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Heidi Mo Jinghui ... (+3)
  • 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...

Chase Tohanczyn ... (+3)
  • Chase Tohanczyn
  • Matthew Weiss
  • Scott Devitt

Counting Clicks: December '25 Traffic Trends

Report Overview: Our analysis includes total web visits (desktop and mobile) to U.S. and international web domains, mobile app monthly active users (MAUs), daily active users (DAUs), and total time spent (where applicable). Throughout the report, we display Y/Y changes across each of these key metr

Adrian Loh Tzum Yung ... (+12)
  • Adrian Loh Tzum Yung
  • Chong Lee Len
  • Colin Lee
  • Desmond Chong Chee Wai
  • Ejann Hiew
  • Johnny Yum
  • Johnny Yum Chung Man
  • Malaysia Research Team
  • Singapore Research Team
  • Suryaputra Wijaksana
  • Thanawat Thangchadakorn
  • Vincent Khoo Boo Aik

Regional Morning Meeting Notes: Monday, January 05, 2026

Greater China Sector Update | IT Hardware We see an acceleration in China’s AI development progress in 2026, with NVIDIA successfully obtaining the US government’s approval on H200 sales to China, which will provide a major boost to the Chinese the AI application users. We also believe that the shipment volume of domestic AI chips will receive minimal impact, with foreign chips acting as a “demand gap filler” while the establishment of a capable local supply chain remains the highest priorit...

Adrian Loh Tzum Yung ... (+2)
  • Adrian Loh Tzum Yung
  • Singapore Research Team

Strategy - Equity Strategy: Bullish Foundations In Place For 2026

We remain bullish on the Singapore market in 2026 given positive earnings growth prospects as well as funds flow momentum. We forecast a 2026 year-end target of 5,000 for the STI, implying an 8% upside from current levels. Key stock picks are CLAR, CLI, CIT, DFI, FR, GENS, KEP, OCBC, SE, ASL, CAREIT, CSE, FEH and VALUE.

Adrian Loh Tzum Yung ... (+2)
  • Adrian Loh Tzum Yung
  • Singapore Research Team

Strategy - Equity Strategy: Bullish Foundations In Place For 2026

Highlights • We remain bullish on the Singapore market in 2026 given positive earnings growth prospects as well as funds flow momentum. • We forecast a 2026 year-end target of 5,000 for the STI, implying an 8% upside from current levels. • Key stock picks are CLAR, CLI, CIT, DFI, FR, GENS, KEP, OCBC, SE, ASL, CAREIT, CSE, FEH and VALUE.

Chase Tohanczyn ... (+3)
  • Chase Tohanczyn
  • Matthew Weiss
  • Scott Devitt

Counting Clicks: November '25 Traffic Trends

Report Overview: Our analysis includes total web visits (desktop and mobile) to U.S. and international web domains, mobile app monthly active users (MAUs), daily active users (DAUs), and total time spent (where applicable). Throughout the report, we display Y/Y changes across each of these key metr

Chase Tohanczyn ... (+3)
  • Chase Tohanczyn
  • Matthew Weiss
  • Scott Devitt

Counting Clicks: October '25 Traffic Trends

Report Overview: Our analysis includes total web visits (desktop and mobile) to U.S. and international web domains, mobile app monthly active users (MAUs), daily active users (DAUs), and total time spent (where applicable). Throughout the report, we display Y/Y changes across each of these key metr

Chase Tohanczyn ... (+3)
  • Chase Tohanczyn
  • Matthew Weiss
  • Scott Devitt

3Q25 Postmortem: Sentiment Guide Following Results

Post-results, we think the disconnect between fundamentals and investor sentiment offers attractive upside for the highest-quality names in our coverage. We’ve become more constructive on the companies below:META (Outperform) - We are adding Meta Platforms to the Best Ideas List and maintain our $9

Jin Yoon
  • Jin Yoon

SE 3Q25 Results: Topline Growth Momentum Continues in 4Q25

What’s new: SE’s reported 3Q25 top-line results that were above consensus and our expectations. Rev growth momentum could continue in 4Q where Shopee GMV could grow more than 25% YoY, and Garena remains on track to achieve more than 30% YoY growth in bookings for FY25. We maintain our PT at USD200. Analysts: Jin Yoon

Heidi Mo Jinghui ... (+3)
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Kai Jie Tang

SEA (SE US) - 3Q25: Minor Reinvestment To Unlock Bigger Potential

SEA reported a softer 3Q25 as Shopee’s reinvestment in marketing and logistics compressed margins, offsetting robust growth in Monee and Garena. While near-term profitability moderates, core fundamentals remain strong. We cut 2025-27 earnings by 25-28% and lower our target price by 2% to US$200.18. Maintain BUY on SEA’s long-term growth prospects, supported by continued user acquisition and logistics enhancement.

Chase Tohanczyn ... (+3)
  • Chase Tohanczyn
  • Matthew Weiss
  • Scott Devitt

Solid Results But Investments Temper Enthusiasm; Outperform, $190 PT

Figure 1. 3Q25 ResultsSource: Company reports, Wedbush estimates, VisibleAlpha consensusHealthy results in 3Q. Total revenue of $6.0B (+38.3% Y/Y) was ~6% above the Street's $5.6B (+30.2% Y/Y) estimate, with upside across all core segments relative to expectations. Specifically, the eCommerce segme

Wedbush Research
  • Wedbush Research
Chase Tohanczyn ... (+3)
  • Chase Tohanczyn
  • Matthew Weiss
  • Scott Devitt

Counting Clicks: September '25 Traffic Trends

Report Overview: Our analysis includes total web visits (desktop and mobile) to U.S. and international web domains, mobile app monthly active users (MAUs), daily active users (DAUs), and total time spent (where applicable). Throughout the report, we display Y/Y changes across each of these key metr

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