Investment & Market Trends

Singapore’s median monthly household income rose to S$12,446 (US$9,250) in 2025, up from S$11,558 the year before, representing a 6.8% increase after adjusting for inflation. After accounting for household size, median monthly household income per household member grew 7.5% in real terms to S$4,160, compared with S$3,837 in 2024, according to the Key Household Income Trends 2025 report released by the Singapore Department of Statistics (Singstat) on Monday (Feb 9). Prime Minister Lawrence Wong said real wages have risen across all income levels over the past decade, with wage growth outpacing inflation for many households. He added that income growth has been strongest among lower-income workers, exceeding gains seen by middle- and higher-income groups. From 2025, Singstat expanded its definition of household income to include “market income”, which covers income from both employment and non-employment sources. The revised data also includes households with no employed members. Singstat said the change reflects Singapore’s ageing population, as more households comprise individuals aged 65 and above who may rely on income from investments, rentals and annuities rather than work. The expanded coverage allows for a more comprehensive analysis of income trends. Non-employment income includes interest from savings and Central Provident Fund (CPF) balances, investment dividends, rental income, contributions from other households, and CPF or insurance payouts. Singstat noted that while most data is drawn from administrative sources such as CPF records, some income—particularly from investments or overseas assets—may be underreported as it relies on survey data. The Ministry of Finance said this was the first release of market income data, reflecting rising affluence and a growing retiree population. Some underestimation is expected, especially among higher-income households with non-employment income that is harder to track. Income growth across deciles Households across all income deciles recorded growth in average monthly household income per member over the past decade. After adjusting for inflation, the lowest income decile saw a 10.5% increase over the past five years, compared with a 1.4% increase for the highest decile. Singstat noted that some households in the lowest decile owned cars, employed domestic helpers, lived in private properties or had a household reference person aged 65 and above. Employment income remained the largest source of household income, though its share declined to 79.6% in 2025 from 81.1% in 2024. While households in the second to 10th deciles relied mainly on income from work, those in the lowest decile depended largely on non-employment income. For the lowest-income group, investment income—mainly interest from CPF balances—accounted for 40.9% of household income per member. Other income, largely from CPF payouts and the Lifelong Income for the Elderly (LIFE) scheme, made up 37%, while rental income contributed 3.2%. The remaining 19.2% came from employment. Transfers, taxes and inequality Households in the first to seventh income deciles received more in government transfers than they paid in taxes. In 2025, resident households received an average of S$7,300 per household member in government transfers, down from S$7,725 in 2024 due to the expiry of one-off support measures. Residents living in one- and two-room HDB flats received the highest support, averaging S$16,519 per household member. Prime Minister Wong, who is also Finance Minister, said lower-income households receive about S$7 in benefits for every dollar of tax paid, while middle-income households receive about S$2. The top 20% receive about S$0.20 per dollar of tax paid. Singapore’s Gini coefficient, a measure of income inequality, fell to a record low. Based on the new definition of household market income, the coefficient declined to 0.452 in 2025 from 0.460 in 2024. After accounting for government transfers and taxes, it fell further to 0.379, the lowest level since records began in 2015. MOF said the broader definition of income and household coverage affects the coefficient, but overall reflects a more comprehensive and accurate picture of income distribution in Singapore.

Agrobank has become the latest Malaysian bank to suffer a major online fraud case, with losses amounting to RM203.8 million. The case was disclosed by Home Minister Saifuddin Nasution Ismail in a parliamentary reply. He said the fraud was detected in November last year and led to the arrest of 47 individuals. Three suspects have been charged under Section 424C(1) of the Penal Code for offences involving mule accounts, while investigations into the remaining suspects are ongoing. Saifuddin said police are finalising investigation papers with assistance from CyberSecurity Malaysia and Bank Negara Malaysia. He added that no Agrobank customer accounts were affected. Agrobank is wholly owned by the Minister of Finance, with one share held by the Federal Commissioner of Lands, and operates under the supervision of the Ministry of Agriculture and Food Security. In November last year, Agrobank said it was reviewing an internal systems incident. Subsequent information indicated the case may have involved a coordinated attempt to siphon funds using hundreds of accounts.

