𝐌𝐚𝐫𝐤𝐞𝐭 𝐖𝐫𝐚𝐩 (𝐖𝐞𝐞𝐤 𝐞𝐧𝐝𝐞𝐝 𝟐𝟑/𝟏𝟎/𝟐𝟔)

The $STI(STI.SI) started the week on a softer note, rebounded on Wednesday, only to give back some of those gains on Thursday. As of Friday noon, the index was trading 5,409, almost exactly where it ended last Friday, but not before it hit a week low of 3,365, creating some concern in the market.. The banks continued to influence the index, while concerns over elevated US bond yields, oil prices and whether AI valuations have run too far kept investors cautious.

But look beyond the STI, and there were some interesting earnings in the week.

$Frasers Cpt Tr(J69U.SI)’s FY2026 distribution hit a record 12.35 cents per unit, supported by stronger rental income and contributions from Northpoint City South Wing. Price surged from a week-low of $2.03 to as high as $2.20 before closing at $2.18 as of Friday noon. Not exactly the most exciting business, but sometimes the boring ones have interesting numbers to show.

$Suntec Reit(T82U.SI) also delivered a decent set of results, with Q3 DPU rising 13.4%. Encouraging to see stronger office and retail performance, although gearing at 43% is something I would still keep an eye on. Price surged to a 3-week high of $1.40 after the earnings, forming a nice U-shape on the chart.

$DFIRG USD(D01.SI) stood out amid the market weakness, gaining 2% for the week. Price jumped from US$3.29 to as high as US$3.41 before settling at $3.36 as of Friday noon. Interesting to see this relative strength while the broader market is still struggling for direction. Technically, the share price has crossed above its 10MA, suggesting a possible early recovery. Still early days, but certainly one worth keeping on the radar, imo!

Not all are rosy. $AEM SGD(AWX.SI) came under pressure in the week, extending its losing streak. The recent volatility in semiconductor stocks is not really helping. After holding on desperately in early week, price plunged to as low as $7.78. Worrying sign.

Meanwhile, $Koh Eco(5HV.SI)  announced that it will move from Catalist to the SGX Mainboard on 29 October. A positive milestone for the company, but share price hardly moved as it drifted lower in the week to S$0.068

$Deluge(9DC.SI) made a good debut in the week, closing 6.7% above its S$0.60 IPO price at S$0.64. With an order book of around S$433 million, it has some earnings visibility. Adecent start, although the real test will be turning that order book into revenue, profits and cash flow.

Rgds,

Dan

tinyurl. com/TTP-dan

tinyurl. com/dan-disclaimer

#danccs

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *23/10/26*

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STI: 5415 (-23) | HSI: 22934 (-717) | Dow: 52,868 (+12) | S&P: 7,663 (-94) | Nasdaq: 26,009 (-694)

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*US Markets Overnight*

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*A Tech Selloff With a Twist*

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Just when tech stocks looked like they were finding their feet again, they took another beating. 😅 But here’s the interesting part. Most stocks actually rose overnight, even though the S&P 500 fell more than 1%. Quite telling how much influence the big tech names have on the index.

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The Nasdaq plunged 2.6%, S&P 500 lost 1.2%, while the Dow managed to squeeze out a tiny gain. Tech was clearly the main culprit. Meta fell 7% after earnings, as investors worried about its huge AI spending plans. Tesla lost 3%, while SpaceX dropped 9% after its recent rally. Semiconductor stocks were hit even harder. Lam Research plunged 12%. Really! Quite a bit of selling there.

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But not everyone had a bad day. Spotify jumped 11%, Lockheed Martin gained 7% and Procter & Gamble rose 5.5%, following their results. So while tech was getting hammered, money was still finding its way into other sectors.

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As for the 10-year Treasury yield, it fell 16 bps to around 4.97%, slipping below 5% for the first time in a while.

Remember how we were talking about yields above 5.3% earlier this month? Now we’re below 5%. Normally, falling yields should be good news for growth stocks. But this time, investors seemed more interested in the safety of bonds than buying tech.

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Oil wasn’t helping either. Brent crude climbed to around US$113.10, bringing inflation worries back into the picture.

So we have falling bond yields, rising oil prices and tech stocks under pressure. Quite an interesting combination.

