Broker Name: iFAST Financial Pte Ltd
Date of Report: 10 April 2026

Excerpt from iFAST report

Report Summary

• Key Idea: The Middle East energy shock has eliminated the likelihood of rate cuts in 2026, with potential rate hikes expected from the Fed, ECB, and Bank of England. Investors should shift focus away from US and Europe toward Asia ex-Japan and selected emerging markets, which are better positioned for structural growth and valuation upside.
• Actionable Calls:
  • Asia ex-Japan & Emerging Markets: Upgrade to positive. Strong conviction for Singapore, China, Taiwan, South Korea, and Malaysia. Add exposure to these markets.
  • Singapore: Maintained “Very Attractive”. Target Price STI: 5,987 (22.5% upside). High dividend yield (~5%). Recommended products: Amova Singapore STI ETF (SGX: G3B), Amova Singapore Dividend Equity SGD Fund, LionGlobal Singapore Trust Acc SGD.
  • China: Overweight. Target Price MSCI China Index: HKD 97 (27.4% upside). Resilient to oil shock due to diversified energy sources and strategic reserves. Recommended products: Fidelity China Focus A-SGD, iShares Core MSCI China ETF (HKEX: 2801).
  • Hong Kong: Overweight. Target Price Hang Seng Index: HKD 29,600 (19% upside). Buy on continued China strength. Recommended product: Tracker Fund of Hong Kong (HKEX: 2800).
  • Malaysia: Positive. Target Price FBM KLCI: MYR 1,900 (12.9% upside). Beneficiary of Gulf capital and regional instability. Recommended products: iShares MSCI Malaysia ETF (NYSE: EWM), abrdn Malaysian Equity SGD.
  • Japan: Positive. Target Price Nikkei 225: JPY 61,660 (14.7% upside). Focus on small caps and structural reforms. Recommended products: Eastspring Investments – Japan Dynamic AS SGD, Xtrackers Nikkei 225 UCITS ETF 1D (LSE: XDJP).
  • Taiwan: Positive. Target Price TWSE: TWD 43,321 (36.6% upside). TSMC-led AI chip growth. Recommended product: Franklin FTSE Taiwan ETF (NYSE: FLTW).
  • South Korea: Positive. Target Price KOSPI: KRW 6,900 (37% upside). Memory chip super-cycle. Recommended products: Franklin FTSE South Korea ETF (NYSE: FLKR), JPMorgan Funds – Korea Equity A (acc) USD, Global X Asia Semiconductor ETF (HKEX: 3119).
  • US Equities: Underweight. S&P 500 Target Price: USD 7,793 (13.7% upside), but valuations remain stretched. Focus on digital economy and quality stocks only.
  • Europe: Downgraded to Neutral. Stoxx 600 Target Price: EUR 684 (17.3% upside). Prefer banks, defence, and healthcare; avoid consumer cyclicals.
  • Digital Economy: Selective. Positive on internet and China tech (Hang Seng Tech Index Target Price: HKD 7,760, 66.9% upside), but neutral on semiconductors at index level.
  • Fixed Income: Favour short-to-medium duration IG bonds. Downgrade emerging market debt due to inflation risk.
  • Gold: Avoid as a safe haven; prefer oil-linked exposure as a hedge.
  • Currencies: Prefer SGD and CHF as defensive positions. Hedge EUR and GBP exposure.
• Implications: Investors should rotate portfolios toward Asia ex-Japan, reduce rate-sensitive exposures (REITs, long-duration bonds), maintain energy hedges, and add to structural winners (Singapore, China, Taiwan, South Korea, Malaysia) especially on market pullbacks. Do not panic sell into rallies; use regular savings plans to build positions.

above is an excerpt from a report by iFAST Financial Pte Ltd. Clients of iFAST can be the first to access the full report from the iFAST website : https://secure.fundsupermart.com/fsmone/home