Broker Name: CGS International
Date of Report: January 30, 2026

Excerpt from CGS International report.

Report Summary

• The MSCI Singapore Free SGD index (SIMSCI) closed January 2026 at 462.6 points, marking a 3.77% month-on-month gain, with a maintained 2026 target of 480 points (20x forward P/E).
• Despite positive market performance, Singapore’s economic data slightly underperformed expectations, with exports and real estate showing mixed results.
• Consumer Staples, Financials, and Industrials led sector performance, while Communications, Transport, and Retail underperformed.
• Institutional investors were net buyers, especially in Developers, Industrials, Financials, and Technology sectors; retail investors were net sellers.
• Key corporate developments included a merger between China National Aviation Fuel and Sinopec, a raised privatisation offer for LKH, and the listing of ASSPH, a co-living operator.
• New research coverage was initiated on CAREIT, COLIWOO, and TWC, with Construction sector given an Overweight rating and top picks being SANLI, SOIL, and TWC.
• Technically, the index found strong support, with a near-term target of 470 points and a 6-month target of 482 points. Major support is at 436 points.
• Top performing stocks included STE, CapitaLand Investment, and Wilmar International, while laggards were Grab, Sea Ltd, and Singapore Airlines.
• CGS International maintains a bullish outlook on the Singapore market for the near and medium term.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgsi.com.sg/