Maybank Research Pte Ltd 15 April 2025
Market Shaping News and Stock Analysis
Vin’s Holdings Makes Debut on SGX Catalist
Vin’s Holdings, a car dealer, has successfully listed on the SGX Catalist on 15 April 2025. The company raised SGD 6m through the placement of 20m shares at 30 cents per share. The net proceeds of SGD 4m will be used for enhancement of IT and services, expansion of showrooms, workshops, and after-sales services. The company’s largest revenue contributor is automotive sales and related services.
Olam Group Unveils Reorganisation Plan
Olam Group has announced an updated reorganisation plan aimed at right-sizing its capital structure, unlocking the full potential value of Olam Food Ingredients (ofi), and divesting and monetising its remaining assets and businesses over time. The plan includes allocating USD 2b to de-lever its balance sheet and making the group’s capital structure debt-free and self-sustaining. Olam also intends to invest USD 500m of equity into ofi and support various strategic initiatives to unlock ofi’s full potential value, which could include a concurrent listing in Europe and Singapore.
Grand Venture Technology Reaffirms Revenue Guidance
Grand Venture Technology (GVT) has reaffirmed its 1H25 revenue guidance at between SGD 90-96m. The company expects minimal impact from US-bound exports, with over 70% of its exports to the US originating from Singapore, which is subject to the lowest applicable tariff. GVT is actively engaging customers to redirect US-bound exports to their manufacturing sites in Asia, mitigating potential disruptions or cost impacts.
Singapore Banks – In to the Storm
The US-China trade tensions have increased risks for Singapore banks, with potential asset quality risks and operational downgrades. Credit demand and margins are expected to shrink, and capital returns may slow as balance sheets are preserved. The sector outlook has been downgraded to NEUTRAL, with DBS, UOB, and OCBC rated HOLD.
ComfortDelGro – A Shelter from the Tariff Storm
ComfortDelGro has been awarded a street-hail service operator licence to GrabCab, increasing competition in the taxi industry. However, the impact is expected to be muted, with street hailing volumes on a decline and accounting for only 10-11% of total P2P trips. The company’s FY25-27 forecasts remain unchanged, and with a compelling 6% yield, the stock is rated BUY with a TP of SGD 1.64.
Analyst Certification and Disclosures
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers. No part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
Important Disclosures
This research report is prepared for general circulation and for information purposes only.
Investors should note that values of securities may fluctuate and that each security’s price or value may rise or fall.
Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings.
The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified.
Companies Mentioned
Vin’s Holdings
Olam Group
Grand Venture Technology (GVT)
ComfortDelGro
DBS
UOB
OCBC
Ratings
BUY: Return is expected to be above 10% in the next 12 months (including dividends)
HOLD: Return is expected to be between 0% to 10% in the next 12 months (including dividends)
SELL: Return is expected to be below 0% in the next 12 months (including dividends)
Legal Entities Disclosures
Malaysia: Maybank Investment Bank Berhad (15938-H)
Singapore: Maybank Research Pte. Ltd. (Co. Reg No 198700034E)
Thailand: Maybank Securities (Thailand) Public Company Limited (Reg. No. 0107545000314)
Hong Kong: MIB Securities (Hong Kong) Limited (Central Entity No AAD284)
India: MIB Securities India Private Limited (“MIBSI”) (Reg. No. INZ000010538)
