Under The Radar

Energy, trade, technology and the green transition – the biggest questions in the oil and gas world converge this week at the 41st annual Asia Pacific Petroleum Conference or APPEC right here in Singapore. Hosted by S&P Global Commodity Insights, APPEC features over 200 industry leading speakers, and is said to deliver unparalleled insights into the future of the global energy landscape.  MONEY FM is in the thick of it all, as Money Matters’ finance presenter Chua Tian Tian brings you a series of “On the Go” Under the Radar Specials from our on-site booth with key leaders driving conversations ranging from Southeast Asia’s energy transition, to the forces shaping oil prices, global shipping and supply chains.  In the first of three interviews, she spoke with Dave Ernsberger, co-President of S&P Global Commodity Insights,  who gave a summary of the key APPEC discussion topics and the overall macro energy outlook amid the current geopolitical backdrop.See omnystudio.com/listener for privacy information.

It’s back to the real estate sector today as we speak to an SGX-listed REIT focused on commercial properties in Europe.  Founded in 2017, Stoneweg Europe Stapled Trust is a stapled group that comprises Stoneweg E-REIT and Stoneweg European Business Trust.  You might better know the REIT by its old name Cromwell European REIT before it was bought over by alternative investment group Icona Capital and real estate investment group Stoneweg for 280 million euros or S$395.5 million just a couple of months ago.  Cromwell European REIT was renamed as Stoneweg European Reit at the start of 2025, and later converted into a stapled group in June 2025. Today, the stapled trust has a principal mandate to invest be it directly or indirectly in income-producing commercial real estate assets across Europe.  In particular, the trust needs to maintain a minimum portfolio weighting of at least 75% to Western Europe and at least 75% to the light industrial or logistics and office sectors.  On top of that, the trust also takes on asset enhancement and redevelopment projects for existing office assets, with a focus on strong ESG credentials in prime and core locations within key European gateway cities.  On the whole, its portfolio value stands at around 2.2 billion euros, with over 100 predominantly freehold properties across major cities in key markets such as The Netherlands, Italy, France, Poland, Germany, Finland, Denmark and the UK.  The total lettable area comes in at around 1.7 million square metres and its client base – over 800 tenant customers.  Now, why are we speaking to Stoneweg Europe Stapled Trust you might ask? Well, we want to find out how the firm assessed its financial performance for the first half of 2025, as well as how its strategy has evolved through its stapled structure. But on top of that we also wanted to find out more about the outlook of the European office and logistics property market amid macroeconomic headwinds arising from US tariffs. On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Simon Garing, CEO and Executive Director, Stoneweg Europe Stapled Trust.See omnystudio.com/listener for privacy information.

Today we’re going full throttle into the world of performance by speaking to a super car brand known for its “Raging Bull” logo – and that is Automobili Lamborghini. If you’re a car enthusiast, you might have heard of the origin story of how Automobili Lamborghini was founded in 1963, as a result of an unpleasant exchange between two Italian car enthusiasts.   There are multiple variations of the story going around, but here’s the gist of it all. Well, Lamborghini’s founder, Ferruccio Lamborghini, was a successful tractor manufacturer in the 1960s, and he was supposedly dissatisfied with a clutch problem with his sports car.  Unhappy with the situation, Lamborghini paid a visit to its manufacturer, where his complaints were said to be dismissed with what some reports described as a “stinging” response.  Legend has it that it was exactly this comment from the manufacturer that gave Lamborghini the resolve to build a better sports car. Soon, the Lamborghini 350 GT emerged in 1964, and with it, a “Raging Bull” that aims to trump the “Prancing Horse” (if you get the hint).  That was in the 1960s. Over six decades had passed, and today, Automobili Lamborghini produces some of the most iconic and coveted super sports cars in the world.  In the first half of 2025, the firm delivered 5,681 cars – the highest-ever result for a first half, and a 2 per cent year on year increase from the figure seen in 2024.  But beyond the numbers, it is also an exciting time for Automobili Lamborghini, as the company positions itself for a sustainable future with a fully hybrid fleet. In fact, the CEO and Chairman of Automobili Lamborghini is right here in Singapore to promote the firm’s new Temerario, its second model in the Lamborghini High Performance Electric Vehicle range.  But what should we know about the new model, and how far is sustainability the key in turbocharging the “Raging Bull”? And what role will Asia and Singapore play in Automobili Lamborghini’s next bound of growth? On this “On the Go” Special of Under the Radar, Money Matters’ finance presenter Chua Tian Tian sat down with Stephan Winkelmann, CEO and Chairman, Automobili Lamborghini at the launch of Lamborghini’s latest twin turbo V8 high performance electrified vehicle held within Aviation Hub at Seletar Aerospace View in Singapore.See omnystudio.com/listener for privacy information.

