𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *12/11/26*
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PS: I will be on leave starting today, and will only be back on the 18 Nov. For trading matters, please call my desk at 65342561 for assistance. Apologies for the inconveniences caused!
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STI: 5289 (+31) | HSI: 24315 (-241) | Dow: 52,486 (+255) | S&P: 7,619 (+98) | Nasdaq: 25,466 (+400)
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*US Markets Overnight*
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*AI Bounces, Nvidia’s Drama Continues!*
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Just when investors were getting nervous about the AI trade, Wednesday’s rally offered some welcome relief. But the bigger story may be what happened after the closing bell. More on that shortly! The Nasdaq gained 1.6%, S&P 500 rose 1.3%, while Dow added 0.5%, as strong results from *CoreWeave* helped restore confidence in AI infrastructure spending. CoreWeave surged nearly 25%, after raising its revenue outlook and signalling that its existing contracts could support its debt repayments. That’s encouraging, especially when investors have been questioning how these companies will finance their massive expansion.
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The optimism spread across the semiconductor sector. Micron jumped 12%, Sandisk gained 14%, while Dell and Oracle rose 12% and 9% respectively. Nvidia also recovered 3% after losing around 10% over the previous two sessions. Interestingly, Apple gained 2% to a fresh record high, showing that not all Big Tech stocks have been struggling.
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But the excitement surrounding *Nvidia* didn’t last. After the closing bell, its shares plunged around 8% following a Wall Street Journal report that its board was preparing to remove CEO Jensen Huang amid an ongoing controversy involving his personal relationships and alleged foreign intelligence links. Nothing has been confirmed regarding his removal, but the uncertainty could weigh heavily on sentiment, given Nvidia’s importance to the AI sector.
Meanwhile, the bond market was closed for Veterans Day, giving investors a temporary break from rising yields. But Tuesday’s hotter-than-expected inflation remains a concern, with markets now pricing in at least a 25bps Fed rate hike in December. WTI oil edged up to around US$86.40, while gold slipped towards US$3,990.
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Well, last night’s rebound was encouraging, particularly with strong participation from chipmakers. But Nvidia’s after-hours plunge is a reminder that sentiment remains fragile. Stay nimble! 😅
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⭐*SG MARKET: What’s Brewing Today?*⭐
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Just a quick update for today before I fly off for my holidays 😂.
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🤔 Mixed bag! *SIA* saw record revenue, but still, net profit fell a hefty 43.9% due to higher fuel cost. Don’t know what to make of it. Either way, SIA had a good run thus far. Short term vested investors should be sitting on a good profit. Your call to stay or take money off the table.
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Aviation bro, *SATS* also report a decent set of earnings. Profit and revenue all up slightly. Recent price movement also very constructive. Let’s see if can build on that.
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‼️ Meanwhile, more woes for *CityDev* as it guided its 2h26 profit lower. CityDev had a terribly tough ride since late Sep and doesn’t seem to recover any time soon, both news-wise and chart-wise. Only consolation? A strong support at 6.95. Let’s see if it can hold or not.
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💪⭐ Moving on to good news. *Geo Energy ( $Geo Energy Res(RE4.SI))* reported a good set of results, with top and bottom lines all rising significantly. On the chart, Geo Energy’s rebound to S$0.54, above its 10EMA and 50EMA, is encouraging, with a break above S$0.55 potentially opening the way towards S$0.57. Support sits around S$0.51, near the 200EMA, followed by S$0.50, while a bullish crossover of the shorter EMAs would strengthen the recovery case. Let’s see how it pans out.
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👍Though not exciting stocks, good to note that *NTT DC REIT’* declared a 1HFY27 DPU of 4.32 US cents, 10% above its IPO projection, while *Stoneweg Europe Stapled Trust* raised FY26 DPS guidance to at least 13.39 euro cents. Music to the ears for vested income investors I supposed. 😃
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‼️In the latest MSCI Singapore rebalancing, *CapLand Ascendas REIT* is removed from the index. Vested investors may want to note. Braced for impact!
