𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *26/5/26*

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STI: 5070 (+2) | HSI: -- (--) | Dow: – (--) | S&P: -- (--) | Nasdaq: -- (--)

.

What’s Brewing Today*

.

Well, STI crossed the 5100 level briefly yesterday to hit a high of 5102. Din last long, but still managed to eke out a small 2-point gain. *SATS* may attract market interest after a good 4Q26 earnings, with a 5c final dividend proposed. Actually, already saw some upticks on the share price. Optimistic of a continuation of a rebound. Look out also for *Boustead Singapore* and *Skylink* for the other possible “earnings plays”.

.

In small cap, *Global Resources* may attract some market interest as its contract win is expected to contribute positively to bottomline in FY26.

.

===

*Happening Today*

SG Earnings

— Hotung Inv: TWD 2.55

— IFAST: SGD 0.025

— Koh Bros: SGD 0.003 + SGD 0.006 SPECIAL

— NetLink NBN Tr: SGD 0.0271

— ST Engineering: SGD 0.04

— ThaiBev: THB 0.15

SG

— Industrial Production (YoY) (Apr)

JP

— BoJ Core CPI

EU

— ECB Financial Stability Review

US

— CB Consumer Confidence  (May) / S&P/CS HPI Composite - 20 n.s.a. (YoY) (Mar)

.

===

*SG Stock news*

— *SATS Ltd* posted a strong 4Q FY26 performance with revenue rising 9.8% to S$1.62 billion and net profit attributable to shareholders increasing 31.0% to S$50.7 million, driven by growth across all business segments despite Middle East disruptions. proposed 5c dividend

https://links.sgx.com/1.0.0/corporate-announcements/TRLKR83JYXFAAP6C/890169_SATS_4Q_FY26_Business_Update.pdf

— *Boustead Singapore* reported FY2026 net profit surged 145% to S$232.6 million, driven mainly by asset sales to UI Boustead REIT and stronger associate contributions, while revenue rose 18% to S$624.4 million and the board proposed a higher total dividend of 10.0 cents per share despite adjusted net profit declining 35% year-on-year.

https://links.sgx.com/1.0.0/corporate-announcements/2PY6IZRAXC4LOSR4/890196_Boustead%20Media%20Release-FY2026%20Financial%20Results%20Announcement-25.05.2026.pdf

— *Skylink Holdings* delivered strong inaugural FY2026 post-RTO results with revenue rising 34.1% to S$35.4 million and adjusted net profit increasing 61.7% to S$4.43 million, supported by robust growth in its commercial vehicle leasing and engineering businesses, healthy operating cash flow of S$12.0 million, and a proposed dividend of 0.55 Singapore cents per share, representing a payout ratio of over 30%.

https://links.sgx.com/1.0.0/corporate-announcements/ZF7N5RS9GTH61XZH/890214_Skylink_PR_FY2026_Financial%20Results.pdf

— *Frasers Logistics & Commercial Trust* Increases European L&I Footprint with the Acquisition of Interests in Four Properties from subsidiaries of *Frasers Property*

— *Jason Marine* delivered stronger FY2026 performance with higher revenue, improved margins and a 70.8% rise in net profit to S$1.3 million, while maintaining a robust balance sheet and strengthening its order book despite ongoing global economic and geopolitical uncertainties.

https://links.sgx.com/1.0.0/corporate-announcements/348TZHNA7EDQIP24/890099_JMG_FY2026_Results%20presentation.pdf

— * Vividthree Holdings* is expected to report a net loss for FY2026, mainly attributable to lower revenue, recognition of impairment losses on goodwill arising from business combinations, fair value losses in investments in financial assets, and expected credit losses on receivables.

