AEM Holdings
DBS: Positive — Benefiting from sustained global AI-related CAPEX and resilient regional electronics production. Catalyst: ongoing AI infrastructure investment cycle.

Addvalue Technologies Ltd
CGS: Technical Buy | Entry S$0.094 / S$0.080 | TP1: S$0.110 | TP2: S$0.126 | TP3: S$0.200 | TP4: S$0.300 — Strong and sturdy major uptrend with bullish breakout above symmetrical triangle confirming uptrend continuation; Ichimoku showing strong bullish trend signal, MACD rising steadily above zero line. Stop loss at S$0.055. Catalysts: Volume expansion and Stochastic crossover above 50-level supporting further upside. Risks: Failure to sustain above symmetrical triangle breakout level.

Alibaba (9988.HK)
UOB Kay Hian: Core Recommendation — Alibaba Cloud removing daily API call limits for DataWorks editions, shifting to monthly quotas with pay-per-use model. Rollout begins April 14, completing by April 23.

Alibaba Group (9988 HK)
UOBKH: BUY | TP HK$192.00 — Bullish on Alibaba’s unique position as China’s only listed company offering full-stack AI capabilities (cloud infrastructure, AI models, and proprietary hardware), with cloud revenue growth expected to accelerate to ~40% YoY in 4QFY26. 4QFY26 results expected to show soft CMR revenue growth due to accounting reclassification (gross-to-net), with no impact on underlying profitability; e-commerce EBITA broadly flat QoQ. Instant retail losses guided at Rmb10b for 4QFY26, with FY27 target of ~50% loss reduction vs FY26 supported by regulatory curbs on food delivery price wars.

Catalysts: Re-accelerating cloud hyperscaler growth; solid progress in self-sufficiency chip development (Zhenwu chips, new AI data centre with China Telecom); AI integration across business segments; HappyHorse-1.0 video generation model ranked #1 on Artificial Analysis benchmark.

Risks: Margin pressure from heavy investment amid intense competition; slower-than-expected monetisation of AI capex investment.

Alibaba Health Information Technology (241 HK)
UOBKH: BUY | TP HK$6.00 (lowered from HK$7.80) — FY26 adjusted net profit growth target cut to 10-20% yoy (from 20-30%) due to accelerated investment in innovative drugs and AI; long-term growth story remains intact with FY26-28 revenue and adjusted net profit CAGRs of 13% and 24% respectively. FY26 adjusted net profit growth estimate revised down from 24.8% to 15.0% yoy.

Catalysts: Solid FY26 results with AI and innovative drug updates; accelerating online penetration of innovative/original drugs; deepened Alibaba ecosystem synergies; expanding AI adoption.

Risks: Near-term margin pressure from higher promotional discounts, elevated R&D and operating expenses; 2HFY26 adjusted net profit expected to record single-digit yoy decline.

Alphabet / Google (GOOGL)
UOB Kay Hian: Trading Buy — Faces potential multibillion-dollar advertiser arbitration claims (estimates up to USD 218bn) tied to prior monopoly rulings, representing a 12–24 month legal overhang and key risk to monitor.

Amazon (AMZN)
UOB Kay Hian: Core Recommendation — Leo aviation antenna expands low-Earth orbit satellite connectivity reach, delivering up to 1 Gbps for airline clients and broadening global infrastructure network.

AppLovin (APP)
UOB Kay Hian: Trading Buy — Stock jumped 6.66% as Michael Burry disclosed increased software positions, lifting the broader software sector. Maintained as a Trading Buy.

BYD Company (1211.HK)
UOB Kay Hian: Traders’ Corner — Last Price HK$110.30 | Support: HK$104.30 / HK$100.00 | Resistance: HK$115.40 / HK$120.90. Stock broke above its mid-Mar to mid-Apr trading range, reclaimed all major moving averages, RSI above 60 and MACD generating a dual bullish signal. Momentum: Strong.

