Keppel Ltd (KEP SP)
BUY | Entry: S\$11.8 | Target: S\$13.8 | Stop Loss: S\$10.8 — Infrastructure earnings resilience and capital recycling drive cash flow. Catalysts: S\$500M buyback programme, robust dividend payout. Risks: Real estate or connectivity gains may be lumpy.
OCBC Bank (OCBC SP)
BUY | Entry: S\$21 | Target: S\$25 | Stop Loss: S\$19 — Capital return plan and high dividend payout underpin rerating. Catalysts: Special dividends, share buybacks, diversified income offsetting lower NII. Risks: Net interest margin drift in a declining rate environment.
Keppel Ltd
LIM & TAN SECURITIES: BUY (Technical) — Short-term bullish momentum signaled by upward-moving Bollinger Bands and RSI at 50 (room for upside). Resistance at S\$12.80, support at S\$11.78. Key risk: Pullback if price becomes overbought or loses momentum. Medium-term view: Sideways; Long-term view: Bullish.
Boustead Singapore Ltd (BOCS SP)
OCBC Group Research: BUY | TP S\$2.45 — Potential upside of 24%. Valuation supported by 13.1x FY1 P/E, 3.8% dividend yield. Key catalysts: Strategic value unlocking, income opportunities. Risks: Not specified.
CapitaLand India Trust (CLINT SP)
OCBC Group Research: BUY | TP S\$1.37 — Potential upside of 33%. Attractive 8.0% dividend yield, trading at 12.4x FY1 P/E. Key catalysts: Income and exposure to India’s growth. Risks: Not specified.
China Aviation Oil (CAO SP)
OCBC Group Research: BUY | TP S\$2.48 — Potential upside of 16%. Trading at 11.8x FY1 P/E, 3.8% dividend yield. Key catalyst: Structural recovery in aviation sector. Risks: Not specified.
Hong Leong Asia Ltd (HLA SP)
OCBC Group Research: BUY | TP S\$4.20 — Potential upside of 44%. Valuation at 15.3x FY1 P/E, 1.8% dividend yield. Key catalyst: Value unlocking and higher capital efficiency. Risks: Not specified.
Info-Tech Systems Integrators (ITSL SP)
OCBC Group Research: BUY | TP S\$1.30 — Potential upside of 29%. Business model driven by recurring SaaS revenue and industry-leading margins. Catalysts: Strong earnings growth (46% FY25 PAT increase), expansion via PSG grants for AI adoption, presence in Johor-Singapore SEZ. Risks: Slower ramp-up in Dubai, customer retention amid weak sentiment.
Technical: Bullish trend reversal with breakout above SGD0.95, support at SGD1.00–1.05, resistance at SGD1.05–1.10; momentum targets SGD1.15.
Nordic Group Ltd (NRD SP)
OCBC Group Research: BUY | TP S\$0.60 — Potential upside of 15%. Multi-year earnings visibility from exposure to semiconductor, MRO, and defence sectors. Catalysts: Strong order book (SGD201.9m), Singapore defence budget upcycle, recurring maintenance contracts. Risks: Execution on new contracts, macro uncertainty.
Technical: Ascending channel since mid-2023, support at SGD0.42–0.43, resistance at SGD0.55–0.60; momentum sustained above moving averages.
OUE REIT (OUEREIT SP)
OCBC Group Research: BUY | TP S\$0.40 — Potential upside of 11%. Trading at 17.1x FY1 P/E, 6.4% dividend yield. Key catalyst: Income opportunities from real estate exposure. Risks: Not specified.
Parkway Life REIT (PREIT SP)
OCBC Group Research: BUY | TP S\$4.83 — Potential upside of 22%. Stable income profile, trading at 21.7x FY1 P/E, 4.5% dividend yield. Key catalyst: Long-term defensive sector exposure. Risks: Not specified.