The Group has surpassed USD 3 billion in cumulative loans issued. Meanwhile, the number of registered customers equaled 21.6 million as of the end of 2025. The achievement comes as digital lending gains scale worldwide. According to the research estimates, the global market exceeded USD 500 billion in 2025 and is projected to reach USD 985 billion by 2031. The Asia‑Pacific region accounted for 39.4% of global digital lending volume in 2025 and is expected to remain one of the main contributors to overall growth. UnaFinancial operates in the markets with large underbanked populations and mature digital infrastructure, including the Philippines, Uzbekistan, and Kazakhstan. Despite widespread Internet and smartphone access, formal borrowing remains limited in these countries. According to the Global Findex Database, only 12% of adults in the Philippines and Uzbekistan accessed formal loans in 2024, while Kazakhstan reported a higher but still modest 33%. “Reaching $3 billion in loans issued reflects the growing demand for accessible credit in underserved markets, “ said Sergey Sedov, Chief Executive Officer of UnaFinancial. “We remain focused on expanding financial inclusion, and our technology enables us to do this responsibly and at scale.” Apart from the high demand for borrowing, the Group attributes its growth to strong customer loyalty, disciplined risk management and a commitment to sustainable lending practices. Looking ahead, UnaFinancial plans to continue investing in technology and expand its product portfolio.

BateriHub has surpassed 200 branches nationwide, marking a significant scale milestone in Malaysia’s automotive aftermarket sector and positioning the company as the country’s largest direct-owned car battery retail network. The expansion milestone is supported by official recognition from ASEAN Records, which has awarded BateriHub the approved title and category: First and Largest Direct-Owned Car Battery Retailer by Branch Count and Floor Area (200 Branches Covering 340,875.68 sq ft). The recognition serves as validation of BateriHub’s operating scale and infrastructure footprint, rather than the sole focus of the announcement. The BaterniHub leadership receiving the ASEAN Records for First and Largest Direct-Owned Car Battery Retailer by Branch Count and Floor Area. “At this scale, growth is no longer about opening stores quickly; it’s about whether service quality holds when demand spikes or when customers are stranded outside major cities,” said Mr. Kok Wai Kit, Co-Founder & Managing Director, BateriHub. “Running a direct-owned network allows us to train people the same way, deploy technicians faster, and keep decision-making close to operations. Crossing 200 stores matters because it widens access to dependable help, not because of the number alone.” As of January 2026, BateriHub covers more than 500 service areas across 11 states, including Klang Valley and secondary regions such as Kedah, Terengganu, and Kelantan. This expanded footprint enables the company to support motorists not only in urban centres, but also in locations where access to timely roadside battery replacement has traditionally been more limited. The company operates 200 branches, employs over 460 staff, and has served more than 1.0 million customers to date. It has also recorded 70,000+ positive customer reviews across Google, Facebook, and e-commerce platforms. “Reaching 200 branches is not the result of one strategy or one team,” said Mr. Wong Wai Loong, Co-Founder & Managing Director, BateriHub. “It is the outcome of logistics, operations, technicians, customer service, and support teams all moving in the same direction over many years. The focus now is not just to grow bigger, but to grow better, in quality, sustainability, and people development.” BateriHub attributes its growth to three core factors. Its 100% direct-owned operating model allows the company to maintain consistent service quality, pricing, and brand standards across all branches. This is reinforced by sustained investment in people, systems, and training, ensuring teams operate with a uniform, customer-first mindset. Finally, a data-driven approach to site expansion and operational execution has enabled the business to scale quickly while remaining sustainable. Today, BateriHub supports customers through multiple service channels, walk-in replacement, roadside assistance, battery delivery, and jumpstart support, all routed through a central customer service and technician dispatch system. This structure enables consistent response standards across urban and secondary locations, particularly during breakdown scenarios where time and reliability are critical. Looking ahead, BateriHub is focused on strengthening its domestic footprint while laying the groundwork for regional growth. Locally, the company is planning to enter East Malaysia around Q3 2026, following strong interest from potential partners, bringing the BateriHub brand, systems, and standards to meet growing demand. Regionally, BateriHub has been studying the Singapore market since 2023, with broader ASEAN expansion forming part of its five-year strategic roadmap. “Scaling a retail network is not just about footprint, but about discipline,” said Mr. Stan Singh, Head of Media and Councillor, Malaysia Retail Chain Association (MRCA). “What stands out in BateriHub’s growth is its ability to maintain centralised control while expanding rapidly, which is often the hardest balance for multi-branch operators to achieve.” The ASEAN Records recognition was formally presented during BateriHub’s Annual Dinner on 29 January 2026 at JioSpace, Petaling Jaya, attended by approximately 420 guests.

