This post is reproduced from Dan's Linkedin.

https://tinyurl.com/USSDRs-SpaceX

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SpaceX... On SGX?

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July 22, 2026

Written by Dan Chang C S, Trading Representative, Phillip Securities Pte Ltd

This article is created in partnership with SGX. All views and opinions expressed are solely those of the author.

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Executive Summary

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• US Singapore Depository Receipts (SDRs) mark an important milestone for SGX, allowing Singapore investors to gain exposure to selected US-listed companies through the local exchange.


• Understand what an SDR is, how it works, and the key benefits it offers, including trading on SGX in Singapore dollars, optional CDP custody, and a simpler way to access selected overseas companies.


• Beginning 22 July 2026, SGX will launch its first three US SDRs, SpaceX, Grab and Sea Limited. Discover why these three companies were chosen and what makes each of them unique.


• A technical and fundamental review of SpaceX, Grab and Sea Limited, covering their business outlook, key growth drivers, and what the charts are signalling.


• Important considerations before investing, including ownership structure, foreign exchange exposure, liquidity, fees, corporate actions, and other practical aspects investors should understand.


• While US SDRs expand investment opportunities, the principles of successful investing remain unchanged: understand what you own, know the risks, and invest with conviction rather than simply chasing what's new.

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It Started With A Simple Question

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What if I told you that one of the world's most talked about companies could soon be traded on SGX... even though it isn't listed here? It almost sounds impossible. In fact, if someone had said that to me a few years ago, I probably would have smiled and replied, "I will believe it when I see it."

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For the longest time, investing was fairly straightforward. If you wanted to buy a US stock, you invested in the US markets. If you wanted a Hong Kong listed company, you went to Hong Kong. If you wanted DBS, UOB or SGX, you traded right here in Singapore.

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That was simply the way things worked. Which is why, over the years, whenever investors asked me, "Dan, why can't I buy companies like SpaceX through SGX?", my answer was always the same.

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"You can't... at least not for now."

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It's funny how a question I have answered so many times in the past may finally deserve a different answer.

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I have to admit, when I first heard about this development, I paused for a moment. Not because I was surprised by the announcement. But because it reminded me how much investing has changed since I first entered this industry.

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The companies haven't moved. The opportunities haven't changed overnight. What's changing is how investors can access them.

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With the introduction of US Singapore Depository Receipts (SDRs), Singapore investors may soon be able to gain exposure to selected US companies through SGX. And among the names that have captured the most attention is SpaceX.

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That, to me, is more than just another product launch. It reflects something much bigger. The boundaries between markets are beginning to blur, giving investors access to opportunities that once felt much further away.

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So... What Exactly Is An SDR?

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Before we get too carried away talking about SpaceX, let's first answer the obvious question.

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The answer is actually much simpler than it sounds. Think of an SDR as a bridge. On one side sits the actual company and its shares, listed on a foreign exchange. On the other side are investors here in Singapore, trading on SGX.

The SDR connects the two.

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When you buy an SDR, you are not buying the underlying shares directly. Instead, a SDR issuer holds those shares on behalf of investors, and issues SDRs that can be traded on SGX. In other words, you are buying a security that represents an interest in those underlying shares.

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That may sound like a small distinction, but it's an important one. You are gaining exposure to the economic performance of the company, but you're not becoming a direct shareholder in the traditional sense.

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The key point is this.

An SDR isn't trying to reinvent investing. It simply gives investors another way to access companies that were previously traded only on overseas exchanges.

It's not a different investment. It's simply a different way of accessing one.

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source: SGX

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Why This Matters More Than You Think

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At first glance, it's easy to see SDRs as just another new investment product. Personally, I think the bigger story isn't really about SDRs. It's about how investing is evolving. Not too long ago, investing overseas often meant opening a separate brokerage account, dealing with different trading platforms, currencies and settlement processes. It wasn't always complicated, but it certainly wasn't as seamless as investing at home.

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Today, those barriers are becoming less obvious. With SDRs, investors can gain exposure to selected overseas companies while continuing to trade through SGX, in Singapore dollars (SGD) and within familiar market hours. SDR holders will also receive dividends if the underlying companies pay dividends. For investors who prefer it, SDRs can also be held under CDP custody, giving many local investors a settlement framework they are already comfortable with.

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That may sound like a small convenience. I think it's actually much more than that. Over the years, one thing I have noticed is that investors aren't just looking for more products. They are looking for simpler ways to build better portfolios.

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That's where SDRs become interesting. They don't replace overseas investing, nor do they eliminate the need to understand the companies you are investing in. What they do is remove some of the friction.

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That friction isn't just about opening overseas brokerage accounts or trading in foreign markets. Depending on the SDR structure, it can also lower the minimum investment required to gain exposure to selected companies. For example, Hong Kong SDRs have enabled investors to gain exposure to companies like CATL with a much smaller initial investment than buying the underlying shares directly. Likewise, SGX's upcoming US SDRs will have a minimum board lot of just 10 SDRs, making them accessible even to investors starting with relatively modest sums.

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More broadly, it reflects something about SGX itself. For many years, the conversation has often centred on how Singapore can remain relevant in an increasingly competitive global marketplace. Introducing products like SDRs shows that SGX isn't just looking inward. It is finding new ways to connect Singapore investors with companies and opportunities beyond our shores, while allowing them to invest through a market and infrastructure they already know.

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Perhaps that's the bigger story here. It's not just about adding another product to the market. It's about bringing the world a little closer to Singapore investors. And I think that's a positive development for Singapore investors.

