U.S. stocks fell sharply on Wednesday as stronger-than-expected inflation data and cautious signals from the Federal Reserve heightened concerns about persistent price pressures and slowing growth. The Dow Jones Industrial Average dropped over 768 points to a new yearly low, while the S&P 500 and Nasdaq also declined notably.

The Fed kept interest rates steady at 3.5%–3.75% and indicated only one potential rate cut this year, with Chair Jerome Powell acknowledging slower-than-hoped progress on inflation.

Oil prices surged—Brent settling above $107 and briefly topping $111—after escalating conflict between Israel and Iran raised fears of supply disruptions, pushing energy markets into a more volatile phase.

U.S. stock futures edged slightly lower, with the Dow, S&P 500, and Nasdaq 100 all posting modest declines.

Amid rising tensions from the Iran conflict, President Donald Trump issued a 60-day waiver of the Jones Act to ease restrictions on domestic shipping and help stabilize energy supplies, allowing key resources like oil and gas to move more freely. The situation escalated further after Iranian missile strikes damaged Qatar’s major LNG facility, heightening geopolitical risks. Meanwhile, the Federal Reserve kept interest rates unchanged at 3.5%–3.75% in a near-unanimous decision.

Manulife US REIT’s portfolio valuation falls 1.6% as at end-2025; FY2025 revenue drops 32% y-o-y to US$113.9 mil

Wing Tai’s Malaysian subsidiary obtains freehold land parcel at Mont Kiara for RM45 mil

Marco Polo Marine wins 15-year chartering contract in Taiwan worth $118 mil

Trendlines portfolio company Seger Surgical achieves successful human trials of laparoscopic bowel closure device

Geely Automobile reported record 2025 profits that exceeded analyst expectations, with net income rising slightly to CNY16.85 billion and surpassing forecasts. Revenue jumped 25% to CNY345.2 billion, reflecting strong growth as the company narrows the sales gap with market leader BYD.

The Hang Seng Index rose 0.6% after swinging between losses and gains, while the broader market saw mixed performance. Tech and AI stocks led the rally, with companies like Alibaba and Baidu gaining after announcing price increases for AI services, and smaller AI and cloud firms surging on partnerships and improved earnings. However, the upbeat sentiment was partly offset by sharp declines in music streaming stocks, including Tencent Music and NetEase Music, after weak guidance and concerns over AI competition.

CKI Full-Yr NP Grows 1.8% to HKD8.265B; Final DPS Increases to HKD1.88

TENCENT Full-Yr NP Up 15.9% to RMB224.842B; Final DPS Adds to HKD5.3

COSCO SHIP PORT Annual NP Rises 1.1% to USD312M; 2nd Interim Div. Falls to HK10.2 Cents

CICC Chops TME-SW TP by 33% to $67.5 on Slowdown in Subscription Biz

Gas Malaysia got approval to proceed with a RM2–3bn LNG regasification terminal in Kedah, targeting operations by 2029.

Crest Builder secured RM513m in contracts (record order book RM2bn).

Binastra will revive Subang Sentral (RM316m).

GDB, JAKS, and Bintai Kinden also won smaller infrastructure and water-related projects.

Solarvest landed an RM89.5m solar plant contract in Perlis.

Citaglobal signed a new green energy agreement tied to the ECRL rail project.

Top Glove: Profit rose slightly (+1.5% YoY) to RM30.8m; revenue up 14%.

NexG: Declared its RM145.6m investment loss issue “closed” after board changes.

Paramount is buying land in Jalan Ampang for RM257.9m to develop RM1.1bn serviced apartments.

Aquawalk plans a RM70.5m oceanarium in Kota Kinabalu.

Wentel Engineering proposes acquiring RM29.6m factory units in Johor (related-party deal).

Pos Malaysia introduced fuel surcharges (15% domestic, 40% international) due to rising air freight costs linked to Middle East tensions.

JCorp reduced its stake in Johor Plantations by 5%.

Kenanga Yield Enhancement Fund exited as a substantial shareholder of Omesti.

Scientex Packaging will be delisted on March 25 under a privatisation plan.

UltraGreen.ai (UGAI SP)

UOB Kay Hian: BUY | TP US\$1.95 — Benefits from increased demand after a competitor cyberattack and APAC regulatory approvals; strong financials and trading at a discount to peers suggest 27% upside.

Centurion Corp
Lim & Tan Securities: BUY — Delivered robust FY25 results with 17% revenue growth; confidence signaled by insider buying and special distribution; poised for long-term growth despite FY26F earnings dip.

Marco Polo Marine
Lim & Tan Securities: BUY — Secured 15-year S\$118 million Taiwan emergency towage contract, providing stable long-term earnings and portfolio expansion.

