𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *6/11/26*

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STI: 5296 (+27) | HSI: 24796 (+887) | Dow: 51,523 (-1,833) | S&P: 7,354 (-335) | Nasdaq: 24,315 (-1,422)

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*US Markets Overnight*

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*Yesterday’s Cheers, Today’s Tears!*

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Wah biang! What a difference a day makes on Wall Street! Just when investors thought the US midterm election results had given the market something to cheer about, the mood changed completely. Wednesday’s impressive rally turned into a brutal selloff, with the Dow plunging 1,833 points, or 3.4%, S&P 500 losing 4.4%, and Nasdaq tumbling 5.5%. The S&P suffered its worst session since April 2025. Talk about a 24-hour mood swing!

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So what went wrong? Interestingly, the same election results that initially excited investors are now creating fresh concerns. With Democrats gaining control of Congress, there are worries that tighter scrutiny and possible restrictions on new data centres could slow down AI infrastructure investments. And that could have a significant impact on companies supplying chips, servers and other equipment. Nvidia plunged nearly 9%, AMD lost around 16%, while Micron and other semiconductor stocks also took a beating.

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Here’s the irony. Just a few weeks ago, investors were worried that technology companies were spending too much money on AI. Now they are also worried that political pressure could slow down that spending! Quite a dilemma, isn’t it?

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The selling spread beyond chipmakers to AI infrastructure companies, while Tesla and other growth stocks also came under pressure. This wasn’t simply a few heavyweight stocks dragging down the indices. Market breadth was poor, suggesting investors were reducing risk more broadly.

There were some bright spots, though. *AppLovin* surged more than 30% following strong earnings and an encouraging outlook, showing that investors are still willing to reward companies delivering results. Meanwhile, Brent crude rebounded towards US$98, after Wednesday’s sharp plunge, while the 10-year Treasury yield eased to around 4.84% as investors sought some safety in bonds.

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Some encouraging news after the closing bell. Cloudflare jumped around 18% in after-hours trading after reporting strong revenue growth and raising its outlook, helped by demand for cloud and security services. Looking ahead, tonight’s US October jobs report will be another important test. .

After this week’s roller-coaster, I suspect investors wouldn’t mind a little less excitement! 😅

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*What’s Brewing Today*

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*OCBC, Holding Up Better Than Expected?*

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OCBC ( $OCBC Bank(O39.SI)) rounded off the local bank earnings season with a reasonably encouraging set of results! 3Q net profit rose 3% to S$2.04 billion, supported by record banking profit, up 16%. Loans grew 14%, deposits increased 12%, while asset quality remained healthy with an NPL ratio of just 0.8%. Not everything was rosy, though, as weaker investment income from Great Eastern weighed on overall earnings. Still, the core banking business appears to be holding up well. With all three banks having reported, the question now is (1) will OCBC survive the negative market sentiment from Wall Street overnight? (2) whether the “buy-banks-sell-tech” kinda pattern we see yesterday will aid OCBC? (3) whether their underlying resilience can help restore some confidence in our banking stocks!

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Plenty of questions to answer. 🤔

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*Happening Today*

SG Earnings:

— OCBC^, Singpost^, FLCT^

SG XD:

— Lincotrade: SGD 0.009

— Mapletree PanAsia Com Tr: SGD 0.0194

— NSL: SGD 0.03

— Teho Intl: SGD 0.001

— Zheneng Jinjiang: SGD 0.022

SG:

— Retail Sales (MoM) / Retail Sales (YoY)

EU:

— German Industrial Production (MoM) / Eurozone Retail Sales (MoM) / Eurozone Retail Sales (YoY)

US:

— Nonfarm Payrolls / Unemployment Rate / Average Hourly Earnings (MoM) / Average Hourly Earnings (YoY)

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*SG Stock News*

🤔— *OCBC* 3Q26 net profit rose 3% YoY to S$2.04b, supported by record banking profit (+16%), although weaker Great Eastern investment income weighed on overall performance; loans grew 14%, deposits rose 12%, while asset quality improved with NPL ratio at 0.8%.

https://links.sgx.com/FileOpen/OCBC_3Q26_Results_Highlights.ashx?App=Announcement&FileID=910571⁠

— *SingPost* 1HFY27 revenue dipped 1.3% YoY to S$185.9m, but operating profit rose 42.3% to S$8.1m and underlying net profit doubled to S$11.5m; net profit surged 183.7% to S$55.9m, boosted by property disposal gains, while interim dividend increased 88% to 0.15 cent.

https://links.sgx.com/FileOpen/SPL_1HFY2027_ResultsPresentation.ashx?App=Announcement&FileID=910567⁠

