Under The Radar

Transforming the real estate agency business to better relate to customers and tap demand from younger homebuyers. That’s what we’re going to talk about today. Launched in February 2000, our guest OrangeTee aspires to be a reputable, dynamic and fast growing real estate enterprise in Singapore.  The firm prides itself on building trust and long-term relationships and its ability to embrace the old and new to thrive in the realty space.  More notably, the associate agencies of OrangeTee and Edmund Tie & Company had in 2017 merged to form OrangeTee and Tie, a move that puts the workforce of the combined entity of over 4,050 property agents.  Now, OrangeTee is an interesting company to look at because of a number of things. First of all, the company had a leadership reshuffle at the start of this year, where it appointed a new CEO, Justin Quek, who thereafter headed a brand refresh at the company in a bid to underline the firm’s commitment to simplify the real estate experience.  More importantly, the firm also appears to be on the charm offensive to tap a growing group of younger homebuyers and increase productivity.  One way it is doing so, is by engaging younger property agents and enabling agents to increase the transaction size of their deals. It is also in the midst of an internal revamp to make the once “agent-centric” business a more “consumer-centric” one, with a consumer-focused “Property Festival” in store for Q3.  But how much money can the firm unlock by tapping the younger demographic and what challenges does the company face given the amount of cooperation needed from its thousands of agents to transform the way the firm sells houses? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Justin Quek, Chief Executive Officer, OrangeTee. 

Tapping emerging opportunities in the maritime industry – that is what we’re going to talk about today. Founded in Norway in 1861, our guest is the corporate investment arm of Wilhelmsen. Wilhelmsen, for context, has one of the world’s largest maritime networks on call 24/7 to provide essential products and services to the merchant fleet.  With thousands of employees spread across close to 60 countries, the company is said to supply crew and technical management to the largest and most complex vessels ever to sail.  But perhaps what is more exciting about this century old global maritime industry group is how it is leveraging the startup ecosystem to sieve out new opportunities and pockets of growth. For one thing, Wilhelmsen came up with a joint venture with German engineering firm thyssenkrupp called Pelagus 3D to use 3D printing technologies to make custom, standard and obsolete spare parts on-demand.  The question is – how far will corporate venture initiatives help position the firm for future, and ride the wave of the transforming maritime industry? Meanwhile, Singapore had in 2021 set out its ambitions to make the country the Silicon Valley of maritime technology, raising its 2025 target for the number of maritime startups up from 100 to 150.  So what opportunities does the geographical market present for old-timers and legacy firms like Wilhelmsen? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Nakul Malhotra, Vice President, Emerging Opportunities Portfolio, Maritime Services, Wilhelmsen.

We’re going to talk all about bathroom and kitchen fixtures today. Now, the next time you visit the bathroom, take a look at the brand of the sinks and toilets.  Chances are – they’re of the American Standard and Grohe brands. But did you know that they are all part of a leading Japanese home and water products giant called LIXIL?  Born in 2011 through a merger of five of Japan’s most successful building materials and housing companies, LIXIL makes pioneering water and housing products with the aim of making better homes a reality for everyone everywhere.  Just to give you a sense of the company’s scale, LIXIL has approximately 60,000 employees in over 150 countries around the globe, having expanded to international markets through the acquisition of North American plumbing fixtures maker American Standard and German manufacturer Grohe. Its reach – a whopping one billion people each day through its portfolio of 15 product brands.  This is no surprise given the size of the global plumbing fixtures market, with Precedence Research valuing it at US$90.11 billion in 2023. That figure is expected to reach US$140.21 billion by 2033, translating into a CAGR of 4.52% from 2024 to 2033. But what is LIXIL’s assessment of the market and what will be the key drivers of growth?  Meanwhile, makers of building fixtures appear to be weighed down by lower home sales amid elevated global interest rates, as well as a property slump in markets such as China in the near term.  But how does LIXIL intend to navigate this, and how far will Singapore act as a buffer against short-term volatilities for LIXIL? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Koh FuSheng, Leader, Singapore, LIXIL Water Technology APAC. 

Today we’re going to talk to a Singapore listed company that is said to be the country’s oldest and one of Asia’s largest manufacturers of high-end precision plastic and metal components and products.  With over 45 years of manufacturing experience, our guest Fu Yu Corporation operates six manufacturing sites across Singapore, Malaysia and China.  The firm serves a wide range of sectors including automotive, biomedical and consumer products, making products such as water filters, medical endoscopes and more. More notably, the company also expanded its offering to provide supply chain solutions at the height of the pandemic in 2021.  But why are we talking about Fu Yu Corporation you might ask? Well, the firm had in November last year completed a strategic review where it outlined new transformation strategies to build a stronger business foundation, open up new business opportunities and enhance shareholder value. That’s amid an economic slowdown in China, rising interest rates globally and customers holding large stockpiles of inventory post-pandemic.  To this end, the firm said then that it has doubled down on investments on machinery and manpower to manufacture higher precision products such as plastic lenses for electric cars and other biomedical products – but why is it moving up the value chain – and how far have the investments reaped rewards now that we are in 2024?  Meanwhile, Fu Yu Corporation posted a net profit of S$5,200 for the first quarter of its 2024 fiscal year ended March, marking a reversal from a net loss of S$2.4 million seen in the same period last year.  The showing comes as revenue in the quarter more than doubled on the year to nearly S$79 (S$78.9 million), driven by higher contributions from the company’s supply chain services management arm.  Question is – what are the trends bolstering demand for the firm’s supply chain management services? Also – where would Fu Yu Corporation then put its resources into to tap future growth in future?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to David Seow, Group CEO of Fu Yu Corporation Limited. 

