DBS, OCBC and Singtel drove the STI to new all-time high, UOB took a hit

Date: November 10, 2025

• All major US indices fell for the week on AI worries
• DBS surged 3.81% to new high after better-than-expected Q3 earnings
• UOB’s shares took a hit after higher-than-expected provisions
• OCBC up 3.4% after beating forecasts
• Singtel rose to all-time high amid talks of US$3.9 billion data-centre deal
• Share buybacks up 90% compared to 2024: SGX Research
• Fu Yu terminated CEO David Seow for “gross default and misconduct’’; received letters of demand from Mr Seow
• Worst could be over for US office REITs: analysts

The STI rose to an all-time high, just below 4,500 thanks to DBS, OCBC and Singtel

Better-than-expected earnings reported by DBS and OCBC helped push both stocks sharply higher, which together with record highs recorded by Singtel, helped propel the Straits Times Index 64 points or 1.4% up to a record closing of 4,492.24.

All major US indices fell for the week on AI worries

Wall Street closed out a volatile week lower in a broad risk-off move fuelled by worries about the AI trade and valuations.

Major indexes fell across the board, with the Nasdaq Composite sliding 3% for its worst weekly performance since April. The S&P 500 lost 1.6%, and the Dow Jones Industrial Average shed 1.2% as investors rotated away from high-growth names.

DBS surged 3.81% to new high after better-than-expected Q3 earnings

DBS reported a 2% fall in net profit for the third quarter ended Sep 30 to S$2.95 billion, beating the S$2.79 billion consensus forecast in a Bloomberg survey of six analysts.

Total income reached a new high of S$5.93 billion, although net profit was down due to the impact of the global minimum tax, DBS said.

According to a note from Citi, DBS’ Q3 results beat consensus estimates by 8%, driven by a 23% quarterly surge in wealth management fees and a S$32 billion influx of new client assets.

Citi highlighted the bank’s “robust” asset quality, with new bad loans from corporate clients falling to a “multi-year low”.

Maybank said in the near term DBS offers high dividend visibility and yields of more than 6%. It reiterated a “buy’’ with target price of S$62.79.

On Thursday DBS’s shares jumped S$2.04 or 3.81% to close at a new all-time high of S$55.54 on heavy volume of 13.1m shares traded. They fell back to end the week at S$54.98 but still recorded a net gain of S$1.05 or 1.9% for the five days.

UOB’s shares took a hit after higher-than-expected provisions

UOB’s Q3 net profit plunged 72% to S$443m, compared with S$1.61 billion a year earlier. The result was far from the S$1.34 billion consensus estimate according to a Bloomberg poll of five analysts.

Allowances for credit and other losses more than quadrupled to $1.36 billion, from $304 million a year earlier, as the bank said it “took proactive steps to strengthen its provision coverage amid ongoing macroeconomic uncertainties and sector-specific headwinds”.

This lifted general allowance coverage to 1% of performing loans. The general provisions cover all sectors, including small- and medium-sized enterprises as well as multinational corporations.

UOB noted that its dividend payment would not be affected by the pre-emptive general allowance. It also remains committed to its $2 billion share buyback programme, with nearly a quarter of it completed as at September.

UOB’s shares took a hit on Thursday, closing S$0.97 or 2.8% lower at S$33.90 on volume of 15.9m. They finished the week at S$33.96 for a net loss of S$0.81 or 2.3% over the five days.

OCBC up 3.4% after beating forecasts

OCBC reported net profit for the three months to Sept 30 was $1.98 billion, little changed from $1.97 billion a year earlier, but beating a $1.79 billion forecast in a Bloomberg poll.

The bank’s net interest income (NII) for the quarter dipped 9% to $2.23 billion, as net interest margin (NIM) contracted by 34 basis points to 1.84% amid a softening interest rate environment.

The bank is maintaining most of its 2025 financial targets, including mid-single-digit loan growth and cost-to-income ratio in the low 40s.

It is committed to its 60% total dividend payout ratio, and for share buybacks to be completed in 2026.

For NIM, the bank now guides to around 1.9%.

Over the week, OCBC’s shares jumped S$0.59 or 3.4% to S$17.78.

