Calls grow for AGMs to be more than just an annual buffet; banks target wealth management growth

SINGAPORE – More companies uploaded the minutes of their annual general meetings (AGMs) held in April to SGXNet last week, in line with stock exchange rules requiring such records to be published within one month of the meeting.

The filings come amid growing demand from shareholders and market watchers for AGMs to become more relevant for retail shareholders rather than just an “annual general makan”, a long-running stereotype that portrays such meetings as opportunities for free buffet meals, The Straits Times reported.

Analysts said improving the quality and accessibility of AGMs as an avenue for company-shareholder engagement is important as regulators seek to boost liquidity and address undervaluation in the local stock market.

However, most AGMs are held on weekday mornings or afternoons and are clustered heavily around the April 30 deadline for companies with December financial year ends, making it difficult for working shareholders to attend sessions.

The other issue is transparency, with most AGMs remaining closed to the media, limiting timely reporting for shareholders unable to attend.

Banking on wealth management

Both OCBC Bank and UOB reported first-quarter earnings supported by rising demand for wealth management services last week.

Strong growth in wealth management boosted OCBC’s non-interest income to a new high in the first quarter, helping to offset a decline in interest income as a result of lower interest rates.

This helped lift OCBC’s total income by 5 per cent over the first quarter of 2025 to $3.83 billion, while net profit for the period rose 5 per cent to $1.97 billion.

Wealth management at OCBC – spanning private banking, premier private client, premier banking, insurance, asset management and stockbroking – now contributes 39 per cent to the bank’s total income, up from 37 per cent previously.

To capitalise on higher demand, OCBC on May 4 said it will acquire parts of HSBC’s wealth and premier banking portfolio in Indonesia, reportedly beating out UOB and other banks such as DBS, Malaysia’s CIMB Group and Japan’s Sumitomo Mitsui.

At the bank’s results briefing on May 8, OCBC group chief executive Tan Teck Long said the acquisition is expected to contribute positively to the bank’s earnings and aligns with its new strategy to grow and deepen its wealth business in Indonesia.

Shares of OCBC closed the week flat at $21.92.

OCBC can expect to see some competition from UOB, which is also eyeing growth in wealth management.

UOB’s total income for the first quarter of 2026 fell 6 per cent from a year ago to $3.42 billion, despite stronger contributions from its wealth management business, while net profit slipped 4 per cent over the same period to $1.43 billion.

The bank said it faced pressure from lower interest rates, and raked in less fee income as investment and loan-related activities softened.  

Nevertheless, UOB aims to double its wealth income by 2030 by better serving a growing pool of affluent customers, deputy chairman and CEO Wee Ee Cheong said on May 7.

Shares of UOB closed the week flat at $36.56.

JustCo files for SGX IPO

Stock market investors in Singapore will soon see a fresh counter on the Singapore Exchange (SGX) mainboard after home-grown co-working operator JustCo lodged its preliminary prospectus on May 7.

Details such as the size of the offering, pricing and implied valuation have yet to be disclosed.

Founded here in 2011, JustCo operates 54 co-working spaces across 12 cities in Singapore, Japan and Thailand.

The company has since received backing from sovereign wealth fund GIC, which holds 29.06 per cent, and Frasers Property, which owns 22.52 per cent.

The company recorded a net profit of US$2.7 million (S$3.4 million) for 2025, reversing losses of US$10.1 million in 2024 and US$12.5 million in 2023. Revenue rose to US$150.8 million in 2025, up from US$113.8 million two years earlier.

Now, JustCo is seeking to raise funds through an initial public offering to expand into new markets, such as India, Malaysia, the Philippines, Hong Kong, Dubai and Saudi Arabia.

The company has already secured backing from several cornerstone investors, which have agreed to subscribe for 74.3 million shares ahead of the listing.

These include fund managers selected under a government-led initiative to invest $6.5 billion in the Singapore stock market, such as JPMorgan Asset Management, Amova Asset Management, Fullerton Fund Management and Avanda Investment Management.

Some firms report first-quarter results

Several SGX-listed firms reported first-quarter results last week.