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Now, understanding how SDRs work is only one part of the story. The companies behind them matter just as much. Beginning 22 July 2026, SGX will introduce its first three US SDRs, namely SpaceX, Grab and Sea Limited.

On paper, they may simply be the first three names on the list. But each tells a very different story, and together they offer an interesting glimpse into the kinds of global companies Singapore investors may soon be able to access through our local exchange.

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From Rockets To Rides

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Let's be honest. Most people don't wake up thinking about buying another bank stock.

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But mention SpaceX … Suddenly, everyone pays attention.

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Over the past few weeks, it has been difficult to scroll through financial news without seeing headlines about SpaceX. Its highly anticipated IPO wasn't just another listing. It quickly became one of the most talked about market events of the year, attracting attention from institutional investors, retail investors and the media alike.

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Perhaps that's because SpaceX isn't just another listed company. It's a company that has redefined what many of us thought was possible. Reusable rockets. Commercial space launches. Satellite internet through Starlink. And one day, perhaps even making humanity a multi-planetary species.

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Whether you are an Elon Musk fan or not, it's difficult to deny the impact SpaceX has had on the global space industry. That's precisely why SpaceX feels like the perfect company to introduce this new chapter.

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Closer To Home

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If SpaceX captures our imagination, Grab and Sea Ltd capture our everyday lives.

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For many Singaporeans, Grab isn't just another stock. It's how we get home after dinner. It's how food arrives at our doorstep. It's how many of us pay for a meal, send a parcel or even book a ride to the airport.

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Sea Ltd tells a similar story. Long before many investors knew its stock ticker, most of us already knew Shopee. For some, it has become the first place to search before buying almost anything online. Whether we realise it or not, these companies have quietly become part of our daily routines. Ironically, while we have been using their products and services for years, investing in them meant looking beyond our local market.

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That is starting to change.

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With the introduction of US SDRs, Singapore investors may soon be able to gain exposure to both Grab and Sea Ltd through SGX, making it easier to invest in companies that already feel familiar to many of us.

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Of course, familiarity alone isn't a reason to invest. Just because we use a company's products doesn't automatically make it a good investment. Fundamentals still matter. Valuation still matters. Execution still matters. But there is something interesting about the idea that the same companies many Singaporeans interact with almost every day may soon be accessible through our own exchange.

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To me, that makes this launch feel a little closer to home.

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US SDRs At A Glance

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By now, we have talked about what SDRs are and why they matter. Let's now look at the inaugural three US SDRs that will debut on SGX on 22 July 2026. They are SpaceX, Grab and Sea Limited.

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Although all three are traded as US SDRs on SGX, they are structured differently. Each SDR represents a different number of underlying US shares, resulting in different trading prices and minimum investment amounts.

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One feature that immediately caught my attention is the relatively low barrier to entry. With a board lot of just 10 SDRs, investors can gain exposure to these companies with a modest initial investment, making it easier for more investors to participate.

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What I find particularly interesting is that some of these minimum investment amounts are significantly lower than buying the equivalent US-listed shares directly. For example, while the minimum investment for the SpaceX SDR is around S$16.90, purchasing the minimum board lot (1 share) of the underlying US shares would require approximately S$169 (US$131.11). A similar difference can be seen with Sea Limited, where the SDR requires around S$21.24, compared with about S$137.08 for the underlying shares.

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It's another example of how SDRs are helping to lower the barriers to global investing, not by changing the companies investors can access, but by making that access more convenient and more affordable.

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A Quick Look At The Charts

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1. SpaceX

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source: POEMS (data as of 14/7/2026)

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With SpaceX only recently listed, I wouldn't read too much into the chart just yet.

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Newly listed stocks often experience heightened volatility as the market goes through its initial price discovery process. Early enthusiasm, profit taking and institutional positioning can all lead to sharp price swings that don't necessarily reflect the company's long-term prospects.

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For me, the more interesting story isn't the chart, it's the business itself.

SpaceX remains a dominant player in commercial space launches, supported by structural growth drivers including satellite communications through Starlink, increasing demand from the defence sector, and continued investment in the broader space economy.

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The technical picture will become more meaningful over time. For now, I'd rather let the chart develop before drawing firm conclusions.

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2. Grab

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source: POEMS (data as of 14/7/2026)

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Grab has been showing encouraging signs of recovery in recent weeks.

After spending much of the past year in a downtrend, the stock has started to form a series of higher lows, with the short-term moving averages (MA) turning higher and price beginning to reclaim ground above its recent consolidation range.

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While longer-term resistance still lies ahead around the longer-term MA, the recent improvement in price action suggests sentiment may be stabilising. Fundamentally, investors will likely continue watching whether Grab can build on its improving profitability, while growing its ecosystem across mobility, deliveries and financial services.

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For me, this is a stock where both the chart and the execution of the business deserve to be watched together.

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3. Sea Limited

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source: POEMS (data as of 14/7/2026)

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Sea's chart also appears to be improving. After a prolonged correction over the past year, the stock has staged a strong rebound and is now trading comfortably above its shorter-term moving averages. Momentum has clearly improved, although the longer-term MA above may still act as an area of resistance.

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Operationally, the market will continue focusing on Shopee's profitability, Garena's ability to sustain engagement and bookings, as well as the continued development of SeaMoney and its digital banking ambitions. The recovery has certainly been encouraging. The next question is whether the company can continue translating operational execution into sustained earnings growth.

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A Few Important Considerations

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By now, you might be thinking, "Hey, this sounds like a pretty interesting development."

