When headlines get louder, clarity matters more.

In the recent feature by Lianhe Zaobao 联合早报, the focus was not just on the geopolitical shockwaves from the Middle East tensions, but on what truly drives markets in moments like this.

One key point stood out, markets tend to react more to uncertainty than to conflict itself.

History has shown that initial volatility is common when geopolitical risks flare up. But once the contours of the situation become clearer, markets often find their footing again. The bigger story may not be a prolonged downturn, but a potential shift in leadership.

Instead of a broad selloff, we could see rotation. Banks, after a strong run, may enter a phase of consolidation. Meanwhile, sectors such as REITs, industrials and offshore-related names could gradually come back into focus, especially if the rate environment turns more supportive.

In other words, this may be less about derailment, and more about repositioning.

A heartfelt thank you to Zaobao Business Journalist Zhi Hui Siow (早报财经新闻记者 萧梓卉) for the thoughtful interview and for the tireless work behind the scenes. In fast moving times like these, bringing timely and balanced reporting often means working through weekends so readers can stay informed. Deep appreciation for the dedication to keeping the public updated with the latest developments.

E-article: https://www.zaobao.com.sg/finance/singapore/story20260302-8656999

#marketupdates #zaobao #MiddleEastTension #danccs

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *2/3/26*

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STI: 4995 (+31) | HSI: 26630 (+249) | Dow: 48977 (-521) | S&P: 6878 (-30) | Nasdaq: 22668 (-210)

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*US Markets Overnight!*

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*When PPI Pops, Bulls Drop*

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A bit of a rough close to the week last Friday, I must say, as inflation reminded markets it is still very much in the room. US stocks slid after hotter-than-expected PPI data spooked rate-sensitive sentiment. Wholesale prices rose 0.5% in January, with core jumping 0.8%, both well ahead of forecasts. Not exactly the disinflation progress the Fed wants to see.

The Dow fell 1.1%, dragged lower by financial heavyweights like American Express and Goldman Sachs. The Nasdaq lost 0.9%, S&P 500 dipped 0.4%. February ended on a soft note for tech and broad markets, though the Dow still managed to squeeze out its 10th straight monthly gain.

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Tech darling *Nvidia* continued its post-earnings hangover, down another 4% despite blockbuster numbers earlier in the week. Sometimes even great results meet higher expectations.

On the AI front, OpenAI’s massive new funding round brought in strategic backing from Amazon and Nvidia, helping *Amazon* stock edge higher. Streaming saw some drama, *Netflix* jumped 14% after stepping away from a potential *Warner Bros* deal. That opened the door for *Paramount* to rally hard, while Warner Bros. Discovery slipped.

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Cost-cutting was back in fashion. Block surged 17% after announcing plans to trim 40% of its workforce, citing AI driven efficiency gains.

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Earnings reactions were lively too, *Dell Technologies* popped 22%, while *CoreWeave, Flutter Entertainment, and Zscaler* all moved sharply lower.

Cautious market as far as I can see.

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*What’s Brewing This Week!*

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Markets head into the first week of March with *geopolitics back on the front foot after a sharp escalation involving Iran, the U.S., and Israel*, alongside renewed rhetoric from Donald Trump, which could inject volatility depending on how the situation evolves. On the macro side, the clear headline is *Friday’s U.S. jobs report*, with investors looking for confirmation that January’s upside surprise marked real labour market stabilisation rather than noise, especially with the ADP print midweek and the Federal Reserve Beige Book offering additional colour on underlying economic momentum. Retail sales will also be closely watched for signs the consumer is regaining footing after a soft end to last year.

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Corporate-wise, tech remains centre stage, with *Apple* expected to unveil new products through the week, while earnings from *Broadcom* and *Marvell Technology* will be scrutinised for AI demand signals following last week’s momentum in the space. Cybersecurity name CrowdStrike also reports at a time when software sentiment is under pressure but AI tailwinds remain a longer-term theme. On the consumer front, results from *Costco*, *Target*, and *Best Buy* should offer a useful read on spending resilience, making this a week where geopolitics sets the tone but data and earnings will decide direction.

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Outside of US, we start Monday with *Singapore’s S&P Global Manufacturing PMI*, which last printed at 50.5. It is not a blockbuster mover on its own, but it gives a timely read on whether the local industrial cycle is still holding steady above the expansion line, something increasingly relevant as trade momentum softens globally. Tuesday shifts the spotlight to Europe. *Eurozone CPI*, both headline and core, will be the key event of the week. With inflation expectations sitting around 1.7% and core at 2.2%, this release could shape expectations around the ECB’s policy path. Markets are already leaning toward a gradual easing bias, so any upside surprise may challenge that narrative. Japan’s capital spending data earlier in the day adds a secondary lens on corporate confidence, though it is unlikely to drive regional sentiment unless we see a sharp deviation.

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Wednesday belongs to China. The trio of *Manufacturing, Composite and Non Manufacturing PMIs* are all hovering just below 50. This keeps the “soft patch vs stabilisation” debate alive. If these readings remain in contraction territory, it reinforces the idea that stimulus traction is still uneven. A surprise move back above 50 would be a meaningful sentiment boost, especially for cyclicals and commodity linked plays across the region. By Thursday, the focus returns home with *Singapore retail sales*. The previous month saw a sharp contraction on a month on month basis, despite modest year on year growth. Markets will be watching for signs that consumer activity is normalising after seasonal volatility. A steadier print would support the narrative of resilient domestic demand, which has been quietly underpinning parts of the local market.
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*What’s Brewing Today!*

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Again, last Friday was another day full of earnings. I have listed most below. Notable ones to look out for today may probably be *ComfortDelGro*, whose revenue crossed $5Bn for the first time. In small cap space, there are many earnings releases. But the one that caught my attention is Tuan Sing*, whose FY2025 earnings is up more than 12 times. Penny stock *International Cement Group Ltd* may also attract some interest after a good earnings. Also good to note that *Aoxin Q&M* requested for a trading halt after releasing good earnings over the weekend.

