𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *27/10/26*

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STI: 5415 (-5) | HSI: 23211 (+118) | Dow: 52,362 (+146) | S&P: 7,677 (+53) | Nasdaq: 26,169 (+214)

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*US Markets Overnight*

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*AI Is Back… But At What Cost?*

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After two weeks of selling in the Nasdaq, it was nice to see tech stocks bouncing back. But what was worth noting wasn’t just the rebound. It was the news behind it. *Anthropic*, the company behind Claude AI, has filed for a Nasdaq IPO. Exciting news for the AI industry, no doubt. But the company also reported some pretty eye-watering losses. Quite a reminder that building AI isn’t cheap! 😅

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Wall Street started the week on a positive note. The Nasdaq gained 0.8%, S&P 500 rose 0.7% and Dow added 0.3%.

AI and semiconductor stocks were back in favour, with *Tesla* jumped 5% after Barclays upgraded the stock. Microsoft also gained 1.5%. But not everyone joined the party. *Meta* fell almost 2% after announcing plans to raise up to US$95 billion to fund its AI ambitions.

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And that’s where I think its funny. Investors clearly still believe in AI’s growth potential. But they are also starting to ask how much all this growth is going to cost, and more importantly, when the returns will come. Anthropic’s IPO news and Meta’s fundraising plans are good examples of the two sides of the AI story.

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Meanwhile, oil finally eased a little after last week’s sharp rise. WTI fell 1.8% to around US$101.40, while Brent slipped to US$115.35. Still very expensive, though. I don’t think the inflation worries are going away just because oil fell for one day. The 10-year Treasury yield also eased slightly to just below 5%.

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For now, Monday’s rebound is encouraging. But with the Fed and big tech earnings just around the corner, I suspect investors won’t have to wait long for the next market-moving headline. 😅Stay nimble, guys!

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*What’s Brewing Today*

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*iFAST, Growing FAST!*

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Some encouraging numbers from *iFAST ( $IFAST(AIY.SI))*! 3Q net profit rose 24.5% to S$32.4 million, while assets under administration hit a record S$36.76 billion. But what was really impressive to me was iFAST Global Bank, where pretax profit jumped almost tenfold to S$3.3 million. Still a relatively small contributor, but it’s gaining traction. The group also raised its full-year dividend guidance. Not bad at all! The question now is whether the share price, which has been rather sluggish lately, will start catching up with the improving fundamentals. Worth watching!

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*Sembcorp: Down But Not Out?*

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Quite a rollercoaster for *Sembcorp ( $Sembcorp Ind(U96.SI))* yesterday! The stock came under selling pressure following news that Indonesia was cutting piped gas supplies to Singapore, falling as low as S$5.62 before recovering to close at S$5.84, down 2.8%. What was worth noting was the recovery from the day’s low, suggesting some buying interest at lower levels. Meanwhile, there’s also news that Sembcorp is exploring a potential IPO of its Indian renewable energy subsidiary, which could raise up to US$394 million. Could this provide some reprieve for the stock after the recent selling? Still early days, but certainly worth watching.

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Also look out for *KIT*, *KORE*, *ESR REIT*, *Capland Ascott REIT* as all four released business updates. See below for more info.

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*Happening Today*

SG Corporate action:

— AIMS APAC REIT: Dividend S$0.02571

— LMS Compliance: BONUS : OFFER OF 1 FOR 5

SG Earnings:

— Capland Ascott^, KIT^, MIT, Digicore REIT, Aztech, UI Boustead REIT, First Resources

CN:

— Industrial Profits (YoY)

EU:

— French Consumer Confidence

US:

— CB Consumer Confidence / New Home Sales / Richmond Fed Manufacturing Index

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===

*SG Stock News*

👍 — *iFAST Corporation* 3Q2026 net profit rose 24.5% YoY to S$32.37 million, with assets under administration hitting a record S$36.76 billion (+20%) and iFAST Global Bank’s pretax profit surging 964.7% to S$3.29 million.

