Singapore Daily Briefing

AEM Holdings, Singapore's semiconductor test handler specialist, reported H1 net profit of S$30.8 million — approximately 10 times the S$3.07 million a year ago — on surging demand from AI chip customers. EPS came in at S$0.0979, also about 10x the prior year's S$0.0098. This is the clearest Singapore-listed read on the AI semiconductor capex cycle: AEM's test handlers are in the critical path for AI chip validation, and a 10x profit turnaround confirms that H1 2025's weakness was cyclical, not structural. Watch for management guidance on H2 — if order visibility extends into 2027, the stock could be in a multi-year re-rating.

Food Empire Holdings delivered US$35.4 million H1 net profit, with revenue growing 15% to US$315.1 million — a broad-based turnaround across its Russia, CIS, Southeast Asia, and South Asia instant coffee markets. For investors tracking Singapore-listed FMCG names with EM exposure, Food Empire is a proxy for emerging market consumer spending resilience: its CIS-region business remains robust despite geopolitical disruption, and South Asia growth is accelerating. The 15% revenue growth at this revenue base is exceptional for an established FMCG player.

The IEA's monthly report flagged that 'global oil supply has fallen well below demand' as the Strait of Hormuz remains effectively closed. Singapore, as Asia's oil trading hub and home to the world's third-largest oil bunkering port, is directly affected: supply shortfalls redirect refining margins higher at Singapore's refineries (ExxonMobil, Shell, PetroChina) and push Asia benchmark prices upward. For SGX-listed energy names and Singapore REIT holders exposed to industrial/logistics properties near Jurong Port, a sustained IEA shortage finding is directionally positive.