It is all about software companies today, and this time, we’re going to talk about a company that builds and improves on the open-source Linux operating system – Red Hat.  The history of Red Hat takes us all the way back to 1993, when software was distributed through physical CDs in retail stores. That was when a small businessman named Bob Young, met tech geek Marc Ewing at a tech conference.  Young had been running a computer supply catalogue business out of his home at that point, and Ewing had been geek-hacking and spinning his own distribution (or his own improved rendition) of Linux operating systems on CDs from his home. Young decided to buy Ewing’s CDs to tap a growing interest in the Linux operating system, and he sold out of them so many times that the duo teamed up to found Red Hat Software in 1995. At Red Hat, the firm pursued a stable and accessible distribution of a constantly evolving, community-developed Linux operating system, instead of protecting trade secrets and filing patents for expensive proprietary products taken by most industry players.  The firm reached multiple milestones through the years, going public with a record setting IPO in 1999. It also became the first open source technology company to exceed US$1 billion in revenue in 2012.  Then came 2019, when IBM acquired Red Hat for US$34 billion in one of the largest software acquisitions in history.  Today, RedHat is the world’s leading provider of enterprise open source software solutions, using a community approach to deliver what’s said to be reliable and high performance Linux, hybrid cloud, container and Kubernetes technologies. But how is Red Hat faring at this moment in time? Also – how is it evolving in the age of generative AI? How far are partnerships with chip titans AMD and Nvidia key to future success? On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Daniel Aw, Vice President of Enterprise Sales, Asia Pacific at Red Hat.See omnystudio.com/listener for privacy information.

The leadership of enterprise identity security firm SailPoint is in Singapore for a business trip, and Money Matters’ finance presenter Chua Tian Tian headed downtown to meet with the team and to find out what’s brewing for the firm. But first, who is SailPoint and what exactly is identity security? Founded in 2005, SailPoint delivers innovative solutions that address what it describes as some of the world’s most dynamic security issues. In particular, the company focuses on identity security by automating and streamlining the complexity of delivering the right access to the right identities at the right time. It might sound like a mouthful, but think of SailPoint as a security guard that ensures only the right personnel enter the right office buildings and gain access only to information that they are authorised to hold.  Except that in this case, SailPoint manages and grants access to enterprise applications and data automatically, at speed and at scale. With a presence in over 60 countries and a team of over 2,600 employees, SailPoint serves some of the biggest enterprises in the world ranging from automaker General Motors, to chocolate manufacturer Hershey.  And SailPoint is an interesting company to talk about, given how it raised US$1.38 billion in its upsized IPO on the NASDAQ in February 2025 – the first major tech listing of 2025.  Now, this is not the first time that the firm has gone public. It first did so back in 2017, three years after being acquired by private equity firm Thoma Bravo.  The story gets more exciting here, because Thoma Bravo was the one who took the company private in a second acquisition after SailPoint’s first IPO. So what was the rationale behind the second IPO, and how is SailPoint faring in the months since going public again? Meanwhile, SailPoint said the company is setting its sights on Singapore and Asia Pacific at a time when demand for advanced, AI-driven identity security solutions is surging.  But what are the specific opportunities present in the region? What are some major investments by the firm in the region then? In this “On the Go Special” episode of Under the Radar, Tian Tian posed these questions to Mark McClain, CEO, SailPoint.See omnystudio.com/listener for privacy information.

