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Business Times
5 days ago
- Business
- Business Times
UOB unveils world's tallest, brightest and longest projection canvas
[SINGAPORE] UOB lit up the 280 m-tall facade of its Plaza 1 building at Raffles Place on Friday (Jun 27) with a series of images to mark the bank's 90th anniversary this year and Singapore's 60th year of independence (SG60). The projections showcase UOB's past and future, as well as its Painting of the Year winning artworks and various SG60-themed visuals. The light show – which covers about 250 million pixels and produces 5.85 million lumens – bagged a total of three Guinness World Records titles, for the world's tallest, brightest and longest projection mapping canvas. The three records are: the largest light output in a projected image; the longest architectural projection-mapped display (temporary); and the highest projection image on a building. The six-minute show, called Unity, runs nightly until National Day on Aug 9, except for Sundays. It is presented in collaboration with multimedia integrator Hexogon Solution. Led by creative director Benjamin Tan, the show has three acts – time, transformation and tomorrow – that celebrate the 'spirit of innovation and change at UOB that has shaped the bank's past and present as it looks towards the future', said UOB in a news release. UOB organised an event at the Asian Civilisations Museum on Friday to celebrate the launch of the show. Deputy chairman and chief executive officer Wee Ee Cheong was in attendance, as well as members of the senior management team. Janet Young, the head of group channels and digitalisation, strategic communications and brand, said: 'This year marks a significant milestone as UOB turns 90 and Singapore celebrates its 60th birthday. Our growth story is closely tied with Singapore's growth story, and we are deeply grateful for the continuous support from our community, who have grown and journeyed with us across generations and regions.' The Unity show will be held twice nightly from Mondays to Thursdays at 9 pm and 9.40 pm, and thrice on Fridays and Saturdays at 9 pm, 9.40 pm and 10.20 pm.
Straits Times
24-05-2025
- Business
- Straits Times
NUS, NTU and hospitals get the biggest donations in S'pore
Education Minister Chan Chun Sing (third from left) at a signing ceremony to formalise a $110 million gift from UOB and the Wee Foundation to NTU. With him are (from left) UOB deputy chairman and chief executive Wee Ee Cheong, Wee Foundation director Wee Wei Ling, NTU president Ho Teck Hua and NTU board chair Goh Swee Chen. PHOTO: ST FILE Universities and hospitals get the largest multimillion-dollar donations in Singapore SINGAPORE - The biggest donations in Singapore have traditionally gone to universities and hospitals here. In April, it was reported that Nanyang Technological University received $110 million from UOB and the Wee Foundation, which was set up by the bank's former chairman, the late Mr Wee Cho Yaw. The gift would go towards supporting three new programmes, including the NTU Opportunity Grant where undergraduates in need can get up to $10,000 to pay for their campus accommodation and overseas exchanges, among other things. This is the second-largest donation the university has received. In 2011, the Lee Foundation gave $150 million to NTU to start its medical school, the Lee Kong Chian School of Medicine. The late Mr Lee Kong Chian, who was known as the rubber and pineapple king for the businesses he ran, started the Lee Foundation in 1952. The National University of Singapore is also a recipient of some of the biggest donations here. Its Lee Kuan Yew School of Public Policy received $101 million in 2023 from the Low Tuck Kwong Foundation to support public officers from Asia and provide scholarships for students in the region. The foundation, named after coal tycoon Low Tuck Kwong, is one of the new philanthropic foundations in Singapore set up in the past three years by some of the richest people in the world. Others include the Dalio Foundation by American hedge fund billionaire Ray Dalio and his family, and the Elaine and Eduardo Saverin Foundation by Facebook co-founder Eduardo Saverin. The sum given by the Low Tuck Kwong Foundation is just slightly more than the $100 million Hong Kong tycoon Li Ka Shing donated to the Lee Kuan Yew School of Public Policy in 2007. Back in 2005, the NUS Medical School received a $100 million gift from the Yong Loo Lin Trust and was renamed the NUS Yong Loo Lin School of Medicine. Mr Yong Loo Lin was born in Malaysia, graduated as a doctor from the University of Hong Kong, and became a successful businessman in Hong Kong. He died in 1959. In 2011, the family of the late property tycoon Ng Teng Fong, the founder of Far East Organization, donated $125 million to a new hospital. Jurong General Hospital was renamed the Ng Teng Fong General Hospital in honour of the gift. The family of another tycoon, Mr Khoo Teck Puat, also donated $125 million in 2007 towards the building of a new hospital in Yishun. The bulk of the sum went towards the construction cost of the Khoo Teck Puat Hospital, and the remainder was for a welfare fund to help poor patients. The late Mr Khoo was a banker and hotelier whose family owns the Goodwood Group of Hotels. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
