Most people look at ETFs the same way moviegoers watch the ending credits.

They see the names scrolling past… but rarely stop to ask who is actually behind the scenes shaping what these ETFs are designed to track.

When investors buy a SGX-listed ETF, many focus on the ticker, the price, or the theme.

But what many may not realise is this:

Most ETFs are passive ETFs. They are designed to track an underlying index.

And that index?

That is where companies like FTSE Russell, An LSEG Business quietly sit at the heart of the ecosystem.

Attended the ETF Ambassador Seminar with FTSE Russell yesterday, and it was genuinely one of the more insightful sessions I have attended.

What struck me was how indices may sound “technical” at first, but in reality, they shape how many investors gain exposure to markets, sectors, themes, income, and even countries.

During the session, we explored 5 very different equity indices, each with its own flavour and purpose:

💎 𝐒𝐓𝐈, Singapore’s blue-chip heartbeat

💎 𝐅𝐓𝐒𝐄 𝐀𝐒𝐄𝐀𝐍 𝐞𝐱 𝐑𝐄𝐈𝐓 𝐓𝐚𝐫𝐠𝐞𝐭 𝐃𝐢𝐯𝐢𝐝𝐞𝐧𝐝 𝐈𝐧𝐝𝐞𝐱, focusing on regional dividend opportunities

💎 𝐅𝐓𝐒𝐄 𝐄𝐏𝐑𝐀 𝐍𝐚𝐫𝐞𝐢𝐭 𝐀𝐬𝐢𝐚 𝐞𝐱 𝐉𝐚𝐩𝐚𝐧 𝐑𝐄𝐈𝐓𝐬 𝟏𝟎% 𝐂𝐚𝐩𝐩𝐞𝐝 𝐈𝐧𝐝𝐞𝐱, centred around Asia REIT exposure

💎 𝐅𝐓𝐒𝐄 𝐀𝐬𝐢𝐚 𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐒𝐞𝐥𝐞𝐜𝐭 𝐈𝐧𝐝𝐞𝐱, offering broader regional diversification

💎 𝐅𝐓𝐒𝐄 𝐂𝐡𝐢𝐧𝐚 𝐀𝟓𝟎 𝐈𝐧𝐝𝐞𝐱, giving exposure to major China A-share leaders

There was also a brief mention of the 𝐅𝐓𝐒𝐄 𝐂𝐡𝐢𝐧𝐚 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐁𝐨𝐧𝐝 𝐈𝐧𝐝𝐞𝐱, a reminder that indexing goes beyond equities too.

One part I particularly enjoyed was the fireside chat between Wei Chin Kang from SGX Group and Zhu Liu from FTSE Russell.

It felt less like a formal presentation, and more like a real conversation. Interactive, practical, and filled with insights on how ETFs and indices continue evolving alongside investor behaviour.

Sometimes, investors think ETFs are the “simple” part of investing.

But after sessions like this, you realise… simplicity on the surface often sits on top of an incredibly sophisticated framework underneath.

The next time you look at an ETF, maybe don’t just ask what it is.

Ask what it is really tracking.

Because in investing, what sits underneath often matters more than what appears on the label.

Maybe that is why “𝐎𝐩𝐞𝐧 𝐌𝐚𝐤𝐞𝐬 𝐌𝐨𝐫𝐞 𝐏𝐨𝐬𝐬𝐢𝐛𝐥𝐞” resonates so much in the ETF world too.

The moment you open up what sits beneath an ETF, you start seeing markets very differently.

A big thank you to the FTSE Russell Team for the generous sharing and insightful discussions. Special appreciation as well to the SGX Team for bringing the session together and making it such a meaningful one.

#FTSERussell #IndexProvider #OpenMakesMorePossible #SGXListedETFs #danccs

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *12/5/26*

.

STI: 4942 (+20) | HSI: 26406 (+13) | Dow: 49704 (+95) | S&P: 7412 (+13) | Nasdaq: 26274 (+27)

.

*US Markets Overnight!*

.

*Record Highs, Nervous Vibes*

.

