Core Insights - The Straits Times Index (STI) serves as the main benchmark for Singapore's stock market, tracking the top 30 listed companies known as blue chips, which are recognized for their strong reputations and financial stability [1] Sector Allocation - The STI is heavily weighted towards the financial sector, with the three largest banks—DBS Group Holdings, Oversea-Chinese Banking Corporation, and United Overseas Bank—accounting for nearly 50% of the index [2] - Real estate contributes around 16% to the STI, with key constituents including CapitaLand Integrated Commercial Trust and CapitaLand Ascendas REIT [3] - Industrials represent almost 10% of the index, with Jardine Matheson Holdings holding the largest weightage at 3.8% [3] - The technology sector is the smallest in the index, with a weightage of just 0.89% [4] Investment Opportunities - Investing in the STI is facilitated by exchange-traded funds (ETFs), notably the SPDR STI ETF, which closely mirrors the index's performance with a tracking error of approximately 0.23% [5] - The SPDR STI ETF offers a dividend yield of 4.1% and has a 10-year annualized return of 7.76% [6] - The fund maintains a low expense ratio of 0.28%, allowing more invested funds to remain in the market [7] Fund Characteristics - The SPDR STI ETF has over S$2 billion in assets under management, providing high liquidity for investors [7] - Monthly factsheets are available for retail investors, offering transparency regarding fund holdings [8] Economic Role - The 30 blue chips in the STI are considered the backbone of Singapore's economy, providing a reliable foundation for investment [10]

Business Transaction - Aurelius 正在探索出售 LSG 的亚太航空餐饮业务 [1] Industry Focus - 该交易涉及航空餐饮行业，特别关注亚太地区 [1]

Core Insights - Blue-chip stocks are essential for a stable investment portfolio, providing a reliable source of passive income through dividends [1] Group 1: DBS Group (SGX: D05) - DBS is Singapore's largest bank by market capitalization, offering a wide range of banking, insurance, and investment services [3] - In 1H 2025, total income rose by 5% year on year to S$11.6 billion, driven by a 3.2% increase in net interest income to S$7.3 billion [3] - Fee and commission income surged 17% year on year to S$2.4 billion, with profit before tax reaching a record S$6.8 billion, up 3% year on year [4] - Net profit decreased by 1% year on year to S$5.7 billion due to a 15% global minimum tax rate [4] - An interim dividend of S$0.75 was declared, which is 39% higher than the previous year's S$0.54 [5] Group 2: Singapore Exchange Limited (SGX: S68) - SGX is the sole stock exchange operator in Singapore, enjoying a natural monopoly [6] - For FY2025, net revenue increased by 11.7% year on year to S$1.3 billion, with net profit excluding one-off items climbing 16% year on year to S$609.5 million [6] - A final dividend of S$0.105 was declared, 16.7% higher than the previous year's S$0.09 [7] - SGX anticipates medium-term revenue growth of 6% to 8% per annum, supported by product developments and global partnerships [8] Group 3: Singapore Technologies Engineering (SGX: S63) - STE operates in aerospace, smart city, and public security sectors, known for consistent dividend payouts [9] - Revenue for 1H 2025 rose 7.2% year on year to S$5.9 billion, with operating profit improving by 15.2% year on year to S$602.2 million [9] - Net profit increased nearly 20% year on year to S$402.8 million, with an interim dividend of S$0.04 declared [10] - The order book stood at S$31.2 billion, with S$5 billion expected to be delivered for the remainder of the year [10] Group 4: SATS Ltd (SGX: S58) - SATS provides air cargo handling services and is Asia's leading airline caterer, operating over 225 stations across 27 countries [12] - Revenue for 1Q FY2026 rose 9.9% year on year to S$1.5 billion, while operating profit increased nearly 11% year on year to S$125.2 million [13] - Net profit increased by 9.1% year on year to S$70.9 million, with cargo tonnage reaching a record high of 3.2 million tonnes [13] - The number of flights handled rose 3.2% year on year to 279,100, and meals served increased by 5.6% year on year to 39.1 million [14]

Core Viewpoint - gategroup is launching a syndication for new senior secured term loan Bs and plans to enter a new revolving credit facility of approximately CHF 300 million to refinance existing loans and support corporate purposes [1][2]. Financing Details - The proceeds from the new financing will be used to refinance existing loans, including EUR 250 million term loan A and EUR 415 million revolving credit facility, as well as to pay accrued interest, transaction fees, and for general corporate purposes [2]. - gategroup anticipates an upgrade in its corporate credit rating as a result of the new financing [2]. Current Trading Performance - In Q1 2025, gategroup reported revenues of CHF 1,245 million, representing a 9% increase compared to Q1 2024, and an EBITDA of CHF 66 million, which is an 89% increase year-over-year [4]. - The EBITDA margin improved to 5.3%, reflecting a 222 basis points increase from Q1 2024 [4]. - On a Last Twelve Months (LTM) basis for Q1 2025, reported EBITDA rose to CHF 422 million, compared to CHF 391 million for FY 2024 [4]. - All regions exceeded their Q1 2024 results, indicating strong regional performance [4]. Company Overview - gategroup is a global leader in airline catering, retail-on-board, and hospitality products and services, headquartered in Zurich, Switzerland [5]. - The company operates over 200 units in more than 60 countries, providing superior culinary and retail experiences through innovation and advanced technology [5].

Core Insights - gategroup achieved record revenues of CHF 5.2 billion in 2024, marking an 11% increase from CHF 4.7 billion in 2023 [1] - EBITDA rose significantly by 73% to CHF 391 million, compared to CHF 226 million in the previous year [1] - The company's cash and cash equivalents increased to CHF 355 million as of December 31, 2024, up from CHF 285 million at the end of 2023 [1] Financial Performance - The year 2024 was characterized as a year of action and affirmation by the CEO, with all regions contributing to the highest revenue ever [2] - Improvements in EBITDA, operating cash flow, liquidity position, and balance sheet indicate strong financial performance [2] Company Overview - gategroup is recognized as the global leader in airline catering, retail-on-board, and hospitality products and services [3] - The company operates over 200 units in more than 60 countries, providing superior culinary and retail experiences through innovation and advanced technology [3]