AEM Holdings
DBS: 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.
DBS: De-escalation pick — Supported by ongoing AI/semiconductor upcycle and EQDP flows.
UOBKH: BUY | TP S$4.70 — Strong monthly performance of +43.8%; 2026F PE compresses sharply to 39.9x from 77.2x in 2025 as earnings recover. 12.7% upside to TP.
Alibaba Group (9988 HK / BABA US)
CGS International: ADD | TP HK$175.0 (prev. HK$180.0) — Reiterates conviction call despite slight CMR growth miss in March quarter; upside driven by e-commerce cross-selling with instant delivery services and accelerating AI/Cloud revenue expansion. FY26F–28F non-GAAP EPS trimmed by 0.2–2.2% to reflect slower CMR growth. Cloud revenue growth expected to accelerate to 40% yoy in 4QFY26F, with management targeting cloud/AI revenue exceeding US$100bn by FY31F at 40%+ CAGR. Quick Commerce losses forecast to halve consecutively in FY27F and FY28F, turning profitable in FY29F.
Catalysts: Better-than-expected e-commerce and AI/Cloud revenue growth in FY27F; regulatory curbs on irrational food delivery subsidies benefiting margin recovery; rapid AI model upgrades (Qwen 3.6-Plus ranked No.6 globally) accelerating token sales and MaaS monetisation; overseas cloud revenue reaching double-digit share of total cloud.
Risks: Diluted traffic from intensifying competition; higher subsidies compressing margins; large capex weighing on profitability.
AST SpaceMobile Inc (ASTS US)
KGI: RE-ITERATE BUY | Entry US$92 | TP US$106 | Stop Loss US$85 — Transitioning from technology validation to commercial deployment: FY25 revenue US$70.9M, contracted revenue commitments over US$1.2B, targeting 45–60 satellites in orbit by end-2026. Over US$3.9B pro forma liquidity post-February 2026 financing; U.S. government traction (US$30M SDA HALO Europa contract, MDA SHIELD positioning) and major telecom partnerships (TELUS, Orange, Telefónica, Vodafone, stc) support path to scaled commercial activation.
Boustead Singapore Ltd (BOCS SP)
OCBC: BUY | TP SGD 2.45 — Value unlocking potential through strategic capital allocation and investor engagement; trades at 13.1x FY1 P/E with 3.8% dividend yield. Upside: 24%.
OCBC: BUY | TP SGD 2.45 — Value unlocking potential via strategic capital allocation and investor engagement. FY1 P/E of 13.1x with dividend yield of 3.8%. Upside: ~24%.
Bumitama Agri
DBS: Escalation trade pick — Agri commodity beneficiary of higher oil prices in an escalation scenario.
CapitaLand Ascendas REIT / CAREIT / CLAR SP
DBS: De-escalation pick — REIT sector beneficiary of lower inflation and renewed rate cut expectations post-ceasefire.
OCBC: HOLD | TP SGD 2.53 — Unanimous Buy consensus (16 Buys, 0 Holds, 0 Sells). Attractive forward yield of 6.1% (F1); industrial REIT with diversified exposure across Singapore and overseas markets.
UOBKH: BUY | TP S$1.42 — Key catalyst: completed S$903.5m capital raise (private placement + preferential offering) to fund S$1.4b Singapore and Japan acquisitions, driving DPU accretion. 2026F yield of 7.0%.
CapitaLand China Trust
OCBC: HOLD | TP SGD 0.655 — Yield is supportive at current levels; distribution yield underpins valuation floor despite China macro headwinds.
CapitaLand India Trust (CLINT SP)
OCBC: BUY | TP SGD 1.37 — Attractive income play with 8.0% FY1 dividend yield and 0.8x P/B; benefits from India structural growth and capital recycling. Upside: 33%.
Risk: sustained geopolitical uncertainty dampening capital market activity.
OCBC: BUY | TP SGD 1.37 — Attractive income play with FY1 dividend yield of 8.0% and P/B of 0.8x. Beneficiary of India’s structural growth. Upside: ~33%.
CapitaLand Integrated Commercial Trust (CICT SP)
DBS: Preferred REIT pick — Favoured over FCT in the de-escalation trade. Benefits from easing inflation fears and renewed Fed cut expectations. RTS nears 2027 launch as additional catalyst.