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*Happening Today*

SG XD:

— Cent Accom REIT: CAPITAL DISTRIBUTION: SGD 0.00008 + DIVIDEND: SGD 0.01406 + SGD 0.00325

— HC Surgical: SGD 0.009

— IS ASIA HYG S$D: USD 0.12

— IS ASIA BND S$D: USD 0.12

SG:

— S&P Global Manufacturing PMI (Feb)

EU:

— HCOB Eurozone Manufacturing PMI (Feb)

US:

— S&P Global Manufacturing PMI (Feb) / ISM Manufacturing PMI (Feb) / ISM Manufacturing Prices (Feb) / ISM Manufacturing Employment (Feb) / Atlanta Fed GDPNow (Q1)

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*SG Stock news*

—⭐️ *ComfortDelGro’s* revenue crosses $5 bil mark for first time in FY2025; patmi up by 9.4% to $230.3 mil

https://links.sgx.com/1.0.0/corporate-announcements/CY3K67X9V6SPN1LH/876533_ComfortDelGro%20-%2020260227%20-%20FY2025%20Financial%20Results%20Presentation.pdf

—⭐️ *Tuan Sing* FY2025 earnings up more than 12 times to $32.1 mil, propose final dividend of 0.7 cents per share

https://links.sgx.com/FileOpen/TSH%20Results%20Presentation%20FY2025.ashx?App=Announcement&FileID=876601

—😀 *UMS Integration's* FY2025 earnings up 2% to $41.6 mil

https://links.sgx.com/1.0.0/corporate-announcements/HDJYXGE2THZUCGX5/876661_UMS%20-%20FY2025%20press%20release.pdf

— *Sheng Siong* FY2025 net profit grows 8.5% to S$149.2 million. FY2025 revenue rose 9.9% yoy driven by new store sales and higher same store. Proposed final dividend of 3.80 cents per share, total dividend of 7.00 cents per share for FY2025.

https://links.sgx.com/1.0.0/corporate-announcements/9BNVQQN3VG3GK43F/876612_SSG%20-%20Business%20Update%202HFY2025.pdf

—😔*Yangzijiang Financial* reports significant provisions in FY2025, targeting recovery and redeployment in FY2026

https://links.sgx.com/1.0.0/corporate-announcements/IWCKNBVVBUHXG1R8/876932_YZJFH%20FY2025%20PR_final_28022026.pdf

— *Yangzijiang Maritime* Delivers Resilient Performance with Net Profit of US$129.7 Million (-5% YoY) in FY2025 and Net Assets of US$1.6 Billion

https://links.sgx.com/1.0.0/corporate-announcements/D41JN1LFL2CMESXF/876935_YZJmaritime_FY2025_PPT_20260227_2pm.pdf

—😔 *iREIT Global* 2HFY2025 DPU down nearly 60% y-o-y, aggregate leverage at 44.6%

https://www.theedgesingapore.com/capital/results/ireit-global-2hfy2025-dpu-down-nearly-60-y-o-y-aggregate-leverage-446

—😀 *Jardine C&C* FY2025 earnings up 5% to US$998 mil

https://links.sgx.com/1.0.0/corporate-announcements/TQWZAVIBD2MXUMOG/876540_JCC_Dec%202025%20Final.pdf
—⭐ *International Cement Group Ltd* reported strong FY2025 results driven by expansion execution and operational discipline, including new exports to Kyrgyzstan, positioning the Group to capture rising infrastructure demand across Kazakhstan and Tajikistan.

https://links.sgx.com/FileOpen/FY2025%20ICG%20Results%20Press%20Release.ashx?App=Announcement&FileID=876683

—⭐️ * AOXIN Q & M* reports net profit of RMB6.9m for full year ended 31 December 2025. Results improved from net loss of RMB8.0 million in FY2024 to net profit of RMB6.9 million in FY2025

https://links.sgx.com/1.0.0/corporate-announcements/R326Z1ZBSHNEBOJL/876946_AoxinQM-FY2025%20Press%20Release.pdf

— *Q & M Dental Group* Drives 16% Profit Growth from $26.1m in FY2024 to $30.4m in FY2025 for Core Dental Business

https://links.sgx.com/1.0.0/corporate-announcements/43R0TJUKNIG58SVJ/876948_QnM%202H2025%20PR.pdf

— 😀*Banyan Group* Delivers Strong FY25 Results, Revenue up 25% on Record Residences Driver

https://links.sgx.com/FileOpen/BTHL_SGXNet_FY2025%20PressRelease%20Final.ashx?App=Announcement&FileID=876779

— *Indofood Agri* delivered an improved set of results with higher revenue and profit. FY2025 revenue grew 32% on higher ASP and volumes from Plantation and EOF Divisions. Full year NPAT up 19% yoy, reflecting stronger operating performance.

https://links.sgx.com/FileOpen/IFAR%202H%20FY25%20Prez.ashx?App=Announcement&FileID=876789

— *BHG Retail REIT* delivered FY2025 gross revenue of S$55.1M and NPI of S$29.0M, underpinned by its community-centric mall strategy and proactive tenant repositioning to stay aligned with evolving consumer trends.

https://links.sgx.com/1.0.0/corporate-announcements/NDIOIN75XCEJRH27/876556_BHG%20REIT-Result%20Presentation%202H%202025.pdf

