The Nasdaq edged up 0.35% for the day, posting a strong 4.7% weekly gain driven by semiconductor stocks, while the Dow slipped 0.56% on Friday but still finished the week about 3% higher. March inflation data came in as expected at 3.3% annually, though rising energy costs stood out, while core inflation remained relatively subdued.

Even so, consumer inflation expectations climbed to 4.8%, reflecting anxiety tied to geopolitical risks. While the Federal Reserve may overlook short-term inflation fluctuations, a prolonged period of elevated oil prices—around $100 per barrel—could create challenges for the broader economy and complicate policy decisions.

Most upcoming REITs are expected to adopt external management structures, reflecting the limited traction of internally managed models. Growth in new listings will likely be driven by sectors such as data centres, hospitality, healthcare, and industrial and logistics, with commercial assets potentially staging a comeback.

These REITs are set to be backed by large, often blue-chip sponsors, where capital recycling will play a central role in supporting expansion and value creation. Market speculation points to potential IPOs from names like AirTrunk, DayOne Data Centers, Minor International, and IOI Properties.

While data centre and hospitality REITs remain strategically important, they also come with higher risks due to the need for continuous and substantial capital expenditure. At the same time, there is growing speculation that UOL Group and SingLand could launch a REIT backed by approximately $8.7 billion in assets.

Malaysia’s proposal to expand the FBM KLCI from 30 to 50 constituents could enhance market representation, sector diversification, and long-term capital inflows, though immediate impact may be limited due to the relatively smaller market cap of new additions . Over time, the broader index could attract benchmark-driven funds and improve performance, with estimates suggesting it may have outperformed historically. The expansion is expected to shift weightings away from traditional sectors like financials and utilities toward real estate, energy, technology, and healthcare, while triggering one-time rebalancing flows. Larger banks may see reduced influence, whereas mid-cap stocks could benefit from inclusion. Overall, the move aims to better reflect Malaysia’s evolving economy and strengthen the relevance, diversification, and investability of its key equity benchmark.

YZJ Maritime is the latest spin-off from the Yangzijiang group, completing a three-entity structure alongside Yangzijiang Shipbuilding and Yangzijiang Financial. Listed in November 2025, it has quickly attracted analyst coverage with “buy” calls and target prices ranging from 69 to 88 cents.

The company operates as an asset-light maritime investment platform spanning investments, financing, services, and cash management, while linking shipyards, shipowners, and capital markets. It holds strong fundamentals, including about US$1.6 billion in net assets, no debt, and US$400 million in cash.

Analysts highlight its ability to generate value across the vessel lifecycle through discounted shipbuilding, charter income, lease financing, and vessel sales, supported by a portfolio of over 80 vessels and a growing pipeline of newbuilds. Its model is seen as diversified, counter-cyclical, and capable of delivering attractive returns with stable income and growth potential.

With vessel prices at 15-year highs and a strengthening shipping cycle, analysts view its pivot toward maritime activities as a key growth driver. Overall, it is considered undervalued relative to peers, with expectations of strong earnings growth and a potential re-rating supported by its robust balance sheet and scalable business model.

In Singapore, several examples show parent companies trading below the value of their listed subsidiaries or assets. Cases include Koh Brothers Group and its subsidiaries, where Oiltek’s strong performance is not fully reflected in parent valuations, prompting shareholder activism. Similar mismatches are seen in Lum Chang Holdings, Fraser & Neave, Wilmar, Singtel, and Sunright, where asset values, stakes in subsidiaries, or cash positions exceed their market capitalisations. These discrepancies may arise from factors like low market visibility, limited free float, or structural inefficiencies, allowing investors to potentially gain exposure to undervalued assets while waiting for market re-rating.

Hong Kong stocks closed higher, with the Hang Seng Index up 0.6% to 25,893, while the HSCEI and HSTECH rose 0.5% and 0.8%, supported by strong turnover of HKD246.3 billion. Sentiment was boosted by optimism around stablecoin licensing, with financial stocks rallying as investors anticipated early approvals for major institutions such as HSBC and Standard Chartered.

