Sembcorp Industries

• DBS: BUY | TP S\$7.30 — Key beneficiary of higher gas prices and volatility. Catalysts: Overseas project wins, solid utility performance. Risks: Volatile energy markets, project execution.
• Maybank: BUY | TP S\$3.10 (Seatrium, related sector) — Positive on strong offshore energy and renewables pipeline, gross margins expected to improve with >S\$32b orderbook and annual order wins of S\$10–11b in 2026–28. Catalysts: FPSO demand from Brazil and Guyana, margin expansion. Risks: Order delays, execution.

Wilmar International

• DBS: HOLD | TP S\$3.60 — Supported by higher agri-commodity prices in escalation scenarios. Risks: Commodity price volatility, margin compression.

OCBC

• DBS: BUY | TP S\$23.00 — Index heavyweight, key safe-haven pick on resilient earnings in an inflationary environment. Catalysts: Fund inflows, sustained NIM expansion. Risks: Prolonged high oil prices dampening growth.
• Maybank: Positive — OCBC breached S\$100b market cap, reflecting continued investor optimism towards earnings resilience and capital strength amid current market backdrop.

Singapore Exchange (SGX)

• DBS: BUY | TP S\$19.20 — Beneficiary of higher market volatility and trading activity. Catalysts: Derivatives business, volatility events. Risks: Lower trading volumes if volatility fades.

UMS

• DBS: BUY | TP S\$1.83 — Backed by AI/semiconductor upcycle and strong earnings growth. Catalysts: Ongoing sector upcycle, strong order inflow. Risks: Tech cycle downturn.

iFAST

• DBS: BUY | TP S\$12.15 — Supported by higher market volatility, ongoing expansion. Catalysts: Market volatility, platform growth. Risks: Market correction, operational execution.

Seatrium

• DBS: BUY | TP S\$3.00 — Outperformer if oil prices remain high; exposure to O&G CAPEX cycle. Catalysts: High oil price environment, project wins. Risks: Order delays, sector downturn.
• Maybank: BUY | TP S\$3.10 — Favoured for strong offshore growth exposure, large project pipeline, and margin expansion. Catalysts: FPSO demand, cleaner order book, strong FCF generation. Risks: Project execution, sector volatility.

Nam Cheong

• DBS: BUY | TP S\$1.60 — Positive on O&G CAPEX upcycle, outperformance in high oil price scenario. Catalysts: Higher for longer oil prices, contract wins. Risks: Oil price reversal, execution.

Mapletree Logistics Trust

• DBS: BUY | TP S\$1.55 — De-escalation beneficiary on easing inflation, renewed Fed rate cut expectations. Risks: Prolonged high inflation, sector rotation.

UOL Group

• DBS: BUY | TP S\$13.00 — De-escalation beneficiary, robust upcoming project launches support upside. Catalysts: Thomson View launch in 2H26, strong sell-through rates. Risks: Soft property market, regulatory tightening.

City Developments Limited (CityDev)

• DBS: BUY | TP S\$12.00 — De-escalation beneficiary, deep value, pipeline of EC projects slated for launch end-2026 to early-2027. Catalysts: New launches, resilient EC demand. Risks: Weak property market, execution.

CICT (CapitaLand Integrated Commercial Trust)

• DBS: BUY | TP S\$2.80 — De-escalation beneficiary, rate-sensitive REIT. Catalysts: Easing inflation, lower rates. Risks: Prolonged high rates, sector headwinds.

Suntec REIT

• DBS: BUY | TP S\$1.60 — De-escalation beneficiary, potential for rate cut-driven rerating. Risks: Elevated rates, office sector weakness.

Central Accommodation REIT

• DBS: BUY | TP S\$1.30 — De-escalation beneficiary, strong EPS growth. Catalysts: Improving accommodation demand. Risks: Slower economic growth.

SATS

• DBS: BUY | TP S\$4.50 — De-escalation beneficiary, preferred transport pick for lower fuel costs. Risks: Prolonged high oil prices, travel disruptions.

