AEM HoldingsDBS: Positive — Intel-Google collaboration is positive for AEM, which supplies test solutions to both its fabless AI customer and long-standing partner Intel, positioning it to capture demand across both AI accelerators and CPUs. Catalyst: Rising demand across AI accelerator and CPU test solutions.
Agri Commodities — Escalation Trade (Strait of Hormuz)**DBS: Positive on agri commodity names as a potential spillover play from higher oil prices should tensions escalate. Key picks: Wilmar, First Resources, Bumitama Agri.
Air China — A Shares (601111 CH) DBS: HOLD — Fuel shock to drive margin pressure despite resilient demand; earnings recovery delayed. Key risk: elevated jet fuel prices and refining capacity disruptions.
Air China — H Shares (753 HK) DBS: SELL — Downgraded as part of broader Chinese state-owned carrier reassessment; APAC remains least preferred region reflecting persistent yield headwinds and fuel cost pressures into 2Q–3Q26.
Bumitama Agri (BAL SP) DBS: BUY | TP SGD 2.30 — Raised TP applying a higher 20.4x FY26 P/E multiple, reflecting strong profitability outlook. Catalyst: CPO price benchmark trending higher at USD 1,100/MT in April, supporting positive earnings momentum in 2Q26. Risks: CPO price volatility.
Bumitama Agri Ltd (BAL SP) DBS: BUY | TP SGD 2.30 — Target price raised to SGD 2.30 applying a higher 20.4x FY26 P/E multiple, reflecting strong profitability outlook. CPO price stability and output expansion to drive earnings in 2026.
Cathay Pacific Airways (293 HK) DBS: HOLD — Jet fuel prices remain elevated due to persistent geopolitical premium and refining capacity disruptions, driving margin pressure into 2Q–3Q26 despite resilient passenger demand. Key risk: lagged pass-through of higher fuel costs weighing on earnings.
China Eastern Airlines — A Shares (600115 CH)**DBS: HOLD — Similar fundamental pressures as H-share counterpart; yield challenges persist across APAC. Key risk: fuel cost pass-through lag and ongoing geopolitical premium on jet fuel.
China Eastern Airlines — H Shares (670 HK)**DBS: SELL — APAC airline risk/reward remains unattractive; persistent yield challenges and elevated fuel costs delay profitability recovery. Iran conflict impact dims outlook further, with profitability pushed to 2027.
China Resources Beer Holdings (291 HK) KGI: Long | Entry 27 | Target 29 | Stop 26 — Shares closed at a one-month high above the 5dEMA with rising volume; both RSI and MACD are constructive.
China Southern Airlines — A Shares (600029 CH)**DBS: HOLD — CSA returned to the black with RMB 855mn net profit in FY25, but outlook dims as Iran war delays profitability recovery to 2027. Fuel availability emerging as a real risk for APAC airlines.
China Southern Airlines — H Shares (1055 HK)**DBS: SELL — Part of broader downgrade of three Chinese state-owned carriers; APAC yield challenges and fuel cost headwinds make risk/reward unattractive. Profitability outlook dims further following geopolitical disruptions.
Delta Air Lines (DAL) KGI: Neutral Outlook | 2Q26 Recommended Trading Range: $58–$72 — 1Q26 results beat on revenue (+12.9% YoY, +$1.03B vs estimates) and non-GAAP EPS ($0.64, +$0.07 beat); underlying demand remains resilient with low-teens revenue growth guided for 2Q26. Key risk is fuel cost headwind of over $2B in 2Q26; management has cut 3.5 points of capacity and is targeting 40–50% fuel cost recovery via fare and baggage fee increases. Full-year guidance withheld pending fuel price clarity. 2Q26 adjusted EPS guided at $1.00–$1.50, slightly below prior Street consensus.
Delfi (DELFI SP) UOBKH: Trading Buy | TP S$1.26 — Chart outlook is strong and bullish with price trading far above the cloud, bullish conversion and base lines crossover, and strong MACD. Entry range S$1.10–1.11, stop-loss at S$1.04. Fundamental BUY with TP S$1.12. Timeframe: 1–2 weeks.
Delfi LimitedLim & Tan: Accumulate on Weakness — FY2025 Net Sales of US$500.1 million and PATMI of US$33.2 million, down 0.5% and 2.1% respectively in USD terms, but up 0.3% and 1.5% on constant currency basis. Own Brands performance in Indonesia was resilient; Agency Brand decline was due to a voluntary account termination. Total dividend of 2.72 US cents/share (~50% payout). Trades at S$1.14, 16.6x PE, 1.9x PB, 3.1% dividend yield. Bloomberg consensus TP of S$1.02 implies 10.5% downside. Key catalysts: continued decline in cocoa prices (now near 2023 lows), margin recovery in 2H25, resilient net-cash balance sheet. Key risks: persistent Indonesian Rupiah weakness, macroeconomic uncertainty in Indonesia, potential domestic demand softness.
