Oak US Reit: The office Reit posted a drop in H1 FY2025 distributable income on Tuesday, down 16.2 per cent to US$19.9 million from US$23.8 million across the same period last year. It also stated that it had a positive 0.5 per cent rental reversion for H1 and a positive 3.3 per cent rental reversion for Q2 2025. No distribution was declared. The manager had announced previously it would suspend distributions for two years from H2 FY2023 to H2 FY2025. The counter closed on Monday 2.2 per cent or S$0.005 higher at S$0.23.

SG Local News

SIA Q1 Net Profit Falls 58.8% to S$186 Million on Associates’ Losses, Lower Interest Income

Net profit for Singapore Airlines (SIA) declined 58.8 per cent to S$186 million for the first quarter of FY2026 ended Jun 30, from S$452 million in the corresponding period a year ago. This was due to lower interest income and share of losses of associates, the national carrier said in a bourse filing on Monday (Jul 28).

However, revenue for the quarter rose 1.5 per cent to S$4.8 billion from S$4.7 billion in Q1 FY2025 on strong demand. SIA and Scoot carried a record 10.3 million passengers, up 6.9 per cent.

The traffic growth of 4.1 per cent was higher than capacity expansion of 3.3 per cent, resulting in group passenger load factors rising 0.7 percentage point to 87.6 per cent. But passenger yields slipped 2.9 per cent to S$0.10 per revenue passenger-kilometre as peers continued to add capacity.

BYD Dominates Singapore H1 2025 Car Registrations with Almost One-Fifth of the Market

Electric vehicle (EV)-focused China brand BYD has topped new car registrations in Singapore with 4,667 cars in the first half of 2025, indicated Land Transport Authority figures released on Monday (Jul 28).

This is an 80.4 per cent increase over the 2,587 units the brand registered in H1 2024. BYD increased its market share as it made up 19.5 per cent of the total 23,957 registrations in H1 2025, up from 13.9 per cent in the previous corresponding period.

Mainstream Japanese brand Toyota was in second place with 3,461 registrations, an increase of 9.4 per cent from 3,165 in the previous corresponding period, while its market share grew to 14.4 per cent from 13.9 per cent.

As Singapore Grows in Popularity with Chinese Students, Universities Roll Out Mandarin-Taught Programmes

A report by China’s Ministry of Education and Beijing-based think tank Centre for China and Globalisation ranks Singapore as the second-most popular destination for Chinese students, after the United Kingdom.

Singapore universities are responding to this trend by introducing more Mandarin-taught postgraduate programmes.

NTU, the Singapore Management University (SMU), the Singapore University of Technology and Design (SUTD) and the Singapore University of Social Sciences (SUSS) are among those launching new courses.

PUB Moves to Test Ground Stability at Tanjong Katong Sinkhole After Filling Cavity

PUB has moved on to testing the stability of the ground after the sinkhole on Tanjong Katong Road South was filled on Monday (Jul 28).

The sinkhole was filled with liquefied stabilised soil, which is a mixture of soil, water and cement commonly used to fill underground voids, the national water agency said in an update.

When poured into the sinkhole, liquefied stabilised soil flows into and fills the cavity, forming a "competent soil-like material" in hours, said Mr Herman Ching, a PUB water reclamation department director.

This material does not require any mechanical compaction, reducing the time required for works, PUB added.

The agency said it was conducting "rigorous tests and scans to detect underground cavities and verify ground stability" before continuing with repair works.