First Resources

• DBS: BUY | TP S\$3.00 — Escalation beneficiary, upside from higher agri-commodity prices. Risks: Commodity price correction.

Bumitama Agri

• DBS: BUY | TP S\$1.90 — Escalation beneficiary, exposure to higher agri-commodity prices. Risks: Lower CPO prices, cost pressures.

ST Engineering

• DBS: BUY | TP S\$12.40 — Outperformer in escalation; war risk premium. Catalysts: Defence contract wins, international expansion. Risks: Order delays.
• Maybank: Positive — Won S\$600m contract for missile gun boats for Kuwait, boosting defence orderbook and overseas visibility.

NetLink Trust

• DBS: BUY | TP S\$1.08 — Defensive pick, supported by flight-to-safety trade in volatile markets. Catalysts: Defensive demand, resilient cash flows. Risks: Regulatory changes.

DFI Retail

• DBS: BUY | TP S\$5.00 — Outperformer if oil prices remain high, defensive sector exposure. Risks: Weak consumer spending, input cost pressures.

Genting Singapore

• DBS: BUY | TP S\$0.85 — Underperformer if oil prices stay higher for longer; vulnerable to weak consumer spending and higher input costs. Risks: Oil price pressure, travel demand.

Thai Beverage (ThaiBev)

• DBS: BUY | TP S\$0.62 — Underperformer if oil prices stay higher for longer due to weak consumer spending. Risks: Slower demand, cost increases.

CDLHT (CDL Hospitality Trust)

• DBS: BUY | TP S\$1.00 — Underperformer in a higher-for-longer oil scenario; weaker travel and luxury hotel demand. Risks: Prolonged high oil, travel weakness.

PropNex

• DBS: HOLD | TP S\$2.00 — Agency earnings likely peaked in 2025; current valuation support not sufficient for near-term re-rating without earnings catalysts. Risks: Softer transaction volumes, subdued sales environment.

APAC Realty

• DBS: HOLD | TP S\$0.70 — Similar view as PropNex; agency earnings have likely peaked, outlook for moderation or flat growth. Risks: Softer transaction volumes, lack of catalysts.

GuocoLand

• DBS: BUY | TP S\$3.30 — Upcoming Tengah Gardens Residences launch a key catalyst; strong execution visibility. Risks: Weak property demand, project execution.

ValueMax Group

• DBS: Fair Value S\$1.45 — Earnings growth driven by loan book expansion; beneficiary of higher gold prices (0.95 correlation to share price since 2023) and offers a counter-cyclical earnings hedge. Catalysts: iEdge Singapore Next 50 Index inclusion, robust loan demand, dividend yield c.3.6%. Risks: Sharp/prolonged gold price decline, rising interest rates, litigation.

China Aviation Oil

UOBKH: BUY | TP S\$2.63 — Cites strong associates’ contribution and flight volume recovery as key catalysts.

City Developments

UOBKH: BUY | TP S\$11.50 — Strong divestments YTD; potential special dividend highlighted as catalyst.

First Resources

UOBKH: BUY | TP S\$2.50 — Indonesian B50 implementation is a key catalyst.

Food Empire

UOBKH: BUY | TP S\$4.21 — Expanding footprint in key markets is the main investment thesis.

Hong Leong Asia

UOBKH: BUY | TP S\$4.71 — IPO of indirect subsidiary on the HKSE highlighted as catalyst.

Huationg Global

UOBKH: BUY | TP S\$1.23 — Strong 2025 earnings and robust orderbook are cited as positives. Risk: higher fuel costs impacting margins.

Keppel Ltd

UOBKH: BUY | TP S\$13.23 — Further success in capital recycling plans is the main catalyst.

NTT DC REIT

UOBKH: BUY | TP S\$1.42 — Potential acquisitions in Europe and Japan are key catalysts.

OCBC

UOBKH: BUY | TP S\$25.30 — Attractive yield and lower NIM risk exposure are main positives.

PropNex

UOBKH: BUY | TP S\$2.55 — Strong 2025 earnings and higher dividends are cited as catalysts.

