Beng Kuang Marine (BKM SP)
UOBKH: BUY | TP S$0.64 — Initiating coverage; BKM is a market leader in corrosion prevention services, well-positioned to capture strong FPSO repair demand from an ageing global fleet, with material earnings accretion expected from full consolidation of ASOM (49% minority stake acquisition for S$60m), driving a potential fourfold earnings jump to S$20m by 2027 vs S$5m in 2025.
Catalysts: Completion of ASOM acquisition (expected by end-Jun 26) triggering full revenue and earnings consolidation; winning of high-value FPSO life extension contracts; pending West Africa lifecycle mandate renewals not yet in orderbook.
Risks: Offshore energy and marine industry cyclicality; revenue concentration in infrastructure engineering segment; project execution risks; integration risks from ASOM acquisition; exposure to oil price and capex cycle downturns.
Lim & Tan Securities: BUY | TP S$0.59 — Positive on BKM following the entry into a Shareholders’ Agreement with Epsilon Navigation to jointly own and operate a ballast barge via a 50/50 SPV (Offshore Collective Pte. Ltd.), reinforcing growth in its Infrastructure Engineering division. Recent acquisition of the remaining stake in ASOM effectively converts cash holdings into earnings-accretive assets, while the new JV structure is expected to positively impact EPS and NTA per share for FY2026. Consensus TP of S$0.59 represents 20.4% upside from current price of S$0.49. Market cap S$110m; trades at 15x forward PE, 3.9x PB, 1.2% dividend yield. Catalysts: continued IE division order book growth (NEI shipbuilding order book ~S$15.8m as at 31 March 2026), earnings accretion from ASOM acquisition. Risks: Middle East geopolitical uncertainty impacting offshore marine sentiment; headline-driven volatility.
CapitaLand China Trust (CLCT SP)
OCBC: HOLD | TP SGD 0.655 — Yield is supportive at current levels; limited near-term re-rating catalysts.
CapitaLand Investment (CLI)
Lim & Tan: Accumulate | TP S$3.50 — Turnaround story supported by constructive China property policy measures and robust Southeast Asia exposure benefitting from geopolitical flight to safety. Ascott recorded 55% growth in SEA signings in 2025, with 25+ new properties expected to open within 12 months. Catalysts include continued China market recovery and SEA hospitality expansion. At S$2.85, consensus TP implies 23% upside. Trades at 23x forward PE, 4.3% yield, 1.1x book.
Centurion Corporation
Lim & Tan: Accumulate | TP S$1.83 — Acquisition of Velocity Village key worker accommodation in Karratha, Western Australia marks entry into a new KWA segment; asset is earnings accretive upon completion. Post-CAREIT spin-off, Centurion holds a stronger, more flexible balance sheet well-positioned for growth. Catalysts include further KWA acquisitions across Australia and other markets, regular 2-cent dividend plus ~10-cent dividend-in-specie from CAREIT spin-off in May 2026. Consensus TP of S$1.83 represents 8.9% upside from S$1.68.
China Aviation Oil (CAO SP)
OCBC: BUY | TP SGD 2.48 — Strong growth outlook with significant upside from current price levels; beneficiary of aviation sector recovery.
City Developments (CDL)
DBS: Raise Exposure | SGD8.39 entry — Increasing position by 1,000 shares (total 5,300 shares at amalgamated price ~SGD8.97). Stock trades at a steep ~55% discount to RNAV versus peer UOL’s ~40% discount, offering valuation catch-up potential. Catalyst: Strategic review update expected by June. Shares go ex-dividend of SGD25cts (~3% yield support) end of month, underpinning SGD8.20–8.30 support level.
DBS Group
DBS: NR — No rating assigned. DBS previously guided for mid-teens wealth management growth and group net interest income slightly below 2025 levels, with full-year impact of lower rates mitigated by deposit growth.
Catalysts: Strong wealth management inflows (FY25 NNM SGD 39bn, +22% y/y); trading income recovery from low 4Q25 base; deposit growth supporting NII deployment into HQLAs.
Delfi
DBS: Less Preferred — FY26 earnings growth seen constrained by: (1) cocoa cost relief taking longer to flow through to reported financials; (2) weaker Indonesian consumer confidence following fuel price hikes weighing on discretionary chocolate demand; (3) current valuations at 14.4x FY27 earnings (+1.5SD above historical average of 11.4x) considered relatively unattractive. Risk: single-market exposure to Indonesia limits upside versus global peers.
