Broker Name: iFAST Financial Pte Ltd
Date of Report: 29 Apr 2026
Excerpt from iFAST Financial Pte Ltd report.

Report Summary

• Actionable Calls: Underweight US equities due to stretched valuations; overweight Asia equities (Singapore, Taiwan, South Korea, Malaysia, China, and Japan) for better risk-reward and attractive valuations.
• Key Ideas:
  • US S&P 500 trades at 20.9x forward earnings (above 10-year average); MSCI Asia ex-Japan trades at 12.2x (below average).
  • Asia offers comparable or stronger growth at lower valuations, driven by structural themes such as AI, semiconductors, and domestic reforms.
• Highlights by Market:
  • South Korea: Strong earnings momentum (SK Hynix Q1 revenue up 198% YoY); sector benefiting from AI-driven semiconductor demand.
  • Taiwan: TSMC Q1 revenue up 40.6% YoY, profit up 58%; well-positioned for ongoing AI demand.
  • China: Near-term volatility, but an earnings recovery is expected as price competition in e-commerce/logistics stabilizes.
  • Singapore: Market revival and attractive 4-5% dividend yield; ongoing reforms and capital inflows supporting upside.
  • Malaysia: Improving macro outlook, upgraded 2026 growth forecast (4-5%), and strong YTD market performance.
  • Japan: Ongoing corporate reforms and semiconductor strength; positive outlook for 2026.
• Sector View:
  • Positive: Digital economy, Asian semiconductors, structural technology themes.
  • Negative: US consumer discretionary—pressured by weak sentiment and rising inflation expectations.
• Recommended Products (Selected):
  • Japan: Xtrackers Nikkei 225 UCITS ETF (LSE: XDJP)
  • Singapore: Amova Singapore STI ETF (SGX:G3B)
  • Malaysia: iShares MSCI Malaysia ETF (NYSE:EWM)
  • China: iShares Hang Seng Tech ETF (HKEX:3067)
  • South Korea: Franklin FTSE South Korea ETF (NYSE: FLKR)
  • Taiwan: Franklin FTSE Taiwan ETF (NYSE: FLTW)
  • Asian Semiconductors: Global X Asia Semiconductor ETF (HKEX:3119)
• Implication: Maintain exposure to US tech but tilt portfolios toward Asia for superior valuation and growth prospects.

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