Sunway Bhd’s proposed takeover offer for all 3.51 billion shares in IJM Corp Bhd is set to close on April 6, 2026. Sunway said IJM shareholders will have until 5 pm on April 6 to consider the offer, which is being received through its indirect wholly-owned subsidiary, Fortuna Gembira Enterpris. The offer is conditional on Sunway receiving valid acceptances by the closing date that would give it more than 50% of IJM’s voting shares, the company said in a filing with Bursa Malaysia. On Jan 12, Sunway proposed a conditional voluntary takeover offer for the entire 3.51 billion IJM shares at RM3.15 per share. If fully accepted and without adjustments, the total consideration would be about RM11 billion, to be paid through a combination of cash and new Sunway ordinary shares. Sunway expects the proposed acquisition to be completed by the third quarter of 2026. At the midday break, Sunway and IJM shares rose one sen and two sen, respectively, to RM5.77 and RM2.70, with 6.68 million and 9.85 million shares traded.

Uber Technologies Inc is relaunching its ride-hailing service in Macau, marking its first new entry into an Asian market in years. Starting Tuesday (Feb 3), riders in the Chinese gambling hub can book and pay for taxis in multiple languages. Uber is also offering a limousine service between Macau and nearby Hong Kong, with trips requiring a 24-hour advance booking. The move comes years after Uber sold its China operations to Didi Global Inc in 2016 and exited Southeast Asia in 2018, ceding the market to Grab Holdings Inc. The company continues to operate in major Asian markets such as India, Japan, and South Korea. Uber said it is actively recruiting drivers in Macau and offering bonuses for trips completed this month, though it did not disclose how many local taxis have joined, suggesting initial service may be limited. CEO Dara Khosrowshahi previously told Bloomberg Television that Uber aims to offer robotaxi services in over 10 markets by the end of 2026, with potential expansions including Hong Kong and Japan. Macau, the only Chinese territory where casinos are legal, attracts millions of visitors annually and generates billions in gaming revenue, drawing tourists from mainland China, Hong Kong, and beyond. Uber had previously operated in Macau but suspended services in 2017.

Sentoria Group Bhd has filed a writ at the High Court of Malaya against OCBC Bank (Malaysia) Bhd, seeking to invalidate corporate guarantees issued in connection with two of its subsidiaries. In a filing on Tuesday (Feb 3), the PN17 company said the writ was lodged on Jan 30 and involves guarantees provided to OCBC Bank on behalf of Sentoria Borneo Land Sdn Bhd and Sentoria Borneo Samariang Sdn Bhd, both wholly owned units that are currently under receivership and management. The company is seeking a court declaration that the corporate guarantees are not enforceable. Sentoria is seeking a court declaration that the guarantees are unenforceable, an order to cancel them, and compensation or damages amounting to RM679 million. The company said the writ has yet to be served on OCBC Bank and is expected to be delivered within six months from the filing date. In April last year, Sentoria announced that receivers were appointed to both subsidiaries after they failed to meet repayment obligations under loan agreements by the March 28, 2025 deadline. Sentoria Borneo Samariang, classified as a major subsidiary, recorded negative net assets of RM29.7 million as at Sept 30, 2023, representing 18% of the group’s total assets. Sentoria Borneo Land, which is not a major subsidiary, posted negative net assets of RM48.7 million during the same period. At the group level, Sentoria reported a net loss of RM89.04 million on revenue of RM7.55 million for the financial year ended Sept 30, 2024 (FY2024). The group has been loss-making since FY2019 and was classified under PN17 in December 2024 after shareholders’ equity fell to 33% of its issued and paid-up capital. Earlier this month, Bursa Malaysia granted Sentoria a six-month extension until June 3, 2026, to submit its regularisation plan to address its PN17 status. Sentoria shares were unchanged at 1.5 sen at the midday break on Tuesday, valuing the group at RM9.34 million.

Shares of GuocoLand (Malaysia) Bhd were suspended from trading from 9am on Tuesday, pending a company announcement, according to a filing with Bursa Malaysia. The trading suspension follows a separate request by its parent company, GuocoLand Ltd, for a trading halt on the Singapore Exchange on Monday evening. GuocoLand (Malaysia) shares have risen 59.8% since the start of the year and last traded at 93.5 sen, their highest level since 2018, giving the company a market capitalisation of RM654.9 million. GuocoLand (Malaysia) is part of the Hong Leong Group through Hong Kong-listed Guoco Group. The company is primarily involved in the development of residential townships, as well as commercial and integrated properties in Malaysia. Its parent, GuocoLand, also has operations in Singapore and China. According to the company’s latest annual report, GLL (Malaysia) Pte Ltd, a wholly owned subsidiary of GuocoLand, is the largest shareholder with a 65.03% stake. Market data shows GuocoLand (Malaysia) shares are currently trading at 30.9 times trailing earnings and 0.5 times price-to-book value. As at end-December 2025, the group had cash and cash equivalents of RM197.2 million, against total borrowings of RM584.8 million, with net tangible assets of RM2.08 per share. For the second quarter ended Dec 31, 2025, the group reported a 9.48% decline in net profit to RM6.67 million from RM7.36 million a year earlier, despite revenue rising to RM150.82 million, the highest level in more than three years. The lower earnings were attributed to the absence of profit contributions from Emerald Hills’ North Tower following the delivery of vacant possession in December 2024, as well as a reduced share of profit from the Emerald Rawang development.

