Stocks to watch: OCBC, FLCT, Clas, Jardine Matheson, Keppel Reit, NetLink, Del Monte Pacific
OCBC : The local bank's net profit for Q2 FY2025 fell 7 per cent as interest rates decline , coming in at S$1.82 billion for the three months ended Jun 30, compared with S$1.94 billion a year earlier. This beat the S$1.79 billion earnings consensus forecast from a Bloomberg poll of six analysts. OCBC declared an interim dividend of S$0.41 per share, down from S$0.44 per share a year before. Shares of OCBC closed 1 per cent or S$0.17 lower at S$16.87 on Thursday before the results were released.
Frasers Logistics & Commercial Trust (FLCT) : It reported a lower portfolio occupancy of 92.5 per cent for Q3 , a drop of 1.4 percentage points from 93.9 per cent a quarter earlier. The real estate investment trust (Reit) leased around 100,707 square metres in the quarter ended Jun 30. The Reit's rental reversion was 43.3 per cent on an average-versus-average basis across its 114 properties in Singapore, Australia, Germany, the Netherlands and the UK. The counter closed 1.7 per cent or S$0.015 lower at S$0.88 on Thursday prior to the business update.
CapitaLand Ascott Trust (Clas): The stapled group has proposed divesting Citadines Central Shinjuku Tokyo for 25 billion yen (S$222.7 million) . The transaction is expected to be completed by the fourth quarter of 2025. The buyer is ML Estate, an unrelated, third-party purchaser, which is a wholly owned subsidiary of Japanese company Mizuho Leasing. The managers said on Thursday the proposed divestment price represents a premium of around 100 per cent over the property's book value, and around 40.4 per cent above the average of two independent valuations. The counter closed 1.1 per cent or S$0.01 lower at S$0.895 on Thursday.
Jardine Matheson Holdings (JMH): The multinational conglomerate reported on Thursday a 45 per cent growth in underlying profit for the first half of FY2025 to US$798 million from US$550 million in the same period a year earlier. This increase was driven by most of its companies, but partially offset by conglomerate Astra International's lower contribution. Revenue for the period inched down 1 per cent at US$17.1 billion from US$17.3 billion in H1 FY2024. Shares of JMH closed 4.2 per cent or US$2.37 lower at US$54.53 before the news.
Keppel Reit : It announced on Friday its offering of S$300 million worth of subordinated perpetual securities, priced at 3.78 per cent. The offering, at an issue price of 100 per cent of the principal amount, will be in denominations of S$250,000. Set to be issued on Aug 11, it will be perpetual with no fixed final redemption date. Net proceeds from the issuance, after deducting related expenses, will refinance the Reit's borrowings and those of its subsidiaries. Units of Keppel Reit closed on Thursday 2.1 per cent or S$0.02 lower at S$0.95 before the news.
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NetLink NBN Trust : The manager of the trust on Thursday posted a 9.2 per cent decline in its Q1 FY2026 earnings to S$23.3 million , from S$25.7 million in the same period a year prior. Revenue for the period rose 1.9 per cent to S$102.8 million from S$100.9 million the year before. This was driven by higher ancillary project and installation-related revenue. Units of NetLink Trust closed 0.6 per cent or S$0.005 down at S$0.895 on Thursday.
Del Monte Pacific : The dual-listed counter on the Singapore Exchange and Philippine Stock Exchange on Thursday reported a net loss of US$742.2 million for its fourth quarter ended Apr 30 , such that its full-year net loss for FY2025 is US$834.4 million. This came on the back of US$787.8 million in losses booked from the group's discontinued operations, including a full impairment of related current and long-term assets of US$703.5 million from its failed US subsidiary, Del Monte Foods. Its shares closed S$0.004 or 4.3 per cent lower at S$0.089 on Thursday, prior to the group's bourse filing.
Aoxin Q&M : The group announced on Thursday that it has placed former chief executive Shao Yongxin under suspension to facilitate its whistle-blowing investigation. Dr Shao is in the midst of relinquishing all his duties, including his directorships in subsidiary companies in Aoxin Q&M. In the interim, general manager Bai Yi and deputy general manager Huang Zhengxing will lead the business operations. The counter closed 2 per cent or S$0.001 lower at S$0.048 before the news.
