Welcome to this week’s edition of top stock market highlights.
Thomson Medical Group (SGX: A50)
Thomson Medical Group, or TMG, launched its Johor Bay integrated project recently that will have a gross development value (GDV) of RM 18 billion.
This integrated development will be situated on a 26-acre site within the Johor-Singapore Special Economic Zone (SEZ) and feature healthcare, luxury residential and hospitality, commercial, and lifestyle components.
The new property will also be just 1.2 km away from the upcoming Rapid Transit System (RTS) station located at Bukit Chagar.
This project is leveraging on Johor’s high standard of living, the upcoming completion of the RTS by the end of 2026, and the positive momentum generated by buzz surrounding the SEZ.
The first phase of this ambitious project involves a 47-storey ultra-luxury residential tower along with multi-disciplinary private hospital Thomson Hospital Iskandariah.
Peter Lim, the former Remisier King and a major shareholder of TMG, remarked that this project will be one of the most expansive private healthcare and real estate venture on prime land within Southeast Asia to date.
There will also be a five-star hotel and premium serviced residences that cater to regional tourism and medical travellers.
The healthcare cluster will include facilities such as specialist medical suites, aged care and assisted living facilities, and a Grade A life sciences office tower.
Thomson Hospital Iskandariah has planned for 500 beds but its capacity can easily be expanded to over 1,000 beds as there is ample space.
Phase One alone has a total estimated GDV exceeding RM 3.1 billion and is projected to generate more than 1,200 direct and indirect jobs during the construction and operational phases.
Keppel Ltd (SGX: BN4) and Seatrium (SGX: 5E2)
Keppel has initiated arbitration proceedings against Seatrium in a Brazilian corruption case named Operation Car Wash.
Back in 2022, Seatrium made S$82.4 million of provisions in its books to pay Keppel against claims related to the crackdown.
Keppel is seeking S$68.4 million as Seatrium had just signed the final agreement.
The case involves Seatrium agreeing to pay around US$134.45 million to Brazilian authorities as part of leniency agreements.
Back in 2023, Keppel’s offshore and marine (O&M) division merged with then Sembcorp Marine to form Seatrium.
As part of the corruption investigation, authorities had searched Sembcorp’s shipyard.
Operating Car Wash is a wide-ranging corruption scheme that began in 2014 that resulted in many Latin American political and business leaders being sent to prison.
Seatrium, however, noted that its obligation to pay Keppel expired earlier this year, and is in the process of reviewing Keppel’s claims and allegations.
The group will consult with legal advisors on its next move and advises caution when dealing with its shares.
Sea Limited (NYSE: SE) and DBS Group (SGX: D05)
Sea Limited’s shares have been on a tear this year, and the e-commerce company has once again reclaimed its title as Southeast Asia’s most valuable public company.
On 26 August, shares of Sea Limited have surged 74.4% year-to-date, putting its market capitalisation at US$111 billion.
DBS Group finished the day with a market capitalisation of US$110.3 billion, just a sliver below Sea Limited, with the lender falling to second place.
The reason for Sea’s comeback can be attributed to its e-commerce arm, Shopee.
The group reported sales for the first half of 2025 that exceeded estimates, demonstrating its ability to fend off strong rivals such as TikTok and Lazada.
A cost-cutting exercise by CEO Forrest Li has also enabled Sea Limited to report profits.
For 1H 2025, Sea’s revenue climbed 34% year on year to US$10.1 billion.
Operating profit soared 513% year on year to US$944.1 million while net profit stood at US$809 million, far above the US$58.2 million reported a year ago.
Sea is relying on new initiatives, such as digital finance, to continue powering its earnings.
A logistics operation called SPX Express, powered by a group of homemakers and retirees in Singapore to help make reliable deliveries, could be one of the initiatives that gains traction and powers Shopee’s growth.
Meanwhile, Sea’s gaming division, Garena, is also no slouch.
Its popular Free Fire game became the highest-earning mobile shooting game in the US, with the group’s CEO raising its full year guidance for the division.
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Disclosure: Royston Yang owns shares of DBS Group.