Delfi (DELFI SP) UOBKH: Trading Buy | TP S$1.26 — Chart outlook is strong and bullish with price trading far above the cloud, bullish conversion and base lines crossover, and strong MACD. Entry range S$1.10–1.11, stop-loss at S$1.04. Fundamental BUY with TP S$1.12. Timeframe: 1–2 weeks.
Delfi LimitedLim & Tan: Accumulate on Weakness — FY2025 Net Sales of US$500.1 million and PATMI of US$33.2 million, down 0.5% and 2.1% respectively in USD terms, but up 0.3% and 1.5% on constant currency basis. Own Brands performance in Indonesia was resilient; Agency Brand decline was due to a voluntary account termination. Total dividend of 2.72 US cents/share (~50% payout). Trades at S$1.14, 16.6x PE, 1.9x PB, 3.1% dividend yield. Bloomberg consensus TP of S$1.02 implies 10.5% downside. Key catalysts: continued decline in cocoa prices (now near 2023 lows), margin recovery in 2H25, resilient net-cash balance sheet. Key risks: persistent Indonesian Rupiah weakness, macroeconomic uncertainty in Indonesia, potential domestic demand softness.
First Resources (FR SP) DBS: BUY — Opportunity to accumulate following recent share price pullback post-ceasefire announcement despite firm palm oil prices. Key upside catalyst: better-than-expected margin performance post-integration with ANJT.
First Resources Ltd (FR SP) DBS: BUY — Accumulate on recent share price pullback post-ceasefire announcement despite firm palm oil prices. Upside risk from better-than-expected margin performance post-integration with ANJT. CPO prices trending higher at USD 1,100/MT in April, supporting positive 2Q26 earnings momentum.
Global Technology — Intel & AMDDBS: Positive — Sustained CPU demand expected to benefit both Intel and AMD following Intel-Google multiyear collaboration announcement. AMD seen as well-positioned given exposure to server CPUs and AI accelerators. Catalyst: Expanded co-development of custom infrastructure processing units for Google Cloud workloads.
Lianlian Digitech (2598 HK) DBS: Not Rated (Equity Explorer) — Leading cross-border payment player with VATP capability; expected to see more meaningful earnings and share price impact from Hong Kong stablecoin licensing developments. Key catalyst: positioning along the stablecoin value chain following HKMA’s first stablecoin license issuances to HSBC and Anchorpoint Financial.
Linklogis (9959 HK) DBS: — Supply-chain finance player, Standard Chartered investee and close partner in stablecoin-related strategies; expected to benefit meaningfully from Hong Kong stablecoin licensing developments. Key catalyst: deepening partnership with Standard Chartered following stablecoin license award.
Microchip Technology (MCHP US) KGI: Long | Entry 69 | Target 83 | Stop 62 — Shares closed above the 5dEMA with rising volume; RSI is constructive and MACD is about to turn positive.
OSL Group (863 HK) DBS: — Flagged as a miss after failing to receive a Hong Kong stablecoin license despite earlier market expectations; share price had already risen ~20% over the prior month in anticipation. Key risk: absence of stablecoin license removes a key near-term re-rating catalyst.
Overseas Education Limited (OEL) Lim & Tan: No explicit rating — OEL reported a sharp decline in net profit to S$0.2 million in FY2025 (vs S$6.3 million in FY2024), driven by lower enrolment (2,297 vs 2,411 students) amid intensifying competition and cautious expatriate spending. Board proposed a final dividend of S$0.007/share. Trades at 170x PE, 0.5x PB, 4.1% dividend yield. No Bloomberg analyst coverage. Key catalysts: enrolment recovery, expansion of enrichment programmes, stronger parent engagement. Key risks: further enrolment decline, increased competition from new international schools.
Parkway Life REIT (PREIT SP) UOBKH: Trading Buy | TP S$4.33 — Price rebounded from previous low support zone with RSI rising towards neutral level, hinting at increased upward momentum. Entry range S$3.97–3.98, stop-loss at S$3.90. Fundamental BUY with TP S$5.45. Timeframe: 1–2 weeks.
PP London Sumatra Indonesia (LSIP IJ) DBS: BUY — Accumulate on recent share price pullback post-ceasefire announcement despite firm palm oil prices. Earnings performance driven by cost savings and output expansion in 2026, with CPO prices expected to sustain above USD 1,000/MT in 1H26.
REITs & Property — De-escalation Trade (Strait of Hormuz)**DBS: Positive on REITs and property names as beneficiaries of easing inflation fears and renewed Fed rate cut expectations should the US-Iran situation de-escalate. Key picks: UOL, CityDev, CICT, MLT, Suntec REIT, CAREIT.
