To The Moon

Market Snapshot

Singapore stocks opened higher on Monday. STI rose 0.5%; PropNex up 2%; CityDev, Food Empire up 1%; Nio fell 4%.

Stocks in Focus

$PropNex(OYY.SI)$: A lawsuit against its subsidiary PropNex Realty and two co-defendants has been dropped, said the real estate services company on Jan 2 without giving details. The claimant had sought to claim damages against PropNex Realty due to the alleged misconduct of one of its salespersons and had filed the suit in February 2025. PropNex shares rose S$0.02 or 1.1 per cent to close at S$1.90 on Friday, before the announcement.

$DigiCore Reit USD(DCRU.SI)$: The pure-play data centre real estate investment trust (Reit) on Monday announced a 10-year agreement with an investment grade global cloud service provider to occupy an entire facility in Virginia, US. The agreement will commence on Dec 1 this year and is expected to generate about US$14.8 million of annualised net property income, or around US$13.3 million at Digital Core Reit’s 90 per cent share, representing roughly a 35 per cent increase relative to the previous net rent. Units of the Reit rose 2 per cent or US$0.01 to close at US$0.51 on Dec 31, before the manager called for a trading halt on Friday.

$Nam Lee Metal(G0I.SI)$: The company on Sunday said it did not know why two of its shareholders are calling for the removal of its chairman and executive director Joanna Yong. The two requisitioning shareholders own a combined stake of at least 10 per cent of the company. The extraordinary general meeting comes months after Nam Lee’s managing director Eric Yong was interviewed by the Corrupt Practices Investigation Bureau over a whistle-blower report. Shares of Nam Lee closed flat at S$0.645 on Friday.

$Olam Group(VC2.SI)$: Almost a year on, Olam Group’s sale of 44.58 per cent of Olam Agri Holdings to the Saudis has yet to be completed. Olam Holdings and Olam Agri entered into the US$1.8 billion deal with the Saudi Agricultural & Livestock Investment Company (SALIC) in February 2025. Olam said regulatory approvals from most jurisdictions have been obtained, save for two which are being obtained.

SG Local News

Singapore May Not Top Its 2025 GDP Surge, but Can Still Defy Blow from US Tariffs in 2026

Singapore’s economy may have set a level of peak performance in 2025 that will be hard to beat in 2026, but most analysts believe it can achieve enough economic growth in 2026 to keep unemployment low and wages up.

The familiar alarm over US tariffs delivering a devastating blow to global trade and economic growth – sounded at the start of 2025 – is likely to turn out again to be overdone.

Still, for an export-driven economy, such as Singapore, swings in global demand for goods will always remain a vulnerability.

The Assembly Place Gears up for Catalist IPO; Hong Kong’s CNE Eyes Secondary Listing

The Singapore Exchange (SGX) looks set to begin 2026 with two listings already confirmed in the pipeline.

Co-living operator The Assembly Place (TAP) lodged its preliminary prospectus for a listing on Catalist on Dec 30, while Hong Kong-listed renewable energy company Concord New Energy (CNE) said it received a letter of eligibility for a secondary listing here.

Founded in 2019, TAP runs a portfolio of residential co-living spaces, hotels and serviced apartments, and accommodation for students and foreign healthcare professionals.

Propnex Says Lawsuit Against Unit for Alleged Salesperson Misconduct Withdrawn

The lawsuit against PropNex subsidiary PropNex Realty and two co-defendants for alleged misconduct has been dropped, the real estate services group said in a bourse filing on Jan 2.

On Feb 11, 2025, PropNex said a claimant had filed a suit in the High Court of Singapore, seeking to claim damages against PropNex Realty for liability arising from the alleged misconduct of one of its salesmen and his purported advice.

It said then that it intended to defend the lawsuit and had filed a notice of intention to contest with the court.