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Strangely enough, when a handful of heavyweight tech stocks fall sharply, they can drag down the S&P 500 even when most of its constituents are doing fine. And after such a strong run, perhaps that’s not a bad thing.

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*What’s Brewing Today*

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One Step Forward, One Step Back!

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Just when the STI looked like it was finding its feet, yesterday's decline reminded us that the recovery may not be so straightforward. After the sharp correction earlier this month, investors are understandably still cautious. Personally I will be watching the 5,400 level and, more importantly, whether buying interest starts spreading beyond a handful of blue chips.

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Yesterday morning, I mentioned about REITs, specifically OUEREIT and FCT. Well, while the STI slipped another 23 points yesterday, interestingly, out of the two, only *FCT - $Frasers Cpt Tr(J69U.SI)* bucked the trend, gaining 2.4% to become STI's top performer yesterday. Could we be seeing some buying interest returning to selected REITs after the recent selloff if the earnings numbers are good? Perhaps still early days, especially with interest rates remaining a concern. But REITs are already at these levels, no harm paying attention, I guess 🤣

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*Suntec REIT - $Suntec Reit(T82U.SI)* released a good set of results last evening. Price had already crossed above the 10MA yesterday before the business updates. With this good set of results, would we see the unit price making an assault at the $4.10 level (50MA)?

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*Happening Today*

SG Earnings

— Capland China^, Keppel

SG:

— CPI (YoY) / Core CPI (YoY)

EU:

— Eurozone HCOB Manufacturing PMI / Eurozone HCOB Services PMI / Eurozone HCOB Composite PMI / UK Manufacturing PMI / UK Services PMI

US:

— S&P Global Manufacturing PMI / S&P Global Services PMI / S&P Global Composite PMI / Michigan Consumer Sentiment / Michigan Inflation Expectations

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===

*SG Stock News*

👍 — *Suntec REIT* 3Q2026 DPU rose 13.4% YoY to 2.017 cents, while distributable income grew 14.3% to S$59.9 million, driven by stronger Singapore office and retail performance and lower financing costs.

https://links.sgx.com/1.0.0/corporate-announcements/WQ6HKXQCSRQ75JKG/907884_Suntec_REIT-Press_Release_3Q2026.pdf

👍 — *Keppel DC REIT $Keppel DC Reit(AJBU.SI)* 9M2026 DPU rose 11.7% YoY to 8.571 cents, with distributable income up 16.7% to S$228 million and net property income growing 13.1%, supported by positive rental reversions and acquisitions.

https://links.sgx.com/1.0.0/corporate-announcements/2FHYE9BW02HARW33/907897_KDCR%203Q%202026%20Operational%20Updates.pdf⁠

❗️ — *CapitaLand China Trust* 9M2026 gross revenue fell 4.8% YoY to RMB1.22 billion, while net property income declined 3.9% to RMB820.6 million, despite retail occupancy holding at 97.2% and tenant sales growing 3.5%.

https://links.sgx.com/1.0.0/corporate-announcements/8LFB0CUQJ980WPOO/907898_20261023_CLCT%203Q%202026%20Business%20Updates.pdf⁠

👍 — *Koh Brothers Eco Engineering* will transfer its listing from Catalist to the SGX Mainboard on 29 October 2026, with trading commencing at 9am that day.

https://links.sgx.com/1.0.0/corporate-announcements/LJWBIHTNDQ91EHN5/907828_KBE%20Announcement-%20Effective%20Date%20of%20Transfer%20to%20the%20Mainboard%20of%20SGX-ST.pdf

— *Toku* successfully deployed its cloud-based contact centre platform for Glovo across 21 markets in Europe, Central Asia and Africa within just seven weeks, under a new order separate from its earlier sales operations contract.

https://links.sgx.com/1.0.0/corporate-announcements/W5F5DKEHBBHLC0QJ/907821_Press%20Release_Toku%20Deploys%20Contact%20Centre%20for%20Glovo%20Across%2021%20Markets%20in%20Seven%20Weeks.pdf

— *AnnAik* disposed of its 30% stake in Malaysia's Shinsei Energy for RM1 following the cessation of its operations, with the company reporting net liabilities of approximately RM377,500.

https://links.sgx.com/1.0.0/corporate-announcements/06HEBRB6X3FC9DT7/907820_AAL-Disposal%20of%20SESB%20shareholding-Final.pdf

