Broker: DBS
Date of Report: 08 Apr 2026

Excerpt from DBS report.

Report Summary

• Key Actionable Ideas:
• REITs and Property: Beneficiaries from easing inflation fears and renewed Fed cut expectations.
  Top Picks: UOL, CityDev, CICT, MLT, Suntec REIT, CAREIT.
• Agri Commodities: Potential spillover from higher oil prices.
  Top Picks: Wilmar, First Resources, Bumitama Agri.
• Transportation: Benefits from lower fuel costs.
  Top Pick: SATS (preferred), SIA.
• Defense: ST Engineering outperformed since the war started (+15%), supported by war premium.
• Tech: UMS, AEM, Frencken supported by ongoing AI/semiconductor upcycle.
• Utilities: Sembcorp Industries is a net beneficiary of higher gas prices and volatility.
• Banks: OCBC (preferred) – safe-haven flows, resilient in inflationary but non-recessionary backdrop.
• Special Note: Yangzijiang Maritime added to Growth picks; Nam Cheong removed from Growth picks.

Implications: Investors should focus on the highlighted sectors and stocks for potential upside due to current macro and geopolitical conditions. The actionable calls are sector rotation into REITs/property, selected agri commodities, and transportation names due to changing inflation and energy dynamics. OCBC is named as the preferred bank for safe-haven exposure. No explicit target prices were stated in the excerpt.

above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com/insightsdirect/