In this “On the Go” Specials of “Under the Radar”, Money Matter’s finance presenter Chua Tian Tian checks in with the OpenAI team to follow up on their new GPT-5 model.  The model promises state-of-the-art performance across coding, math, writing assistance, health advice, visual perception and more.  Touted as a unified system that knows how to respond quickly and when to think longer to provide expert-level responses, GPT-5 is also said to be more natural and thoughtful, with fewer hallucinations.  In all, OpenAI’s Co-founder and CEO Sam Altman described the latest version “clearly a model that is generally intelligent”.  Users though, had their doubts. Some in an article by Mint said answers by the new model are shorter, while others claimed the new model had less of a personality.    Altman and his GPT-5 team addressed some of the criticisms surrounding the model in a Reddit “Ask me Anything” session, including a notorious “chart crime”. To this end, Altman said a router function in GPT-5 was not working as it should, and that the model will appear smarter soon.  Still, the company remained bullish on the business. Speaking to CNBC on Friday, Altman emphasised that OpenAI should prioritise growth and investments, even if that meant a longer timeline towards the breakeven point.  But how far will GPT-5 reshape the firm’s growth trajectory? And how does the firm intend to navigate challenges regarding performance and pricing? Meanwhile, the release of GPT-5 comes at a crucial time for the industry, where Magnificent Seven tech firms ranging from Alphabet to Meta, Amazon and Microsoft ramp up capital expenditures on AI data centres dramatically.  Per a Reuters report, the four players are expected to spend a total of close to US$400 billion this fiscal year. But where does OpenAI see its place in a market that is heating up, and how far will Asia be the next battleground for AI innovation and adoption? Tian Tian posed these questions to Oliver Jay, Managing Director, International, OpenAI.See omnystudio.com/listener for privacy information.

When it comes to sportswear and sneakers, one can’t help but think of two brothers who went from working partners to worst rivals after World War II and a family feud.  Yes, we’re talking about Rudolf or Rudi and Adolf or Adi Dassler. The duo are also better known as the Dassler brothers.  Both brothers ended up starting shoe companies of their own, and they grew to become two of the most prominent players in the industry today – PUMA and Adidas. And today we’re going to turn the spotlight on PUMA , which was founded by Rudi Dassler in 1948. Since its founding, PUMA has become one of the world’s leading sports brands that has been designing and marketing footwear, apparel and accessories for over 75 years.  The firm prides itself on offering performance and sport-inspired lifestyle products in categories including (1) Football, (2) Running and Training, (3) Basketball, (4) Golf and (5) Motorsports.  With a distribution network in over 120 countries, PUMA Group’s influence runs deep into street culture and fashion, particularly so given the brand’s multiple collaboration with renowned brands and designers who are closely connected with the community on the ground.  Puma is an interesting company to look at given the ongoing tariff situation between the US and China.  In February 2025, the shoemaker said it is shipping far fewer Chinese-made sneakers to the US as the trade war between the two economic superpowers heats up. But how are things looking like right now, and how far is Southeast Asia a bright spot for the firm then?  Meanwhile, PUMA is also ramping up the throttle on a brand refresh to increase its presence in higher-end channels for sports and lifestyle products.  More recently, the firm teamed up with Spanish luxury fashion house Balenciaga on a new Winter 2025 collection that include tracksuits and reimagined versions of the PUMA’s iconic Speedcat shoes. But how far will such collaborations help the firm anchor its positioning in the sportswear industry? On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Sanjay Roy, Managing Director, South East Asia & Oceania, PUMA Group.See omnystudio.com/listener for privacy information.