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*Happening Today*
SG Earnings:
• Sasseur REIT^, Asian Pay TV, GoldenAgri, SERT, EC World, CSE Global
SG XD:
• NetLink NBN Tr: S$0.0274
EU:
• UK GDP (MoM, QoQ and YoY) / UK Manufacturing Production (MoM) / UK Industrial Production (MoM) / UK Business Investment (QoQ) / UK Monthly GDP 3M/3M Change / UK Trade Balance / UK Trade Balance Non-EU / ECB Economic Bulletin / EU Economic Forecasts / UK NIESR Monthly GDP Tracker
US:
• Initial Jobless Claims / Continuing Jobless Claims / Existing Home Sales / Existing Home Sales (MoM) / Fed Barr Speaks
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*SG Stock News*
🤔--- *SIA* reported 1HFY27 net profit down 43.9% YoY to S$134m despite record revenue of S$11.3Bn, as higher fuel costs weighed; it declared a 2-cent interim dividend and 5-cent special dividend.
https://links.sgx.com/1.0.0/corporate-announcements/UF78RL545FUY4UXV/911002_nr-q2fy2627.pdf
🤔--- *SATS* reported 1HFY27 net attributable profit up 4.3% YoY to S$156.2m as revenue grew 10.1% to S$3.39bn, although operating margin narrowed to 8.2% from 9.2%; it declared a 2-cent interim dividend.
‼️--- *City Dev* warned of significantly weaker 2H26 financial performance YoY as planned divestments shift into FY27, alongside foreign exchange losses and potential property impairments; 9M26 Singapore residential sales totalled S$1.2bn.
https://links.sgx.com/1.0.0/corporate-announcements/SZ1P0VYHGF70O9JH/911007_CDL%20Operational%20Update%20for%20the%20Quarter%20Ended%2030%20Sep%202026.pdf
👍--- *Geo Energy* reported 3Q26 net profit up 545% YoY to US$20.6m as revenue rose 52% to US$208.3m, supported by higher coal volumes and prices, and declared an interim dividend of 0.25 Singapore cent.
https://links.sgx.com/1.0.0/corporate-announcements/RPGMLD6TZIJ0UK7W/911020_Q32026%20Business%20Update.pdf
--- *Stoneweg Europe Stapled Trust* raised FY26 DPS guidance to at least 13.39 euro cents, supported by 93.5% occupancy and positive rental reversion of 5.8%, although nine-month indicative DPS fell 2.1% YoY.
💪--- *NTT DC REIT* declared 1HFY27 DPU of 4.32 US cents, 10% above its IPO projection, with NPI of US$55.8m and occupancy of 97.5%; the distribution goes ex on 18 November and is payable on 18 December.
https://links.sgx.com/1.0.0/corporate-announcements/ZASOO3KTTFXHL9V6/911044_NTT%20DC%20REIT%20-%201H%20FY2627%20Media%20Release.pdf
--- *SBS Transit* reported 3Q26 net attributable profit up 35.5% YoY to S$19.6m despite revenue slipping 1.1% to S$382.1m, with profitability supported by a S$13m Fuel Equalisation Fund provision writeback.
https://links.sgx.com/1.0.0/corporate-announcements/BTXW2XSTDYOE4O15/910994_3rd%20Quarter%202026%20Business%20Updates.pdf
📖--- *AEM Holdings* raised FY26 revenue guidance to S$680m–S$705m and EPS guidance to 30–33 cents, after 3Q26 revenue rose 57.2% QoQ to S$204.9m; its AMPS order backlog exceeded S$450m.
--- *Prime US REIT* reported 3Q26 distributable income up 27% YoY to US$8m and NPI up 24.4% to S$20.9m, while committed occupancy edged up to 84.2%, although quarterly rental reversion was negative 2%.
https://links.sgx.com/1.0.0/corporate-announcements/ZOX3INP8Y6EOY2L4/911012_PRIME%203Q2026%20Key%20Business%20And%20Operational%20Updates.pdf
👍--- *Centurion Corporation* reported 3Q26 revenue up 41% YoY to S$95.2m, lifting nine-month revenue 35% to S$280.1m, driven by Westlite Mandai’s consolidation and new accommodation beds; portfolio capacity is expected to grow approximately 27% by 2028.