CapitaLand Ascendas REIT
OCBC: BUY | TP — | Forward dividend yield of 6.1%. 16 Buy, 0 Hold, 0 Sell — unanimous buy consensus. One of the strongest conviction calls in the REIT space.

CapitaLand China Trust
OCBC: HOLD | TP SGD 0.655 | Yield is supportive at current levels. Report dated 23 March 2026.

CapitaLand Integrated Commercial Trust
OCBC: BUY | TP — | Forward dividend yield of 5.1%. 13 Buy, 3 Hold, 0 Sell across consensus. Strong buy consensus with no sell ratings.

CapitaLand Investment
OCBC: BUY | TP — | Forward P/E 23x with 16 Buy, 0 Hold, 0 Sell — unanimous buy consensus across all covering analysts.

CATL (300750.SZ / 3750.HK)
UOB Kay Hian: Core Recommendation — Exploring a potential share sale of up to USD 5bn in Hong Kong and issuance of convertible bonds. Earnings scheduled April 15.

Chevron (CVX)
UOB Kay Hian: Trading Buy — Signed deals to expand Venezuela Orinoco Belt position, adding heavy crude capacity. Aligns with energy sector reforms and a USD 100bn sector investment push.

China Aviation Oil
OCBC: BUY | TP SGD 2.48 | Strong growth outlook. Report titled “To the moon” dated 9 March 2026.

ComfortDelGro (CD)
DBS: Cautious — Elevated energy prices are a headwind for the transport sector, weighing on cost structure and profitability.

DBS Group Holdings
OCBC: BUY | TP — | Historical P/E 15x, Forward P/E 15x. Dividend yield of 5.3% (hist) / 5.6% (fwd). 8 Buy, 7 Hold, 2 Sell across consensus.

Delfi (DELFI SP)
UOBKH: BUY | TP S$1.68 (raised from S$1.12, +50%) — Cocoa prices have collapsed over 60% from 2024–25 peaks, setting up a meaningful margin recovery cycle in 2026–27; Delfi’s dominant ~50% Indonesia market share, shorter product cycle enabling faster cost pass-through, and Own Brands strength (SilverQueen, Cha Cha) underpin earnings recovery from a trough. Valuation multiple raised to 25.5x 2027F PE (+0.5SD above historical mean); stock trades at 18x 2027F PE, a 25% discount to global peers.

Catalysts: Better-than-expected margins from easing commodity prices; stronger Indonesian rupiah vs USD; successful premiumisation or product diversification.

Risks: Hedging strategy (forward purchasing up to 18 months) will phase in cost benefits gradually; ongoing rupiah weakness (YTD depreciation 2.3%) remains an offsetting factor as raw material costs are USD-denominated.

UOB Kay Hian: BUY | TP SGD 1.68 — Entering an earnings recovery phase as cocoa prices normalise from 2024–25 highs, with margin improvement supported by Own Brands growth and operating leverage. Implies ~50% upside on 2027 earnings expectations.

Delta Air Lines
Analyst Update: Fuel Shock Driving Sharp Margin Compression in 2Q26 — Fuel costs stepping up from USD2.62/gal in 1Q26 to ~USD4.30/gal in 2Q26, driving >USD2bn incremental fuel cost, partially offset by ~USD300mn refinery benefit. 2Q26 operating margin guided at just 6–8% vs ~13.2% in 2Q25, implying ~500–700bps compression. Demand remains firm across leisure and premium segments. Mitigating actions include cutting lower-yield capacity and accelerating fare increases. Confirms pricing is insufficient to fully offset the fuel shock across the sector.

First REIT
OCBC: HOLD | TP SGD 0.245 | Proposed exit from Indonesia operations. Report dated 1 April 2026.

Frencken Group
DBS: Positive — Riding sustained global AI-related CAPEX and resilient regional electronics production. Catalyst: ongoing AI infrastructure investment cycle.

Frasers Centrepoint Trust
OCBC: BUY | TP — | Forward dividend yield of 5.4%. Forward P/E 18x. 13 Buy, 3 Hold, 0 Sell across consensus.