https://links.sgx.com/1.0.0/corporate-announcements/B16KRGVYM5K8G6HQ/909186_iFAST_3Q2026_Press%20Release.pdf⁠

👍 — *Sembcorp Industries* is reportedly gauging investor demand for a proposed IPO of its Indian renewable energy subsidiary, Sembcorp Green Infra, potentially raising up to US$394 million (S$504 million), with a listing possible as early as December 2026, subject to regulatory approval.

https://www.theedgesingapore.com/news/ipo/sembcorp-gauges-demand-us394-mil-india-unit-ipo--bloomberg

👍 — *Info-Tech Systems* 9M2026 revenue grew 20% YoY to S$42.6 million, driven by 11% growth in recurring software subscriptions and an 82% surge in services revenue from strong demand for AI-related training.

https://links.sgx.com/1.0.0/corporate-announcements/KH756YU6MAVSQ026/909113_ITS%20-%203Q2026%20Press%20Release.pdf

👍 — *Keppel Infrastructure Trust* 9M2026 distributable income excluding divestment gains rose 12.3% YoY to S$140.1 million, supported by recent acquisitions, with all FY2026 debt maturities successfully refinanced.

https://links.sgx.com/1.0.0/corporate-announcements/Z2KA199PUJK5DYNQ/909288_20261027_KIT_9M_2026_Presentation%20Slides.pdf⁠

— *ESR-REIT* 9M2026 distributable income rose 1.0% YoY to S$136 million despite net property income falling 4.2% to S$237.5 million, with occupancy at 91.7%, positive rental reversion of 9.3% and gearing at 44.1%.

https://links.sgx.com/1.0.0/corporate-announcements/YFZEGXW2FZEMWKRO/909291_ESR-REIT%20-%203Q2026%20Interim%20Business%20Update.pdf⁠

— *CapitaLand Ascott Trust* reported 3Q2026 portfolio revenue per available unit of S$164, with 84% occupancy and 4% same-store growth excluding selected divestments and renovations, supported by stronger US hotel performance.

https://links.sgx.com/1.0.0/corporate-announcements/FH5D4UFZ9JZZFCXB/909289_20261027_CLAS_3Q%202026%20Business%20Updates.pdf⁠

— *Keppel Pacific Oak US REIT* recorded 245,836 sq ft of leasing activity in 3Q2026, equivalent to 5.1% of net lettable area, with leasing momentum supported by the completion of The Post and three of six new office suites at The Plaza Buildings pre-leased before completion.

https://links.sgx.com/1.0.0/corporate-announcements/H0Z6FYA0ZVYCQU6U/909287_KORE%203Q%202026%20Key%20Business%20and%20Operational%20Updates.pdf⁠

👍 — *Yangzijiang Maritime* signed contracts to sell six newbuild tankers for US$308 million, bringing total contracted vessel sales to US$805 million across 18 vessels over the past 10 months.

https://links.sgx.com/1.0.0/corporate-announcements/JLVBGWBS8HAED3FC/909147_YZJ%20Maritime_Press%20Release_VesselSales_26Oct2026_final.pdf

👍 — *Soilbuild Construction* secured S$103 million in new contracts, including an industrial facility and HDB precast works, lifting its order book to approximately S$809 million and providing stronger revenue visibility.

https://links.sgx.com/1.0.0/corporate-announcements/EGZU5PPG4WL5EBNW/909154_SBCG%20-%20Press%20Release%20for%20Award%20of%20New%20Contracts%2026Oct2026.pdf

👍 — *Ley Choon Group* secured S$39.1 million in new contracts for underground utility works, with projects expected to be completed over the next 24 to 36 months.

https://links.sgx.com/1.0.0/corporate-announcements/AOZEH11L4LXHB2YV/909128_LCGH%20-%20Announcement%20-%20Award%20of%20Contracts.pdf

— *TeleChoice International* secured a S$1.3 billion contract renewal from Malaysia's U Mobile for supply chain services, covering three years from February 2027 with an option to extend for another two years.