UOBKH: BUY | TP S$2.95 — 2026F PE of 18.7x with 5.3% yield. Trades at 1.1x P/NAV; 28.8% upside to TP. Resilient retail and office portfolio in Singapore.
CSE Global (SGX: 544)
Lim & Tan: Accumulate | TP S$1.54 — FY2025 milestone of securing over S$1 billion in new orders, with robust order book of S$709.5 million and strong data centre exposure (~14% of Group revenue, growing). FY26 forward PE of 20x with PEG ~1x; dividend yield ~2%. Consensus 1-year target implies 24% upside from last traded price of S$1.24.
Catalysts: Continued growth in hyperscale/AI data centre infrastructure; Amazon warrant deal (up to S$48.3 million in proceeds subject to qualifying payments of US$1.5 billion by Nov 2030); acquisition of Chicago Communications strengthening US communications presence.
Risks: Net debt rose to S$163.0 million (from S$72.1 million); cash outflow from operations of S$67.2 million due to Electrification project funding; ongoing macro uncertainties into 2026.
China Aviation Oil / CAO SP
OCBC: BUY | TP SGD 2.48 — Titled “To the moon”; direct beneficiary of elevated oil prices and aviation fuel demand recovery. Rising crude environment (WTI at USD 97.87/bbl) acts as a key catalyst.
OCBC: BUY | TP SGD 2.48 — Trades at 11.8x FY1 P/E with 3.8% dividend yield; positioned to benefit from recovery in aviation activity and energy market normalisation. Upside: 16%.
OCBC: BUY | TP SGD 2.48 — Undemanding FY1 P/E of 11.8x with improving dividend yield. Positioned to benefit from aviation recovery and Singapore’s structural growth. Upside: ~16%.
UOBKH: BUY | TP S$2.63 — Top small/mid-cap pick; 2026F PE of 11.4x with 3.5% yield. Trades at 1.3x P/NAV with net cash position (ND/Equity -63.8%).
Chow Tai Fook Jewellery Group (1929 HK)
KGI: BUY | Entry HK$11.00 | TP HK$15.00 | Stop Loss HK$9.00 — Fixed-price jewellery mix expanded to 40.1% of retail sales value (from 29.4%), reducing gold price sensitivity and lifting gross profit per transaction. Overseas expansion (Bangkok flagship open; Australia, Canada stores by end-June 2026; Middle East within two years) adds option value and supports brand transformation multiple re-rating.
City Developments / CityDev / CityDevelopments
DBS: De-escalation pick — Property sector beneficiary as ceasefire reduces inflation pressures and supports Fed easing expectations.
DBS: Price S$8.59 — Upcoming dividend of S$0.25 (XD: 30 Apr), representing 2.9% of current price with FY26F yield of 2.1%. Stock has fallen 12.5% since 28 Feb, presenting potential entry opportunity. Highlighted for potential value-unlocking.
Catalyst: sustained resolution of Middle East tensions.
UOBKH: BUY | TP S$11.50 — Top large-cap and small/mid-cap pick; trades at 0.8x P/NAV with 40.1% upside to TP. Deep discount to NAV offers re-rating potential as property market stabilises.
ComfortDelGro Corporation
OCBC: BUY | TP SGD 1.74 — “Galloping to new heights”; recovery in ridership and transport earnings supports re-rating thesis.
DBS Group / DBS Group Holdings
OCBC: BUY | TP SGD 57.20 — Largest Singapore bank by market cap at US$127.8bn; historical P/E of 15x with forward estimates of 15x (F1) and 14x (F2). Dividend yield of 5.3% (hist) rising to 5.6% (F1) supports income case.
UOBKH: BUY | TP S$67.55 — Top large-cap pick; 2026F PE of 14.3x with 5.7% dividend yield and strong ROE of 16.3%. Market cap S$161.8b.
DigiCore REIT (DCREIT SP)
UOBKH: BUY | TP S$0.93 — Highest upside in REIT small/mid-cap coverage at 91.8%; 2026F yield of 7.1%. Trades at 0.6x P/NAV; data centre demand tailwind.
First REIT
OCBC: HOLD | TP SGD 0.245 — Proposed exit from Indonesia reduces geographic risk but may weigh on near-term income. Investors advised to monitor asset recycling progress.