GF Securities (1776.HK)
UOB Kay Hian: Traders’ Corner — Last Price HK$15.85 | Support: HK$15.15 / HK$14.70 | Resistance: HK$16.60 / HK$17.00. Stock rebounded from HK$14.15 lows in late-Mar 26, reclaimed 10-day and 20-day moving averages, RSI moved above 50 midline. MACD fast line crossed above slow line — dual bullish confirmation pending. Momentum: Neutral.

HSBC (0005.HK)
UOB Kay Hian: Core Recommendation — Hiring Mark Augustynak from ICBC Standard Bank to lead global metals trading, strengthening its position in London’s gold trading market. Expected to join mid-2026.

Info-Tech Systems
OCBC: BUY | TP SGD 1.30 | Strong growth trajectory. Report dated 2 March 2026.

JD Logistics (2618 HK)
UOBKH: BUY | TP HK$22.00 — 1Q26 core after-tax profit expected to rise over 30% yoy to ~Rmb1.0b, ahead of prior guidance of 20-25% growth, driven by 25% yoy revenue growth and slightly improving margins; full-year 2026 core after-tax profit growth guidance maintained at 25-30%. Currently trading at 9.5x/9.0x 2026/27F core PE (less than 5x ex-net cash), a compelling discount to peer SF Holding at mid-teens PE. Key catalysts: organic and inorganic business volume growth, cost efficiencies from full Deppon integration (potential turnaround in 2H26), and strong overseas revenue growth. Key risks: weak macroeconomy dampening logistics demand, stiffer-than-expected competition eroding margins, and execution risks for overseas expansion.

Johnson & Johnson (JNJ)
UOB Kay Hian: Core Recommendation — Earnings due before market open; growth expected from both pharmaceutical (Darzalex, Tremfya, CNS drugs) and medical device businesses.

Keppel DC REIT
OCBC: BUY | TP — | Forward dividend yield of 4.8%. Forward P/E 19x. 15 Buy, 1 Hold, 0 Sell across consensus.

Keppel Ltd
OCBC: BUY | TP — | Forward dividend yield of 3.6%. Forward P/E 19x. 12 Buy, 2 Hold, 1 Sell across consensus.

Lum Chang Creations (LCC)
Lim & Tan: BUY | TP S$1.04 (raised from S$0.70) — Strong 1HFY26 results above expectations; revenue +31% yoy, net profit +104% yoy, driven by urban revitalisation specialist (URS) industry tailwinds and efficient cost management. FY26F/FY27F earnings raised 34%/36% respectively. Valuation pegged at 12.9x blended FY26F/27F P/E (peers average). Forward P/E 11.4x, P/B 8.1x, dividend yield 5.7% annualised.

Catalysts: Order book of S$132mln providing two-year revenue visibility; SGX in-principal approval for Mainboard upgrade; addition to MSCI Global Micro Cap Indexes – Singapore (Feb 2026); regional expansion into Malaysia; URA emphasis on adaptive reuse of heritage buildings.

Risks: Public float currently only ~15.6%, requiring increase to at least 25% for Mainboard requirements; EGM shareholder approval needed for listing transfer; potential dilution from new share issuance.

Malaysia Smelting Corporation (SMELT MK)
UOB Kay Hian: HOLD | TP RM 1.89 — Mining output set to rise to 14–16 tonnes/day from April 2026 following a new recovery plant. Margins supported by cost savings from plant decommissioning, higher tin prices and inventory monetisation.

Mapletree Logistics Trust (MLT)
DBS: Preferred REIT Pick — Stay selective on REITs; preference for logistics/industrials with structural tailwinds. MLT highlighted as preferred over discretionary-related segments such as hospitality and non-essential retail.

Mencast Holdings Ltd
CGS: Technical Buy | Entry S$0.070 / S$0.055 | TP1: S$0.114 | TP2: S$0.130 | TP3: S$0.190 | TP4: S$0.210 — Major uptrend intact with bullish rebound above S$0.060 support; Ichimoku signals early bullish reversal, MACD elevated above zero line, and Stochastic Oscillator has completed oversold crossover. Stop loss at S$0.043. Catalysts: Volume expansion and momentum indicators confirming upside continuation. Risks: Failure to hold S$0.060 support.

