Stock Market Today

Singapore stocks ended higher on Thursday (Nov 13), tracking regional peers. The local benchmark gained 0.2% or seven points to finish at 4,575.91. Across the broader market, gainers beat losers 318 to 252, after 1.2 billion securities worth S$1.8 billion changed hands.

Major U.S. indexes, along with the small-cap Russell 2000 index, posted big losses on Thursday to close out their worst one-day performance since Oct. 10. The Dow Jones Industrial Average lost about 800 points, or 1.7%, taking back gains seen in Wednesday’s session when it crossed the 48,000 level. Technology giants came away battered in the previous session, putting the tech-heavy Nasdaq Composite on pace to snap its seven-week win streak.

* ^ denotes companies placed on SGX Watch-list

SG

Palm oil producer Golden Agri-Resources posted a 17% quarter-on-quarter rise in net profit for the third quarter ended Sep 30 to US$124 million, from US$106 million. Revenue for the third quarter grew 9% to US$3.4 billion, from US$3.1 billion the quarter before. For the nine-month period, revenue increased 21% to US$9.5 billion, from US$7.9 billion in the year-ago period. Higher output helped capitalise on the stronger prices, while a modest increase in downstream volume further supported revenue growth.

Acrophyte Hospitality Trust’s net property income for the first nine months of 2025 fell 13.9% to US$29.1 million from US$33.8 million in same period last year. Revenue clocked in at US$121.2 million, down 6.3% from US$129.4 million in the same period last year. The operational performance for the first nine months of 2025 was impacted by a combination of portfolio contraction and impact of renovations, as well as softer lodging demand amid macroeconomic uncertainty.

National carrier Singapore Airlines posted an 82.1% drop in net profit to S$52 million for the second quarter of FY2026 ended September, down from S$290 million in the year-ago period. The group attributed the fall in net profit to losses by its associate Air India, which were not included in its financial results for the previous year. The group began equity-accounting for Air India’s financial performance from December 2024, following the full integration of Vistara into Air India.

Centurion Corp saw revenue rise 9% to S$67.5 million for the third quarter ended Sep 30, thanks to positive rental revisions across all of its worker and student accommodation properties. The positive showing came even as Centurion saw lower occupancy in its Malaysian purpose-built workers accommodation (PBWA) and Australian purpose-built student accommodation (PBSA) assets.

In-flight caterer and ground handler Sats announced a Q2 FY2026 net profit of S$78.9 million, up 13.3% from S$69.7 million in the corresponding year-ago period. The group attributed this to the strong performance of its cargo handling business as well as steady contributions from its ground handling and food services segment.

The manager of EC World Reit posted a net property income of S$9 million for its third quarter ended Sep 30, a 60.5% decrease from S$22.8 million in the corresponding year-ago period. EC World Reit’s revenue for the quarter fell 56.9% on the year to S$10.8 million from S$25.1 million. The declines were attributed to the termination of four master leased agreements upon their expiries, lower contributions from underlying leases and the weakening of the renminbi against the Singapore dollar.

Palm oil producer Bumitama Agri posted a 29% rise in net profit to 1.87 trillion rupiah (S$145.7 million) for the nine months ended Sep 30. Bumitama’s revenue was buoyed by production recovery, which progressed as expected, and improved productivity. The output of fresh fruit bunches was up 8% to 2.54 million tons.

Entertainment group mm2 Asia reported a net loss of S$39.7 million for the half-year ended Sep 30, widening from the net loss of S$3.9 million for the year-ago period. Revenue plunged 53.2% to S$40 million, from S$85.4 million in H1 FY2025. This came on the back of a decline in contributions from the group’s content business, which posted a revenue of S$5 million, down 92.3% year on year from S$64.9 million.

Technology player Venture Corp posted a net profit of S$55.6 million for the third quarter ended Sep 30. Venture is ramping up activities for hyperscale data centres, including network connectivity solutions. In the life sciences segment, it is working on the design and manufacture of advanced instruments. It is also focused on securing new wins and increasing its market share for complex test and measurement instrumentation devices, as well as landing new business in building automation and security.

