reports
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily: Monday, March 30, 2026
Top Stories Sector Update | Banking Bond yields have risen as conflicts in the Middle East create uncertainties over the outlook for inflation. We now expect the Fed to pause rate cuts and keep the Fed Funds Rate stable at 3.5% in 2026. The OECD forecasts headline inflation in the US spiking temporarily to 4.2% in 2026, before falling to 1.6% in 2027. Maintain OVERWEIGHT. Our top pick is DBS (BUY/Target: S$67.55) for its attractive 2026 dividend yield of 5.6%. We also like OCBC (BUY/Target: S$...
00883 CNOOC LIMITED
ONGC OIL & NATURAL GAS CORP. LTD.
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
1605 INPEX CORPORATION
PTTEP PTT EXPLORATION & PRODUCTION PLC
5199 HIBISCUS PETROLEUM
0857 PETROCHINA COMPANY LIMITED CLASS H
RHP RH PETROGAS
WDS WOODSIDE PETROLEUM LTD
- Adrian Loh Tzum Yung
- Singapore Research Team
Equity Strategy: Singapore Stock Picks In A Turbulent Market
With war clouds, an oil shock, and market volatility, we focus on Singapore’s defensive sectors and quality blue-chip names. Deployment of funds from MAS’ Equity Market Development Programme could provide some respite in March and April. Key stock picks are CLAR, CLI, CIT, DBS, DFI, KEP, SE, ST, YZJSGD, ASL, CAREIT, CSE, DELFI, FEH, IFAST, UGAI and VALUE.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
P34 DELFI
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AIY IFAST
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
FEH FOOD EMPIRE HOLDINGS LTD
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Daily: Tuesday, March 10, 2026
Top Stories Strategy | Singapore Stock Picks In A Turbulent Market With war clouds, an oil shock, and market volatility, we focus on Singapore’s defensive sectors and quality blue-chip names. Deployment of funds from MAS’ Equity Market Development Programme could provide some respite in March and April. Key stock picks are CLAR, CLI, CIT, DBS, DFI, KEP, SE, ST, YZJSGD, ASL, CAREIT, CSE, DELFI, FEH, IFAST, UGAI and VALUE. Market Spotlight US stocks were higher on Monday, with all indexes risi...
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Andrew Agita Buntoro
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Gigi Cheuk
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Singapore Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, March 06, 2026
Greater China Economics | China China set a 2026 GDP growth target of 4.5-5.0% yoy, in line with expectations, while maintaining a 4% fiscal deficit ratio. Fiscal policy remains the main growth driver, supported by Rmb4.4t in local government special bonds and Rmb1.3t in ultra-long treasury bonds, while monetary policy stays accommodative. Policy priorities focus on AI+, New Quality Productive Forces, industrial upgrading, and targeted consumption support, alongside welfare improvements and ...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
KTC KRUNGTHAI CARD PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
01050 KARRIE INTERNATIONAL HOLDINGS (P CHIP)
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
HANA HANA MICROELECTRONICS PCL
GLOBAL SIAM GLOBAL HOUSE PCL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
TENAGA TENAGA NASIONAL BHD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
T TELEKOM MALAYSIA BHD
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
HCM HUTCHISON CHINA MEDITECH LIMITED
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
338 WEICHAI POWER
1772 GANFENG LITHIUM CO. LTD. CLASS H
TDC TIME DOTCOM BHD
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
STM SEATRIUM LTD
EPIC 1CM INC
02015 LI AUTO INC
09868 XPENG INC
600699 JOYSON ELECTRONICS CORP
PAN SP PAN-UNITED CORPORATION (PAN SP)
PONY PONY AI INC
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
IRSX FOLAGO GLOBAL NUSANTARA
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Monthly Market Radar
Singapore equities extended gains in February, with the STI rising 1.8% to near the 5,000 level after reaching a record high above 5,040. Market sentiment was supported by steady manufacturing expansion and selective corporate strength, including Yangzijiang Shipbuilding’s strong earnings. Global markets remained cautious amid AI-related concerns, while geopolitical tensions in the Middle East raised risks of higher oil prices.
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Jonathan Koh
Singapore Banking - 4Q25 Results Round-up: On Track For Continued Grow...