Pop diva Celine Dion, American country music singer Nate Smith, and Korean girl group Blackpink’s Lisa. They have all worked with the company we’re going to talk to for today, in one capacity or another.  With a footprint spanning across 100 countries, our guest Sony Music Entertainment, an American music recording company owned by the Sony Music Group.  The company prides itself as sitting at the intersection of music, entertainment and technology, bringing imagination and expertise to the newest products, platforms, embracing new business models and breakthrough tools as it helps artists push through creative boundaries and reach new audiences.  It supports a diverse roster of international superstars, developing and independent artists and visionary creators, and is said to be one of the big three recording labels in the world as of last year.  According to data from Statista, Sony Corporation's music segment revenue for 2023 stood at a whopping US$10.35 billion, up from the US$9.15 billion seen in FY2022.  But to what extent is this driven by Sony Music Entertainment, and how far have markets in Southeast Asia, and in particular Singapore, Malaysia and Vietnam contributed to the numbers?  Which are the key trends to watch in the music industry and which will be the key markets that will lead the pop culture in ASEAN? How will changing patterns in music consumption augment the power dynamics between record companies and streaming players, and increasingly, social media platforms? And what value does Singapore bring to record labels with the country being the hotspot for live music events with global acts by international names such as Tate Mcrae and Laufey?  Plus – what is Sony Music Entertainment's stance towards the use of artificial intelligence in music creation? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Kenny Ong, Managing Director for Malaysia, Vietnam and Singapore and Special Projects Southeast Asia, Sony Music Entertainment.

Retailing is the action of selling goods and services to consumers piecemeal rather than to businesses in bulk.  When we think of retailers, we often think of the likes of clothing retailers and electronic retailers. But instead of selling consumer goods, our guest for today sells the electricity we use to power our homes and electronics.  Established back in 2001 under its former name Seraya Energy, our guest for today is Geneco, a subsidiary of YTL PowerSeraya, one of Singapore’s first and largest electricity generators, with a licensed generating capacity of 3,100MW.  The firm used to serve just commercial and industrial customers back in the days until further liberalisation of the Singapore electricity market kicked in in 2018.  It was then that the company re-established itself as Geneco and expanded its scope to also cater to households and small and medium sized enterprises. Since then, the firm’s retail business grew further over the years, powering over 165,000 households in the lion city as of 2024.  But why are we talking to Geneco you might ask? Well, the Singapore electricity retail market is an interesting one to look at. It used to be rather vibrant back in 2018, with customers able to choose their electricity provider from a list of over 20 retailers.  Just a number of years later, a number of players including Singapore’s largest independent electricity retailer iSwitch left the industry due to cut throat competition, volatility in wholesale electricity prices, not to mention the energy crisis fuelled by the Russia-Ukraine war.  So what was the secret sauce that allowed Geneco to continue growing, on top of remaining in business?  Speaking of energy crisis, Geneco had said in April 2023 that electricity bill that year could be cheaper as global energy prices stabilise, but how far has that played out, and what is the situation like right now with demand for electricity expected to grow as the economy revs back to life from the pandemic? And what will that mean for Geneco ultimately when it filters through to its top and bottom lines?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Lim Han Kwang, CEO, Geneco, Group Head (Retail, Regulation and Renewables) YTL PowerSeraya Ltd.

The securities market is in focus today as we speak to one of the founding clearing members of the Singapore Exchange Derivatives Trading or (SGX-DT).  Inaugurated some 40 years ago in 1983 as Phillip Futures, our guest for today is multi-asset broker Phillip Nova.  As a member of the PhillipCapital Group, the company has grown over the years and now prides itself as one of the region’s top brokers for the trading of CFD, Forex, Futures and Stocks.  It also taps PhillipCapital Group’s network companies to access exchanges around the world, including the Singapore Exchange, the Hong Kong Exchange, the Japanese Exchange Group, the New York Mercantile Exchange, the COMEX and more.  The company was rebranded in Phillip Nova in 2022 after the firm received its own securities brokerage licence to broaden its service offerings.  Its CEO had said then that the rebranding initiative was meant to reflect the brokerage’s expanded suite of offerings ranging across five asset classes namely: stocks, futures, forex, commodities and CFDs.  But Phillip Nova is an interesting company to talk about not just because of the rebranding initiative, but also because of the markets it is eyeing on in a bid to drive growth.  For one thing, the firm had in March this year offered the trading of Istanbul-quoted futures.  Representatives of its parent company, PhillipCapital had also met up with the senior management team of the regulator of financial services in the Republic of Kazakhstan, on the sidelines of the Kazakhstan-Singapore Business Forum that took place in May last year.  But what are the opportunities in these markets, and how will Phillip Nova partner up with industry players to deepen its stock trading links in order to penetrate into these relatively untapped markets? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Teyu Che Chern, CEO, Phillip Nova.

