Stocks continued their rally Thursday amid optimism over a fragile two-week U.S.-Iran ceasefire. The S&P 500 rose 0.62% to 6,824.66, Nasdaq gained 0.83% to 22,822.42, and the Dow Jones climbed 275.88 points (0.58%) to 48,185.80, entering positive territory for 2026
Crude prices surged, with West Texas Intermediate briefly exceeding $100 before settling at $97.87 per barrel, and Brent crude closing at $95.92
The market was influenced by Israel agreeing to negotiate with Lebanon and Iran committing to reopen the Strait of Hormuz for two weeks, although oil traffic remains limited
Tech and defensive sectors led gains, highlighted by a 2.6% jump in Meta Platforms after unveiling a new AI model, along with rising shares in Walmart and utilities.
Investor confidence is buoyed by the ceasefire, though concerns remain over supply disruptions if the strait remains partially closed.
China is exploring financial support for its state-run airlines as soaring fuel costs from the Iran conflict strain the industry, potentially the largest aid package since the Covid pandemic. Measures under consideration include government subsidies, preferential tax treatment, state-backed low-interest loans, and possible mergers, though no decisions have been made yet
China’s largest carriers—China Southern, China Eastern, and Air China—have struggled financially since Covid, collectively losing about 209 billion yuan (roughly US$39 billion) between 2020 and 2025, with only one profitable year for China Southern. Previous government interventions included emergency loans, discounted charges, and subsidized domestic flights.
The current deliberations remain at an early stage, and authorities have not publicly commented on potential actions.
The Breakwave Tanker Shipping ETF (BWET), a $65 million fund, has become a real-time indicator of tanker traffic through the Strait of Hormuz amid the Iran conflict. BWET plunged 13% when Iran briefly allowed safe passage but surged again after tanker traffic was halted by the Revolutionary Guard. Over the past year, it has soared roughly 1,300%, from $10 to nearly $150 per share, reflecting both war-driven disruptions and structural tightness in global shipping .
BWET invests mainly in freight futures for very large crude carriers moving oil from the Middle East to China, capturing the steep increase in shipping costs caused by the effective closure of the strait and global supply constraints. Despite its huge gains, the fund has seen limited investor inflows due to high fees, niche exposure, and complex tax rules .
Analysts note that even if the strait fully reopens, ongoing higher insurance costs, rerouted supply chains, and logistical chaos at key ports may sustain demand and elevated shipping rates, making the ETF’s gains potentially more structural than purely war-driven .
Crescendo Corporation Bhd plans to sell 49.72 acres of land in Johor for RM346.53 million to Digital Edge Data Centers.
Arka Bhd proposes selling its 40% stake in Enfrasys Solutions for RM43 million, expecting a pro forma gain of RM9.1 million.
Ideal Capital Bhd plans a two-for-one bonus issue of one billion shares to improve liquidity and shareholder participation.
UOL
DBS: Focus on upcoming dividend payout (S\$0.25; XD date 5-May; 2.5% of current price). Stock has fallen ~10% since early March, offering potential value-unlocking. FY26F yield: 1.7%. Key catalyst: Attractive dividend and potential value unlocking if Middle East uncertainties ease.
City Developments (CityDev)
DBS: Focus on upcoming dividend payout (S\$0.25; XD date 30-Apr; 2.9% of current price). Stock has fallen 12.5% since end-February, offering potential value-unlocking. FY26F yield: 2.1%. Key catalyst: Attractive dividend and potential value unlocking if Middle East uncertainties ease.
Yangzijiang Shipbuilding
DBS: Focus on upcoming dividend payout (S\$0.20; XD date TBA, likely 1H May; 5% of current price). Stock has fallen 8% since end-February. FY26F yield: 5.4%. Investment thesis: Balanced growth and yield. Key catalyst: Attractive dividend and earnings update if Middle East situation stabilizes.
SATS
DBS: Robust earnings outlook; expects +18% y/y EPS growth in FY27F. Key catalyst: Strong 1Q earnings update if Middle East uncertainties ease.
iFAST
DBS: Robust earnings outlook; c.20% EPS growth in both FY26F and FY27F. Share price broadly flat since early March. Key catalyst: Strong 1Q earnings update.
UMS Integration
DBS: Robust earnings outlook; expects EPS growth of 30% (FY26F) and 23% (FY27F). Key catalyst: Strong 1Q earnings update.
MoneyMax Financial Services (MMFS SP)
Maybank: Not Rated | Last Price: SGD 0.85 — Attractive at 9.3x trailing P/E (~20% discount to industry average of 11.3x), with strong revenue and profit growth driven by elevated gold prices, diversified business model, and resilient demand for pawnbroking and retail gold.