Indofood Agri Resources : The agribusiness group on Thursday posted a 13.4 per cent rise in net profit to 337.8 billion rupiah (S$26.6 million) for its first half ended June, from 297.9 billion rupiah in the year-ago period. Its revenue stood at 9.4 trillion rupiah, up 33.2 per cent from 7.1 trillion rupiah previously. The top-line and bottom-line improvements came amid higher domestic crude palm oil prices, supported by Indonesia's biodiesel mandate. The counter finished Thursday 2.9 per cent or S$0.01 lower at S$0.34, before the news.
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Straits Times
2 hours ago
- Straits Times
Is Taiwan the new Japan: How restaurants are expanding their food sources
SINGAPORE – Nae:um, a one-Michelin-starred restaurant in Telok Ayer, serves contemporary Korean dishes under the direction of a South Korean chef. Its name is equally rooted in that peninsula, derived from a poetic Korean word connoting a fragrance that evokes memories. The ingredients that make up the restaurant's artful creations, however, draw from a more cosmopolitan range. Seafood, for instance, comes from Japan, Europe, New Zealand an d Singapore. About 70 per cent of the fish on Nae:um's current menu is sourced from local fishermen at Jurong Fishery Port. And the diamond trevally – a rarity in fine dining and modern Korean restaurants – caught off Singapore's coasts is the star of its seafood main course. Diamond trevally on Nae:um's A Hanok Prelude menu. PHOTO: NAE:UM With exacting preparation, chef-founder Louis Han wants to introduce diners to the texture and flavour of the underrated yet delicious fish. 'I'd like to erase the misconception that what is more costly equates to better quality. With proper handling and preparation with care, locally bred fish can taste just as good as fish from Japan or elsewhere,' says the 35-year-old Seoul native. Like chef Han, fine-dining restaurants in Singapore are casting their nets beyond traditional waters – meat and seafood are usually hauled in from Japa n, and wine from France or Italy – and embracing less tapped regions. It mirrors a wider national shift towards greater supply chain diversity. In 2024, the Singapore Food Agency (SFA) greenlit pork from Portugal, beef from Brunei and Poland, and poultry from Turkey . This brought the Republic's total number of food supply sources to 187 countries and regions, up from 140 some 20 years ago. SFA say s this diversification strategy has 'proven crucial in mitigating risks associated with global supply disruptions, arising from various factors including disease outbreaks, climate change and geopolitical tensions'. Top stories Swipe. Select. Stay informed. Singapore New vehicular bridge connecting Punggol Central and Seletar Link to open on Aug 3 Singapore Tengah facility with over 40 animal shelters, businesses hit by ticks Business Property 'decoupling' illegal if done solely to avoid taxes: High Court Singapore HSA investigating teen who was observed to be allegedly vaping in MRT train Singapore 60 years of building Singapore Asia 'Every day, we think about how to upgrade': China's factories see rise in robot adoption Sport Spurs captain Son Heung-min says he is leaving the English Premier League club Life Tastemakers: Burnt-out serial entrepreneur cooks up $16m success with Lau Wang Claypot Delights Such is true in chef Han's case. For him, variety is a safeguard against volatile shipment schedules and price fluctuations. International ingredients compensate for the lack of local produce on public holidays, while alternative sources keep the restaurant running when Japanese stock dries up during Golden Week from end-April to early May. But not all restaurants are driven by practical considerations. Some eschew the easy, stable option for produce that, though inconvenient, aligns with their culinary identity. As Ms Chong Ri Jia – chief executive of FoodPlant, the Singapore Institute of Technology's small-batch food production facility – points out, diversification helps to meet evolving consumer expectations. 'There's rising demand for seasonal produce, speciality ingredients and ethically sourced products, which pushes restaurants and suppliers to explore new regions,' she say s. She adds that more produce from South America, Central Europe and Africa might find its way to Singapore in the coming years. 