Stoneweg Europe Stapled Trust (SERT SP)
OCBC Group Research: BUY | TP EUR1.88 — Potential upside of 26%. Trading at 10.8x FY1 P/E, 8.9% dividend yield. Key catalyst: Income and European real estate exposure. Risks: Not specified.
The Assembly Place Holdings Ltd. (ASSPH SP/TAP.SI)
KGI Securities: OUTPERFORM | TP S\$0.35 — Core thesis: Strong topline growth (+42.4% YoY in FY25), high occupancy (94.4%), and a visible pipeline (~1,490 new keys) support the company’s target of >10,000 keys by FY30. Catalysts: Expansion into new verticals (migrant worker accommodation via Habitat JV, hospitality via 163 Tras Street hotel conversion), upcoming project launches (Bangsar, 163 Tras Street, Habitat), and further capital deployment from undrawn IPO proceeds. Key risks: Lease renewal risk, regulatory changes, competitive supply pressures, macroeconomic sensitivity, execution risk from rapid expansion, market entry risk, related party landlord concentration, and technology & cybersecurity risks.
Singapore Exchange (SGX)
DBS: BUY | TP S\$22.50 — Structural inflows, derivatives growth, and safe-haven demand underpin rerating. Catalysts: Continued SGD inflows post-Liberation Day, deployment of second EQDP tranche, capital management initiatives. Risks: Slower-than-expected growth across asset classes.
Wee Hur Holdings
DBS: BUY | TP S\$0.90 — Scalable fund platform and strong workers’ dormitory segment to drive growth. Catalysts: Revenue uplift from new 10,500-bed Pioneer Lodge dormitory, potential lease renewal at Tuas View Dormitory. Risks: Lease renewal uncertainty, occupancy ramp-up at new dormitory.
UOL
DBS: Dividend focus — Upcoming dividend S\$0.25 (XD: 5-May), 2.5% of price, 1.7% FY26F yield. Highlighted for attractive dividend payout and potential value-unlocking. Stock has fallen 9.5% since 28 Feb.
City Developments (CityDev)
DBS: Dividend focus — Upcoming dividend S\$0.25 (XD: 30-Apr), 2.9% of price, 2.1% FY26F yield. Highlighted for attractive dividend payout and potential value-unlocking. Stock has fallen 12.5% since 28 Feb.
Yangzijiang Shipbuilding
DBS: Dividend focus — Upcoming dividend S\$0.20 (XD: TBA, likely 1st half of May), 5% of price, 5.4% FY26F yield. Highlighted for balanced growth and yield. Stock has fallen 8% since 28 Feb.
SATS
DBS: Positive — Forecasts +18% y/y EPS growth in FY27F. Cited as a pick for robust earnings outlook and benefits from lower fuel costs in a de-escalation scenario.
iFAST
DBS: Positive — Forecasts ~20% EPS growth in FY26F and FY27F. Share price broadly flat since early March; highlighted for robust earnings outlook.
UMS Holdings
DBS: Positive — Forecasts EPS growth of 30%/23% for FY26F/FY27F. Cited for robust earnings outlook and as a beneficiary of the ongoing AI/semiconductor upcycle.
AEM Holdings
DBS: Positive — Positioned to capture demand from both AI accelerators and CPUs, supported by Intel-Google collaboration and ongoing relevance of CPUs in AI infrastructure.
Marco Polo Marine (MPM SP)
Maybank: BUY | TP SGD0.20 (+38%) — Believes MPM is entering a rapid growth phase (FY26E–FY30E) with a first-mover advantage in the offshore windfarm space. Key catalysts: rising demand for offshore windfarm vessels, potential fleet expansion, new shipbuilding contracts, and higher charter rates and utilization. Key risks: global recession, oil price decline, China-Taiwan conflict impacting operations.
Singapore Exchange (SGX)
DBS: BUY | TP S\$22.50 — Structural inflows, derivatives growth, and safe-haven demand underpin rerating. Catalysts: Continued SGD inflows post-Liberation Day, deployment of second EQDP tranche, capital management initiatives. Risks: Slower-than-expected growth across asset classes.
