From a mirror glass producer into one of the world’s most enduring industrial giants. Today we’re going to take you through the ins and outs of French multinational corporation Saint-Gobain. 

The founding of Saint-Gobain takes us all the way back to 1665, when Louis XIV (the 14th) founded the Royal Mirror Glass Factory, and granted the financier Nicolas Dunoyer and his associates an exclusive privilege to manufacture “mirror glass”. 

The goal was to undermine the supremacy of the Republic of Venice in the European mirror market. 

Decades later, The Royal Mirror Glass Factory and its competitor, the Thevart Company merged in the 1690s, and the enlarged entity eventually became the modern day Saint-Gobain.
 
Fast forward to the present, Saint-Gobain designs, manufactures, and distributes materials and solutions for the construction, mobility and industrial markets. Some of its portfolio products include insulation, roofing and yes, glass. 

With a presence in 80 countries with more than 161,000 employees, the company aims to be a world leader in light and sustainable construction. 

And in Singapore, you can see the firm’s products used in some of its most beloved attractions, from Marina Bay Sands, Gardens by the Bay, Bird Paradise, Rainforest Wild Asia and more. But what should we know about Saint-Gobain’s operations right here in Singapore?

Meanwhile, the firm had in July 2025, reported record high operating income of 2.803 billion euros, up 5 per cent in local currency terms. Notably, Asia Pacific delivered robust organic growth, driven by strong momentum in India and Southeast Asia. 

So what are some growth trends that the company hopes to tap on, and how far will operations in Singapore and Malaysia help the company bolster its financial performance in the region amid a slowing economy in China?

On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Lynette Siow, CEO, Saint-Gobain Singapore & Malaysia.

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Fashion is an art, but it is also big business. And our guest for today H&M Group has proven that the two can coexist at scale. 

Since opening its first store nearly eight decades ago in 1947, the Swedish fashion giant has evolved to a network of over 4,000 stores across 79 markets, with online sales available in 60 markets. 

The company prides itself on a simple promise: making great and sustainable designs available to everyone.

Fast forward to 2025, and H&M is seeing strong momentum. In September, the firm reported a bigger than expected rise in third-quarter profit. 

Operating profit from June to August came in at 4.91 billion Swedish crowns (or about US$523 million). That’s up from the 3.51 billion seen a year ago, and well above the 3.68 billion crowns forecasted by analysts in an LSEG poll. 

The numbers come as CEO Daniel Erver embarked on an overhaul of the brand to improve profitability through trendier collections, tighter cost controls and a refreshed marketing strategy. 

But even as H&M celebrates its early success, the broader business environment is shifting. 

US tariffs are weighing on imports to and consumption within the US – the retailer’s second largest market after Germany. 

So how far would that make Asia a bright spot for growth for H&M, and how does H&M intend to compete with other big name players such as Inditex’s Zara, Fast Retailing’s Uniqlo and even e-commerce first players like Shein and Temu?

And perhaps more importantly – which Asian markets hold the greatest promise for the next chapter of H&M’s growth given China’s uneven economic recovery?

On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Saed El-Achkar, President H&M East Asia & Greater China.

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Tokenisation – or the process of turning real-world assets into digital tokens – has moved from concept to reality in recent years. 

According to DBS Research, the tokenisation of real-world assets is at an inflection point towards exponential growth, with the market capitalisation of real-world asset tokens growing from virtually nothing five years ago to over US$25 billion as of August 2025. 

That figure is expected to rise further, with McKinsey estimating that the total tokenised market capitalisation could hit about US$2 trillion by the end of the decade. 

Trends driving the numbers include growing institutional adoption of digital assets, as well as increased regulatory clarity globally. 

Back home, the first Singapore dollar-backed stablecoin was also launched in September 2025, with reserves held with DBS Bank and Standard Chartered Bank. 

But what are the growth opportunities for the tokenisation of real-world assets and what does it mean for financial institutions like DBS?

In this “On the Go” Special episode of “Under the Radar”, Money Matters’ finance presenter Chua Tian Tian headed down to DBS’ Headquarters at Marina Bay Financial Centre to find out what’s next for the industry and how the bank is capitalising on the trend from David Hui, Chief Commercial Officer, DBS Digital Exchange.

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Marketing and communications has been an integral part of companies in shaping their brand image, selling values, advertising their products and services, which ultimately rings in the dollars and cents seen on balance sheets.

But despite the importance of the profession, modern marketing as we know it to be is a relatively new field of business that took off only in the 1900s, with the widespread consumption of radio and television content.

Our guest for today is one of the early players in the industry. Founded in 1901 in Tokyo, our guest for today is Dentsu, one of the largest global marketing and communications networks in the world. 

The Tokyo-listed company boasts a presence spanning across 110 countries and regions, and is said to combine the talents of its global network of leadership brands to develop impactful and integrated growth solutions for enterprise customers. 

