Broker Name: OCBC Group Research
Date of Report: 5 February 2026
Excerpt from OCBC Group Research report.
Report Summary
- Global equity markets were mixed; US tech stocks faced heavy selloffs while industrials and defensive sectors outperformed. Volatility spiked, with the Nasdaq 100 seeing its worst two-day drop since October, and Advanced Micro Devices notably plunging 17% after weak results.
- Singapore’s Straits Times Index rose 0.4%, with financials and REITs stable. Market liquidity and turnover dropped while gainers and losers were evenly matched.
- Keppel REIT’s FY25 results missed expectations with a 6.6% YoY drop in DPU, though portfolio quality and occupancy improved. Leverage spiked due to acquisitions but is expected to normalise with debt repayments. The stock is upgraded to BUY with a higher fair value.
- Keppel Infrastructure Trust delivered stable DPU growth and is positioned for growth in FY26 backed by digital infrastructure and acquisitions. Cost of debt improved and debt headroom remains healthy. The stock is reiterated as BUY due to attractive returns potential.
- Frasers Logistics & Commercial Trust posted improved occupancy and robust rental reversions, especially in logistics assets. Aggregate leverage and borrowing costs declined, but upside is now limited, leading to a downgrade to HOLD.
- OCBC Group Research provides latest stock ratings and fair value targets for major Singapore-listed companies, with most large-cap financials and industrials rated BUY or HOLD.
Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can be the first to access the full report from the OCBC website: https://www.ocbc.com
