To The Moon

Market Snapshot

Singapore stocks opened higher on Tuesday. STI rose 0.4%; Seatrium, Keppel, Singtel, and SGX rose about 1%; OCBC rose 0.7%; DBS and UOB rose 0.2%.

Stocks in Focus

$Thomson Medical(A50.SI)$: The mainboard-listed group on Monday announced that it has appointed Tong Kooi Ong, 66, as its independent, non-executive chairman to its board, effective Feb 1 this year. Tong succeeds Ng Ser Miang, 76, who steps down on Jan 31. Ng has been the chairman of Thomson Medical since 2015. The counter closed 1.6 per cent or S$0.001 lower at S$0.062 prior to the news.

$Vin’s Holdings(VIN.SI)$: The car dealer on Monday launched a S$20 million multicurrency commercial paper facility programme to be issued entirely as digital securities on the SDAX Exchange platform. Concurrently, it kicked off its inaugural issuance, aiming to raise between S$3 million and S$5 million from accredited and institutional investors at an interest rate of 4.1 per cent per annum with a 91-day tenor. Net proceeds from this issuance will go towards general working capital, including the repayment of existing loans and interest. Shares of Vin’s Holdings fell 5.6 per cent to close S$0.015 lower at S$0.255 before the announcement.

SG Local News

DBS Suggests Investors Hedge US Dollars and Consider Low-Cost Asian Currencies

DBS Group Chief Executive Tan Su Shan on Monday advised investors with heavy U.S. dollar exposure to consider hedging, saying funding costs in Asian currencies are low and regional exchange rates look undervalued.

Speaking at DBS Private Bank's 2026 first-half market outlook event for clients, Tan said the U.S. dollar remained the currency of choice for many investors but that concentration risk and volatility make hedging prudent.

"If you have too much U.S. dollars, think about hedging," the CEO of Southeast Asia's biggest bank by assets said at the event, according to a transcript of her comments.

"The funding cost of Asian currencies today is very low. If you look at the one-month SORA, it has been between 1% and 1.2% to 1.3%."

Singapore Defends GIC, Temasek Returns as Reasonable

Returns generated by Singapore sovereign wealth fund GIC (GIC.UL) and state investor Temasek (TEM.UL) are reasonable and within expectations given their mandates and risk profiles, a minister said on Monday, amid criticism of their performance.

Lawmakers in the city-state queried the performance of the two globally influential investors, which cumulatively manage hundreds of billions of dollars of assets. A Financial Times report in December called Singapore’s sovereign wealth returns "poor" in comparison to peers.

"Our focus has always been on long-term performance, rather than on short-term or year-to-year fluctuations," Jeffrey Siow, a Singapore senior minister of state for finance, told parliament in a live-streamed address.

Singapore Exchange Proposes Bond Futures for India, SE Asia

Singapore Exchange held multiple calls with treasury officials from global banks about introducing futures tied to some Asian government bond markets, according to people familiar with the matter.

The bourse discussed introducing the futures for countries including India, Indonesia, Malaysia, Philippines and Thailand, the people said, asking not to be named discussing private matters. Such futures allow investors to hedge their exposure to interest-rate swings by buying or selling bonds at a later date on exchanges.

The discussions reflect the growing interest in the region’s debt markets. Indian bonds have been joining global indexes over the past year-and-a-half, while Malaysian securities were investor favorites last year, delivering the strongest performance in emerging Asia.

Competition Watchdog Not yet Notified of Clementi Mall Sale, CapitaLand-Mapletree Merger

The parties concerned in the cases of the acquisition of The Clementi Mall and the potential merger between CapitaLand and Mapletree have not formally notified the Competition and Consumer Commission of Singapore (CCS) for a merger assessment.

The competition and consumer regulator will continue to monitor both developments, said Minister for Trade and Industry Gan Kim Yong in a written parliamentary response to an oral question on Monday (Jan 12).

In December 2025, The Business Times reported that an entity linked to Zhao Zhichao of The Elegant Group is believed to have signed a deal to buy The Clementi Mall for S$809 million from Cuscaden Peak Investments. The Elegant Group’s portfolio also includes nearby Grantral Mall@Clementi.