𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *20/8/26*

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STI: 5694 (-7) | HSI: 25495 (+23) | Dow: 53463 (+119) | S&P: 7708 (+16) | Nasdaq: 26331 (+41)

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*Feature:*

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*<Zaobao> After a strong run, the market starts asking harder questions.*

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Singapore tech stocks trading on SGX have done well this year, with some names enjoying very strong gains. But with valuations now at higher levels, some profit-taking is only natural, and I expect volatility to remain elevated in the short term.

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The next important checkpoint, in my view, is Nvidia's upcoming results.

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Not just because of Nvidia itself, but what the numbers could tell us about the broader AI ecosystem, chip demand, and whether the massive capex spending by global tech giants remains sustainable.

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The AI story is still very much alive. But at these valuations, expectations are also higher.

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The story got tech stocks here. The numbers will decide what comes next.

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Thanks to Lianhe Zaobao Business Journalist Tobby Siew (萧维旸) and Siow Zhi Hui (萧梓卉) for shedding some light on the SG tech sector.

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https://www.zaobao.com.sg/finance/singapore/story20260819-9541188

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*US Markets Overnight*

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*A Band-Aid for Bonds, A Breather for Stocks*

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After three straight days of declines, Wall Street finally found some green. But I wouldn’t call this a convincing “risk-on” comeback just yet.

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The S&P 500, Dow and Nasdaq all gained around 0.2%, helped by a sharp retreat in Treasury yields after the US Treasury said it would at least double its buybacks of longer-dated government bonds. The 10-year yield fell 6 basis points to around 4.65%, while the 30-year dropped 9 basis points to below 5.20%.

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Franky, I don’t think the buybacks will suddenly solve America’s bond-market or fiscal concerns, but they can improve liquidity and take some pressure off the long end. Think of it as a pressure-release valve rather than a cure. And after the 30-year yield touched its highest level since 2007 on Tuesday, Wall Street was happy to take the relief.

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The *Fed minutes* provided another reminder that the inflation fight isn’t quite over. Three FOMC members voted for a 25bp hike in July, while many participants felt further tightening could be necessary if inflation doesn’t continue to ease. So yes, yields fell overnight, but the “higher for longer” debate hasn’t disappeared.

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The fireworks, though, came from healthcare. *Moderna* exploded more than 175% and Merck jumped 13% after positive Phase 3 results for their experimental personalised mRNA cancer vaccine combination. Healthcare was easily the S&P 500’s strongest sector.

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Retail earnings were mixed. Target gained about 4.5% and Lowe’s rose around 2.5%, while TJX fell 4%. Estée Lauder surged 16%, while La-Z-Boy definitely wasn’t relaxing, plunging 17% after disappointing results. 😅

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Big Tech also stabilised, with six of the Magnificent Seven higher. Tesla led with a gain of more than 4%, while Nvidia was the odd one out.

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Elsewhere, oil continued higher as Strait of Hormuz talks remained stalled, with WTI at US$85.70 and Brent at US$91.65. Gold jumped 2.7% to US$4,540, while Bitcoin rebounded above US$68,000.

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*What’s Brewing Today*

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$SATS(S58.SI) 1QFY27 was operationally strong but financially, not yet a breakout quarter. Revenue grew 11.3%, driven by strong cargo volumes and market-share wins, but EBITDA (+5.9%) and PATMI (+6.0%) lagged revenue as Gateway margins compressed. Free cash flow of S$22.6m is also worth watching. The bigger picture remains positive. The WFS acquisition is increasingly proving its strategic value, leverage is under control, and Food Solutions showed excellent operating leverage. The next leg imo is margin and cash conversion.

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It closed positive at S$4.77 yesterday, and I am optimistic on the long term. However, for short term trading, I wouldn’t chase it. The share price has already had a strong run and is near its recent highs, so a fair amount of the recovery appears priced in. Risk/reward should become much more interesting on a pullback toward roughly S$4.20 - 4.40. Just my view to share. Not vested.