First Resources / FirstResources
DBS: Escalation trade pick — Agri commodity beneficiary of higher oil prices in an escalation scenario.
UOBKH: BUY | TP S$2.50 — Top large-cap pick despite negative TP return of -13.8% vs current price; 2026F PE of 13.0x with 3.9% yield. Strong monthly performance of +22.4%.
Food Empire (FEH SP)
UOBKH: BUY | TP S$4.21 — Top small/mid-cap pick; 2026F PE re-rates sharply to 17.5x from 34.9x in 2025, signalling strong earnings growth. ROE of 19.3% and 4.0% yield. 39.9% upside to TP.
Frasers Centrepoint Trust (FCT SP)
UOBKH: BUY | TP S$2.90 — 2026F yield of 5.6% with 33.0% upside to TP. Suburban retail exposure provides defensive income; trades at 1.0x P/NAV.
Frencken Group
DBS: De-escalation pick — Supported by ongoing AI/semiconductor upcycle and EQDP flows.
Global Technology — Intel & AMD
DBS: 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.
Hong Leong Asia / HLA SP
OCBC: BUY | TP SGD 4.20 — Highest upside among preferred picks at 44%; trades at 15.3x FY1 P/E with 1.8x P/B.
Catalyst: earnings re-rating driven by value unlocking and improved ROE.
Risk: prolonged macro weakness.
OCBC: BUY | TP SGD 4.20 — Largest upside among preferred picks at ~44%. FY1 P/E of 15.3x with P/B of 1.8x. Value unlocking catalyst from strategic capital allocation initiatives.
UOBKH: BUY | TP S$4.71 — Top small/mid-cap pick; 2026F PE of 14.8x with 67.6% upside to TP. Net cash balance sheet (ND/Equity -77.5%) provides downside protection.
Huationg Global (HUAGL SP)
UOBKH: BUY | TP S$1.23 — Top small/mid-cap pick; cheapest large-upside name at 6.6x 2026F PE with 68.5% upside to TP. Trades at 1.0x P/NAV with net cash position.
iFAST Corporation
DBS: Strong earnings growth outlook with c.20% EPS growth forecast in both FY26F and FY27F. Share price broadly flat since early March, presenting potential entry point.
Catalyst: sustained resolution of Middle East tensions.
Info-Tech Systems / Info-Tech Systems Integrators (ITSL SP)
OCBC: BUY | TP SGD 1.30 — “Leaps and bounds”; strong growth trajectory with improving earnings visibility.
OCBC: BUY | TP SGD 1.30 — Cloud-based HRMS SaaS provider with 46% FY25 adjusted PAT growth; FV pegged to 16x FY27E P/E. EPS estimates lifted 12.5%/14% for FY26/FY27 post results. Upside: 29%.
Catalysts: PSG expansion under Budget 2026 supporting AI tool adoption; Johor-Singapore SEZ driving cross-border customer growth; accelerating annual recurring revenue (SGD25.4m in FY25).
Risks: Slower-than-expected Dubai operations ramp-up; failure to retain customers amid weak business sentiment; prolonged Middle East conflict.
OCBC: BUY | TP SGD 1.30 — Cloud-based HRMS SaaS provider with industry-leading margins and recurring revenue model. FY25 adjusted PAT grew 46%, beating expectations with 3.7ppt PAT margin expansion. FY26/FY27 EPS estimates lifted by 12.5%/14% post-results. FV pegged to 16x FY27E P/E. Catalysts include PSG expansion under Singapore Budget 2026 and Johor-Singapore SEZ opportunities. Key risks: slower-than-expected Dubai ramp-up; customer churn amid weak business sentiment if Middle East conflict persists. Upside: ~29%.
Keppel / Keppel Ltd / KEP SP
Lim & Tan Securities: BUY | Last Done S$12.13 | Resistance S$12.80 | Support S$11.78 — Bullish short-term momentum supported by upward-trending Bollinger Bands and RSI at 50, indicating room for further upside before overbought territory. Near-term price target capped at S$12.80 resistance (trend high on 18-Mar-26), with downside support at S$11.78 based on double daily lows on 06–07 Apr 2026. Medium-term outlook is sideways (resistance S$13.12 / support S$11.50); long-term outlook remains bullish (resistance S$14.00 / support S$11.12).