Sembcorp Industries
LIM & TAN SECURITIES: Short-term bullish technical outlook with key support at S\$5.60 and resistance at S\$6.04; medium-term sideways trend expected between S\$5.45 and S\$6.20; long-term bullishness confirmed up to S\$6.63.

CGS International: ADD | TP S\$7.68 (31.3% upside) — Shielded from global gas shocks via fixed-margin contracts; potential earnings upside from higher spark spreads; committed to dividend payout increase despite higher leverage; leading ASEAN renewable proxy.

Maybank Research: HOLD | TP S\$10.4 — Stable FY25 PATMI; raised dividend; near-term earnings to consolidate due to integration costs; positive outlook from acquisitions and renewables offsetting gas weakness.

SATS Ltd

Maybank Research: BUY | TP S\$4.52 — Benefiting from global travel demand recovery; forecasted 12.9% PATMI growth in FY26; operational scalability and leverage expected to support earnings.

ST Engineering (STE SP)

Maybank Research: BUY | TP S\$12.50 (31.5% upgrade) — Gains from increased global defence and cybersecurity spending; significant order growth in Europe and Middle East; poised for higher valuation multiples.

OCBC Group Research: BUY | TP S\$12.50 — Momentum continues; strong growth prospects.

Lim & Tan Securities: Top institutional net buy (S\$83.4m).

Wilmar International (WIL SP)

Maybank Research: BUY | TP S\$3.85 (upgraded) — Regulatory overhang fading; operational resilience with improving food volumes and cash flow discipline; dividend upside potential.

OCBC Group Research: BUY | TP S\$3.97 — Regulatory risks largely provisioned; constructive fundamentals especially upstream.

Lim & Tan Securities: Institutional net sell (S\$39.6m).

Bumitama Agri Ltd (BAL SP)

OCBC Group Research: BUY | TP S\$1.50 — Strong FY25 results driven by high crude palm oil prices; accumulation recommended on pullbacks; regulatory overhang mostly addressed.

Digital Core REIT (DCREIT)

UOB Kay Hian: BUY — Transitioning to aggressive growth mode with strong sponsor backing, resilient financials, and acquisition pipeline; attractive yields and deep value opportunity.

Futu Holdings

UOB Kay Hian: BUY | TP US\$260.00 (upgraded) — Earnings resilience and strong growth potential; robust client acquisition; 2026-2027 earnings revised up; valuation attractive at 12x 2026F PE.

AEM Holdings

Lim & Tan Securities: BUY (upgraded from SELL) | TP S\$2.84 — AI/HPC ramp-up driving earnings; FY26 revenue guidance of S\$460–510m; forecasts raised significantly.

Sheng Siong Group (SSG SP)

Lim & Tan Securities: BUY | TP S\$2.90 — Resilient growth with 6% revenue and 7% earnings CAGR; expansion with new store openings; FY26 projected 8% earnings growth.

OCBC Group Research: HOLD | TP S\$2.78 — Exploring growth in private malls.

City Developments Ltd (CIT SP)

OCBC Group Research: HOLD | TP S\$10.40 — Strategic review ongoing; market awaiting clarity.

Lim & Tan Securities: HOLD | TP S\$10.40 — Market eyes strategic review.

Technical Analysis:

Parkway Life REIT (PREIT SP)

Lim & Tan Securities: Trading Sell Range S\$3.97-3.98 | Target Price S\$3.68 — Bearish technical outlook with downward momentum expected.

SIA Engineering Co (SIE SP)

Lim & Tan Securities: Trading Sell Range S\$3.18-3.19 | Target Price S\$2.86 — Bearish technical signals with further downside anticipated.

Institutional buying and selling:

Wilmar International

Lim & Tan Securities: Institutional net sell S\$39.6m; retail net sell; regulatory overhang fading with steady fundamentals.

ST Engineering

Lim & Tan Securities: Institutional net buy S\$83.4m; retail net sell; strong order book and defense segment growth.

DBS Group Holdings

Lim & Tan Securities: Retail net buy S\$416.7m; institutional net sell S\$418.1m; stable dividend yield above 5.5% with broad analyst buy consensus.

Singtel

Lim & Tan Securities: Institutional net buy S\$55.0m; retail net sell; strong dividend yield and steady fundamentals.

Genting Singapore

Lim & Tan Securities: Retail net buy S\$45.9m; institutional net sell S\$43.3m; attractive dividend yield and market interest.

Seatrium

Lim & Tan Securities: Institutional net buy S\$45.6m; retail net sell S\$47.9m; ongoing optimization efforts.

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