Broker: Lim & Tan Securities

Date of Report: 20 March 2026

Excerpt from Lim & Tan Securities report.

Report Summary:
• The global economy in 2025 proved more resilient than expected, despite trade volatility and heightened geopolitical risks, with ASEAN economies ending the year on a strong note and UOB achieving a net profit of \$4.7 billion.
• Hongkong Land acquired a 10.8% stake in Suntec REIT to strengthen its presence in Singapore’s prime commercial sector, and Suntec REIT underwent a strategic review to optimize assets and enhance capital efficiency.
• Institutional investors net sold S\$93m while retail investors net bought S\$167m in the week of 9 March 2026, with significant flows in stocks like Hongkong Land, Wilmar, DBS, and Yangzijiang Shipbuilding.
• Dividend announcements include major companies such as DBS, OCBC, Keppel, and UOL, with upcoming ex-dividend dates highlighted.
• New World Development is negotiating with Hong Kong’s Airport Authority to ease rental obligations at its flagship 11 Skies mall amid financial strain, reflecting broader challenges in Hong Kong’s commercial property sector.
• BCA Research forecasts further disinflation in 2026, expecting US inflation to moderate later in the year and potential Fed rate cuts if the labor market softens.
• Key sector highlights and share transactions are detailed, including acquisitions, disposals, and buybacks by major companies such as HK Land, Jardine Matheson, UOB, and others.
• Lim & Tan Securities recommends “Accumulate on Weakness” for both Hongkong Land and Suntec REIT, noting their valuation and potential upside.

Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: https://www.limtan.com.sg