Meta Platforms (META)
UOB Kay Hian: Core Recommendation — Projected to surpass Alphabet in digital ad revenue for the first time at USD 244.36bn this year. AI avatar and enterprise AI integration represent incremental growth catalysts. 1Q26 earnings scheduled April 29 after market.

Microsoft (MSFT)
UOB Kay Hian: Core Recommendation — Developing always-on Copilot AI agents embedded across Microsoft 365, deepening enterprise productivity integration and monetisation. Price hikes across Surface device lineup add revenue upside.

Nanofilm Technologies International
OCBC: BUY | TP SGD 0.705 | Positive outlook with near-term recovery potential. Report dated 3 March 2026.

Nordic Group
OCBC: BUY | TP SGD 0.60 | Solid contract wins expected to support growth momentum. Report dated 6 March 2026.

Northeast Group (NE MK)
Maybank: BUY | TP MYR 1.10 — Strong earnings growth outlook supported by robust order inflows from photonics and data centre customers, with utilisation at ~80% and new capacity coming onstream in 2HCY26. Forecasting 3-year core net profit CAGR of 20% over FY25–28E driven by operating leverage.

Catalysts: Orderbook expansion to MYR60m (from MYR43m in 1QFY26); earlier-than-expected capacity commissioning; higher-margin product mix; stronger order loadings from new customers across photonics, semiconductor and E&E segments from FY27E onwards.

Risks: Ramp-up delays; cost overruns; USD weakness; high customer concentration (top 2 customers ~55% of FY25 revenue); near-term margin pressure from elevated logistics and raw material costs.

UOB Kay Hian: BUY | TP RM 0.93 — Expected to benefit from rising demand in precision engineering for AI infrastructure, with a growing orderbook across E&E, photonics and telecom segments through FY27. Limited cost impact from higher metal prices.

NTT DC REIT
DBS: Preferred REIT Pick — Structural tailwinds in data centre and industrial logistics segments support preference over discretionary-exposed REITs. Favoured over hospitality and non-essential retail REITs.

Oversea-Chinese Banking Corp (OCBC)
OCBC: BUY | TP — | Historical P/E 14x, Forward P/E 13x. Dividend yield of 3.7% (hist) / 4.3% (fwd). 8 Buy, 6 Hold, 2 Sell across consensus.

PSC Corporation Ltd
CGS: Technical Buy | Entry S$0.45 / S$0.40 | TP1: S$0.52 | TP2: S$0.68 | TP3: S$1.08 | TP4: S$1.20 — Strong bullish trend with breakout above previous consolidative range confirming uptrend continuation; Ichimoku three bullish golden crossover formed, MACD histogram positive, and Directional Movement Index showing sustained bullish strength. Stop loss at S$0.38. Catalysts: Volume expansion and multi-year high likely going forward. Risks: Failure to hold S$0.43–S$0.40 support zone.

Q&M Dental Group (QNM SP)
Maybank: HOLD | TP S$0.64 (raised from S$0.43) — Raising TP based on 50:50 probability weighting of best-case (all 3 M&As completed) and worst-case (organic growth only) scenarios; re-rating hinges on successful execution of acquisitions in Australia, Singapore, and Thailand. Key catalysts include completion of M&A deals by end-2026, which could double FY27E EPS to S$0.03 and support a fair value of S$0.75 (25x FY27E fully diluted P/E). Risks include failure to complete acquisitions, inability to attract dentists, margin pressure from higher staff costs, and competitive pressures in key markets.

SATS Ltd
OCBC: BUY | TP — | Forward dividend yield of 1.7%. Forward P/E 16x. 11 Buy, 0 Hold, 0 Sell — unanimous buy consensus.