It’s all about the banking and wealth management landscape today as we speak to a Wall Street giant that's said to have not slept since the 1800s. Yes – we are talking about Citibank. After all, its slogan is that Citi never sleeps.  Founded in 1812, Citi’s activities range from safeguarding assets, lending money, making payments and accessing the capital markets on behalf of its clients. The aim is to become a trusted partner for clients by responsibly providing financial services that enable growth and economic progress.  And Citi set foot in Singapore over a century ago in 1902, and has grown to a full-service bank that provides consumers, corporations, governments and institutions in Singapore a broad range of financial products and services.  Today, the Lion City is a significant hub and gateway to Asia and ASEAN, with the country housing a number of its regional and global client coverage and product units.  And the role of Singapore as a market to Citibank continues to evolve. In October 2024, the US bank shut its last regular branch in Singapore to focus on serving customers online, and advising affluent clients at its wealth hubs.  The firm said the decision comes amid higher adoption of digital, online and self-service platforms. It also comes as the firm aims to capture growing wealth created in Asia.  To this end, the firm said in April 2025 that Citi Wealth anticipates that US$100 trillion of wealth will be created over the next decade, with Asia seeing the fastest pace of growth. The company added that wealth hubs catering mainly to Citigold clients with assets of at least S$250,000 have been set up in Singapore for this reason. But what should we know about the growth of wealth in Asia? And how will Citibank Singapore position itself to get a slice of the pie?  And how does Citibank intend to navigate choppy waters in the near term given ongoing uncertainties surrounding global trade, tariff wars and interest rate outlook? On Under the Radar Specials, Money Matters’ finance presenter Chua Tian Tian posed these questions to Yeo Wenxian, Head of Wealth for Asia South and CEO, Citibank Singapore.See omnystudio.com/listener for privacy information.

It’s back to the offshore and marine industry today as we dive into a company that often makes the list of top movers on the Singapore Exchange.  You might have guessed it by now – yes, we’re speaking to Seatrium Limited or the enlarged entity formed after Sembcorp Marine completed the S$4.5 billion acquisition of its industry peer Keppel Offshore and Marine in March 2023.  Named after a combination of the words “sea” and “atrium”, Seatrium aspires to be a premier global player in providing engineering solutions for the offshore, marine and energy solutions. Today, its key business segments include Oil & Gas, Offshore Wind, Repairs & Upgrades and Carbon Capture and Storage and New Energies, with the firm increasingly focusing on sustainable solutions as the global maritime industry transitions to cleaner energy use and embarks on decarbonisation efforts.  Its presence meanwhile can be felt around the world, with shipyards as well as engineering and technology centres and facilities in Singapore, Brazil, China, India, the Middle East, the US and even more. Now, Seatrium is an interesting company to look at because the firm’s leadership managed to turn the business around in slightly less than two years.  In February 2025, the firm reported a net profit of S$120.9 million for its second half ended December. The showing marked a reversal from the net loss of S$1.8 billion seen in the year ago period.  The performance meant a full-year net profit of S$156.8 million for Seatrium, a marked improvement from the S$2 billion loss seen the year prior, and first full-year profit since the merger with Keppel Offshore and Marine.  The road ahead for the firm remains positive, with the company reporting a net order book of S$21.3 billion as at the end of March, with project deliveries stretching to 2031. But really, how does the firm assess its turnaround strategy and the road ahead given volatilities relating to global trade and oil prices? On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Chris Ong, CEO, Seatrium.See omnystudio.com/listener for privacy information.

Earlier this year, we shared with you that we will be bringing you topical interviews with key leaders in the business world.  Housed under the “Under the Radar Specials” banner, these interviews are B2B focused and are meant to drive greater conversations in the business community.  Money Matters’ finance presenter Chua Tian Tian fulfils the promise she made by launching the first “In the Community” episode of Under the Radar Specials by looking at a corporate role that emerged only in the later half of the 20th century – the Chief of Staff.  The term typically refers to a high-ranking officer or a leader in the organisation that serves as an aide to a commander.  In the corporate world, a Chief of Staff is usually the bridge between the CEO charting out the strategic direction of the firm, and the teams ensuring the smooth running of day-to-day operations in the company.  But what exactly is a Chief of Staff? How senior is the Chief of Staff in the corporate ladder? Why are Chiefs of Staff needed and what exactly does it take to become one? Tian Tian sought to find out the answers to these questions by speaking to two individuals, one a Chief of Staff at a venture studio, and the other, a Chief of Staff at a global banking institution –  Eelee Lua, Chief of Staff, xcube.co and Geraldine Yip, Chief of Staff, HSBC Singapore.See omnystudio.com/listener for privacy information.