DFI Retail Group (DFI SP)
CGS: ADD | TP US$5.50 — Strong 1Q26 underlying net profit growth of 49% yoy ahead of expectations, with FY26 guidance reaffirmed (US$270m–300m underlying net profit, 2–3% organic revenue growth, 70% dividend payout), underpinned by broad-based LFL sales growth of 3% and resilient operating margins across most segments. Valuation based on 22.5x FY27F P/E (~2 s.d. above 5-year mean).
Catalysts: Accretive M&A, faster store openings.
Risks: Prolonged macroeconomic weakness, competition hurting margins (particularly H&B in Malaysia), potential ParknShop acquisition at unfavourable valuation.
First REIT (FIRT SP)
OCBC: HOLD | TP SGD 0.245 — Proposed exit from Indonesia warrants monitoring; limited upside at current levels.
Frasers Centrepoint Trust (FCT SP)
DBS: BUY | TP SGD 2.75 — Neutral on the White Sands divestment (rumoured >SGD470m sale at ~4.5% exit yield, ~9% premium to last valuation); views it as a timely exit from a challenged micro-market with weak connectivity and rising competition in Pasir Ris. Divestment reduces gearing from ~40% to 35% but is dilutive to DPUs near-term. Catalysts include redeployment of proceeds into AEIs at core assets (Causeway Point) or participation in sponsor-led redevelopment projects (The Centrepoint). Key risks include DPU dilution if proceeds are not redeployed efficiently and continued competitive pressure at remaining suburban assets.
Hong Kong Exchanges and Clearing (388 HK)
UOBKH: BUY | TP HK$545.00 — Expects 12% yoy earnings growth in 1Q26 driven by strong headline ADT, a red-hot IPO market, and solid derivative and commodity trading volumes, partially offset by lower NII from declining HIBOR rates. Target price lowered from HK$552.00 reflecting earnings revision and higher cost of equity (9.0%). 2026F earnings cut by 3.6% incorporating 1Q26 market turnover data and trimmed ADT assumptions.
Catalysts: Declining HIBOR environment supporting market turnover; robust IPO pipeline exceeding 500 applicants; record derivative ADV of 2m contracts in Mar 26; strong Northbound ADT growth of 67% yoy; potential inclusion of REITs and RMB counters into Stock Connect; new listing framework enhancements (loosening WVR requirements, streamlined secondary listing pathway) to attract overseas-listed issuers and China ADRs.
Risks: Elevated energy costs and macro uncertainty from US-Iran conflict clouding ADT outlook; shortage of bankers and heightened regulatory scrutiny capping IPO activity upside; mainland regulators discouraging red-chip structured IPO applicants; continued fund liquidation reducing NII.
Hong Leong Asia (HLA SP)
UOBKH: BUY | TP S$4.90 (raised from S$4.71) — Acquisition of Yong Tai Loong (YTL) at an attractive 4.3x PE is immediately earnings accretive, raising 2026–28F EPS by 6–15%; Singapore’s multi-year construction upcycle underpins durable revenue visibility.
Catalysts: Guangxi Yuchai Marine and Genset Power IPO newsflow in Hong Kong; continued strong powertrain solutions sales; sequential building materials earnings recovery in 1H26; further value-unlocking initiatives at HLA and China Yuchai levels; potential revenue synergies from cross-selling into HLA’s existing building materials client base.
Risks: Cyclical commercial vehicle demand; construction cost volatility; potential goodwill impairment (S$56.3m) if construction industry softens; founder-family complete exit from YTL.
HRnetGroup (HRNET SP)
Maybank: BUY | TP SGD 0.87 — Initiating coverage; one of Asia’s largest recruitment franchises trading at less than 9x FY26E ex-cash P/E, with SGD336m net cash representing ~45% of market cap creating a clear valuation disconnect versus regional peers. Dual-engine model (Flexible Staffing + Professional Recruitment) has kept the group profitable in 31 of the last 33 years, underpinning a ~6% dividend yield with 70–80% payout ratios.
Key Catalysts: Stronger-than-expected organic growth across APAC markets; accretive M&A deployment of SGD336m cash war chest; expansion of HRtech platform Octomate (contracts secured with Outward Bound Singapore and Sentosa Development Corporation); growth in Vietnam (AllwaysFirst) and Taiwan semiconductor/tech verticals; increasing public-sector revenue (rose from 14% in 2023 to 16% in 2025).