— *Aspial Lifestyles* $60 mil private placement attracts institutional investors including JPMorgan and Value Partners

https://www.theedgesingapore.com/news/equity-raising/aspial-lifestyles-60-mil-private-placement-attracts-institutional-investors

— * Global Resource Construction* has been awarded a civil engineering works contract valued at approximately S$95.7 million by HDB. The Contract is expected to contribute positively to the net tangible assets and earnings per share of the Company for the financial year ending 31 December 2026.

— *Astaka Holdings* proposes a capital reduction to write off S$449.7 million of accumulated losses without affecting shareholders’ shareholdings or the number of issued shares, in order to strengthen its balance sheet and financial position.

— * 9R Limited* is expected to report a higher net loss for FY2026, primarily due to the absence of one-off reversal of loss allowance on financial assets and contract assets recognised in previous financial year

.

Sources:

www.sgx.com

www.investing.com

www.theedgesingapore.com

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Cheers!

Dan

.

Start your investment journey here:

https://www.phillip.com.sg/talktophillip/danccs/

.

Disclaimer:

https://tinyurl.com/dan-disclaimer

.

#dailyupdate #tradeSGX #POEMS #danccs

REITs Symposium 2026: Reflections.

You can tell a lot about the investing mood in Singapore by what people are willing to wake up early for on a Saturday morning.

And judging by the crowd at REITs Symposium 2026, the passion for investing is still very much alive.

By the time I arrived early for my sharing session, the place was already buzzing. Investors everywhere, booths crowded, and conversations flowing before the programme even properly started.

Honestly, moments like this remind me how passionate and resilient the Singapore retail investing community really is.

This year, I had the opportunity to do a sharing session on Beyond REITs: Building a Stronger Income Portfolio, where we discussed how some investors can complement traditional REIT portfolios with dividend ETFs such as the Lion-OSPL APAC Financial Dividend Plus ETF and the UOBAM ASEAN Dividend ETF.

Beyond the talks, one of the nicest parts of the event was simply walking around, catching up with people, and hearing different perspectives from across the industry.

Was nice seeing InvestSG’s strong presence at the event and the long queues at the PhillipCapital booth throughout the day. Good to see continued efforts in building greater engagement within Singapore’s investing ecosystem.

Had a good time connecting with Mary Ng from OUE REIT, Wong Siew Lu from United Hampshire US REIT, Malcolm Chen from BHG Retail REIT, Elena Arabadjeva from Stoneweg and Raphael Goh from CSOP Asset Management. Had some interesting conversations around regional diversification and income opportunities beyond Singapore.

What I find interesting about the REIT space today is this. Every REIT increasingly reflects a different economic story.

Want exposure to Singapore offices and hospitality, plus some Australia diversification? There’s OUE REIT.

Watching China’s retail consumption recovery? BHG Retail REIT naturally comes into the conversation.

Prefer defensive US grocery-anchored retail exposure? United Hampshire US REIT is another name investors often discuss.

Looking for exposure to Europe’s real estate markets? Stoneweg European Stapled Trust offers investors a way to tap into European property income themes and market cycles that are structurally different from Asia-focused REIT portfolios.

And if selecting individual REITs feels overwhelming, products like the CSOP S-REIT Leaders ETF offer diversified exposure across multiple Singapore-listed REITs in one product.

Really nice as well catching up with friends and fellow remisiers throughout the day, including Ong Cheong Jin, Geoff Howie, Wei Chin Kang, Jeremy Sing, @The_Joyful_Investors, Royston Yang, Eng Thiam Choon, and Samuel Tay.

Events like this remind you that investing may look numbers-driven on the surface, but at the heart of it, it is still very much a people business.

A heartfelt congratulations as well to ShareInvestor, especially @shanison , @nigellim , Jack Hong and team, for putting together yet another successful event.

In a world increasingly driven by AI, algorithms, and short attention spans, investors still showed up physically to learn, exchange ideas, and connect with one another.

Because at the end of the day, markets may run on algorithms, but conviction is still built through people and conversations.

#REITsSymposium2026 #danccs

$AEM SGD(AWX.SI)surged strongly and is now pushing towards the 11.00 resistance after holding above the 9.00 support zone.