Financial and crypto-related stocks led gains, with Guotai Junan International surging 27.7%, and other brokers and licensed crypto platforms like OSL and HashKey also rising. Banks and insurers edged higher, while HKEX was flat.

Tech stocks were mixed: Alibaba gained on AI optimism, Lenovo rose on growth guidance, while Tencent, Meituan, JD, Baidu, and others mostly declined. Semiconductor and chip-related stocks strengthened, with SMIC and Hua Hong Semi posting gains.

Broader market performance was uneven, with select winners like CATL jumping sharply, while some consumer and industrial names fell. Overall, the market was driven by sector rotation into financials, AI-related themes, and chip stocks amid regulatory and policy catalysts.

IOI Properties plans to launch and list a REIT valued at RM7.58b, backed by retail, office, and hotel assets, aiming to raise up to RM2b.

Star Media is investing ~RM100m in an Australian office-focused unit trust to diversify income.

Ecobuilt is expanding into property development and building materials, targeting 25% of future profits.

UUE and West River secured contracts worth RM16m and RM25.2m respectively for electrical works and data centre projects.

Infomina won a RM23.5m IT services contract, while 5E Resources reported solid earnings ahead of its listing.

Systech’s chairman increased his stake to 4.71%, signaling confidence in the company.

Khazanah sold a 3.13% stake in TIME dotCom (up to ~RM335.8m).

Privasia is in talks with clients for its upcoming data centre.

Favelle Favco and KJTS completed acquisitions to expand capabilities in cranes and energy efficiency

Keppel Ltd (KEP SP)
BUY | Entry: S$11.8 | Target: S$13.8 | Stop Loss: S$10.8 — Infrastructure earnings resilience and capital recycling drive cash flow. Catalysts: S$500M buyback programme, robust dividend payout. Risks: Real estate or connectivity gains may be lumpy.

OCBC Bank (OCBC SP)

BUY | Entry: S$21 | Target: S$25 | Stop Loss: S$19 — Capital return plan and high dividend payout underpin rerating. Catalysts: Special dividends, share buybacks, diversified income offsetting lower NII. Risks: Net interest margin drift in a declining rate environment.

Keppel Ltd

LIM & TAN SECURITIES: BUY (Technical) — Short-term bullish momentum signaled by upward-moving Bollinger Bands and RSI at 50 (room for upside). Resistance at S$12.80, support at S$11.78. Key risk: Pullback if price becomes overbought or loses momentum. Medium-term view: Sideways; Long-term view: Bullish.

Boustead Singapore Ltd (BOCS SP)

OCBC Group Research: BUY | TP S$2.45 — Potential upside of 24%. Valuation supported by 13.1x FY1 P/E, 3.8% dividend yield. Key catalysts: Strategic value unlocking, income opportunities. Risks: Not specified.

CapitaLand India Trust (CLINT SP)

OCBC Group Research: BUY | TP S$1.37 — Potential upside of 33%. Attractive 8.0% dividend yield, trading at 12.4x FY1 P/E. Key catalysts: Income and exposure to India’s growth. Risks: Not specified.

China Aviation Oil (CAO SP)

OCBC Group Research: BUY | TP S$2.48 — Potential upside of 16%. Trading at 11.8x FY1 P/E, 3.8% dividend yield. Key catalyst: Structural recovery in aviation sector. Risks: Not specified.

Hong Leong Asia Ltd (HLA SP)

OCBC Group Research: BUY | TP S$4.20 — Potential upside of 44%. Valuation at 15.3x FY1 P/E, 1.8% dividend yield. Key catalyst: Value unlocking and higher capital efficiency. Risks: Not specified.

