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

Yesterday, I visited $Tiong Woon(BQM.SI). And I must say, quite an eye-opener!

When we talk about construction or infrastructure projects, we tend to focus on the big developers and contractors. But have you ever wondered how those massive structures and heavy equipment actually get lifted into place?

Well, someone has to do the heavy lifting. Literally. Haha.

And that's where Tiong Woon comes in.

We were warmly welcomed by CEO Michael Ang, CFO William Tan and COO Tan Guan Liang.

Michael shared the company's journey, strategy and direction, while William gave us some colour behind the financial numbers.

One thing Michael said stuck with me. This is not a sexy business.

I actually quite like that description.

And that's what makes Tiong Woon interesting to me. It's not just about cranes. Its services support everything from construction and infrastructure to data centres, semiconductors, and marine and offshore projects. Quite a lot going on for an "unsexy" business, right? 😄

With Singapore's construction outlook looking bright, supported by major government infrastructure projects, there should be opportunities for Tiong Woon too. The key, of course, is how much of that demand it can capture.

And looking at the financials, it seems the hard work is paying off!

FY2026 revenue grew 14.8% to S$187.7M, while net profit rose 24.4% to S$23.9M. That's 5 consecutive years of revenue and profit growth!

Interestingly, profit has been growing faster than revenue, with gross margin improving to 40.7%. Despite being a capital-intensive business, Tiong Woon also generated S$67.5M in operating cash flow.

Shareholders are getting a little more too, with the proposed dividend rising 42.9% to 2.5 cents per share.

But the fun part came after the presentation.

Leslie brought us around the premises, including the rooftop, where we saw different types of cranes, some really massive ones! We also walked through the operations to see what goes on behind the scenes.

I mean, how often do you get to stand so close to these giant machines?

And honestly, this is the part I enjoy most about corporate visits. You can read all the annual reports you want, but sometimes, standing right there and seeing how things actually work tells you a lot more about the business.

What I also appreciate is Tiong Woon's journey. From humble beginnings, it has spent decades building its capabilities and reputation. Nothing flashy, just years of hard work.

A big thank you to the Tiong Woon team for the warm hospitality, and to SGListco (Gwendalyn Sim) for making this visit possible!

While everyone is busy chasing the next big thing, perhaps we shouldn't overlook the companies quietly doing the heavy lifting behind it. Literally. 😊

#CorporateVisit #TiongWoon #TradeSGX #POEMS #danccs