Sembcorp Industries (SCI)
DBS: Positive — SCI should benefit from higher gas trading income and wider power spreads in an elevated energy price environment. Catalyst: sustained high energy prices driving improved utility margins.

OCBC: BUY | TP — | Forward dividend yield of 3.9%. Forward P/E 11x. 10 Buy, 4 Hold, 0 Sell across consensus.

Sheng Siong Group
OCBC: HOLD | TP SGD 2.78 | Exploring growth opportunities in private malls. Report dated 3 March 2026.

Singapore Airlines (SIA SP)
Analyst Update: Near-Term Spillover Demand, Margin Compression Risk — Benefiting from spillover demand on Asia–Europe and Asia–US routes as Middle Eastern carriers reduce operations, though high existing load factors limit full capture. Actively redeploying capacity to key European routes (London, Frankfurt). Pricing adjustments implemented immediately on new bookings, but constrained by longer booking windows on long-haul routes. Key risk: at fuel levels above USD200/bbl, full cost recovery is unlikely despite a relatively robust hedging programme. No delivery deferrals or capex plan changes at this stage.

Singapore Airlines (SIA)
DBS: Cautious — Elevated energy prices represent a headwind for the transport sector. Rising fuel costs pressure margins and earnings visibility.

Singapore Technologies Engineering
OCBC: BUY | TP SGD 12.50 | Strong momentum continues. Elevated defence spending environment provides a supportive backdrop. 11 Buy, 4 Hold, 1 Sell across consensus.

Singapore Telecommunications (ST SP)
Maybank: BUY | TP SGD 5.25 — Singtel’s medium-term story is delayed, not derailed; with a 15% earnings CAGR, 5–6% capital returns, and a 24% holdco discount, market volatility presents an accumulation opportunity.

Catalysts: Bharti Airtel tariff hikes (albeit delayed ~6 months), Reliance Jio IPO re-rating (targeted 13x EV/EBITDA implying 7–34% premium to Airtel’s current multiple), Optus price hikes (5–6%), data centre EBITDA growing at 29% FY25–28 CAGR, potential monetisation of 7.7% Gulf Development stake (worth ~SGD 2.8b, up 42% YTD).

Risks: Further delays or cancellation of India tariff hikes; Optus higher capex/network investment post triple-zero outage; Singapore mobile consolidation delays pushing back competitive improvement; FX headwinds on associates (INR, THB, IDR, PHP); pause in Bharti stake divestments limiting capital recycling flexibility.

Soilbuild Construction
DBS: Positive — Domestic construction pipeline provides resilience against external headwinds, supported by robust public sector infrastructure and housing spending. Construction sector led 1Q26 GDP growth at +9.0% y/y.

Stoneweg Europe Stapled Trust (SGX: SEB / SET)
iFAST: Positive | TP SGD 2.07 (by end-2028) — Portfolio repositioning towards logistics, light industrial and data centres (targeting 70% exposure by 2027) underpins a structural earnings recovery, with 31.9% upside potential from current levels and an annual dividend yield of 9.4%. Key catalysts include organic NPI growth from an 8% under-rented portfolio, completion of AiOnX data centre projects (1,696MW secured across five European sites), disciplined capital recycling (EUR 411M divested at 11% premium to book since 2022), and no debt maturities until 4Q30. Trades at 0.77x P/B versus peer median of 0.93x, with above-median yield of 8.55%–10.13% across 2026–2028E. Key risks include tenant default, development-stage data centre execution risk, EUR/SGD currency exposure, and interest rate sensitivity.

ST Engineering
OCBC: BUY | TP SGD 12.50 | Earnings momentum continues. Report dated 2 March 2026.

Techtronic Industries
OCBC: BUY | TP HKD 150.00 | Positioned for further growth. Report dated 11 March 2026.

Tencent (0700.HK)
UOB Kay Hian: Core Recommendation — Entered one-month buyback blackout ahead of earnings, removing a key technical support. CMB International views market reaction to AI investment concerns as overdone and expects solid 1Q results.