Helping businesses manage their customers more effectively and efficiently – that is the work of our guest for today, Salesforce.  Founded in 1999, Salesforce pioneered a Software as a Service or SaaS model by bringing Customer Relationship Management or CRM software to the cloud.  You might have heard of the term CRM for quite some time, but while CRM might seem like a buzzword that came about towards the end of the twentieth century, the concept is fairly easy to understand, and has been practised for thousands of years by traders.  To a company selling goods or services, CRM basically means keeping a record of a customer’s profile and transaction history, and analysing that information to help it better sell to the customer again. Take for instance, how you might receive a voucher in your email inbox during your birthday month to buy your favourite cake from the neighbourhood grocery store.  But these days, Customer Relationship Management goes beyond just promotions, it includes managing a firm’s internal resources against demand, its marketing and channel strategies, its data storage processes, its customer service platforms and even more.  Salesforce’s software is enabling over 150,000 companies, including notable names like FairPrice Group, Panasonic, Schneider Electric and Singapore Airlines to do all of that.  The firm is also helping its customers around the world deploy its digital labour platform Agentforce. Companies can use Agentforce to build and deploy autonomous agents that can reason, decide, act and drive meaningful outcomes 24/7 – think service agents, sales development representatives, sales coaches and marketing campaign assistants.  So what should we know about Salesforce’s Agentforce platform and how will the solution augment its growth trajectory right here in ASEAN? Meanwhile, Salesforce had in March 2025 pledged to invest over US$1 billion in Singapore over 5 years – but what was the rationale behind the move and how far is Singapore a bright spot for the firm?  On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Sujith Abraham, Senior Vice President and General Manager, ASEAN, Salesforce.See omnystudio.com/listener for privacy information.

It is the time of the year where Singapore’s state investor Temasek releases its latest financial performance.  Founded in 1974, Temasek is a global investment company whose purpose is to make a difference for today’s and future generations “So Every Generation Prospers”.  With a global network of 13 offices in 9 countries around the world, the Singapore headquartered firm seeks to build a resilient and forward-looking portfolio that will deliver sustainable returns over the long term.  Speaking of portfolio and returns, Temasek reported a Net Portfolio Value (or NPV) of S$434 billion for the financial year ended 31 March 2025, up S$45 billion from a year ago.  On a mark to market basis, Temasek said its net portfolio value would stand at S$469 billion, reflecting a value uplift of S$35 billion from its unlisted portfolio.  The firm largely attributed the increase in portfolio value to the strong performance of listed Singapore-based Temasek Portfolio Companies and direct investments in China, the US and India.  Meanwhile, the state investor’s 20-year and 10-year Total Shareholder Return (TSR) remained resilient, at 7% and 5% respectively. But how would Temasek assess its latest performance given an uncertain macroeconomic environment, complicated by heightened trade and geopolitical tensions? Covering the annual release for the fourth time, Money Matters’ finance presenter Chua Tian Tian headed down to Temasek’s office in this “On the Go” Special episode of Under the Radar, where she spoke with Png Chin Yee, Chief Financial Officer, Temasek.See omnystudio.com/listener for privacy information.