KGI: RE-ITERATE BUY | Entry S$11.80 | TP S$13.80 | Stop Loss S$10.80 — Infrastructure segment delivered S$803M net profit in 2025 (+18% YoY), underpinning earnings quality. Capital return programme includes a S$500M buyback (13.2M shares repurchased in 2H25) and total FY2025 dividend of S$0.47/share (including special cash dividend), tightening float and supporting TSR while awaiting the next monetisation cycle.
UOBKH: BUY | TP S$13.23 — Top large-cap pick; 2026F PE of 22.6x with 2.9% yield. Transformation story with diversified asset management platform.
Keppel DC REIT
OCBC: HOLD | TP SGD 2.30 — Strong consensus with 15 Buys, 1 Hold, 0 Sells. Dividend yield of 4.8% (F1); forward P/E of 19x (F1). Data centre demand remains a structural tailwind.
Longfor Group (960 HK)
KGI: RE-ITERATE BUY | Entry HK$7.00 | TP HK$11.00 | Stop Loss HK$5.00 — Quality consolidation winner as policy thaw (effective end of three red lines regime) benefits higher-quality private developers disproportionately. Net debt/equity at 52.2%, average finance cost 3.51%; management targeting full repayment of related debts and further liability reduction in 2026, reinforcing solvency confidence.
Mapletree Logistics Trust (MLT)
DBS: De-escalation pick — REIT beneficiary of lower rate expectations stemming from US-Iran ceasefire and reduced inflation risk.
Mapletree PanAsia Commercial Trust (MPACT SP)
UOBKH: BUY | TP S$1.84 — 2026F yield of 6.5% with 39.4% upside to TP. Trades at 0.8x P/NAV; recovery in Hong Kong and Japan assets a key catalyst.
Marco Polo Marine (MPM SP)
Maybank: BUY | TP SGD 0.20 — First-mover advantage in offshore wind vessel chartering across Asia positions MPM for a rapid growth phase from FY26E to FY30E, with revenue expected to grow from SGD 173m to SGD 221m by FY28E.
Catalysts: new CSOV shipbuilding contract wins, rising charter rates and utilisation from growing offshore wind project launches in Taiwan, Japan, South Korea, Vietnam and Australia, and potential fleet expansion driving EPS growth in FY27–30E.
Risks: global recession impacting charter demand, declining oil prices dampening sector sentiment, and China-Taiwan conflict disrupting charter operations.
Nam Cheong
DBS: Removed from Growth portfolio.
Nanofilm Technologies International
OCBC: BUY | TP SGD 0.705 — “Look on the bright side”; recovery in industrial and consumer tech spending expected to drive earnings improvement.
Nordic Group / NRD SP
OCBC: BUY | TP SGD 0.60 — Solid contract wins to support growth momentum; orderbook visibility underpins earnings outlook.
OCBC: BUY | TP SGD 0.60 — Diversified industrial solutions provider leveraged to semiconductor, MRO, and defence upcycles; order book at SGD201.9m with deliveries through 2028 and book-to-bill of 1.32x. Upside: ~15%, plus projected 4.2% FY1 dividend yield.
Catalysts: Micron’s USD24b Singapore wafer fab investment driving Envipure semiconductor demand; Singapore 2026 defence budget up 6.4% YoY to SGD24.9b benefiting subsidiary Starburst; rising share of recurring maintenance contracts.
Risks: Near-term uncertainty in precision components segment; Micron facility earnings impact only in medium term (2H28 start).
OCBC: BUY | TP SGD 0.60 — Diversified industrial solutions provider leveraged to semiconductor, MRO, and defence upcycles. FY25 order book of SGD201.9m with deliveries through 2028; book-to-bill ratio of 1.32x. Key catalysts: Micron’s USD24b Singapore fab investment; Singapore defence budget up 6.4% YoY to SGD24.9b, driving demand for Starburst subsidiary’s shooting range infrastructure. Projected FY26 dividend yield of 4.0%. Upside: ~15%.