Key Risks: Prolonged hiring slowdown in Singapore or North Asia compressing Professional Recruitment margins; low barriers to entry and intensifying competition from global firms and boutique agencies; AI/HR-tech disruption commoditising mid-level recruitment and compressing placement fees; attrition among co-owner business leaders or key billers; execution risk on M&A with potential for non-accretive deals or idle cash drag on ROE.
ISOTeam (ISO SP)
Maybank: BUY | TP SGD 0.12 — Contract wins of SGD30.1m bring orderbook to SGD186.5m; stronger FY26E profitability expected with drone technology set to re-rate the stock. Catalysts include first private drone pilot project by June 2026, HDB drone-painting trial in 3Q26, expected SGD30–40m of additional order wins by July 2026, and potential SGD7–10m proceeds from non-core asset sales that could fund special or higher ordinary dividends. Risks include margin compression from rising labour or raw material costs, regulatory changes on foreign labour quotas, and competitive tender processes.
CGS: ADD | TP S$0.11 (revised from S$0.12) — Recurring business model and profit/margin recovery intact; YTD order wins of S$100.2m at 80% of FY26F forecast, with coating & painting wins at highest level since March 2022. Margin recovery supported by workers’ accommodation savings and post-Covid contracts secured at higher margins. NPM expected to expand 50bp in FY27F as first 200 workers relocate to owned factory-converted dormitory at 68 Loyang Way, with a further 45bp uplift in FY28F upon capacity expansion to 400 beds. FY27F core EPS lowered by 7% as meaningful drone utilisation margin contribution pushed back to 2HFY27F (from 1HFY27F). Catalysts: stronger-than-forecast orderbook growth, commercialisation of BuildTech solutions including asset leasing revenue and geographical diversification. Risks: lower-than-forecast drone utilisation, foreign labour/subcontractor availability, delays in contract completion.
Jiutian Chemical Group Ltd
CGS: Technical Buy | Entry: S$0.026–S$0.020 | TP1: S$0.046 | TP2: S$0.063 | TP3: S$0.080 | TP4: S$0.100 | Stop Loss: S$0.017 — Bullish rebound at bottom support with multiple technical confirmations including Ichimoku bullish reversal, MACD crossover at bottom, positive histogram, and healthy volume expansion. Key support at S$0.019–S$0.022.
Keppel DC REIT (KDCREIT SP)
OCBC: BUY | TP SGD 2.78 — A stellar start to FY26; strong operational performance supports conviction call. Current price SGD 2.35, implying meaningful upside.
Keppel REIT (KREIT SP)
DBS: BUY | TP S$1.05 — Strong 1Q26 results with indicative DPU of 1.27 Scts slightly ahead of estimates; driven by first full-quarter contribution from Top Ryde City Shopping Centre, higher occupancy at Ocean Financial Centre, and increased stake in MBFC Tower 3. Portfolio occupancy improved to 97.1%, rental reversions came in at a strong +17.2%, and average signing rents of S$13.26 psf pm are well above expiring rents of S$11.98 psf pm. Catalysts include tax transparency status for MBFC Tower 3 (annual savings of S$8–10mn expected in 1H26) and further borrowing cost improvements (down ~25bps y/y and ~14bps q/q). Risks include gearing slightly above 40%, backfilling of vacancies in Japan and South Korea, refinancing conditions, and macro spillover from geopolitical disruptions.
Maybank: HOLD | TP S$0.95 (revised from S$1.00) — 1Q26 distributable income rose 17.8% YoY to SGD62.9m, driven by the Top Ryde Shopping Centre acquisition (Dec 2025) and improved Singapore occupancy; FY26/FY27 DPU forecasts cut by 0.7%/1.1% to factor in higher AUD/JPY borrowing costs, partially offset by stronger JV contributions. Catalysts include continued positive rental reversions (portfolio reversion +17.2% in 1Q26), occupancy gains in Singapore (97.1%), and accretive acquisitions. Risks include dilutive capital raising, non-renewal of anchor leases, higher interest costs from AUD/JPY base rate increases, occupancy slippages in Japan and South Korea, and integration risks from the new retail asset in Australia.