All 20d, 100d and 200d moving averages are pointing up, keeping momentum aligned with the broader uptrend. The earlier 1GT Bullish signals remain in play as buyers continue to defend higher lows. 

If price can break and close firmly above 11.00, the next upside target sits near 12.00. With strength building up, could a clean push through 11.00 spark the next leg higher toward 12.00?

Momentum has started rebuilding after reclaiming the $37.00 support level, with buyers gradually stepping back into the market.

Now, all eyes are on the key $39.00 resistance.

The current consolidation beneath this level may be a healthy buildup as the stock attempts to retest its previous highs.

So the key question is:

Can UOB break above $39.00 and continue the broader uptrend?

👉 Read the full breakdown here:
https://joeychoy.beehiiv.com/p/uob-approac...

Earnings can be dressed up. Cash is hard to fake.

‌

That’s why smart investors pay close attention to free cash flow. It shows a company’s real financial strength and flexibility, not just accounting profits.

‌

This week’s post explains why FCF matters, how to spot quality businesses, and how to combine it with timing for better decisions.

‌

👉 Read it here:
https://joeychoy.beehiiv.com/p/the-power-o...

https://youtu.be/Lj_W1BLlxHY
$DBS(D05.SI) $OCBC Bank(O39.SI) $UOB(U11.SI)

https://youtu.be/Tuiy2Gq7pxo
$DBS(D05.SI) $UOB(U11.SI) $OCBC Bank(O39.SI) $SGX(S68.SI) $Singtel(Z74.SI)

https://www.youtube.com/live/cALWrd3H51E?s...
$DBS(D05.SI) $OCB5S(OCB5S.SI) $UOB(U11.SI) $SGX(S68.SI)

‌Technical Analysis (TA)

Looking at the multi-year weekly chart provided up to late May 2026:

$Stoneweg EUTrust EUR(SET.SI) $Stoneweg EUTrust SGD(SEB.SI)

• The Big Picture (Base Building): After a severe macro-driven downtrend from 2021 through late 2023, the stock found a cyclical bottom near €1.20. Since 2024, the chart has transitioned out of its downtrend into a healthy, extended accumulation base ranging between €1.40 and €1.75.


• Current Price Action: The stock is trading at €1.520, tightly hovering around its 20-week and 50-week Moving Averages (the pink and blue lines), while the 200-week Moving Average (green line) has flattened out at €1.567. This indicates a compression phase where volatility is drying up before a major breakout attempt.


• Key Levels to Watch:
  Immediate Support (€1.461): A well-tested horizontal floor that has held multiple times throughout 2025 and early 2026.
  Immediate Resistance (€1.638): The local peak. A convincing weekly close above this level clears the path toward the major psychological barrier at €1.75.
  Macro Target (€2.134): The historical broken support line, which will serve as a major long-term upside target once the €1.75 range is cleared.

‌

Fundamental Analysis (FA)

‌

‌

Stoneweg EU Trust has successfully completed its painful capital restructure and pivot phase, emerging as a structurally stronger, high-yielding stapled trust.

• Deep Valuation Discount: The stock is currently trading at a compelling ~25% discount to its Net Asset Value (NAV) of €1.99. This provides a massive margin of safety for value investors, with major banks maintaining buy targets around €1.88–€1.90.


• Attractive, Stabilized Yield: Trading at €1.52, the trust offers a forward dividend yield of roughly 8.6% to 8.7%. Following management's successful portfolio reset, distribution per unit (DPU) has stabilized, making this yield highly reliable compared to previous volatile years.


• Portfolio Re-positioning: The trust has aggressively recycled capital out of non-core European offices and into high-growth segments. Its mix currently stands at 61% logistics, light industrial, and data centers, with a clear strategic roadmap to hit 70% by 2027.