Thai Airways (THAI TB)
Analyst Update: Margin Pressure Ahead — Strong demand with Europe flights running full in March and no booking cancellations, but forward bookings have softened with customers shifting to shorter booking windows. Repricing optionality is improving as a result. Key risk: full fuel cost recovery would require fare increases of up to ~30%, making complete margin offset unlikely. Rerouting adds only 15–20 minutes operationally; no aircraft delivery deferrals planned, signalling confidence in underlying demand. Earnings impact back-end loaded into 2Q–3Q26.

UMS Holdings
DBS: Positive — Tech sector continues to benefit from sustained global AI-related CAPEX and resilient regional electronics production. Catalyst: ongoing AI infrastructure investment cycle.

Wee Hur Holdings
DBS: Positive — Construction sector offers domestic buffer against external shocks, underpinned by steady public infrastructure and housing investment pipeline. Construction was the standout sector in 1Q26 GDP (+9.0% y/y, +3.7% q/q).

Yangzijiang Shipbuilding Holdings
OCBC: BUY | TP — | Forward dividend yield of 5.7%. Forward P/E 8x. 10 Buy, 1 Hold, 1 Sell across consensus. Attractive valuation with strong dividend support.

U.S. stocks rose strongly on Monday as investors became more optimistic about a potential U.S.–Iran deal despite ongoing geopolitical tensions. The S&P 500 gained 1.02% to close at 6,886.24, while the Nasdaq rose 1.23% and the Dow Jones Industrial Average added 0.63% (about 301 points), recovering from earlier losses during the session. This rally was driven by hopes of renewed negotiations between the U.S. and Iran, along with strong gains in technology stocks like Oracle and Palantir, and broader investor confidence in a favorable long-term outcome. However, the geopolitical situation remains uncertain, as recent talks failed and a blockade of the Strait of Hormuz was imposed, contributing to rising oil prices and concerns about prolonged conflict. Despite these risks, markets have shown resilience, supported by expectations of eventual resolution and historical patterns of recovery after geopolitical crises, though uncertainty and oil price pressures continue to pose potential challenges.

Dell and HP shares jumped over 6% intraday after reports that NVIDIA is exploring a major acquisition to reshape the PC industry. Talks have reportedly been ongoing for more than a year, with Dell and HP—two of the largest PC makers globally (about 17% and 19% market share, respectively)—seen as potential targets.

Intel has become one of the hottest stocks in the S&P 500 after a day rally that added over US$100 billion in market value, driven by renewed investor confidence in its turnaround. The surge was fueled by positive developments such as a major plant buyback, partnerships in AI and semiconductor projects, and growing demand from companies like Google. Shares have risen sharply this year, extending strong gains from 2025. However, despite the optimism, many analysts remain cautious due to high valuations, limited “buy” ratings, and concerns the stock may have risen too quickly. While Intel still lags its 2020 peak and trails broader market gains, some analysts believe its long-term growth potential is being underestimated and that it could outperform expectations in the coming years.

CATL said to consider up to US$5 bil share sale after rally

Aluminium prices surged to a four-year high as the U.S. blockade of Iranian ports heightened fears of supply disruptions from the Middle East, a region responsible for about 9% of global output. The rally, driven by war-related supply shortages, pushed prices up sharply and created strong backwardation—signaling urgent demand for immediate deliveries. Disruptions were worsened after an Iranian attack forced a major regional producer to halt some shipments. While aluminium has risen significantly this year, broader metals markets remain mixed, with copper declining due to concerns over weakening global demand amid high energy prices and failed U.S.–Iran negotiations. Additionally, rising aluminium prices are beginning to curb demand in China, suggesting that further gains may be limited despite ongoing supply constraints.