'These regions offer untapped potential in both quality and cost efficiency, especially as trade routes and supply capabilities mature.' For now, meat and seafood from Taiwan and Ireland are gaining traction in Singapore, as are wine and cheese from Japan. Taste of Taiwan Iru Den chef-owner Javier Low started incorporating Taiwanese ingredients into his menu in 2024. ST PHOTO: DESMOND WEE In 2023, chef Javier Low was plying a well-trodden route to culinary prestige. His ingredients were Japanese and his techniques, European. He was running the show at Iru Den restaurant in Scotts Road, a stretch replete with other Japanese and European establishments celebrated for their premium produce. It was, from the outside, a perfectly viable approach. But behind the scenes, cracks started to show. 'The aftermath of Covid-19 was pretty tough. There were period s w hen the prices of produce from Japan went crazy. And when Japan started releasing treated nuclear waste water from Fukushima into the sea in 2023, we knew that bringing in Taiwanese produce was the right move,' says the 33-year-old chef-owner of the Michelin-selected restaurant. That was also the year he took a trip to Taiwan with his Pingtung-born wife, Iru Den's sommelier Emily Chen, 3 2. There, he was introduced to the wonders of Taiwan – rich, juicy carabinero prawns, maguro and sakura ebi that could give the Japanese versions a run for their mone y , as well as his mother-in-law's cai pu (pickled radish). 'Everyone's supporting Japanese products, so we wanted to take the risk and do something different, more meaningful too because of our connection to Taiwan,' he says. He added that it is rare for Singaporean restaurants to incorporate familial touches in the form of produce grown and prepared by their loved ones. So including his mother-in-law's cai p u in Iru Den's chicken broth and brown butter is the closest he gets to that. Initially, the couple found it difficult to fill their larder with Taiwanese produce. There were few suppliers they could tap in Singapore, so they had to approach fishermen and farmers in Taiwan. Unlike Japan, where produce is brought to a central market and distributed through a tightly organised process, seafood in Taiwan is scattered across its various ports an d d ependent on the whims of fishermen. 'They're a lot more laid-back. If the fisherman wants to fish, he'll fish, but if he doesn't feel like it, then too bad,' observes chef Low, who had to endure a few failed shipments that bit off a chunk of his savings when he first made the switch. Over time, however, the couple cobbled together a reliable band of suppliers through Ms Chen's family connections and fellow chefs. They rebranded as a Taiwanese restaurant in mid-2024 . Now, 80 per cent of the restaurant's produce hails from the island , which saves them around 10 to 20 per cent on ingredient costs. Certain meats are still sourced from other countries – wagyu from Japan and chicken from Malaysia – due to government restrictions, but Taiwanese pork has become a staple on Iru Den's menu since chilled and frozen pork products were approved for export to Singapore in November 2024. Such imports were s uspended in 2009 due to an outbreak of f oot-and-mouth disease in Taiwan. However, SFA has since assessed that Taiwan's food safety and animal health systems meet requirements for accreditation. Taiwanese pork is now available in FairPrice supermarkets, and has been well received by customers, according to a FairPrice Group spokesperson. 'Taiwanese pork is particularly suited for Asian cooking and recipes. It is known for its sweet, juicy and tender qualities compared with other pork variations, an apparent result of Taiwan's advanced farming methods and careful selection process when it comes to pig breeding,' adds the spokesperson. Despite its moreish quality, a minority of chef Low's customers have baulked at the prospect of a meal sourced mainly from Taiwan. 'Perception is always going to be a problem. Some people think Japanese food is always the best, and everything else is cheaper,' he says. 'So we know our job is to show them better, more interesting alternatives.' Irish ingredients Irish whelk at Luce's buffet. PHOTO: INTERCONTINENTAL SINGAPORE Ireland is sometimes called 'The Emerald Isle', and for good reason too. Its rolling hills and wide pastures are covered in a lush blanket of green, on which animals graze for an average of 220 days a year. This, in turn, makes for robust grass-fed meat and dairy products packed with nutrients. In the cold, clean waters that surround the island, shellfish such as oysters, whelk, crab and lobsters thrive. Now, such natural abundance is making its way to Singapore in greater volumes. In 2024, Ireland exported €42.5 million (S$63.2 million) worth of products to Singapore, a 10 per cent increase compared with 2023. It was an especially significant jump for Bord Bia, or the Irish Food Board, as many markets in Europe and the United States experience only single-digit growth. The most drastic jumps in export numbers were observed in the pigmeat category, which surged by 1 47 per cent. Dairy and beef exports also rose by around 20 and 30 per cent respectively. 