Broker Name: iFAST Financial Pte Ltd
Date of Report: 15 July 2026
Excerpt from iFAST Financial Pte Ltd report.
Report Summary
- Action/Call: Maintain constructive (bullish) view on Singapore equities.
- Target Price: Straits Times Index (STI) target of 5,987 by end-2028.
- Key Ideas:
- AI-related demand is the main confirmed growth driver, with semiconductor manufacturing accelerating due to robust demand for AI chips and equipment.
- Capital market revitalisation is evident, as daily trading value and institutional buying rise, supported by government initiatives and strong inflows from global asset managers.
- Banking sector continues to benefit from safe-haven flows, with DBS recently surpassing SGD 200 billion market cap and solid growth in wealth management across Singapore’s major banks.
- Industrials such as ST Engineering and Yangzijiang Shipbuilding maintain record order books, ensuring multi-year earnings visibility.
- Core Recommendations:
- For broad, low-cost exposure to the STI: Amova Singapore STI ETF (SGX: G3B)
- For higher small- and mid-cap exposure: iFAST-Amova Singapore Equity A SGD
- Valuation & Yield:
- Target PE for STI: 15x FY2028E
- Estimated annual dividend yield: ~4.3%
- Key Implication:
- Sustained AI demand and robust capital flows reinforce the positive outlook. Investors are advised to position in Singapore equities, especially via the recommended ETFs and funds, in anticipation of index appreciation and attractive dividend yields through 2028.
Above is an excerpt from a report by iFAST Financial Pte Ltd. Clients of iFAST Financial Pte Ltd can access the full research report from the broker’s website.
iFAST Financial Pte Ltd research website
