SGX Weekly Review | STI Rises 0.72%; Jardine C&C Gains 9%; StarHub, AvePoint Jump Nearly 8%; CityDev, Sembcorp Ind, Keppel Reit Rise Nearly 5%

Singapore stocks rose this week, with the STI up 0.72%.

In terms of individual stocks, DFIRG USD up over 15%; Ambiq Micro, Jardine C&C up over 9%; StarHub, AvePoint up nearly 8%; CMS down over 15%; Bumitama Agri down over 11%; UMS, AEM SGD, Frencken down over 8%.

Market News

Jardine C&C Stock Soars 9% After Announcing Special Dividend and Toyota Stock Distribution as Part of Portfolio Review

Jardine Cycle & Carriage (JC&C) has announced a proposed special dividend of approximately US$0.73 per share. This includes a cash component and a direct distribution in specie of the company's remaining stake in Japanese automaker Toyota Motor Corporation. The move is part of a strategy to sharpen the focus of the company's portfolio and enhance returns for shareholders.

The cash portion of US$0.37 per share is being funded by Jardine's divestments of Toyota shares listed in Tokyo, which occurred in April. Meanwhile, the distribution in specie involves around 7.2 million common shares of Toyota, valued at roughly US$0.36 per share.

StarHub Soars Nearly 8% on Analyst Upgrade Citing Potential M1 Deal

StarHub's shares surged nearly 8%, as investors reacted to a bullish analyst report highlighting the potential for a transformative acquisition in Singapore's telecommunications sector.

DBS Group Research analyst Sachin Mittal upgraded StarHub to "buy" from "fully valued" and raised the target price to S$1.40 from S$0.94, citing the possibility of StarHub acquiring rival M1. The analyst noted that a deal could be announced in 2026 following the collapse of the M1-Simba deal. Mittal estimates annual synergies between StarHub and M1 to be about 9%-11% of the combined FY 2026 Ebitda, and any consolidation of the Singapore telecommunications sector could also boost StarHub's average revenue per user.

The upgrade and optimistic outlook on sector consolidation drove the stock higher during the session, reflecting market confidence in StarHub's potential growth trajectory.

Seatrium H1 Net Profit Jumps 158% to S$373 Million on Asset Sales, Higher Margins

Seatrium’s net profit for the first half ended Jun 30 surged 158 per cent to S$373 million from S$144 million in the year-ago period, driven by asset divestment gains and improving margin efficiency.

Excluding one-off divestment gains, net profit grew 54 per cent year on year to S$212 million, up from S$138 million in H1 2025. The marine and offshore specialist issued a positive profit guidance last week, causing its counter to rise 8.9 per cent.

Revenue for H1 2026 rose 4.7 per cent to S$5.6 billion, from S$5.4 billion in the corresponding period the year before, supported by steady execution of its order book, the company said on Friday (Jul 31).

Singapore Asset Manager Keppel's Half-Year Profit Rises 25%

Keppel ​posted a 25% ‌rise in half-year net profit, excluding ​the non-core ​portfolio for divestment, supported ⁠by stronger ​contributions from asset ​management and the operating platform.

The asset manager posted net ​profit, excluding the ​non-core portfolio for divestment, ‌of ⁠S$530 million ($411.20 million) for the six months ended ​June, ​compared ⁠with S$431 million reported a ​year earlier.

Singapore Labor Market Expands Despite Global Uncertainty

Singapore's labor market continued to expand in the second quarter despite more retrenchments and global uncertainty.

Total employment, excluding migrant domestic workers, added 10,700 during the quarter, preliminary data from the Ministry of Manpower showed Friday. That is higher than the 9,400 recorded in the first quarter of this year and the 10,400 seen during the same period a year ago.

Retrenchments rose to 4,500 in the second quarter, up from 3,830 in the first quarter, the data showed. However, the rise in retrenchments were mainly due to business restructuring in selected outward-oriented sectors, the ministry said.

"Labor demand remains resilient, and surveys indicate an uplift in employers' hiring sentiments," it added.