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I agree.

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But before getting too excited, it's worth remembering that an SDR isn't exactly the same as buying the underlying shares directly. That distinction matters.

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While SDRs are designed to provide investors with economic exposure to the underlying company, the rights attached to an SDR may differ from those of a direct shareholder. Depending on the final product structure, matters such as voting rights and the handling of certain corporate actions may not be exactly the same.

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There are also a few practical considerations.

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Even if the SDR is traded in Singapore dollars, the underlying company is still listed overseas. That means movements in foreign exchange rates can still affect returns.

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Liquidity is another factor to keep an eye on. Although market makers are expected to help facilitate trading, investors should still pay attention to trading volumes and bid-ask spreads, especially in the early days after launch. Like any new investment product, it may take some time before trading activity matures.

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Investors should also take time to understand the product's terms and conditions, including any applicable fees and how corporate actions are administered under the SDR structure.

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But frankly, none of these are reasons to avoid SDRs. They are simply reminders that every investment product comes with its own characteristics.

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Over the years, one lesson has stayed with me. Never invest in something simply because it's new. Invest because you understand what you're buying, how it works, and why it deserves a place in your portfolio.

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To me, that's always been far more important than chasing the latest investment trend.

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More Choice, Same Principles

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Perhaps the biggest story isn't just that Singapore investors can now access a few more companies. The bigger story is how investing itself continues to evolve.

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Markets that once felt oceans apart are gradually coming closer together. Access that was once available only through overseas brokers is becoming increasingly accessible through our own local market.

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To me, that's a positive development. More access means more opportunities. More opportunities mean greater choice. And greater choice allows investors to build portfolios that better reflect their own investment goals and convictions. But while investing is becoming more accessible, Good investing hasn't become any easier. More choice doesn't automatically lead to better investment decisions. It simply gives us more possibilities.

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Over the years, one thing I have come to appreciate is that successful investing has never been about having access to the most products. It's about understanding what you own, why you own it, and how it fits into your overall portfolio.

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US SDRs mark another interesting chapter for Singapore's capital market. Not because they change the principles of investing. But because they expand the opportunities available to Singapore investors. Whether it's SpaceX, Grab, Sea Limited or the next company that eventually joins the list, the same principle still applies.

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Do your homework. Understand the business. Know the risks. And invest with conviction, not curiosity.

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At the end of the day, the best investment decisions are rarely driven by what's new. They are driven by what you truly understand.

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Disclosure:

At the time of publishing, the author has no vested interest in the above mentioned SDRs nor its underlying stocks.

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About the Author:

Dan is currently a Remisier / Trading Representative with PhillipCapital and a FinLit Speaker with SGX and SIAS. With over 25 years of experience in the equity markets, he has helped countless investors and traders navigate the often volatile stock market landscape. Through his deep market insights and timely stock information, Dan has consistently added value to their investment journeys, enabling them to make more informed decisions.

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As an FinLit Educator, Dan is passionate about financial education and has played an active role in empowering retail investors with the knowledge and skills to better understand investing.

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To further promote financial literacy, Dan also serves as a Key Opinion Leader on two of Singapore’s leading investment platforms, InvestSG and InvestingNote, where he regularly shares market commentary, trading ideas and educational content with a wide audience of retail investors.

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Get in touch and/or start your investment journey with him here: tinyurl.com/TTP-dan

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If you like such contents on the Singapore Market, feel free to join my free telegram channel @ tinyurl.com/dan-telegram

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Rgds,

Dan

Disclaimers: tinyurl.com/dan-disclaimer

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Disclaimer and Warning

This publication is provided by Dan Chang for general information and educational purposes only. This content has been produced by Dan Chang. Singapore Exchange Limited (“SGX”) and/or its affiliates (collectively with SGX, the “SGX Group Companies”) have not had any input into this publication and/or the content, and SGX shall not be responsible or liable for the same.

This document/material is not an offer or solicitation to buy or sell, nor financial advice or recommendation for any investment product. This document/material has been published for general circulation only. It does not address the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a financial adviser regarding the suitability of any investment product before investing or adopting any investment strategies. Use of and/or reliance on this document/material is entirely at the reader’s own risk. Dan Chang shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast, or any other information contained here.

Investment products are subject to significant investment risks, including the possible loss of the principal amount invested. Past performance of investment products is not indicative of their future performance. Any forecast, prediction or projection in this document/material is not necessarily indicative of the future or likely performance of the product. Examples (if any) provided are for illustrative purposes only.

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This document/material is not intended for distribution to, or for use by or to be acted on by any person or entity located in any jurisdiction where such distribution, use or action would be contrary to applicable laws or regulations or would subject the SGX Group Companies to any registration or licensing requirement.

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While each of the SGX Group Companies have taken reasonable care to ensure the accuracy and completeness of the information provided, each of the SGX Group Companies disclaims any and all guarantees, representations and warranties, expressed or implied, in relation to this document/material and shall not be responsible or liable (whether under contract, tort (including negligence) or otherwise) for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind, including without limitation loss of profit, loss of reputation and loss of opportunity) suffered or incurred by any person due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information, or arising from and/or in connection with this document/material.