NVIDIA Corp (NVDA US)
KGI: BUY | Entry US$180 | TP US$210 | Stop Loss US$165 — AI revenue opportunity upgraded from US$500B through 2026 to over US$1T through 2027, driven by Blackwell/Rubin order momentum and the shift from training to large-scale inference deployment. Platform depth across GPUs, CPUs, networking, software and full-rack systems raises switching costs and provides relative defensiveness within tech.
NTT DC REIT (NTTDCR SP)
UOBKH: BUY | TP S$1.42 — Top large-cap REIT pick; 2026F yield of 11.3% is among the highest in coverage. Trades at 0.7x P/NAV with 55.2% upside to TP. Data centre demand underpins growth.
OCBC / OCBC Bank / Oversea-Chinese Banking Corporation
DBS: Preferred bank pick — Safe-haven flows and resilient earnings in an inflationary but non-recessionary backdrop. Preferred over peers in current environment.
OCBC Research: HOLD | TP SGD 22.19 — Consensus skewed to Buy (8 Buy, 6 Hold, 2 Sell). Forward P/E of 13x (F1) and 12x (F2) with dividend yield improving to 4.4% (F1).
KGI: RE-ITERATE BUY | Entry S$21.00 | TP S$25.00 | Stop Loss S$19.00 — S$2.5B two-year capital return plan through FY26 (special dividends and buybacks) anchors downside; FY25 total payout at 60% of earnings. Record total income and non-interest income strength is offsetting NIM compression, with fees and insurance providing earnings slope support.
UOBKH: BUY | TP S$25.30 — Top large-cap pick; trades at 12.8x 2026F PE with 3.9% yield. ROE of 12.1% supports re-rating thesis.
Olam Group (SGX: VC2)
Lim & Tan: BUY | No explicit TP — Trades at 19.4x forward PE (continuing operations) and 0.5x PB with FY25 dividend yield of 2.3%. Clear monetisation path via Re-organisation Plan targeting ~US$2 billion in deleveraging, debt-free Remaining Olam Group, and eventual special dividends to shareholders from asset disposals. FY25 PATMI surged 414% to S$444.1 million; revenue up 19.3% to S$67.0 billion.
Catalysts: Imminent completion of Olam Agri stake sale to SALIC; ongoing portfolio streamlining.
Risks: Geopolitical tensions, volatile commodity markets, supply chain disruptions; no final dividend declared for FY2025 to conserve cash; leadership transition.
OUE REIT (OUEREIT SP)
OCBC: BUY | TP SGD 0.40 — Trades at 0.6x P/B with 6.4% FY1 dividend yield; income opportunity as SGD-denominated yields compress. Upside: 11%.
OCBC: BUY | TP SGD 0.40 — Income opportunity with FY1 dividend yield of 6.4% and P/B of 0.6x. Positioned to benefit from capital recycling and S-REIT sector re-rating. Upside: ~11%.
Parkway Life REIT / PREIT SP
OCBC: BUY | TP SGD 4.83 — Defensive healthcare REIT with 4.5% FY1 dividend yield and 1.5x P/B; benefits from stable recurring income and structural healthcare demand. Upside: 22%.
OCBC: BUY | TP SGD 4.83 — Defensive healthcare REIT with stable FY1 dividend yield of 4.5% and P/B of 1.5x. Benefits from Singapore’s structural growth in healthcare. Upside: ~22%.
UOBKH: BUY | TP S$5.45 — 2026F yield of 4.5% with 36.3% upside to TP. Defensive healthcare REIT with ROE of 6.6%; trades at 1.6x P/NAV.
PropNex (PROP SP)
UOBKH: BUY | TP S$2.55 — Top small/mid-cap pick; 2026F PE of 15.9x with 6.0% dividend yield and 52.7% upside to TP. High ROE of 64.7% reflects asset-light model.
Catalyst: Singapore government supportive property measures.
SATS
DBS: Preferred transport pick — Top pick in the de-escalation trade; benefits from lower fuel costs as oil prices ease on ceasefire news. Preferred over SIA.
DBS: Robust earnings outlook with +18% y/y EPS growth forecast in FY27F.
Catalyst: sustained resolution of Middle East tensions driving recovery in travel and aviation-related demand.
UOBKH: BUY | TP S$4.75 — Top large-cap pick; 2026F PE of 16.2x with 2.5% yield. Earnings recovery trajectory intact as aviation volumes normalise; ROE of 11.2%.
