Report Summary

• Global defence spending is rising, benefiting Singapore defence stocks; ST Engineering is upgraded to BUY with a higher target price, and Addvalue Technologies remains a top pick.
• SATS is initiated at BUY for its resilience and global presence in gateway services and food catering, with expected FY26E profit growth and steady dividends.
• Positive developments include SIA Engineering securing a stake in a China MRO JV, Secura Group winning a security contract for public museums, and Q&M Dental’s controlling shareholder increasing his stake amid expansion.
• Acrophyte Hospitality Trust’s proposed property sale was terminated, and Renaissance United expects a net loss due to reduced sales in China.
• The report provides detailed disclaimers, disclosures, and rating definitions, highlighting the independence of the analyst and investment risks.