UOBKH: BUY | TP S$1.13 (revised from S$1.15) — Resilient 1Q26 results with distributable income up 17.8% yoy to S$62.9m, underpinned by contribution from newly acquired Top Ryde City Shopping Centre and a 37.6% yoy rise in JV income from the additional MBFC Tower 3 stake. Strong rental reversion of 17.2% and portfolio occupancy of 97.1% reflect sustained tenant demand and flight-to-quality dynamics. Management to prioritise divestment over acquisition; share buyback possible if gearing is reduced. 2026 and 2027 DPU forecasts trimmed by 3% and 2% respectively on thinner NPI margins. Catalysts: resilient office rents and capital values in Singapore and Sydney; yield-accretive retail acquisitions in Singapore. Risks: elevated aggregate leverage at 40.2%; anchor tenant Ernst & Young vacating 8 Exhibition Street Melbourne by Oct 26.
Mondelez International
DBS: Favour | FY27F PE 17.1x — Preferred pick over Delfi given diversified global earnings base and stronger pricing power. Earnings benefit from lower cocoa costs expected to materialise more meaningfully in FY27 as higher-cost inventory is drawn down. Catalyst: accelerating margin expansion as spot cocoa price declines flow through to financials.
Nam Cheong Limited (NCL SP)
CGS: ADD | TP S$1.92 — Capital recycling strategy gains momentum with sale of two vessels (MPV and AHTS) for total proceeds of US$36.7m, to be redeployed into shipbuilding activities; FY26F EPS raised 7% on stronger yard revenues and interest cost savings, while FY27F/28F trimmed by 1% on absence of chartering income from divested vessels. Valuation at 11x FY27F P/E, approximately 20% below global OSV peers average.
Catalysts: Fleet expansion, higher-than-expected shipbuilding orders, further vessel disposals freeing capital for debt repayment or yard activities.
Risks: Lower-than-expected fleet utilisation; higher costs impacting margins.
Nanofilm Technologies International (NANO SP)
OCBC: BUY | TP SGD 0.705 — Look on the bright side; recovery in end-demand and new customer wins are key catalysts.
Nordic Group (NRD SP)
OCBC: BUY | TP SGD 0.60 — Solid contract wins to support growth momentum; order pipeline provides earnings visibility.
OCBC Bank / Oversea-Chinese Banking Corporation (OCBC SP)
DBS: BUY | TP SGD 25.50 — Confident in management’s execution of OCBC’s new growth strategy, with double-digit non-interest income growth driven by wealth management and markets trading income, alongside above-peer loan growth trajectory continuing into FY26F. TP raised, rolling forward valuation base to FY27F at 1.7x P/BV (+2SD of 15-year historical forward P/BV), based on Gordon Growth Model (13% ROE, 3% growth, 9% cost of equity).
Key Catalysts:
Potential special dividends from unutilised share buyback amounts by end FY26F — a re-rating catalyst
Management guiding stable to improving ROE with CIR at low-to-mid 40%; only Singapore bank guiding stable to improving income in FY26F
Wealth management fees grew 34% y/y in FY25, outpacing peers; structural AUM inflows continuing
1Q26 markets trading income likely to benefit from elevated market volatility
Mid-single digit loan growth targeted for FY26F, building on 7% y/y achieved in FY25
Key Risks:
Higher-than-expected NPLs, inflationary pressure, and recessionary risks could unwind credit cost expectations
NIM pressure to continue into FY26F as HIBOR declines; Dec-25 exit NIM already 2bps below 4Q25 NIM of 1.86%
Asset quality risks in weak commercial real estate (CRE) sector, particularly Hong Kong CRE exposure
More provisions may be set aside given current macroeconomic conditions; credit costs likely at higher end of 20–25bps guidance
DBS: BUY | TP SGD 25.50 — OCBC is the preferred Singapore bank pick, outperforming peers with ~14% gain YTD, driven by higher-than-peers loan growth and wealth management fees growth through FY25, with a potential re-rating on its growth agenda and ROE improvement.
Catalysts: Wealth management inflows accelerating; trading and markets income benefiting from heightened volatility in 1Q26; increasing fixed mortgage rates by 20–30bps in 2Q26 supporting NII recovery; safe-haven deposit inflows bolstering balance sheet.
Risks: HIBOR declines weighing on NIM; macroeconomic deterioration from Middle East conflict; general provisions may be taken in 1Q26 on macro variable assumption changes.
