Report Summary

• DBS recommends reducing exposure to City Development after a 23% share price rise, while adding Seatrium to its equity picks on the back of strong contract wins and margin expansion potential.
• In the property agency sector, DBS views ERA’s recent regulatory censure as immaterial and prefers APAC Realty for its higher dividend yield and robust cash position.
• For regional technology, DBS expects continued growth in the semiconductor cycle and favors backend equipment makers, advanced packaging, and key players like TSMC, BYDE, Sunny Optical, Lenovo, and Lens Tech.