That is particularly so through its landmark acquisition of UK-based Aegis Group for 3.2 billion British pounds back in 2012, and its purchase of US-based customer relationship management firm Merkle to expand its footprint and standing on the global stage. 

In Singapore, Dentsu operates as a strategic hub for Southeast Asia, and delivers what it calls end-to-end experience transformation for brands, people and society.

Yet, Dentsu's rapid internationalisation moves come at a cost – the kinks involved in integrating acquisition targets have put a dent on financial performance. 

In August 2025, the firm reported an operating loss of 62 billion yen (S$540 million) for the quarter ended June, after booking an 86 billion yen impairment loss due to sluggish performance in the US and Europe. The company also said it will cut about 3,400 jobs in markets outside of Japan, or about 8 per cent of headcount in the region to streamline operations. 

And in that same month, a report by the Financial Times noted that Dentsu is considering selling its international business. 

So where are things at right now, and what would the recent developments mean for Dentsu’s Southeast Asia and Singapore’s operations? What would they mean for Dentsu's global growth ambitions too?

On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Prakash Kamdar, CEO, Clients & Solutions, SEA, and CEO, Singapore, Dentsu.

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It's all about hypercars in this “On the Go” Special episode of “Under the Radar” as Money Matters’ finance presenter Chua Tian Tian headed down to BUGATTI Singapore’s showroom at 45 Leng Kee Road. 

Founded by Ettore BUGATTI in 1909, BUGATTI prides itself as a state-of-the-art hyper sports car marque, and is said to produce the world’s most powerful and luxurious cars. 

Fun fact – each car is still hand-assembled at the firm’s Atelier in Molsheim. 

Today, BUGATTI is part of the BUGATTI Rimac Group, and is laser focused on developing the next generation of hyper sports cars. 

And the CEO and President of BUGATTI Mate Rimac is in town to mark the 20th anniversary of its iconic model, the BUGATTI Veyron.

The BUGATTI Veyron became the world’s first production car with more than 1,000 hp and a top speed of over 250mph  in 2005.

Tian Tian caught up with Mate briefly during the anniversary celebration event to find out about his priorities for the business, his take on the importance of Southeast Asia and Singapore as markets for the company, as well as BUGATTI’s future lineup. 

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Founded in 1981 through the spin-off by a team of engineers from Dassault Aviation to design products in three dimensions, Dassault Systemes seeks to revolutionise the aerospace industry with Computer Aided Designs or (CADs). 

The aim is to advance virtual worlds and empower innovators to come up with sustainable solutions that address the most pressing global challenges. 

Fast forward to today, the French software maker’s solutions touched multiple industries from aviation, to mobility and healthcare, serving 370,000 customers with differing needs and sizes.  

And here are some fun facts. The firm says 90% of cars in the world are engineered or built using its collaborative solutions. 

And if you’re wondering why your pair of Adidas running shoes perform or fits better – well, Dassault Systemes could have a part to play in that.  

But beyond that, the firm is also involved in the building of digital twins of products, processes and even cities to help industries test and prepare for real world challenges. 

All in, the company had in July 2025 reported total revenue of 1.52 billion euros for the second quarter of 2025, up 5 per cent from the year ago period. Diluted earnings, though, stood at 0.17 euros, down 19 per cent from the year prior. 

But what are the key drivers of growth for the firm and what role did Asia and Singapore play in this regard? 

Meanwhile, the firm also introduced its 3D UNIV+RSES at its Capital Markets Day, a comprehensive solution that embeds multiple generative AI technologies along with 3D designs, virtual twins and more. But what should we know about the new solution, and how will the generative economy reshape the growth trajectory for firms like Dassault Systemes?

In this "On the Go" Special episode of "Under the Radar", Money Matters’ finance presenter Chua Tian Tian headed down to Tampines Grande to Dassault Systemes’ office to speak with CEO Pascal Daloz, who was in town for just about 24 hours.

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It’s all about ice-cream and fast food today as we turn the spotlight on one of America’s most beloved brands. This brand is also well-loved by billionaires, more notably value investor Warren Buffett and Shark Tank’s Mark Cuban. 

You might have by now guessed that I am talking about International Dairy Queen, a company known globally for its soft-serve treats like the Blizzard and the Dilly Bar. 

Founded in 1940, International Dairy Queen or the parent company of American Dairy Queen Corporation and Dairy Queen Canada has grown to a global quick service restaurant player. 

The firm is also famously known as a wholly-owned subsidiary of Warren Buffett’s Berkshire Hathaway, having been acquired in 1998. 

Currently, the firm develops, licenses and services a system of over 7,700 Dairy Queen restaurants over 20 countries. But the firm doesn’t seem to stop there and appears to be on a charm offensive to expand internationally. 

For one thing, the firm had in 2022, through American Dairy Queen Corporation and private equity firm FountainVest Partners, unveiled plans to open up 600 Dairy Queen restaurants in China by the end of the decade. 