— *Rex* grew FY2025 revenue by 7% to US$318.8M on steady oil sales, but swung to a deeper loss of US$152.7M as higher operating costs and impairments sharply cut profitability, with EBITDA falling 43%.

https://links.sgx.com/1.0.0/corporate-announcements/BCUYQ0JMM1AU96YJ/876904_20260227_RIH_PressRelease_FY2025Results_Final.pdf

— * MetaOptics* delivers strong year-on-year revenue growth of 891%, and remains well-capitalised for growth with cash position of S$8.8 million

https://links.sgx.com/1.0.0/corporate-announcements/UYSLYTPBLJYOKNZ1/876924_MetaOptics%20-%20FY2025%20Results%20PR.pdf

— *Toku* Reports US$34.8 million Revenue in FY2025 as AI Adoption Gains Traction; Underlying Loss Improves

https://links.sgx.com/1.0.0/corporate-announcements/07M9CIJ4MC1BBHV2/876969_Toku%20Ltd%20-%20FY2025%20Earnings%20Call%20Presentation.pdf

— *AsiaMedic* delivered a stronger FY2025 with revenue rising 22% and net profit doubling to S$2.0 million, driven by ramping imaging capacity and the disposal of its aesthetic unit to sharpen focus on core healthcare operations.

https://links.sgx.com/FileOpen/AML%20Press%20Release%20FY2025.ashx?App=Announcement&FileID=876973

— *Pacific Radiance* posts 26% revenue growth to US$55.2m, net profit at US$12.9m

https://links.sgx.com/1.0.0/corporate-announcements/GI7AHFTALELLN528/876939_Press%20Release%20FY2025.pdf

—😀*Ocean Sky* delivered a strong FY2025 turnaround with record 10-year revenue rising 27% to S$38.6M, a return to profitability with S$1.53M in net profit, and a solid S$100M pipeline of new projects backed by a healthy balance sheet.

https://links.sgx.com/1.0.0/corporate-announcements/Y76TOF26W37ENU71/876549_OSIL-Media%20Release%20FY2025_27%20Feb%202026.pdf

—😀 *Attika Group* reports higher earnings of $3.4 mil, up 19.3% y-o-y despite decline in revenue for FY2025

https://links.sgx.com/1.0.0/corporate-announcements/6TI6PSVO0O859KT9/876552_Attika%20FY25%20Results%20PR%20-%20Final.pdf

— *Leong Guan* Reports 7% Revenue Growth to S$40.0 million for FY2025; Successful SGX Listing Positions Group for Next Phase of Growth

https://links.sgx.com/1.0.0/corporate-announcements/23AM6LSFB3BJ2QA7/876637_LGH-Press%20release%20for%20results%20announcements%20FY2025.pdf

— *Mewah* delivered a record FY2025 with revenue rising 25% to US$5.98B and net profit up 38% to US$53.6M, driven by higher sales volumes, improved margins, and a resilient balance sheet.

https://links.sgx.com/1.0.0/corporate-announcements/JCGNHMAFR7RS56JR/876561_Mewah_FY2025_Results_Presentation.pdf

— *JEP Holdings* reports a 7.2% increase in net attributable profit of S$3.4 million on revenue of S$53.8 million for FY2025

https://links.sgx.com/1.0.0/corporate-announcements/85WNVZ4Z66AZWJ4G/876593_JEP%20FY2025%20Press%20Release.pdf

—😔 *ISDN's* FY2025 earnings down 20.7% on impairment; up 25.9% if excluded

https://links.sgx.com/1.0.0/corporate-announcements/Y57I60MC3FCEX4DO/876665_eISDN%20FY2025%20PR%20n%20Result%20Annt.pdf

— *Geo Energy* Delivers Record Coal Sales and Excellent Coal Production with Strong Net Profit of US$27.5 Million in FY2025 despite Market Headwinds; Billion-Dollar Energy Group Roadmap on Track with Integrated Infrastructure Targeted for Completion in 1H2026

https://links.sgx.com/FileOpen/2025%20Media%20Release.ashx?App=Announcement&FileID=876853

— *OUE* Records Revenue of S$617.0 million and Loss Attributable to Shareholders of S$279.1 million

https://links.sgx.com/FileOpen/OUE_Press%20Release_FY2025.ashx?App=Announcement&FileID=876883

—😔 *New World Development* posts 1H loss as woes persist

https://www.theedgesingapore.com/news/china/new-world-development-posts-1h-loss-woes-persist

—😀 *Haw Par* net profit rises 16.3% to $265.5 million as dividend income leaps 27% for FY2025

https://www.theedgesingapore.com/news/results/haw-par-net-profit-rises-163-2655-million-dividend-income-leaps-27-fy2025

—😔*IHH Healthcare's* FY2025 earnings down 21% on stronger ringgit

https://www.theedgesingapore.com/capital/results/ihh-healthcares-fy2025-earnings-down-21-stronger-ringgit

—😔*LY Corp* FY2025 Revenue Impacted by Lower Export Volume and Lower Average Selling Price due to Weaker USD; Partially Offset by New Subsidiary Contribution

https://links.sgx.com/1.0.0/corporate-announcements/WAZDFLCW80UU5QQZ/876643_LYCorp_FY2025_Press_Release.pdf

— *Straco* reports lower net profit of S$17.96 million for 2025

https://links.sgx.com/1.0.0/corporate-announcements/8A0AIIAXDSPV924S/876659_StracoMediaRelease_2H2025.pdf

— *Cordlife* reported FY2025 revenue of $38.9 million with a narrower net loss of $12.6 million, supported by resumed Singapore operations and improved regional performance, while maintaining liquidity amid ongoing regulatory uncertainties.