• Solid Balance Sheet: Gearing sits at a manageable 42.7% (with plans to naturally deleverage below 40% via further office sales). Crucially, 87% of its debt is hedged or fixed until late 2027, keeping its current cost of debt well-controlled at 3.84%.

‌

Tailwinds & Headwinds

‌

‌

🚀 Tailwinds (The Upside Drivers)

‌

‌

• Built-in Inflation Protection: Nearly 100% of SERT’s leases feature CPI-linked rental indexation. This allows the trust to capture organic rental growth automatically, resulting in a positive +3.9% overall rent reversion in 1Q 2026.


• Data Center Growth Optionality: The trust’s recent €50 million development investment into AiOnX data centers provides a dual benefit: a fixed 7.25% annual cash coupon plus meaningful future NAV upside as construction milestones clear.


• Aggressive Share Buybacks: Management is actively supporting the stock price, having repurchased over 2.1 million securities year-to-date in 2026, which helps boost DPU.


• Excellent Cost Pass-Through: The trust is highly insulated from volatile utility costs, successfully passing 98.4% of energy hikes directly onto its tenants.

‌

⚠️ Headwinds (The Risks to Watch)

‌

‌

• Bifurcated Property Market: While logistics demand is roaring (+7.6% rent reversion), the trust's remaining 41% exposure to European offices remains a drag, experiencing slightly negative rent reversions (-2.8%) as management prioritizes keeping occupancies stable over higher rents.


• Tight Interest Coverage: Net interest cover stands at 2.6x. While its debt is comfortably hedged until late 2027, if Eurozone interest rates stay "higher for longer" past 2027, refinancing down the road could pressure future earnings.


• Subdued Eurozone Growth: The underlying European macro economy remains sluggish, with modest GDP growth projections hovering around 1.1% for 2026, meaning organic growth relies heavily on structural shifts (like e-commerce and near-shoring) rather than broader economic expansion.

‌

The Verdict

‌

‌

Stoneweg EU Trust is technically coiled in a multi-year accumulation floor, while fundamentally trading at an unwarranted 25% discount to its assets. For income investors, the 8.6% yield is backed by strong logistics fundamentals and CPI-pegged rents, making the risk/reward profile heavily tilted to the upside.

‌

Kenny Loh is a distinguished MAS Private Wealth Advisor (RNF: LKK300389588) representing Financial Alliance with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.

👉 https://www.kennyloh.net/............

Check out more REIT financial ratio at https://reitsavvy.com......
‌

‌
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Investing involves risk. Please consult a licensed financial advisor to ensure any investment is suitable for your specific financial circumstances and risk profile.

‌1. Technical Analysis (TA)
Based on the provided ShareInvestor daily candlestick chart ending May 23, 2026: $ESR REIT(9A4U.SI) $ESR-REIT(J91U.SI)

• Fibonacci Retracement & Support/Resistance: * The stock is currently trading right at 2.380, hovering immediately above the crucial 38.2% Fibonacci retracement level (approx. 2.360).


• The 0% baseline sits near 2.000, which acts as major structural support.
  Immediate resistance sits at the 61.8% Fibonacci level around 2.550, followed by the 100% peak near 2.880 – 2.920.


• Moving Average (MA) Cross Setup:
  The 20-day and 50-day MAs (pink and blue lines) are tightly intertwined, flattening out right around the current price cluster (2.380–2.430). This signals a classic consolidation phase and a lack of immediate directional momentum.
  The 200-day MA (green line) is sloping downward and sits much higher at 2.648, acting as heavy overhead macro resistance.


• Price Action & Structural History (Circled Areas):
  The three circled areas highlight historical resistance-turned-support-turned-resistance zones. Early 2025 saw major distribution/breakdowns from those levels.

After a strong recovery leg in mid-to-late 2025 that peaked near the 100% Fib line, the stock experienced a sharp correction in Q1 2026. The current price action indicates it is trying to carve out a sustainable base in the 2.300–2.400 range.

