𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *4/11/26*

.

STI: 5269 (-34) | HSI: 23525 (+132) | Dow: 51,787 (-197) | S&P: 7,569 (+28) | Nasdaq: 25,372 (+208)

.

*US Markets Overnight*

.

*Chips Are Back! But Is the Market?

After several painful sessions, US tech stocks finally caught a break! 😅 The Nasdaq gained 0.8% and S&P 500 rose 0.4%, snapping their three-day losing streaks. But the Dow slipped 0.4%. Nvidia gained 2.3%, Broadcom rose around 3%, while AMD jumped nearly 4% ahead of its earnings. Looks like investors aren’t quite ready to give up on the AI story. 😅

But not everyone was celebrating.

.

*Apple* fell 1.9%, despite reporting better-than-expected earnings. Rising memory-chip costs are expected to squeeze its profit margins. *Palantir* also slipped nearly 2%, even though revenue surged 96% and its outlook beat expectations.

Quite telling, isn’t it? Strong earnings are no longer enough when investors have already priced in plenty of good news.

Meanwhile, the 10-year Treasury yield rose to around 4.97%, while WTI oil traded near US$97 after Monday’s sharp plunge.

And of course, investors were watching the US midterm elections, with the results potentially affecting government spending, taxes and regulation.

.

But the more encouraging news for tech investors came after the closing bell. *AMD* jumped more than 6% in after-hours trading after reporting a 45% surge in quarterly revenue to US$13.38 billion. Its data centre revenue nearly doubled to US$8.55 billion, while its fourth-quarter revenue forecast of around US$17 billion beat expectations. *Super Micro Computer also gained around 6% after hours, with quarterly revenue nearly quadrupling to US$19.9 billion, helped by strong demand for AI servers. Its outlook was also better than expected.

.

Quite a contrast to the recent selloff over AI spending. But perhaps we’re seeing the market starting to separate the AI winners from those still trying to justify their spending. The AI story is still alive. Investors just want to see the money flowing in, not only going out! 😅

.

*What’s Brewing Today*

.

*UOB: A Mixed Bag, But Not All Bad!*

.

 $UOB(U11.SI) kicked off the bank earnings season with 3Q net profit of S$1.3 billion (down 15% QoQ due to absence of divestment gains), bringing 9M profit to S$4.2 billion, up 27%. The strong year-on-year growth was partly due to last year’s low base, so I wouldn’t read too much into that. What I find encouraging is the 6% loan growth and 5% increase in fee income, supported by its wealth management business. On the flip side, net interest margin narrowed to 1.75%, reflecting pressure from lower interest rates. Overall, a mixed but reasonably resilient set of results. The question now is whether stronger fee income and loan growth can continue to cushion the pressure on interest margins.

Look out for $CapitaLandInvest(9CI.SI)  as well as $CSE Global(544.SI) for reaults and contract wins.

.

===

*Happening Today*

SG Earnings:

— UOB^, CLI^, ACROPHYTE HT^, Manulife US REIT^, CAREIT

CN:

— RatingDog Services PMI / RatingDog Composite PMI

EU:

— German HCOB Services PMI / German HCOB Composite PMI / Eurozone HCOB Services PMI / Eurozone HCOB Composite PMI / UK Services PMI

US:

— ADP Nonfarm Employment Change / S&P Global Services PMI / S&P Global Composite PMI / ISM Non-Manufacturing PMI / ISM Non-Manufacturing Employment / ISM Non-Manufacturing Prices / Crude Oil Inventories

.

===

*SG Stock News*

— *UOB’s* 3Q26 net profit fell 15% QoQ to S$1.3b due to the absence of divestment gains, despite record fee income of S$733m (+19% YoY), while 9M26 profit rose 27% YoY to S$4.2b.

https://links.sgx.com/1.0.0/corporate-announcements/PX59JKGC64PU6SBP/910317_3Q26%20Performance%20Highlights.pdf

👍— *CapitaLand Investment’s* 9M26 fee-related revenue rose 15% YoY to S$1.04b, driven by strong fund management growth, while total revenue fell 3% to S$1.5b amid continued capital recycling, with S$4.3b raised and S$9.6b deployed YTD.

https://links.sgx.com/1.0.0/corporate-announcements/AAX7HB9FZ54UL8YX/910316_CLI%203Q%202026%20Business%20Updates.pdf

👍— *CSE Global* secured S$434.9 million in new orders for 3Q2026, nearly triple the year-ago level, driven by S$320.3 million in electrification contracts, lifting its order book to S$728.5 million.

https://links.sgx.com/FileOpen/CSE_3Q2026%20Contract%20Wins.ashx?App=Announcement&FileID=910229