Catalysts: Elevated gold prices, resilient retail volumes, outlet/network expansion in Singapore and Malaysia, product innovation toward affordable/lighter-weight gold items, capital market funding (tokenised commercial papers/MTN).
OCBC Bank (OCBC SP)
RE-ITERATE BUY | Entry: 21 | Target: 25 | Stop Loss: 19 — Capital return is a real rerating lever; proposed 60% payout for FY25 (including special dividend and ongoing S\$2.5B two-year capital return plan). Downside is tightened even if NIM drifts lower; diversified income offsets NII downcycle. Key risk: Lower net interest income in a declining rate environment.
Yangzijiang Maritime Development Ltd
DBS: BUY (Initiating Coverage) | TP S\$0.88 (63% upside) — Asset-light, partnership-driven maritime investment platform expected to deliver 15–20% earnings CAGR from capital deployment and shipbuilding upcycle. Catalysts: Cash deployment, newbuild investment, vessel sale. Risks: Prolonged shipping downturn, industry overcapacity, rising funding costs, regulatory changes, competition from global capital.
MoneyMax Financial Services Ltd
CGS: Technical Buy | Entry: S\$0.85, TP1: S\$1.06, TP2: S\$1.18, TP3: S\$1.22, TP4: S\$1.30, Stop Loss: S\$0.57 — Strong uptrend with bullish technical signals (breakout above falling wedge, bullish Ichimoku, strong MACD, and oversold Stochastic), targeting continued price upside.
Oversea-Chinese Banking Corporation (OCBC)
KGI: RE-ITERATE BUY | Entry: S\$21, TP: S\$25, Stop Loss: S\$19 — Capital returns (special and ordinary dividends) and S\$2.5B capital return plan support upside; diversified income offsets lower net interest income. Catalysts: Dividend payouts, capital return execution. Risks: Lower NIM in a declining rate environment.
United Overseas Bank Ltd (UOB)
KGI: RE-ITERATE BUY | Entry: S\$35.5, TP: S\$40.5, Stop Loss: S\$33 — Supported by MAS policy stability and fee income momentum; ASEAN franchise provides growth, and provisioning is front-loaded. Catalysts: Steady SORA conditions, fee momentum, ASEAN expansion. Risks: Not specified.
InnoTek Limited
Lim & Tan Securities: Trading halt — Entered into a share placement agreement with Maybank Securities to issue up to 24.6 million new shares at S\$0.6506 (9.5% discount to VWAP), raising gross proceeds of S\$16.0 million. Proceeds primarily for corporate activities, acquisitions, JVs, and Southeast Asia expansion (91%), remainder for working capital. CEO to sell 6.15 million shares at same price to broaden shareholder base and improve liquidity. No change of control, 90-day moratorium on new issuance, and shares qualify for FY2025 dividend. Company trades at 22x forward PE, 1x PB, 2.7% yield. Market cap S\$172.6 million. Key catalysts: deployment of placement proceeds for M&A/expansion; improved liquidity from vendor sale.
Info-Tech Holdings
Lim & Tan Securities: Positive — FY25 revenue up 29% to S\$56.5 million, core SaaS business growing, adjusted net profit after tax S\$18.0 million, zero borrowings, S\$67.3 million cash. High customer retention (90%), strong orderbook growth, regional expansion into Middle East, and proposed final dividend of 1.95c (total 3.5c for FY25; 3.4% yield). Trades at 13.4x FY26F PE, 7x PB, 30% upside to consensus TP S\$1.35. YTD share price gain 33%. Monitoring financial performance and fundamentals over next year before formal recommendation.
United Overseas Bank Ltd (UOB SP)
RE-ITERATE BUY | Entry: 35.5 | Target: 40.5 | Stop Loss: 33.0 — MAS policy stance, fee momentum, and ASEAN franchise support outlook. Provisioning is front-loaded for 2026, reducing downside tail risk and improving earnings visibility. Key catalyst: Clean 2026 earnings slope post-provisioning.
Keppel DC REIT (KDCREIT SP)
UOBKH: BUY | TP S\$2.82 — Anchored by stability and resiliency in Singapore data centre market; supported by sponsor Keppel. Catalysts: Rising demand for colocation space driven by AI applications, acquisitions of hyperscale data centres in Japan and South Korea. Risks: FDCs (floating data centres) not qualifying as real estate and thus not permissible investments for S-REITs, exposure to interest rate fluctuations (though 71% of borrowings are hedged), asset stabilization timing for pipeline projects (SGP9, Tokyo DC) only post-2028.
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