2. Fundamental Analysis (FA)

• Key financial metrics and operating performance context for mid-2026:
  Valuation & Yield: At 2.38, the REIT trades at a noticeable discount to its Net Asset Value (NAV / Price-to-Book is around 0.93x). It offers a highly competitive forward distribution yield of ~8.0% to 9.2%, comfortably beating the industrial sector average (~8.4%).


• 1Q2026 Earnings & Operational Health: The Q1 2026 business update showed a slight 2.3% dip in Net Property Income (NPI) to S$80.6 million. Overall portfolio occupancy remains relatively stable but slightly soft at 91.1%.


• Capital Structure: The gearing ratio stands around 43.4%, which sits on the higher side of the MAS regulatory ceiling and above the industrial sector average of ~37%. The Interest Coverage Ratio (ICR) is tight at 2.5x, flagging a constrained profile for debt-funded expansions.

3. Headwinds & Tailwinds
🛑 Headwinds

• Income Gap from Heavy Divestments: The manager executed a larger-than-expected S$455.8 million divestment campaign going into 2026 (shattering the original S$200 million target). While this protects the balance sheet, it leaves an immediate 12% to 13% drop-off in top-line revenue capacity until those funds are fully redeployed.


• Cost of Debt & Soft ICR: With an ICR lingering right at 2.5x, the cost of refinancing older hedges at current market rates puts structural pressure on the DPU payout capabilities.


• Shareholder Dilution: Historical equity fundraising and minor asset unitholder dilutions over the past year have expanded the float, requiring higher net earnings just to keep DPU stable.

航 Tailwind & Catalysts

• Aggressive Asset Redeployment (Japan Focus): The management is actively hunting for up to S$500 million in higher-yielding New Economy assets, focusing heavily on logistics and data infrastructure in Japan. Accretive acquisitions here act as the main re-rating catalyst for late 2026.


• De-gearing Runway: As the remainder of the S$455.8m divestment proceeds settle, aggregate leverage is projected to glide back under the safer 40% threshold, alleviating debt-covenant anxieties.


• Strong Secular Rent Reversions: Despite lower occupancy, the logistics and high-specification industrial segments continue to enjoy positive rental reversions due to tight supply dynamics in prime Singapore industrial hubs.
  Insider Alignment: Notable on-market insider buying (e.g., Board members buying chunks of shares between 2.41 and 2.47 earlier this year) demonstrates strong management confidence at these exact valuation levels.

Summary Outlook
Technically, ESR-LOGOS REIT is catching its breath at a critical structural floor (38.2% Fib at 2.36–2.38). Fundamentally, it is enduring a transition year—trading short-term revenue loss from massive asset sales for long-term balance sheet health and pipeline rejuvenation. A decisive breakout above the 50-day MA would confirm a base case, while the timeline for redeploying capital into overseas logistics will dictate the stock's multi-month trajectory.

‌

‌

Kenny Loh is a distinguished MAS Private Wealth Advisor (RNF: LKK300389588) representing Financial Alliance with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.
👉 https://www.kennyloh.net/.........
‌
Check out more REIT financial ratio at https://reitsavvy.com...
‌
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Investing involves risk. Please consult a licensed financial advisor to ensure any investment is suitable for your specific financial circumstances and risk profile.

Technical Analysis (TA)

‌‌

‌Based on the provided daily candlestick chart for NTT DC REIT USD (SGX: NTDU) up to May 23, 2026: $NTT DC REIT USD(NTDU.SI)

‌

Trend & Moving Averages‌‌

• Moving Average Structure: The chart plots a MACross (20,50,200).
  The short-term MA (red, 20-day) sits at 0.991.
  The medium-term MA (blue, 50-day) sits at 0.96.
  The long-term MA (green, 200-day) is flat lining around 0.98.


