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.

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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.

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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.

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