Info-Tech Systems Integrators (ITSL SP)

OCBC Group Research: BUY | TP S$1.30 — Potential upside of 29%. Business model driven by recurring SaaS revenue and industry-leading margins. Catalysts: Strong earnings growth (46% FY25 PAT increase), expansion via PSG grants for AI adoption, presence in Johor-Singapore SEZ. Risks: Slower ramp-up in Dubai, customer retention amid weak sentiment.
Technical: Bullish trend reversal with breakout above SGD0.95, support at SGD1.00–1.05, resistance at SGD1.05–1.10; momentum targets SGD1.15.

Nordic Group Ltd (NRD SP)

OCBC Group Research: BUY | TP S$0.60 — Potential upside of 15%. Multi-year earnings visibility from exposure to semiconductor, MRO, and defence sectors. Catalysts: Strong order book (SGD201.9m), Singapore defence budget upcycle, recurring maintenance contracts. Risks: Execution on new contracts, macro uncertainty.
Technical: Ascending channel since mid-2023, support at SGD0.42–0.43, resistance at SGD0.55–0.60; momentum sustained above moving averages.

OUE REIT (OUEREIT SP)

OCBC Group Research: BUY | TP S$0.40 — Potential upside of 11%. Trading at 17.1x FY1 P/E, 6.4% dividend yield. Key catalyst: Income opportunities from real estate exposure. Risks: Not specified.

Parkway Life REIT (PREIT SP)

OCBC Group Research: BUY | TP S$4.83 — Potential upside of 22%. Stable income profile, trading at 21.7x FY1 P/E, 4.5% dividend yield. Key catalyst: Long-term defensive sector exposure. Risks: Not specified.

Stoneweg Europe Stapled Trust (SERT SP)

OCBC Group Research: BUY | TP EUR1.88 — Potential upside of 26%. Trading at 10.8x FY1 P/E, 8.9% dividend yield. Key catalyst: Income and European real estate exposure. Risks: Not specified.

The Assembly Place Holdings Ltd. (ASSPH SP/TAP.SI)
KGI Securities: OUTPERFORM | TP S$0.35 — Core thesis: Strong topline growth (+42.4% YoY in FY25), high occupancy (94.4%), and a visible pipeline (~1,490 new keys) support the company’s target of >10,000 keys by FY30. Catalysts: Expansion into new verticals (migrant worker accommodation via Habitat JV, hospitality via 163 Tras Street hotel conversion), upcoming project launches (Bangsar, 163 Tras Street, Habitat), and further capital deployment from undrawn IPO proceeds. Key risks: Lease renewal risk, regulatory changes, competitive supply pressures, macroeconomic sensitivity, execution risk from rapid expansion, market entry risk, related party landlord concentration, and technology & cybersecurity risks.

Singapore Exchange (SGX)

DBS: BUY | TP S$22.50 — Structural inflows, derivatives growth, and safe-haven demand underpin rerating. Catalysts: Continued SGD inflows post-Liberation Day, deployment of second EQDP tranche, capital management initiatives. Risks: Slower-than-expected growth across asset classes.

Wee Hur Holdings

DBS: BUY | TP S$0.90 — Scalable fund platform and strong workers’ dormitory segment to drive growth. Catalysts: Revenue uplift from new 10,500-bed Pioneer Lodge dormitory, potential lease renewal at Tuas View Dormitory. Risks: Lease renewal uncertainty, occupancy ramp-up at new dormitory.

UOL

DBS: Dividend focus — Upcoming dividend S$0.25 (XD: 5-May), 2.5% of price, 1.7% FY26F yield. Highlighted for attractive dividend payout and potential value-unlocking. Stock has fallen 9.5% since 28 Feb.

City Developments (CityDev)

DBS: Dividend focus — Upcoming dividend S$0.25 (XD: 30-Apr), 2.9% of price, 2.1% FY26F yield. Highlighted for attractive dividend payout and potential value-unlocking. Stock has fallen 12.5% since 28 Feb.

