Broker Name: OCBC Group Research
Date of Report: 3 March 2026

Excerpt from OCBC Group Research report.

Report Summary

• Global equities were volatile amid surging oil prices due to potential supply disruptions in the Middle East, leading to broad market declines in Europe and Asia, and mixed performance in the US as inflation concerns rose.
• Singapore’s Straits Times Index fell by 2.1% in a single session, with financials and real estate sectors also under pressure, reflecting the global risk-off sentiment and energy cost worries.
• ST Engineering Ltd showed strong underlying performance with robust order book growth and raised fair value estimates, maintaining a positive outlook.
• Info-Tech Systems Ltd exceeded earnings expectations, benefited from policy support and expansion, and saw its fair value estimate increased.
• ComfortDelGro Corporation delivered record revenue, but faces mixed outlook due to competitive pressures in the taxi and private hire segment.
• Wilmar International made large provisions for regulatory and legal risks but expects these headwinds to be largely addressed, with improved performance forecasted.
• SATS Ltd recorded robust profit growth driven by cargo market share gains and resilient passenger volumes, with a higher fair value estimate and reaffirmed positive outlook.
• City Developments Ltd posted a surge in profits mainly from asset disposals and is undergoing a strategic review, with focus on capital recycling and asset monetisation for future growth.
• OCBC’s coverage includes updated target prices and ratings for major Singapore stocks, reflecting a cautious but selective positive stance on several sectors and companies.

Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can be the first to access the full report from the OCBC Group Research website: https://www.ocbc.com/group/investors/ocbc-research.html