Broker: DBS
Date of Report: 08 Apr 2026
Excerpt from DBS report.
Report Summary
- Key Actionable Insight: The US and Iran have agreed to a two-week ceasefire, sparking a “de-escalation trade” in the Singapore market. Investors are advised to position in sectors and stocks that benefit from easing geopolitical tensions and lower inflation expectations.
- Top Picks (De-escalation Trade):
- REITs and Property: Recommended stocks include UOL, CityDev, CICT, MLT, Suntec REIT, CAREIT.
- Banks: OCBC is preferred due to safe-haven flows and resilience in a non-recessionary environment.
- Transportation: SATS (preferred) and SIA benefit from lower fuel costs.
- Agri Commodities: Wilmar, First Resources, Bumitama Agri may see positive spillover from oil price movements.
- Tech sector: UMS, AEM, Frencken supported by ongoing AI/semiconductor upcycle.
- Utilities: Sembcorp Industries is a net beneficiary of higher gas prices and volatility.
- Action: Add Yangzijiang Maritime to Growth portfolio, Remove Nam Cheong from Growth portfolio.
Implication: Investors should focus on the above sectors and stocks for potential outperformance amid temporary geopolitical easing. OCBC, SATS, and the highlighted REITs/property names are emphasized as immediate actionable buys. Yangzijiang Maritime is recommended for growth exposure.
above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com/insightsdirect/