Yangzijiang Shipbuilding

DBS: Dividend focus — Upcoming dividend S$0.20 (XD: TBA, likely 1st half of May), 5% of price, 5.4% FY26F yield. Highlighted for balanced growth and yield. Stock has fallen 8% since 28 Feb.

SATS

DBS: Positive — Forecasts +18% y/y EPS growth in FY27F. Cited as a pick for robust earnings outlook and benefits from lower fuel costs in a de-escalation scenario.

iFAST

DBS: Positive — Forecasts ~20% EPS growth in FY26F and FY27F. Share price broadly flat since early March; highlighted for robust earnings outlook.

UMS Holdings

DBS: Positive — Forecasts EPS growth of 30%/23% for FY26F/FY27F. Cited for robust earnings outlook and as a beneficiary of the ongoing AI/semiconductor upcycle.

AEM Holdings

DBS: Positive — Positioned to capture demand from both AI accelerators and CPUs, supported by Intel-Google collaboration and ongoing relevance of CPUs in AI infrastructure.

Marco Polo Marine (MPM SP)

Maybank: BUY | TP SGD0.20 (+38%) — Believes MPM is entering a rapid growth phase (FY26E–FY30E) with a first-mover advantage in the offshore windfarm space. Key catalysts: rising demand for offshore windfarm vessels, potential fleet expansion, new shipbuilding contracts, and higher charter rates and utilization. Key risks: global recession, oil price decline, China-Taiwan conflict impacting operations.

Singapore Exchange (SGX)

DBS: BUY | TP S$22.50 — Structural inflows, derivatives growth, and safe-haven demand underpin rerating. Catalysts: Continued SGD inflows post-Liberation Day, deployment of second EQDP tranche, capital management initiatives. Risks: Slower-than-expected growth across asset classes.

Wee Hur Holdings

DBS: BUY | TP S$0.90 — Scalable fund platform and strong workers’ dormitory segment to drive growth. Catalysts: Revenue uplift from new 10,500-bed Pioneer Lodge dormitory, potential lease renewal at Tuas View Dormitory. Risks: Lease renewal uncertainty, occupancy ramp-up at new dormitory.

UOL

DBS: Dividend focus — Upcoming dividend S$0.25 (XD: 5-May), 2.5% of price, 1.7% FY26F yield. Highlighted for attractive dividend payout and potential value-unlocking. Stock has fallen 9.5% since 28 Feb.

City Developments (CityDev)

DBS: Dividend focus — Upcoming dividend S$0.25 (XD: 30-Apr), 2.9% of price, 2.1% FY26F yield. Highlighted for attractive dividend payout and potential value-unlocking. Stock has fallen 12.5% since 28 Feb.

Yangzijiang Shipbuilding

DBS: Dividend focus — Upcoming dividend S$0.20 (XD: TBA, likely 1st half of May), 5% of price, 5.4% FY26F yield. Highlighted for balanced growth and yield. Stock has fallen 8% since 28 Feb.

SATS

DBS: Positive — Forecasts +18% y/y EPS growth in FY27F. Cited as a pick for robust earnings outlook and benefits from lower fuel costs in a de-escalation scenario.

iFAST

DBS: Positive — Forecasts ~20% EPS growth in FY26F and FY27F. Share price broadly flat since early March; highlighted for robust earnings outlook.

UMS Holdings

DBS: Positive — Forecasts EPS growth of 30%/23% for FY26F/FY27F. Cited for robust earnings outlook and as a beneficiary of the ongoing AI/semiconductor upcycle.

AEM Holdings

DBS: Positive — Positioned to capture demand from both AI accelerators and CPUs, supported by Intel-Google collaboration and ongoing relevance of CPUs in AI infrastructure.

Marco Polo Marine (MPM SP)

Maybank: BUY | TP SGD0.20 (+38%) — Believes MPM is entering a rapid growth phase (FY26E–FY30E) with a first-mover advantage in the offshore windfarm space. Key catalysts: rising demand for offshore windfarm vessels, potential fleet expansion, new shipbuilding contracts, and higher charter rates and utilization. Key risks: global recession, oil price decline, China-Taiwan conflict impacting operations.

