𝐌𝐚𝐫𝐤𝐞𝐭 𝐖𝐫𝐚𝐩 (𝐖𝐞𝐞𝐤 𝐞𝐧𝐝𝐞𝐝 𝟑𝟎/𝟏𝟎/𝟐𝟔)

Another week, another reminder that the $STI(STI.SI)doesn't always dance to the same tune as the rest of Asia! 😅 While spurs of AI enthusiasm lifted markets like South Korea and Japan, Singapore was still searching for its footing. The STI stood at 5380 as of Friday afternoon, down around 0.7% from last Friday. But really, it was sideways most of the week as STI hovered in the 5365 - 5439 range.

Still, beneath the rather quiet index, individual stocks were anything but boring! Volatile movement, but most still ended lower.

$Keppel(BN4.SI) gave investors something to chew on. 3Q net profit grew 20%, while the core "New Keppel" business delivered nearly 15% growth, helped by connectivity and infrastructure. More interestingly, asset monetisation has reached S$3.7b this year. Initially, price jumped to as high as $10.44 after the results, but quickly slided down to $10.06 as of Friday afternoon.

Same for $IFAST(AIY.SI), who continued to show that its growth story has legs. 3Q net profit rose 24.5% to S$32.4M, while AUA hit a record S$36.76b. Even its digital bank is starting to contribute. The share price jumped initially to as high as $8.61 after results, but ended up hitting a week-low of $7.76 by Friday afternoon.

While faring better than the above 2, $DFIRG USD(D01.SI) also cannot escape the fate of a pullback towards the end of the week.. Underlying 3Q profit rose 17% and it lifted full-year guidance. The stock gained 5% on Tuesday to hit a week-high of US$3.60, but ended up slipping on Friday afternoon to US$3.49. The only difference from the above 2 is that it still managed to notch up a weekly gain of 4.9%. Nice to see a recovery story getting some recognition, although one good quarter doesn't mean the job is done.

$Nanofilm(MZH.SI)“worked” differently though. Revenue grew just 2% in 3Q, but gross margin improved to 45%. Its industrial equipment and nanofabrication businesses posted encouraging growth. Despite the good earnings, price dropped >4% to as low as $0.795 after results (probably due to tumble in US AI stocks), but somehow managed to rebound back to $0.83 as of Friday afternoon.

At the other end, $ULTRAGREEN AI USD(ULG.SI) reminded us how quickly sentiment can turn. Despite strong 3Q revenue growth, its warning that FY2026 sales would miss guidance sent the stock tumbling 15.9% on Thursday. By Friday afternoon, it hit an all-time-low of US$0.46 as of Friday noon. A timely reminder that the market prices the future, not just the past.

Quite a week, isn't it? Good earnings don't always translate into higher share prices. Sometimes, it's not just about how well a company performs, but how much the market has already priced in!

Rgds,

Dan

tinyurl. com/TTP-dan

tinyurl. com/dan-disclaimer

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *30/10/26*

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STI: 5396 (-1) | HSI: 22958 (-136) | Dow: 52,343 (-133) | S&P: 7,720 (-24) | Nasdaq: 26,185 (-365)

.

*US Markets Overnight*

.

*AI Spending: Show Me the Money!*

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Looks like Wall Street is getting a little less patient with the AI story. 😬 Investors still like AI,I have no doubt about it. But after all the billions being spent, they are starting to ask a simple question. Where are the returns? The Nasdaq fell 1.4%, S&P 500 lost 0.3% and Dow slipped 0.3%.

.

The biggest drag was *Alphabet*, which plunged nearly 13% after its results disappointed. Its cloud business was actually growing strongly, but investors were concerned about its massive AI spending. Quite telling, isn’t it? Even strong growth may not be enough when expectations are so high. *ServiceNow* plunged 27%, while *Marvell* fell 13% following reports of a possible acquisition of optical networking company Lumentum.