https://links.sgx.com/1.0.0/corporate-announcements/WRHVYO5O20W0FCAB/876679_CGL%20-%20FY2025%20Results%20Presentation.pdf

—😀 *NeraTel* Returns to Profit Before Tax in FY2025, Delivers Positive EBITDA of $2.79 million in FY2025;

Driven by Stronger Second-Half Momentum and Resilient Order Backlog

https://links.sgx.com/FileOpen/NeraTel%20News%20Release%20FY2025%20-%2027%20Feb%2026.ashx?App=Announcement&FileID=876699

—😀 *Tiong Seng* Clears All Pre-Pandemic Projects; Current Order Book of S$494 Million Extends to FY2028

https://links.sgx.com/FileOpen/Press%20Release%20Announcement%20-%20FY2025.ashx?App=Announcement&FileID=876770

—😀 *Atlantic Navigation* delivered strong FY2025 continuing operations results with revenue, EBITDA and net profit more than doubling post fleet disposal, driven by ship management, cross-charter and marine services, while maintaining a debt-free position.

https://links.sgx.com/FileOpen/ANHSL%20Media%20Release.ashx?App=Announcement&FileID=876772

— *Audience Analytics* Delivers Revenue GrowthinCoreSegments; Bolsters Net Cash Position to S$23.6Million

https://links.sgx.com/FileOpen/AAL_FY2025%20Press%20Release.ashx?App=Announcement&FileID=876802

— *GHY Media* Returns to Profitability in FY2025; Revenue Increased 22% to RMB511.2 Million, with Gross Profit Surging 135% to RMB98.4 Million

https://links.sgx.com/FileOpen/GHY_FY2025%20Results%20Press%20Release.final.ashx?App=Announcement&FileID=876805

— 👍*Fuxing China* Posts Strong Net Profit Growth to RMB20.5 Million for FY2025 with Net Asset Value per Share of RMB29.60; Proposed Dividends of RMB 15 cents per Share

https://links.sgx.com/FileOpen/Fuxing_FY2025_PR_27Feb_Final.ashx?App=Announcement&FileID=876808

— *EC World REIT* Reported Lower Operating Performance in FY2025. No distribution for FY2025. Portfolio valuation declined by 21.2% year-on-year in RMB terms

https://links.sgx.com/1.0.0/corporate-announcements/6SA4C4JYTMURA9AV/876834_ECW-Results%20Presentation-4QFY2025.pdf

— *Sarine Technologies* reported a challenging FY2025 with revenue falling 25% to US$29.6 million due to lab-grown diamond disruption and weak demand, though it maintained positive EBITDA and operating cashflow while positioning for a potential rebound and growth from new recurring services in FY2026.

https://links.sgx.com/FileOpen/Press%20Release%20FY2025%20Full%20Year%20Results%20Final.ashx?App=Announcement&FileID=876843

— *SIIC Environment* delivered a stable FY2025 performance with net profit attributable to shareholders rising 0.9% despite lower revenue, supported by growth in core concession services, asset-light businesses and improved financing efficiency.

https://links.sgx.com/FileOpen/SIIC%20-%20FY2025%20Press%20Release%20-%20ENG.ashx?App=Announcement&FileID=876846

— *Nam Cheong’s* 2H2025 PATMI up 17.4% yoy and 138.2% hoh to RM189.6 million on stronger vessel utilisation and vessel sale gains

https://links.sgx.com/FileOpen/Nam%20Cheong_2H2025%20Press%20Release_Final.ashx?App=Announcement&FileID=876851

— *Nordic* 2H2025 operating profit rises 26% yoy to S$13.0 million on stronger contribution from higher-margin project services

https://links.sgx.com/FileOpen/Nordic_FY2025%20Press%20Release.ashx?App=Announcement&FileID=876858

— *ASTI* returns to profitability in FY2025, with net profit of $835,000 https://links.sgx.com/1.0.0/corporate-announcements/UCN1HN15IEDG2R9Z/876873_ASTI%20Holdings%20Returns%20to%20Profit%20in%20FY2025%20PR%20Release%20-%2027%20Feb%2026.pdf

— *ZICO* Records FY2025 Net Profit of S$0.9 million, Reversing S$5.6 Million Loss in FY2024; Accelerates Pivot to Wealth Management, Trust and Regulated Capital Markets

https://links.sgx.com/FileOpen/ZHI%20Press%20Release%20FY2025%20Results.ashx?App=Announcement&FileID=876866

— *Sunpower* GI Recurring PATMI reached RMB 424.7 million, representing a 45.4% YoY increase in

profitability (including a one-off provision for bad debt recorded in 3Q2024).  Net profit attributable to equity holders rose 162.0% YoY to RMB 312.9 million

https://links.sgx.com/FileOpen/31126528_Announcement_4Q2025%20Press%20Release.ashx?App=Announcement&FileID=876869

— *The Straits Trading Company* reported FY2025 revenue growth of 10.4% to $623.3 million but swung to a $234.0 million loss due mainly to non cash impairments and valuation adjustments amid a challenging macro environment, while maintaining its 8 cent dividend and positioning for future growth including senior living.

https://links.sgx.com/FileOpen/20260227%20-%20Media%20Release%20-%20FY2025%20Result.ashx?App=Announcement&FileID=876893

— *Kencana Agri* delivered strong FY2025 results with revenue rising 29.2% and net profit up 54.4%, driven by higher palm oil prices, increased production and improved operational performance.

https://links.sgx.com/FileOpen/KA_Press_Release_2512.ashx?App=Announcement&FileID=876901

— *Combine Will* achieves 23.1% revenue growth to HK$1.8B in FY2025. net profit after tax down 13%.

https://links.sgx.com/1.0.0/corporate-announcements/13MJMZM3MY30QC0V/876955_CWIHL-Press%20Release_FY2025_Final.pdf

— *CDL* aims to divest UK development platform portfolio within 2026: CEO Sherman Kwek

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Sources:

www.sgx.com

www.investing.com

www.theedgesingapore.com

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Start your investment journey here:

https://tinyurl.com/gotopoems

.