Panama’s top court has ruled that the contract allowing Hong Kong tycoon Li Ka-shing’s CK Hutchison Holdings Ltd to operate two ports near the Panama Canal is unconstitutional, creating fresh uncertainty over the conglomerate’s long-standing plan to sell the facilities. The ruling, announced Thursday via the court’s Instagram account, rattled investors. CK Hutchison shares plunged as much as 5.7% in Hong Kong trading on Friday, marking their steepest drop since April. CK Hutchison’s local unit, Panama Ports Co, said it has not yet received formal notification of the decision but argued the ruling contradicts the legal framework governing its operations at Balboa and Cristobal ports. The company called for coordination with the government to avoid disruptions and protect the concession, while reserving all legal options. The ports have long been a geopolitical flashpoint. Former US President Donald Trump has criticised perceived Chinese influence over the canal and threatened US intervention, while Panama’s President Jose Raul Mulino has repeatedly stressed the country’s full sovereignty over its operation. CK Hutchison began operating the ports in 1997, with a contract extension granted in 2021. The legal challenge was initiated last year by Panama’s Comptroller Anel Flores, who alleged that the extension cost Panama more than US$1 billion (RM3.9 billion) in lost tax revenue and that Panama Ports Co failed to obtain proper approvals. Following the verdict, CK Hutchison has limited options. It may request clarification from the court but cannot appeal the decision. International arbitration remains a possible route. Meanwhile, Panama Ports Co will continue operating the facilities until the legal clarification process, which could take several weeks, is completed. The ports are part of CK Hutchison’s plan to sell its 43 global terminals to a consortium led by Italian billionaire Gianluigi Aponte’s Terminal Investment Ltd and US investment firm BlackRock Inc. To secure Beijing’s approval, the company last year invited state-owned China Cosco Shipping Corp to join the buyer consortium. Analysts said the ruling is likely to reduce the valuation and proceeds from the port deal but is unlikely to derail the broader divestment. Panama contributes under 10% of CK Hutchison’s overseas port throughput, and the company may now complete the sale in separate parcels, adjusting ownership to reduce geopolitical and regulatory risks. “The Panama ruling will trim CK Hutchison’s port-deal valuation, though it was largely expected given prior legal and political signals,” said Bloomberg Intelligence analyst Denise Wong. “A parcel-based sale structure means the company can still likely complete most divestments and secure meaningful cash inflows.” The decision is not unprecedented. Governments have previously terminated private or foreign concessions for public infrastructure projects. Last year, Panama reclaimed land from a Chinese company that failed to build a port as required. Similarly, Egypt’s Damietta Port Authority revoked a concession in 2015, with compensation later settled after international arbitration. “There is a long history of states reclaiming control of ports and other infrastructure from private operators,” said Winston Ma, adjunct law professor at New York University. “Concession contracts typically reserve the right for governments to terminate for cause or public interest.”

WTK Holdings Bhd has secured unanimous shareholder approval to acquire stakes in three companies from related party WTK Realty Sdn Bhd for RM555 million. The Sarawak-based diversified group said shareholders approved the purchase of 100% equity in Desacorp Sdn Bhd, as well as 70% stakes in Imbok Enterprise Sdn Bhd and WTK Oil Mill Sdn Bhd. The acquisitions are expected to be completed by the second quarter of 2026. WTK Holdings noted that the move will significantly expand its plantation operations. Upon completion, the group’s total planted oil palm area will rise by 82.6% — from 17,420.59 hectares to 31,809.86 hectares — supported by favourable crop age profiles. The addition of an in-estate mill is also expected to improve supply chain efficiency and operational integration. WTK chairman Tan Sri Sulong Matjeraie said that following the divestment of the group’s loss-making timber operations, WTK is now focused on growing its plantation division as its core business, with stronger earnings quality and more sustainable long-term prospects. “Our immediate priority is the smooth execution and integration of the acquired assets into existing operations. This expansion of our upstream oil palm footprint, combined with integrated milling capacity, is expected to enhance production visibility, processing efficiency, and cost optimisation,” he added. Sulong also highlighted that exiting timber operations removes exposure to related impairments and operating losses, contributing to a more stable earnings profile. He said the acquisitions are expected to be earnings accretive, with their financial results consolidated into WTK, further strengthening the plantation division as the group’s main driver of profitability.