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But here’s the interesting part. Despite the Nasdaq’s sharp fall, most stocks actually rose, while the Russell 2000 gained 1%.

So it wasn’t really a market-wide selloff. A few big tech names were doing most of the damage. Elsewhere, Eli Lilly gained over 6%, Chipotle jumped nearly 9% and Merck rose around 4% following their results.

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On the economic front, *US PCE inflation* came in slightly below expectations, while third-quarter GDP beat forecasts.

The *10-year Treasury yield* eased to around 4.95%, although markets still see roughly an 80% chance of another Fed rate hike in December. So the economy is holding up, inflation offered a little relief, but tech stocks are still struggling.

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And the selling continued after the closing bell. *Amazon* fell around 6% in after-hours trading after its revenue and earnings missed expectations. Interestingly, AWS grew an impressive 39%, but investors were more concerned about its planned US$220 billion capital spending. That’s the AI dilemma again. Strong growth, but an enormous bill to pay for it.

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*Intel* also plunged around 18% to 20% after hours, despite beating earnings expectations. Its fourth-quarter revenue forecast disappointed, with weak PC demand and manufacturing issues adding to concerns.

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And it wasn’t just these two. *Reddit* fell around 17% and Roblox 18% on disappointing outlooks, while Rivian gained about 5% after better-than-expected results and improved guidance.

Quite a rough night for tech investors! 😅

.

*What’s Brewing Today*

.

*Keppel, More Than Just a Comeback?*

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*Keppel ( $Keppel(BN4.SI))* is one counter worth keeping an eye on! Its latest business update showed more than 20% growth in nine-month net profit from continuing operations, excluding non-core assets. Its infrastructure and connectivity businesses, including data centres, were among the key drivers. What's worth noting is that Keppel has also exceeded its S$100B funds-under-management target ahead of schedule, while asset monetisation reached S$3.7B. Looking at the chart, the stock appears to be finding support around S$10 after its recent correction, although it still needs to clear the S$10.40–S$10.50 resistance area to signal a more convincing recovery. Of course, the transformation is still a work in progress, but could investors be starting to appreciate the value emerging from Keppel's restructuring, amidst the news on gas supply cut by Indinesia and the drop in overnight US market?

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Watch out for *Sheng Siong Group*, *NetLink NBN Trust*, *Mi Material* and *Civmec* as all released good sets of earnings / business updates. More info below.

.

===

*Happening Today*

SG Earnings:

— MPACT^, LREIT

SG XD:

— Karin Technology: HK$0.068

— SGX: S$0.24

— Alliance HC: S$0.0052

EU:

— Eurozone GDP (QoQ) / Eurozone GDP (YoY) / Eurozone Unemployment Rate

US:

— Employment Cost Index (QoQ)

.

===

*SG Stock News*

👍— *Sheng Siong Group* 3Q2026 net profit rose 1.8% YoY to S$44.6 million on revenue growth of 6.2% to S$441.5 million, with gross margin improving to 32.2% and seven new stores opened in 9M2026.

https://links.sgx.com/1.0.0/corporate-announcements/2KW5AAQQZE96XDP9/909726_SSG%20-%203QFY2026%20Press%20Release.pdf

👍— *NetLink NBN Trust* 1HFY2027 DPU rose 1.1% YoY to 2.74 cents despite revenue declining 2.2% to S$202.6 million and net profit falling 7.0% to S$40.5 million, with distribution payable on 24 November.

https://links.sgx.com/1.0.0/corporate-announcements/IDA7JB5XCQ9QVGVP/909764_20201029%20-%20NetLink%20NBN%20-%20Media%20Release.pdf

— *Starhill Global REIT* reported portfolio occupancy of 97.4% for 1QFY2027, with gearing at 36.0%, 80% of debt fixed or hedged and a weighted average lease expiry of 7.1 years.