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The information in this document/material may have been obtained via third party sources and which have not been independently verified by any SGX Group Company. No SGX Group Company endorses or shall be liable for the content of information provided by third parties (if any). The SGX Group Companies may deal in investment products in the usual course of their business, and may be on the opposite side of any trades. Each of SGX, Singapore Exchange Securities Trading Limited and Singapore Exchange Bond Trading Pte. Ltd. is an exempt financial adviser under the Financial Advisers Act (Cap. 110) of Singapore. The information in this document/material is subject to change without notice. This document/material shall not be reproduced, republished, uploaded, linked, posted, transmitted, adapted, copied, translated, modified, edited or otherwise displayed or distributed in any manner without SGX’s prior written consent. Please note that the general disclaimers and jurisdiction specific disclaimers found on SGX’s website at http://www.sgx.com/terms-use are also incorporated into and applicable to this document/material.

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *22/7/26*

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STI: 5523 (+24) | HSI: 25132 (-10) | Dow: 52224 (+385) | S&P: 7509 (+65) | Nasdaq: 25837 (+329)

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*Feature: Business Report on Money FM 89.3*

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On paper, today's interview covered four completely different topics.

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S-REITs. A CEO transition at Yeo Hiap Seng. Foundation Healthcare's post-IPO developments. And even the possibility of exchanges moving towards longer trading hours.

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Yet by the end of the conversation, I realised they were all telling the same story

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Click here to listen to the podcast:

https://omny.fm/shows/btnews-presented-by-moneyfm/biz-report-upcoming-s-reits-earnings-in-focus-lse-reportedly-plans-night-time-trading-site

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*US Markets Overnight*

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*The Chips Were In!*

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And I am not talking about potato chips 😂. Three days of selling and suddenly the market remembered why it likes AI. Chip stocks came roaring back, and that was enough to pull the broader market higher. With Big Tech earnings starting to roll in, this looks more like investors repositioning ahead of key results than a full blown risk-on rally.

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The real story was semiconductors. When memory stocks and chipmakers move together like this, it usually tells you investors are willing to pay up for AI demand again. The next test is whether earnings can justify that optimism, or whether expectations have run ahead of reality.

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The US market bounced back on Tuesday, with the Nasdaq rising 1.3%, the S&P 500 up 0.9%, and the Dow gaining 0.7%, snapping a three day losing streak. Chip stocks led the charge, with the semiconductor sector surging as AMD, Intel and Marvell gained between 6% and 9%. Memory related names including Micron, Western Digital, Seagate and Sandisk jumped 11% to 14%, while the Roundhill Memory ETF soared 11%. Intel also got a boost after announcing it will manufacture Fortinet’s next generation cybersecurity chips.

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AI remained firmly in focus. Dutch AI infrastructure company *Nebius* surged 19% after Nvidia disclosed a stake of more than 9% in the company. Investors are also looking ahead to Alphabet and Tesla earnings after the market closes next, which could set the tone for the rest of Big Tech earnings season.

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Outside tech, 3M climbed more than 7%, Hasbro gained 9%, and General Motors rose 5%. On the flip side, Danaher dropped 11%, while Northrop Grumman and Halliburton also ended lower after their earnings updates.

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Commodities stayed active as oil climbed to a five week high following continued US strikes on Iranian infrastructure. WTI crude rose above US$85 a barrel, while Brent approached US$92. The 10 year Treasury yield edged up to 4.63%, Bitcoin recovered to around US$66,500, and gold gained 1.8%.

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*What’s Brewing Today*

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A good day yesterday, in general. A few stocks on my watchlist have started to turn (for the better). ⭐*Aoxin Q&M* is threatening to break a consolidation zone. *Addvalue tech*, *Sembcorp*, and *AEM* all put in good shifts. Addvalue was aided by (presumably) share buyback, Sembcorp finally see a meaningful turn on the chart, hopefully a sustainable one, I hope. AEM buoyed by a positive research report by UBS.

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*HPHT* put in good numbers in its latest earnings, up 85%. Not sure if it can help to generate market interest, but good to be on watchlist. Same goes for *MoneyMax*, who gave positive guidance yesterday. Another one is 💡*HRnetGroup*, which won a contract (see below).

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Do note that *SATS* is going XD today. 5c. So vested investors may want to take note when evaluating the price movement.

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Today will also see an important milestone for our local bourse. This morning marks the 𝐥𝐚𝐮𝐧𝐜𝐡 𝐨𝐟 𝟑 𝐔𝐒 𝐒𝐃𝐑𝐬 𝐨𝐧 𝐒𝐆𝐗, 𝐒𝐩𝐚𝐜𝐞𝐗, 𝐆𝐫𝐚𝐛 𝐚𝐧𝐝 𝐒𝐞𝐚 𝐋𝐢𝐦𝐢𝐭𝐞𝐝. Look out for it!

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===

*Happening Today*

SG Corporate action:

— Aspial: SGD 0.003

— SATS: SGD 0.05

SG earnings:

— OUEREIT

JP

— Trade Balance  (Jun) / Exports (YoY) (Jun) / Adjusted Trade Balance

US

— Crude Oil Inventories

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===

*SG Stock news*

— *HPHT* maintains interim payout at 5 HK cents per unit; earnings up 85% https://links.sgx.com/FileOpen/HPH%20Trust%20-%20Half%20year%20ended%2030.06.2026%20-%20Results%20Presentation.ashx?App=Announcement&FileID=896913

— *Frasers Centrepoint Trust's* $613 mil retail mall at Bayshore Drive GLS site marks its maiden development project

— *HRnetGroup* is pleased to announce that Octomate by HRnet (Octomate) has been awarded a contract by Mandai Wildlife Group (MWG) to implement an integrated Cloud-based Time Attendance and Approval System.