👍— *Japan Foods Holding* returned to profitability in 1HFY2027 with net profit of approximately S$0.2 million and declared an interim dividend of 0.13 cent per share, following its restructuring and outlet rationalisation.

https://links.sgx.com/FileOpen/JFH%20-%20Corporate%20Presentation%20HY2027.ashx?App=Announcement&FileID=910236

👍— *Samudera Shipping* wishes to announce that the Company has entered into shipbuilding contracts with Jiangsu New Yangzi Shipbuilding Co., Ltd. and Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd. for the construction and purchase of two (2) new 3,000 TEU container vessels

https://links.sgx.com/FileOpen/ENTRY%20INTO%20SHIPBUILDING%20CONTRACTS.ashx?App=Announcement&FileID=910284

🤔— *SIA Engineering* 1HFY2027 revenue declined 9.7% to S$658.6 million, but operating profit nearly doubled to S$25.7 million on lower costs, while net profit reached S$81.9 million.

https://links.sgx.com/FileOpen/SIAENGCO1HFY2627NewsRelease_SGX.ashx?App=Announcement&FileID=910254

— *Southern Archipelago* s expected to report a net loss for 9M2026, mainly attributable to lower sales volume resulting from increased competition, challenging macroeconomic and political conditions in Indonesia, alongside operational challenges and a market-driven shift in export demand during the period.

https://links.sgx.com/1.0.0/corporate-announcements/BLPR1PE3J28QPM1U/910237_SAL%20Announcement%20%20-%20Profit%20warning%20for%20the%20nine%20months%20ended%2030%20September%202026.pdf

🎉— *Metasurface Technologies* launched a placement of 18 million new shares at S$0.54 each to raise S$9.72 million ahead of its proposed dual primary listing on SGX Catalist today, https://links.sgx.com/FileOpen/Metasurface%20Placement%20-%20Press%20Release.ashx?App=Announcement&FileID=910248

— **Kim Heng* signed a non-binding three-year MOU with Netherlands-based Reynard BV to explore high-voltage cable service opportunities in Asia, particularly for offshore wind projects.

https://links.sgx.com/FileOpen/MOU%20Reynard%20Announcement.ashx?App=Announcement&FileID=910263

— *China Medical System Holdings* announced that the new drug application for ruxolitinib phosphate cream (Lumirix), a treatment for vitiligo, has been approved in Singapore, marking another regulatory milestone for its dermatology portfolio.

https://links.sgx.com/1.0.0/corporate-announcements/VGGJEN4MRV93E9U3/910315_e-Voluntary%20and%20Business%20Update%20Announcement%20New%20Drug%20Application%20of%20Ruxolitinib%20Phosphate%20Cream%20Approved%20in%20Singapore-final.pdf

— *Clearbridge Health* proposes to acquire 99.996% of PT Alfa Valves Indonesia for S$2.76m (S$1.5m cash and 630m new shares), diversifying into valves and pipes manufacturing and trading, and renaming itself Duvalco Holdings, subject to shareholders’ approval.

https://links.sgx.com/1.0.0/corporate-announcements/PZWEEDS1QIKHEAXR/910312_CBH%20Announcement_Proposed%20Transactions.pdf

.

*Earnings calendar:*

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

5/11 - DBS^, UOI, AVEPoint

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

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^

.

Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

Not quite the start to November that Singapore investors were hoping for!

On Monday, the $STI(STI.SI) dropped more than 70 points. Meanwhile, South Korea surged almost 3%, and even China was enjoying a decent rebound.

Looking at the numbers, you can't help but wonder. Why is everyone else going up while we're heading the other way?

Well, it's really about what drives each market.

In South Korea, investors were picking up technology stocks after the recent selloff. The AI story is still very much alive, although investors are becoming more selective. After spending billions on AI, companies will eventually have to show where the profits are!

China is a slightly different story. Investors are hoping for more policy support, especially with the National People's Congress Standing Committee meeting this week. But hopes are one thing. What matters is whether these policies can actually help the economy.

And back home?

Our STI is dominated by the three local banks. When the banks sneeze, the STI catches a cold! 😅

With bank earnings ( $DBS(D05.SI), $OCBC Bank(O39.SI) , $UOB(U11.SI) ) coming up, I think investors are getting a little nervous. I will be watching their interest margins, earnings outlook and, of course, dividends. Hopefully, some positive surprises can help bring back confidence.

My sense is that investors are still willing to take risks. They're just becoming a lot more picky!

A good story can still attract attention. But these days, investors want the numbers to back it up.

Thanks to Lewis Ong (王阳发), Senior Business News Correspondent at Lianhe Zaobao (联合早报), for the opportunity to share my thoughts! 😊

https://www.zaobao.com.sg/finance/singapore/story20261102-9935039

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *3/11/26*

.