https://links.sgx.com/1.0.0/corporate-announcements/KKS9GJ2A2KGH3VWO/909774_SGREIT%20External%20Business%20Updates%201Q%20FY2627.pdf

👍— *Mi Material* 9M2026 revenue reached US$91.5 million, surpassing full-year 2025 sales, with adjusted net profit of US$25.7 million and gross margin of 46.6%, supported by strong demand for semiconductor packaging materials.

https://links.sgx.com/1.0.0/corporate-announcements/HWD7B2CLDDTTLI07/909744_MiM_9M2026_Press_Release_29102026.pdf

👍— *Civmec* delivered record 1QFY2027 revenue of A$324 million (+70% YoY), with net profit surging 75% to A$18.4 million, supported by stronger construction activity and an order book of approximately A$1.4 billion.

https://links.sgx.com/1.0.0/corporate-announcements/J78M578XC6DSTPO4/909734_1.%20Civmec%20Delivers%20Record%20Quarterly%20Revenue%20of%20A%24324%20Million.pdf

‼️— *Mapletree Pan Asia Commercial Trust* 2QFY2027 DPU fell 3.5% YoY to 1.94 cents as net property income declined 6.3% to S$153.5 million, with overseas weakness partly offset by VivoCity’s 5% NPI growth and 10.1% lower financing costs.

https://links.sgx.com/1.0.0/corporate-announcements/CBSN2B6U7O5VNW21/909821_20261030_MPACT%202Q%20FY2627%20Press%20Release.pdf⁠

.

*Earnings calendar:*

30/10 - 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, Prime US REIT, World Precision

12 Nov - Sasseur REIT^, Asian Pay TV, GoldenAgri, SERT, EC World, CSE Global

13/11 - UHREIT^, Daiwa^, Frasers Property

19/11 - Seatrium^

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *29/10/26*

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STI: 5397 (-18) | HSI: 23041 (-170) | Dow: 52,475 (+98) | S&P: 7,744 (+21) | Nasdaq: 26,550 (+72)

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*US Markets Overnight*

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*Fed Pauses, AI Keeps Going… For Now!*

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The Fed didn’t raise interest rates, but that doesn’t mean we are out of the woods yet. What was worth noting was that bond yields actually went up after the decision. Meanwhile, AI and memory stocks continued their rally. Looks like investors are still willing to chase growth, even with borrowing costs staying high. Wall Street ended higher for the third straight session. The Dow gained 0.2%, S&P 500 rose 0.3% and Nasdaq added 0.3%.

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As expected, the Fed kept interest rates unchanged at 3.75% to 4%, with two officials actually voting for a hike. And here’s the thing. Markets are now pricing in an 85% chance of a rate hike in December. 😬 So really, this may just be a pause, not the end of tightening.

.

The 10-year Treasury yield climbed back to around 5.04%. Still pretty high! Meanwhile, AI and memory stocks were having another good day. *SK Hynix* surged 13% in US trading after reporting strong earnings, while Micron gained 6%. Looks like the demand for AI memory chips is still going strong. And unlike some of the AI companies borrowing heavily to fund expansion, memory makers are already seeing the benefits in their earnings.

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*Oracle* jumped 11% after projecting revenue of at least US$225 billion by fiscal 2030. More importantly, it expects capital spending to peak before cash flow improves. Investors clearly liked hearing that there could be some light at the end of the AI spending tunnel. 😅 Elsewhere, *Vertiv* surged 16% on strong results and a better outlook, while Wendy’s jumped 15% following a takeover proposal. But not everyone had a good day. Enphase plunged 16%, Logitech fell 12% and Robinhood lost more than 3%.

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Oil also moved higher. WTI gained 2.6% to US$102.55, while Brent climbed to around US$115.10, as Middle East tensions continued to worry investors. Now, the next big test is corporate earnings. Microsoft and Alphabet reported after Wednesday’s close, while Amazon is due on Thursday.