'Singaporean consumers and food service professionals prioritise food safety, traceability and nutritional value – areas in which Irish produce excel, thanks to Ireland's grass-fed farming systems and rigorous quality standards. Irish dairy is prized for its rich flavour and purity, while Irish beef and pork are valued for consistent quality and adherence to strict animal welfare practices,' says Bord Bia's South-east Asia director Lisa Phel an. She credits Singapore's dynamic hospitality and food service sectors for driving demand. Restaurants such as Carnaby at Robertson Quay import Silver Hill Irish Duck, while Bread Street Kitchen at Marina Bay Sands serves cuts of Irish Beef . Bord Bia also runs initiatives such as its Taste of Ireland campaign, which ran from March to April . Despite a slight dip in drink and seafood exports, which fell by 9.3 and 3.6 per cent from 2023 to 2024 respectively, demand for those products has increased steadily over the last decade. Eateries such as Luce at InterContinental Singapore continue to swear by Irish seafood. For the last 1½ years, the buffet restaurant has stuck to Irish whelk, which it favours for its consistent texture and clean, briny flavour with a subtle sweetne ss. InterContinental executive chef Kenny Chung, 43, says these whelks have an exceptionally clean and delicate taste profile. Supply has remained stable too. Likewise, Irish oysters – with their plump texture, clean salinity and refined mineral finish – regularly stream into Singapore. 'Compared with oysters from other regions, Irish oysters are less metallic and more rounded in flavour, making them highly versatile and elegant on the palate,' says Mr Carl Verrelst, 37, operations manager at Italian restaurant Le Pristine Singapore at Grand Hyatt Singapore. The restaurant serves Irish Mor oysters. Ms Phelan says Bord Bia will continue to promote Irish produce through a campaign scheduled near Halloween, which borrows some traditions from the Gaelic festival of Samhain marking the beginning of winter. It will showcase Irish meats, dairy, seafood and snack brands such as Keoghs crisps that are new to Singapore. While clouds of geopolitical uncertainty loom over the food industry and its supply chains, she is choosing to focus on the silver lining. She says: 'We see potential US tariffs as an opportunity for Irish exporters who are heavily invested in the US to diversify their markets and expand into Singapore and South-east Asia.' Japanese wine and cheese New Japanese wines served at Odette. ST PHOTO: AZMI ATHNI Japanese produce is far from foreign to Singaporeans. But while wagyu and sashimi have thoroughly infiltrated Singapore's kitchens, Japanese wine and cheese – traditionally seen as European domains – remain more elusive. That could soon change, with the profile of Japanese wine, in particular, steadily growing. According to the Embassy of Japan in Singapore and the Japan External Trade Organization, the value of such exports to the Republic has risen from 18 million yen (S$157,000) in 2020 to 51 million yen in 2024. 'The number of Japanese winemakers who have studied abroad, including in France, has increased in recent years, leading to rapid improvement in winemaking techniques,' says Mr Takeshi Koga, 42, first secretary (agriculture and food) at the Embassy of Japan in Singapore. He adds that international awards and attention have also boosted awareness of Japanese wines. Whereas in the past, many Japanese wineries struggled with international outreach due to language barriers and limited marketing experience, producers and export managers – many of whom are educated overseas – have started to help bridge that gap, notes Mr Daisuke Shibuya, 44. He is the head sommelier at Terra Tokyo Italian, an Italian-Japanese restaurant in Tras Street. To him, the appeal of Japanese wine lies in its delicate taste. 