Beng Kuang Marine ($0.45)
Solid start to FY2026 with S$55.9 million order book. Key earnings driver ASOM secured S$27.6 million contracts, with upside potential from ongoing West Africa lifecycle contracts. Target price $0.535 (18.9% upside). BUY call maintained.

DBS Group Holdings (DBS SP)
UOBKH: BUY | TP S$67.55 — Top sector pick offering attractive 2026 dividend yield of 5.6% (DPS: S$0.81/quarter), with net profit forecast at S$2,833m for 1Q26 (+25% qoq, -2% yoy). Wealth management fees expected to grow 8% yoy to S$780m, supported by net new money inflows from Middle East clients. NIM expected to compress modestly by 3bp qoq to 1.90%. CIR guided at low-40% range. Target price based on 2.73x 2026F P/B (Gordon Growth Model: ROE 16.1%, COE 7.5%, growth 2.5%).
Catalysts: Continued wealth AUM expansion; renminbi clearing bank approval in Singapore; resilient fee income growth.
Risks: Prolonged Middle East conflict; elevated energy prices; second-order credit quality impact.

InnoTek Limited ($0.815)
Successfully completed private placement, raising S$16.0 million for expansion in Southeast Asia and AI server-related manufacturing. CEO also selling 6.15 million vendor shares at S$0.6506/share. Placement shares represent 9.54% of enlarged share capital. At current price, trades at 30x FY26 PE, 1.1x book, and 2.5% yield.

JD.com (9618 HK)
UOBKH: BUY | TP HK$155.00 — Maintains BUY with a higher target price implying 14x 2026F PE, as JD trades at 10.5x 2026F PE, 1SD below historical mean; thesis supported by narrowing food delivery losses, resumption of national subsidies, and accelerating international expansion via JoyBuy in Europe. Catalysts include strong revenue growth recovery in 2H26 on easier comps, AI commercialisation via “JoyClaw” assistant driving incremental JD Cloud demand, and the second phase of Rmb62.5b national subsidies underpinning electronics and appliances demand. Risks include consumption and logistics disruption, intensified competition in fresh produce and FMCG segments, and consumption downgrade.

Olam Group ($0.89)
Regulatory approvals for sale of 44.58% stake in Olam Agri to SALIC obtained. Successful sale may trigger debt reduction, special dividends, and further corporate actions. BUY recommendation reiterated.

Oversea-Chinese Banking Corporation (OCBC SP)
UOBKH: BUY | TP S$25.30 — Net profit forecast at S$1,793m for 1Q26 (-5% yoy, +3% qoq). Fee income expected to grow strongly at 19% yoy to S$650m, driven by wealth management fees up 28% yoy to S$345m. Strategic shift to accelerate growth across twin wealth hubs (Singapore and Hong Kong) and deeper ASEAN domestic presence expected to provide ROE uplift. S$1b share buyback programme (22% completed); remaining S$780m may be returned as special dividend if unutilised by end-2026. Target price based on 1.79x 2026F P/B (Gordon Growth Model: ROE 12.5%, COE 7.5%, growth 1.2%).
Catalysts: Double-digit non-interest income growth; mid-single-digit loan growth; potential special dividend from buyback programme residual.
Risks: Mark-to-market losses in insurance portfolio; NIM erosion from continued SORA weakness; prolonged Middle East conflict.

United Overseas Bank (UOB SP)
Report Summary: United Overseas Bank (UOB SP)
Action: Hold (no change)
Target Price: S$38.70 (lowered from S$40.90)
Current Price: S$37.59
Key Idea: UOB faces continued net interest margin (NIM) compression and normalisation of credit costs. The bank’s earnings are pressured by softer non-interest income growth and higher provisions, but share buybacks partially mitigate EPS declines.
FY26F Net Profit Guidance: S$1.4bn, down 8% year-on-year and 3% quarter-on-quarter.
Risk Factors: Upside from lower credit costs and stronger fee income, especially in wealth management. Downside from weaker ASEAN outlook, faster asset quality deterioration, and steeper NIM decline.
Ticker: UOB SP
Implication: Investors should remain cautious. The report advises holding UOB shares given margin pressures and macro uncertainties, with limited upside at current levels.

Singapore REITs (Sector)
Broker Name: DBS Bank
Date of Report: 16 April 2026
Excerpt from DBS report.

Report Summary

Trending Sector: Singapore REITs
Key Idea: Low SORA (Singapore Overnight Rate Average) and signs of geopolitical de-escalation support rebound potential for Singapore REITs.
Actionable Insight: SREITs are positioned to benefit from lower SORA rates, which remain around the 1% level. This creates favorable financial conditions for REITs in 2026.
Target Price & Action: Trading range maintained for Straits Times Index (STI): Support at 4,700–4,760; Resistance at 5,000–5,040.
Implication: Investors should focus on Singapore REITs, capitalizing on low interest rates and stable market conditions for potential rebound.

Innotek raises $16 mil via placement from investors including Amova, Asdew, Avanda

iX Biopharma’s Lee and wife Tang sell 13 mil shares on two different occasions. Share price of iX Biopharma briefly hits IPO price of 46 cents after listing on Catalist board for 11 years

Aspial Lifestyle reports 1QFY2026 profit before tax of $40 mil, up 140% y-o-y; intends to explore fund-raising options

Geo Energy Resources raises $18.4 mil from investors including Centurion’s Han, Asdew

Sanli Environmental secures $14 million in new contracts, prioritising timely execution of record order book

StarHub H2 net profit more than halves to S$38.5 million; guides lower earnings in FY2026

Yangzijiang Shipbuilding has spun off a new wholly owned subsidiary, Jiangsu Yangzi Hongda Shipbuilding and Repair, to operate vessel delivery, repair, and conversion facilities in Nantong, China. The unit is capitalized at US$100 million using internal funds and is not expected to materially affect the company’s 2026 earnings or net assets. The company also stated that its directors and controlling shareholders have no additional interests in the new subsidiary beyond their existing stakes.

SIA Group flies record 42.4 million passengers in FY2026; March traffic up 14.7%

Suntec Reit eyes injection of 9 Penang Road from sponsor into portfolio

F&N to buy nearly 20% stake in New Zealand honey manufacturer Comvita for NZ$20.1 million

Lendlease Global Commercial Reit prices S$120 million perpetual securities at 4.28%

Hong Kong stocks opened strong but trimmed gains, with the Hang Seng Index closing slightly higher, supported by tech shares like Alibaba and JD.com, though some AI and materials stocks declined. Mainland Chinese markets were weaker overall, with Shenzhen and ChiNext indices falling despite flat Shanghai performance. Investors also reacted to softer Chinese inflation and export data, while policy support boosted pharmaceutical stocks. CATL earmarks 30 billion yuan for critical minerals security as Q1 profits surge 49%.

Several Malaysian companies reported notable corporate developments across sectors. ITMAX secured a major RM603.5 million contract extension to expand AI-driven surveillance systems in Johor Bahru, while Tuju Setia won a RM359 million construction contract for a high-rise project. Tropicana continued debt reduction by redeeming RM133.2 million in sukuk, and LBS Bina settled a legal dispute for RM7 million. Uzma obtained multiple oilfield service contracts from PETRONAS, while Express Powerr expanded into Indonesia with a 15MW power project. MGB secured a smaller construction job in Saudi Arabia, Infomina posted solid earnings growth, and Dialog began a major terminal expansion in Johor to boost storage capacity.

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