Pacific Radiance Ltd
CGS: Technical Buy | Entry: S$0.093–S$0.070 | TP1: S$0.140 | TP2: S$0.350 | TP3: S$0.420 | TP4: S$0.600 | Stop Loss: S$0.058 — Bullish uptrend resuming after breaking key overhead resistance; currently up more than 15% since initial call (Sep 2025). MACD rising steadily above zero line with healthy volume expansion. Key support at S$0.070–S$0.087.
Reclaims Global (RGL SP)
UOBKH: BUY | TP S$0.27 (prev. S$0.28) — FY26 net profit of S$6.8m beat forecasts at 113%, driven by stronger project mix and margin expansion amid Singapore’s construction upcycle; healthy net cash position of S$27.9m (~28% of market cap) supports dividends and growth. Catalysts include Changi Airport T5 development, Marina Bay Sands IR expansion contract award, and further large-scale public/private project wins. Risks include higher diesel costs from geopolitical tensions in the Middle East, partially mitigated by 40–60% cost pass-through to customers. FY27/28 earnings trimmed by 2.9%/2.8% to reflect diesel cost headwinds.
Sea Ltd (SE US)
DBS: BUY | TP USD138 (lowered from USD151) — Dominant e-commerce, gaming, and fintech player in Southeast Asia; prioritising Shopee market share growth (~25% FY26F GMV growth) while Gaming and FinTech deliver sustained margins. Shopee’s 1Q26F adj EBITDA expected 3–4% below consensus of USD199mn due to accelerating TikTok Shop competition, evidenced by J&T Express parcel volumes up 80% y/y and 14% q/q in 1Q26. DBS FY26F/27F group adj EBITDA sits 3%/7% below consensus. E-commerce valued at 2.0x 12M EV/revenue; Gaming (Garena) at 12x EV/EBITDA (cut from 15x due to gaming peer de-rating post Google Genie); Fintech at 15x EV/EBITDA; USD4.1bn net cash factored in. Bear-case TP USD96.
Key Catalysts: Potential strategic shift by TikTok Shop toward customer retention/monetisation in late 2026/early 2027 easing competitive pressure on Shopee margins; moderation in subsidy-driven competition benefiting Shopee’s operating leverage in 2H26; Garena new title launches and steady Free Fire engagement.
Key Risks: Intensifying TikTok Shop competition requiring higher Shopee incentives, marketing spend and logistics subsidies constraining margin recovery; slower-than-expected GMV growth; potential FinTech margin normalisation in FY26F.
Sembcorp Industries
Lim & Tan Securities: BUY | Last Done S$6.84 | Resistance S$7.20 | Support S$6.67 — Bullish short-term outlook supported by a MACD bullish crossover (MACD line cutting above signal line in mid-March) and RSI at 59, indicating room for further upside before overbought territory. Share price has already rallied over 8% since the previous report. Near-term upside capped at S$7.20 resistance (trend high on 16-Apr-26); downside supported at S$6.67 (daily low on 08-Apr-26). Medium-term view is Sideways (resistance S$7.38 / support S$6.50); Long-term view remains Bullish (resistance S$7.80 / support S$6.32).
Sheng Siong Group (SSG SP)
OCBC: HOLD | TP SGD 2.78 — Exploring growth opportunities in private malls; limited near-term upside but stable defensive profile.
Sing Investments & Finance Ltd
CGS: Technical Buy | Entry: S$1.67–S$1.45 | TP1: S$1.88 | TP2: S$2.10 | TP3: S$2.20 | TP4: S$2.60 | Stop Loss: S$1.35 — Major uptrend intact with expanded triangle/megaphone pattern pointing to bullish continuation. Ichimoku three bullish golden crossover formed; MACD rising above zero line with sustained directional strength. Key support at S$1.45–S$1.56.
ST Engineering (STE SP)
OCBC: BUY | TP SGD 12.50 — Momentum continues; strong orderbook and defence spending tailwinds support earnings growth. Current price SGD 11.27.
Suntec REIT
DBS: Reduce Exposure | TP SGD1.60 — Trimming position by 9,000 shares (remaining 19,000 shares) at SGD1.50. Stock has risen 12.8% since inclusion on 10 March, outperforming the broader REITs index. Upside has narrowed to ~6% from fundamental TP. Near-term pause expected despite remaining a value unlocking play.
Techtronic Industries (669 HK)
OCBC: BUY | TP HKD 150.00 — Positioned for further growth; strong brand and product pipeline underpin the investment case.
