VivoPower shares jump as it terminates $180M F-3 registration statement Proactive uses images sourced from Shutterstock Shares of VivoPower PLC (NASDAQ:VIVO, FRA:51J) surged 23.3% on Wednesday morning after the company announced it had terminated its $180 million Form F-3 registration statement. The decision, effective immediately, means no further sales of ordinary shares will be made under the filing, originally dated before the end of December 2025. VivoPower said the move reflects its commitment to ...

The board of Tata Steel has approved the merger of Neelachal Ispat Nigam Limited (NINL) with itself and an investment of up to US $2 billion in its wholly-owned subsidiary T Steel Holdings Pte Ltd. The board also cleared the acquisition of a stake in Medica TS Hospital Private Limited (Medica TS Hospital) from Manipal Hospitals Eastern India Private Limited for ₹1.49 crore.State Bank of India (SBI), the country’s largest lender, has raised ₹6,051 crore at a coupon rate of 7.05 per cent through its second Ba ...

The National Company Law Tribunal (NCLT), Allahabad, has approved Adani Enterprises’ over ₹15,000-crore resolution plan for bankrupt Jaiprakash Associates Ltd (JAL), rejecting Vedanta Ltd's challenge.“Resolution plan is approved as per the details in the order,” the NCLT bench said while pronouncing the verdict.A detailed written order was not available till press time.After NCLT approval, the resolution plan becomes binding, and control shifts to Adani Enterprises, with payments to creditors beginning as p ...

Core Insights - Rising geopolitical tensions, such as the US-Iran conflict, lead to increased market volatility and higher oil prices, impacting global growth through supply chain disruptions and inflation [1] - Investors are advised to focus on high-quality, defensive stocks that can withstand market uncertainties [2] Company Summaries - **Parkway Life REIT (SGX: C2PU)**: A healthcare REIT with a stable demand for services, it has consistently grown distributions to unit holders since 2007, supported by inflation-linked leases and a low gearing ratio of 33.4% as of December 31, 2025 [3][4] - **Singapore Telecommunications Limited (SGX: Z74)**: As a provider of essential connectivity, Singtel's core operations contribute nearly 80% of revenue and 90% of EBITDA, ensuring stability during macroeconomic shifts [5][6] - **Nam Cheong Limited (SGX: 1MZ)**: Positioned in the offshore energy supply chain, Nam Cheong benefits from elevated oil prices, as oil majors increase capital expenditures, leading to higher day rates and fleet utilization [7][8] - **China Sunsine Chemical Holdings Limited (SGX: QES)**: With a strong balance sheet featuring RMB 2.3 billion in cash and no debt as of December 31, 2025, China Sunsine has maintained regular annual dividends since 2007, allowing it to navigate industry cycles effectively [9][10] - **CSE Global Limited (SGX: 544)**: A growth leader in critical infrastructure, CSE Global operates across 14 countries, benefiting from the expansion of AI and data centers, providing a buffer against regional volatility [11][12]

