𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *22/10/26*

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STI: 5438 (+34) | HSI: 23651 (-215) | Dow: 52,856 (+360) | S&P: 7,757 (+45) | Nasdaq: 26,703 (+278)

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*US Markets Overnight*

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*Dow Yesterday, Nasdaq Today.*

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Tech Is Back in the Driver’s Seat Just when it looked like investors were moving away from tech, the Nasdaq came roaring back. 😅I also don’t know how to write nowadays.

But for now, investors still seem willing to buy into the AI story, especially when companies are showing actual results rather than just talking about future potential.

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The Nasdaq jumped 1.1%, Dow gained 0.7% and S&P 500 rose 0.6%, marking the S&P’s third straight day of gains.

The big story was *SpaceX*, which surged nearly 8% after reporting its first quarterly profit since listing. Elon Musk also revealed that SpaceX and Tesla have formed committees to explore a *possible merger*. A merger is far from certain, of course. But you can imagine why investors got excited.

*Tesla* gained almost 3.5% ahead of its earnings, while Nvidia rose 2.5%. Semiconductor stocks also bounced back. After the recent selling in AI and memory stocks, looks like investors are finding some bargains again. But really, I wouldn’t say all the concerns about AI spending have disappeared. The market is still trying to figure out which companies will actually benefit from all these billions being poured into AI infrastructure.

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Elsewhere, Super Micro Computer jumped 9% and United Airlines gained 4%. On the losing side, AT&T fell 6.5% and Netflix dropped more than 5% following their results.

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Oil remained expensive too, with WTI around US$97.50 and Brent near US$109.40. Now comes another important test, with Tesla and Meta reporting after Wednesday’s close. Let’s see whether the earnings can keep it there.

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*What’s Brewing Today*

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*Bruised Prices, Surprising Upsides?*

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$STI(STI.SI)’s rebound yesterday offers a more encouraging angle, I guess. The index climbed 34 points to 5,438, with all three local banks closing higher and gainers outnumbering decliners 334 to 214. After the recent correction, this suggests that buying interest is becoming more broad-based, rather than being driven by just a handful of heavyweights.

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We know REIT prices have been under pressure amid the high-interest-rate environment. But how are the underlying businesses actually faring? Both $OUEREIT(TS0U.SI)* and $Frasers Cpt Tr(J69U.SI)* seem to be holding up relatively well. Both reported an increase in NPI,L. For the former, finance costs also fell 12.4%. And with the divestment of Crowne Plaza Changi Airport moving closer to completion, unitholders could also look forward to a potential S$20 million special distribution from FY2027. Could OUE REIT and FCT be quietly bucking the trend, even as the broader REIT sector remains out of favour?

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Meanwhile, $LHN(41O.SI)* is taking a rather different route, venturing into assisted senior living through its new Jubiliv business. It's quite a departure from its traditional space management operations, but perhaps a natural extension of its expertise in making better use of spaces. LHN and its “bro” $Coliwoo Hldgs(W8W.SI)* were up 3.4% and 8.5% yesterday respectively

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All 3 stocks had been beaten down badly in the last couple of weeks. Not sure when we will see a sustainable recovery.

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*Happening Today*

SG XD:

— BRC Asia: SGD 0.08

SG Earnings

— FCT^, Suntec, Alpha Int REIT

US:

— Initial Jobless Claims / Existing Home Sales / CB Leading Index (MoM) / Kansas City Fed Manufacturing Index

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===

*SG Stock news*

👍— *OUE REIT* 3Q2026 net property income rose 4.6% YoY to S$59.6 million, while revenue grew 3.1% to S$72.6 million, with finance costs falling 12.4% and a S$20 million special distribution expected from FY2027.

https://links.sgx.com/1.0.0/corporate-announcements/UV2LUVQ4IJIUOZ6C/907739_OUE_REIT_3Q2026_Business_Updates_Press_Release.pdf

👍— *OUE REIT* confirmed that the buyer has exercised its call option to acquire Crowne Plaza Changi Airport, with the divestment scheduled for completion on 30 October 2026.

https://links.sgx.com/1.0.0/corporate-announcements/8Q2F9R8WD9QLS3KH/907684_OUE_REIT_Exercise_of_Call_Option_Announcement.pdf

👍— *Frasers Centrepoint Trust* FY2026 DPU rose 2.0% YoY to a record 12.35 cents, while net property income grew 15.7% to S$321.7 million, supported by 99.7% retail occupancy and positive rental reversion of 6.6%.