SATS

UOBKH: BUY | TP S\$4.75 — Benign valuation and upbeat growth outlook are the main investment thesis.

Singapore Telecommunications (Singtel)

UOBKH: BUY | TP S\$5.50 — Monetisation of digital infrastructure and acquisition of a 25% stake in STT GDC to drive long-term growth via global data centre demand and recurring cash flow expansion.

UltraGreen.ai

UOBKH: BUY | TP S\$1.95 — Market leader with high margins and attractive valuation.

Valuetronics

UOBKH: BUY | TP S\$1.03 — Strong earnings from higher customer orders cited as the main investment thesis.

Hong Kong markets declined at midday, with the Hang Seng Index (HSI) down 1.1%, while the Hang Seng Tech Index (HSTI) fell 2.2% and the Hang Seng China Enterprises Index (HSCEI) dropped 1.0%.

Key drivers:

Major tech stocks led losses, including:
Xiaomi (-4.1%)
Alibaba Group (-3.5%)
Meituan (-3.1%)
Tencent (-1.7%)

Notable gainers:

Geely Auto (+6.5%, new high)
Sunny Optical (+5.6%)
Hansoh Pharma (+4.1%)
Bank of China (+0.4%, new high)

Notable decliners:

SMIC (-4.7%)
Horizon Robotics (-3.8%)
Longfor Group (-3.7%)

Smaller-cap highlights:
Several mid- and small-cap stocks hit new highs, including Gofintech Quant, Leads Biolabs, and Huishang Bank.

The market decline was driven mainly by weakness in large-cap tech stocks, despite pockets of strength in autos, healthcare, and some financials.

Economist Nouriel Roubini argues that the global economic impact of a US-Israeli war with Iran depends on its duration and outcome.

A prolonged conflict would keep energy and commodity prices elevated, creating stagflation (high inflation + low growth) globally.

Asia would suffer the most due to heavy reliance on energy imports.
Europe would face inflation and trade pressures.
The US would be relatively insulated as a net energy exporter, though still affected by slower growth and higher inflation.

Today’s highlight: UOL

UOL shares have pulled back over 18% from their February high, reaching a recent low of $9.53. Despite this correction, the stock remains one of the strongest-performing blue chips over the past year, rising from under $5 to above $11. With fundamentals largely unchanged and a solid dividend yield, this presents a prime accumulation opportunity around $9.95. A technical rebound could lift the stock back to $10.50–$11, offering 5–10% upside. Given UOL’s strong fundamentals, the share price could surpass its previous high of $11.48 over time, particularly if U.S. interest rates remain stable.

UOL shares have pulled back over 18% from their February high, reaching a recent low of $9.53. Despite this correction, the stock remains one of the strongest-performing blue chips over the past year, rising from under $5 to above $11. With fundamentals largely unchanged and a solid dividend yield, this presents a prime accumulation opportunity around $9.95. A technical rebound could lift the stock back to $10.50–$11, offering 5–10% upside. Given UOL’s strong fundamentals, the share price could surpass its previous high of $11.48 over time, particularly if U.S. interest rates remain stable

U.S. stocks rose on Wednesday, April 1, 2026, as optimism grew over a potential end to the U.S.-Iran war. The S&P 500 gained 0.72% to 6,575.32, the Nasdaq Composite rose 1.16% to 21,840.95, and the Dow Jones Industrial Average added 224.23 points (0.48%) to 46,565.74. Industrials and communication services led sector gains, while energy and consumer staples lagged

ETF trading volumes in oil funds reached record highs in March due to war-related volatility, with USO up 55% and BNO up 49% for the month  Market analysts noted that while optimism is driving a rally, volatility is likely to continue until a clear resolution emerges. Futures opened near flat Wednesday evening ahead of Trump’s national address on Iran.