'In Japan, most grapes grow in volcanic soil, so Japanese wine contains a high level of minerality. The climate is also cooler , like Germany or Austria , so it has a higher acidity, elegant aroma and lighter body.' While temperature fluctuations once made it difficult to preserve this delicacy during travel, reefer containers as well as better storage and handling techniques mean that the infrastructure to ensure safe deliveries is now firmly in place. Odette wine director Vincent Tan takes an exploratory approach to his curation of pairings. ST PHOTO: AZMI ATHNI Which is why Japanese wines can now be found in restaurants such as three-Michelin-starred Odette at National Gallery Singapore. Its wine director Vincent Tan added the first bottles to the French restaurant's menu two years ago, after a trip to Hokkaido in 2023. Of the restaurant's 1,100 wines, 50 or so are from Japan. 'The wine programme was always meant to be more exploratory,' says Mr Tan, 37. 'For wine pairings, we focus on bringing people to regions they might not expect. And I like the idea of using Asian wine in Asia.' He makes it a point not to pair Japanese wine with Japanese-style dishes. A smoked egg dish with potato and chorizo goes with a sweet and rich Niigata pinot noir, for instance, while a langoustine dish is served with a Hokkaido white. So far, guests seem to love it, and some have purchased bottles of Japanese wine to bring home. It is cheaper than European wines too. Mr Tan says a top-of-the-range bottle from Japan is priced in the same ballpark as a mid-tier French wine, as the former does not yet have the history to command a higher figure. Even the Japanese have yet to fully embrace the fruit of their vineyards. Suppliers who import Japanese wine to Singapore have told Mr Tan that they get little business from Japanese restaurants, which still view French and Italian wines as the apex. Mr Koga hopes that recognition in Singapore will help to spur interest back home. 'Japan takes pride in its craftsmanship and quality. But like Lexus or Suntory whisky, many products are valued at home only after earning praise abroad.' He also notes the improving quality of Japanese cheese, though this has proven a harder sell. The value of its Singapore exports has hovered around 21 million yen since 2020, through worldwide demand has inched up from 520 million yen to 608 million yen over the same period. However, some fine-dining restaurants have started to pave the way for this new category of cheese. For example, newly minted one-Michelin-starred restaurant Omakase@Stevens' summer menu features cheddar from Nagano. Executive chef Kazuki Arimoto believes that Japanese cheese has immense potential, but its prevalence is curtailed by the lack of established import channels, which makes distribution to Singapore difficult. 'Japanese cheeses offer a more subtle but robust character – not overpowering, yet deeply flavourful,' says the 31-year-old. 'In my cooking, I strive to showcase the individuality of each cheese while ensuring a harmonious balance in the dish.'
Business Times
3 hours ago
- Business Times
Brunei tweaks Bridgewater bet to a lucrative 20% stake in firm
[NEW YORK] Brunei's sovereign wealth fund pulled money from an investment in a Bridgewater Associates strategy to buy an almost 20% stake in the hedge fund manager's holding company, a move that has helped spur higher gains for other institutional investors. The Brunei Investment Agency is the latest longstanding client to buy a piece of the firm founded by Ray Dalio, which managed US$92 billion as at Dec 31. It's unclear which Bridgewater vehicle Brunei pulled money from, although the sovereign wealth fund remains an investor in all of the firm's funds, according to a source familiar with the money manager. Bridgewater's flagship Pure Alpha II, like many macro funds, has improved its performance in the past few years, but over a longer period, returns have been uneven. That means a long-term investment in the firm itself can be more lucrative than betting on its most popular product. Bridgewater has been selling stakes to institutions for more than a decade. The Teacher Retirement System of Texas, the Ontario Municipal Employees Retirement System, Singapore's sovereign wealth fund and the International Monetary Fund have all purchased a piece of the Westport, Connecticut-based firm. The Texas teachers pension fund invested US$250 million in Bridgewater's holding company in 2012 and reported making an annualised return of 8.7 per cent to Mar 31. An investor in Pure Alpha would have gained an annualised 2 per cent from the beginning of 2012 to June 2025. Last year, the fund climbed 11.3 per cent and it's up 17 per cent in the first half of this year. Dalio recently completed his exit from the company, selling the final slug of his remaining shares in the money manager he started 50 years ago, and resigning from the board. BLOOMBERG
Business Times
4 hours ago
- Business Times
Airbnb touts good talks with New York City mayor candidates on rental ban