• Current Price Action: After attempting a bullish push past the psychological $1.00 mark and peaking above $1.025 in early-to-mid May, the stock experienced a sharp retracement. The price sliced straight down through its 20-day and 50-day moving averages.


• Support Confluence: The latest daily candles show the price hovering right at 0.960. This is a pivotal technical junction. It represents an exact retest of its 200-day moving average and matches the historical red-dashed horizontal support line.

‌

Key Technical Levels‌‌

• Immediate Support: 0.960. Holding this line is critical to preserving the medium-term bullish structure. If breached, momentum indicators suggest a potential slide to the next consolidation floor in the 0.900 – 0.925 territory.


• Immediate Resistance: 0.983 – 0.991. The overlapping 50-day and 20-day MAs will now flip to act as dynamic overhead resistance on any short-term rebound.


• Major Resistance: 1.006 and the local high near 1.050.

‌

Fundamental Analysis (FA)‌

‌

NTT DC REIT positions itself as a premier, high-quality vehicle benefiting from institutional backing:

• Valuation & Pricing: NTDU trades relatively close to its intrinsic asset value. At 0.960, it represents a slight, attractive discount to its initial book value / NAV (~$1.00), giving income investors a fundamentally solid entry point.


• Operational Metrics (FY2025/2026): In its financial year ending March 31, 2026, the REIT reported resilient underlying performance. Its initial 6-asset global portfolio (spanning the US, Vienna, and Singapore) recorded a strong positive rental reversion of +8.5%, driven by escalating data infrastructure needs.


• Lease Stability: The portfolio maintains high structural stability with a Weighted Average Lease Expiry (WALE) of 4.5 years, providing clear cash flow visibility.


• Balance Sheet Health: * Gearing Ratio: Conservative at 35.0%, leaving massive debt headroom (up to the 50% regulatory ceiling) for yield-accretive acquisitions.
  Hedging & Cost of Debt: Smartly positioned with ~70% of borrowings hedged to fixed interest rates.
  Maturity Profile: Excellent near-term insulation with zero debt maturities over the next two years; major facilities are safely pushed out to FY2028/2029.

‌

Tailwinds & Headwinds‌

‌

Tailwinds‌‌

• The AI & Generative Workload Secular Boom: Hyperscale cloud providers and tech enterprises are voraciously securing Tier III infrastructure. NTT DC REIT's mix of hyperscale and colocation assets places it in a prime position to capitalize on continuous global rent escalations.


• Colossal Sponsor Pipeline: Sponsored by NTT Limited (part of the NTT Group, the world's 3rd largest global data center provider excluding China), the REIT has access to an incredible 2,200+ MW sponsor pipeline. With ~130 MW already identified for near-term pipelines, NTDU has a visible pathway to organically and inorganically double its initial asset capacity over the medium term.


• Blue-Chip/Sovereign Backing: Anchored by heavyweight cornerstone investors like Singapore's sovereign wealth fund GIC, the trust has premium access to institutional liquidity and competitive capital pricing.

‌

Headwinds‌‌

• Geopolitical & Execution Risks: Operating a highly decentralized portfolio across three completely distinct geographic pillars (North America, EMEA, and APAC) introduces localized regulatory compliance friction and tax/tariff complexities.


• Macro Interest Rate Strain: Even with a 70% fixed-rate hedge, any persistent "higher-for-longer" macroeconomic global interest rate environment applies soft upward pressure on marginal refinancing costs for future pipeline acquisitions.


• CapEx Drag for High-Spec AI Power Requirements: As generative AI demands denser power configurations and cooling solutions, older Tier III or retail colocation designs may require ongoing capital expenditures (AEIs) to stay fully competitive with custom-built hyperscale structures.

‌

Performance Since IPO‌

‌

NTT DC REIT marked a historic moment for the SGX, debuting on July 14, 2025, as the largest REIT IPO in Singapore in a decade, raising US$773 million at an IPO Issue Price of US$1.00.

