𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *3/2/26*

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STI: 4892 (-12) | HSI: 26775 (-611) | Dow: 49407 (-m+515) | S&P: 6976 (+37) | Nasdaq: 23592 (+130)

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*US Markets Overnight!*

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*February Opens Strong, Faith Remains Fragile*

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US stocks kicked off February with a solid risk-on bounce. The Dow jumped 515 points, the S&P 500 rose 0.5% and flirted with a record, while the Nasdaq lagged but still closed higher. Memory names stole the show, *SanDisk* surged 15% and *Western Digital* popped 8%. Old economy helped too, *Caterpillar* and *Walmart* powered the Dow with chunky gains.

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Macro headlines did some of the heavy lifting. Trump flagged a *US–India trade deal*, including lower reciprocal tariffs, while ISM manufacturing surprised to the upside, showing the first expansion in a year. The January jobs report is delayed due to the shutdown, so labour clarity will have to wait. Tech was mixed, *Nvidia* slid nearly 3% on reports its OpenAI mega-investment stalled, *Oracle* fell 2.8% after unveiling a hefty 2026 capital raise for cloud capacity. Among the Magnificent Seven, *Apple* led with a 4% jump, *Alphabet* and *Amazon* climbed ahead of earnings. *Disney* dropped 7.4% despite beating estimates, CEO succession spooked investors.

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Elsewhere, oil sank 4.5% on easing Middle East risk talk, gold and silver stayed volatile after last week’s blow-off, and Bitcoin bounced off recent lows near $74k. The dollar firmed slightly but remains weak by recent standards, while the 10-year Treasury yield ticked up to 4.28%. Net-net, markets chose growth optimism over political noise, at least for now.

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*Stock Watch Today*

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One of my favourite counter (disclaimer: vested in long term portfolio). *Keppel Infrastructure Trust* delivered a strong FY2025 with distributable income up 24.4% to S$249.5m, supported by energy transition and storage assets, while maintaining a stable full-year DPU of 3.94 cents. In my view, this is a solid, high-quality result, earnings momentum is real and asset performance is doing the heavy lifting, though flat DPU and divestment gains suggest management is still prioritising balance sheet strength over pushing yield, which I see as prudent rather than stingy.

https://links.sgx.com/1.0.0/corporate-announcements/4A8TWDLEZSPBZJ9Y/873944_20260203_KIT%20FY%202025_Presentation%20Slides.pdf

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News of the day. *Keppel Pacific Oak US REIT* is in late-stage talks to replace its US asset manager following Pacific Oak REIT’s decision to terminate its advisory agreement and explore liquidation, with management guiding for a smooth transition and no immediate impact on operations. At the same time, it delivered higher FY2025 net property income and, after refinancing all near-term debt, resumed distributions ahead of schedule with a conservative 0.25 US cent DPU, signalling stabilising operations while keeping capital discipline front and centre. Looks like a cautious recovery story rather than a full turnaround, the early resumption of distributions is a genuine positive signal on liquidity and lender confidence, but the low DPU and conservative payout underline that this is still about balance sheet repair, not yield chasing yet.

https://links.sgx.com/1.0.0/corporate-announcements/V8Q86DAB9DJ3XV7L/873938_KORE%202H%20and%20FY%202025%20Presentation%20Slides.pdf

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Almost all asset classes dropped yesterday, although we see some slight rebound in *GOLD* towards the end of the day. I have shared earlier with some of my investors that *Gold*, like S&P500, is uptrending over time. The only drawback is that it does not pay dividends. So is it a good time to buy the Gold ETF (stock code: GSD) now? Well, I have been talking about Gold extensively since last May, and be it at the REITs Symposium 2025, or at my webinars, or even in my Gold articles, I have always maintained that Gold is a good building block in a portfolio as it helps to cushion portfolio drawdown in times of uncertainties. Gold has since rocketed to such a high level that I have many asking if they should take profit or buy on dip. Well, my personal view is this: look at the exposure to Gold in your portfolio. With the increase in price, if it has exceeded your intended allocation (say 10% or 15%), then can sell a bit and take some profit. If your Gold exposure is still well below the intended allocation, then can consider adding it bit by bit, or even DCA it. SGX-listed ETFs have no minimum lot size and no minimum comm. So cost should not be a big factor here.