Wee Hur Holdings
DBS: BUY | TP S\$0.90 — Scalable fund platform and strong workers’ dormitory segment to drive growth. Catalysts: Revenue uplift from new 10,500-bed Pioneer Lodge dormitory, potential lease renewal at Tuas View Dormitory. Risks: Lease renewal uncertainty, occupancy ramp-up at new dormitory.
UOL
DBS: Dividend focus — Upcoming dividend S\$0.25 (XD: 5-May), 2.5% of price, 1.7% FY26F yield. Highlighted for attractive dividend payout and potential value-unlocking. Stock has fallen 9.5% since 28 Feb.
City Developments (CityDev)
DBS: Dividend focus — Upcoming dividend S\$0.25 (XD: 30-Apr), 2.9% of price, 2.1% FY26F yield. Highlighted for attractive dividend payout and potential value-unlocking. Stock has fallen 12.5% since 28 Feb.
Yangzijiang Shipbuilding
DBS: Dividend focus — Upcoming dividend S\$0.20 (XD: TBA, likely 1st half of May), 5% of price, 5.4% FY26F yield. Highlighted for balanced growth and yield. Stock has fallen 8% since 28 Feb.
SATS
DBS: Positive — Forecasts +18% y/y EPS growth in FY27F. Cited as a pick for robust earnings outlook and benefits from lower fuel costs in a de-escalation scenario.
iFAST
DBS: Positive — Forecasts ~20% EPS growth in FY26F and FY27F. Share price broadly flat since early March; highlighted for robust earnings outlook.
UMS Holdings
DBS: Positive — Forecasts EPS growth of 30%/23% for FY26F/FY27F. Cited for robust earnings outlook and as a beneficiary of the ongoing AI/semiconductor upcycle.
AEM Holdings
DBS: Positive — Positioned to capture demand from both AI accelerators and CPUs, supported by Intel-Google collaboration and ongoing relevance of CPUs in AI infrastructure.
Marco Polo Marine (MPM SP)
Maybank: BUY | TP SGD0.20 (+38%) — Believes MPM is entering a rapid growth phase (FY26E–FY30E) with a first-mover advantage in the offshore windfarm space. Key catalysts: rising demand for offshore windfarm vessels, potential fleet expansion, new shipbuilding contracts, and higher charter rates and utilization. Key risks: global recession, oil price decline, China-Taiwan conflict impacting operations.
Alibaba Group (9988 HK)
CGS: ADD | TP HK\$175.0 — Expects revenue upside from e-commerce growth driven by cross-selling of instant delivery services and expansion in AI/cloud business. Cloud revenue growth seen accelerating (CAGR 40%+ FY26–31F), with profitability improvement in Quick Commerce expected by FY3/29F. Key catalysts: better e-commerce and AI/cloud revenue growth in FY27F. Key risks: diluted traffic due to competition, higher subsidies hurting margins, and large capex affecting margins.
CSE Global
Limtan: Accumulate | TP S\$1.54 — Exposure to fast-growing Data-Centre sector. Key catalysts include significant contract wins (notably with Amazon), robust order book, and strong recurring income streams. Risks: Increased net debt due to Electrification project growth, uncertainties expected to persist into 2026.
Olam Group
LimTan: BUY — Path of monetization, with key catalysts being the imminent sale of Olam Agri to SALIC (expected to reduce debt and enable special dividends), strong FY25 recovery in revenue and profit. Risks: Geopolitical tensions, supply chain disruptions, commodity price volatility, leadership transition.
DBS Group Holdings (DBS)
UOBKH: BUY | TP S\$67.55 — Core reason: Strong retail inflows and resilient earnings. Catalysts: Continued net buying by retail investors, supportive government measures. Risks: Market volatility from Middle East tensions.