https://links.sgx.com/1.0.0/corporate-announcements/L9PJ3X5U19D2D5BO/909115_Press%20Release%20-%20Telechoice%20x%20UM.pdf

— *ProsperCap Corporation* achieved Green Key sustainability certification across all 17 hotels in its UK portfolio, covering properties operated under Hilton, IHG and Marriott brands.

https://links.sgx.com/1.0.0/corporate-announcements/MGZDJLDQ5FM6MKBC/909116_20261026%20Press%20Release.pdf

— *Yamada Green Resources* secured approval for a JPY130 million loan over 24 years to finance its Osaka property acquisition, which is expected to be completed on 30 October 2026.

https://links.sgx.com/1.0.0/corporate-announcements/6YHVNB6E7NLS3A50/909193_Yamada%20-%20Annmt%20-%20Update%20on%20Acquistion%20of%20Land%20and%20Building%20Osaka.pdf⁠

— *First Sponsor Group* 3Q2026 European property net operating income rose 14.8% YoY to €17.2 million, driven by stronger hotel contributions, while its financial position was bolstered by S$341.7 million in additional equity funding.

https://links.sgx.com/1.0.0/corporate-announcements/QPD8I1376BBQX7XT/909194_FSGL%20-%20Voluntary%20Interim%20Update%203Q2026.pdf⁠

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*Earnings calendar:*

27/10 - 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 - Valuetronic^, SATS, SIA, NTTDC

12 Nov - Sasseur REIT^, Asian Pay TV, GoldenAgri, SERT

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 *26/10/26*

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STI: 5422 (+7) | HSI: 23093 (+158) | Dow: 52,215 (-653) | S&P: 7,624 (-40) | Nasdaq: 25,955 (-54)

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*US Markets Overnight*

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*A Red Friday, A Green Dow Week.*

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Quite a roller coaster for Wall Street this week. Just when tech stocks looked like they were recovering, Thursday’s selloff came along. And on Friday, oil prices gave investors another headache. The Dow plunged 653 points, or 1.2%, while the S&P 500 lost 0.5% and Nasdaq slipped 0.2%.

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But here’s the interesting part.

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For the week, the Dow actually gained 0.4%, its third straight winning week. Meanwhile, the S&P 500 fell 0.5% and Nasdaq lost 0.7%, both recording their second consecutive weekly decline. Quite a mixed picture!

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The biggest worry on Friday was oil. WTI jumped 4% to around US$103.45, while Brent climbed to US$117, as tensions in the Middle East escalated again. At these levels, oil is becoming more than just an energy story. Higher fuel costs can eventually affect transport, production and consumer prices. Not exactly what the Fed wants when inflation is already a concern. The 10-year Treasury yield also climbed back towards 5%, after falling sharply on Thursday.

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Interestingly, tech wasn’t the main problem this time.

Memory stocks actually bounced. SK Hynix jumped 4%, while Nvidia and Tesla were only slightly lower. Looks like some investors were willing to buy back into chips after Thursday’s heavy selling.

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There were also some interesting individual stock movements.

*SpaceX* gained 2% on reports of its plans to build a mobile network. That sent Crown Castle up 9.5% and American Tower 4%, while AT&T, Verizon and T-Mobile fell on concerns about potential competition. Quite an interesting development for the telecom industry.

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On the earnings front, *Bloom Energy* plunged 11%, despite beating earnings expectations and raising its revenue outlook. The problem? Negative free cash flow. That’s something I’ve been watching in the AI infrastructure space. Revenue growth can look fantastic, but investors are increasingly asking how much cash the business is actually generating.

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American Express fell 4%, while Deckers Outdoor, the company behind Hoka and Ugg, lost 5% after cutting its sales forecast.

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Seems like investors are still trying to figure out where to put their money. AI remains an important growth story, but valuations, cash flow and funding costs are getting more attention. And with oil climbing again, the macro picture isn’t making things any easier.

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*What’s Brewing This Week*

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Looks like investors are in for another busy week! 😅 Between central bank decisions, heavyweight tech earnings and economic data, there will be plenty for markets to digest. And after the recent volatility, investors may be a little less forgiving of any disappointments.