Integrated marine logistics company Marco Polo Marine has secured a NT$4.7 billion (S$198 million) contact from the National Academy of Marine Research, a research institute under the Ocean Affairs Council of Taiwan, to build an advanced research vessel. Secured by its wholly owned subsidiary Marco Polo Shipyard, the project to build a 4,000 gross tonne oceanographic research vessel represents the largest contract win in the division’s history.

The manager of Sasseur Real Estate Investment Trust posted rental income of 166.3 million yuan (S$30.4 million) for its third quarter ended September, an increase of 4.9% from 158.6 million yuan in the same period the year before. This was underpinned by strong outlet sales performance during the period.

StarHub has reported lower earnings for its 3QFY2025, due to lower ebitda and higher depreciation, amid lower revenue. For the three months to Sept 30, earnings dropped 35.3% year-on-year to $26.2 million, which brings its 9MFY2025 earnings to $88.2 million. The bottom line was also hurt by a one-off forfeiture payment of $14.1 million for the return of one 700 MHz spectrum lot in 2QFY2025.

US

Tencent Holdings has agreed a deal with Apple that will see the iPhone maker handle payments and take a 15% cut of purchases in WeChat mini games and apps. Resolving the issue, under negotiation between the two tech titans for over a year, opens a new revenue stream for Apple and takes pressure off Tencent. Apple had demanded Tencent close loopholes that app creators employed to funnel users to external payment systems, circumventing the iPhone’s typical 30% commission.

Google is under investigation by the European Union antitrust watchdogs. This is over concerns that it unfairly demotes some news results in a probe that risks adding to its 9.5 billion euros (S$14.4 billion) EU fines tally, and worsening fraught relations with the Trump administration. The European Commission said on Thursday (Nov 13) that it suspects the Alphabet unit may be violating the bloc’s Digital Markets Act (DMA), by pushing down results for publishers’ websites when they include content from commercial partners.

Tesla is recalling around 10,500 of its Powerwall 2 home, backup battery systems due to risk of overheating, burns and fires. The U.S. Consumer Product Safety Commission and Tesla said, in a recall notice, that the issue was due to a third-party battery cell defect. Elon Musk’s autos and energy business said it will replace all affected units for Powerwall 2 customers in the U.S.

Boeing defense workers approved on Thursday on a new contract that will end a more than three-month strike that has delayed the manufacturer’s production of F-15 fighter jets and other programs. The workers rejected previous offers, with their union saying the proposals failed to address concerns. The contract proposal the roughly 3,200 workers voted on Thursday includes 24% wage increases over five years as well as a $6,000 up-front bonus, up from $3,000, though it gets rid of a previous Boeing proposal for $4,000 in payments later on. That will bring average base pay from $75,000 to $109,000 over the contract.

Disney reported fiscal fourth-quarter earnings on Thursday that topped analyst expectations for earnings but missed on revenue as the company’s entertainment business was weighed down by its TV networks and a lackluster theatrical film slate. The company’s entertainment unit was buoyed by streaming as the linear TV business experienced further declines in ad revenue. Its flagship streaming service, Disney+, added 3.8 million subscribers during the period, bringing its total to 131.6 million.

Major League Soccer is stepping onto a bigger stage next year, when all of its matches will find a new home on Apple TV. Beginning in the 2026 season, MLS games will be available on Apple’s flagship streaming platform, which currently includes Major League Baseball games as well as scripted series like Severance. The move marks a big shift for both the league and Apple’s media strategy, as the tech giant will end Season Pass, the separate subscription service for MLS games provided by Apple.