STI: 5303 (-72) | HSI: 23393 (+98) | Dow: 51,984 (+214) | S&P: 7,541 (-39) | Nasdaq: 25,164 (-273)

.

*US Markets Overnight*

.

*Oil Cools, Tech Still Hurts*

.

November was supposed to bring some relief after October’s painful selloff in tech. And for a while, it looked like Wall Street was ready to bounce. But the recovery didn’t last. 😅

The Nasdaq fell 1.1%, S&P 500 lost 0.5%, while the Dow managed to gain 0.4%.

.

What’s interesting is that most stocks actually went up! Around 69% of S&P 500 constituents finished higher. So once again, a few heavyweight tech stocks were dragging down the index.

And oil certainly wasn’t the problem this time. Brent crude plunged 7.6%, as hopes of a possible US-Iran peace deal eased concerns over oil supply.

.

That’s welcome news for inflation. Lower oil prices could eventually ease pressure on businesses and consumers. But after the sharp run-up in recent months, we’re not quite out of the woods yet.

.

Meanwhile, tech stocks continued to struggle. *Oracle* plunged nearly 9% after announcing plans to raise US$20 billion through debt and equity to fund its AI expansion.

Sounds familiar, doesn’t it? Investors are increasingly questioning how much money companies need to borrow to keep building AI infrastructure. AMD fell 7.5%, while Intel lost another 8.8%, following Friday’s massive selloff. Marvell and Lumentum also fell sharply, despite announcing a major acquisition deal. On the brighter side, Amazon gained 2.2% and Tesla rose 1%.

.

The 10-year Treasury yield eased to around 4.9%, giving the market some relief on borrowing costs. But the interesting developments came after the closing bell.

.

*Apple* reported better-than-expected results, with revenue of US$114.5 billion, helped by strong iPhone 18 Pro demand.

However, its shares fell around 4% in extended trading as investors focused on rising memory-chip costs, weaker margin guidance and slower expected services growth. Even Apple isn’t immune to rising costs!

.

*Palantir* also delivered impressive numbers. Revenue jumped 96% to US$2.31 billion, beating expectations, while its fourth-quarter outlook was also stronger than expected.

Yet the stock was only slightly higher initially before slipping in after-hours trading.

.

Looking ahead, US midterm elections starts tonight, more corporate earnings and the October jobs report on Friday.

So it’s going to be another interesting week.

.

*What’s Brewing Today*

.

*Three Banks, One Big Headache!*

.

Yesterday, my headline was “November Begins, Let the Games Begin!”. And ouch! November certainly didn't get off to a good start! 😅 The STI tumbled 73 points yesterday to close at 5,304, with all three local banks taking a hit. *OCBC* fell 3.3%, *DBS* lost 1.9%, while *UOB* slipped 1.7%. Well, the timing couldn’t be more “coincidental”. All three banks are reporting their results this week, starting with UOB on Wednesday, DBS on Thursday and OCBC on Friday. One additional detail worth noting was, *Great Eastern's* 3Q net profit plunged 72% to S$102.9 million, which may partly explain why OCBC was the hardest hit.

$DBS(D05.SI) $UOB(U11.SI) $OCBC Bank(O39.SI) 

.

So, are investors simply taking some money off the table, or are they getting worried about earnings and margins? Looking at the STI, the next psychological level to watch is 5,300 (really not far away… too close for comfort), followed by Monday's intraday low around 5,263. With banks carrying so much weight in the index, their results could well decide where the $STI(STI.SI) heads next. Let’s see.

.

===

*Happening Today*

SG Earnings:

— ParkwayLife REIT^, SIA Engg

SG XD:

— Ellipsiz: SGD 0.005

— GuocoLand: SGD 0.08

— Koda: SGD 0.0035

— Mapletree Ind Tr: SGD 0.0238 + 0.0045 +0.0014

— Sheffield Green: SGD 0.003

— UIBREIT: SGD 0.0271 + SGD 0.0027 + 0.0032 + 0.0007 + 0.0034

US:

— Durable Goods Orders (MoM) / Core Durable Goods Orders (MoM) / JOLTS Job Openings / Factory Orders (MoM)

.

