𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *7/8/26*
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STI: 5581 (-XX) | HSI: 25530 (-350) | Dow: 53885 (-363) | S&P: 7709 (-13) | Nasdaq: 26348 (-15)
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*US Markets Overnight*
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*No Mercy, This Earning Season*
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Miss expectations by an inch, and Wall Street takes a mile 😂.
The market finally took a breather. After a strong five day rally, some profit taking was probably due, especially with tonight’s US jobs report likely to set the tone for the next move. When valuations are rich, earnings need to keep delivering. And last night reminded us that the market has little patience for disappointment.
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US stocks closed lower across the board, with the Dow falling more than 450 points, snapping its five session winning streak. The S&P 500 slipped 0.2% while the Nasdaq eased 0.1%. Earnings remained the main driver, but the reactions were brutal. *Honeywell Aerospace* tumbled 23%, *AppLovin* fell 20%, *Datadog* lost 19%, *Western Digital* dropped 13%, and *Sandisk* declined 7% after their quarterly results. Among the Magnificent Seven, Microsoft stood out with a 2.5% gain. SpaceX rebounded 6% after yesterday’s sharp selloff, as more shares became available for trading following the expiry of lock up restrictions. Elsewhere, the 10 year Treasury yield climbed to 4.68%, oil surged on hopes of progress over the Strait of Hormuz, while Bitcoin and gold edged lower. Investors now shift their focus to tonight’s US jobs report, which could be the next big catalyst for markets.
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*What’s Brewing Today*
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Following DBS’s stellar earnings yesterday, Singapore’s banks continued to deliver resilient earnings, with $UOB(U11.SI)and $OCBC Bank(O39.SI) reporting solid results backed by healthy balance sheets and steady capital returns to shareholders (See below). The banks remain the backbone of the STI, so resilient results from UOB and OCBC should continue to provide support for the index. The easy earnings growth may be behind us, but I think with, strong capital, healthy dividends and resilient asset quality, that still make Singapore banks a core long term holding. Your views?
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Good news for $SGX(S68.SI) shareholders as it posted record FY2026 results, and declared quarterly dividends of 24.0 cents per share, comprising an 11.5 cent final dividend and a 12.5 cent special dividend. Really, FY2026 had generally been a good year for Singapore biurse and that is translated into good numbers for SGX’s bottomline. The broad-based growth and special dividend signal strong cash generation, while continued expansion in derivatives, FX and data businesses should support resilient long-term earnings beyond traditional equities trading. Huat ah!
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Besides the above, many companies releasing good set of results as well. They include $Venture(V03.SI), $YZJ Shipbldg SGD(BS6.SI), $EliteUKREIT GBP(MXNU.SI), $TAP(TAP.SI) and $JustCo(JCO.SI)
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*Happening Today*
SG XD:
— Boustead: SGD 0.085
— Valuetronics: HKD 0.30
— Stamford Land: SGD 0.01
— SingShipping: SGD 0.010
— AIMS APAC Reit: SGD 0.02337
SG Earnings:
— OCBC^, UOB^, Elite UK REIT^, Netlink, BHG REtail, HL Finance, Ho Bee
JP
— Household Spending (YoY) (Jun)
US:
— Average Hourly Earnings (MoM) (Jul) / Nonfarm Payrolls (Jul) / Unemployment Rate (Jul) / Private Nonfarm Payrolls (Jul) / Average Hourly Earnings (YoY) (YoY) (Jul)
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*SG Stock news*
— *OCBC* Q2 profit rises 22% to S$2.22 billion, beating expectations. Declared an interim dividend of S$0.47 a share, up from S$0.41 a share the year before.
— *UOB* Q2 profit rises 10% to S$1.48 billion, edging past estimates. Declared a dividend of S$0.88 per share for the period.
—⭐️ *SGX* reported record FY2026 results, with net revenue rising 13.9% to S$1.48 billion and adjusted net profit increasing 24.6% to S$759.5 million, driven by broad-based growth across its multi-asset businesses, while proposing quarterly dividends of 24.0 cents per share, comprising a final quarterly dividend of 11.5 cents and a one-off additional dividend of 12.5 cents.
—⭐️ *Yangzijiang Shipbuilding* posted record 1H2026 results, with net profit rising 28.4% to RMB5.4 billion and revenue up 36.2%, driven by higher-margin shipbuilding contracts and a strong order book extending into 2030.