— *SGX* signed an agreement with the Philippine Stock Exchange to explore cross-listings, Depository Receipts, ETFs and greater market access, potentially expanding investment opportunities between both markets.

https://links.sgx.com/1.0.0/corporate-announcements/MKRVLSNQGE3PHPS5/907833_20261022%20SGX%20and%20PSE%20to%20cooperate%20on%20cross-listings%20DRs%20remote%20memberships.pdf

— *CapitaLand Investment* appointed former SGX Chairman Hsieh Fu Hua as its new Chairman from 1 January 2027, succeeding Miguel Ko, while Temasek Singapore President Png Chin Yee will join the Board as a Non-Executive Director.

https://links.sgx.com/1.0.0/corporate-announcements/Y1QP0DN0M38YQGHC/907881_2026%2010%2022_CapitaLand%20Investment%20announces%20Board%20changes.pdf

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*Earnings calendar:*

26/10 - iFast, Micro-Mechanics

27/10 - Capland Ascott^, KIT^, MIT, Digicore REIT, Aztech, UI Boustead REIT, First Resources

28/10 - Capland India^, Wilmar, Landmark REIT, MLT

29/10 - Ultragreen^, CICT^, CDLHT^, FEH^, Capland Ascendas, Starhill

30/10 - MPACT^, LREIT

2/11 - Elite UK REIT^, GE^

3/11 - ParkwayLife REIT^, SIA Engg

4/11 - UOB^, CLI^, ACROPHYTE HT^, Manulife US REIT^, CAREIT

5/11 - DBS^, UOI, AVEPoint

6/11 - OCBC^, Singpost^, FLCT^

11/11 - SATS, SIA, NTTDC

12 Nov - Sasseur REIT^

13/11 - UHREIT^, Frasers Property

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

#danccs

‌Glad to have been part of the SIAS Investors' Choice Awards 2026 Dinner at Orchard Hotel last evening. A lovely evening, and one that left me feeling quite heartened.

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Looking around the ballroom, I saw so many familiar faces. Friends I have known for years, some I haven't seen in quite a while, and quite a few new friends too!

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Lots of handshakes, laughter, catching up and, of course, photo-taking! Haha. 😄

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Funny how we are always rushing between meetings, market events and our daily work. Yet when we finally get together, there's always so much to talk about. The evening just flies by.

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But beyond the celebrations, something else struck me.

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We spend so much time talking about markets, companies, share prices and returns. Yet behind all these are people quietly working to make our investing community better.

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People who champion investor education, push for better corporate governance and help build trust in our markets.

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And this is where I really want to commend SIAS, especially David Gerald and the entire team.

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Organising an evening like this is no small feat. But what I appreciate even more is the work SIAS has been doing over the years.

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Standing up for retail investors, giving them a voice and reminding companies that shareholders matter.

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Much of this work doesn't make the headlines. But it matters. A LOT.

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A big congratulations to all the award winners! 👏

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Two awards made me especially happy.

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First, PhillipCapital, for receiving the Joint Best Retail Broker Award 2026! A proud moment for the Phillip family and everyone who works hard each day to serve our investors. And on a personal note, this one feels especially sweet. After all, PhillipCapital has been my second home for the past 25 years! ❤️

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And Stoneweg Europe Stapled Trust (SERT), for clinching the Singapore Corporate Governance Award 2026, REITs & Business Trusts category. Congratulations to the team! Good to see the efforts towards strong governance recognised.

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But for me, one of the nicest parts of the evening was simply being among friends.

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Some of us work in different firms, play different roles and sometimes even have different views on the market. Haha. But that's what makes this community interesting.

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We may see things differently, but we all want to see Singapore's capital markets grow stronger.

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Looking back, I'm just glad I got to spend the evening with so many wonderful people. Grateful for the friendships built over the years and for the chance to be part of this community.

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Markets will rise and fall. Awards will come and go. But years from now, I suspect what we'll remember most won't be the numbers on the screen or the trophies on the shelf. It'll be the people who made the journey worthwhile. ❤️

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@Ellain @JoeyChoy @kennyloh2 @The_Joyful_Investors

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#SIASInvestorChoiceAwards #AwardsAndFriendships #danccs