Sea Limited (SE US)
UOBKH: BUY | TP US$181.18 — 131.4% upside to TP; 2026F PE of 25.8x with ROE of 13.8%. E-commerce and digital financial services recovery key catalysts; stock down 27.8% in March presenting entry opportunity.
Seatrium
OCBC: Forward P/E compresses from 17x (F1) to 14x (F2); 8 Buys in consensus. Offshore and marine recovery, aided by elevated oil prices, is the primary catalyst.
Sembcorp Industries / SCI SP
DBS: Escalation trade pick — Net beneficiary of higher gas prices and energy market volatility. Utility earnings supported in a sustained conflict scenario.
UOBKH: BUY | TP S$7.10 — 2026F PE of 13.2x with 3.8% yield and ROE of 15.9%. 7.1% upside to TP; renewable energy transition story intact.
Sheng Siong Group
OCBC: HOLD | TP SGD 2.78 — Exploring growth opportunities in private malls; defensive grocery retail profile with limited downside. Key catalyst: new store openings.
Singapore Airlines / SIA
DBS: De-escalation pick — Benefits from lower fuel costs in a ceasefire/de-escalation scenario.
OCBC: Consensus mixed (1 Buy, 10 Hold, 4 Sell). Dividend yield declining from 5.3% (hist) to 4.2% (F1). Middle East conflict and Strait of Hormuz disruptions represent key downside risks to travel demand and fuel costs.
Singapore Exchange / SGX / SGX SP
DBS: Stocks to Watch — March 2026 statistics described as “all cylinders on fire for SGX.” No explicit rating or target price provided.
DBS: BUY | TP SGD 22.50 — Structural improvement in equities liquidity and derivatives momentum positions SGX for sustained earnings growth, with Mar-26 SDAV hitting a new record of S$2,406m (+62% y/y) and derivatives daily average volume growing to 1,804,456 (+35% y/y). FY26/27F earnings revised up ~6–7%. TP represents ~30x FY27F PE, above +2SD of five-year historical mean.
Catalysts: Deployment of second EQDP tranche; continued SGD safe-haven inflows and de-dollarisation trends driving institutional and retail participation; record volumes across FX futures, SICOM, energy, and freight derivatives; further capital management initiatives.
Risks: Slower-than-expected business growth across various asset classes.
Singapore Healthcare Sector — Listed Private Operators
DBS: 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.
Singapore Technologies Engineering / ST Engineering
DBS: Escalation trade pick — STI outperformer since the Iran war started (+15%), underpinned by war premium. Key risk: de-escalation removes war premium.
OCBC: BUY | TP SGD 12.50 — Momentum continues; defence and engineering upcycle supports earnings. Strong consensus with 11 Buys vs 4 Holds and 1 Sell. Dividend yield of 1.8% (F1); forward P/E compresses to 30x (F1) and 35x (F2).
OCBC: BUY | TP SGD 12.50 — Momentum continues; defence spending upcycle driven by ongoing Middle East conflict is a key catalyst. 11 analyst Buys in consensus.
SingPost (SPOST SP)
UOBKH: BUY | TP S$0.66 — 91.3% upside to TP; trades at 0.7x P/NAV. Deep value play with 2026F PE of 20.7x; business restructuring a potential re-rating catalyst.
SingTel (ST SP)
UOBKH: BUY | TP S$5.50 — Top large-cap pick; 2026F PE of 27.5x with 3.9% yield. ROE improving to 11.7%; regional associate recovery a key catalyst.
Stoneweg Europe Stapled Trust (SERT SP)
OCBC: BUY | TP EUR 1.88 — Highest dividend yield in the preferred picks universe at 8.9% FY1; trades at 10.8x FY1 P/E and 0.7x P/B. Upside: 26%.
Catalyst: European rate cuts supporting real estate valuations.
OCBC: BUY | TP EUR 1.88 — Highest income yield among preferred picks at 8.9% (FY1). P/B of 0.7x offers value. Benefits from European real estate recovery and rate cut tailwinds. Upside: ~26%.
Suntec REIT
DBS: De-escalation pick — Benefits from easing inflation fears and renewed Fed cut expectations.