https://links.sgx.com/1.0.0/corporate-announcements/M4QRVBSKO5F899Z2/907784_FCT%20Press%20Release.pdf⁠

👍— *Frasers Centrepoint Trust* partnered NLB to develop a 32,000 sq ft reading and community hub at Causeway Point, opening in 2028, as part of the mall’s asset enhancement initiative scheduled from 2Q2027 to end-2029.

https://links.sgx.com/1.0.0/corporate-announcements/XAP54GBE3BCVUQAX/907791_News%20release%20-%20The%20HomePage%20at%20Causeway%20Point.pdf⁠

👍— *Deluge Corporation* expects a material improvement in 1HFY2027 profit before tax, driven by higher revenue recognition from its Integrated Projects segment and projects with better profit margins.

https://links.sgx.com/1.0.0/corporate-announcements/9N12FT4XHADFAZT2/907766_DCL%20-%20Profit%20Guidance%20-%201HFY27%20-%20Final.pdf

👍— *LHN Limited* launched Jubiliv, a new eldercare business offering assisted senior living services, starting with a pilot at 31 Boon Lay Drive providing caregiver support and medication management.

https://links.sgx.com/1.0.0/corporate-announcements/H17MPE10X4S1OS0U/907737_LHN%20Limited%20-%20PR%20-%20LHN%20Group%20Launches%20Jubiliv.pdf

— *Toku* signed a non-binding term sheet to acquire a profitable technology company, with the proposed acquisition expected to make the enlarged group profitable at the adjusted EBITDA level upon completion, subject to due diligence.

https://links.sgx.com/1.0.0/corporate-announcements/T0F1RJPBA22288CN/907680_Toku%20Ltd%20-%20Proposed%20Acquisition%20-%20Entry%20into%20a%20Non-Binding%20Term%20Sheet.pdf

— *TSH Corporation* announced the phased opening of its Opus Bay integrated resort in Batam from December 2026, starting with a 493-room hotel and private ferry terminal, followed by 57 luxury villas, retail and recreational facilities in 2027.

https://links.sgx.com/1.0.0/corporate-announcements/P3UDMUWML0NIMT5C/907769_TSH%20Press%20Release%20Debut%20of%20Opus%20Bay%20Batam.pdf⁠

— *Tuan Sing Holdings* will begin opening its Opus Bay integrated resort in Batam from December 2026, starting with a private ferry terminal and 493-room hotel, followed by 57 luxury villas, a waterfront retail promenade and sports park in 2027.

https://links.sgx.com/1.0.0/corporate-announcements/P3UDMUWML0NIMT5C/907769_TSH%20Press%20Release%20Debut%20of%20Opus%20Bay%20Batam.pdf

— *Credit Bureau Asia* subsidiary Credit Bureau Singapore secured its second consecutive contract to operate Singapore's Moneylenders Credit Bureau, with the new contract commencing on 28 October 2026.

https://links.sgx.com/1.0.0/corporate-announcements/SE9SW2XZSN5NJV0B/907678_CBSSecuresSecondConsecutiveBidtoOperateSingaporeMLCB.pdf

— *ESR-REIT* completed the divestment of its industrial property at 30 Pioneer Road for S$32 million, leaving it with a portfolio of 66 properties across Singapore, Japan and Australia.

https://links.sgx.com/1.0.0/corporate-announcements/12QZMUTT9DQ1NP2I/907717_ESR-REIT%20-%20Completes%20Divestment%20of%2030%20Pioneer%20Road%20in%20Singapore.pdf

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*Earnings calendar:*

22/10 - FCT^, Suntec, Alpha Int REIT

23/10 - Capland China^

26/10 - iFast, Micro-Mechanics

27/10 - Capland Ascott^, KIT^, MIT, Digicore REIT, Aztech, UI Boustead REIT, First Resources