—⭐️ *Venture* reported strong 2Q 2026 results, with revenue rising 12.5% and net profit increasing 5.6% year on year, while raising its interim dividend by 20% to 30 cents per share.
—👍 *JustCo* reported strong 1H2026 results, with revenue up 24%, Cash EBITDA surging 147%, free cash flow rising 256%, and maintained a debt-free balance sheet while expanding its regional workspace network.
—⭐️ *Elite UK REIT* posted its highest first half DPU in three years at 1.55 pence, supported by higher distributable income, stronger portfolio valuations, lower gearing, and new long term UK government lease agreements.
— *AvePoint* delivered a strong second quarter, with revenue and annual recurring revenue both growing 22% to 27% year on year, driven by robust demand for its AI trust platform, while raising full year ARR guidance despite increasing investments for future growth.
— *The Assembly Place* reported strong first half results, with revenue rising 33.9% and net profit jumping 80.7%, driven by portfolio expansion, while declaring its inaugural interim dividend as it continues to scale its asset light community living business.
— *Credit Bureau Asia* resumes revenue and profit growth for first half 2026 and up interim dividend by 10% to 2.2 Singapore cents
— *Far East Orchard’s* 1H FY2026 revenue more than doubled to S$248.5 million on the consolidation of Homes for Students, while adjusted PATMI rose 7.7% despite lower reported earnings due to one-off prior year gains and acquisition related non-cash amortisation.
— *Tuan Sing* reported a resilient 1H2026 performance, with recurring income strengthening despite a 75% drop in net profit to S$3.6 million due to redevelopment and portfolio repositioning, while advancing key regional growth projects.
—💡 *TrickleStar* strengthened its balance sheet as at 30 June 2026, with cash more than doubling to US$3.4 million and shareholders’ equity rising to US$6.3 million, supported by a higher share capital base.
— *Daiwa House* delivered a strong first quarter, with net sales rising 9.0% and profit attributable to owners increasing 9.1% YoY to ¥83.2 billion, driven by higher operating income and resulting in comprehensive income more than doubling to ¥105.8 billion due to positive foreign currency translation effects.
— *Annica* Records S$0.3 Million Net Profit in 2Q2026, HY2026 Revenue Rises 39%; Balance Sheet Strengthened Amid Transitions to the Renewable Energy Sector
— *Yangzijiang Maritime* Accelerates Vessel Monetisation Strategy with the Sale of 4 Newbuild Bulk Carriers
— *Uni-Asia* signed contract with Nihon Shipyard for second new 40,000 dwt eco-specification bulk carrier
— *Aedge Group* has successfully raised S$3.5 million through a fully subscribed placement to institutional and strategic investors, with the proceeds to fund the expansion of its investment properties business and strengthen working capital.
— *Wee Hur Holdings* donates S$1.5 million to SUTD to nurture next generation of innovators and entrepreneurs
— * Fuxing China* expects to report a profit for 1H FY2026 as compared to a loss in 1H FY2025
— *Singapore Kitchen Equipment* announced that its wholly owned subsidiary has granted an option to sell its freehold Henderson Industrial Park property for S$8.5 million in cash, a price above its independent valuation of S$7.1 million, subject to the purchaser exercising the option by 30 September 2026.
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*Earnings Calendar:*
7 /8 - Netlink, BHG REtail, HL Finance, Ho Bee
11 /8 - SingLand, UOI, Frasers Property, OKP
12 /8 - CICT^, Wilmar, HL Asia, UOL, Ultragreen, NTT DC REIT, PrimeUSREIT, Centurion, AP Oil, China Sunsine
13 /8 - CLI^, CDL^, sembcorp^, ST Engg^, Genting Sing, SERT, Thakral, Nanofilm, EC World, Global Investment, CSE Global, APTV, Frencken, Megachem
14 /8 - Sasseur^, Olam^, Mewah, Haw Par, CNMC Goldmine
19 /8 - SATS
26 /8 - Micro-Mechanics
27 /8 - ASL Marine, Karin
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Sources:
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Rgds, Dan
https://www.phillip.com.sg/talktophillip/danccs/
https://tinyurl.com/dan-disclaimer
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