Economic Context - India is one of the largest energy importers, with crude oil imports fulfilling nearly 85% of domestic demand, leading to significant economic impacts when oil prices rise sharply [1][22] - Higher import costs can widen the current account deficit, increase imported inflation, and complicate fiscal management due to potential fuel subsidies [1][22] - Elevated oil prices can weaken the rupee, affecting dollar returns for foreign investors [1][22] Market Outlook - Despite the risks associated with rising oil prices and geopolitical tensions, the structural outlook for Indian equities remains positive, with healthier corporate balance sheets and a gradual revival in private capital expenditure [2][22] - Domestic demand continues to support earnings growth, indicating resilience in the market [2][22] Investment Focus - Investors are advised to concentrate on sectors that are insulated from geopolitical shocks or that could benefit from them, with nearly 40 stocks identified across various sectors [3][22] - Defensive sectors such as pharmaceuticals and healthcare are highlighted as safe havens during geopolitical stress, as demand for healthcare products remains stable [6][22] Sector-Specific Insights - The pharmaceutical sector is noted for its defensive nature, with consistent demand in chronic therapies like cardiac and diabetes, and a weaker rupee potentially benefiting export-driven companies [7][22] - Recommended healthcare stocks include Sun Pharma, Cipla, Lupin, Zydus, and Fortis Healthcare, which are seen as resilient during market volatility [8][22] - Defence stocks are gaining attention due to increased government spending during conflicts, with companies like Apollo Micro Systems and Bharat Electronics identified as potential beneficiaries [9][10][22] - Infrastructure and engineering firms are expected to benefit from India's investment cycle, with strong order books in sectors like power and strategic resources [11][12][22] Banking and Consumer Goods - Large banks are favored in brokerage recommendations due to strong balance sheets and improving credit growth, with HDFC Bank, ICICI Bank, and SBI among the preferred choices [12][22] - Fast-moving consumer goods (FMCG) companies are viewed as defensive investments, with stable demand for essential products during economic uncertainty [13][14][22] - Recommendations in the FMCG space include Varun Beverages, Tata Consumer Products, and ITC [14][22] Energy Sector - Rising crude prices may benefit energy companies involved in exploration and production, with Reliance Industries expected to gain from higher refining margins [15][22] Comprehensive Stock Picks - A broad list of stock picks across multiple sectors includes healthcare, pharmaceuticals, infrastructure, banking, consumer goods, and defence, providing investors with options for stability during volatile market conditions [16][18][22]

Core Insights - Aecon Group Inc. has entered into a partnership with Pomerleau and Stantec to execute the Arctic Over-the-Horizon Radar Program Stage 1 project in Ontario, under an agreement with Defence Construction Canada [1][2] - The project is part of a NORAD modernization initiative aimed at renewing Canada's North Warning System, which will enhance long-range surveillance capabilities for northern approaches to major North American population centers [3] Group 1: Project Details - The project will be delivered through a collaborative Integrated Project Delivery (IPD) model, with Defence Construction Canada as the project owner and a 50/50 joint venture between Aecon and Pomerleau responsible for its delivery [2] - A validation phase is set to begin in the first quarter of 2026, followed by a design development phase before construction commences [2] Group 2: Company Positioning - Aecon is positioned as a key player in delivering complex projects of national importance, emphasizing its capability to handle critical defense infrastructure projects [4] - The company provides integrated solutions across various sectors, including Civil, Urban Transportation, Nuclear, Utility, and Industrial, and offers project development, financing, and management services [5]