Tencent Holdings (700 HK)
UOBKH: BUY | TP HK$728.00 (lowered from HK$757.00) — Resilient gaming growth supported by strong evergreen titles and seasonal tailwinds, alongside stable advertising driven by AI-enhanced targeting; AI spending headwinds trimmed non-GAAP net profit estimates by 3–4%. Catalysts include rollout and traction of Hunyuan 3.0, progress of agentic AI within the WeChat ecosystem, game licence approvals, and monetisation of new game launches. Risks include regulatory headwinds and slowing game revenue growth.
UOB
DBS: HOLD | TP SGD 35.70 — Cautious stance maintained due to lingering asset quality concerns, with China and Hong Kong CRE exposure remaining a fundamental overhang.
Catalysts: Potential US CRE recoveries in subsequent quarters if stabilisation continues.
Risks: China and Hong Kong CRE exposure; Thailand economic weakness; asset quality deterioration from Middle East conflict second-order effects.
Stocks fell on Tuesday as investor anxiety grew over the likelihood that the U.S. and Iran would fail to reach a peace deal before a looming ceasefire deadline, pushing major indexes like the S&P 500, Nasdaq, and Dow Jones lower. Concerns intensified after reports that negotiations stalled due to Iran’s lack of commitment, though President Donald Trump later extended the ceasefire while warning of possible military action if no deal is reached. Rising geopolitical tension also drove oil prices higher.
United Airlines expects weaker-than-anticipated profits for both the second quarter and full year, as rising fuel costs squeeze margins despite continued strong demand for premium travel. The airline forecasts lower earnings than analysts expected and anticipates only partial recovery of higher fuel expenses through fares in the near term, though this is projected to improve later in the year.
Meanwhile, Adobe announced a US$25 billion share buyback programme through 2030 to reassure investors amid a prolonged stock decline driven by concerns over disruption from artificial intelligence. The move signals confidence in its cash flow and long-term value, even as competition from AI tools and broader investor skepticism toward software firms continue to weigh on its share price.
Talks between UniCredit and Commerzbank over a potential merger have broken down, escalating a long-running and increasingly hostile takeover battle. UniCredit CEO Andrea Orcel has criticised Commerzbank’s performance and is pushing for strategic changes, while Commerzbank’s leadership, backed by the German government, rejects the approach as undervaluing its business and threatening its independence. Despite resistance, UniCredit has built a stake of nearly 30% and launched a low-premium bid, positioning itself to exert ongoing pressure as a major shareholder. The standoff highlights deep disagreements over strategy and valuation, with potential outcomes ranging from UniCredit remaining an influential minority investor to eventually gaining control, in what could become one of Europe’s largest cross-border banking deals.
ISDN Holdings’ subsidiary secures Soradynamics and Trinity as strategic partners to drive robotics and AI business
OUE REIT’s NPI rose by 8.4% y-o-y in 1QFY2026
Hong Leong Asia pays $90.7 mil for household shelter supplier Yong Tai Loong
Trendlines portfolio company Celleste Bio introduces world’s first milk chocolate bars with cell-cultured cocoa butter
DFI emphasized its commitment to boosting shareholder returns while preserving financial flexibility to pursue strategic acquisitions that support long-term growth. The company reported steady progress in executing its initiatives to increase market share and achieve sustainable profitability across its businesses. It reaffirmed key financial targets, including a mid-term ROCE above 15%, full-year underlying profit guidance of US$270–300 million, expected organic revenue growth of 2–3%, and a dividend payout ratio of 70%.
OCBC, Lion Global Investors, and DigiFT have launched the GOLDX token, Southeast Asia’s first tokenised physical gold fund on public blockchains like Ethereum and Solana. The token allows institutional and accredited investors to gain exposure to physically backed gold through the LionGlobal Singapore Physical Gold Fund, using either fiat or stablecoins, with assets stored securely in Singapore. Designed to bridge traditional finance and decentralised finance, the product aims to attract demand from Web3 investors by offering regulated, transparent, and fractionalised access to gold. With growing interest in tokenised real-world assets and gold as a safe haven, the initiative enhances liquidity, accessibility, and efficiency while maintaining strong governance and institutional-grade safeguards.