28/10 - Capland India^, Wilmar, Landmark REIT, MLT

29/10 - Ultragreen^, CICT^, CDLHT^, FEH^, Capland Ascendas, Starhill

30/10 - MPACT^, LREIT

2/11 - Elite UK REIT^, GE^

3/11 - ParkwayLife REIT^, SIA Engg

4/11 - UOB^, CLI^, ACROPHYTE HT^, Manulife US REIT^, CAREIT

5/11 - DBS^, UOI, AVEPoint

6/11 - OCBC^, Singpost^, FLCT^

11/11 - SATS, SIA, NTTDC

12 Nov - Sasseur REIT^

13/11 - UHREIT^, Frasers Property

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

#danccs

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *21/10/26*
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STI: 5404 (-8) | HSI: 23867 (-319) | Dow: 52,496 (+530) | S&P: 7,713 (+22) | Nasdaq: 26,425 (-6)
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*US Markets Overnight*
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*A Rally Without the Usual Suspects*
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Interesting how quickly things can change on Wall Street. Just yesterday, tech stocks were doing most of the heavy lifting. Now it’s the Dow’s turn, jumping more than 500 points while the Nasdaq barely moved. Good news? At least investors are not giving up on stocks. They are just looking at other places to put their money. The Dow gained 1%, S&P 500 rose 0.3%, while Nasdaq slipped slightly.
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And this time, it wasn’t the usual AI names leading the market. *Healthcare stocks* did well, with names like Eli Lilly, UnitedHealth, Merck and Johnson & Johnson attracting buying interest. The Russell 2000 also jumped 1.7%, outperforming the major indices. Quite a change from the days when everything seemed to depend on Nvidia and the other tech giants. 😅
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*Oil* also gave the market some relief. WTI fell 2.5% to around US$101, following reports of possible US-Iran talks.
Still above US$100 though. So I wouldn’t say the oil problem has gone away. The *10-year Treasury yield* eased to around 5.12%. Better than the 5.3% we saw earlier this month, but still high enough to make borrowing expensive.
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On the earnings front, *3M* jumped almost 6% after raising its profit forecast. *Hasbro* surged around 10% on stronger results, helped by its Magic: The Gathering business.
Not everyone had a good day. *General Motors* fell around 7% and *GE Aerospace* lost 3.5%, despite reporting earnings. Another reminder that the market doesn’t always reward companies simply for delivering results. Over in tech, *CoreWeave* managed a 1.7% gain, after being down more than 5% earlier in the session.
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One economic number to note though. *US pending home sales* plunged 7.3% in September, much worse than the 0.4% decline expected. With mortgage rates still high, it’s not surprising that housing demand is struggling.
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Let’s see if this rotation has legs. One day doesn’t make a trend.
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*What’s Brewing Today*
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*STI, Stuck in Recovery Mode?*
After the sharp selloff earlier this month, the $STI(STI.SI) seems to be struggling to find its footing around the 5,400 level. Not exactly exciting, but perhaps that's not such a bad thing. I mean, at least we closed (just) above the 5400 level yesterday 😂. What is worth noting is that some stocks are already showing signs of recovery, even as the broader market remains weak. Charts are still weak on these stocks, or should I say, most stocks, but better than nothing right? *Sembcorp ( $Sembcorp Ind(U96.SI))*, *JMH (J36)* and *Boustead (F9D)* are just some of the gainers yesterday. The former is the one I will be watching out for.
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*Happening Today*
SG XD:
— HC Surgical: DIVIDEND : SGD 0.0118
SG Earnings:
— OUEREIT
EU:
— UK CPI (MoM) / UK CPI (YoY) / UK Core CPI (YoY) / UK PPI Input / UK PPI Output / UK Retail Price Index
US:
— Crude Oil Inventories
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===
*SG Stock news*
👍 — *Wee Hur* secured an unconditional option to acquire a site in Sydney for a proposed 12-storey, 471-bed student accommodation development, with acquisition completion expected in 2H2027.
https://links.sgx.com/1.0.0/corporate-anno...
👍 — *Grand Banks Yachts* secured S$67.3 million in orders for 11 new yachts and two trade-in boats in 1QFY2027, one of its strongest quarters ever, lifting its order book to S$168.6 million from S$136.4 million.
https://links.sgx.com/1.0.0/corporate-anno...
— *Hoe Leong Corporation* said its appeal against a Malaysian High Court ruling has been rescheduled to 13 October 2027, a year later than the original hearing date of 13 October 2026.
https://links.sgx.com/1.0.0/corporate-anno...⁠
— *Rex International* commenced drilling its first new well at the offshore Yumna Field in Oman, with production expected to begin in November 2026.
https://links.sgx.com/1.0.0/corporate-anno...
— *HC Surgical Specialists* acquired the remaining 65% stake in Total Orthopaedics for S$21.4 million, payable over seven years, taking full ownership of the four-centre business which recorded S$2.2 million net profit for FY2026.
https://links.sgx.com/1.0.0/corporate-anno...⁠
— *ProsperCap* partnered with EV charging specialist Roam to install 170 charging sockets across 14 of its UK hotels, with the project fully funded by the provider and requiring no significant upfront capital investment.
https://links.sgx.com/1.0.0/corporate-anno...
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*Earnings calendar:*
21/10 - OUEREIT
22/10 - FCT^, Suntec
23/10 - Capland China^
26/10 - iFast, Micro-Mechanics
27/10 - Capland Ascott^, KIT^, MIT, Digicore REIT, Aztech, UI Boustead REIT, First Resources
28/10 - Capland India^, Wilmar, Landmark REIT, MLT
29/10 - Ultragreen^, CICT^, CDLHT^, FEH^, Capland Ascendas, Starhill
30/10 - MPACT^, LREIT
2/11 - Elite UK REIT^, GE^
3/11 - ParkwayLife REIT^, SIA Engg
4/11 - UOB^, CLI^, ACROPHYTE HT^, Manulife US REIT^, CAREIT
5/11 - DBS^, UOI, AVEPoint
6/11 - OCBC^, Singpost^, FLCT^
11/11 - SATS, SIA, NTTDC
12 Nov - Sasseur REIT^
13/11 - UHREIT^, Frasers Property
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Rgds, Dan
https://www.phillip.com.sg/talktophillip/d...
https://tinyurl.com/dan-disclaimer
#danccs