Investment Rating - The report indicates a positive outlook for the Lagos real estate market, highlighting its role as a major economic pillar in Nigeria, particularly after the GDP rebasing exercise [4][15]. Core Insights - The Nigerian economy is transitioning towards stabilization and growth, with a notable GDP growth of 3.98% in Q3 2025, driven by a resilient non-oil sector [5][15]. - Real estate has emerged as the third-largest sector in the rebased economy, contributing 13.36% to total real GDP, underscoring its structural importance [9][15]. - Inflation has moderated significantly, decreasing from 25.3% in June to 15.15% by December 2025, which is expected to support market stability [12][15]. - The naira has stabilized within a managed band, supported by a significant increase in external reserves, which reached $45.45 billion by December 2025 [13][15]. - The enactment of the Nigeria Tax Act 2025 is anticipated to enhance the macro environment for real estate, promoting formal agreements between landlords and tenants [14][30]. Economic Update - The GDP rebasing exercise revealed a larger and more diversified economy, with nominal GDP revised upward by 41.7% [4]. - Real estate's contribution to GDP highlights its critical role in national wealth, with a quarter-on-quarter growth rate of 3.50% [5][9]. - The construction sector outperformed the broader economy with a real growth rate of 5.57%, driven by public infrastructure projects [11]. Residential Market Review - Residential rents in Lagos continued to rise despite moderated inflation, driven by strong demand and constrained supply [22][32]. - Government interventions have facilitated the delivery of 653 residential units through public-private partnerships [23][32]. - The launch of the MOFI Real Estate Investment Fund offering long-term loans at 9.75% indicates ongoing public sector efforts to address housing shortages [24][32]. Retail Market Review - The retail sector has seen limited new development, with a gradual reconfiguration of tenant mix and retail strategies [33][39]. - Indigenous convenience-focused brands have gained traction, reflecting a shift towards cost-efficient retail formats [33][39]. - The average prime retail rents in Lagos are aligned with several African peers, indicating competitive pricing [35]. Office Market Review - The Lagos office market is showing signs of recovery, with Grade A occupancy levels reaching 73% [40][47]. - Rental performance has softened, particularly for prime assets, with effective rents adjusting downward to support occupancy [41][47]. - The emergence of new office developments in Ikeja indicates continued demand for modern office spaces [43][47]. Industrial Market Review - The industrial sector remains resilient, supported by logistics demand and manufacturing activity within Special Economic Zones [49][56]. - Prime industrial rents vary significantly based on infrastructure quality, with Grade A demand accelerating in well-serviced areas [51][56]. - The demand for warehouse spaces has grown approximately 25% year-on-year, reflecting the sector's expansion [74][56]. Infrastructure and Data Centre Market Review - Key infrastructure projects, including the Lagos–Calabar Coastal Highway and the Lagos Green Line Rail Project, are advancing, enhancing connectivity [57][63]. - The data centre market in Lagos is valued at approximately $1.4 billion, indicating strong investor interest and capacity additions [59][63]. Port Harcourt Real Estate Market - Port Harcourt's real estate market is driven by the oil sector, with residential demand growing at an estimated 12-15% [65][87]. - The retail sector has expanded significantly, driven by a rising middle class and consumer preferences for modern shopping environments [67][87]. - Industrial land prices have risen 10-20% over three years, with demand for warehouses increasing by about 25% year-on-year [74][87]. Abuja Real Estate Market - Abuja's real estate market is characterized by high demand and strong capital appreciation, with average property prices projected to rise by 10-15% annually in prime areas [81][98]. - The market is shifting towards integrated, technology-enabled commercial spaces, reflecting evolving tenant needs [85][98]. - The persistent housing deficit and urbanization are driving demand for middle-to-low-income housing in satellite towns [92][98].

Core Insights - The article discusses the potential for higher dividends in Singapore stocks, particularly in light of improving business fundamentals and cash flow generation [1][2]. Dividend Growth Drivers - Dividend increases are typically a result of improving business fundamentals rather than a single strong year [3]. - Companies that consistently generate surplus cash after covering expenses are better positioned to raise dividends [3]. - Lower interest expenses from reduced debt levels can ease cash flow pressure, allowing for higher shareholder payouts [4]. Company-Specific Highlights - **ST Engineering (S63.SI)**: - Reported a 9% year-on-year revenue increase to S$9.1 billion in the first nine months of 2025 [6]. - New contract wins totaled approximately S$14.0 billion, with an order book of S$32.6 billion as of September 30, 2025 [7]. - Proposed a special dividend of S$0.05 per share, alongside a higher final dividend of S$0.06 per share, leading to a total dividend of S$0.23 per share for FY2025 if approved [8]. - **Keppel Ltd (BN4.SI)**: - Achieved a 25% year-on-year growth in earnings, with net profits rising 5% year-on-year in 9M2025 [10]. - Returned S$617 million to shareholders, indicating a shift towards a more sustainable dividend base supported by recurring income [11]. - **PropNex Ltd (SGX: OYY)**: - Revenue surged 73.3% year-on-year to S$599 million for the first half of 2025, with net profit more than doubling to S$45.5 million [12]. - Declared an interim dividend of S$0.05 per share with a high payout ratio of 87.6% in 1H2025, reflecting a commitment to returning excess cash flows to shareholders [13]. Considerations for Investors - Investors should focus on free cash flow rather than just reported profits, as dividends are funded through cash [14]. - Management commentary on payout intentions is crucial for predicting dividend sustainability [14]. - Companies with durable cash flows and strong balance sheets are more likely to maintain consistent dividend growth [16].