Oversea-Chinese Banking Corp (OCBC)
UOBKH: BUY | TP S\$25.30 — Core reason: Positive net retail flows and stable fundamentals. Catalysts: Government support, increased investor activity. Risks: Geopolitical disruptions and US tariff uncertainty.
Singapore Airlines (SIA)
UOBKH: HOLD | TP S\$7.18 — Core reason: Solid ROE, but performance impacted by Middle East conflict and higher oil prices.
SIA Engineering
UOBKH: BUY | TP S\$3.92 — Core reason: Recovery in aviation sector, improved margins. Catalysts: Sector recovery and expansion. Risks: Oil price volatility.
SATS Ltd
UOBKH: BUY | TP S\$4.75 — Core reason: Benefiting from aviation sector recovery and new contracts. Catalysts: Sector recovery, contract wins. Risks: Oil price volatility, geopolitical tensions.
ST Engineering
UOBKH: BUY | TP S\$10.86 — Core reason: Defense sector exposure and contract momentum. Catalysts: New contract wins, rising defense spending. Risks: Project delays, regulatory changes.
CapitaLand Investment (CLI)
UOBKH: BUY | TP S\$4.05 — Core reason: Yield is supportive at current levels, strong acquisition pipeline. Catalysts: Singapore and Japan property acquisitions. Risks: Market volatility, acquisition execution.
City Developments (CIT)
UOBKH: BUY | TP S\$11.50 — Core reason: Attractive valuation and positive retail inflows. Catalysts: Strong retail net buying, property market momentum. Risks: Market volatility, sector disruptions.
Keppel Ltd
UOBKH: BUY | TP S\$13.23 — Core reason: Positive orderbook growth and asset recycling. Catalysts: Major contract wins, asset sales. Risks: Project delays.
First Resources (FR)
UOBKH: BUY | TP S\$2.50 — Core reason: Plantation sector strength, positive quarterly performance. Catalysts: Sector demand and CPO price recovery. Risks: Commodity price volatility.
Wilmar International
UOBKH: BUY | TP S\$3.50 — Core reason: Strong plantation and processing margins. Catalysts: Commodity price uptrend. Risks: Price volatility.
Yangzijiang Shipbuilding (YZJSGD)
UOBKH: BUY | TP S\$4.60 — Core reason: Robust orderbook and earnings visibility. Catalysts: New contract wins. Risks: Sector downturn.
Seatrium Ltd
UOBKH: BUY | TP S\$3.15 — Core reason: Strong earnings visibility from new contracts. Catalysts: Orderbook growth. Risks: Project execution.
Sembcorp Industries (SCI)
UOBKH: BUY | TP S\$7.10 — Core reason: Continued momentum in renewables, earnings growth. Catalysts: Overseas project wins, renewables expansion. Risks: Project delays, regulatory changes.
ComfortDelGro
UOBKH: BUY | TP S\$1.82 — Core reason: Strong ROE and recovery in transport demand. Catalysts: Transport sector recovery. Risks: Oil price volatility.
Raffles Medical
UOBKH: BUY | TP S\$1.25 — Core reason: Healthcare sector resilience and expansion. Catalysts: Sector expansion. Risks: Margin compression.
Nanofilm Technologies
UOBKH: BUY | TP S\$0.73 — Core reason: Growth opportunities in private malls and technology expansion. Catalysts: Sector expansion, new product launches. Risks: Execution risk.
Food Empire
UOBKH: BUY | TP S\$4.21 — Core reason: Strong growth momentum and product expansion. Catalysts: International sales growth. Risks: Currency volatility.
Hong Leong Asia
UOBKH: BUY | TP S\$4.71 — Core reason: Positive earnings momentum and strong ROE. Catalysts: Sector recovery. Risks: Market volatility.
Huationg Global
UOBKH: BUY | TP S\$1.23 — Core reason: Robust earnings potential in construction sector. Catalysts: Sector recovery, project wins. Risks: Execution risk.