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In the *US Markets*, all eyes on the Fed and Big Tech. The Federal Reserve announces its *interest rate decision* on Wednesday (Thursday morning, Singapore time), with markets watching closely for clues on what comes next. Thursday also brings *US 3Q GDP* and September *PCE inflation data*. Quite a combination! Meanwhile, earnings from *Microsoft*, *Alphabet* and *Amazon* will put the AI investment story back under the spotlight. With investors increasingly questioning the huge spending on AI, good results alone may no longer be enough. The market wants to see returns too.

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In the *China Markets*: investors will be looking for Policy signals. The *China’s Fifth Plenum*, scheduled for 26 to 29 October, will be closely watched for signals on economic priorities, particularly domestic consumption, infrastructure spending and support for strategic industries. September *industrial profits data* on Tuesday will also provide another indication of how Chinese businesses are coping. I wouldn’t expect a major stimulus announcement straight away, but even the wording of the policy statement could influence market sentiment. With the US-China trade truce approaching its November deadline, trade relations will remain another important factor.

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Back on *homeground*, earnings take centre stage. The STI is still trying to find its footing after the recent pullback. Apart from taking cues from Wall Street, investors will have several local corporate results to digest. Companies worth watching include *iFAST, Mapletree Industrial Trust, Mapletree Logistics Trust, Wilmar, Keppel and Sheng Siong*, with results expected during the week. Singapore’s *September industrial production figures* on Monday will also be interesting, particularly given the strength of AI-related manufacturing. For me, the question is whether company earnings can provide some support to the market, especially if overseas sentiment remains shaky.

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*What’s Brewing Today*

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Last week, highlighted a few stocks in my daily. Glad most of them pan out well. Highlighted *DFIRG ( $DFIRG USD(D01.SI))* last Tuesday in my daily as a potential “early recovery play.” Since then, its share price has been stuttering, though with limited downside. Its latest 3Q2026 results, released last Friday, however, paint an encouraging picture: underlying subsidiary sales rose 4% YoY, while profits surged 17%. Adding to the optimism, the Group has announced a higher dividend payout ratio of 80% for 2027. Could these positive developments be the catalyst that propels DFIRG from an “early recovery play” into a full-fledged “recovery play”?

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Also mentioned *JMH ( $JMH USD(J36.SI))* (14/10) and *FCT ( $Frasers Cpt Tr(J69U.SI))* (22/10). JMH had hit my target of US$58.70 while FCT had hit a high of $2.20, testing the 200MA. *Suntec REIT ( $Suntec Reit(T82U.SI) )*, which I highlighted on 23/10 rocketed to $1.40, just 1 c off the level that I mentioned that day.

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One REIT that I mentioned (on 22/10), *OUEREIT ( $OUEREIT(TS0U.SI))*, however, was the only “blemishing” one. It dropped to as low as $0.33, but luckily, a last min surge on Friday saw share price coming back to $0.345 level. Anyway, it could potentially see market interest today as it announced a proposed 3.2% DPU-accretive acquisition of 50% in Sydney’s 180 George Street. Let’s see how it pans out.

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Last week was a REITs recovery week. Let’s see how this week is going to go as we welcome more SG earnings.

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===

*Happening Today*

SG XD:

— Singapore Kitchen Equipment: S$0.0025

SG Earnings:

— iFast, Micro-Mechanics, Infotech

SG:

— Industrial Production (MoM) / Industrial Production (YoY)

US:

— Chicago Fed National Activity Index / Dallas Fed Manufacturing Business Index

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===

*SG Stock News*

👍 — *DFI Retail Group* reported 3Q2026 underlying subsidiary sales growth of 4% YoY and profit growth of 17%, while reaffirming its 2028 underlying profit target of US$310–350 million and raising its 2027 dividend payout ratio to 80%.

https://links.sgx.com/1.0.0/corporate-announcements/C1PEQ5ZSH4AY1W7E/907946_DFIRGH%203Q26%20IMS.pdf