Cheers!

Dan

Disclaimer: https://tinyurl.com/dan-disclaimer

.

#dailyupdate #tradeSGX #poems #danccs

𝐌𝐚𝐫𝐤𝐞𝐭 𝐖𝐫𝐚𝐩 (𝐖𝐞𝐞𝐤 𝐞𝐧𝐝𝐞𝐝 𝟐𝟕/𝟐/𝟐𝟔)

𝐀𝐧 𝐞𝐚𝐫𝐥𝐲 𝐡𝐮𝐫𝐫𝐚𝐡, 𝐭𝐡𝐞𝐧 𝐚 𝐠𝐞𝐧𝐭𝐥𝐞 𝐭𝐚𝐩𝐞𝐫

The 𝐒𝐓𝐈 surged to a record high of 5041.33 on Monday, before easing back to close at 4995. Still, not a bad resting spot, it remains comfortably near the 5000 mark. Even the strongest runners need to catch their breath after a sprint.

We are at the tailend of the SG earnings season and there were so many companies releasing their earnings. I can only highlight some of the more mostly-followed ones. 

𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐒𝐥𝐢𝐩, 𝐏𝐫𝐢𝐜𝐞𝐬 𝐓𝐫𝐢𝐩

Two banks, UOB and OCBC, rolled out their results this week, and it wasn’t exactly a double celebration.

𝐔𝐎𝐁 delivered a disappointing FY25, with earnings down 23%. The share price never really saw the “light of day” afterward, sliding to a week-low of $36.31, down 5.9%. 𝐎𝐂𝐁𝐂 had a rough patch too, though not as dramatic, with net profit slipping 2% for FY25. Its price drifted to a week-low of $21.09 before rebounding slightly to close at $21.43.

In short, both banks took a bit of a stumble - UOB tripped hard, while OCBC just stumbled.

𝐀𝐢𝐫 𝐇𝐢𝐠𝐡, 𝐒𝐡𝐢𝐩 𝐅𝐥𝐲

Be it in the air or on the seas, related SG stocks look strong.

Don’t be fooled by 𝐒𝐈𝐀’s headline 68% plunge in net profit. Operating profit actually climbed 25.9% to S$792M on record revenue, and the market clearly took notice. The share price continues its steady uptrend, now testing a 7-month high of $7.20.

𝐘𝐙𝐉 𝐒𝐡𝐢𝐩𝐛𝐮𝐢𝐥𝐝𝐢𝐧𝐠 impressed as well. Its share price hit an all-time high of $4.37 this week, following a strong FY2025 net profit surge of 30.2%. Closing at $4.34, it chalked up an impressive 16.3% gain for the week - a smooth sail all the way.

Speaking of the sea, another stock is sailing strong - 𝐒𝐞𝐚𝐭𝐫𝐢𝐮𝐦. FY2025 earnings doubled to $324M on higher revenue and improved margins. The share price has now cleared its previous high of $2.31, reaching $2.40, and looks set to test a 52-week peak of $2.60 soon. Looks like a smooth voyage toward new highs.

“𝐇𝐢𝐝𝐝𝐞𝐧 𝐆𝐞𝐦”

8.1% dividend yield. No debt maturities until 2030. Trading at a 20% discount to NTA. Guess who?

It’s 𝐒𝐭𝐨𝐧𝐞𝐰𝐞𝐠 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐒𝐭𝐚𝐩𝐥𝐞𝐝 𝐓𝐫𝐮𝐬𝐭 (𝐒𝐄𝐑𝐓). While it may not be the most familiar name on the radar, a closer look at its latest earnings reveals some rather solid numbers. And it seems the market has begun to take notice. The share price has quietly inched up from $1.60 to $1.70, now sitting just 4 cents shy of its 3-year high.

𝐆𝐞𝐦 𝐂𝐚𝐥𝐥𝐞𝐝 𝐀𝐄𝐌

Speaking of Gem, in the small-cap space, another Gem (not so hidden though) 𝐀𝐄𝐌, went absolutely berserk. Its share price rocketed from a low of $1.95 to a high of $2.99 in just one week - almost a 100% jump. The surge was powered by a 51.6% rise in Profit Before Tax, driven by strong AI/HPC growth and the resumption of dividend payments. Talk about a rocket-fueled week!

Cheers!

Dan

See Disclaimer

#weeklywrap #tradeSGX #danccs

===

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$SATS(S58.SI) has been consolidating above the 3.80 support after the strong rally, with prices now testing the immediate 4.00 resistance. 

All 20d, 100d and 200d moving averages continue to slope up, keeping the broader uptrend intact. The earlier 1GT Bullish signal remains in play as buyers defend higher lows. 

If price can break and close firmly above 4.00, the next upside target sits near 4.20. Could a clean push through 4.00 spark the next leg higher toward 4.20?

