Group 1: DBS Group - DBS Group is projecting net interest income (NII) growth for 2025, contrasting with competitors OCBC and UOB, which anticipate NII pressures due to net interest margin compression [3][5] - In Q2 2025, DBS reported a 4.6% year-on-year increase in total income to S$5.7 billion, despite a slight net interest margin decline to 2.05% [3][4] - Non-interest income surged by 10.4% year-on-year, with wealth management fees increasing by 25%, indicating a strong diversified revenue model [4][5] - Management is hinting at a potential increase in the quarterly dividend from S$0.60 to S$0.66 in Q4 2025, reflecting confidence in wealth management momentum and loan growth [5][6] Group 2: Frasers Logistics & Commercial Trust - Frasers Logistics & Commercial Trust (FLCT) experienced a 13.8% year-on-year decline in distribution per unit (DPU) to S$0.03, despite a 7.5% revenue increase to S$232.3 million [8] - Finance costs rose significantly by 35% year-on-year to S$39.4 million, with borrowing costs reaching 3.0%, impacting profitability [8][10] - The occupancy rate at Alexandra Technopark is low at 77.1%, contributing to a commercial portfolio occupancy of only 84.1% [9][10] - FLCT's recent divestment of A$195.3 million in Melbourne was aimed at reducing gearing from 36.1% to 34.6% and addressing the supply glut in the area [9][10] Group 3: Singapore Telecommunications (Singtel) - Optus, a subsidiary of Singtel, reported a 36% year-on-year increase in EBIT for Q1 FY2026, continuing a strong performance trend [11][12] - Despite financial success, Optus faces significant operational challenges, including network failures that have led to tragic incidents and disruptions [12][14] - Optus generates approximately A$8.2 billion annually, accounting for about half of Singtel's revenue, but ongoing network reliability issues could threaten future profitability [13][15] - An independent review may necessitate costly infrastructure upgrades, potentially impacting Singtel's S$2 billion share buyback and annual dividend [14][15]