— *Interra Resources* Thai joint venture, Frontier Interra Solar Energy, has agreed to acquire five operational rooftop solar projects in Thailand with a combined capacity of 847.5 kW for THB15 million (US$446,510).

— *MoneyMax Financial Services* expects 'significant' improvement in its 1HFY2026 numbers

— *Willas-Array Electronics* expects first half 2026 net profit to more than double to HK$56.5 million to HK$66.5 million, driven by stronger China demand for electronic components, new customer wins, and renminbi exchange gains, while revenue is forecast to rise 27 to 28% year on year.

— *Dezign Format* Subsidiary Named Champion of Good, the Highest Tier of Company of Good Recognition.  The award is the highest tier of the National Volunteer & Philanthropy Centre's Company of Good Recognition System

— *MetaOptics* to Deploy its Direct Laser Writer at the University of Arizona’s Center of Semiconductor Manufacturing to Advance its U.S.Expansion

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*Earnings Calendar:*

22 /7 - OUEREIT

23 /7: Alpha Integrated REIT^, KDCR^, MIT

24 /7 - QianHu, iFast

27 /7 - RMG^, Toku, Landmark REIT, FCT, UI Boustead

28 /7 - Capland Ascott^, KORE^, ESR REIT^, KIT, SIA, Aztech, MLT

29 /7 - Capland India^, KREIT^, Digicore REIT, First REIT, Starhill

30 /7 - CDLHT^, Keppel^, FEH^, AIMS APAC REIT^, MPACT, FLCT

31 /7: GE

3 /8 - Lendlease REIT

4 /8 - ParkwayLife REIT^

5 /8 - CCT^, Capland Ascendas, CAREIT

6 /8 - DBS*, Manulife US REIT^, ACROPHYTE HT^, Venture, SGX, Avepoint, JustCo

7 /8 - OCBC^, UOB^, Elite UK REIT^, Netlink

11 /8 - SingLand, UOI

12 /8 - CICT^, Wilmar, HL Asia, UOL, Ultragreen, NTT DC REIT

13 /8 - CLI^, CDL^, sembcorp^, ST Engg^, Genting Sing, SERT, Thakral

14 /8 - Sasseur^, Mewah

19 /8 - SATS

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Sources:

www.sgx.com

www.investing.com

www.theedgesingapore.com

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

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#danccs

𝐀 𝐬𝐭𝐨𝐜𝐤 𝐟𝐚𝐥𝐥𝐬 𝟔𝟎%. 𝐖𝐨𝐮𝐥𝐝 𝐲𝐨𝐮 𝐛𝐮𝐲 𝐢𝐭 𝐛𝐞𝐜𝐚𝐮𝐬𝐞 𝐢𝐭'𝐬 "𝐜𝐡𝐞𝐚𝐩"? 🤔

That mindset has cost many investors a lot of money.

In my latest video, I explain why a low share price doesn't necessarily mean a good opportunity—and what I look for instead using my 1GT framework.

It might completely change the way you choose stocks.
📹 Watch here: https://youtu.be/dmGFq1cqK3M

SATS has confirmed a breakout above the key $4.60 resistance level, signalling renewed bullish momentum after weeks of consolidation.

With $4.60 now turning into an important support level, attention shifts towards the next major resistance at $5.20.

𝐂𝐚𝐧 𝐭𝐡𝐞 𝐫𝐚𝐥𝐥𝐲 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞?

I've shared my latest technical analysis and what traders should watch next.

👉 Read the full analysis here:
https://joeychoy.beehiiv.com/p/sats-breaks...

$First Resources(EB5.SI)has rebounded strongly from the 3.00 support zone and is now consolidating just below the 3.50 resistance. 

The 20d moving average has started to slope up again, while the 100d and 200d moving averages remain supportive of the broader uptrend. The recent 1GT Bullish signal remains in play as prices broke above the 3.00 psychological level.

If price can break and close firmly above 3.50, the next upside target could be drawn toward 4.00. With momentum improving again, could a clean breakout above 3.50 spark the next leg higher toward 4.00?

https://www.youtube.com/live/iSEJFpbTJ7M?s...
$DBS(D05.SI) $OCBC Bank(O39.SI) $UOB(U11.SI)

https://youtu.be/5fDR_QhzADU
$DBS(D05.SI) $OCBC Bank(O39.SI) $UOB(U11.SI) $UOL(U14.SI) $CityDev(C09.SI)

https://www.youtube.com/live/pA9iQx1ClBA?s...
$DBS(D05.SI) $UOB(U11.SI) $OCBC Bank(O39.SI) $SGX(S68.SI) $Singtel(Z74.SI)

𝐋𝐨𝐨𝐤𝐢𝐧𝐠 𝐟𝐨𝐫 𝐞𝐭𝐡𝐢𝐜𝐚𝐥, 𝐩𝐚𝐬𝐬𝐢𝐯𝐞-𝐢𝐧𝐜𝐨𝐦𝐞 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐭𝐡𝐚𝐭 𝐬𝐭𝐫𝐢𝐜𝐭𝐥𝐲 𝐚𝐥𝐢𝐠𝐧 𝐰𝐢𝐭𝐡 𝐈𝐬𝐥𝐚𝐦𝐢𝐜 𝐯𝐚𝐥𝐮𝐞𝐬?  🌙✨

For Muslim investors in Singapore, building a halal wealth portfolio that generates consistent cash flow can be a challenge. Conventional fixed-income tools like corporate bonds are strictly out, and finding equities that meet rigorous ethical standards takes extensive research.