[CHICAGO] After pouring more than US$1 million into New York's mayoral race, Airbnb said that it's having 'really good conversations' with candidates about restrictions that wiped more than 80 per cent of its listings in the city. Chief business officer Dave Stephenson said that he is optimistic and that politicians are starting to realise the rules have not been good for residents, who cannot supplement their incomes with short-term rentals. It has also sent hotel prices in the city soaring, he said. Airbnb plans to spend US$10 million on getting homesharing-friendly politicians into New York City and state offices just this year. The company is pushing back on New York City's Local Law 18 regulation, which outlawed most of its short-term rental listings when it came into effect in 2023. 'Conversations are happening there, top-level conversations with the mayor and with mayoral candidates,' Stephenson said on Thursday (Jul 31). 'We are having really good conversations about the importance of supporting the communities and the economics in those communities and I think that they are realising that the law is not serving the community well.' New York politicians have argued short-term rentals have exacerbated the city's housing affordability crisis. The measure, which wiped out more than 18,000 of Airbnb's listings in the city within a year of coming into force, was strongly supported by the powerful hospitality workers union, the Hotel and Gaming Trades Council. Stephenson, who was in Chicago to mark Airbnb's first global live music partnership with Lollapalooza festivals around the world, blamed the restrictions for rising hotel prices in New York. The average cost of a room in the city surged to a record US$439.71 in December, according to CoStar data. He also said smaller neighbourhoods are missing out on economic activity. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up 'There are so many boroughs that are struggling now, because you can't stay in Brooklyn, you can't stay in Queens, you can't stay in Staten Island – there are no hotels,' he said. 'People are not able to earn income from their homes, so they're actually seeing the negative side of this.' The company's super-PAC spent over US$1 million in the Democratic primary, targeting three candidates who did not support rolling back the short-term rental ban during the race: Zohran Mamdani, Scott Stringer and Brad Lander, Politico reported at the time. In a separate statement, Airbnb said it's 'committed to supporting candidates who champion common-sense solutions to the affordability crisis, including empowering everyday New Yorkers, especially one- and two-family homeowners, to share their own homes as a way to afford their mortgages'. New York City Mayor Eric Adams did not respond to a request for comment. Remaining candidates, Mamdani, Andrew Cuomo and Curtis Sliwa, did not respond to requests for comment. Jim Walden, who is also running, declined to comment. Stephenson did not specify which candidates the company was speaking to. Advocates for short-term rentals are trying to revise the law ahead of next summer, when New York will be one of several North American host cities for the 2026 FifaWorld Cup, an event franchise Airbnb has also partnered with. In March, the chambers of commerce for New York City's five boroughs sent a joint letter to the city council saying the regulations have had 'devastating consequences for small businesses'. A bill relaxing some of New York's stringent ban has been introduced in the city council, but it's a long way from viability, the bill has only a few sponsors and has yet to receive a hearing. Cities across the US are grappling with an affordable housing crisis, and several have turned to the regulation of short-term rentals after concerns that real estate speculators are entering the market, purchasing housing and then renting it on platforms such as Airbnb and Vrbo. Chicago limits how many units within an apartment building can be used for short-term rentals and requires city approval and registration. While the city is weighing an ordinance that would allow council members to ban short-term rentals within their wards, the proposal has stalled. 'We found very specifically in Chicago that the actual residents of many of these neighbourhoods, we have civil rights people in the neighbourhoods, are actually advocating to keep Airbnbs because it's an important way for people to earn income,' he said. 'I'm really happy with where we are at in Chicago, because I think the neighbourhoods are actually starting to see the benefit and are speaking up.' BLOOMBERG