Wall Street kicked off the week like a trader after kopi, slightly sleepy, but still hitting new highs. The S&P 500 and Nasdaq closed at fresh records again, with tech doing most of the heavy lifting. Nvidia kept its AI crown polished with another all-time high, while Intel and Micron continued Friday’s semiconductor party, proving the chip rally still has plenty of silicon fuel left.

.

Not every Big Tech name joined the celebration though. Most of the Magnificent Seven took a breather after last week’s run, which honestly feels healthy rather than alarming. Meanwhile, Circle and Fox delivered strong post-earnings pops, showing investors are still rewarding companies that can actually surprise on execution, not just headlines.

.

Outside equities, oil prices climbed sharply after Trump slammed Iran’s response to the US peace proposal as “totally unacceptable”, putting the ceasefire narrative on shaky ground again. Brent moved back above US$104, reminding markets that geopolitics still has a nasty habit of showing up uninvited.

Now the market’s attention swings back to inflation data tonight. After Friday’s stronger-than-expected jobs report, traders are once again asking the same old question in a slightly more expensive suit, will inflation behave itself? Treasury yields pushed higher ahead of the CPI release, which tells you the bond market is already getting a little nervous.

.

Overall mood? Still risk-on if you ask me, but with one eye on the inflation print and the other on the Trump-Xi meeting. Markets may be at record highs, but they are definitely not relaxed.

.

*What’s Brewing Today*

.

Remember 2 weeks ago, I was highlighting *OKP Holdings*. But it did not really move then, and later went XD of 2 cents. But last week (when I was on leave), the price surged back to as high as $0.855 before closing the week at $0.825. Do note that this price is “XD price”, meaning after taking into account the 2c dividend. Still harbouring hopes that it will test its recent high of $0.89 soon. Fingers crossed. 🤞

.

*UMS* and * SIA Engg* may also be in market interest after both release good earnings.

.

Corporate action wise, do note the 1-for-4 bonus issue on *SingHoldings*. *Raffles Med* and *Ho Bee*, the two more retail-popular stocks, also go XD of 3c and 5c respectively.

.

===

*Happening Today*

SG XD

— ABR: SGD 0.0125

— Bonvests: SGD 0.012

— Heeton: SGD 0.005

— Ho Bee Land: SGD 0.05

— Raffles Medical: SGD 0.03

— SingHoldings: BONUS : OFFER OF 1 FOR 4

— SoilbuildConstr: SGD 0.025

— Soup Restaurant: SGD 0.00025

— TSH: SGD 0.005

SG Earnings

— NTT DC REIT, Prime US REIT

JP

— Household Spending (YoY) (Mar)

US

— CPI / Core CPI (YoY) (Apr) / Federal Budget Balance  (Apr)

.

===

*SG Stock news*

— 👍 *UMS Integration* reported a 43% surge in 1QFY2026 net attributable profit to S$14 million on 20% higher revenue, driven by strong growth across its semiconductor, aerospace and materials businesses, while remaining optimistic about future growth fueled by AI-driven chip demand and aerospace expansion.

https://links.sgx.com/FileOpen/UMS%20-%20Press%20Release%20-%20Q1FY2026.ashx?App=Announcement&FileID=888258

— *SIA Engineering's* FY2026 earnings up 21% to $168.9 mil

https://links.sgx.com/FileOpen/SIAENGCOFY2526NewsRelease_SGX.ashx?App=Announcement&FileID=888334

— 👍 *Geo Energy* Secures Term Sheet with ResInvest for a Substantial Investment in MBJ Integrated Infrastructure Business at a Valuation of US$1.5 Billion

— 👍 *ASTI Holdings* announce that the shares of the Company traded under the stock code SGX:575 have been included under the CPFIS - Ordinary Account with effect from 11 May 2026

— *Rich Capital* announce that based on the currently available information and preliminary assessment by the management on the draft unaudited consolidated financial results for FY2026, the Group is expected to report a lower loss for FY2026 as compared to FY2025

— *Wee Hur Holdings* clarified that despite media reports about a potential co-living site acquisition in Wollstonecraft, Australia, it has not entered into any binding agreement and the transaction remains uncertain pending ongoing evaluations and negotiations.