Oiltek
UOBKH: BUY | TP S\$2.78 — Core reason: Major contract win in sustainable aviation fuel sector. Catalysts: RM1.4b contract, fivefold orderbook growth. Risks: Execution risk.
PropNex
UOBKH: BUY | TP S\$2.55 — Core reason: Strong sector growth and earnings momentum. Catalysts: Real estate market recovery. Risks: Market volatility.
SATS Ltd
UOBKH: BUY | TP S\$4.75 — Core reason: Aviation sector recovery and new contracts. Catalysts: Sector recovery, new business wins. Risks: Oil price volatility, geopolitical risk.
Singtel
UOBKH: BUY | TP S\$5.50 — Core reason: Positioned for further growth and sector recovery. Catalysts: Sector expansion, new business initiatives. Risks: Regulatory changes.
UltraGreen.ai
UOBKH: BUY | TP S\$1.95 — Core reason: Strong earnings momentum and sector innovation. Catalysts: Technology leadership. Risks: Execution risk.
Valuetronics
UOBKH: BUY | TP S\$1.03 — Core reason: Growth potential and solid earnings visibility. Catalysts: Sector expansion. Risks: Execution risk.
Mapletree Pan Asia Commercial Trust (MPACT)
UOBKH: BUY | TP S\$1.84 — Core reason: Attractive yield and positive retail flows. Catalysts: Sector recovery. Risks: Market volatility.
Mapletree Industrial Trust (MINT)
UOBKH: HOLD | TP S\$2.22 — Core reason: Stable yield and sector resilience. Catalysts: Sector expansion. Risks: Market volatility.
Keppel DC REIT
UOBKH: BUY | TP S\$2.82 — Core reason: Positive yield and sector resilience. Catalysts: Sector growth. Risks: Market volatility.
Frasers Centrepoint Trust (FCT)
UOBKH: BUY | TP S\$2.90 — Core reason: Attractive yield and sector resilience. Catalysts: Retail sector recovery. Risks: Market volatility.
CapitaLand Integrated Commercial Trust (CICT)
UOBKH: BUY | TP S\$2.95 — Core reason: Yield is supportive at current levels, sector resilience. Catalysts: Retail sector recovery. Risks: Market volatility.
NTT DC REIT
UOBKH: BUY | TP S\$1.42 — Core reason: Strong yield and sector growth. Catalysts: Sector expansion. Risks: Market volatility.
Stocks continued their rally Thursday amid optimism over a fragile two-week U.S.-Iran ceasefire. The S&P 500 rose 0.62% to 6,824.66, Nasdaq gained 0.83% to 22,822.42, and the Dow Jones climbed 275.88 points (0.58%) to 48,185.80, entering positive territory for 2026
Crude prices surged, with West Texas Intermediate briefly exceeding $100 before settling at $97.87 per barrel, and Brent crude closing at $95.92
The market was influenced by Israel agreeing to negotiate with Lebanon and Iran committing to reopen the Strait of Hormuz for two weeks, although oil traffic remains limited
Tech and defensive sectors led gains, highlighted by a 2.6% jump in Meta Platforms after unveiling a new AI model, along with rising shares in Walmart and utilities.
Investor confidence is buoyed by the ceasefire, though concerns remain over supply disruptions if the strait remains partially closed.
China is exploring financial support for its state-run airlines as soaring fuel costs from the Iran conflict strain the industry, potentially the largest aid package since the Covid pandemic. Measures under consideration include government subsidies, preferential tax treatment, state-backed low-interest loans, and possible mergers, though no decisions have been made yet
China’s largest carriers—China Southern, China Eastern, and Air China—have struggled financially since Covid, collectively losing about 209 billion yuan (roughly US$39 billion) between 2020 and 2025, with only one profitable year for China Southern. Previous government interventions included emergency loans, discounted charges, and subsidized domestic flights.