Then came July 2024, when International Dairy Queen teamed up with FountainVest Partner’s franchise ownership company CFB Group to open what’s said then to be the first DQ Blizzard & Burgers restaurant in Shanghai in Asia.

So what was the rationale behind the firm’s aggressive expansion moves? And how far will the company’s international business bolster sales as global trade tensions and tariffs weigh on consumption in the US?

Beyond international expansion, International Dairy Queen is also said to be placing a stronger emphasis on hot food, versus the dessert treats it was once famous for. But why is this the case?

On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Dr. Brandon Guthrie, Director of International Development, Dairy Queen.

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Founded in 1929, Chow Tai Fook Jewellery Group is owned by one of the most influential families in Hong Kong, namely the Cheng family behind the late property tycoon Cheng Yu-tung. 

With a deep heritage, the firm’s brand aims to not only honour traditions, but also foster deep, meaningful connections, with a diverse customer base through its jewellery pieces.

The company said its commitment to innovation and craftsmanship has been integral in helping it maintain mindshare among customers over the decades. 

In this “On the Go” Special edition of “Under the Radar”, Money Matters’ finance presenter Chua Tian Tian flew down to Guangdong, China on a media tour to see how the company is putting its words into action. 

Her journey started at Chow Tai Fook’s Shunde Artisanal Smart Manufacturing Centre, about 1.5 hours drive away from Shenzhen, where she visited the firm’s diamond processing facilities and master studio. 
 
She also visited the firm’s new image store in Shenzhen, where she spoke with Gabriela Ferreira, General Manager, International of Chow Tai Fook Jewellery on the firm’s corporate strategy and expansion plans – including those for Singapore.

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We’re going to revisit an “Under the Radar” guest who first joined us on the show about two years ago. 

And this is a leading homegrown Singapore company that delivers what’s said to be world-class communications, entertainment and digital services. And yes – you might be using its 5G network services to tune into this conversation as we speak. 

Founded in 2000, telecommunications service provider StarHub seeks to provide people, homes and enterprises mobile and mixed services, a broad suite of premium content, as well as a diverse range of communications solutions through its extensive fibre and wireless infrastructure. 

25 years on, the firm also develops and delivers solutions incorporating artificial intelligence, cybersecurity, data analytics, Internet of Things for both corporate and government clients. 

And we want to find out what is next for StarHub in a fast evolving market as it celebrates 25 years in the business. 

Beyond that, the Singaporean telecommunications industry that StarHub lies in is also an interesting one to look at, as it undergoes a market consolidation.

In August this year, Keppel announced the proposed sale of M1’s telecommunications business to Australian mobile network operator Simba Telecom, for an enterprise value of S$1.43 billion. The move disappointed investors who had hoped for StarHub to buy over M1. 

Just a day later though, StarHub announced that it has taken full ownership of MyRepublic’s broadband business. The move was said to strengthen StarHub’s multi-brand and multi-segment strategy in the Singapore broadband market. But what opportunities and synergies is the firm looking to tap exactly? 

And how far will a consolidation in the market give telco players like StarHub more flexibility in its pricing to boost its top line numbers?

On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Nikhil Eapen, Chief Executive Officer, StarHub.

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Today we’re going to dive deep into a company which plays an instrumental role in the Defence, Aerospace and Cyber & Digital Sectors.

With over 83,000 employees dotted across five continents, our guest Thales provides solutions, services and products to help companies, organisations and governments carry out their critical missions. 

Think about air traffic management, training and simulation to even in-flight entertainment solutions used in the aerospace industry. 

Or signals intelligence, electronic warfare and collaborative combat systems for the defence and security industry. 

Or even satellite-based systems to help scientists observe our planet and better optimise the use of our solar system’s resources.

Beyond that, the firm is also looking at identity management and data protection technologies that help banks exchange funds, people cross borders and energy become smarter and even more. 

Why are we speaking to Thales you might ask? Well, the firm had in July 2025 raised its sales forecast for the year of 2025 while posting better first-half sales and profit. 

Thales’ adjusted earnings before interest and taxes, or adjusted EBIT, came in at 1.248 billion euros, up 12.7% on the year on an organic basis. The strong showing was driven by strong sales growth in its aerospace and defence segment, and came on the back of increased military spending in Europe.   

But how far can the positive momentum be sustained, and how far will US tariffs throw a spanner in the works? What role will Asia and Singapore play in Thales’ playbook for the future? 

Speaking of Singapore, the firm said in May 2025 that it will launch a new artificial intelligence centre, called cortAIx, in the country to develop AI solutions for critical environments. 

It also inked an agreement with the Civil Aviation Authority of Singapore to launch an International Avionics Lab in 2026. But what should we know about the moves, and how important are they to longer-term growth for Thales as a whole?

On Under the Radar Specials, Money Matters’ finance presenter Chua Tian Tian posed these questions to Emily Tan, CEO & Country Director, Thales Singapore.

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