.

===

*Earning calendar:*

12 May: NTT DC REIT, Prime US REIT

13 May: UHREIT^, Daiwa House^

14 May: KIT^, Singpost^, Sassuer REIT^, SIA, EC World, Netlink, Asian Pay TV

15 May: Golden Agri

18 May: LREIT

25 May: SATS

28 May: KSH

.

Sources:

www.sgx.com

www.investing.com

www.theedgesingapore.com

.

Cheers!

Dan

.

Start your investment journey here:

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

.

Disclaimer:

https://tinyurl.com/dan-disclaimer

.

#dailyupdate #tradeSGX #POEMS #danccs

𝐓𝐨𝐤𝐮: 𝐐𝐮𝐢𝐞𝐭𝐥𝐲 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐒𝐨𝐦𝐞𝐭𝐡𝐢𝐧𝐠 𝐖𝐨𝐫𝐭𝐡 𝐏𝐚𝐲𝐢𝐧𝐠 𝐀𝐭𝐭𝐞𝐧𝐭𝐢𝐨𝐧 𝐓𝐨!

Most of us, myself included, tend to look where the noise is.

The headlines, the big moves, the stories everyone is already talking about.

But every now and then, you come across something that feels… different.

I spent an afternoon at 𝐓𝐨𝐤𝐮 𝐃𝐚𝐲 last week (27 April 2026), and honestly, I didn’t walk in expecting much. Just thought it would be another typical corporate session.

It wasn’t.

There were no fancy slides trying to impress. No overcomplicated explanations. Just people showing what they’ve built, letting you try it, and answering questions as they came.

At one point, I scanned a QR code, made a call, and what felt like a normal conversation turned into something much more. A full transcript, structured insights, everything broken down almost instantly.

That was the moment it clicked for me.

Not because it was flashy.

But because it felt practical.

The kind of thing that, once it works, quietly becomes part of how businesses operate.

And those are usually the ones that creep up on you.

A quick thank you to the Toku team for the invite, and to Jack and Candy for connecting the dots.

I wrote a longer piece to organise my thoughts on what Toku is building, and why this space might matter more than it first appears.

In the stock markets, we tend to notice things only after they become obvious.

But by then…

We are no longer early, just reacting.

https://tinyurl.com/TokuDay2026

If you think Dan can value add to your investment journey, connect with him here: tinyurl.com/TTP-dan

Disclaimers: tinyurl.com/dan-disclaimer

#TokuDay #AI #CXperience #GrowthCompany #Impressed #danccs

$Frencken(E28.SI)continues to trend higher, with prices now consolidating just below the 3.00 resistance after breaking above the 2.80 level.

‌

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

If price can break and close firmly above 3.00, further upside could unfold from here. With strength holding near resistance, could a clean push through 3.00 spark the next leg higher?

$UMS(558.SI)has rallied strongly and is now consolidating just below the 2.40 resistance after reclaiming the 2.00 level as a higher support. 

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

If price can break and close firmly above 2.40, the next leg higher could unfold. With strength holding near resistance, could a clean push through 2.40 spark the next move higher?

𝐄𝐯𝐞𝐫 𝐩𝐢𝐜𝐤𝐞𝐝 𝐭𝐡𝐞 𝐫𝐢𝐠𝐡𝐭 𝐬𝐭𝐨𝐜𝐤… 𝐛𝐮𝐭 𝐬𝐭𝐢𝐥𝐥 𝐥𝐨𝐬𝐭 𝐦𝐨𝐧𝐞𝐲?😬
𝐈𝐭’𝐬 𝐧𝐨𝐭 𝐛𝐚𝐝 𝐥𝐮𝐜𝐤. 𝐈𝐭’𝐬 𝐡𝐨𝐰 𝐭𝐡𝐞 𝐭𝐫𝐚𝐝𝐞 𝐰𝐚𝐬 𝐦𝐚𝐧𝐚𝐠𝐞𝐝.