👍 — *OUE REIT* proposed acquiring an additional 50% stake in Sydney’s 180 George Street for approximately S$413.4 million, raising its ownership to 69.9%, with the transaction expected to be 3.2% DPU-accretive.

https://links.sgx.com/1.0.0/corporate-announcements/YN2IVGZ1HP95ELB1/907924_OUE%20REIT%20-%20Press%20Release.pdf

— *Keppel* was appointed by Singapore’s EDB to aggregate, import and sell up to 120MW of biomethane over 15 years, with supplies expected from end-2028 to support power generation and data centres.

https://links.sgx.com/1.0.0/corporate-announcements/4HW2V2S8QI8N39O0/907934_20261023_Keppel%20x%20EDB%20Biomethane%20Sandbox.pdf

— *Seatrium* secured over S$500 million in contracts from *Keppel’s* RigCo to complete four offshore drilling rigs, with the first two targeted for delivery in 2027 and 2028, while plans for the remaining two are still being assessed.

https://links.sgx.com/1.0.0/corporate-announcements/RC27PUZRW5VAG2JM/909087_RigCo%20to%20complete%20offshore%20rigs%20with%20Seatrium%20for%20over%20S%24500%20million.pdf⁠

— *ISEC Healthcare* 3Q2026 revenue rose 6% YoY to S$21.9 million, but net profit attributable to shareholders fell 19% to S$3.16 million, while 9M2026 revenue grew 8% to S$63 million.

https://links.sgx.com/1.0.0/corporate-announcements/IH0HM6162I6FVDQC/908058_ISEC%203QFY2026%20Results%20Announcement%2023%20Oct%202026.pdf

‼️ — *The Place Holdings* FY2025 net loss widened 58% to S$3.93 million from S$2.48 million, with negligible revenue of S$4,000 and higher administrative expenses.

https://links.sgx.com/1.0.0/corporate-announcements/3R24LS3VYEDGW7XC/908057_TPH%20-%20FY2025%20results_final.pdf

— *Wee Hur Holdings* appointed Tanglin Trust School CEO Craig Considine as founding head of Wycombe Abbey School (Singapore), marking another milestone towards the school's planned September 2028 opening.

https://links.sgx.com/1.0.0/corporate-announcements/Y0MVSW3NJVES73QV/908055_Press%20Release_Wycombe%20Founding%20Headmaster.pdf

— *MindChamps PreSchool* won the Singapore Learning & Development Innovation of the Year award for its patented interdisciplinary teaching method, with research involving 221 children showing improved performance in music literacy, language and mathematics.

https://links.sgx.com/1.0.0/corporate-announcements/PZIHSBLKGOWO3RHS/908065_Media%20Release%20-%20A%20Breakthrough%20Patented%20Learning%20Method%20Wins%20Innovation%20of%20the%20Year%20Award.pdf⁠

— *Wilmar International* received a notice from Singapore’s NEA requiring documents and information under the Transboundary Haze Pollution Act relating to forest fires in Indonesia, and said it is working to comply with the request.

https://links.sgx.com/1.0.0/corporate-announcements/7PW8LGM9WK1MOEUE/908067_WIL%20Ann_Notice%20to%20provide%20Docs%20and%20Info%20to%20NEA.pdf⁠

— *First Resources* received an NEA notice on 23 October requiring documents and information under Singapore’s Transboundary Haze Pollution Act, and is reviewing the request before responding.

https://links.sgx.com/1.0.0/corporate-announcements/5NRU6PPXHKHZZLZN/908069_First%20Resources%20-%20Receipt%20of%20Notice%20to%20Provide%20Documents%20and%20Information%20to%20NEA.pdf⁠

— *Bumitama Agri* received an NEA notice requiring documents and information relating to Indonesian forest and land fires under Singapore’s Transboundary Haze Pollution Act, and will comply with the request.

https://links.sgx.com/1.0.0/corporate-announcements/AGTNVNOE2TPR6G32/908070_BAL%20-%20Notice%20to%20provide%20documents%20and%20information%20under%20section%2010%201%20of%20the%20transboundary%20haze%20pollution%20ACT%202014.pdf⁠