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *20/10/26*

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STI: 5412 (-3) | HSI: : — (---) | Dow: 51,966 (-36) | S&P: 7,691 (+31) | Nasdaq: 26,431 (+291)

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*US Markets Overnight*

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*A Rebound With a Catch*

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After last week’s heavy selling in tech, the Nasdaq finally managed a decent bounce. But here’s the thing. The Nasdaq was up more than 1%, yet most stocks actually ended lower.

So yes, tech bounced. But the rest of the market wasn’t exactly cheering along. 😅

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The Nasdaq gained 1.1%, S&P 500 rose 0.4%, while the Dow slipped 0.1%. Remember, the Nasdaq lost 4.5% last week, ending its four-week winning streak. So Monday’s rebound was welcome, but there’s still quite a bit of ground to recover.

AI and semiconductor stocks led the recovery. Western Digital, Sandisk, Micron and Seagate were among the gainers. *Nvidia* rose 1.4%, while Intel gained 2.4% following a JPMorgan upgrade. Looks like investors are still interested in AI stocks, especially after the recent selloff.

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But not everyone joined the party. *CoreWeave* actually ended 0.4% lower, despite jumping as much as 7% earlier in the session. The stock had already plunged around 25% last week amid concerns over its borrowing. Quite telling, isn’t it? Investors may still like the AI story, but they’re becoming a little more careful about which companies they want to own. Elsewhere, *Amazon* jumped 5% after Morgan Stanley named it a top pick and raised its target price. *Tesla* gained 3.8%, ahead of its earnings this week.

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Meanwhile, the 10-year Treasury yield climbed back above 5.15%. So borrowing costs are still something investors need to keep an eye on.

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And here’s another interesting bit. Despite the S&P 500 ending higher, more stocks actually fell than rose on both the NYSE and Nasdaq. In other words, a handful of big names were doing much of the heavy lifting.

That’s why I wouldn’t get too excited about Monday’s rebound just yet. The bounce is encouraging, especially after last week’s selling. But I would like to see more stocks joining the recovery, rather than relying on the same few tech names.

After all, a healthy market rally should ideally have more than just a few players doing all the work. 😄

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*What’s Brewing Today*

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*A Little Retail Therapy?*

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While the STI is still trying to find its footing, *DFI Retail Group ( $DFIRG USD(D01.SI))* seems to be holding up pretty well. The stock gained 1.8% yesterday, making it the STI's top performer. What is worth noting is its relative strength, especially when the broader market is still looking rather shaky. With its ongoing business transformation and growth ambitions, could investors be starting to take another look at DFI? Of course, one good day doesn't make a trend, but my interpretation of the chart suggests a potential early recovery trade (Price cut above 10MA). Certainly one worth keeping on the radar, imo!

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Special mention to *UltraGreen AI ( $ULTRAGREEN AI USD(ULG.SI))*, which jumped 11.6% to US$0.53 yesterday, making it the top performer in the iEdge Singapore Next 50 Index. While the move is significant, nothing on the chart suggests a recovery story yet. Need more “evidence”. But good to note. Also note the RTO of *Shen Yao ( $Shen Yao(A78.SI))* announced last night.