Seatrium launches notes of $400 mil at fixed annual rate of 2.95%, presumably reduces cost of debt
CICT upsizes placement priced at $2.30 per unit to $750 million
Keppel REIT’s NPI rises 9.7% y-o-y in 1QFY2026
Keppel Infrastructure Trust prices S$200 million in notes due 2033 at 2.8%
Nam Cheong sells two offshore support vessels for US$36.7 million
OUE Reit posts 8.4% rise in Q1 NPI to S$57.6 million
Singapore’s major banks—DBS, OCBC, and UOB—have delivered strong long-term total shareholder returns (TSR) over the past two decades, matching or outperforming global benchmarks and even major Wall Street banks. DBS led with a 20-year TSR of about 956%, followed by OCBC and UOB, all benefiting from solid fundamentals like low-cost deposit bases and strong profitability. Their performance also compares favorably against indices like the S&P 500 and Straits Times Index. Analysts attribute DBS’s edge to its successful wealth management business, while all three banks are expected to sustain growth by expanding in this area. Despite positive outlooks supported by Singapore’s safe-haven appeal, concerns remain over asset quality risks, particularly for UOB.
CATL unveiled a breakthrough fast-charging EV battery, its latest Shenxing LFP model, capable of charging from 10% to 98% in about six minutes—faster than many competitors and approaching the convenience of refueling petrol cars. The company also highlighted advances in battery range, including models offering up to 1,000 km and even 1,500 km per charge, aimed at reducing range anxiety and accelerating EV adoption. Alongside its “multi-chemical” strategy to serve different market segments and manage raw material risks, CATL continues to attract strong investor interest, as seen in its oversubscribed share sale and rising stock prices amid a broader rally in China’s tech and energy sectors.
Analysts are broadly positive on CapitaLand Integrated Commercial Trust following its proposed S$3.9 billion acquisition of Paragon mall, viewing it as a strategic, yield-accretive move that strengthens its dominance in Singapore’s retail and commercial property market. The deal is expected to enhance portfolio quality, drive rental growth, and boost future revenues, with proceeds partly funded by the divestment of Asia Square Tower 2 and a private placement. While some note increased exposure to cyclical retail demand, the mall’s medical and office components help mitigate risks, and analysts generally maintain positive ratings on the stock.
Separately, Singapore’s MICE (meetings, incentives, conventions, exhibitions) sector faces near-term caution due to global uncertainty, with slower booking momentum as organisers adopt a wait-and-see approach. Suntec Real Estate Investment Trust and Constellar report no cancellations but more conservative planning, alongside potential cost pressures from disrupted travel and supply chains. However, the outlook remains stable, supported by possible relocation of events to Singapore and a steady pipeline, with long-term growth underpinned by national tourism ambitions and continued demand for high-quality venues.
Singapore Exchange Regulation has proposed tighter disclosure rules for companies listed on Singapore Exchange to improve transparency and address valuation gaps in the market. The proposed measures would require firms to clearly link executive pay to performance metrics tied to long-term shareholder value, disclose and maintain dividend and investor relations policies, and strengthen investor engagement through dedicated platforms and reporting. The regulator is seeking public feedback before potentially rolling out the changes from 2027, aiming to encourage better corporate governance and more meaningful communication with investors. Market observers see this as a natural evolution that could boost investor confidence and valuations, although its success will depend on whether companies adopt genuine practices rather than treating the requirements as a box-ticking exercise.
At NexG Bhd, major shareholder Ishak Ismail strengthened his position by securing call options over a co-founder’s 9.3% stake while granting matching put options, giving both parties flexibility over the shares. Karex Bhd plans to raise prices by 20–30% amid supply chain disruptions linked to geopolitical tensions, even as demand rises. Meanwhile, a joint venture involving Cape EMS Bhd is targeting US$7 million in monthly revenue from cable production, while Steel Hawk Bhd has launched a RM14 million lawsuit over alleged fraud in an engineering partnership tied to Tenaga Nasional Bhd projects.
Other updates include Uchi Technologies Bhd increasing capital spending to improve efficiency amid currency volatility, and Malaysia’s Employees Provident Fund reducing its stake in Sunway Healthcare Holdings Bhd below 5%. Chin Hin Group Property Bhd halted its private placement after partially raising funds, while CIMB Group Holdings Bhd reported improved quarterly earnings at its Thai unit due to lower credit losses. Additionally, Enra Group Bhd and Uzma Bhd each signed agreements with Boustead Holdings Bhd to explore collaborations in naval maintenance and defence-related satellite and geospatial technologies.
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