I just broke down why this happens — and how I use my 1GT framework to turn the right idea into a profitable trade.
This will change how you approach entries and exits.

📹 Watch here: https://youtu.be/yhSf35FEHsg

The Singapore stock market ended the first full trading week of May cautiously, with the STI index attempting to reach the 5,000-point milestone. OCBC reported a record Q1 net profit of $1.97 billion, driving a 0.2% rise for the trading week.

To learn more, Check out our latest Technical Insight on our YouTube channel (@sgsiasorg) at https://bit.ly/42n2Chb

Watch our Weekly Market Review every Monday at 12.30pm on YouTube!
Subscribe to SIAS mailing list for more investor related info: https://bit.ly/4uEAB0s

#Technicalinsight #MarketReview #StraitsTimesIndex #ocbc

This week on Weekly Market Review: OCBC outperformed the sector with a 5% profit rise to $1.97 billion, driven by a surge in wealth management fees that offset shrinking interest margins. UOB saw a 4% profit decline as it lacked the diversified fee growth necessary to cushion the impact of falling regional interest rates. Meanwhile, the STI remained flat with a 0.2% gain, as local tech gains were balanced by major stocks going ex-dividend and a lack of directional momentum.

Watch now on YouTube at https://bit.ly/3QSoJJV

Subscribe to SIAS mailing list for more investor-related info: https://bit.ly/3kNfWTQ

#weeklymarketreview #singaporemarkets #globaloutlook

Singapore’s OCBC reports its latest earnings, Japan’s real wage rise in March, and NVIDIA moves to invest up to US$2.1 billion in data centre operator IREN.

This week on Market View, Benjamin Goh, Head of Research at SIAS, joined Tian Tian Chua on MONEY FM 89.3 to discuss the latest market movements.

Tune in to the podcast at
https://lnkd.in/g2sQ3XyZ
https://lnkd.in/gueRhe_f
https://lnkd.in/gEyS54Fa

#SIAS #sgsiasorg #moneyfm #marketreview

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)

Market Insights, Financial Ratios, and 2026 Outlook

The Singapore pawnbroking sector has undergone a massive transformation, evolving from traditional "lenders of last resort" into sophisticated financial services and luxury retail players. With gold prices reaching historic highs, these stocks have become essential watches for local investors.

‌

1. Strategic Positioning

‌

• ValueMax Group $ValueMax(T6I.SI): Remains the "blue chip" of the sector, focusing on high-net-worth moneylending and large-scale gold trading. Its conservative balance sheet provides a safety net during volatility, and its massive gold inventory directly benefits from bullion price appreciation.


• MoneyMax Financial Services $MoneyMax Fin(5WJ.SI): A standout performer in share price momentum, fueled by its transition toward the Mainboard and aggressive push into digital appraisal services. They are effectively modernizing the pawn experience for a younger, tech-savvy demographic.


• Aspial Lifestyle $Aspial Lifestyle(5UF.SI): Formerly Maxi-Cash, this player integrates pawnbroking with luxury brands like Goldheart. This creates a circular economy for buying, trading, and pawning luxury goods, typically offering higher dividend yields to offset retail-exposed risks.

‌

2. Financial Ratio Comparison (FY2025/26 Estimates)

‌

‌

Key Insight: MoneyMax leads in ROE efficiency, while ValueMax offers the best margin of safety with a P/B ratio well below 1.0 and lower leverage.

3. The "Gold Factor" Analysis

‌

The profitability of these firms is inextricably linked to the price of gold ($P_g$). The primary driver of earnings is the spread between the loan value and the collateral liquidation value, represented by the following relationship:

‌

Margin = (LTV * P_g * (1 + r)) - Operating Costs

‌

When gold prices rise, the value of unredeemed pledges increases, leading to significant inventory gains. However, if gold prices retract, companies face the risk of collateral values falling below loan amounts, particularly if Loan-to-Value (LTV) ratios are high.

