Report Summary

• Sea Ltd’s shares have declined sharply, but margin and Brazil risks now appear priced in, making the recent pullback an attractive entry opportunity. Shopee’s investments and Lazada’s decline strengthen its market position, with monetisation upside expected.
• Singapore REITs are at an inflection point with falling funding costs, active capital recycling, and portfolio reconstitution; preferred sub-sectors are industrial, commercial, and hospitality, with top picks including CICT, CLAR, CLAS, LREIT, MLT, OUEREIT, and SUN.
• Soon Hock Enterprise is initiated with a BUY call, backed by a strong pipeline and expected profit growth due to robust industrial space demand in Singapore.
• ASEAN Telcos had strong 2025 returns, and the positive momentum is expected to continue in 2026, with improving competition and profitability; top picks are ADVANC, PLDT, and StarHub.
• Coliwoo’s sale-and-leaseback of its Pasir Panjang co-living hotel is seen as positive, enabling a more asset-light strategy and better ROE, with potential for higher dividends; coverage is initiated with a BUY.
• Singapore’s macro outlook for 2026 remains resilient, supported by AI-driven export growth and ongoing reforms, with forecasted upside for the STI index and select large-cap and SMID stocks.
• Trading ideas include technical BUYs on OKP Holdings and Banyan Tree Holdings, with bullish trends identified.
• Major news includes developments in Singapore’s equities market governance, leadership changes at Singtel’s NCS, and updates on Seatrium’s wind farm projects.
• Analyst certifications, disclaimers, and regional disclosures are provided, outlining research independence and legal compliance.