Empire Premium Food Bhd , the operator of the Empire Sushi chain , has launched its Main Market IPO , aiming to raise RM254 million to fund aggressive expansion across Malaysia. IPO Details and Valuation The offering is indicatively priced at 70 sen per share , implying a market capitalisation of RM770 million and a valuation of 20.3 times FY2025 earnings . RM152.6 million will go to the company RM96.3 million will be raised by existing shareholders (founders) Listing is scheduled for April 17 , with pricing on April 7 For FY2025, the group reported: Net profit: RM37.9 million Revenue: RM235.6 million Expansion Strategy Drives Growth Story A key IPO driver is Empire’s aggressive outlet expansion plan . The group aims to open 56 new outlets over the next three years , focusing on high-traffic locations such as: Shopping malls Airports Transit hubs More than 51% of IPO proceed...
Summary
Singapore markets opened higher, but rising core inflation is bringing back expectations of policy tightening by MAS, even as global markets turn cautious amid tech weakness and oil volatility.
Market Snapshot
- FTSE Singapore Straits Time Index: +0.46% to 4,884.57
- Volume / Value: 86.49M / S$130.68M
- Advancers / Decliners: 118 / 32
Singapore equities edged higher, supported by local resilience despite softer global cues.
Wall Street Weakens on Tech Sell-Off
US markets declined overnight:
- Nasdaq Composite Index -0.8%
- S&P 500 Index -0.4%
- Dow Jones Industrial Average -0.2%
Major laggards included:
- Salesforce -6.2%
- Oracle -4.7%
- Alphabet -3.9%
- Microsoft -2.7%
The decline was driven by concerns over AI disruption and pressure on tech earnings, alongside geopolitical uncertainty.
Key Point: Tech weakness is weighing on global sentiment despite easing oil fears earlier
Inflation Surprise Raises MAS Tightening Risk
Singapore’s February CPI showed a mixed picture:
- Core inflation: 1.4% YoY (up from 1.0%)
- Headline inflation: 1.2% YoY (down from 1.4%)
Breakdown:
- Services inflation: 2.0% (↑)
- Food inflation: 1.6% (↑)
- Accommodation: 0.3% (↓)
- Transport: 2.4% (↓)
Key Point: Underlying inflation is rising, increasing the likelihood of MAS tightening in April
MAS warned that imported inflation risks may increase, especially due to higher global energy prices.
Labour Market Remains Stable
- Q4 2025 retrenchments: 3,690 (stable QoQ)
- Full-year retrenchments: 14,490
Most affected sectors:
- Financial services
- Professional services
Key Point: Labour market remains stable, reducing downside risk to consumption
Stocks to Watch
Singapore Airlines
- Launching flights to Sydney’s new 24-hour airport
- Enables red-eye flights and network expansion
CapitaLand Ascendas REIT
- Raising S$900 million via placement and preferential offering
- Funding Singapore and Japan data centre assets
Fraser and Neave
- CEO transition announced for Malaysian unit
- Leadership change effective October
Key Point: REIT capital activity and corporate restructuring remain active themes
Crypto & Oil Update
- Bitcoin: -1.2%
- Ethereum: -0.5%
- Oil rebounded ~4% to US$91.62
Key Point: Oil rebound may reintroduce inflation pressure globally
Conclusion
Singapore’s market remains steady, but rising core inflation is shifting focus back to potential MAS tightening. At the same time, global uncertainty—driven by tech weakness and oil volatility—continues to shape near-term sentiment.
Key Point: Inflation, not growth, is becoming the main risk for markets again
Comments
Post a Comment