🤔— *AvePoint* 3Q26 revenue rose 19% YoY to US$131.1m, driven by 26% growth in SaaS revenue to US$105.5m, while annual recurring revenue climbed 27% to US$495.1m; raised its FY2026 ARR guidance to US$524.8m to US$528.8m.

https://links.sgx.com/FileOpen/AvePoint%20Q3%202026%20Financial%20Results%20Press%20Release.ashx?App=Announcement&FileID=910563⁠

— *United Overseas Insurance* 9M26 insurance revenue fell 7.4% YoY to S$79.4m, but net insurance service and financial results improved 57% to S$8.0m, while total comprehensive income plunged 80% to S$8.1m on weaker investment gains.

https://links.sgx.com/1.0.0/corporate-announcements/46S80COH9VD035OZ/910491_Announcement%20of%203Q26%20Financial%20Highlights.pdf

— *CSE Global* issued a further update on its ongoing strategic review, with the latest developments and any potential transaction details still to be verified.

https://links.sgx.com/1.0.0/corporate-announcements/HLB8M72VXBAQUA5X/910481_CSE%20-%20Update%20on%20SR_Nov.pdf

❗— *Far East Orchard* 9M26 net profit declined YoY due to the absence of S$24.9m one-off gains and softer UK student accommodation performance, while hospitality remained stable; increased its stake in Far East Hospitality Trust managers to 75% to grow recurring income.

https://links.sgx.com/1.0.0/corporate-announcements/S4GSCLM6CU96DRKC/910505_FarEastOrchard-Business_Performance_Update.pdf

‼️— *Trans-China Automotive* 9M26 revenue fell 25.8% YoY to RMB1.07b, with vehicle sales down 28% amid weak Chinese demand and its Guangzhou BMW dealership closure, while comparable-store after-sales revenue grew 2.1%; the group continues to face negative equity and a working capital deficit.

https://links.sgx.com/1.0.0/corporate-announcements/1TXCH6P8B1R227BY/910533_TCA%20Business%20Update%209M2026.pdf

‼️— *World Precision Machinery* issued a profit warning, expecting to report a net loss for both 3Q26 and FY2026, with further details to be released alongside its quarterly results on 11 November.

https://links.sgx.com/1.0.0/corporate-announcements/4TMRD34AJ8SFYPUM/910495_WPM%20-%20Profit%20Guidance%20for%203Q2026%20and%20FY2026.pdf

‼️— *Ascent Bridge* expects a net loss for 1HFY2027 due to weaker revenue from duty-free markets in Singapore, Malaysia and the Philippines, alongside slower export sales, partially offset by inventory sales related to its MTBL Cultural Centre disposal.

https://links.sgx.com/1.0.0/corporate-announcements/RK213KXQPEXVHK7T/910515_ABL%20-%201HFY2027%20PROFIT%20GUIDANCE_FINAL.pdf

🤔— *TOTM Technologies* formed a 50:50 joint venture with ClaudeLabs, an Anthropic ecosystem partner, to provide AI consultancy, implementation and integration services to enterprise and government clients, expanding its commercial AI business.

https://links.sgx.com/1.0.0/corporate-announcements/W6SCCRJPI7UKNUNU/910536_05112026_SGX%20Announcement_ENTRY%20INTO%20STRATEGIC%20COLLABORATION%20AND%20JOINT%20VENTURE%20AGREEMENT.pdf

— *Ellipsiz* restructured its indoor golf simulator business, leasing equipment at Orchid Country Club for S$8,000 monthly and suspending certain Downtown East fees, but expects a one-off write-off of about S$800,000 in FY2027.

https://links.sgx.com/1.0.0/corporate-announcements/Q9WYVZHB75HWQE5U/910479_Annc%20-%20Restructuring%20of%20indoor%20golf%20simulator%20centres%20business.pdf

— *Hyphens Pharma* announced the European launch of its Cerapro MED skin barrier cream, expanding its proprietary dermatology business under an earlier licensing agreement covering six European countries.

https://links.sgx.com/1.0.0/corporate-announcements/QGRHJ2H9719N3OG7/910482_Media-Release_Cerapro-MED-launches-Europe.pdf

— *Asia-Pacific Strategic Investments* is working towards resuming trading after securing a waiver of US2mdebt,restructuringS4.64m of borrowings with an 85% reduction, and obtaining additional funding, while exploring potential acquisitions or a reverse takeover.

https://links.sgx.com/1.0.0/corporate-announcements/SOQC07512X6PA80V/910529_APSI%20-%20Update%20announcement.pdf

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*Earnings calendar:*

11/11 - Valuetronic^, SATS, SIA, NTTDC, Prime US REIT, World Precision

12/11 - Sasseur REIT^, Asian Pay TV, GoldenAgri, SERT, EC World, CSE Global

13/11 - Singtel^, UHREIT^, Daiwa^, Frasers Property, KSH

19/11 - Seatrium^

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

𝐌𝐚𝐫𝐤𝐞𝐭 𝐖𝐫𝐚𝐩 (𝐖𝐞𝐞𝐤 𝐞𝐧𝐝𝐞𝐝 𝟔/𝟏𝟏/𝟐𝟔)

Ouch! What a bruising week for Singapore investors!