𝐇𝐊 𝐭𝐞𝐜𝐡 𝐢𝐬 𝐬𝐭𝐢𝐥𝐥 𝐰𝐞𝐚𝐤 — 𝐭𝐡𝐞 𝟏𝐆𝐓 𝐁𝐞𝐚𝐫𝐢𝐬𝐡 𝐬𝐢𝐠𝐧𝐚𝐥 𝐨𝐧 𝐇𝐒𝐓𝐄𝐂𝐇 𝐢𝐬 𝐬𝐭𝐢𝐥𝐥 𝐩𝐥𝐚𝐲𝐢𝐧𝐠 𝐨𝐮𝐭 𝐛𝐞𝐥𝐨𝐰 𝟓𝟐𝟎𝟎. 🫣
>> https://www.youtube.com/watch?v=FHfwBV4rA8M

But Ping An is in a strong uptrend with 4 bullish signals intact. 💪😅

And Alibaba is sitting near a key psychological level.

Marcus and I broke everything down — including exactly how to trade these moves using 5x DLCs (Long & Short) and what pitfalls to avoid. If you missed it, don’t skip this one.

@sgsiasorg Calling all NetLink NBN Trust unitholders!

Join us for an exclusive briefing hosted by SIAS with NetLink’s management team. Gain key insights into FY25 highlights and discover what’s ahead for FY26. Don’t miss this opportunity to get your questions answered and stay informed.

Date: 9 July, Wednesday

Time: 12.00pm - 1.00pm SGT
Location: SIAS Training Room

Register now: https://bit.ly/3HK3V2r

#NetLinkNBNTrust #SIAS #InvestorBriefing

@sgsiasorg Calling all NetLink NBN Trust unitholders!

Join us for an exclusive briefing hosted by SIAS with NetLink’s management team. Gain key insights into FY25 highlights and discover what’s ahead for FY26. Don’t miss this opportunity to get your questions answered and stay informed.

Date: 9 July, Wednesday

Time: 12.00pm - 1.00pm SGT
Location: SIAS Training Room

Register now: https://bit.ly/3HK3V2r

#NetLinkNBNTrust #SIAS #InvestorBriefing

Struggling with investing? You’re not alone!

Many people find themselves stuck buying high, selling low, or not investing at all due to fear or past losses. If this sounds familiar, this session is for YOU.

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https://www.youtube.com/watch?v=WsnHNZknHRM
$DBS(D05.SI) $SIA(C6L.SI) $CNMC Goldmine(5TP.SI) $YZJ Shipbldg SGD(BS6.SI)

https://www.youtube.com/live/6pQM9i4GwRk?s...
$DBS(D05.SI) $OCBC Bank(O39.SI) $UOB(U11.SI) $Singtel(Z74.SI)

https://www.youtube.com/watch?v=7FB8bFAQa4c
$Singtel(Z74.SI) $SGX(S68.SI) $DBS(D05.SI) $UOB(U11.SI) $OCBC Bank(O39.SI)

$Keppel DC Reit(AJBU.SI)

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As of February 22, 2026, Keppel DC REIT (SGX: AJBU) is demonstrating robust growth driven by strategic acquisitions and strong organic performance within the data centre sector.

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Technical Analysis (TA)
The technical outlook for Keppel DC REIT is currently positive, with the stock showing signs of recovery and momentum.

• Current Price Action: As of February 20, 2026, the unit price closed at $2.27, showing a slight daily increase of 0.44%.


• Trend Analysis: The stock has been on a recovery path since a preferential offering in late 2025, which initially caused some dilution but was well-received, being 168.2% subscribed.

Support & Resistance:
Resistance: Immediate resistance is seen at $2.28 - $2.30. A sustained break above this could see the price testing the consensus analyst target of $2.53.

• Support: Strong support exists at the recent low-point near the $2.24 preferential offering price.


• Momentum Indicators: Analysts have recently upgraded the REIT to "Accumulate" or "Buy" due to its record-high DPU and strong rental reversions.

Target Prices:

• Consensus Target: $2.53.


• UOB Kay Hian: $2.82.


• OCBC Research: $2.78

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REIT Overview & Fundamental Highlights
Keppel DC REIT is Asia’s first pure-play data centre REIT, managing a portfolio valued at approximately $6.3 billion across 25 properties in 10 countries.
Record Performance: FY2025 Distribution per Unit (DPU) reached a record high of 10.381 cents, a 9.8% year-on-year increase.

• Rental Reversions: Achieved an exceptional overall portfolio rental reversion of ~45% for FY2025.


• Occupancy & WALE: Portfolio occupancy remains healthy and stable at 95.8%, with a long Weighted Average Lease Expiry (WALE) of 6.7 years.

Balance Sheet:

• Aggregate Leverage: Increased to 35.3% following the acquisition of Tokyo Data Centre 3.


• Cost of Debt: Managed efficiently at 2.8% (4Q25), with expectations to decline toward 2.7% in 2026.


• Key Growth Drivers: Acquisitions of Keppel DC Singapore 7 and 8 and Tokyo Data Centre 1 and 3 were major contributors to the recent DPU jump.

‌

Kenny Loh is a distinguished MAS Private Wealth Advisor 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://kennyloh.net

$Sabana Reit(M1GU.SI)

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The chart depicts a classic bullish trend reversal followed by a strong momentum phase.

1. Trend and Moving Averages

• Golden Cross: In late 2024, the 50-day moving average (blue) crossed above the 200-day moving average (green), signaling a long-term trend shift from bearish to bullish.


• Price Action: The price is currently trading at $0.490, well above its 200-day MA ($0.438) and slightly above its 20-day ($0.484) and 50-day ($0.480) MAs. This indicates that both short-term and long-term momentum are firmly in favor of the bulls.


• Higher Highs: Since the bottom in mid-2024 (approx. $0.320$), the REIT has consistently formed higher highs and higher lows, a textbook definition of an uptrend.

2. Support and Resistance

• Immediate Resistance: The psychological and technical resistance sits at $0.500. A breakout above this level could trigger a new leg of expansion.
  Immediate Support: Found at the $0.480 level (confluence of the 20-day and 50-day MAs).


