Report Summary

• Sea Ltd’s stock correction is seen as overdone, with a BUY rating and a target price of USD156. Shopee’s strategic investments and Lazada’s decline create a favorable competitive landscape for monetization in ASEAN, offsetting headwinds elsewhere.
• Singapore’s equity market benefited from increased certainty in ROEs, driven by AI deployment, policy reforms, and rational competition. Winning stocks highlighted include CICT, CD, CSE, GRAB, MLT, OCBC, SGX, SSG, and ST.
• Positive news includes iFast’s acquisition of a 30% stake in Financial Alliance Corp, signalling growth potential in financial advisory, and Hyphens Pharma’s licensing deal to commercialize its skin cream in six European countries.
• Singtel is trialing ultra-fast fibre broadband (50Gbps XGS-PON) to support data-intensive environments and future AI-enabled home networks.
• Insider trade: Helen Chow, wife of Wing Tai’s chairman, increased her stake to 62.34% of the company’s voting shares.
• The report includes standard disclaimers, disclosure of interests, rating definitions, and legal entity information across Asia, UK, and US, with ratings explained as BUY (>10% expected return), HOLD (0-10%), and SELL (<0%).