‼️--- *iWOW Technology* swung to a 1HFY27 net loss of S$0.7m from a S$0.6m profit as revenue fell 12% to S$16.8m, although its orderbook increased to approximately S$127m at end-October.
https://links.sgx.com/1.0.0/corporate-announcements/MFGJK6R44URXZFJ6/911054_Press%20Release%201H-FY2027.pdf
--- *Sasseur REIT* reported 3Q26 entrusted management rental income up 7.1% YoY to S$32.1m, with portfolio occupancy of 98.6%, aggregate leverage of 25.3% and average borrowing costs reduced to 3.6%.
--- *MSM International* reported 1HFY27 net attributable profit up 85.6% YoY to RM3.04m as revenue grew 21.9% to RM62.1m.
https://links.sgx.com/1.0.0/corporate-announcements/S4K3MJ830G1IGAO3/911039_MSM%20Financial%20Results%20_%20HY2027.pdf
--- *Captii* returned to a 3Q26 net attributable profit of S778,000fromaS104,000 loss a year earlier, as revenue rose 64.6% to S$6.09m.
https://links.sgx.com/1.0.0/corporate-announcements/T9GQ2ARTDWJFK4RT/911028_CL_SGX_Financial_Results_Q3_2026.pdf
--- *9R* returned to a half-year net profit of S$225,000 from a S$842,000 loss a year earlier, with revenue rising 19% to S$7.93m.
--- *Jiutian Chemical* narrowed its 3Q26 net attributable loss by 41% YoY to RMB17.8m, while revenue rose 46% to RMB4.09m from stock clearance activities as DMF and methylamine production remained suspended.
https://links.sgx.com/1.0.0/corporate-announcements/K0I1VWWINH369N8N/911035_Jiutian%20Chemical%203Q26%20business%20update.pdf
--- *World Precision Machinery* reported a wider 3Q26 net loss of RMB19.1m versus RMB4.84m a year earlier, as revenue fell 47.2% to RMB118.4m.
https://links.sgx.com/1.0.0/corporate-announcements/CC2U30XLCMZU999M/911056_WPM%20-%203Q2026%20Result%20Announcement.pdf
--- *Quantum Healthcare* narrowed its 3Q26 net attributable loss by 55.4% YoY to S$152,000, with revenue increasing 4% to S$3.40m.
--- *iX Biopharma* reported 1QFY27 revenue up 69% YoY to S$2.71m, but net loss widened to S$3.33m from S$572,000, reflecting transformation expenses, share-based compensation and the absence of prior-year foreign exchange gains.
--- *New Wave Holdings* returned to a half-year net attributable profit of S$238,000 from a S$997,000 loss a year earlier, as revenue rose 37.8% to S$13.35m and gross profit increased 81.4%.
--- *OIO Holdings* narrowed its 3Q26 net loss by 34.5% YoY to S$193,681 despite revenue falling 75.6% to S$18,492, supported by higher other operating income and lower administrative expenses.
--- *Southern Archipelago* narrowed its 3Q26 net loss to S134,000fromS156,000 a year earlier, despite revenue declining 9% to S$859,000.
https://links.sgx.com/1.0.0/corporate-announcements/ZUNJDK33VUO8LFYX/911003_SGXNET_3Q2026.pdf
--- *H2G Green* expects a net loss for 1HFY27, although smaller than the preceding half-year, mainly due to the absence of impairment and inventory provisions and the disposal of its green energy subsidiary.
https://links.sgx.com/1.0.0/corporate-announcements/QOYFGRA0SZRQ6HQW/911058_H2G%20Announcement%20-%20profit%20guidance_1H%20FY2027_final.pdf
--- *Bacui Technologies* proposed a 100-for-1 share consolidation and a S$10m placement of 111.1m consolidated shares at S$0.09 each to its controlling shareholder, with both proposals interconditional and subject to shareholder approval.
https://links.sgx.com/1.0.0/corporate-announcements/RCTYDUZS61O5NKRA/910993_Ann%20-%20Shares%20consolidation%20and%20Placement.pdf
--- *Asia-Pacific Strategic Investments* signed binding heads of agreement for a proposed three-year lease of its Timor-Leste hotel at US$60,000 monthly from December, with three months rent-free, pending a definitive lease agreement.
https://links.sgx.com/1.0.0/corporate-announcements/5VRUQ1ADQUS108GJ/911033_APSI%20-%20Entry%20into%20Binding%20Heads%20of%20Agreement.pdf
--- *QAF* said independent laboratory tests confirmed the relevant Gardenia Malaysia products met applicable food safety requirements, while Malaysian health officials were satisfied with the facilities’ food safety procedures following their visit.