— *Golden Agri-Resources* said its wholly owned Singapore subsidiary received an NEA notice seeking documents and information under the Transboundary Haze Pollution Act, and will cooperate with the authorities.

https://links.sgx.com/1.0.0/corporate-announcements/48TWLXLYXYQCQIQ8/909071_GAR29-24-10-2026-Receipt%20of%20Notice%20from%20the%20National%20Environment%20Agency.pdf⁠

— *Indofood Agri Resources* received an NEA notice requesting documents and information under Singapore’s Transboundary Haze Pollution Act relating to Indonesian forest fires, and is reviewing the request before responding.

https://links.sgx.com/1.0.0/corporate-announcements/JJX0H2YP9O4K086E/909077_IFAR-Receipt%20of%20NEA%20Notice%20for%20Docs%20and%20Info.pdf⁠

— *Kencana Agri* received an NEA notice requesting documents and information under Singapore’s Transboundary Haze Pollution Act relating to forest and land fires in Indonesia.

https://links.sgx.com/1.0.0/corporate-announcements/T315LIW413SPZUQV/909078_KA_Receipt%20of%20NEA%20Notice.pdf⁠

— *Alliance Healthcare Group* disclosed a cyberattack affecting approximately 110,000 members’ personal data, potentially including bank details of seven members and a medical diagnosis of one member, with investigations ongoing.

https://links.sgx.com/1.0.0/corporate-announcements/6GWXFMHZTVTARTJL/909072_AHG_Ann_Cyber%20Incident_2026.10.24_Final%20SGX.pdf⁠

— *Acrophyte Hospitality Trust* said its strategic review remains ongoing, with discussions continuing with its sponsor over a potential transaction involving its stapled securities, although no deal is guaranteed.

https://links.sgx.com/1.0.0/corporate-announcements/JUG6NRRV48IAHVYR/907962_SGX%20Announcement%20-%20Update%20of%20Ongoing%20Review%20of%20ACRO-HTs%20Strategy.pdf

— *NutryFarm International* said requisitioning shareholders have yet to substantively address most requests for supporting documents in its ongoing shareholder dispute, extending the response deadline to 26 October 2026.

https://links.sgx.com/1.0.0/corporate-announcements/33PWOX0NNY02KAJR/908023_NutryFarm%20-%20Update%20on%20Requisition%20Notice.pdf

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*Earnings calendar:*

26/10 - iFast, Micro-Mechanics, Infotech

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^, Asian Pay TV

13/11 - UHREIT^, Frasers Property

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

#danccs

Four new ETFs have landed on SGX. But what makes each one worth a closer look? 👀

Global AI, Japan, South Korea and Taiwan.

Four different investment exposures, now accessible through SGX.

At first glance, they might look like just another four ETFs added to the growing list of investment choices.

But when I started looking at what's actually inside these funds, a few things caught my attention.

For instance, did you know that two companies make up almost half of the underlying Korean ETF? Or that the way Japan's Nikkei 225 is constructed can make quite a difference to how it performs?

Interesting stuff, especially for those of us looking to diversify beyond our existing investments.

So in my latest article, I took a closer look at the four newly listed iFAST Xtrackers ETFs, what makes each one different, and some things Singapore investors should know before considering them.

Of course, I also touched on the convenience of SGD trading and SRS eligibility, along with a few risks worth keeping in mind.

I welcome the growing range of investment choices on SGX. More options are always good.

But after more than 25 years in the markets, one thing I've learnt is that we don't have to jump at every new investment opportunity.

Because the real question isn't whether an ETF is worth buying. It's whether it's worth adding to what you already own.

Have a read! 👇

https://tinyurl.com/AI-northasiaETFs

$IFF XT AI S$(XBG.SI) $IFF XT NK 225 S$(JPY.SI)  $IFF XT KR S$(KOR.SI)  $IFF XT TW S$(TWD.SI)