That is where Shariah-Compliant #SingaporeREITs come in as an excellent retirement asset class.

As per the field guide published by REITsavvy, S-REITs don't just provide a gateway to robust property income—they can be systematically filtered to ensure your wealth remains pure.

🔍 𝐓𝐡𝐞 𝐓𝐰𝐨-𝐆𝐚𝐭𝐞 𝐒𝐡𝐚𝐫𝐢𝐚𝐡 𝐒𝐜𝐫𝐞𝐞𝐧𝐢𝐧𝐠 𝐏𝐫𝐨𝐜𝐞𝐬𝐬
To be included in the FTSE ST Singapore Shariah Index, a REIT cannot simply "self-declare" compliance. It must pass independent quarterly reviews handled by UK Shariah consultancy Yasaar Limited across two strict thresholds:

1️⃣𝐓𝐡𝐞 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐆𝐚𝐭𝐞: The REIT is immediately excluded if it derives meaningful income from prohibited sectors like conventional banking/insurance, alcohol, gambling, pork, tobacco, or weapons.

2️⃣𝐓𝐡𝐞 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐑𝐚𝐭𝐢𝐨 𝐆𝐚𝐭𝐞: The balance sheet must stay within Islamic finance limits. Most notably, interest-bearing debt must remain below 33% of total assets. Because many S-REITs leverage higher gearing up to the MAS 50% cap, this financial gate acts as a very tight, highly protective filter.

📊 𝐓𝐡𝐞 𝐐1 2026 𝐔𝐧𝐢𝐯𝐞𝐫𝐬𝐞 𝐚𝐭 𝐚 𝐆𝐥𝐚𝐧𝐜𝐞
Per the Q1 2026 review data, out of the broader market, a selective group of 9 S-REITs fully qualified as Shariah-compliant. This includes prominent, high-quality industrial, data center, and healthcare sectors. (Note: Because the index re-runs quarterly, certain assets can move onto a "watch list" or shift status based on their debt levels, which highlights the need for active monitoring).

💼 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐭𝐡𝐞 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐌𝐮𝐬𝐥𝐢𝐦 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬
Navigating quarterly index shifts, calculation of dividend purification (cleansing) percentages, and constructing a diversified portfolio requires dedicated expertise.

Whether your goal is to transition your current equity holdings out of CDP into an income-generating, Shariah-compliant mandate, or to tap into broader Islamic mutual funds and Unit Trusts when direct stock entries are stretched, we provide full-suite wealth advisory solutions tailored specifically for Muslim investors.

📥 DM me directly to discuss restructuring your portfolio for #ShariahCompliant dividend income. My Islamic Wealth Advisory team will guide you along in the Islamic Investing Journey.

Kenny Loh is a distinguished MAS Private Wealth Advisor (RNF: LKK300389588) representing Financial Alliance 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.
👉 https://www.kennyloh.net/

#IslamicFinance #HalalInvesting #SREITs #RetirementPlanning #PassiveIncome

Looking for a comprehensive breakdown of the S-REIT landscape listed on SGX Group? The latest REITsavvy Monthly S-REIT Pulse is out, and the data shows resilient income performance across the board.

Despite changing economic backdrops, S-REITs continue to act as an anchor for yield-focused portfolios in Singapore.

🔑 Key Highlights at a Glance:
🔹Total Market Cap: S$101B
🔹Average Distribution Yield (market cap weighted): 5.9%
🔹Average Gearing: 38% (Well within MAS limits)
🔹Attractive Yield Spread: S-REITs maintain a solid +390bps premium over the SG 10Y Bond.

🏨 Sector Breakdown (Avg 12M Distribution Yield):
🔹Hospitality: 6.6% 🔥
🔹Industrial: 6.5% 🏭
🔹Retail: 6.2% 🛍️
🔹Office: 6.0% 🏢
🔹Diversified: 5.6% 🌐
🔹Data Centre: 5.1% 💻
🔹Healthcare: 4.8% 🩺

📈 What Changed This Month? We saw interesting momentum shifts with industrial names like AIMS APAC REIT (+4.6%) and Frasers L&C Trust (+4.2%) leading the top gainers. Meanwhile, major institutional moves made waves, particularly Keppel REIT's ongoing activities surrounding its MBFC Tower 3 acquisition.

Whether you are looking for undervalued income plays (high yield vs. low P/NAV) or safer profiles with longer debt maturities (WADM), having the right screening metrics matters now more than ever.

👇 Feel free to share your thoughts in the comments, and don't forget to download the full 30-page comprehensive report for the deep-dive data tables and geographic breakdowns!

REITsavvy Screener https://screener.reitsavvy.com/login

#SREITs #SingaporeREITs #PassiveIncome #Dividends #WealthManagement #REITsavvy #FinancialPlanning #SGX

🚀 𝐇𝐮𝐠𝐞 𝐌𝐢𝐥𝐞𝐬𝐭𝐨𝐧𝐞𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐒-𝐑𝐄𝐈𝐓 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲! 🚀

I am incredibly excited to share that we have officially launched the inaugural edition of the 𝐑𝐄𝐈𝐓𝐬𝐚𝐯𝐯𝐲 𝐒-𝐑𝐄𝐈𝐓𝐬 𝐏𝐮𝐥𝐬𝐞 over on our dedicated REITsavvy page! 📊🇸🇬

For years, my mission has been to simplify the complex world of Singapore Real Estate Investment Trusts, helping investors build robust, resilient passive income streams. This new monthly report is the next step in that journey—bringing you data-driven clarity, macro insights, and sector deep dives without the fluff.