Banks’ 4Q25 results were characterised by stability in NIM and sustainable growth in wealth management. In terms of asset quality, OCBC was more resilient, while DBS and UOB saw weaknesses from exposures to commercial real estate. Banks will consider returning capital to shareholders through special dividends if they cannot complete their share buyback programmes. Maintain OVERWEIGHT. Our top pick is DBS for its attractive 2026 dividend yield of 5.6%. We also like OCBC for its strategic shift to...
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Equity Strategy - Singapore Budget 2026: Building From Stre...
The Singapore Budget for 2026 did not provide any major surprises, with the financial sector likely to be the most identifiable market beneficiary. We remain bullish on the Singapore market in 2026 given positive earnings growth prospects as well as funds flow momentum. Key stock picks are CLAR, CLI, CIT, DBS, DFI, FR, GENS, KEP, SE, ASL, CAREIT, CSE, FEH, IFAST, UGAI and VALUE.
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
AIY IFAST
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
FEH FOOD EMPIRE HOLDINGS LTD
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Adrian Loh Tzum Yung
- Chong Lee Len
- Singapore Research Team
Singapore Daily: Friday, February 13, 2026
Top Stories Strategy | Bullish Foundations In Place For 2026 The Singapore Budget for 2026 did not provide any major surprises, with the financial sector likely to be the most identifiable market beneficiary. We remain bullish on the Singapore market in 2026 given positive earnings growth prospects as well as funds flow momentum. Key stock picks are CLAR, CLI, CIT, DBS, DFI, FR, GENS, KEP, SE, ASL, CAREIT, CSE, FEH, IFAST, UGAI and VALUE. Company Results | Singapore Telecommunications (ST SP/...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
AIY IFAST
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
FEH FOOD EMPIRE HOLDINGS LTD
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Jonathan Koh
Singapore Daily: Tuesday, February 10, 2026
Top Stories Company Results | DBS Group Holdings (DBS SP/BUY/S$58.19/Target: S$66.75) Wealth management and loans-related fees saw a significant sequential pullback of 19% and 25% qoq respectively due to seasonal weakness. Specific provisions for chunky Hong Kong real estate exposure were cushioned by a write-back in general provisions. NIM compression moderated by a smaller 3bp qoq in 4Q25 and exit NIM was stable at 1.92% in Jan 26. Management expects two Fed rate cuts in 2026 but sees firm...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kasemsun Koonnara
- Posmarito Pakpahan
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, February 10, 2026
Greater China Sector Update | China Property Recent equity placements proposals by Zhuhai Huafa Properties and Seazen signal improving equity financing conditions for mainland developers. Expected losses in 2025 will lower BPS for SOE/quasi-SOE developers, increasing the likelihood of state-owned capital injections amid industry consolidation. Jan 26 property sales data shows improved yoy performances in both the primary and secondary markets, partly due to a low base in Jan 25 which was impacte...
- Jonathan Koh
DBS Group Holdings (DBS SP) - DBS Group Holdings (DBS SP)
Wealth management and loans-related fees saw a significant sequential pullback of 19% and 25% qoq respectively due to seasonal weakness. Specific provisions for chunky Hong Kong real estate exposure were cushioned by a write-back in general provisions. NIM compression moderated by a smaller 3bp qoq in 4Q25 and exit NIM was stable at 1.92% in Jan 26. Management expects two Fed rate cuts in 2026 but sees firmer SORA at 1.25%. Maintain BUY. Target price: S$66.75.
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Jonathan Koh
- Kasemsun Koonnara
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, February 04, 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom, respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, while adding Meituan to our SELL list. Indonesia Company Results | Bank Negara Indonesia (BBNI IJ/B...
AES AES CORPORATION
OXB OXFORD BIOMEDICA PLC
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
5347
Z74 TENAGA NASIONAL BHD
O39 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 MINTH GROUP LIMITED
AP4 THAI BEVERAGE PUBLIC CO. LTD.
BN4 RIVERSTONE HOLDINGS
Q5T KEPPEL CORPORATION LIMITED
AP FAR EAST HOSPITALITY TRUST
SE AP THAILAND
SATS SP SEA ADS
D01 SATS LTD.