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Just my view to share.

Wanna know more about gaining exposure to Gold? The below research note from SGX may probably give you some guidance. 😀

.

Note that *GuocoLand* Trading halt!

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===

*SGX Research Vault*

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*Trio of Gold‑Linked Financial Retailers Topped January Consumer‑Cyclical Inflows*

https://www.sgx.com/research-education/market-updates/20260202-trio-gold-linked-financial-retailers-topped-january

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*Institutions Turn Net Sellers as New Share Placements Hit the Market*

https://www.sgx.com/research-education/market-updates/20260202-institutions-turn-net-sellers-new-share-placements-hit

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===

*Happening Today*

SG Earnings:

— FLCT

US:

— FOMC Member Bowman Speaks (11pm SGT) / JOLTS Job Openings  (Dec) / API Weekly Crude Oil Stock

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===

*SG Stock news*

—👍 *PLife REIT* reported resilient FY 2025 results with a 2.5% increase in distribution per unit to 15.29 cents, 7.6–8.0% growth in revenue and net property income, and a strong balance sheet with a 33.4% gearing ratio and no long-term debt refinancing needed until October 2026.

https://links.sgx.com/1.0.0/corporate-announcements/K0E5009MV36FBWAP/873915_PLife%20FY2025%20Business%20Update.pdf

—⭐️ *ASTI Holdings* reported a turnaround for the nine months ended 30 September 2025, posting a net profit of S$1.31M versus a loss of S$4.77M a year ago, driven by higher revenue, lower costs, and improved operational efficiency, while total assets fell to S$42.7M and cash decreased to S$16.6M.

https://links.sgx.com/FileOpen/ASTI%20-%203QFY2025%20Results_REVISED.ashx?App=Announcement&FileID=873869

—👍 *UPL* reported a strong Q3FY26 with broad-based EBITDA growth of 13%, PBT up 90%, operational PATMI up 45%, reduced net debt, and sustained momentum across all regions and business platforms, keeping FY26 guidance on track.

https://links.sgx.com/FileOpen/Investor%20Presentation.ashx?App=Announcement&FileID=873887

—👍 *Ley Choon Group* had successfully secured contracts worth S$43.6 million in aggregate for the laying of underground utilities services and road facilities works (the “Contracts”). Expected to contribute positively to the Group’s earnings per share and net tangible assets per share progressively from the financial year ending 31 March 2027 onwards until completion.

— *CapAllianz Holdings* is expected to report a net loss for 1HFY2026, as compared to a net profit reported for prior six-month financial period ended 1HFY2025

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===

*Earnings Calendar*

3/2 - FLCT

4/2 - Kep REIT^, ESR REIT^, Digicore US REIT

5/2 - SGX^, Capland china^, Keppel^, AMIS APAC^, HPHT^, Capland Ascendas, First REIT

6/2 - CICT^, Frasers Property

9/2 - Elite^, DBS^

10/2 - NTT DC REIT

11/2 - CLI^, Prime, UG Healthcare

12/2 - iFAST, ASL Marine

13/2 - Karin, Lendlease

20/2 - UHREIT, UOI

23/2 - Raffles Med^

24/2 - UOB^, GE^. Genting Sing, SIA

25/2 - OCBC^, Sembcorp^, HL Asia, SingLand, Lippo Malls SERT^

26/2 - sasseur^, Seatrium^, ACRO HT, LHT, Wilmar, Aztech Global, UOL, IREIT Global, Venture, Ultragreen, Thakral

27/2 - CDL^, Olam^, ST Engg^, SATS, ComfortDelgro, Hotel Royal, IFS, Mewah, A-Sonic

^ denotes before market opens

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Sources:

www.sgx.com

www.investing.com

www.theedgesingapore.com

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Start your investment journey here:

https://tinyurl.com/gotopoems

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Cheers!