Koh Brothers rejects shareholders’ request to hold AGM vote on distribution of Oiltek shares

Q&M and Lion Global Investors in married deal for 30 mil Aoxin shares changing hands at 18 cents each

Zixin Group sets up joint venture company with AANDJ Group on fresh agricultural products distribution

Keppel stated that while its direct exposure to the Middle East conflict remains limited—with operations in Qatar and Saudi Arabia unaffected and minimal tariff impact—it is closely monitoring potential “second-order” risks such as disruptions to gas supply, rising energy prices, inflation, and higher interest rates that could affect Singapore and the broader region. To mitigate these risks, the company has diversified its gas sources, secured long-term hedged electricity contracts, and implemented power cost pass-through arrangements for most data centre clients. Despite uncertainties, Keppel sees opportunities from increased demand for stable, cash-generating assets, positioning itself to benefit in infrastructure and private credit. The company has also reduced its exposure to China’s property market and is making steady progress toward its target of S$100 billion in funds under management.

CapitaLand Investment announced it raised US$320 million for its Asia-Pacific real estate credit fund ACP II, bringing about US$600 million in additional funds under management, backed by a broad mix of institutional and private investors.

JP Morgan recommends a “barbell” investment strategy for S-REITs, balancing mostly safe assets with a smaller portion of higher-risk, higher-reward plays to achieve both stability and growth. The safer segment includes Singapore-focused REITs like CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, Frasers Centrepoint Trust, and Keppel DC REIT, which benefit from lower interest rates, strong assets, and institutional backing. This strategy is supported by a resilient Singapore property market, with low office vacancy rates and steady rental growth in both office and retail sectors. Risks such as rising electricity costs are expected to be limited due to hedging and cost pass-through mechanisms. Meanwhile, more cyclical or trade-exposed REITs could rebound if geopolitical tensions ease. Overall, while some REITs may face near-term earnings pressure due to weaker overseas exposure or reduced capital support, the sector outlook remains stable with modest growth expected, underpinned by favorable domestic conditions and disciplined cost management.

The Middle East conflict is driving higher inflation through rising energy costs, which may hurt Singapore REITs by increasing operating expenses and reducing net property income.  Despite these risks, Singapore REITs with strong local property portfolios are seen as resilient safe-haven investments. Singapore’s stability, strong currency, and limited property supply support sustained demand for prime assets, which could boost rents, valuations, and long-term income growth. Structural factors such as increased business relocation, wealth inflows, and growth in tourism and financial services further strengthen demand for Singapore real estate. While the era of cheap debt-fueled REIT expansion is fading, analysts argue that high-quality Singapore-focused REITs can still prosper due to their defensive characteristics and growing appeal in a volatile global environment.

Hong Kong equities fell, with the Hang Seng Index down 0.9% amid broad market weakness and heavy losses in over 1,300 stocks, though turnover declined. US inflation for March came in at 3.3% (in line with expectations), while US bond yields and the dollar rose, and futures pointed to further weakness in equities.

Sector performance in Hong Kong was mixed: autos and some tech names like BYD and NIO rose, while major internet stocks (Tencent, Alibaba, Meituan) and healthcare names like JD Health fell sharply. Oil-related stocks were mixed, with upstream producers slightly up but transport and airlines declining due to higher energy costs.

SMTrack: Fell into GN3 (financial distress) status after losses (RM46.76m) exceeded shareholders’ equity. Plans to apply for a waiver while working on a turnaround.

Ocean Vantage: Won a High Court order to enforce a RM5.37m payment from Petrofac over a subcontract dispute in Sarawak.

ISF Group: Secured four plumbing subcontracts worth RM22.48m, including projects involving service apartments, a hospital, and a data centre.

TSH Resources: Acquiring a related company for RM35.03m to expand Indonesian plantation land and improve logistics efficiency.

Mitrajaya: Awarded a RM54m contract for early works on a Kuala Lumpur data centre project by NEXTDC.

Sasbadi: Won five Education Ministry contracts worth RM17.3m to supply textbooks for the new 2027 school curriculum.

Heitech Padu: Settled a dispute with Socso for RM7m, payable in instalments, without admitting liability.

DXN Holdings: Signed a 60-year lease for a large industrial site in Kedah to expand manufacturing capacity.

Golden Destinations: Reported RM8.1m profit on RM127.24m revenue ahead of its ACE Market listing.

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