There is arguably no higher recognition than the Michelin star in the Food and Beverage scene.  And the company we’re speaking to was once called the most affordable Michelin-starred restaurant chain in the world.  Make a guess, and perhaps think on the lines of dim sum and BBQ pork buns. Bingo if you’ve guessed Tim Ho Wan! Tim Ho Wan’s story can be traced back to 2009. That’s when Chef Mak Kwai Pui, who’s formerly from the prestigious three Michelin starred Lung King Heen restaurant in Hong Kong’s Four Seasons Hotel teamed up with Chef Leung Fai Keung to open a 20-seater dim sum restaurant in Mongkok.  The business thrived as people came for its hot steaming buns, chee cheong fun, and siew mai, and the restaurant earned one Michelin star just a year later.  The rest, as they say, is history, as more restaurants opened, with each earning its own Michelin star.  In 2013, Tim Ho Wan made its international debut by opening its restaurant at Plaza Singapura in Singapore, drawing long lines and widespread attention. The chain has since gone on to open more locations around the world, and boasts over 80 outlets globally.  But while Tim Ho Wan may be a household name, did you know that it is closely related to a fast food chain from the Philippines called Jollibee? In November 2024, Jollibee’s parent company, or Jollibee Food Corporation, announced the full acquisition of Tim Ho Wan, by paying S$20.2 million for an 8 per cent stake of the company held by other investors.  So how has the firm fared some six months after being a subsidiary of Jollibee Foods Corporation? How will the company ensure the quality of its menu items amid the change?  And how will being a part of the Jollibee ecosystem help the firm achieve its growth ambitions around the world? On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Yeong Sheng Lee, CEO, Tim Ho Wan International.See omnystudio.com/listener for privacy information.

We’re taking you to the skies today as we explore the ins and outs of the aerospace industry with GE Aerospace, the maker of the engines powering Boeing and Airbus jets globally. Fun fact, GE Aerospace used to be a subsidiary of General Electric – a conglomerate founded by Thomas Edison – the man who was credited with commercialising the good old light bulbs.  That was before GE was split into three separate companies namely GE Aerospace, GE Vernova (that’s the energy unit) and GE Healthcare in April 2024. Back to GE Aerospace, the firm today is a world-leading provider of engines, as well as integrated systems for commercial, military, business and general aviation aircraft.  The company’s business can be generally split into two major verticals, namely (i) Commercial Engines & Services (CES) and (ii) Defense & Propulsion Technologies (DPT). Its presence is felt all around the world and particularly so in the Asia Pacific region. After all, the firm set foot in APAC over 40 years ago and now has a footprint in over 25 countries serving over 110 clients. The firm says over 3,800 engines made by GE Aerospace and its joint venture company CFM International engines power flights across the region.  But why are we speaking to GE Aerospace you might ask? Well, we want to find out how the firm is doing right now one year after it started operating as a standalone company and how it intends to navigate an uncertain operating environment in the near term. Meanwhile, GE Aerospace had also in July 2024 announced plans to invest over US$1 billion over five years in its Maintenance, Repair and Overhaul (or MRO) and component repair facilities worldwide. But what was the rationale behind the move and what can we look forward to right here in Singapore? On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Iain Rodger, Managing Director, GE Aerospace Singapore.See omnystudio.com/listener for privacy information.

The property market is in focus today as we speak to a leading real estate technology company that operates real estate portals across South East Asia. Launched in 2014 as 99.co, our guest 99 Group was conceived during the 2008 US mortgage subprime crisis, an event which the firm believed was “born out of desire and misinformation”.  The founding team at 99 Group hence made it a point to make the company into a simple and trusted platform to un-complicated the property journey.  This can be seen in the firm’s positioning strategy, where it aims to differentiate itself from other property search websites through its user-friendly designs, with features including price analysis data, finance planners, smart filters, as well as the ability to search by map or commute time.  Fast forward to today, 99 Group is said to be one of the fastest growing property portal firms in the region, with a presence in both Singapore and Indonesia.  The group is said to specialise in digital property advertising and has a portfolio of three brands: namely its flagship 99.co property portal and SRX.com.sg right here in Singapore, as well as 99.co/id and Rumah 123 in Indonesia. So far, 99 Group said it has achieved what it described as solid growth, with revenues of US$17 million recorded for 2023, a CAGR of 47% since 2019.  But what are the key trends the firm is capitalising on to take it forward and which are the markets with the biggest potential in the region? And what are the challenges for proptech firms even as Southeast Asia rises as a hotbed for property technology or proptech innovation?   Meanwhile, the ongoing narrative about interest rates in the region continues to weigh on home buyers’ and investors' minds. So how far has this influenced the types of listings that appear on 99 Group’s platforms and how is the firm attracting and showing the right listings to its consumers to increase retention and action? On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Darius Mahtani Cheung, Founder and CEO, 99 Group.See omnystudio.com/listener for privacy information.