Paramount, Comcast, and Netflix are preparing bids for Warner Bros. Discovery, with an initial deadline of November 20 for nonbinding first-round offers. Paramount aims to acquire the entire company, while Comcast and Netflix are primarily interested in Warner Bros. movie and TV studios and HBO Max. Paramount’s latest offer was $23.50 per share, a nearly 90% premium to the stock’s price before news of its bid emerged.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR

PRIME US REIT – Recovery on the horizon

Recommendation: BUY; TP S$0.30; Last close: S$0.2000; Analyst Darren Chan

• 3Q25/9M25 distributable income declined 26%/28% YoY, in line with expectations at 21%/76% of our FY25e forecast. The weaker 3Q25 performance reflected a lower portfolio occupancy of 80.7% (3Q24: 83%) and higher finance costs following the Aug-24 loan refinancing.
• 92k sqft (2% of NLA) of leases were signed in 3Q25 at a strong +14.5% rental reversion (2Q25: +4.3%). Portfolio occupancy inched up from 80.2% to 80.7% QoQ, and is expected to reach c.85% by year-end with the signing of large leases totalling over 150k sqft (c.3.5% of NLA).
• Maintain BUY with an unchanged DDM-derived TP of US$0.30 and no changes to our forecasts. The payout ratio will be raised to at least 50% of distributable income from 2H25 onwards (10% payout ratio since 2H23), supported by improving committed occupancy and strong income visibility, as 10.8% of portfolio occupancy is staggered to start contributing cash flows from 4Q25 onwards. Assuming a 50% payout ratio in 2H25 and FY26e, the current share price implies FY25e/26e DPU yields of 3.1%/6.7%. Prime trades at a steep discount at 0.37x P/NAV, offering an attractive entry point with dividend growth as the portfolio stabilises.

ST Engineering Ltd – Non-cash impairment

Recommendation: NEUTRAL; TP S$8.200; Last close: S$8.6800; Analyst Paul Chew

• 9M25 revenue was within expectations at 71% of our FY25e forecast. 3Q25 revenue grew 13% YoY to S$3.14bn, led by a 22% jump in commercial aerospace revenue to S$1.28bn. New orders surged 126% YoY to S$4.9bn (3Q24: S$2.2bn). A special dividend of 5 cents was announced together with an interim dividend of 4 cents. Final dividend of 6 cents will also be proposed.
• The company announced a S$667mn impairment of the iDirect satellite communications business. Impairment was largely goodwill and intangibles, leading to a ~S$50mn decline in annual amortisation expense. Key competitor Starlink is expanding its network by deploying thousands of satellites, and its next-generation models will offer bandwidth capacity ten times greater. There are active discussions about iDirect’s strategic options.
• We maintain our FY25e earnings. Our DCF TP of S$8.20 and NEUTRAL recommendation is maintained. The order book is robust with strong momentum, especially in defence spending. Valuation at 30x PE FY25e has already priced in strong growth in the near-term. Disposing of loss-making iDirect removes an earnings and cash-flow drag on valuations.

Shopify Inc.- Solid execution, but valuation still stretched

Recommendation: NEUTRAL; TP US$155.00; Last close: US$158.88; Analyst Helena Wang

• 3Q25 revenue/adj. PATMI were within our expectations. 9M25 revenue/adj.PATMI was at 70%/75% of our FY25e forecasts. The seemingly lower 9M revenue contribution is consistent with SHOP’s seasonality, as Q4 usually delivers a higher revenue.
• Revenue grew 32% YoY, supported by growth in both subscription solutions (+15% YoY) and merchant solutions (+38% YoY). Margins declined by 2.8% YoY, mainly due to a mix shift toward Merchant Solutions (which carry lower margins than Subscription Solutions).
• We increase our FY25e/FY26e PATMI by 5%/6%, to account for improved cost discipline and lowered OPEX the company has guided. We maintain our recommendation of NEUTRAL with an increased DCF target price of US$155 (prev. US$150), with a WACC of 7.0% and a terminal growth rate of 5%. With its FY25 P/E of around 113x, valuation appears stretched versus peers (AMZN 34x), limiting upside despite Shopify’s strong execution and long-term positioning.

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