• Strong Support: The $0.440 - $0.450 zone, which acted as previous resistance in late 2025, now serves as a major "floor."

3. Volume and Volatility

• The recent price consolidation near the highs (Dec 2025 - Feb 2026) shows lower volatility compared to the initial rally, suggesting the market is "digesting" gains before the next move.

REIT Overview: Alpha Integrated REIT
Alpha Integrated REIT (formerly known as Sabana Industrial REIT) is a Singapore-listed industrial REIT. It has recently undergone a historic transformation, becoming the first REIT in Singapore to adopt an internal management model.

Portfolio & Performance (as of Feb 2026)

• Assets: Diversified portfolio of 18 industrial properties (High-Tech, Logistics, Chemical Warehouse, and General Industrial). Its "crown jewel" is New Tech Park at Lorong Chuan.


• Internalisation: The shift to an internal manager (completed in late 2025) has eliminated external management fees, directly boosting the Distribution per Unit (DPU).

Financial Health:

• DPU Growth: FY2025 DPU jumped 23.4% year-on-year to 3.53 cents.
  Yield: At $0.490, it offers a trailing yield of approximately 7.2%.
  Gearing: Healthy at 35.8%, well below the regulatory limit, providing headroom for future acquisitions.


• Occupancy: Improved significantly to 90.3% by the end of 2025.


• Key Event: There is currently an ongoing mandatory conditional cash offer by Mindarie Investment Pte. Ltd. at $0.490 per unit, which has recently turned unconditional. This is likely why the price is currently "pegged" near the $0.490 mark.

Kenny Loh is a distinguished MAS Private Wealth Advisor 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://kennyloh.net

Pleased to joint author with Cecilia HL TAN to provide new insights for S-REIT investors. By combining my experience engaging with retail investors with Cecilia’s perspective as a former REIT CEO, we’ve identified a critical shift the market needs.
‌
We believe it’s time to look past the optics and focus on the Management Efficiency Index (MEI).
‌
In our latest article, we break down:
🟢The Transparency Gap: Why core rental cashflows are often hidden in statutory statements.
‌
🟢The 100% Payout Risk: Why distributing every cent of operational cashflow may be a red flag for long-term resilience.
‌
🟢Fees vs. Responsibility: Moving from an "entitlement" mindset to true value creation.
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Don't go into the upcoming #AGM season without knowing the real "North Star" for REIT management efficiency.
‌
Read the full analysis and see the MEI rankings below: 👇
https://reitsavvy.com/insights/what-the-me...
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#SingaporeREITs #ManagementFee #DPU #Sustainability

$FSTAS351020(FSTAS351020.IN)‌ ‌ $LION-PHILLIP S-REIT(CLR.SI)‌ ‌ $CSOP iEdge SREIT ETF US$(SRU.SI)‌ ‌ $CSOP iEdge SREIT ETF S$(SRT.SI)‌ ‌ $UOB AP GRN REIT S$(GRN.SI)‌ ‌ $UOB AP GRN REIT US$(GRE.SI)‌ ‌ $BHG Retail Reit(BMGU.SI)‌ ‌ $CapLand IntCom T(C38U.SI)‌ ‌ $CapLand China T(AU8U.SI)‌ ‌ $Fortune Reit HKD(F25U.SI)‌ ‌ $Frasers Cpt Tr(J69U.SI)‌ ‌ $Lippo Malls Tr(D5IU.SI)‌ ‌ $Mapletree PanAsia Com Tr(N2IU.SI)‌ ‌ $StarhillGbl Reit(P40U.SI)‌ ‌ $IREIT Global(UD1U.SI)‌ ‌$Keppel Reit(K71U.SI)‌ ‌ $ManulifeReit USD(BTOU.SI)‌ ‌ $OUEREIT(TS0U.SI)‌ ‌ $Suntec Reit(T82U.SI)‌ ‌ $AIMSAMP Cap Reit(O5RU.SI)‌ ‌ $CapitaLand Ascendas REIT(A17U.SI)‌ ‌ $EC World Reit(BWCU.SI)‌ ‌ $ESR-REIT(J91U.SI)‌ ‌ $Frasers L&C Tr(BUOU.SI)‌ ‌ $Frasers L&I Tr AUD(BWQU.SI)‌ ‌ $Keppel DC Reit(AJBU.SI)‌ ‌ $Mapletree Ind Tr(ME8U.SI)‌ ‌ $Mapletree Log Tr(M44U.SI)‌ ‌ $Sabana Reit(M1GU.SI)‌ ‌ $Far East HTrust(Q5T.SI)‌ ‌ $CDL HTrust(J85.SI)‌ ‌ $CapLand Ascott T(HMN.SI)‌ ‌ $Frasers HTrust(ACV.SI)‌ ‌ $First Reit(AW9U.SI)‌ ‌ $ParkwayLife Reit(C2PU.SI)‌ ‌ $Dasin Retail Tr(CEDU.SI)‌ ‌ $NikkoAM-STC Asia REIT(CFA.SI)‌ ‌ $Sasseur Reit(CRPU.SI)‌ ‌ $Nikko AM STI ETF(G3B.SI)‌ ‌ $STI ETF(ES3.SI)‌ ‌$CapLand India T(CY6U.SI)‌ ‌ ‌$Acro HTrust USD(XZL.SI)‌ ‌ $Keppel Reit(K71U.SI)‌ ‌ $Prime US ReitUSD(OXMU.SI)‌ ‌ $Lendlease Reit(JYEU.SI)‌ ‌ $NikkoAM-STC Asia REIT(CFA.SI)‌ ‌ $ELITE UK REIT(MXNU.SI)‌ ‌ $UtdHampshReitUSD(ODBU.SI)‌ ‌ $STONEWEG EUROPEAN REIT(CWBU.SI)‌ $Cromwell Reit SGD(CWCU.SI)‌ ‌ $CapitaLandInvest(9CI.SI)‌ ‌ $Daiwa Hse Log Tr(DHLU.SI)‌ ‌ $DigiCore Reit USD(DCRU.SI)‌ ‌ $PARAGON REIT(SK6U.SI) $Stoneweg EUTrust EUR(SET.SI) $Stoneweg EUTrust SGD(SEB.SI) $ESR REIT(9A4U.SI) $Cent Accom REIT(8C8U.SI) $NTT DC REIT USD(NTDU.SI)