Sembcorp Industries (SCI SP)**Entry: S$6.80 | Target: S$7.80 | Stop: S$6.30 — Shares closed above the 5-day EMA with rising volume. RSI is slightly overbought but MACD remains constructive. Catalyst: technical momentum with volume confirmation.
Sembcorp Industries (SCI SP)**KGI: Buy | Entry 6.80 | Target 7.80 | Stop 6.30 — Shares closed above the 5dEMA with rising volume; RSI is slightly overbought but MACD remains constructive.
Sembcorp Industries (SCI SP) Entry: S$6.80 | Target: S$7.80 | Stop: S$6.30 — Shares closed above the 5-day EMA with rising volume. RSI is slightly overbought but MACD remains constructive. Catalyst: technical momentum with volume confirmation.
Sembcorp Industries (SCI SP) KGI: Buy | Entry 6.80 | Target 7.80 | Stop 6.30 — Shares closed above the 5dEMA with rising volume; RSI is slightly overbought but MACD remains constructive.
Singapore Airlines (SIA SP) DBS: HOLD — Maintain Hold as APAC remains least preferred region; persistent yield challenges and elevated fuel costs weigh on margins. Prefer upstream aerospace and defence over APAC airlines for better risk/reward.
Singapore Exchange (SGX) DBS: Stocks to Watch — March 2026 statistics described as “all cylinders on fire for SGX.” No explicit rating or target price provided.
Singapore Healthcare Sector — Listed Private OperatorsDBS: Positive on sector structural tailwinds — Limited immediate impact on listed private healthcare operators from potential new not-for-profit hospital land tender in eastern Singapore, given pricing restrictions, integrated referral networks and long development timeline. Structural support from ageing population and rising healthcare utilisation. Key risks: Healthcare financing concerns and cost inflation.
Sing Investments & Finance (SIF SP) Maybank: BUY | TP SGD 2.11 — Initiating coverage; SIF’s niche SME lending franchise drives structurally higher NIMs (FY25: 2.27% vs peer average 1.94%), supported by a stable deposit-funded model and best-in-class asset quality (NPL: 0.4%), yet trades at a 36% discount to NAV/share of SGD2.10.Key Catalysts: Singapore construction upcycle driving loan growth (+5% YoY forecast for FY26E); fewer-than-expected Fed rate cuts supporting NIM resilience; accelerated SME loan demand from favourable macro environment; ongoing liability repricing providing structural NII tailwind; non-interest income growth from rising fees and commissions (+76% YoY in FY25).Key Risks: Credit risk from Singapore-only loan exposure; falling interest rates compressing NIMs; increased competition from digital banks operating at lower cost; liquidity and funding risk from fixed deposit concentration; ESG/collateral risk from climate exposure on property loans and EV transition impact on auto financing portfolio.
ST Engineering DBS: Highlighted as a defense pick under the escalation trade scenario linked to the US blockade of the Strait of Hormuz.
Texas Instruments (TXI US) KGI: Long | Entry 210 | Target 230 | Stop 200 — Shares closed above the 5dEMA; RSI is constructive and MACD just turned positive.
Tsingtao Brewery (168 HK) KGI: Long | Entry 51 | Target 55 | Stop 49 — Shares closed at a one-month high above the 100dEMA with rising volume; 5dEMA crossed above the 100dEMA; both RSI and MACD are constructive.
Wilmar International (WIL SP) DBS: HOLD — Current share price already reflects a 15% y/y earnings expansion driven by improved crushing performance, limiting near-term upside.
Wilmar International Ltd (WIL SP) DBS: HOLD — Current share price already reflects a 15% y/y earnings expansion driven by improved crushing performance, limiting further upside at current levels.
Yangzijiang MaritimeDBS: Added to Growth portfolio picks. (Nam Cheong removed from Growth portfolio concurrently.)
Yangzijiang Maritime Development (8YZ SP) KGI: Buy | Entry 0.60 | Target 0.70 | Stop 0.55 — Shares above the 5dEMA with rising volume; both RSI and MACD are constructive.
Yangzijiang Maritime Development Ltd (8YZ SP) Technical Call: BUY | Entry S$0.60 | Target S$0.70 | Stop S$0.55 — Shares trading above the 5-day EMA with rising volume. Both RSI and MACD are constructive, supporting a bullish near-term setup.
Yangzijiang Maritime Development (8YZ SP) Yangzijiang Maritime Development Ltd (8YZ SP)Technical Call: BUY | Entry S$0.60 | Target S$0.70 | Stop S$0.55 — Shares trading above the 5-day EMA with rising volume. Both RSI and MACD are constructive, supporting a bullish near-term setup.