Dan

Disclaimer: https://tinyurl.com/dan-disclaimer

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#dailyupdate #tradeSGX #poems #danccs

$OCBC Bank(O39.SI) pulled back slightly after a strong run and continues to hold above the 21.00 support.

All 20d, 100d and 200d moving averages are sloping up, keeping short-term momentum aligned with the broader trend.

2 consecutive 1GT Bullish signals remain in play, with no 1GT bearish signal yet.

If price can break and close firmly above 21.50, the next upside target sits near 22.00. Could a clean push through 21.50 set up a run toward 22.00 next?

Don't miss out on valuable insights for your portfolio.

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Download the attached PDF now!

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https://joeychoy.beehiiv.com/

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Do let us know your feedback or give us a thumbs up if found it useful. 👍🏻

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Thank you for your support and we hope to continue to value add to you.

$Alibaba HK SDR 5to1(HBBD.SI) $HSBC HK SDR 5to1(HSHD.SI)I’m tracking 3 names with strong price structure + momentum building.

If you’re watching China/HK exposure via SGX SDRs, this one’s worth a look.

👉 Read here: https://joeychoy.beehiiv.com/p/the-next-le...

@sgsiasorg Calling all NetLink NBN Trust unitholders!

Join us for an exclusive briefing hosted by SIAS with NetLink’s management team. Gain key insights into FY25 highlights and discover what’s ahead for FY26. Don’t miss this opportunity to get your questions answered and stay informed.

Date: 9 July, Wednesday

Time: 12.00pm - 1.00pm SGT
Location: SIAS Training Room

Register now: https://bit.ly/3HK3V2r

#NetLinkNBNTrust #SIAS #InvestorBriefing

@sgsiasorg Calling all NetLink NBN Trust unitholders!

Join us for an exclusive briefing hosted by SIAS with NetLink’s management team. Gain key insights into FY25 highlights and discover what’s ahead for FY26. Don’t miss this opportunity to get your questions answered and stay informed.

Date: 9 July, Wednesday

Time: 12.00pm - 1.00pm SGT
Location: SIAS Training Room

Register now: https://bit.ly/3HK3V2r

#NetLinkNBNTrust #SIAS #InvestorBriefing

Struggling with investing? You’re not alone!

Many people find themselves stuck buying high, selling low, or not investing at all due to fear or past losses. If this sounds familiar, this session is for YOU.

Led by a seasoned expert with over 30 years of experience advising top institutional investors, this session offers practical tools to help you take control of your financial future.

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https://www.youtube.com/watch?v=SqiiJkE3eLQ
$Singtel(Z74.SI)

https://www.youtube.com/watch?v=-XtaFV9RiK8
$DBS(D05.SI) $UOB(U11.SI) $OCBC Bank(O39.SI)

https://www.youtube.com/watch?v=ieg1fKclHSA
$UOB(U11.SI) $CNMC Goldmine(5TP.SI) $MoneyMax Fin(5WJ.SI) $Taka Jewellery(42L.SI)

1. Keppel DC REIT $Keppel DC Reit(AJBU.SI)$

• Performance: Reported a massive 55.2% YoY increase in distributable income for FY2025.


• Key Drivers: Growth was fueled by strategic acquisitions (Tokyo DC 3 and full ownership of four Singapore assets) and a significant 45% rental reversion.


• Yield: Full-year distribution yield stood at 4.61% based on the 2025 closing price.

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2. Mapletree Pan Asia Commercial Trust (MPACT) $Mapletree PanAsia Com Tr(N2IU.SI)$

• Performance: 3Q FY25/26 DPU rose 2.5% YoY to 2.05 cents. Key Drivers: Strong performance in Singapore (NPI up 5.3%) cushioned overseas headwinds. VivoCity was a standout, with NPI rising 10.1% on the back of a 14.7% rental uplift.


• Stability: Achieved a positive portfolio rental reversion of 0.3% and renewed two top-ten tenants.

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3. Mapletree Logistics Trust (MLT) $Mapletree Log Tr(M44U.SI)$

• Performance: 3Q FY25/26 DPU fell 7.0% YoY to 3.17 cents. Key Drivers: The decline was primarily due to divestments and the depreciation of regional currencies against the SGD. Excluding divestment gains, the DPU decline would have been 3.9%.