$Seatrium Ltd(5E2.SI) 

Many of my clients have held this position through the most difficult years. During the restructuring phase, after the 20-for-1 consolidation, I advised them to use S$1.60 (S$0.08 pre-consolidation) as a key anchor level. Temasek recapitalised at that price, and we aligned our averaging strategy accordingly.

Some exited. Many chose to average down near that level with discipline. Today, the fundamentals are beginning to justify that patience.

Seatrium has transitioned from restructuring to earnings recovery. FY2025 results confirm operational stabilisation and margin expansion, supported by long-term order visibility.

Key Highlights (FY2025)

• Net profit: S$324m (+106% YoY) 

• Revenue: S$11.5b (+24% YoY) 

• Gross margin: 7.4% (vs 3.1%) 

• ROE: 4.9% 

• Dividend: 3 cents (doubled) 

• Net order book: S$17.8b, visibility through 2033 

• ~40% exposure to renewables and green solutions

Earnings recovery is visible. Margin expansion reflects improved execution and project mix.

Structural Improvements

• Balance sheet stabilised post recapitalisation 

• Cost optimisation ongoing 

• Improved capital discipline 

• Diversification into renewables and offshore wind

The company is moving from survival to structured recovery.

My Technical View

• Strong base formation around S$2.05 over the past five months 

• General X momentum indicator triggered buy on 20 Feb after price moved above 200 EMA 

• Breakout above S$2.31 resistance with strong volume

Next targets: S$2.50, then S$3.00

My Trade Plan

Following the recent US Israel strikes on Iran and rising tensions, markets may turn volatile., I plan to add positions by buying the dip near S$2.31 support, provided the overall structure remains intact.

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

Where else can you find 8.5% yield, data centre growth, and a de-dollarisation angle in one name?

$Stoneweg EUTrust EUR(SET.SI) 

Attended the SERT x Society of Remisiers (SG) Post-FY2025 Results Meet at OUE Bayfront last evening. Management shared updates on portfolio performance, capital recycling and the continued pivot towards logistics and data centre assets. 

📍Key Highlights – Stoneweg Europe Stapled Trust (SERT)

• €2.3bn diversified portfolio across Western European gateway cities
• ~86% exposure to Western Europe
• Increasing tilt towards logistics, light industrial & data centres
• Trading at ~0.8x P/NAV
• Dividend yield ~8.5%
• DBS Research target price: EUR 1.90 (~14% upside)

💡What stands out to me

• Price momentum is turning positive
• Attractive yield provides a strong income cushion
• Euro exposure adds diversification amid de-dollarisation discussions
• AiOnX data centre investment delivered a 41% valuation uplift, with hyperscaler income commencing 3Q2026

📈 Technical View

SERT has formed strong support at €1.59 and has risen for six consecutive sessions. My General X Momentum Trend-Following Indicator triggered a buy signal on 25 Feb, signalling improving momentum. Key levels to watch are €1.74 and €1.89. With yield support beneath and momentum building, the technical structure is strengthening.

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

$Wilmar Intl(F34.SI) is moving from extreme negativity to recovery.

When a company’s share price has been falling for years and then a major negative event hits, yet the stock stops declining and begins to stabilise or rise, it often suggests that the worst has been priced in. This is typically the point where fear peaks, sellers are exhausted, and value begins to return.

Wilmar could be at such a turning point.

The stock fell to a multi-year low of S$2.78 on 22 Sep 2025 after regulatory concerns in Indonesia escalated. The court ruling in the cooking oil case raised the risk of losing a US$729 million deposit, potentially impacting FY25 earnings significantly. Together with weaker refining margins, dividend cuts and broker downgrades, sentiment turned extremely negative and valuation de-rated sharply.

However, excluding the one-off penalty, 3Q25 showed a strong operational rebound. Core net profit rose about 72% year-on-year and 48% quarter-on-quarter, supported by better sales and improving margins. Demand in China remained resilient, soybean crushing margins recovered, and tropical oils margins stabilised.

Financially, Wilmar remains sound. Net gearing improved to around 0.37 times even after the penalty payment, and operating cash flow strengthened. The group holds approximately US$3 billion in cash and guided for steady momentum into 4Q25. Market focus may gradually shift back to earnings normalisation and potential recovery into FY26.

Wilmar will announce its full year results on 26 Feb after market close.

Technical View:

On the weekly chart, Wilmar appears to have formed an inverted head and shoulders pattern, with S$2.78 as the head and around S$3.00 as strong support. The breakout above S$3.37 this month is significant and price has held above it, suggesting that the previous downtrend may have ended and a new uptrend could be emerging.

Based on pattern projection, the next potential upside targets are S$4.21, followed by S$4.88 and S$5.64, subject to sustained momentum.

My Trade Action:

I added a position in my active portfolio at S$3.56 last week and will continue to ride the uptrend as long as the technical structure remains intact.

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