G13 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
TENAGA GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
IJM IJM CORP BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
06160 BEIGENE LTD.
9CI CAPITALAND INVESTMENT LTD
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ZETRIX MK ZETRIX AI (ZETRIX MK)
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Monthly Market Radar
Singapore equities delivered a strong January performance, with the STI rising 5.6% to fresh record highs amid heightened geopolitical tensions that drove flight-to-safety flows. Manufacturing activity remained in mild expansion, led by electronics and AI-related demand. Market/corporate catalysts during the month include REIT earnings, IPO interest in Catalist and continued strength in gold-linked counters.
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Alden Gabriel Lam
- Arsit Pamaranont
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 02, 2026
Greater China Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterpri...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
002230 IFLYTEK CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
ICBP INDOFOOD CBP SUKSES MAKMUR T
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
RGL RECLAIMS GLOBAL
- Jonathan Koh
Singapore Banking - Domestic Interest Rates Recover As Safe Haven Asse...
The appointment of Kevin Warsh as the new Fed Chair has strengthened the Fed’s credibility in fighting inflation, leading to an abrupt unwind for safe haven assets. Liquidity exiting safe haven assets, such as the Singapore dollar, could lead to firmer domestic interest rates in 2026. Maintain OVERWEIGHT. The Fed regaining its credibility is supportive of our thesis that banks benefit from the Goldilocks economy. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65). DBS provides an attractive 20...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Singapore Daily: Friday, January 23, 2026
Top Stories Strategy | Singapore Outlook The Singapore market outlook webinar for retail clients received over 200 attendees. We outlined our 2026 strategy, highlighting large-cap picks (DBS, GENS, KEP, SE), small-mid-cap selections (FEH, VALUE, RSTON, CAO), and top five S-REITs (CLAR, KREIT, LREIT, CAREIT, NTTDCR). Key questions include potential EQDP beneficiaries, small-mid-cap stocks, property counters, banks and REITS. Market Spotlight • US stocks were higher on Thursday, with the DJI...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Strategy – Singapore Outlook: Galloping Into A Bullish 2026 On The Bac...
The Singapore market outlook webinar for retail clients received over 200 attendees. We outlined our 2026 strategy, highlighting large-cap picks (DBS, GENS, KEP, SE), small-mid-cap selections (FEH, VALUE, RSTON, CAO), and top five S-REITs (CLAR, KREIT, LREIT, CAREIT, NTTDCR). Key questions include potential EQDP beneficiaries, small-mid-cap stocks, property counters, banks and REITS.
- Jonathan Koh
Singapore Banking - 4Q25 Results Preview: Resiliency Shines Despite Se...
We expect 4Q25 to be characterised by moderation in NIM compression, sustainable growth in wealth management fees and benign asset quality. We project net profit of S$2,523m for DBS (flat yoy, -15% qoq) and S$1,747m for OCBC (+4% yoy, -12% qoq). Maintain OVERWEIGHT. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65). DBS provides an attractive 2026 dividend yield of 5.6%. We are excited to hear the new CEO’s strategy, priorities and vision for OCBC.
- Jonathan Koh
Singapore Daily: Thursday, January 22, 2026
Top Stories Sector Update | Banking We expect 4Q25 to be characterised by moderation in NIM compression, sustainable growth in wealth management fees and benign asset quality. We project net profit of S$2,523m for DBS (flat yoy, -15% qoq) and S$1,747m for OCBC (+4% yoy, -12% qoq). Maintain OVERWEIGHT. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65). DBS provides an attractive 2026 dividend yield of 5.6%. We are excited to hear the new CEO’s strategy, priorities and vision for O...
- Jonathan Koh
Singapore Daily: Wednesday, January 7, 2026
Top Stories Sector Update | Banks We envisage a Goldilocks economy with steady growth accompanied by low inflation, the ideal balance for sustainable and lengthy economic expansion, supported by the Trump Administration’s new focus on affordability. We anticipate two rate cuts in 1H26 but none in 2H26. Banks provide resilient earnings with growth in non-interest income, including wealth management, offsetting negative impact from NIM compression. Upgrade to OVERWEIGHT. BUY DBS (Target: S$68.95) ...
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