It’s all about S-Reits today as we continue our conversation with a company that is also the first ever guest we had on board on Under the Radar back in February last year. Make a guess! The company is behind some of the most prominent skyscrapers we see at the Central Business District, and is said to be one of the largest diversified S-Reits with total assets under management of S$6.3 billion as at the end of 2023. Well, listed on the mainboard of the Singapore Exchange back in January 2014, OUE REIT is a wholly owned subsidiary of OUE Limited, a leading real estate and healthcare group that looks to tap growth trends across Asia.  On its own, OUE REIT owns two hotels, namely Hilton Singapore and Crowne Plaza Changi Airport. It also counts the Mandarin Gallery, as well as commercial properties OUE Bayfront, One Raffles Place and OUE Downtown Office as its assets. Out of Singapore, the Reit also owns a Grade A commercial asset called Lippo Plaza in Shanghai’s business district of Puxi.  But why are we talking to OUE REIT you might ask? Well, OUE REIT was recently rebranded from OUE Commercial REIT in January 2024 to reflect its focus on growth opportunities in the hospitality, office and retail sectors, but what can we look forward to on this front?  Meanwhile, OUE REIT had also in April reported higher revenue and net property income in the first quarter of 2024, where net property income rose 6.9 per cent on the year to S$60.5 million. But how far is this driven by commercial properties and increased tourist spending at its hotels and how far can this continue?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Han Khim Siew, Chief Executive Officer and Executive Director of OUE REIT.

When it comes to watch manufacturers, one would realise that most of the big players are owned by luxury groups with multiple brands under their belts. But instead of that, our guest for today prides itself as the last family-owned independent Genevan Watch Manufacturer.  It is also part of the so-called “The Holy Trinity” or “The Big Three” in horology - a term that describes three of the biggest and oldest watchmakers in the world.  Founded in 1839, our guest Patek Philippe has been perpetuating the tradition of Genevan watchmaking without interruption for close to two centuries.  As a family-owned independent watch manufacturer, the firm enjoys total creative freedom to entirely design, produce and assemble what experts agree to be the finest timepieces in the world, amassing a repertoire of over 80 patents so far.  Being an independent and private company also means Patek Philippe was able to make certain decisions that were unimaginable at other companies, such as retiring one of its most popular models, the Ref. 5711 Nautilus watch.  But what was the rationale behind the move? And with Patek Philippe launching a total of 11 watches at the highly anticipated Watches and Wonders this year, what is next for the firm as it continues to reinvent the wheel?  On the demand side of things, a Robb Report article citing Watch Pro reported in May that Swiss watch exports grew 4.5 per cent globally, bolstered by a 11.6 per cent rise in the US. The showing was a reversal from the decline seen in March, where shipments to China and Hong Kong fell.  But what does that mean to Patek Philippe operationally and how long is the waitlist for a first-hand timepiece? On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Deepa Chatrath, General Manager, Patek Philippe Southeast Asia.

It’s all about insurance coverage today as we speak to a company that provides coverage for Singaporeans including the nation’s protectors – the MINDEF.  Formed by the merger of Aviva Singapore and Singlife in a deal valued at S$3.2 billion in 2020, the current Singlife is one of the largest homegrown financial services companies in the lion city.  The company offers a variety of insurance products ranging from life insurance, medical insurance, car insurance, travel insurance, home insurance, to investment linked-plans. It is also seeing a number of key developments of late. For one thing, the company has become a fully owned subsidiary of Japan’s Sumitomo Life in a transaction valuing Singlife at S$4.6 billion.  The insurer said the ownership change will not affect its day-to-day operations, but will enable Singlife to pursue its long-term growth ambitions, with the capital to drive regional expansion and to grow as an integrated financial services company. But what can we expect when it comes to Singlife’s strategic direction for the future?  Speaking of strategic direction, Singlife had in May this year launched what it calls the Singlife Dementia Cover. Touted as the market’s first insurance plan offering yearly payouts for persons with dementia, the policy also covers other mental health conditions such as bipolar and schizophrenia disorder.  But what were the complexities in valuing the insurance premiums and payouts for conditions relating to dementia, versus other health conditions such as cancer? And how does such a product pipeline position Singlife as a first mover in the silver economy?  On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Pearlyn Phau, Group CEO, Singlife.