• Price History Trajectory: On its listing day in mid-2025, the stock experienced a highly orderly, muted debut—closing exactly at its offer price of US$1.00 despite strong public oversubscription, as institutional investors priced in global macroeconomic execution variables. Moving into early 2026, the AI tailwind pushed the stock to local highs around US$1.03 to US$1.05.


• Net Performance: At the current price of US$0.96, the stock is trading just -4% below its IPO baseline.


• Total Return Perspective: Given its steady entry into the distribution payout phase across late 2025 and early 2026 (offering projected yields in the ~6-7% annualized ballpark), the total return for an IPO investor remains roughly at a flat, break-even equilibrium. The current technical pull-back to the 200-day MA represents the first major consolidation test of its public trading history.

‌

‌

Kenny Loh is a distinguished MAS Private Wealth Advisor (RNF: LKK300389588) representing Financial Alliance with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.
👉 https://www.kennyloh.net/.........

‌

Check out more REIT financial ratio at https://reitsavvy.com...

‌

‌
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Investing involves risk. Please consult a licensed financial advisor to ensure any investment is suitable for your specific financial circumstances and risk profile.

$PC Partner(PCT.SI) has been quietly attracting my attention with its strong momentum throughout the year.

I keep hearing colleagues talking about it from time to time, but I never seriously looked into the story behind it.

After going through the latest KGI report dated 18 Mar 2026, I started to understand why the market has been rewarding it.

🔹FY25 results were much stronger than expected
Revenue rose 38.4% YoY, while profit jumped 88.5% YoY.

🔹The company is moving away from low-end cards and pushing premium GPU products
RTX5090 alone contributed HK$1.69bn, or about 16% of own-brand VGA revenue.

🔹KGI revised FY26 revenue forecast from -15.2% decline to +12.3% growth
The reason: better pricing power, premium product mix, and lower concern of another 2022–2023 style collapse.

KGI raised its TP from S$1.73 to S$2.54

Personally, I don’t think it is too late.

The stock still shows strong momentum, and I like the combination of:

• Blackwell upgrade cycle
• Premium GPU mix upgrade
• Strong earnings momentum
•  Potential AI server optionality

📈My Technical View:

The stock started the year around S$0.90 and went into a strong uptrend, eventually hitting an all-time high of S$2.23 on 7 May.

After that came the correction.

When many thought the story was over, the stock found support around S$1.73 and rebounded quickly.

To me, this looks like the stock is attempting to resume its uptrend again.

🎯Next resistance / target levels:

1st Target: S$2.23
2nd Target: S$2.73

My Trade Plan:

I will be initiating a BUY position tomorrowand let the price action do the talking.

⚠️ Exit if the price closes below 20 EMA for 2 consecutive days.

For reference only. Please refer to disclaimer: https://tinyurl.com/alex-disclaimer

📌If you find this analysis useful, I share weekly trading ideas and special trade setups via my WhatsApp community announcement group (one-way, no spam).

👉 To join, simply message ‘Weekly Ideas - InvestSG’ on WhatsApp: https://wa.me/6590908871

$Singtel(Z74.SI) 

One key reason behind Singtel’s recent weakness is the change involving its Special Discounted Shares (SDS).

Back in 1993 and 1996, many Singaporeans bought Singtel shares using CPF funds at discounted prices.

From 8 Apr 2026 onwards, SDS holders can now:
✅Sell their Singtel shares
✅Receive the proceeds in cash
❌ No need to keep the money inside CPF OA anymore

This led to concerns of selling pressure after Singtel’s strong rally to multi-year highs.

According to reports:
• Around 83,000 SDS holders (13% of the cohort) had sold by 30 Apr 2026
• 90% chose cash proceeds

However, Singtel later mentioned that SDS-related selling had already slowed to around 4.5 million shares daily, or about 11% of average daily trading volume.

Beyond the short-term selling pressure, Singtel is quietly transforming into an AI and digital infrastructure player.