12-05-2025
- Business
- Business Times
DBS, OCBC and UOB brace for tariff fallout despite steady Q1 results
[SINGAPORE] Uncertainty from US tariffs loomed large as Singapore's three local banks reported their first-quarter results over the past week. The macroeconomic jitters were significant enough for UOB to suspend its earnings guidance for 2025, although DBS and OCBC have kept theirs unchanged for now. All three banks also set aside additional pre-emptive allowances to strengthen their reserves, even as they stressed that asset quality remains stable. For the quarter ended Mar 31, 2025, DBS posted a 2 per cent decline in net profit to S$2.9 billion due to higher tax expenses. This narrowly topped the Bloomberg consensus forecast of S$2.87 billion. OCBC's net profit fell 5 per cent to S$1.88 billion, also slightly beating the S$1.86 billion Bloomberg estimate. The decline came amid lower net interest income and a rise in operating expenses. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up UOB reported a net profit of S$1.49 billion, unchanged from the previous year, but fell short of the S$1.54 billion consensus forecast. In terms of reserves, DBS set aside S$205 million in general allowances during the quarter, bringing total allowances to S$325 million – 56 per cent higher than the previous quarter. OCBC's allowances rose 2 per cent on-quarter to S$212 million, led by S$118 million in pre-emptive allowances for non-impaired assets. UOB increased its total allowances to S$290 million, up from S$212 million in the previous quarter, as it reinforced provision coverage. Knock-on effects The banks stressed that the greater concern lies not in the direct impact of tariffs, but in the secondary effects – particularly a possible dip in consumer confidence that could lead to a broader economic slowdown. UOB deputy chairman and chief executive officer Wee Ee Cheong said his bank was not 'overly alarmed' about the direct impact, as trade accounts for only about 10 per cent of UOB's portfolio, with 80 per cent of that being intra-Asia. While UOB's credit cost rose 10 basis points (bps) on-quarter to 35 bps, it remains well below the 57 bps seen during the Covid-19 pandemic, he added at the bank's May 7 earnings call. At DBS, CEO Tan Su Shan said stress tests showed that the bank would not be 'so badly affected' by direct tariff exposure. 'The good news is our direct exposure between China and the US, in terms of flows to the US, is pretty muted (and) very limited, so I don't see a lot of impact there,' she said during a May 8 briefing. OCBC group CEO Helen Wong noted at a May 9 earnings call that only 3 per cent of the bank's loan book is expected to be directly affected by current tariffs. She identified the impacted industries as manufacturing, goods production, international transport, storage, raw materials and commodities. Outlook ahead Looking ahead, analysts said the trajectory of the tariff situation will be a key swing factor for the banks' performance in the coming quarters. CGS International analysts Tay Wee Kuang and Lim Siew Khee, in a May 9 report, upgraded DBS to 'add' from 'hold' with a S$47.90 target price, citing 'sustainable' returns driven by core earnings growth and capital return initiatives. They pointed to earnings contributions from wealth management, loan-related fees and a 'healthy pipeline' of non-trade corporate loans. Maybank analyst Thilan Wickramasinghe kept his 'hold' rating, noting the lender's 'safe haven' appeal and commitment to capital returns. However, he flagged limited potential for earnings upgrades, given 'poor macro visibility'. On UOB, the CGS International analysts said no major revisions were expected to its now-paused FY2025 guidance, with the bank on track to meet its goals on total income and double-digit fee income growth. They added that Asean and Greater China – which make up 85 per cent of UOB's loan book – could continue supporting growth through regional trade flows. Still, DBS Research Group analyst Lim Rui Wen warned of a possible 'sequential impact' from a worsening trade war, as 82 per cent of UOB's group profit before tax comes from Asean. For OCBC, Jefferies analysts Sam Wong, Chen Shujin and Joanna Cheah noted the bank posted the sharpest net interest margin (NIM) decline among the three lenders in Q1, leaving 'not as much room' to meet its full-year 2 per cent guidance. OCBC's NIM fell 23 bps year on year to 2.04 per cent. UOB's Q1 NIM came in at 2 per cent, down slightly from 2.02 per cent a year earlier, while DBS reported a NIM of 2.12 per cent, down from 2.14 per cent previously. OCBC's 2 per cent guidance NIM should 'drive (a) low-single digits consensus earnings downgrade', said Citi analyst Tan Yong Hong on May 9. 'On the flipside, asset quality continues to be robust,' Tan said, citing 'strong' growth in assets under management for the lender's wealth business.
