Report Summary

• The Singapore banking sector saw DBS and OCBC outperform consensus in 3Q’25 due to lower provisions and strong non-interest income; DBS continues to lead in share price performance and dividend visibility.
• DBS plans further dividend increases and capital returns through FY2027, while OCBC will pay special dividends and UOB’s earnings dropped due to one-off provisions but dividends remain unaffected.
• All three banks offer attractive dividend yields above 6%, with DBS preferred due to clear return policy; OCBC and UOB now present value opportunities due to underperformance.
• Zixin, a listed S-Chip consumer staple, is recommended as a BUY for its expansion potential in Hainan, strong balance sheet, and unique vertically integrated sweet potato ecosystem in China.
• China/HK tech sector faces ongoing layoffs and workforce rejuvenation, with older professionals struggling for re-employment as companies prioritize younger staff.
• US market remains buoyed by AI-driven performance but faces risks from slowing consumer spending and rising unemployment; defensive positioning is recommended.
• Institutional investors net bought S\$118.4m of SGX-listed stocks in the week of 3 November 2025, with OCBC, Singtel, and Wilmar among the top buys; retail investors net sold S\$29.5m.
• Several major Singapore companies announced interim and special dividends, with payout details listed for November 2025.
• Share buyback activity continued across major SGX stocks, reflecting management confidence and support for share prices.
• Lim & Tan Securities reminds investors to consider their own investment objectives before acting on report recommendations.