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In small cap, look out for *$AsianMicro* as it gives a positive profit guidance.

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*Happening Today*

SG XD:

— CityDev: SGD 0.06

— CSE Global: SGD 0.0091

— DFIRG USD: USD 0.062

— HongkongLand USD: USD 0.08

— Info-Tech: SGD 0.016

— JMH USD: USD 0.65

— Nordic: SGD 0.010008

— SBS Transit: SGD 0.2442

— StarHub: SGD 0.03

— Stoneweg EU Trust: EUR 0.06642

— ULTRAGREEN AI USD: USD 0.01

JP

Trade Balance  (Jul) / Exports (YoY) (Jul)

CN:

— PBOC Prime Rate

EU:

— ECB Publishes Account of Monetary Policy Meeting

US:

— Philadelphia Fed Manufacturing Index  (Aug) / Initial Jobless Claims / Philly Fed Employment  (Aug) / Continuing Jobless Claims / Fed's Balance Sheet

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*SG Stock news*

—👍 *SATS* reported 1QFY2027 revenue rising 11.3% to S$1.68 billion and PATMI increasing 6.0% to S$75.1 million, driven by new wins and stronger cargo volumes.

https://links.sgx.com/1.0.0/corporate-announcements/TWSH1EQCHB93OXTM/901753_SATS_1Q_FY27_Media_Release.pdf

—👍 *Asian Micro Holdings* expects to return to profitability in FY2026, mainly from gains on asset disposals and settlement income.

—👍 *Zheneng Jinjiang Environment* delivered strong 1H2026 growth, with revenue rising 11.7% to RMB2.04 billion and PATMI jumping 28.4% to RMB426.2 million.

https://links.sgx.com/1.0.0/corporate-announcements/4WACZECXDQW9DQO4/901672_ZJE%20-%201H2026%20Results%20PPT.pdf

— *NSL* reported FY2026 attributable profit falling 38% to S$23.1 million on S$385.9 million revenue, while proposing a 3-cent final dividend.

https://links.sgx.com/1.0.0/corporate-announcements/L0VCJGDYTK2QNS6Y/901671_NSL%20Ltd%20-%20SGXNet_FY2026%20-%20Final.pdf

—💡💡 *Kimly* plans to transfer listing to Mainboard

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

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#danccs

I had the opportunity to visit $Nanofilm(MZH.SI) as part of SGX's Value Unlock Programme, and SGX has put together a short video capturing some highlights from the visit. I also shared a few of my thoughts in the video. 😊

Seeing the operations up close gave me a different appreciation of the business.

Describing Nanofilm simply as a coatings company doesn't quite do it justice. I see it more as a materials science enabler.

And that's what makes the story interesting to me. Its capabilities go beyond consumer electronics, with potential applications across semiconductors, renewable energy, smart manufacturing and other areas.

A lot of what Nanofilm does may be invisible to us. But sometimes, it is what we don't see that quietly helps everything else work better.

🎥 Watch the SGX video and post here:
https://www.linkedin.com/posts/sgxstockexchange-ntinanofilm-valueunlock-ugcPost-7495495959662014465-EIWT/

#MarketInsights #CorporateVisit #Nanofilm #MaterialScienceEnabler #TradeSGX #danccs

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *19/8/26*

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STI: 5768 (+XX) | HSI: 25471 (+17) | Dow: 53343 (-116) | S&P: 7692 (-53) | Nasdaq: 26289 (-355)

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*US Markets Overnight*

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*When the Chips are Down*

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Three down days in a row, but this time the selling had a distinctly tech flavour.

