To The Moon

DFI Retail Group Holdings Limited has forecasted an underlying profit compound annual growth rate (CAGR) of 11–15% through 2028, targeting a profit range of $401.62–453.44 million (US$310–350 million). The company has also revised its dividend policy, increasing the payout ratio to 70% from 60%, effective from the final dividend of 2025. This three-year growth strategy is backed by initiatives to enhance store sales density, expand its Health & Beauty and Convenience store networks through a capital-light franchise model, and accelerate brand innovation to boost customer margins. DFI aims to achieve 2–3% annual organic revenue growth for its subsidiaries by 2028 while increasing online sales penetration to 7–10%. Additionally, the company expects to improve its return on capital employ

Regulatory uncertainty remains the primary challenge. DBS Group Holdings Ltd., Southeast Asia's largest bank by assets, believes a tokenized financial ecosystem is inevitable. However, it highlights fragmented regulations and unclear definitions of digital currencies as major hurdles. Rachel Chew, Group Chief Operating Officer and Head of Digital Currencies at DBS Bank's Global Transaction Services, noted that client demand for digital assets has shifted over the past decade—from niche crypto enthusiasts to mainstream institutions. "With increasing regulatory clarity, traditional businesses, large institutions, and high-net-worth clients are eager to include digital assets in their portfolios," Chew stated during a virtual interview. Tokenization, which divides assets into blockchain-based

OCBC’s mezzanine capital division has acquired an equity stake in Singapore-based Green Esteel (Esteel), the controlling shareholder of SGX-listed BRC Asia, to finance the development of a hot briquetted iron (HBI) facility under its sustainability investment initiative. The plant will be a key component of Southeast Asia’s largest integrated low-carbon steel production hub, with operations slated to begin by 2030. HBI serves as a crucial input for low-carbon steel manufacturing. Located in Sabah, the US$1.5 billion project is projected to yield 2.5 million tonnes of HBI annually. This output can be converted into an equivalent volume of low-carbon steel, a vital material for construction, infrastructure, and transportation sectors. OCBC notes this marks Esteel’s first institutional financ

Market SnapshotSingapore stocks opened lower on Monday. STI fell 0.2%; Sheng Siong fell 2%; Yangzijiang Shipbuilding, Seatrium fell 1%.Stocks in Focus$Sing Paincare(FRQ.SI)$: The privatisation offer by Advance Bridge Healthcare for the medical services company has fallen through, said the companies on Friday. This is because the offeror could not satisfy the conditions of the scheme of arrangement by its expiry date of Nov 27. The privatisation offer of S$0.16 per share represented a premium of 27 per cent over its last traded price but was below the initial public offering price of S$0.22 per share in 2020. Shares of Singapore Paincare last traded at S$0.159 on Nov 25, before a trading halt. The counter will resume trading on Monday.

Singapore shares rose this week, with the STI up 0.2%.In terms of individual stocks, $Airports of Thailand NVDR(TATD.SI)$ rose 21%, $DFIRG USD(D01.SI)$ rose 19%, $Bukit Sembawang(B61.SI)$ rose 12%; while $Bumitama Agri(P8Z.SI)$ fell 11%, $NIO Inc. USD OV(NIO.SI)$ fell 8%, and $Wilmar Intl(F34.SI)$ fell 6%.Market NewsNio Posts Strong Nov Deliveries of 36,275 Units Despite Sequential Decline$NIO Inc.(NIO)$ maintained robust delivery volumes last month despite a month-on-month decline,

Singapore's retail sales increased by 4.5% year-on-year in October, marking an acceleration from the previous month, as most sectors reported higher sales, according to data released on Friday (Dec 5). September's retail sales growth was revised downward to 2.7% year-on-year. Excluding motor vehicles, retail sales rose 3.7% in October, up from September's revised growth of 1.8%. On a seasonally adjusted month-on-month basis, retail sales climbed 2.3% in October, rebounding from a 1.7% decline in the prior month. Excluding motor vehicles, retail sales expanded 2.9% month-on-month, compared with a 2.6% contraction in September. Retail Sales Growth Highlights Year-on-year: 4.5% Year-on-year (ex-motor vehicles): 3.7% Month-on-month (seasonally adjusted): 2.3% Month-on-month (seasonally adjuste

Following the December quarterly review, CapitaLand Ascott Trust and Sheng Siong Group have replaced Olam Group and Yangzijiang Financial Holding on the Straits Times Index (STI) reserve list. No changes were made to the constituents of the STI itself. The updated STI reserve list now includes CapitaLand Ascott Trust, Keppel REIT, NetLink NBN Trust, Sheng Siong Group, and Suntec REIT. These adjustments will take effect at market open on December 22, with the next review scheduled for March 2026. $(HMN.SI)$ $(OV8.SI)$ $(STI.SI)$

Market SnapshotSingapore stocks opened lower on Friday. STI down 0.1%; DFIRG up 5%; SIA, CapitaLand Ascott, Singtel and Wilmar down 1%.Stocks in FocusCapitaLand Ascott Trust (Clas), Sheng Siong Group : The hospitality player and supermarket chain operator, respectively, will join the Straits Times Index’s (STI) reserve list, after the December quarterly review. These two counters will replace Olam Group and Yangzijiang Financial on the list, said the Singapore Exchange on Thursday. No changes to STI constituents will be made after this review. Stapled securities of Clas closed flat at S$0.94 on Thursday, while shares of Sheng Siong closed at S$2.62, down S$0.02 or 0.8 per cent.Sunpower Group : The company said on Thursday that it will acquire stakes in two Chinese power projects. Its wholl

Market SnapshotSingapore stocks opened higher on Wednesday. STI up 0.3%; Infinity Dev and ManulifeReit up 2%; UltraGreen down 15%; Wilmar down 1%.Stocks in FocusFar East Group : The company on Tuesday announced that its dormant, 93.88 per cent indirectly owned subsidiary Far East Enterprise (Penang) will be undergoing a members’ voluntary winding up. The subsidiary was incorporated in Malaysia, and had derived rental income from its property up to 2024, with the property disposed of at the end of that year. This move is not expected to have any material impact on the net tangible assets per share and earnings per share of the group for the financial year ending Dec 31, 2025. Shares of Far East Group closed flat at S$0.118, before the news.UltraGreen.ai: The surgical tech group is

Shares of Oversea-Chinese Banking Corp. (OCBC) reached a new all-time high, driven by strong performance in its wealth management division, analysts noted.OCBC's stock rose by as much as 0.6%, surpassing its previous peak from over two weeks ago. While the bank has lagged behind Singapore’s benchmark Straits Times Index and its largest peer, DBS Group Holdings Ltd., year-to-date, it has outperformed both since early November.Macquarie Capital’s Head of ASEAN Equity Research, Jayden Vantarakis, attributed OCBC’s share strength to "exceptional performance in its wealth management business and the potential for higher dividends in 2026." He added, "We see room for the stock to narrow its gap with DBS."Singaporean equities have hit record levels this year amid an influx of liquidity, as invest