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===

*Happening Today*

CN:

— 1-Year Loan Prime Rate / 5-Year Loan Prime Rate

EU:

— Eurozone Current Account

US:

— Housing Starts / Building Permits / Pending Home Sales

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===

*SG Stock news*

⭐️ — *Keppel REIT* to acquire 51% stake in Keppel South Central for $626.2 mil; Sponsor *Keppel* to provide five-year income support

https://www.theedgesingapore.com/news/reits/keppel-reit-acquire-51-stake-keppel-south-central-6262-mil-sponsor-provide-five-year

👍 — *Oiltek International* signed a non-binding MOU with Malaysia’s CAB Cakaran to explore a joint venture producing premium animal feed ingredients from palm oil-derived products, leveraging CAB’s feed mills and Oiltek’s processing technology.

https://links.sgx.com/1.0.0/corporate-announcements/XG5L7QFVIBPNMQ1Q/907468_Press%20Release%20-%20MOU%20CAB_OILTEK%20-%2019.10.2026.pdf

🤔— *Shen Yao Holdings* signed an agreement for a proposed reverse takeover involving Zion Mobility, a Singapore-based electric motorcycle and smart battery solutions company, alongside a debt-to-equity conversion and transfer of its Catalist listing to a new holding company, subject to shareholder and regulatory approvals.

https://links.sgx.com/1.0.0/corporate-announcements/CUA3I6QA3F4QZPWC/907543_RTO%20Announcement.pdf

— *BH Global* will convert S$2.3 million owed by Zion Mobility into shares, then exchange them for S$3.74 million worth of shares in Zion Mobility Holdings as part of Shen Yao Holdings’ proposed reverse takeover.

https://links.sgx.com/1.0.0/corporate-announcements/8NKGUF5AUNS41Y0Z/907544_BHG_Acquisition%20and%20Disposal%20of%20Shares%20in%20Zion%20Mobility%20Pte.%20Ltd._20Oct2026.pdf⁠

— *First Resources* pledged full cooperation with Singapore authorities investigating the haze, reaffirming its zero-burning policy and expressing confidence that evidence will show it does not engage in land clearing by fire.

https://links.sgx.com/1.0.0/corporate-announcements/YM2ZESXW5HMXPPDF/907555_First%20Resources%20-%20Commitment%20to%20Cooperation%20with%20Authorities.pdf⁠

— *DISA* subsidiary Advance Digital Healthcare signed a 12-month agreement with Eureka Group to expand osteoarthritis assessment and treatment services across three Singapore clinics, potentially generating revenue from healthcare products and services.

https://links.sgx.com/1.0.0/corporate-announcements/28OBTD33JAXMY6HZ/907469_News%20Release_Signing%20of%20Affliate%20Agreement%20_Eureka_Replacement.pdf

— *HRnetGroup* appointed Sunny Kim and Aviel Sim as co-owners of RecruitFirst Korea to strengthen its flexible staffing business and expand its presence in South Korea.

https://links.sgx.com/1.0.0/corporate-announcements/1VKRXEDUFY5MNMEN/907500_HGS%20HRnetGroup%20RecruitFirst%20Korea%20coowners%2019.10.2026.pdf

— *Skylink Holdings* completed a fully subscribed S$5 million bond issuance carrying an 8% annual coupon, potentially supporting at least S$30 million in additional hire purchase loans and lifting its loan book beyond S$100 million by FY2028.

https://links.sgx.com/1.0.0/corporate-announcements/5DD769E6TNYRSDXL/907519_Skylink_Press%20Release.pdf

— *Centurion Corporation* completed its acquisition of worker accommodation business and land assets in Karratha, Western Australia, on 19 October 2026, following satisfaction of all conditions precedent.

https://links.sgx.com/1.0.0/corporate-announcements/PUP0S0FDCCZYPWZA/907528_CCL-Completion%20of%20Acq%20of%20Land%20and%20Business%20Assets%20in%20Karratha%20Western%20Australia-20261019.pdf

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*Earnings calendar:*

21/10 - OUEREIT

22/10 - FCT^, Suntec

23/10 - Capland China^

26/10 - iFast, Micro-Mechanics

27/10 - Capland Ascott^, KIT^, MIT, Digicore REIT, Aztech, UI Boustead REIT, First Resources

28/10 - Capland India^, Wilmar, Landmark REIT, MLT

29/10 - Ultragreen^, CICT^, CDLHT^, FEH^, Capland Ascendas, Starhill

30/10 - MPACT^, LREIT

2/11 - Elite UK REIT^, GE^

3/11 - SIA Engg

4/11 - UOB^, CLI^, ACROPHYTE HT^, Manulife US REIT^

5/11 - DBS^, UOI, AVEPoint

6/11 - OCBC^, Singpost^, FLCT^

11/11 - SATS, SIA, NTTDC

12 Nov - Sasseur REIT^

13/11 - UHREIT^, Frasers Property

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

#danccs