If you haven't seen it yet, here is a quick look at what we are tracking inside the 𝐑𝐄𝐈𝐓𝐬𝐚𝐯𝐯𝐲 · 𝐒-𝐑𝐄𝐈𝐓𝐬 𝐏𝐮𝐥𝐬𝐞 · 𝐌𝐚𝐲 2026.

🔹𝐒𝐞𝐜𝐭𝐨𝐫-𝐛𝐲-𝐒𝐞𝐜𝐭𝐨𝐫 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞: How Retail, Office, Industrial, Hospitality, and Specialized REITs are navigating the current economic climate.

🔹𝐄𝐬𝐬𝐞𝐧𝐭𝐢𝐚𝐥 𝐕𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧 𝐌𝐞𝐭𝐫𝐢𝐜𝐬: A clean breakdown of average distribution yields, price-to-NAV ratios, and gearing levels across the board.

🔹𝐌𝐚𝐜𝐫𝐨 & 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐑𝐚𝐭𝐞 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰𝐬: Direct insights into how global monetary policy shifts impact local S-REIT valuations.

🔹𝐌𝐚𝐫𝐤𝐞𝐭 𝐌𝐨𝐯𝐞𝐫𝐬: A snapshot of the top-performing and lagging REITs to help you spot potential portfolio opportunities.

📥 𝐆𝐞𝐭 𝐘𝐨𝐮𝐫 𝐂𝐨𝐩𝐲 & 𝐒𝐡𝐚𝐫𝐞 𝐭𝐡𝐞 𝐊𝐧𝐨𝐰𝐥𝐞𝐝𝐠𝐞
We want to empower as many income investors as possible. The REITsavvy · S-REITs Pulse · May 2026.pdf is completely free to download and share with anyone who wants to stay on top of the Singapore market.

👉 Head over to the official https://reitsavvy.com/ Page to grab your copy, follow the page for future monthly updates, and share it with your network!

Let’s keep growing our wealth and building sustainable income streams together.

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#SingaporeREITs #MarketInsights #REITsavvy #REITInvesting
#PassiveIncome #FinancialFreedom #SmartInvesting
#DividendIncome #RetirementPlanning
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$FSTAS351020(FSTAS351020.IN)‌ ‌ $LION-PHILLIP S-REIT(CLR.SI)‌ ‌ $CSOP iEdge SREIT ETF US$(SRU.SI)‌ ‌ $CSOP iEdge SREIT ETF S$(SRT.SI)‌ ‌ $UOB AP GRN REIT S$(GRN.SI)‌ ‌ $UOB AP GRN REIT US$(GRE.SI)‌ ‌ $BHG Retail Reit(BMGU.SI)‌ ‌ $CapLand IntCom T(C38U.SI)‌ ‌ $CapLand China T(AU8U.SI)‌ ‌ $Fortune Reit HKD(F25U.SI)‌ ‌ $Frasers Cpt Tr(J69U.SI)‌ ‌ $Lippo Malls Tr(D5IU.SI)‌ ‌ $Mapletree PanAsia Com Tr(N2IU.SI)‌ ‌ $StarhillGbl Reit(P40U.SI)‌ ‌ $IREIT Global(UD1U.SI)‌ ‌$Keppel Reit(K71U.SI)‌ ‌ $ManulifeReit USD(BTOU.SI)‌ ‌ $OUEREIT(TS0U.SI)‌ ‌ $Suntec Reit(T82U.SI)‌ ‌ $AIMSAMP Cap Reit(O5RU.SI)‌ ‌ $CapitaLand Ascendas REIT(A17U.SI)‌ ‌ $EC World Reit(BWCU.SI)‌ ‌ $ESR-REIT(J91U.SI)‌ ‌ $Frasers L&C Tr(BUOU.SI)‌ ‌ $Frasers L&I Tr AUD(BWQU.SI)‌ ‌ $Keppel DC Reit(AJBU.SI)‌ ‌ $Mapletree Ind Tr(ME8U.SI)‌ ‌ $Mapletree Log Tr(M44U.SI)‌ ‌ $Sabana Reit(M1GU.SI)‌ ‌ $Far East HTrust(Q5T.SI)‌ ‌ $CDL HTrust(J85.SI)‌ ‌ $CapLand Ascott T(HMN.SI)‌ ‌ $Frasers HTrust(ACV.SI)‌ ‌ $First Reit(AW9U.SI)‌ ‌ $ParkwayLife Reit(C2PU.SI)‌ ‌ $Dasin Retail Tr(CEDU.SI)‌ ‌ $NikkoAM-STC Asia REIT(CFA.SI)‌ ‌ $Sasseur Reit(CRPU.SI)‌ ‌ $Nikko AM STI ETF(G3B.SI)‌ ‌ $STI ETF(ES3.SI)‌ ‌$CapLand India T(CY6U.SI)‌ ‌ ‌$Acro HTrust USD(XZL.SI)‌ ‌ $Keppel Reit(K71U.SI)‌ ‌ $Prime US ReitUSD(OXMU.SI)‌ ‌ $Lendlease Reit(JYEU.SI)‌ ‌ $NikkoAM-STC Asia REIT(CFA.SI)‌ ‌ $ELITE UK REIT(MXNU.SI)‌ ‌ $UtdHampshReitUSD(ODBU.SI)‌ ‌ $STONEWEG EUROPEAN REIT(CWBU.SI)‌ $Cromwell Reit SGD(CWCU.SI)‌ ‌ $CapitaLandInvest(9CI.SI)‌ ‌ $Daiwa Hse Log Tr(DHLU.SI)‌ ‌ $DigiCore Reit USD(DCRU.SI)‌ ‌ $PARAGON REIT(SK6U.SI) $Stoneweg EUTrust EUR(SET.SI) $Stoneweg EUTrust SGD(SEB.SI) $ESR REIT(9A4U.SI) $Cent Accom REIT(8C8U.SI) $NTT DC REIT USD(NTDU.SI)

$Seatrium Ltd(5E2.SI)'s share price has lagged behind the broader market over the past year, despite the company's fundamentals improving significantly.