Nike shares plummet to lowest in decade as turnaround sputters

US to set 25% tariff on finished steel, aluminum goods, WSJ says

Yangzijiang Shipbuilding says it has ‘no plans’ to undertake equity fund-raising transactions outside of Singapore

ST Engineering wins $600 mil contract to help build missile gun boats for Kuwait

Geo Energy Resources plans to acquire a 50.61% stake in PT Mutiara Hitam Sukses (MHS), owner of a coking coal concession PT Harfa Taruna Mandiri (HTM) in Central Kalimantan, Indonesia. The acquisition allows Geo Energy to enter the premium hard coking coal market, which commands high cash profits of US$110–140 per tonne at selling prices of US$220–250 per tonne. With an estimated annual production of two million tonnes, this could generate US$220–280 million in yearly profit

The move diversifies Geo Energy’s portfolio beyond thermal coal and capitalizes on coking coal’s strong demand, high quality, and limited global supply, offering robust margins. HTM’s 3,293-hectare concession holds a valid mining license, suitable for steel production due to its high caking index and low impurities. CEO Charles Antonny Melati views the acquisition as a “transformational” step toward building a billion-dollar integrated energy group, complementing prior investments in infrastructure and marine logistics

mm2 Asia proposed $15 mil share placement agreement with UOB Kay Hian lapses; deal with Hildrics Capital separate

First REIT to divest Indonesian assets for $471.5 mil; REIT to pivot to developed markets

King Wan Corporation secures $57.6 million worth of M&E contracts for the first three months of 2026

OCBC’s share price surged to a record high of S$22.65 on April 1, briefly lifting its market capitalization past S$100 billion, making it one of only two Singapore-listed companies in that club. The stock closed at S$22.55, up 2.6% from Tuesday

The rally was supported by strong Q4 2025 results—net profit rose 3% to S$1.75 billion—outperforming peers UOB and DBS. Analysts noted OCBC is “catching up” after underperforming DBS, benefiting from a resilient banking sector amid macro uncertainties, including the Middle East conflict

Strategically, CEO Tan Teck Long is focusing on ASEAN expansion and wealth integration. Capital management adjustments indicate OCBC can sustain a 60% profit payout. Analysts caution risks from potential declines in wealth fees and slower net new money, but OCBC’s strong asset quality (NPL ratio 0.9%) gives it an edge over UOB and DBS

Overall, OCBC’s record run reflects strong earnings, robust capital management, and favorable sector conditions in Singapore and the region.

Hong Kong stocks rallied: the HSI closed up 2% at 25,294, the HSCEI rose 1.6%, and HSTECH gained 2.3%. Shanghai and Shenzhen markets rose 1.5% and 1.7%, respectively, with strong turnover

Tech and AI stocks outperformed, led by Zhihu (+32%), Minimax (+14%), and gains in Tencent, Kuaishou, Alibaba, Baidu, and NetEase. Pharma stocks surged 8–15%, and metals/resources benefited from gold climbing above USD4,700/oz, with notable gains in Zijin Mining, China Gold International, CMOC, and Lingbao Gold

Market breadth was strong, with 83 HSI constituents rising versus 7 falling. Short selling activity accounted for roughly 24.5% of available turnover, highlighting increased investor activity

YTL Cement takeover of CEPCO: Concrete Engineering Products Bhd (CEPCO) received a RM2.60/share offer from YTL Cement Bhd (unit of YTL Corp) for a 53.49% stake (~RM103.79 million), a 39% premium over CEPCO’s last traded price. YTL plans to keep CEPCO listed.

Willowglen MSC divestment: Selling its core building automation business to Singapore’s Elixir II Pte Ltd in a RM215.2 million cash-and-share deal; Willowglen will hold a 37.8% stake in Elixir II and may rebrand as Willownex Bhd

IJM Corp: RM658.01 million hyperscale data centre in Selangor

MGB Bhd: RM200.74 million Penang workers’ quarters

Salcon Bhd: RM80.4 million Penang water pipeline

Exsim Hospitality: RM41.5 million architectural and electrical works contract

Tenaga Nasional: Up to RM10 billion sukuk programme for operations and net-zero goals.

Dagang NeXchange: RM3 billion sukuk wakalah for capex and debt repayment

Thank you