Business Times
11-05-2025
- Business
- Business Times
Director filings across financials, real estate and Singapore's largest private dental group
OVER the five trading sessions from May 2 to May 8 institutions were net buyers of Singapore stocks, with net institutional inflow of SS$123 million, adding to the S$56 million of net inflow for the preceding four sessions. This brings the net institutional outflow for the 2025 year to May 8 to S$1.61 billion. Institutional flows Over the five trading sessions through to May 8, the stocks that saw the highest net institutional inflow were Singtel , Singapore Airlines , Keppel , OCBC , Jardine Matheson Holdings , Capitaland Ascendas Reit , Hongkong Land Holdings , Sheng Siong Group , Keppel DC Reit , and Genting Singapore . Meanwhile DBS , UOB , Mapletree Logistics Trust , Yangzijiang Shipbuilding Holdings , Capitaland Integrated Commercial Trust , Venture Corporation , Sats , iFast Corporation , Wilmar International , and Mapletree Industrial Trust led the net institutional outflow over the five sessions. From a sector perspective, telecommunications and industrials experienced the highest net institutional inflow, while financial services and technology again saw the most net institutional outflow. Share buybacks The five sessions through to May 8 saw 14 primary-listed companies make buybacks with a total consideration of S$22.8 million. Director transactions The five trading sessions spanning May 2 through to May 8 saw more than 100 director interests and substantial shareholdings filed for more than 40 primary-listed stocks. Directors or chief executive officers (CEOs) filed 11 acquisitions, and one disposal, while substantial shareholders filed eight acquisitions and three disposals. This included director or CEO acquisitions in Darco Water Technologies , Hong Fok Corporation , the manager of Mapletree Logistics Trust , Nera Telecommunications , Niks Professional , Q & M Dental Group (Singapore), Sheffield Green , Southern Alliance Minin g, UOB , and UOB-Kay Hian Holdings . BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up UOB On May 7, UOB deputy chairman and CEO Wee Ee Cheong acquired 100,000 shares at an average price of S$34.48 per share. This increased his direct interest to 0.36 per cent, and total interest from 10.75 per cent to 10.76 per cent. This followed the group reporting a net profit of S$1.49 billion for its Q1 FY25 driven by broad-based growth, highlighted by record fee income and strong loan growth. Wee highlighted that China-Asean and intra-Asean trade flows continue, driven by growing client demand for hedging and a healthy pipeline of infrastructure financing. He also noted that the group will resume FY25 guidance once the situation stabilises and remains committed to the S$3 billion capital distribution plan. UOB-Kay Hian Holdings On May 2, UOB-Kay Hian Holdings chairman and managing director Wee Ee-Chao purchased 139,753 shares at S$1.80 apiece. This increased his deemed interest from 35.35 per cent to 35.37 per cent. This followed his acquisition of 788,360 shares on Apr 29 at the same price. He has gradually increased his deemed interest in the regional financial services group from 29.49 per cent at the end of 2019. UOB-Kay Hian Holdings' regional distribution footprint now encompasses major financial centres in Singapore, Hong Kong, Thailand, Malaysia, Indonesia, London, New Jersey, and Toronto, while also maintaining a research office in Shanghai and an execution presence in the Philippines. For its FY24 (ended Dec 31), the group achieved attributable net profit of S$224 million, an increase of 32 per cent from FY23. Commission and trading income increased by 26 per cent to S$369 million due to higher commission income from structured products. Meanwhile, interest income decreased 3.4 per cent from S$262 million to S$253 million because of lower interest rates and other operating income increased 32.1 per cent to S$48 million due to increased corporate finance activities. Wee Hur Holdings On May 5, Wee Hur Holdings executive director and deputy managing director Goh Yew Gee disposed of one