Alibaba Group (9988 HK)

CGS: ADD | TP HK$175.0 — Expects revenue upside from e-commerce growth driven by cross-selling of instant delivery services and expansion in AI/cloud business. Cloud revenue growth seen accelerating (CAGR 40%+ FY26–31F), with profitability improvement in Quick Commerce expected by FY3/29F. Key catalysts: better e-commerce and AI/cloud revenue growth in FY27F. Key risks: diluted traffic due to competition, higher subsidies hurting margins, and large capex affecting margins.

CSE Global

Limtan: Accumulate | TP S$1.54 — Exposure to fast-growing Data-Centre sector. Key catalysts include significant contract wins (notably with Amazon), robust order book, and strong recurring income streams. Risks: Increased net debt due to Electrification project growth, uncertainties expected to persist into 2026.

Olam Group

LimTan: BUY — Path of monetization, with key catalysts being the imminent sale of Olam Agri to SALIC (expected to reduce debt and enable special dividends), strong FY25 recovery in revenue and profit. Risks: Geopolitical tensions, supply chain disruptions, commodity price volatility, leadership transition.

DBS Group Holdings (DBS)

UOBKH: BUY | TP S$67.55 — Core reason: Strong retail inflows and resilient earnings. Catalysts: Continued net buying by retail investors, supportive government measures. Risks: Market volatility from Middle East tensions.

Oversea-Chinese Banking Corp (OCBC)

UOBKH: BUY | TP S$25.30 — Core reason: Positive net retail flows and stable fundamentals. Catalysts: Government support, increased investor activity. Risks: Geopolitical disruptions and US tariff uncertainty.

Singapore Airlines (SIA)

UOBKH: HOLD | TP S$7.18 — Core reason: Solid ROE, but performance impacted by Middle East conflict and higher oil prices.
SIA Engineering
UOBKH: BUY | TP S$3.92 — Core reason: Recovery in aviation sector, improved margins. Catalysts: Sector recovery and expansion. Risks: Oil price volatility.

SATS Ltd

UOBKH: BUY | TP S$4.75 — Core reason: Benefiting from aviation sector recovery and new contracts. Catalysts: Sector recovery, contract wins. Risks: Oil price volatility, geopolitical tensions.

ST Engineering

UOBKH: BUY | TP S$10.86 — Core reason: Defense sector exposure and contract momentum. Catalysts: New contract wins, rising defense spending. Risks: Project delays, regulatory changes.

CapitaLand Investment (CLI)

UOBKH: BUY | TP S$4.05 — Core reason: Yield is supportive at current levels, strong acquisition pipeline. Catalysts: Singapore and Japan property acquisitions. Risks: Market volatility, acquisition execution.
City Developments (CIT)
UOBKH: BUY | TP S$11.50 — Core reason: Attractive valuation and positive retail inflows. Catalysts: Strong retail net buying, property market momentum. Risks: Market volatility, sector disruptions.

Keppel Ltd

UOBKH: BUY | TP S$13.23 — Core reason: Positive orderbook growth and asset recycling. Catalysts: Major contract wins, asset sales. Risks: Project delays.

First Resources (FR)

UOBKH: BUY | TP S$2.50 — Core reason: Plantation sector strength, positive quarterly performance. Catalysts: Sector demand and CPO price recovery. Risks: Commodity price volatility.

Wilmar International

UOBKH: BUY | TP S$3.50 — Core reason: Strong plantation and processing margins. Catalysts: Commodity price uptrend. Risks: Price volatility.

Yangzijiang Shipbuilding (YZJSGD)

UOBKH: BUY | TP S$4.60 — Core reason: Robust orderbook and earnings visibility. Catalysts: New contract wins. Risks: Sector downturn.