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The Nasdaq fell 1.3%, while the S&P 500 lost 0.7% and Dow slipped just 0.2%. The S&P 500 is now about 1.5% below last Thursday’s record high. Nothing dramatic yet, but after a strong run, investors seem increasingly willing to take some chips off the table, literally and figuratively. 😅

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The reversal in semiconductors is hard to miss. Memory stocks had surged on Monday, only to get hit hard overnight. The Roundhill Memory ETF plunged nearly 9%, while the broader semiconductor ETF fell 5%. Micron, Sandisk, Western Digital, SK Hynix and Seagate all came under pressure, alongside AMD, Intel, Marvell and Applied Materials.

Seems more like positioning and profit-taking than a fundamental reset, at least for now. But when one of the market’s strongest themes starts seeing sharp two-way swings, it’s worth watching. Momentum works beautifully on the way up, but crowded trades can have narrow exits.

Big Tech was mostly weaker too. Meta fell another 4.5%, Nvidia dropped more than 2%, while Microsoft managed to buck the trend slightly.

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Meanwhile, oil remained another headache. Talks to reopen the Strait of Hormuz remained stalled, while reports of another vessel being hit kept geopolitical risk elevated. WTI rose 0.5% to US$84.90, with Brent around US$90.90.

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Among individual movers, Klarna plunged 23% after results, Baidu’s US-listed shares fell 13%, while Amer Sports gained more than 3%.

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*What’s Brewing Today*

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Since hitting a high of $4.96 just two weeks ago, *SATS* has largely been trading sideways, albeit still at an elevated level. Now the interesting thing is, it is releasing its earnings today. Will we see a breakout or a continuation of sideway movement on positive outcome? Or would we start to see a pullback in the event that the results is below expectations? Vested investors may want to take note. Shoutout to *Sembcorp*, which closed at $6.08 yesterday, up 11 cents. Hope the rebound momentum continues.

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Quite a number of stocks are going XD today. More notable ones are *AEM*, *CICT*, *Great Eastern* and *Wilmar*. Do take note.

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*Happening Today*

SG XD:

— AEM SGD: SGD 0.024

— BHG Retail Reit: SGD 0.0012

— CapLand IntCom T: SGD 0.0204

— Great Eastern: SGD 0.35

— Hong Leong Fin: SGD 0.0285

— Prime US ReitUSD: USD 0.005

— Wilmar Intl: SGD 0.05

— YKGI: SGD 0.002

— Yongmao: SGD 0.02

SG Earnings

— SATS

EU

— CPI (YoY) (Jul) / Core CPI (YoY) (Jul)

US

— Crude Oil Inventories   / FOMC Meeting Minutes

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*SG Stock news*

—⭐️ *Marco Polo Marine* reported 9MFY2026 revenue and gross profit both rising 30% to S$109.7 million and S$46.4 million respectively, driven by growth across ship chartering and shipyard operations.
https://links.sgx.com/1.0.0/corporate-announcements/IYUYY2YI224COMXV/901531_Marco%20Polo%20Marine%203QFY2026%20Press%20Release.pdf

—👍 *United Hampshire US REIT* proposed divesting BJ’s Quincy for US$34.0 million, 4.9% above valuation, potentially lowering pro forma gearing from 38.6% to 35.9%.

—💡 *Addvalue Technologies* is progressing the proposed US spin-off listing of Addvalue Solutions, with SEC Form F-1 preparations and PCAOB audit underway, and an EGM to seek shareholders’ approval by 25 September 2026.

—🤨 *Raffles Education* agreed to RMB293.3 million compensation for the compulsory reclamation of its China land, resulting in an estimated RMB172.7 million group-level loss but RMB270.7 million in net cash proceeds.
—💡 *Medi Lifestyle* will raise S$8.75 million through a placement at S$0.049 per share, with 70% of net proceeds earmarked for business development and expansion opportunities.

—💡 *Ever Glory United* uploaded its draft prospectus for the proposed dual primary listing on the Hong Kong Stock Exchange Main Board, with the listing process still ongoing.

——👍 *Raffles Education* expects about RMB270.7 million (S$50 million) in net cash proceeds from the compulsory acquisition of its Langfang land for RMB293 million, materially strengthening its net cash position.
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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

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#danccs