‌

4. Summary

‌

• ValueMax offers defensive stability through a strong balance sheet and significant gold-backed asset backing.


• MoneyMax represents the growth-oriented segment of the market, focusing on digital transformation and market expansion.


• Aspial Lifestyle provides a diversified retail-led approach, offering exposure to the luxury recovery and historically higher yields.

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/...
‌
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) $OUEREIT(TS0U.SI) 

The provided chart indicates a significant shift in price action over the past year:

• Bullish Reversal & Channel: After bottoming near $0.215 in late 2023, the stock established a clear ascending parallel channel.


• Moving Averages: The price is currently trading above the 20-day (blue), 50-day (magenta), and 200-day (green) moving averages. The 20-day recently crossed above the others, signaling short-term bullish momentum.


• Key Resistance & Support:
  Resistance: Immediate resistance is at $0.375 - $0.380 (52-week high). A breakout here could target the consensus analyst mark of $0.44 - $0.45.
  Support: Strong support is found at the $0.315 horizontal line and the lower boundary of the current uptrend channel.

‌

Fundamental Analysis (FA)

‌

OUE REIT delivered a resilient 1Q 2026, characterized by robust rental reversions and effective capital management:

• Financial Growth: Revenue rose 6.7% YoY to $70.5 million, while Net Property Income (NPI) grew 8.4% YoY to $57.6 million.


• Sector Performance:
  Hospitality: This was the standout segment, with NPI surging 16.8% YoY. RevPAR reached $277, driven by high-profile events and the return of major MICE activities like the Singapore Airshow.
  Commercial: Achieved positive rental reversions of 6.0% in the Singapore office portfolio, maintaining a high occupancy rate of 95.2%.


• Valuation & Yield:
  The REIT is trading at a significant 21% discount to book value (P/NAV of approximately 0.65x).
  The forecast dividend yield for FY26 is approximately 6.7%, expected to rise to 7.4% by FY28.


• Debt Profile: Weighted average cost of debt decreased to 3.7% p.a., with aggregate leverage standing at 41.5%.

‌

Future Plan & Strategy

‌

Management is pivoting toward capital recycling and organic growth:

• Strategic Divestment: OUE REIT is in the "price discovery phase" for the potential divestment of its stake in One Raffles Place (valued at $1.93 billion). Proceeds are earmarked for debt reduction (targeting a gearing of ~37%) and new acquisitions.


• Geographic Diversification: Completed the acquisition of a 19.9% stake in Salesforce Tower (Sydney) in March 2026. This marks a strategic entry into the Australian market with an initial yield of ~5.8%.


• Asset Enhancement Initiatives (AEI):
  OUE Bayfront: Planning approval has been received to convert Level 17 into 22,600 sq ft of additional office space. This project is expected to deliver a stabilized ROI of over 11.0%.
  Sustainable Hospitality: OUE Limited (Sponsor) is developing Hotel Indigo Changi Airport, aiming to be Singapore's first zero-energy hotel, which could eventually be a pipeline asset for the REIT.

‌

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/
‌
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)

The chart shows a daily timeframe for $IFAST(AIY.SI), highlighting several bearish signals despite a long-term uptrend.

• Chart Pattern: A significant "Head & Multiple Shoulders" topping pattern has formed. The "Head" peaked near $11.00, while the most recent shoulder is lower, around the $10.02 resistance zone.


• Neckline & Support: The critical Neckline Support at $8.43 is currently the most important level to watch. A decisive break below this could signal a trend reversal.


• Moving Averages: The price is currently trading below the shorter-term moving averages (pink and blue lines), which are starting to curl downwards. However, it remains above the long-term 200-day Moving Average (green line) and the primary Ascending Trendline, suggesting the macro bull case isn't fully broken yet.


• Price Action: Today's price action shows a sharp gap down following the earnings news. At $9.03, it is currently testing the psychological $9.00 level.

Q1 2026 Earnings Summary

iFAST released its Q1 FY2026 results yesterday after market close. While the numbers were objectively strong, the market reaction today suggests some "sell on news" or concerns over future margins.