Seatrium Ltd

UOBKH: BUY | TP S$3.15 — Core reason: Strong earnings visibility from new contracts. Catalysts: Orderbook growth. Risks: Project execution.

Sembcorp Industries (SCI)

UOBKH: BUY | TP S$7.10 — Core reason: Continued momentum in renewables, earnings growth. Catalysts: Overseas project wins, renewables expansion. Risks: Project delays, regulatory changes.

ComfortDelGro

UOBKH: BUY | TP S$1.82 — Core reason: Strong ROE and recovery in transport demand. Catalysts: Transport sector recovery. Risks: Oil price volatility.

Raffles Medical

UOBKH: BUY | TP S$1.25 — Core reason: Healthcare sector resilience and expansion. Catalysts: Sector expansion. Risks: Margin compression.

Nanofilm Technologies

UOBKH: BUY | TP S$0.73 — Core reason: Growth opportunities in private malls and technology expansion. Catalysts: Sector expansion, new product launches. Risks: Execution risk.

Food Empire

UOBKH: BUY | TP S$4.21 — Core reason: Strong growth momentum and product expansion. Catalysts: International sales growth. Risks: Currency volatility.

Hong Leong Asia

UOBKH: BUY | TP S$4.71 — Core reason: Positive earnings momentum and strong ROE. Catalysts: Sector recovery. Risks: Market volatility.

Huationg Global

UOBKH: BUY | TP S$1.23 — Core reason: Robust earnings potential in construction sector. Catalysts: Sector recovery, project wins. Risks: Execution risk.

Oiltek

UOBKH: BUY | TP S$2.78 — Core reason: Major contract win in sustainable aviation fuel sector. Catalysts: RM1.4b contract, fivefold orderbook growth. Risks: Execution risk.

PropNex

UOBKH: BUY | TP S$2.55 — Core reason: Strong sector growth and earnings momentum. Catalysts: Real estate market recovery. Risks: Market volatility.

SATS Ltd

UOBKH: BUY | TP S$4.75 — Core reason: Aviation sector recovery and new contracts. Catalysts: Sector recovery, new business wins. Risks: Oil price volatility, geopolitical risk.

Singtel

UOBKH: BUY | TP S$5.50 — Core reason: Positioned for further growth and sector recovery. Catalysts: Sector expansion, new business initiatives. Risks: Regulatory changes.

UltraGreen.ai

UOBKH: BUY | TP S$1.95 — Core reason: Strong earnings momentum and sector innovation. Catalysts: Technology leadership. Risks: Execution risk.

Valuetronics

UOBKH: BUY | TP S$1.03 — Core reason: Growth potential and solid earnings visibility. Catalysts: Sector expansion. Risks: Execution risk.

Mapletree Pan Asia Commercial Trust (MPACT)

UOBKH: BUY | TP S$1.84 — Core reason: Attractive yield and positive retail flows. Catalysts: Sector recovery. Risks: Market volatility.

Mapletree Industrial Trust (MINT)

UOBKH: HOLD | TP S$2.22 — Core reason: Stable yield and sector resilience. Catalysts: Sector expansion. Risks: Market volatility.

Keppel DC REIT

UOBKH: BUY | TP S$2.82 — Core reason: Positive yield and sector resilience. Catalysts: Sector growth. Risks: Market volatility.

Frasers Centrepoint Trust (FCT)

UOBKH: BUY | TP S$2.90 — Core reason: Attractive yield and sector resilience. Catalysts: Retail sector recovery. Risks: Market volatility.

CapitaLand Integrated Commercial Trust (CICT)

UOBKH: BUY | TP S$2.95 — Core reason: Yield is supportive at current levels, sector resilience. Catalysts: Retail sector recovery. Risks: Market volatility.

NTT DC REIT

UOBKH: BUY | TP S$1.42 — Core reason: Strong yield and sector growth. Catalysts: Sector expansion. Risks: Market volatility.

Thank you