• Operational: Occupancy remains stable, but the REIT is targeting further divestments of S$500–S$600 million in North America.

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4. CapitaLand Ascott Trust (CLAS) $CapLand Ascott T(HMN.SI)$

• Performance: FY2025 revenue and gross profit increased 3% and 4% YoY, respectively. 2H 2025 DPS increased 1% YoY.


• Key Drivers: Growth was driven by stronger operating performance and portfolio reconstitution, which mitigated forex losses.


• Metrics: Revenue per available unit (REVPAU) rose 3% YoY to S$161 for the full year.

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5. Mapletree Industrial Trust (MIT) $Mapletree Ind Tr(ME8U.SI)$

• Performance: 3Q FY25/26 DPU saw a marginal 0.3% decline quarter-on-quarter.


• Key Drivers: Performance remained stable due to improved occupancy and positive rental reversions in Singapore, though overall DPU faced slight pressure.

‌More info can be found here: https://reitsavvy.com/insights/s-reits-wee...

Overview: Prime US REIT (SGX: OXMU)
$Prime US ReitUSD(OXMU.SI)is a Singapore-listed real estate investment trust that provides investors with a "pure-play" exposure to high-quality Class A office real estate across key primary markets in the United States. Its portfolio currently features 13-14 freehold properties located in high-growth tech and business hubs such as Salt Lake City, Denver, Atlanta, and the San Francisco Bay Area.

After a challenging period for the US office sector, Prime is currently positioned as a turnaround play. With a significant portion of its debt recently refinanced and a strategic shift to increase its distribution payout ratio (from 10% to 50%+), the REIT is attracting attention for its deep value—trading at a steep discount to its Net Asset Value (NAV) of approximately US$0.55.

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Technical Analysis (As of Jan 30, 2026)
The provided chart illustrates a classic trend reversal and breakout pattern. Here is the breakdown of the price action:

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1. Breakout Above Key Resistance
The horizontal black line at US$0.196 has acted as a formidable ceiling (resistance) throughout 2024 and 2025. You can see multiple failed attempts to break this level (highlighted by the blue circles). However, in late 2025/early 2026, the price decisively cleared this hurdle. The chart now identifies this level as "Resistance Turned Support," which is a highly bullish technical signal.

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2. The Power of the Trendline
A clear ascending trendline (the diagonal black line) has been in play since mid-2025. The tan circles highlight where the price "tested" this line and bounced back up, confirming that buyers are stepping in at higher lows. As long as the price stays above this diagonal support, the medium-term uptrend remains intact.

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3. Moving Average Alignment

• Short-Term (Red Line - 20 MA): The price is trending above the 20-day MA, showing strong immediate momentum.


• Medium-Term (Blue Line - 50 MA): The 50-day MA is sloping upward, providing a safety net for pullbacks.


• Long-Term (Green Line - 200 MA): The price is now well above the 200-day MA (US$0.180). This is the "Golden" territory for long-term investors, signaling that the bear market of previous years is officially over.

4. Current Target and Momentum
The price recently hit US$0.220, marking a 52-week high. The next psychological and technical hurdles are likely near US$0.245 (the previous peak seen on the far right of the chart). With the volume supporting this move, the path of least resistance appears to be upward.

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Final Verdict
Technically, Prime US REIT has transitioned from a "bottom-fishing" play to a "momentum" play. The successful flip of the US$0.196 level from resistance to support is the most significant development on this chart. For a blog post, the narrative is clear: The technical recovery is finally aligning with the fundamental turnaround.

As of late January 2026, gold has entered a historic "super-rally," recently smashing through the $5,000 per ounce milestone for the first time in history. This surge follows an already record-breaking 2025, where prices rose by over 60% due to a rare convergence of macroeconomic and geopolitical factors.

$GLD SG$(GSD.SI) $GLD US$(O87.SI) 

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Gold Price Performance (2024–2026)

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The chart below illustrates the acceleration of gold prices from the $2,000 range in early 2024 to the recent breakthrough past the $5,000 barrier in January 2026.