Core Insights - Several blue-chip stocks in Singapore have experienced significant rallies, raising questions about future upside potential as valuations increase [1] - The analysis focuses on three prominent companies: Singapore Airlines Ltd, Keppel Ltd, and Singapore Technologies Engineering Ltd, assessing their long-term investment viability post-rally [2] Singapore Airlines - Singapore Airlines (SIA) shares have appreciated due to the global travel market recovery, currently trading near a 52-week high of S$7.63, with a market capitalization of approximately S$21 billion [5] - For FY2024/2025, SIA reported a net profit of S$2.78 billion, aided by a one-off gain from the Air India-Vistara transaction, while the half-year FY2025/2026 results showed a normalizing net profit of S$239 million [5] - The operating margin has normalized to around 8.3%, with a trailing dividend yield of 5.4%, supported by a resilient balance sheet with S$6.5 billion in cash against S$10.9 billion in total debt [6] - The current upside for SIA appears cyclical rather than structural, with inherent risks including high volatility and normalizing passenger yields [7] Keppel - Keppel has diversified its operations from offshore and marine to infrastructure, energy transition, data centers, and asset management, reaching an all-time high share price of S$12.69 [8] - For FY2025, Keppel's net profit surged 39% YoY to S$1.1 billion, with group revenue increasing by 3.4% YoY to nearly S$6 billion, despite a 16.1% drop in profit attributable to shareholders due to an accounting loss from M1's telco business [9] - As of December 31, 2025, Keppel improved its net gearing to 0.82x, with S$2.3 billion in cash against S$11.3 billion in debt, and proposed a 38% YoY increase in total distribution to S$0.47 per share [10] - Keppel aims to scale funds under management to S$100 billion by end-2026 and S$200 billion by 2030, supported by a deal flow pipeline of about S$33 billion [11] Singapore Technologies Engineering - ST Engineering shares reached a historic peak of S$10.20, driven by a diversified global footprint and a record-high order book of S$32.6 billion as of September 30, 2025 [12] - Nine-month revenue for FY2025 grew 9% YoY to S$9.1 billion, with strong growth across all segments, particularly in Commercial Aerospace and Defence & Public Security [13] - ST Engineering has a consistent dividend policy, declaring a total ordinary dividend of S$0.18 per share for FY2025, along with a proposed special dividend of S$0.05 per share [14] Comparative Analysis - Singapore Airlines offers strong cyclical earnings potential but is closely tied to industry cycles and fuel price volatility [15] - Keppel is positioned for long-term structural growth through its asset-light model, appealing to investors seeking transformational growth [15] - ST Engineering provides stability with predictable recurring revenues, making it a primary choice for dependable dividends and income security [16]

Core Insights - Dangote Group has signed a $400 million agreement with XCMG Construction Machinery to enhance its construction capabilities and expand the Dangote Petroleum Refinery & Petrochemicals capacity from 650,000 barrels per day to 1.4 million barrels per day, positioning it among the largest refineries globally [1][2] Group 1: Expansion Plans - The agreement allows Dangote to access advanced construction equipment for ongoing and future projects in refining, petrochemicals, agriculture, and infrastructure development, with the refinery expansion scheduled for completion in three years [2] - Dangote Group plans to increase polypropylene output from 900,000 metric tonnes per annum to 2.4 million metric tonnes, while Nigeria's urea production capacity will triple from three million to nine million metric tonnes annually [3] - The expansion will also raise annual production of Linear Alkyl Benzene (LAB) to 400,000 metric tonnes, making Dangote the largest LAB producer in Africa [4] Group 2: Strategic Vision - The additional equipment will enhance project execution, with the company aiming to become the number one construction company globally as part of its Dangote Vision 2030, which includes building a $100 billion pan-African industrial powerhouse [5][6] - The vision encompasses expanding operations in key sectors, increasing investments across Africa, and developing workforce capabilities to reduce import reliance and promote industrial development [6]