The current deliberations remain at an early stage, and authorities have not publicly commented on potential actions.
The Breakwave Tanker Shipping ETF (BWET), a $65 million fund, has become a real-time indicator of tanker traffic through the Strait of Hormuz amid the Iran conflict. BWET plunged 13% when Iran briefly allowed safe passage but surged again after tanker traffic was halted by the Revolutionary Guard. Over the past year, it has soared roughly 1,300%, from $10 to nearly $150 per share, reflecting both war-driven disruptions and structural tightness in global shipping .
BWET invests mainly in freight futures for very large crude carriers moving oil from the Middle East to China, capturing the steep increase in shipping costs caused by the effective closure of the strait and global supply constraints. Despite its huge gains, the fund has seen limited investor inflows due to high fees, niche exposure, and complex tax rules .
Analysts note that even if the strait fully reopens, ongoing higher insurance costs, rerouted supply chains, and logistical chaos at key ports may sustain demand and elevated shipping rates, making the ETF’s gains potentially more structural than purely war-driven .
Crescendo Corporation Bhd plans to sell 49.72 acres of land in Johor for RM346.53 million to Digital Edge Data Centers.
Arka Bhd proposes selling its 40% stake in Enfrasys Solutions for RM43 million, expecting a pro forma gain of RM9.1 million.
Ideal Capital Bhd plans a two-for-one bonus issue of one billion shares to improve liquidity and shareholder participation.
UOL
DBS: Focus on upcoming dividend payout (S\$0.25; XD date 5-May; 2.5% of current price). Stock has fallen ~10% since early March, offering potential value-unlocking. FY26F yield: 1.7%. Key catalyst: Attractive dividend and potential value unlocking if Middle East uncertainties ease.
City Developments (CityDev)
DBS: Focus on upcoming dividend payout (S\$0.25; XD date 30-Apr; 2.9% of current price). Stock has fallen 12.5% since end-February, offering potential value-unlocking. FY26F yield: 2.1%. Key catalyst: Attractive dividend and potential value unlocking if Middle East uncertainties ease.
Yangzijiang Shipbuilding
DBS: Focus on upcoming dividend payout (S\$0.20; XD date TBA, likely 1H May; 5% of current price). Stock has fallen 8% since end-February. FY26F yield: 5.4%. Investment thesis: Balanced growth and yield. Key catalyst: Attractive dividend and earnings update if Middle East situation stabilizes.
SATS
DBS: Robust earnings outlook; expects +18% y/y EPS growth in FY27F. Key catalyst: Strong 1Q earnings update if Middle East uncertainties ease.
iFAST
DBS: Robust earnings outlook; c.20% EPS growth in both FY26F and FY27F. Share price broadly flat since early March. Key catalyst: Strong 1Q earnings update.
UMS Integration
DBS: Robust earnings outlook; expects EPS growth of 30% (FY26F) and 23% (FY27F). Key catalyst: Strong 1Q earnings update.
MoneyMax Financial Services (MMFS SP)
Maybank: Not Rated | Last Price: SGD 0.85 — Attractive at 9.3x trailing P/E (~20% discount to industry average of 11.3x), with strong revenue and profit growth driven by elevated gold prices, diversified business model, and resilient demand for pawnbroking and retail gold.
Catalysts: Elevated gold prices, resilient retail volumes, outlet/network expansion in Singapore and Malaysia, product innovation toward affordable/lighter-weight gold items, capital market funding (tokenised commercial papers/MTN).
OCBC Bank (OCBC SP)
RE-ITERATE BUY | Entry: 21 | Target: 25 | Stop Loss: 19 — Capital return is a real rerating lever; proposed 60% payout for FY25 (including special dividend and ongoing S\$2.5B two-year capital return plan). Downside is tightened even if NIM drifts lower; diversified income offsets NII downcycle. Key risk: Lower net interest income in a declining rate environment.
