SG Morning Call｜Singapore Stocks Opened Lower; HLA Up 4%; ST Engineering And SingPost Up 1%; Wilmar, YZJ Fin, Mapletree Log And ThaiBev Down 1%

Market Snapshot

Singapore stocks opened lower on Wednesday. STI down 0.5%; HLA up 4%; ST Engineering and SingPost up 1%; Wilmar, YZJ Fin, Mapletree Log and ThaiBev down 1%.

Stocks in Focus

Singapore Technologies Engineering : (ST Engineering):The group’s total contract awards for 2025 reached a record S$18.7 billion, exceeding the S$12.6 billion total in 2024 by 49 per cent, it announced on Wednesday. The full-year tally was lifted by about S$4.7 billion in new contracts secured during the fourth quarter. Shares of ST Engineering ended S$0.04 or 0.4 per cent higher at S$9.44 on Tuesday.

Keppel : The group, through its infrastructure division, has entered an agreement with Aster to jointly assess the development of one of Asia’s first commercial-scale ethanol-to-jet sustainable aviation fuel facilities. Located on Jurong Island, the proposed plant will have a planned production capacity of up to 100,000 tonnes of sustainable aviation fuel per year, said Keppel on Wednesday. Keppel shares closed on Tuesday 0.6 per cent or S$0.07 higher at S$11.02.

Hong Leong Asia (HLA) : The company on Tuesday announced that Guangxi Yuchai Marine and Genset Power, an indirect subsidiary of China Yuchai International (CYI), submitted an application to list its shares on the mainboard of the Hong Kong Stock Exchange. HLA holds a 48.7 per cent stake in CYI. It added that the SGX has advised that it had “no comments” on the proposal based on the company’s submissions, effectively clearing the regulatory path in Singapore. Shares of Hong Leong Asia rose 1 per cent to close S$0.03 higher at S$3.01 on Tuesday, before the announcement.

Sasseur Real Estate Investment Trust (Reit) : The manager of the Reit said on Tuesday that it turned down an offer to acquire a retail outlet mall from its sponsor, Sasseur Cayman Holding. The offer was made pursuant to a right of first refusal agreement. The manager said that acquiring the property, known as Sasseur (Xi’an) Outlets, based on the proposed terms would “not be in the best interests” of Sasseur Reit’s unitholders. Units of Sasseur Reit rose 0.7 per cent to close S$0.005 higher at S$0.69 on Tuesday, before the announcement.

SG Local News

Mapletree Logistics Trust income contracts 3.3% on currency impact

Mapletree Logistics Trust reported net property income (NPI) of $152.0m for the third quarter (Q3) ended 31 December 2025, marking a year-on-year (YoY) decline of 3.3% alongside a distribution per unit (DPU) of 1.816 cents, the manager said in a filing.

The manager attributed the lower NPI primarily to the depreciation of regional currencies against the Singapore dollar, as well as the absence of income from divested properties and a reduced contribution from China, according to the results statement.

Singapore industrial output rises 8.3% YoY as swings persist

Singapore’s industrial production growth moderated in December but still came in above market expectations, with analysts broadly maintaining a constructive view on manufacturing momentum in 2026.

Data released for December showed industrial production rising 8.3% YoY, slowing from November’s revised 18.2% increase but beating consensus forecasts of about 7%.

On a seasonally adjusted basis, output fell 13.3% MoM, following a revised 7.8% decline in November, reflecting volatile sequential swings late in the year.