Through Nxera and STT GDC, Singtel is expanding aggressively into:
• AI-ready data centres
• Cloud infrastructure
• Hyperscaler demand

The future growth story may no longer be just about telecom subscribers.
AI infrastructure and data centres could become the next major growth engine.

Interestingly, while some retail investors are worried about SDS selling pressure, institutions appear to be accumulating.

US fund giant Capital Group recently became a substantial shareholder after crossing the 5% stake threshold in Singtel.

Analyst target prices:
• DBS: S$5.71
• Maybank: S$5.25
• UOBKH: S$5.50

📊 My technical view:

Singtel hit an all-time high of S$5.27 on 20 Mar 2026 before dropping sharply to S$4.46 within one month after the SDS announcement.

The stock was supported by its long-term 200 EMA and consolidated for about a week.

Recently, the price has started moving up again with improving momentum, and my General X indicator triggered a BUY signal on 13 May.

Next target:
🎯 S$5.27

My trade action:
I initiated positions at S$4.775 and S$4.855 on 13–14 May after the General X BUY signal was triggered.

⚠️ Exit if the price closes below the 20 EMA for 2 consecutive days.

📍 I will also be conducting my upcoming Chinese stock seminar at SGX on 23 May 2026, where I will share more on how I analyse price action and identify trading opportunities using simple charts. Contact 90908871

For reference only. Please refer to disclaimer: https://tinyurl.com/alex-disclaimer

📌If you find this analysis useful, I share weekly trading ideas and special trade setups via my WhatsApp community announcement group (one-way, no spam).

👉 To join, simply message ‘Weekly Ideas - InvestSG’ on WhatsApp: https://wa.me/6590908871

周六还没安排？欢迎来一趟新加坡交易所 SGX，换个环境，也换个交易思路。
我将举办一场华文股票交易讲座，与大家分享我过去20多年在市场上的实战经验与交易逻辑。

这不是一场讲“理论”的讲座，
而是一场帮助你建立交易底层逻辑（Trading Logic）的实战分享。
讲座内容包括：
👉 现在市场正在走什么行情（Market Trend）？机会在哪里？
👉 如何系统化识别“强势股”（Strong Momentum Stocks），而不是靠感觉追高
👉 《大道至简》一套简单但有效的买卖方法（Trading Strategy），帮助减少犯错
👉 如何利用我的每周精选强势股（Weekly Stock Picks），提高胜率

很多投资者在市场中亏损，
不是因为不努力，
而是因为没有一套清晰的方法。

这一场，我会用最简单直接的方式，
把我20多年的交易经验分享给大家。
🎯 无论你是新手还是老手，

无论你做投资还是交易、长线还是短线，
相信都会让你有所收获。

✅ 免费入场 Free Admission

📌 This is a Chinese-language seminar, but don’t worry if you are not familiar with reading Chinese.

I will be using simple spoken Chinese, together with plenty of charts, technical analysis visuals, and market examples during the sharing.

So even if your Chinese reading is limited, as long as you can understand conversational Chinese, you should still be able to follow comfortably and benefit from the session.

Feel free to come by SGX, meet up with me personally, and have a casual exchange of market views and trading ideas.

📍 地点 Venue
新加坡交易所 SGX
2 Shenton Way, #02-02, SGX Centre 1
Singapore 068804
🚇 Raffles Place MRT Exit I
（步行约5分钟，老巴刹对面）

📌 午餐提供
Lunch provided

📅 日期 Date
5月23日（星期六）
🕘 时间 Time
9:30am – 11:30am 讲座
11:30am – 12:00pm 午餐与交流

📌 欢迎携带家人或朋友一同参加
Feel free to bring along your family members or friends to join the seminar as well.

👉 报名表 Registration：
https://forms.gle/4Dh2NWhJHdKuAzt78

⚠️ 名额有限，请尽早报名。
Seats are limited and will be allocated on a first-come, first-served basis.