Yangzijiang Maritime Development Ltd
DBS: BUY (Initiating Coverage) | TP S\$0.88 (63% upside) — Asset-light, partnership-driven maritime investment platform expected to deliver 15–20% earnings CAGR from capital deployment and shipbuilding upcycle. Catalysts: Cash deployment, newbuild investment, vessel sale. Risks: Prolonged shipping downturn, industry overcapacity, rising funding costs, regulatory changes, competition from global capital.
MoneyMax Financial Services Ltd
CGS: Technical Buy | Entry: S\$0.85, TP1: S\$1.06, TP2: S\$1.18, TP3: S\$1.22, TP4: S\$1.30, Stop Loss: S\$0.57 — Strong uptrend with bullish technical signals (breakout above falling wedge, bullish Ichimoku, strong MACD, and oversold Stochastic), targeting continued price upside.
Oversea-Chinese Banking Corporation (OCBC)
KGI: RE-ITERATE BUY | Entry: S\$21, TP: S\$25, Stop Loss: S\$19 — Capital returns (special and ordinary dividends) and S\$2.5B capital return plan support upside; diversified income offsets lower net interest income. Catalysts: Dividend payouts, capital return execution. Risks: Lower NIM in a declining rate environment.
United Overseas Bank Ltd (UOB)
KGI: RE-ITERATE BUY | Entry: S\$35.5, TP: S\$40.5, Stop Loss: S\$33 — Supported by MAS policy stability and fee income momentum; ASEAN franchise provides growth, and provisioning is front-loaded. Catalysts: Steady SORA conditions, fee momentum, ASEAN expansion. Risks: Not specified.
InnoTek Limited
Lim & Tan Securities: Trading halt — Entered into a share placement agreement with Maybank Securities to issue up to 24.6 million new shares at S\$0.6506 (9.5% discount to VWAP), raising gross proceeds of S\$16.0 million. Proceeds primarily for corporate activities, acquisitions, JVs, and Southeast Asia expansion (91%), remainder for working capital. CEO to sell 6.15 million shares at same price to broaden shareholder base and improve liquidity. No change of control, 90-day moratorium on new issuance, and shares qualify for FY2025 dividend. Company trades at 22x forward PE, 1x PB, 2.7% yield. Market cap S\$172.6 million. Key catalysts: deployment of placement proceeds for M&A/expansion; improved liquidity from vendor sale.
Info-Tech Holdings
Lim & Tan Securities: Positive — FY25 revenue up 29% to S\$56.5 million, core SaaS business growing, adjusted net profit after tax S\$18.0 million, zero borrowings, S\$67.3 million cash. High customer retention (90%), strong orderbook growth, regional expansion into Middle East, and proposed final dividend of 1.95c (total 3.5c for FY25; 3.4% yield). Trades at 13.4x FY26F PE, 7x PB, 30% upside to consensus TP S\$1.35. YTD share price gain 33%. Monitoring financial performance and fundamentals over next year before formal recommendation.
United Overseas Bank Ltd (UOB SP)
RE-ITERATE BUY | Entry: 35.5 | Target: 40.5 | Stop Loss: 33.0 — MAS policy stance, fee momentum, and ASEAN franchise support outlook. Provisioning is front-loaded for 2026, reducing downside tail risk and improving earnings visibility. Key catalyst: Clean 2026 earnings slope post-provisioning.
Keppel DC REIT (KDCREIT SP)
UOBKH: BUY | TP S\$2.82 — Anchored by stability and resiliency in Singapore data centre market; supported by sponsor Keppel. Catalysts: Rising demand for colocation space driven by AI applications, acquisitions of hyperscale data centres in Japan and South Korea. Risks: FDCs (floating data centres) not qualifying as real estate and thus not permissible investments for S-REITs, exposure to interest rate fluctuations (though 71% of borrowings are hedged), asset stabilization timing for pipeline projects (SGP9, Tokyo DC) only post-2028.
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