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*What’s Brewing Today*

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*Nanofilm: Small Growth. Bigger Comeback?*

‌

I think it is no surprise to most of you out there. *Nanofilm Technologies ( $Nanofilm(MZH.SI))* is one counter I have been keeping an eye on for quite some time. At first glance, its 3Q results may not look exciting, with revenue growing just 2% to S$74 million. But look closer! Gross margin improved from 40% to 45%, while industrial equipment and nanofabrication revenue jumped 66% and 120% respectively. Encouraging signs that its diversification beyond consumer electronics is gaining traction. Interestingly, the chart is also showing signs of stabilising after a steep correction, with the stock recovering to around S$0.835. The next hurdle? Resistance around S$0.85, and further north, S$0.95, a confluence of a resistance level and the 200MA. Still early days, of course, but with improving fundamentals and a potentially recovering chart, could investors be starting to take another look at Nanofilm? Worth watching!

.

Quite a few other small caps that released a good set of earnings / business updates, including *Japan Food ( $Japan Foods(5OI.SI))* and *MTQ Corporation ( $MTQ(M05.SI))*. This morning, *Keppel ($Keppel(BN4.SI))* and *CICT ( $CapLand IntCom T(C38U.SI))* also released tgoo sets of earnings : business updates. *Ultragreen ai ( $ULTRAGREEN AI USD(ULG.SI))* also handed in a good report card, but lower forward guidance due to competition. All the load-down below. As it was released just this morning, I haven’t had the time to do deep dive. All the load down below for gour reference. 😊

.

===

*Happening Today*

SG Earnings:

— Ultragreen^, CICT^, CDLHT^, FEH^, Capland Ascendas, Starhill

SG XD:

— Chuan Hup: S$0.005

— Frasers Centrepoint Trust: S$0.06214

— Lum Chang Creations: S$0.01

— Suntec REIT: S$0.02017

EU:

— ECB Interest Rate Decision / ECB Press Conference / German CPI (MoM) / German CPI (YoY)

US:

— GDP (QoQ) / GDP Price Index (QoQ) / Core PCE Price Index (MoM) / PCE Price Index (YoY) / Personal Income (MoM) / Personal Spending (MoM) / Initial Jobless Claims

.

===

*SG Stock News*

⭐️— *CapitaLand Integrated Commercial Trust* 9M2026 net property income rose 10.4% YoY to S$965.4 million, supported by acquisitions, with portfolio occupancy at 96.1%, positive retail rental reversion of 4.6% and gearing at 39.7%.

https://links.sgx.com/1.0.0/corporate-announcements/3PQVW1J3DJO49A76/909664_CICT_3Q%202026%20Business%20Updates.pdf⁠

⭐️— *Keppel* 9M2026 core net profit rose over 20% YoY, with recurring income growing more than 10%, asset management fees up 18% to S$354 million and S$3.7 billion in announced asset monetisations, exceeding its full-year target.

https://links.sgx.com/1.0.0/corporate-announcements/SU98E9BQCXU30M1I/909665_MREL_Keppel%20Ltd.%203Q%202026%20Business%20Update_Media%20Release.pdf⁠

👍— *NTI Nanofilm* 3Q2026 revenue rose 2% YoY to S$74 million, with gross margin improving from 40% to 45%, supported by 66% growth in industrial equipment revenue and 120% growth in nanofabrication revenue.

https://links.sgx.com/1.0.0/corporate-announcements/YK5X1WOQJUCAOXK5/909542_NTI%203Q2026%20News%20Release%20Highlights.pdf

👍— *Wilmar International* 3Q2026 net profit rebounded to US$281 million from a US$347.7 million loss a year ago, although core net profit fell 25.2% to US$267.3 million amid higher raw material costs and weaker soybean crushing margins.

https://links.sgx.com/1.0.0/corporate-announcements/O7NC24QQGCBVQ487/909522_WIL%203Q2026%20Executive%20Financial%20Summary_28.10.2026.pdf