Key Financial Highlights

• Net Profit: $28 million, a massive +47.5% YoY increase (up from $19 million in Q1 2025).


• Revenue: Rose 49.4% to $136.8 million, driven heavily by the Hong Kong ePension business and core wealth management.


• AUA (Assets Under Administration): Reached a new record high of $32.6 billion (+27.1% YoY).


• Interim Dividend: Declared 2.5 cents per share (up from 1.6 cents in the previous year).

Strategic Outlook

• 2030 Vision: The group reaffirmed its target of $100 billion AUA by 2030, implying a 25.6% five-year CAGR.


• Global Expansion: Rebranding FSMOne to FSM Global as part of its "Truly Global Business Model" centered on Singapore, Hong Kong, and London.


• New Revenue Stream: The ORSO (Occupational Retirement Schemes Ordinance) pension business in Hong Kong is expected to start contributing significantly in 2H 2026.

Technical Analysis (TA)

The uploaded chart shows a daily timeframe for iFAST, highlighting several bearish signals despite a long-term uptrend.

• Chart Pattern: A significant "Head & Multiple Shoulders" topping pattern has formed. The "Head" peaked near $11.00, while the most recent shoulder is lower, around the $10.02 resistance zone.


• Neckline & Support: The critical Neckline Support at $8.43 is currently the most important level to watch. A decisive break below this could signal a trend reversal.


• Moving Averages: The price is currently trading below the shorter-term moving averages (pink and blue lines), which are starting to curl downwards. However, it remains above the long-term 200-day Moving Average (green line) and the primary Ascending Trendline, suggesting the macro bull case isn't fully broken yet.


• Price Action: Today's price action shows a sharp gap down following the earnings news. At $9.03, it is currently testing the psychological $9.00 level.

Q1 2026 Earnings Summary

iFAST released its Q1 FY2026 results yesterday after market close. While the numbers were objectively strong, the market reaction today suggests some "sell on news" or concerns over future margins.

Key Financial Highlights

• Net Profit: $28 million, a massive +47.5% YoY increase (up from $19 million in Q1 2025).


• Revenue: Rose 49.4% to $136.8 million, driven heavily by the Hong Kong ePension business and core wealth management.


• AUA (Assets Under Administration): Reached a new record high of $32.6 billion (+27.1% YoY).


• Interim Dividend: Declared 2.5 cents per share (up from 1.6 cents in the previous year).

Intrinsic Value Comparison (10 Years Horizon)

Strategic Outlook

• 2030 Vision: The group reaffirmed its target of $100 billion AUA by 2030, implying a 25.6% five-year CAGR.


• Global Expansion: Rebranding FSMOne to FSM Global as part of its "Truly Global Business Model" centered on Singapore, Hong Kong, and London.


• New Revenue Stream: The ORSO (Occupational Retirement Schemes Ordinance) pension business in Hong Kong is expected to start contributing significantly in 2H 2026.

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/
‌
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.

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.

$AvePoint(AVP.SI) 

Atlassian (NASDAQ: TEAM) just dropped a monster quarter — $1.79B revenue, up 32% YoY, cloud growth accelerating to 29%, EPS at $1.75 well ahead of consensus expectations.

The stock surged 29% in a single session. More importantly, customers using Atlassian's Rovo AI are growing their ARR at roughly twice the rate of those who aren't — which settles the debate:

💡 AI isn't killing SaaS. It's supercharging it.

TEAM's blowout result has lifted the entire SaaS sector over the past two days, and I think the momentum is spilling over.

So where does that lead me? AvePoint (SGX: AVP | Nasdaq: AVPT).

AvePoint is the first B2B SaaS stock listed on SGX and the first company ever dual-listed on both Nasdaq and SGX — sitting at the exact intersection of AI and cloud data governance. Every new SaaS seat that gets sold needs to be backed up, secured, and governed. That's AvePoint's business.

The fundamentals are hard to ignore:

* FY2025 SaaS revenue: $319.2M (+38% YoY). Total ARR: $416.8M (+27% YoY).