million shares at an average price of S$0.545 apiece. This reduced his total interest from 2.18 per cent to 2.07 per cent. Goh has maintained this role since September 2007. In January 2009, he was also appointed managing director of the wholly owned subsidiary, Wee Hur Construction. He is responsible for overseeing the overall operation of the construction and dormitory business. FY24 (ended Dec 31) was highly eventful for the group with the PBSA Fund I sale proceeds which delivered a S$0.07 special dividend per share that went ex-dividend on May 8. At its FY24 AGM on Apr 30, Wee Hur Holdings announced that it had been awarded a new Build-To-Order project valued at S$236.4 million. This increased its S$263.3 million orderbook as at end-2024, by as much as 90 per cent. Q & M Dental Between May 2 and 5, Q & M Dental Holdings non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 53.02 per cent to 53.17 per cent. The 1.4 million shares were acquired at an average price of S$0.30 apiece. The shares were bought both directly and through Quan Min Holdings. Dr Ng oversees the corporate direction of the group, leading business strategies, policy planning, and development in Singapore, Malaysia, and China. His preceding acquisition via the market was in November 2021. For FY24, Q & M Dental reported total revenue of S$180.7 million, driven by the resilience of its core dental business, which contributed S$173.8 million. The Malaysian dental clinics also saw increased contributions during this period. While total revenue was comparable to FY23, concentration on operational efficiency and cost discipline saw FY24 attributable net profit increase 27 per cent from FY23 to S$14.6 million. For FY25, its strategy focuses on three key areas: regional expansion, and sustainability and ESG (environmental, social and governance). In Singapore, it aims to explore new outlet locations for growth, while in Malaysia, it is looking to expand its dental business, particularly in the Johor-Singapore Special Economic Zone. For its artificial intelligence (AI) and digital transformation strategy, Q & M Dental has been dedicated to developing AI solutions, since November 2018, with the establishment of the EM2AI subsidiary. Looking ahead, Q & M Dental plans to deploy AI-powered dental charting across all its clinics and establish industry-academia partnerships by the end of FY25. In March 2025, it also signed a binding agreement with a major dental solutions provider in South-east Asia, granting them a licence to integrate EM2AI's dental AI solutions into their platform. The group believes that this collaboration will significantly expand EM2AI's reach, enabling it to provide dental AI solutions to over 1,100 clinics across Singapore, Malaysia, Thailand, Vietnam and Australia. Following Q & M Dental's recent increase in its interest in Aoxin Q & M Dental Group (Aoxin) from 33.33 per cent to 50.53 per cent, it has made a mandatory unconditional cash offer to acquire all the shares it does not already own. With an offer of S$0.0321 per share, Q & M Dental says that it is its intention to maintain the present listing status of Aoxin following completion of the offer. Q & M Dental has also recently proposed a secondary listing of the company on the main market of Bursa Malaysia. Hong Fok Corporation On May 6, Hong Fok Corporation executive director and joint CEO Cheong Sim Eng bought 80,000 shares, for a consideration of S$50,345 at an average price of S$0.754 cents per share. He maintains a 20.41 per cent total interest in the property developer. This was his first acquisition since August 2022, when 35,000 shares were bought at S$1.05 cents per share. Prior to that he purchased 43,000 shares at 98.0 cents per share in June 2022. Cheong is principally involved in the group's overall operations and management, with greater emphasis in Singapore and he has over 40 years of experience in the property development business. Looking ahead, Hong Fok Corporation plans for Yotel Singapore Orchard Road to enhance operational efficiency, implement cost-saving measures, and boost guest satisfaction to attract both loyal