This included StarHub, which on May 7 reported a sharp drop in first-quarter earnings due to weaker performance in its consumer mobile and broadband services.

Net profit for the three months ended March fell 81.3 per cent to $5.9 million, while revenue slipped 6.1 per cent to $507.3 million.

The telco said consumers spent less on roaming, SMS and other add-on services, while the number of mobile subscribers declined to 2.2 million from 2.4 million a year earlier.

Meanwhile, the number of broadband customers dipped slightly to around 571,000, while average monthly spending per broadband user fell to $33 from $36 a year ago.

StarHub shares fell 3.8 per cent through the week, ending on May 8 at $1.01 each.

Transport operator SBS Transit on May 8 reported a slight decline in first-quarter profit, despite its revenue rising 4.8 per cent year on year to $391.8 million for the period, driven mainly by increased bus service fees as well as stronger rail fare collections from higher fares and rising commuter numbers.

Average daily ridership on the North East Line rose 2.7 per cent to about 611,000, while the Downtown Line saw a 2.1 per cent increase to around 475,000 commuters, according to company data.

But net profit for the three months fell 2.2 per cent to $15.6 million, after operating costs climbed 4.9 per cent to $374 million because of higher fuel and electricity prices, alongside increased staff costs.

SBS Transit closed the week at $3.60, down 2.4 per cent.

In contrast, Venture Corp’s shares rose more than 10 per cent through the week, ending on May 8 at $18.23 apiece after it reported a strong set of first-quarter results on May 5.

Revenue rose 1.9 per cent year on year to $628.5 million, while net profit edged up to $56.3 million from $55.9 million a year earlier.

The group said demand was driven mainly by customers in areas linked to artificial intelligence infrastructure, including test and measurement equipment, networking and communications, and semiconductor-related equipment.

Other market movers

Jardine Matheson jumped by almost 1.6 per cent to US$71.28 on May 8 after Bloomberg reported that the group is considering selling its car dealership in Malaysia and Singapore, citing people familiar with the matter.

SGX-listed Jardine Matheson holds about 85 per cent of Jardine Cycle & Carriage, the owner of the dealership, which retails and provides after-sales services for new and used vehicles in Malaysia and Singapore. Brands offered include Mercedes-Benz, Mitsubishi, Kia, Citroen and Peugeot, its website shows.

Shares of Jardine C&C, which are also listed here, rose 1.5 per cent on May 8, ending the day at $32.88.

Bloomberg reported that Jardine C&C is working with an adviser on a possible sale of the dealership and has reached out to potential buyers. A transaction could value the business at US$250 million to US$350 million. Deliberations are ongoing and might not result in a sale.

Shares of Hongkong Land, another Jardine Matheson subsidiary, jumped after Bloomberg on May 7 said the developer and CapitaLand were among possible bidders for Singapore’s Marina One integrated development.

The development comprises office and retail space as well as residential units. The report added that discussions are still at an early stage and may not lead to a deal.

The speculation comes after Hongkong Land said in March that it is prepared to step up investments after recycling US$3.6 billion of capital to improve earnings and shareholder returns.

Hongkong Land rose by more than 9 per cent to US$8.70 on May 7, but pared gains to close the week at US$8.25.

What to look out for this week

Singapore Airlines (SIA) will announce its financial results for the year ended March 31 on May 14, when its management could address concerns relating to widening losses at Air India, in which SIA holds a 25.1 per cent stake.

Air India in April reported losses amounting to 220 billion rupees (S$2.95 billion) for its financial year ended March 31, owing to a plunge in sales following the deadly crash of a Boeing 787 Dreamliner, the closure of Pakistani airspace to Indian carriers, and the Middle East conflict. 

Air India has reportedly asked its shareholders, Tata and SIA, for additional financial support to bridge its multibillion-dollar losses. SIA has already pumped around $1.2 billion into the Indian airline since 2024.

Air India is also searching for a new chief executive after its former CEO Campbell Wilson resigned in April.

Shares of SIA closed on May 8 at $6.31.