* 11 consecutive quarters of double-digit net new ARR growth.

* $481M cash on hand, GAAP operating income of $33M — profitable, not a burn story.

* Omdia projects the global AI partner opportunity at $276B by 2030, with compliance services growing 21% for MSPs in 2026 alone.

📈 Technical View:

AVP peaked at S$20.40 (IPO day), then dropped to S$11.34 on AI disruption fears — a narrative TEAM just challenged.

Now forming a reverse head & shoulders, neckline at S$13.13.

Expect breakout, tracking strength from AVPT in Nasdaq.

My General X indicator triggered a Buy signal on 29 Apr — confirming the technical picture was shifting

Next Targets:

🎯 S$14.47

🎯 S$15.84

My Trade Action:

Initiating my first tranche at S$13.10 yesterday. I'll be looking to add more when the market opens this morning, as I want to build the full position before the next catalyst kicks in.

📍 With Q1 2026 results dropping on May 7, the fundamental trigger is just days away.

⚠️ Risk to watch: Consumption-based SaaS revenue can be lumpy, and the stock has already de-rated significantly from its listing highs. This is a conviction trade, not a sure thing. Size accordingly.

⚠️ 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

On 14 Jan 2026, China regulators launched an antitrust probe into Trip .com Group under the Anti-Monopoly Law, alleging abuse of dominant market position.

👉 HK shares fell ~20% intraday on the news.

My Positioning

In my previous post, I shared that I caught the falling knife on Day 1.

👉 First entry: $Trip.com HK SDR 50to1(HTGD.SI) at 1.53

Now, I’m preparing for my second entry.

👉 Planned add: 1.37 – 1.38

💡 Why I’m Adding Again

1️⃣Regulatory Context — Bigger Picture

On 23 Mar 2026, Beijing regulators held admonition talks with 12 platform companies, including Trip .com Group and competitors like Meituan and Qunar, targeting “involution-style competition” (内卷) and pushing for better pricing transparency and platform practices, with requirements for rectification plans.

👉This suggests broader sector-wide regulatory tightening, rather than a Trip.com-specific crackdown.

2️⃣Fundamentals Remain Strong

FY2025 results (Feb 2026):

• Full-year revenue: RMB 62.4B      (+17% YoY)


• Q4 revenue: RMB 15.4B (+21% YoY)


• Net profit: RMB 33.4B (nearly      doubled YoY)

Q4 segment growth:

• Accommodation: +21%


• Transportation: +12%


• Packaged tours: +21%

👉 This is a sentiment + regulatory issue, not a demand problem.

3️⃣Overlooked Catalyst — China Inbound Tourism

China’s inbound tourism is accelerating:

• Inbound tourists: 154.5M (+17.1%      YoY)


• Tourism revenue: US$131.1B      (+39.2% YoY)


• Travel service exports: US$55.16B      (+49.1% YoY)

👉 Strong signal that global demand for China travel is returning 

👉 Trip.com Group is a direct beneficiary

🏦 Analyst View

JPMorgan Chase — Overweight | Target: HKD 600 (SDR S$1.95)

JPMorgan believes the market has mispriced Trip .com Group, viewing current headwinds — antitrust probe, AI disruption, oil prices, geopolitics — as temporary, not structural.

👉 Long-term profitability and market position remain intact.

Source: AAStocks Financial News, 23 Apr 2026

📈 My Technical View

After the 14 Jan crash, price briefly rebounded before trending lower, finding support at HKD 389.80 (SDR ~1.26) and consolidating for over a month. By 15 Apr, momentum started to build, with my General X trend-following indicator triggering a buy signal. As this is a second entry, I’m waiting for confirmation — a pullback to the 20 EMA followed by a rebound, with my planned entry at 1.37–1.38 (SDR).I will consider adding more if the SDR breaks above 1.40 (HKD 432.40).

Technical targets:
🎯 S$1.63 (HKD 500.50)
🎯 S$1.73 (HKD 531.50)
🎯 S$1.99 (HKD 613.00)

⚠️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