Market Snapshot

Singapore stocks opened higher on Friday. STI up 0.4%; AEM SGD up 2%; SingPost, SIA, SGX, UOB up 1%.

Stocks to Watch

AEM SGD: The semiconductor test solutions provider raised its revenue guidance for its first half ending June to between S$185 million and S$195 million, up from an earlier range of S$155 million to S$170 million. The group on Thursday said the upward revision follows an unexpected pull-in of orders into FY2025, but maintained its view that the business environment faces uncertainty stemming from the tariff situation. It will report its earnings on Aug 13. The counter ended Thursday 14.5 per cent or S$0.18 higher at S$1.42 after the announcement.

Aztech Gbl: Its wholly owned subsidiary Huuve on Wednesday entered into a sale and purchase agreement with JT Automation Technology (Malaysia) to divest factory buildings and land in Johor, Malaysia, for a consideration of RM28.8 million (S$8.7 million). Upon completion of the sale, which is subject to approval from the Johor State Authority, the group will reap a net gain of around RM13.7 million. The counter ended Thursday 4.3 per cent or S$0.025 higher at S$0.60, before the announcement.

SG Local News

SingPost Halves Sacked CEO Vincent Phang’s Pay to $616,400

Former Singapore Post group chief executive Vincent Phang, who was dismissed over the mishandling of a whistleblower complaint, received $616,400 in remuneration for the financial year ended March 31, the company’s latest annual report disclosed.

It did not indicate if Mr Phang, who was fired by SingPost on Dec 21, had his salary pro-rated. He had received about $1.2 million in the previous financial year.

According to the annual report released on June 24, the payout comprised $570,600 in fixed salary, $10,500 in provident fund contributions and $35,200 in benefits. The company’s benefits generally include medical and flexible allowances, as well as other perks such as car allowance and long service awards, where applicable.

Up to 300 Singapore Firms Stand to Get Cloud Credits, Grants to Spur AI Trials Under New Programme

As many as 300 local firms will each receive up to $600,000 in benefits under a new programme by Amazon’s cloud arm to promote the adoption of artificial intelligence (AI) solutions.

Called AI Springboard, the initiative by Amazon Web Services (AWS) will provide a baseline of $350,000 in dedicated cloud credits and training resources, with the remaining value made up of additional cloud credits from existing AWS programmes. These credits allow firms to trial and potentially adopt cloud tools. 

The funding is in addition to a government grant of up to $105,000 per enterprise for consultancy services supported by Digital Industry Singapore (DISG) – the government arm driving the programme, which is the second to take wing under the $150 million Enterprise Compute Initiative (ECI) announced in the 2025 Budget. 

Singapore’s Millionaire Inflow to Halve in 2025: Report

Singapore will likely see a net inflow of 1,600 millionaires in 2025 – less than half the 3,500 that had been projected to move there in 2024, a report by investment migration consultancy Henley & Partners showed.

This is even as a record 142,000 millionaires worldwide are expected to relocate this year, according to the Henley Private Wealth Migration Report 2025, published on Tuesday (Jun 24).