Broker Name: OCBC Group
Date of Report: 10 February 2026

Excerpt from OCBC Group report.

Report Summary
• Singapore is poised to meet its 2026 target of 17–18 million tourist arrivals, driven by a robust events calendar and limited hotel supply.
• Hotel performance is expected to strengthen in 2026, while aviation sector growth is constrained by aircraft and engine supply backlogs, benefiting upstream MRO players.
• Retail sales growth is forecasted at 2–3% year-on-year for 2026, supported by new experiences and a positive macroeconomic environment, though Chinese visitors are shifting spending from luxury goods to experiences.
• Limited new hotel supply and increasing tourism spending should underpin room rates and hospitality REITs’ performance.
• Singapore Airlines and aviation-related stocks face mixed outlooks due to competition and supply constraints, but upstream MRO providers are well positioned for multi-year growth.
• Sustainable aviation fuel initiatives are progressing, with Singapore launching trials and new production projects; global SAF output is set to increase in 2026.

Above is an excerpt from a report by OCBC Group. Clients of OCBC Group can be the first to access the full report from the OCBC Group website: https://www.ocbc.com