https://links.sgx.com/1.0.0/corporate-announcements/H9Y79IOGNFZHFIH5/911017_QAF%20Announcement_GBKL%20Statement%202.pdf
--- *Sunpower Group* said confidential discussions over a potential share transaction remain ongoing, with no decision on a specific transaction and no certainty that a deal will materialise.
https://links.sgx.com/1.0.0/corporate-announcements/EU10PR2PV0YBRC4B/911034_32234110_Third%20Holding%20Announcement.pdf
--- *ProsperCap* disclosed that its controlling shareholder pledged shares representing 83.74% of the company to secure a new THB5.448bn parent-level financing facility, replacing an earlier share charge.
https://links.sgx.com/1.0.0/corporate-announcements/GX9KTHCEXYJNJJMO/911073_20261111%20PPC%20-%20Disclosure%20Pursuant%20to%20Rule%20728.pdf
--- *Starhill Global REIT* said David Jones’ receivers plan to close its Hay Street Mall store in the REIT’s Perth property, with the final trading date undetermined; the manager is seeking advice on its rights under the lease.
https://links.sgx.com/1.0.0/corporate-announcements/N5ON3ZATU4E44EOT/911080_Annc-DJ%20Update.pdf
--- *Asiatic Group* received the full US$3.1m consideration for the disposal of its 49% Cambodian energy interest, supporting debt reduction and its pivot towards Malaysian automotive dealerships, although share-transfer approval and registration remain pending.
--- *ISEC Healthcare* signed a joint venture agreement to establish an ophthalmology centre in Bayan Lepas, Penang, with the group subscribing approximately RM1.02m for a 71.83% stake, subject to the required healthcare approvals.
--- *Ever Glory United* obtained shareholder approval for its proposed Hong Kong listing and global offering of up to 55.68m new shares, plus an overallotment option of up to 5.568m shares.
--- *Serial System* disclosed a cybersecurity incident involving its subsidiary’s school meal ordering app used by SATS across four Singapore schools, compromising student and parent information; no banking or credit card data was affected, while the financial impact remains under assessment.
--- *Yoma Strategic* narrowed its 1HFY27 net loss to US$3.3m from US$8.7m, as revenue increased 3.3% to US$117.3m and core EBITDA rose 8.3% to US$22.2m.
--- *Zixin Group* reported 1HFY27 net attributable profit up 3.7% YoY to RMB16.7m on revenue growth of 33.6% to RMB294.7m, although gross margin eased to 29.5% and EPS fell 18% following an enlarged share base.
--- *Zixin Group* confirmed that its bonus warrants, issued on a two-for-ten basis with an exercise price of S$0.036, will commence trading at 9am on 12 November.
--- *Beverly Wilshire* swung to a 3Q26 net attributable loss of S$183,000 from a S$29,000 profit a year earlier, as revenue declined 51% to S$1.28m.
--- *Vividthree* reported a wider 1HFY27 net attributable loss of S$862,199 versus S$678,797 a year earlier, as revenue fell 84.1% to S$124,925.
--- *Autagco* proposed acquiring Yess Ventures Enterprise for S$12.5m through cash, shares and a convertible loan, securing Johor properties including a planned nursing-centre site; the related-party transaction requires independent shareholder approval.
--- *Annica Holdings* signed an MOU with Excel Generators to explore energy-storage and clean-energy projects across India, Sri Lanka and the Maldives, including battery storage, solar-plus-storage and hydrogen technologies.
--- *Ever Glory United* obtained shareholder approval for its proposed Hong Kong listing and global offering of up to 55.68m new shares, plus an overallotment option of up to 5.568m shares.
--- *Frasers Property* brought forward the departure of its Industrial CEO, Reinfried Helmut Otter, to 7 December from 17 December; Jaikumar Kamlesh Mirpuri had previously been named his successor.
https://links.sgx.com/1.0.0/corporate-announcements/2DI7Q50010JDBTJR/911110_FPL%20Announcement.pdf
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*Earnings calendar*:
13/11 - Singtel^, UHREIT^, Daiwa^, Frasers Property, KSH
19/11 - Seatrium^
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Rgds, Dan
https://www.phillip.com.sg/talktophillip/danccs/
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