👍— * UltraGreen.ai...* 9M2026 revenue grew 35% YoY to US$131.8 million, but rising US competition prompted a cut to FY2026 revenue guidance below US$175–185 million, alongside plans for a US$30 million share buyback and a minimum 30% annual dividend payout.

https://links.sgx.com/1.0.0/corporate-announcements/6FJNMAM0WORSPYS2/909662_UltraGreen.ai%20Limited%20-%20Business%20Update%20for%203Q2026%20-%20Press%20Release.pdf⁠

— *Mapletree Logistics Trust* 2QFY2027 DPU remained largely flat at 1.816 cents, with net property income rising 1.0% to S$154.8 million, portfolio occupancy at 96.4% and gearing improving to 37.5%.

https://links.sgx.com/1.0.0/corporate-announcements/7E0E1I9HJFI4EQA9/909498_20261028-MLT_2Q26%20press%20release_21Oct26_final.pdf

— *Mapletree Logistics Trust* plans to redevelop 9 and 15 Changi South Street 2 into a five-storey Grade A logistics facility, increasing gross floor area by 34% to nearly 500,000 sq ft, with completion targeted for 2Q2029.

https://links.sgx.com/1.0.0/corporate-announcements/83JSQVYEG01XACY6/909508_20261028-MLT_9%20and%2015%20Changi_final.pdf

— *Digital Core REIT* reported approximately US$35 million in 9M2026 distributable income, broadly flat YoY, while its proposed portfolio reshuffle into Japan and Singapore is expected to lift DPU by 4% and reduce leverage by around three percentage points.

https://links.sgx.com/1.0.0/corporate-announcements/5TE2QZV7F1OYIN49/909494_Digital%20Core%20REIT%203Q26%20Script.pdf

— *Landmark REIT* 3Q2026 net property income rose 7.6% YoY to IDR425.2 billion, but declined 1.8% to S$30.5 million in Singapore dollar terms due to rupiah weakness, with gearing at 39.2%.

https://links.sgx.com/1.0.0/corporate-announcements/0VFDW6DV17NF0BVI/909520_Landmark%20Reit_3Q2026%20Press%20Release.pdf

👍— *Japan Foods Holding* returned to profitability in 1HFY2027 with a net profit of S$0.2 million versus a S$3.3 million loss a year ago, despite revenue falling 18% to S$30.2 million, as restaurant closures helped cut operating expenses by 28.3%.

https://links.sgx.com/1.0.0/corporate-announcements/4D3JPTAMMCCS3ATX/909619_JFH%20-%20Press%20Release%20HY2027.pdf

👍— *MTQ Corporation* swung to a 1HFY2027 net profit of S$4.85 million from a S$2.03 million loss, helped by a S$7.6 million disposal gain, while revenue grew 8% to S$24.9 million amid continued Middle East challenges.

https://links.sgx.com/1.0.0/corporate-announcements/WA5IMXS8RMGTPUFC/909553_MTQ%201HFY2027%20Press%20Release.pdf

👍— *MetaOptics* secured shareholder approval for a share buyback mandate while remaining on track for laser writer deliveries by end-2026 and securing a co-packaged optics design order from a major US foundry customer.

https://links.sgx.com/1.0.0/corporate-announcements/SEBSBGEF9TYVXNZG/909550_MetaOptics%20-%20Press%20Release%20on%20Adoption%20of%20SBB%20Mandate%20and%20Advancements%20in%20Milestones.pdf

👍— *EGP Energy* eyes overseas expansion to power growth as shares climb after IPO

https://www.theedgesingapore.com/news/energy/homegrown-egp-energy-eyes-overseas-expansion-power-growth-shares-climb-after-ipo

👍— *China Kunda Technology* issued a profit guidance announcement for 1HFY2027, expecting to return to profitability and record a net profit for 1H2027, compared with a net loss for the corresponding six months ended 30 September 2025.