Singtel rose to all-time high amid talks of US$3.9 billion data-centre deal

Singtel’s shares rose to new all-time highs on the back of news that the telco and KKR & Co are in advanced talks to buy more than 80% of ST Telemedia Global Data Centres – which would give them full ownership – for over US$3.9 billion.

KKR currently owns about 14% of the firm; Singtel owns more than 4%.

The rest of the company is held by ST Telemedia, which is wholly owned by Singapore investment company Temasek.

If successful, the deal would rank among Asia’s biggest data-centre transactions, with the boom in artificial intelligence (AI) creating soaring demand for digital infrastructure.

Over the week, Singtel’s shares jumped S$0.38 or 8.9% to S$4.63.

Share buybacks up 90% compared to 2024: SGX Research

In a 3 Nov Market Update, SGX Research reported that for the first 10 months of 2025, close to 80 primary-listed companies in Singapore bought back shares on the open market, with a combined consideration of S$1.91 billion, up about 90% for the same 10-month period in 2024. This excludes off-market share buybacks, buybacks from secondary-listed companies, and unit buybacks by S-REITs.

Aside from primary-listed stocks, Hongkong Land has bought back 38.7 million shares this year for a consideration of US$222.9 million, averaging US$5.76 apiece. Stoneweg Europe Stapled Trust has also bought back 2,251,200 units on its current mandate, in addition to 1,505,300 of its units on the previous mandate’’ said SGX Research.

“17Live Group has bought back S$6.2 million of its shares this year at an average price of S$0.925, representing 3.4% of its current market capitalisation. In a recent investor presentation, 17Live Group maintained its buyback programme, launched in December 2024, reflects its disciplined approach to capital deployment’’ said SGX Research.

Fu Yu terminated CEO David Seow for “gross default and misconduct’’; received letters of demand from Mr Seow

Mainboard-listed Fu Yu Corp terminated group chief executive officer David Seow for gross default and misconduct with effect from 31 Oct.

He will also cease to be a director of the company and all its subsidiaries and related entities. The board confirmed there are no other matters concerning Seow’s cessation that need to be brought to shareholders’ attention at this juncture.

Seow’s termination comes on the back of an investigation that was initiated after shareholders raised concerns at the company’s annual general meeting in June.

Shareholders questioned the company’s financial performance and the remuneration granted to directors and key management personnel, which “appeared to be high in contrast to the low revenue of the company” said Fu Yu in its announcement.

The independent directors then commenced an internal audit and review, in response to the queries. During the process, they discovered several matters suggesting misconduct on Seow’s part.

The independent directors subsequently engaged third-party professionals, including external legal counsel, who reviewed the matter. The board said Seow’s termination was “a carefully considered decision based on established facts and supported by legal advice”.

The 40-year-old, who held a nine million share interest in Fu Yu, has been group CEO since January 2021.

On Friday, the manufacturer of plastic and metal components and products said that it had received a letter of demand dated Nov 4, in which Mr Seow claims $1,853,548.39 in salary.

Mr Seow separately sent a letter of demand dated Nov 5 to Fu Yu, its independent directors and corporate secretary, alleging defamation and demanding that a bourse filing on Nov 1 announcing his firing be retracted.

Fu Yu added that Mr Seow also demanded a signed apology to be published on SGXNet and damages of $200,000, among other things.

Worst could be over for US office REITs: analysts

The worst could be over for US office REITs, with interest rates now edging downwards, and leasing demand and occupancy metrics improving across major US office markets.

“In recent quarters, we note that the US office market is showing clearer signs of stabilisation,” DBS analysts Derek Tan and Dale Lai said in a Nov 3 report.

Citing Cushman & Wakefield and JLL research, the analysts noted improvements in the US office market “driven by a rebound in tenant demand and a sharp pullback in new construction starts on the back of weak end-user demand”.

“After years of portfolio downsizing, occupiers are expanding again, particularly within high-quality, amenity-rich Class A buildings,” the DBS analysts noted. “Class A vacancy tightened by over 100 basis points year on year, underscoring the growing scarcity of quality space as tenants gravitate towards modern, well-located assets.”

Improving fundamentals in the US office market should bode well for the three US office S-Reits – Prime US Reit, Keppel Pacific Oak US Reit (Kore), and Manulife US Reit – which are all currently trading at steep discounts of between 64 and 67% to their book values.