===

*SG Stock News*

👍— *Beng Kuang Marine* reported 3Q2026 revenue of S$28.6 million +10.1% YoY) and pre-tax profit of S$5.2 million (+15.1% YoY), while its earlier contract update showed approximately S$71.5 million of outstanding work across three core subsidiaries.

https://links.sgx.com/1.0.0/corporate-announcements/WXO56JJ3J4AABZ66/910118_BKM_3Q2026_Business%20Update.pdf

👍— *King Wan Corporation* wins S$28.6 Million Worth of New M&E contracts

https://links.sgx.com/1.0.0/corporate-announcements/L2JRVDBCPIHSY0TU/910090_King%20Wan%20Corporation_Media%20Release%20for%20winning%20MandE%20contracts_October%202026.pdf

👍— *Parkway Life REIT* 9M2026 DPU rose 13.4% YoY to 13.10 cents, with distributable income up 13.4% to S$85.5 million despite revenue declining 1.9% to S$115.1 million, supported by higher Singapore hospital rental receipts, while gearing remained healthy at 34.8%.

https://links.sgx.com/FileOpen/PLife-3Q%202026%20Business%20Update.ashx?App=Announcement&FileID=910200

— *Yangzijiang Maritime Development* Places Orders for11 Additional Newbuilds;Newbuilding Portfolio Increases to a Total of 111 Vessels

https://links.sgx.com/FileOpen/YZJ%20Maritime_Press%20Release_Newbuild_Nov2026_final.ashx?App=Announcement&FileID=910121

💡— *MetaOptics* issued guidance for SGX shareholders wishing to convert their shares into American Depositary Shares (ADSs) for trading on the US OTCQX market, with J.P. Morgan acting as depositary bank.

https://links.sgx.com/1.0.0/corporate-announcements/8ARF7HQ8NZVGIHMS/910089_MetaOptics%20-%20Press%20Release%20on%20Guidance%20for%20Conversion%20and%20ADS%20Issuance.pdf

— *Addvalue Technologies* has confidentially submitted a draft IPO registration statement to the US SEC for the proposed US listing of its space-related business, Addvalue Space Technologies, with the offering size and pricing yet to be determined, subject to regulatory approval and market conditions.

https://links.sgx.com/FileOpen/AVT_F-1%20Announcement_021126.ashx?App=Announcement&FileID=910188

— *Indofood Agri Resources* agreed to cooperate with NEA-appointed independent assessors investigating transboundary haze, while gathering the requested documents and information relating to forest fires in Indonesia.

https://links.sgx.com/FileOpen/IFAR%20-%20Announcement%20on%20NEA%20Notice%20Update.ashx?App=Announcement&FileID=910172

— *Wilmar International* agreed to engage independent assessors from Singapore's Panel on Transboundary Haze and cooperate with investigations into potential links between its operations and Indonesian forest fires.

https://links.sgx.com/1.0.0/corporate-announcements/TEAOJ4JCFWJYUI1F/910134_20261102_WIL%20Ann%20Transboundary%20Haze-Update%20on%20Engagement%20of%20Panel%20Assessors.pdf

— *Golden Agri-Resources* reaffirmed its commitment to cooperate with NEA and independent assessors investigating transboundary haze, including inquiries into its Indonesian operations and supply chains.

https://links.sgx.com/1.0.0/corporate-announcements/96L592UFFOXMATJ5/910103_GAR36-02-11-2026-GAR%20Update%20on%20Transboundary%20Haze%20Matters%20and%20Cooperation%20with%20NEA.pdf

❗— *Pan Hong* is expected to report a lower revenue and a loss after tax for 1HFY2027 compared to the 1HFY2026 .

https://links.sgx.com/FileOpen/Pan%20Hong_Profit%20Guidance_FY20271H.ashx?App=Announcement&FileID=910074

❗— *CSC Holdings is expected to report a net loss for 1HFY27

https://links.sgx.com/FileOpen/Profit%20Guidance%20Annct%201HFY27.ashx?App=Announcement&FileID=910068

❗— *Rich Capital* is expected to report a net loss for 1H2027 as compared to a net profit for 1H2026.

https://links.sgx.com/FileOpen/1HY%202027%20RCH%20Profit%20Guidance_Final.ashx?App=Announcement&FileID=910075

— *NutryFarm* subsidiaries AI Nova and HyperEdge spotlight AI computing and modular data centre solutions at D:NEXA 2026

https://links.sgx.com/FileOpen/20261102%20LPR%20LD%20NEXA%20Post%20Event%20Roundup.ashx?App=Announcement&FileID=910201

— *Capital World* say no further progress on the MK Mustafa sale agreement, while there are still several ongoing legal cases await court hearings and decisions between November 2026 and July 2027.

https://links.sgx.com/FileOpen/Interim%20updates%20on%20October%202026.ashx?App=Announcement&FileID=910184

.

*Earnings calendar:*

3/11 - SIA Engg

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

5/11 - DBS^, UOI, AVEPoint

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

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

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

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

19/11 - Seatrium^

.

Rgds, Dan

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

https://tinyurl.com/dan-disclaimer