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The current rally is driven by several key pillars:

1. Geopolitical Flashpoints

‌Gold thrives on uncertainty, and early 2026 has been defined by high-stakes international friction. Intensifying diplomatic and territorial disputes involving Greenland have rattled North American and European markets. Additionally, recent developments in Venezuela and persistent instability in the Middle East have pushed investors toward the safety of bullion as a hedge against catastrophic "tail risks."

2. Trade Wars and Tariff Threats

‌Renewed trade instability has become a major catalyst for the rally. Recent threats of $100% tariffs on Canadian goods and new duties on South Korean imports have fueled fears of global trade fragmentation. These unilateralist policies have unsettled the international trade system, causing a "risk-off" rotation where capital moves out of equities and into precious metals.

3. The "Debasement Trade"

‌Investors are increasingly engaging in what analysts call the "debasement trade." This is a flight away from traditional "paper" assets and sovereign bonds due to record-high global debt levels and expanding fiscal deficits. As confidence in major fiat currencies wavers, gold is being re-embraced as the ultimate neutral reserve asset.

4. Structural Central Bank Buying

‌Central banks—particularly in emerging markets like China, India, Poland, and Turkey—are fundamentally redefining their reserves. For the first time in decades, the market value of gold held by global central banks has begun to rival their holdings of US Treasuries. This "price-insensitive" buying creates a high floor for prices, as these institutions prioritize diversification over short-term yields.

5. Shifts in Monetary Policy

‌The market is currently pricing in a dovish trajectory for the Federal Reserve. Despite "sticky" inflation, expectations for multiple interest rate cuts throughout 2026 have lowered the opportunity cost of holding non-yielding gold. When interest rates fall, gold becomes significantly more attractive compared to yield-bearing assets like bonds.

Milestones and Market Forecasts

‌In the first four weeks of 2026 alone, gold has achieved a year-to-date gain of approximately 17%, with spot prices currently fluctuating between $5,080 and $5,110 per ounce. This momentum has led major financial institutions to revise their targets upward; Goldman Sachs now forecasts gold reaching $5,400 by year-end, while some more aggressive estimates from Deutsche Bank suggest a potential climb toward $6,000 per ounce if current geopolitical tensions persist. While the trend remains strongly bullish, analysts warn that the rapid pace of gains has pushed gold into "overbought" territory, making short-term volatility and profit-taking dips likely even within a long-term upward trajectory. 

‌

Kenny Loh is a distinguished MAS Private Wealth Advisor with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.

For many years, $Singtel(Z74.SI) was seen as a slow-moving, defensive telco mainly held for dividends.    

That perception is changing.   

Over the past few years, Singtel has quietly transformed itself from a traditional Singapore telco into a diversified regional digital and infrastructure group.    

Today, Singtel has exposure to:   

• Regional telecom operations in India, Thailand, and Australia   

• Digital and IT services via NCS   

• Data centres and digital infrastructure  

• A stronger focus on capital discipline and shareholder returns    

That’s why several broker houses remain constructive on its outlook, even after the strong share price performance in 2025.    

🔹Fundamental View:   

• Core earnings quality is improving with better execution and cost discipline  

• Growth is increasingly driven by overseas businesses, not the competitive Singapore mobile market  

• Capital is being redeployed from low-return assets into higher-quality segments  

• Asset recycling has translated into dividends and share buybacks    

🌟2026 broker target prices:   

• DBS: S$5.71   

• Phillip Securities: S$5.35   

• OCBC Investment Research: S$5.75    

Consensus view: further re-rating is possible if returns on capital continue to improve.    

🔹Technical View:  Singtel’s share price has been falling after hitting its all-time high of S$4.92 on 18 Nov 2025.  It recently found strong support around S$4.40 and staged a rebound.  

My General X momentum trend-following indicator triggered a Buy signal on 27 Jan.  If momentum continues, the next technical objective is a retest of S$4.92, and a potential move higher if that level is cleared.    