https://links.sgx.com/1.0.0/corporate-announcements/S8BBHZXSAHP0EK13/909491_China%20Kunda%20-%201H2027%20Profit%20Guidance%20Announcement.pdf

— *Keppel* joined the Vietnam International Financial Centre as an inaugural member, strengthening its participation in Vietnam's developing financial services ecosystem.

https://links.sgx.com/1.0.0/corporate-announcements/GKOLS022TAQ89FZR/909481_MREL_Keppel%20joins%20Vietnam%20International%20Financial%20Centre%20as%20an%20inaugural%20member.pdf

— *AEM Holdings* was selected among 24 companies for Enterprise Singapore’s inaugural Champions of AI Programme, supporting its plans to integrate AI across R&D, operations and corporate functions over the next three to five years.

https://links.sgx.com/1.0.0/corporate-announcements/AUB7K8A6MMF5NMLX/909642_AEM%20Selected%20for%20Enterprise%20Singapore_Inaugural%20Champions%20of%20AI%20Programme.pdf⁠

— *Golden Agri-Resources* reaffirmed its commitment to cooperate fully with Singapore authorities and independent assessors investigating transboundary haze, following a 28 October meeting with government ministers on the proposed independent assessment framework.

https://links.sgx.com/1.0.0/corporate-announcements/IVQKMGK1TBV0BCNT/909617_GAR32-28-10-2026-Update%20on%20Transboundary%20Haze%20Matters%20and%20Cooperation%20with%20Authorities.pdf

— *DISA* invested an additional S$152,709 in AI-powered eye-screening company Digital Life Line through a rights issue, maintaining its 76.36% stake.

https://links.sgx.com/1.0.0/corporate-announcements/DSJYSBBYKBG620V3/909521_Additional%20Investment%20in%20DLL_28%20Oct%2026.pdf

— *FSL Trust* completed the disposal of one product tanker, although the sale proceeds and financial impact could not be verified.

https://links.sgx.com/1.0.0/corporate-announcements/BZLQSA0TK0645KJI/909480_20261028_FSL%20Trust%20Completes%20Disposal%20of%20one%20Product%20Tanker.pdf

— *Samudera Shipping Line* 3Q2026 container volume remained flat at 503,000 TEUs, but average freight rates rose to US$297 from US$252 a year ago, while its logistics business recorded a 56% jump in volumes handled, although high operating costs continued to weigh on margins.

https://links.sgx.com/1.0.0/corporate-announcements/WRVB5MLC5M1F4A9Z/909641_3Q%202026%20SSL%20BUSINESS%20UPDATE.pdf⁠

— *Far East Hospitality Trust* 9M2026 income available for distribution rose 7.9% YoY to S$53.9 million, with revenue up 5.4% to S$86.4 million, supported by stronger Japan hotel contributions and lower financing costs.

https://links.sgx.com/1.0.0/corporate-announcements/ZOG3CLZ7498AS3YP/909661_FEHT%203Q%202026%20Business%20Update.pdf⁠

— *CDL Hospitality Trusts* 9M2026 revenue rose 2.4% YoY to S$198.9 million, with 3Q revenue up 4.1% to S$72 million, supported by stronger performances in Australia and Singapore managed hotels despite continued weakness in Japan.

https://links.sgx.com/1.0.0/corporate-announcements/GEHKOONGEK6D29XE/909667_CDLHT-3Q2026%20Op%20Update.2026%201029.pdf⁠

.

*Earnings calendar:*

29/10 - 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, Prime US REIT, World Precision

12 Nov - Sasseur REIT^, Asian Pay TV, GoldenAgri, SERT, EC World, CSE Global

13/11 - UHREIT^, Frasers Property

19/11 - Seatrium^

.

Rgds, Dan

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

https://tinyurl.com/dan-disclaimer