and new visitors despite economic challenges. The group acknowledges that geopolitical uncertainties make predicting interest rate trends difficult, but a decline in mortgage financing costs could improve affordability and encourage first-time homeowners and upgraders, though foreign demand will remain low due to the Additional Buyer's Stamp Duty. The Singapore office market is expected to see modest growth amid economic uncertainty, with the group focusing on sustainability practices and targeted marketing to retain and attract tenants, ensuring stable rental income. Wing Tai Holdings Wing Tai Holdings chairman and managing director Cheng Wai Keung has increased his deemed interest in the company through shares acquired by his spouse, Helen Chow. Between May 2 and May 8, Cheng's deemed interest in the leading real estate developer and lifestyle retailer rose by 240,000 shares, from 61.65 per cent to 61.69 per cent. Mapletree Logistics Trust On May 8, Mapletree Logistics Trust Management non-executive chairman and director Lee Chong Kwee bought 100,000 units of Mapletree Logistics Trust at S$1.10 per unit. This increased his direct interest in the Reit to 400,000 units. The trust invests in a diversified portfolio of quality logistics real estate in Singapore, Australia, China, Hong Kong, India, Japan, Malaysia, South Korea and Vietnam. Its tenant base includes 934 customers, with about 85 per cent of its revenue coming from tenants serving domestic consumption and around 15 per cent from those engaged in export businesses. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit
Business Times
09-05-2025
- Business
- Business Times
DBS, OCBC, UOB set aside extra allowances to account for heightened uncertainty
[SINGAPORE] The local banking trio have taken extra allowances in their first-quarter 2025 results amid a rise in uncertainty in the macroeconomic environment. DBS, OCBC and UOB each said this was a pre-emptive step to beef up their reserves as they navigate the impact of US tariffs and a possible economic slowdown, even as asset quality remains stable. DBS took general allowances of S$205 million in Q1 to strengthen its reserves. OCBC's allowances rose 2 per cent on quarter to S$212 million, comprising S$94 million for impaired assets and S$118 million for non-impaired assets. Allowances for non-impaired assets were up due to changes in credit risk profiles and additional management overlays. UOB's total allowance increased to S$290 million in Q1 from S$212 million in Q4, as higher pre-emptive allowance was set aside to strengthen provision coverage. Due to uncertainty, UOB suspended its 2025 guidance, with plans to resume this once the macroeconomic situation stemming from US tariffs stabilises. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Nevertheless, the banks noted that their respective asset qualities remain sound. DBS' non-performing loans (NPL) ratio was flat at 1.1 per cent; OCBC's NPL ratio fell 10 basis points on year to 0.9 per cent; while UOB's NPL ratio rose slightly to 1.6 per cent from 1.5 per cent, due to a rise in credit costs from taking the additional allowances. The three local banks said they saw less direct impact from US tariffs. They were more concerned about a possible fall in consumer confidence and subsequent economic slowdown if the situation persists. DBS chief executive Tan Su Shan, who officially took on the role in April, sees limited impact to 'first-order risks' – which are direct risks on sectors and countries – given that its exposure to US-China flows is muted. She noted that the lender continues to stress test for 'second-order risks'. UOB chief executive Wee Ee Cheong also said the greater severity lies in the 'second-order impact', though the extent of this is still unfolding. 'If the uncertainty continues, then it will affect consumer confidence,' he said. 'This is where the slowdown in the economy will come in.' Meanwhile, OCBC chief executive Helen Wong noted that the bank is 'quite prepared' to deal with the tariff situation, and will continue to be 'very vigilant' on underwriting transactions, amid the uncertainties.