🔹Risks to watch:  

• Ongoing competition in Singapore mobile  

• Regulatory and operational risks at Optus  

• FX movements affecting reported numbers    

🔹Bottom line:  What used to look like a “boring telco” is evolving into a more resilient regional digital and infrastructure player — with improving fundamentals and a constructive technical setup. Worth keeping on the watchlist.

For reference only. Please refer to disclaimer: https://tinyurl.com/alex-disclaimer

If you find this analysis useful, I share weekly trading ideas and special trade setups via my WhatsApp community announcement group (one-way, no spam).

👉 To join, simply message ‘Weekly Ideas - InvestSG’ on WhatsApp: https://wa.me/6590908871

Starting next Monday, 2 February 2026, SGX will launch three new Hong Kong SDRs, giving local investors a simpler way to access key themes from Hong Kong — AI, telecoms, and gold — all traded in SGD during SGX market hours.

The New HK SDRs:
🔹Horizon Robotics (HHZD) $HorizonRobo HK SDR1to1(HHZD.SI)
HK underlying: 9660.HK
SDR ratio: 1:1
A fast-growing AI chip company focused on ADAS and autonomous driving, closely linked to China’s smart mobility and AI development.

🔹China Mobile (HCMD) $CN Mobile HK SDR 5to1(HCMD.SI)
HK underlying: 0941.HK
SDR ratio: 5:1
The world’s largest mobile operator, expanding beyond traditional telecoms into cloud, data, and AI services, while continuing to offer stable dividends.

🔹Zijin Gold International (HZGD) $Zijin Gld HK SDR 10to1(HZGD.SI)
HK underlying: 2259.HK
SDR ratio: 10:1
A pure-play gold miner providing direct exposure to gold prices through its mining and processing operations.

🌟Trader’s Pick: Horizon Robotics (HHZD)
My top pick from a trader’s perspective: Horizon Robotics (HHZD), as its price behaviour aligns well with my General X momentum trend-following strategy.
Its 1:1 tracking with the Hong Kong underlying (9660.HK) makes price action easy to follow and clean to trade.
Since its launch in October 2024, the stock has shown healthy, tradable volatility — attractive for active traders and momentum-based strategies.

💡Why Trade Hong Kong Stocks via SGX SDRs:
▪️No Hong Kong board-lot constraints
▪️Trades in SGD during SGX market hours
▪️No FX conversion or overseas brokerage complexity

This is my exclusive weekly email and trading ideas shared with my valued clients. I am posting it here to give you a sense of how I analyse markets, identify opportunities in real time.

‌

Weekly Investment Idea | Ho Bee Land (SGX: H13)

‌

Ho Bee Land is a Singapore-listed real estate group with a diversified international portfolio across residential, commercial, and life sciences properties. It is best known for landmark developments such as Sentosa Cove and The Metropolis at one-north, reflecting its focus on prime, high-quality assets.

‌

The stock surfaced from a screening for under-followed opportunities, targeting companies with market cap of SGD 500m–5bn, sound earnings outlook, and reasonable valuations. Low analyst coverage and thinner liquidity have kept it largely under the radar despite its solid asset base.

‌

Outlook:
Supported by stable investment assets in Singapore and London, and a sizeable land bank in Australia, offering longer-term development optionality and earnings upside.

‌

Valuation:
Trading at just 0.41x P/B, based on a book value of S$5.5608 per share, implying a meaningful discount to underlying asset value and potential for re-rating.

‌

Technical view:
On the weekly chart, the stock has resumed its uptrend after a double bottom near S$1.64. Momentum picked up over the past two weeks with rising volume, reaching a two-year high of S$2.36. Next targets: S$2.54 and S$3.05, if the uptrend holds.

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$Ho Bee Land(H13.SI) 

For reference only. Please refer to disclaimer: https://tinyurl.com/alex-disclaimer

If you find this analysis useful, I share weekly trading ideas and special trade setups via my WhatsApp Community (one-way, no spam).

👉 To join, simply message “Weekly Ideas- InvestSG” on WhatsApp: https://wa.me/6590908871