Could this underperformer finally be ready for a re-rating?

Here are 3 reasons why I'm watching Seatrium closely.

1️⃣ Structural Margin Expansion

Seatrium is making more profit from every project.

In the past, the company was burdened by low-margin legacy projects. Today, over 95% of its order book consists of higher-margin Series Build projects, while legacy projects have been reduced to just 1%.

This means that even if revenue remains stable, profits can continue to grow through better-quality projects and stronger cost control.

2️⃣ Multi-Year Offshore Investment Cycle

The offshore industry is entering a new growth cycle.

Countries around the world are investing heavily in LNG infrastructure, offshore oil & gas, offshore wind and energy security. As one of the world's leading offshore engineering companies, Seatrium is well positioned to benefit from this multi-year investment trend.

3️⃣ Strong Financial Position

S$15.5 billion order book, providing revenue visibility through 2033.

S$28+ billion identified project pipeline with strong potential for future      contract wins.

Net leverage improved from 1.1x to 0.8x, reflecting a much stronger      balance sheet.

Non-core asset sales are expected to unlock over S$330 million in cash and S$50 million in annual cost savings.

🎯 Analyst Target Price

• UOB Research: S$3.15

• OCBC Research: S$2.79

📈 My Technical View

The share price peaked at S$2.51 in April before entering a downtrend. After stabilising in June, it consolidated for about a month before momentum started building over the last few trading sessions.

My General X System triggered a Buy signal on Wednesday. More importantly, the stock held up well even as the broader market pulled back yesterday, suggesting underlying buying interest remains strong.

A convincing breakout above S$2.02 could signal the start of the next uptrend.

My Technical Targets

🎯 S$2.22

🎯 S$2.51

🌟 My Trade Plan

I will initiate my first position if Seatrium is able to break above S$2.02 with strong momentum next week.

⚠️ Risk Management

I will stop loss if the price closes below 1.92

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 ‘InvestSG’ on WhatsApp: https://wa.me/6590908871

Joining is free.

$CSE Global(544.SI) is one of the few SGX-listed companies offering direct exposure to the US AI data centre buildout, supported by its strategic relationship with Amazon Web Services (AWS) and potential expansion to another hyperscaler. 

The company supplies critical electrical infrastructure for AWS data centres and is expected to benefit from an estimated US$1.5 billion order pipeline from Amazon over the next five years. With the US AI-driven data centre capex cycle expected to last another three to five years, management is also targeting a second major hyperscaler customer by 1Q2027, providing another avenue for long-term growth.

Financial Highlights

• 1Q2026 revenue rose 29% YoY to S$265 million.

• New order intake surged 75% YoY to S$271 million.

• Order book remained robust at S$716 million.

Analysts' Target Prices

• Maybank Research: S$2.25

• RHB Research: S$1.94

• UOB Kay Hian: S$1.79

📊 My Technical View

CSE Global formed a double top at S$1.81 in May before correcting sharply to S$1.28. The stock then consolidated for more than a week in June, with momentum gradually strengthening. Last Friday, the share price reclaimed the critical 20-day EMA, suggesting that the correction may have run its course. Supported by the overall bullish market environment, CSE Global appears poised to resume its longer-term uptrend.

My Technical Targets

🎯 S$1.60

🎯 S$1.81

My Trade Action

I initiated a position at S$1.49 on Friday after the share price regained the 20-day EMA.

⚠️ Exit if the price closes below the 20-day EMA for two consecutive days.

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 "InvestSG"on WhatsApp:
https://wa.me/6590908871

Joining is free.

This is one of the most exciting additions to SGX GlobalQuote.
Starting 22 July 2026, investors can trade $SpaceX US SDR 100to1(UXSD.SI) in Singapore Dollars (SGD) on SGX.

🌌 Why SpaceX?
Founded in 2002, SpaceX is the global leader in reusable rockets, Starlink satellite internet and next-generation space technology. As one of the world's most valuable private companies, it is building the future of space, connectivity and AI.

Also launching tomorrow:
🛍️ Sea Limited $Sea US SDR 50to1(UGGD.SI) – Parent company of Shopee, Garena & Monee (50:1)
🚗 Grab $Grab US SDR 2to1(UGBD.SI) – Southeast Asia's leading superapp (2:1)

💡 Why trade US SDRs?
✅ Trade during Singapore market hours – no need to stay up for the US market.
✅ Trade in Singapore Dollars (SGD) – no foreign currency conversion required.
✅ Shares are deposited into your CDP account, just like SGX-listed shares.
✅ No overseas brokerage account needed – invest through your existing SGX account.
✅ A simpler and more convenient way for local investors to gain exposure to leading global companies.

I'm particularly excited about SpaceX. It gives Singapore investors a rare opportunity to participate in one of the world's most innovative private companies—through the familiar SGX ecosystem.

🚀 Trading begins tomorrow (22 July 2026)!