The $STI(STI.SI) started November on the wrong foot, starting from where they left off - DOWN, falling >200 points for the week to 5,176 as of Friday morning, with the three local banks leading the decline. And with the banks carrying so much weight in the index, when they sneeze, the STI catches a cold! 🤧

All three local banks reported their 3Q results this week, but it wasn't quite the report card investors were hoping for.

$UOB(U11.SI)'s net profit jumped 182% to S$1.25Bn, but that impressive growth came from a low base. Earnings still missed expectations, while concerns over interest margins sent its shares tumbling 5% on Wednesday. It saw a weekly drop of 11% to $36.77 as of Friday morning

$DBS(D05.SI) didn't fare much better. Net profit fell 5% to S$2.81Bn, also below expectations. $OCBC Bank(O39.SI) was the brighter spot, with profit rising 3% to S$2.04Bn, slightly ahead of forecasts. Both dropped 4.7% and 5.6% respectively.

The banks remain fundamentally sound, but when expectations are high, even decent results may not be good enough!

Technology stocks weren't spared either!

Following the Democrats' sweeping victory in the US midterm elections, investors started worrying about tighter AI regulations and whether the massive spending on data centres could slow down.

The selloff in US technology stocks added to the jitters across Asia. Back home, semiconductor names like $AEM SGD(AWX.SI) (-14.6% for the week as of Friday morning), $UMS(558.SI) (-15%) and $Frencken(E28.SI) (-13.4%) came under further selling pressure.

After all, if US companies slow their AI spending, our semiconductor companies could eventually feel the pinch too!

But amidst all the gloom, one STI component stood out.

$DFIRG USD(D01.SI) was among the week's star performers, gaining>7% for the week as of Friday morning. Its recent business update showed improving profitability, supported by Health & Beauty and Convenience.

Who would have thought? While everyone was worrying about AI chips, a retailer was quietly stealing the show! 😅

The bigger question now is whether the selling has gone too far.

Bank earnings may have disappointed, and AI spending concerns are worth watching. But weaker share prices don't necessarily mean weaker businesses.

Sometimes the best opportunities appear when everyone else is looking the other way!

Rgds,

Dan

tinyurl. com/TTP-dan

tinyurl. com/dan-disclaimer

Attended SAC Capital Connect 2026 on Tuesday (3 Nov), and I must say, it was an encouraging afternoon! 👍

More than 150 people turned up, including fund managers, corporate leaders and fellow market professionals. And it was especially nice to see so many young faces in the room, with students from various universities making up almost half the crowd!

Perhaps some of them might even become the next generation of investors, analysts and market professionals.

And I think they are coming in at quite an interesting time!

One of the highlights was the panel discussion on the Equity Market Development Programme (EQDP).

Let's face it, Singapore is still a relatively small stock market. But look at how things have changed over the past year or two!

We are seeing better liquidity, more investor interest, greater engagement from listed companies, and even our small and mid-cap stocks are getting some much-needed attention.

Of course, the recent market pullback has taken some shine off the rally. But as Sherman Lim, Portfolio Manager at Avanda Investment Management, pointed out, we are still in a better position than we were before these initiatives started.

And that sense of optimism was very much present throughout the afternoon.

There's still plenty of work to be done, but at least we are moving in the right direction!

Beyond the EQDP discussion, there were plenty of good conversations throughout the afternoon.

SGX Executive Director Koh Jin Hoe got things off to an uplifting start with his opening address. And special mention to Matthias Chan, probably the hardest-working man that afternoon, moderating every panel and fireside chat! 😅

Always nice to catch up with familiar faces too! Good to see Wesley Shen from Skylink sharing his company's growth story on the panel, and Nallakaruppan S, President of the Society of Remisiers, actively contributing to the discussions.

Also caught up with Siew Lu from @UnitedHampshireUSREIT. Seems like it was only a few weeks ago that we were catching up over beer! 😅

Congratulations to SAC Capital and SGX for bringing everyone together! Well done to Hwee Li, Celine, KT and the entire team for putting together such a meaningful event!

After 25 years in the stock market, it's encouraging to see renewed interest in Singapore equities. Even more so when I see the next generation wanting to be part of it.

The EQDP may be bringing fresh capital into our market. But seeing fresh faces and fresh interest? That gives me even more reason to be optimistic about its future!

$STI(STI.SI)