Techtronic Industries
OCBC: BUY | TP HKD 150.00 — Positioned for further growth; strong product pipeline and market share gains in power tools underpin the investment case.
The Assembly Place Holdings (TAP.SI)
KGI Securities: Outperform | TP S$0.35 — Asset-light community living platform delivering strong top-line growth (+42.4% YoY to S$27.0mn in FY25) with occupancy improving to 94.4%; new verticals in migrant worker accommodation and hospitality broaden medium-term growth runway beyond direct lease onboarding. Secured pipeline expanded to ~1,490 keys over the next two years, supporting path toward >10,000 keys by end FY30. Valuation based on DCF at 9.0% WACC and 3.0x terminal EV/EBITDA, implying equity value of S$134.4mn or S$0.35/share.
Key Catalysts: Timely opening of Bangsar hotel and Habitat dormitory; earnings contribution ramp-up from 163 Tras Street; additional Singapore pipeline assets; continued non-resident population growth supporting flexible accommodation demand.
Key Risks: Lease renewal risk; regulatory changes; competitive supply pressures; macroeconomic sensitivity; execution risk from rapid expansion; market entry risk; related-party landlord concentration; rising non-cash fair value drag; growing contingent balance sheet exposure; technology and cybersecurity risks.
UltraGreen.ai (UGAI SP)
UOBKH: BUY | TP S$1.95 — Top small/mid-cap pick; 2026F PE of 19.2x with strong ROE of 20.6%. 35.4% upside to TP; net cash balance sheet.
UMS Holdings / UMS Integration
DBS: De-escalation pick — Underpinned by ongoing AI/semiconductor upcycle and EQDP flows, independent of geopolitical outcome.
DBS: Strong earnings growth outlook with EPS growth of 30%/23% forecast for FY26F/FY27F respectively.
Catalyst: sustained resolution of Middle East tensions and semiconductor sector recovery.
UOL Group
DBS: De-escalation pick — Benefits from easing inflation fears and renewed Fed rate cut expectations following US-Iran ceasefire. Sector re-rating catalyst tied to lower-for-longer rate environment.
DBS: Price S$10.21 — Upcoming dividend of S$0.25 (XD: 5 May), representing 2.5% of current price with FY26F yield of 1.7%. Stock has risen 9.5% since 28 Feb. Highlighted for potential value-unlocking.
Catalyst: sustained resolution of Middle East tensions.
Valuetronics (VALUE SP)
UOBKH: BUY | TP S$1.03 — 2026F PE of 11.9x with 5.5% yield. Deep net cash position (ND/Equity -75.2%) provides capital return optionality.
Viking Holdings Ltd (VIK US)
KGI: TAKE PROFIT at US$80
Wee Hur Holdings
DBS: BUY | TP SGD0.90 — Initiating coverage; growth driven by newly completed 10,500-bed Pioneer Lodge workers’ dormitory (67% increase in bed count), expected to deliver SGD30–40mn revenue uplift in FY26 and bring the dormitory segment to its highest revenue run rate.
Catalysts: Pioneer Lodge reaching full occupancy by year-end and favourable renewal outcome for Tuas View Dormitory lease expiring November 2026.
Risks: lease renewal uncertainty for Tuas View Dormitory.
Wilmar International
DBS: Escalation trade pick — Agri commodity play; potential spillover benefit from higher oil prices in an escalation scenario.Yangzijiang Maritime
DBS: Added to Growth portfolio.
Yangzijiang Shipbuilding / YZJ Shipbuilding / YZJSGD SP
DBS: Price S$3.99 — Upcoming dividend of S$0.20 (XD: TBA, likely 1H May), representing 5% of current price with FY26F yield of 5.4%. Stock has fallen 8% since 28 Feb. Highlighted for balanced growth and yield.
Catalyst: sustained resolution of Middle East tensions.
OCBC: Consensus skewed Buy (10 Buy, 1 Hold, 1 Sell). Forward P/E of 9x (F1) and 8x (F2) with dividend yield of 5.6% (F1). Shipbuilding upcycle and strong orderbook remain key investment drivers.
UOBKH: BUY | TP S$4.60 — 2026F PE of 8.6x with 5.8% yield; ROE of 26.9% is among the highest in coverage. 21.7% upside to TP; strong orderbook visibility.
Thank you
