𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *27/8/26*

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STI: 5721 (-14) | HSI: 25652 (+141) | Dow: 53463 (-113) | S&P: 7675 (-1) | Nasdaq: 26130 (-21)

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*US Markets Overnight*

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*Nvidia Beats, Inflation Sticks*

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Wall Street took a small step backwards overnight, with the Dow down 0.2%, Nasdaq slipping 0.1% and S&P 500 fractionally lower. Nothing dramatic, but there were two big things for investors to digest: inflation and Nvidia.

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First, inflation. July headline PCE came in at 3.7% year-on-year, slightly hotter than the 3.6% expected and unchanged from June. Core PCE was 3.3%, in line with expectations. Interestingly, markets actually trimmed the probability of a September Fed hike slightly to 36%.

My read? Inflation is sticky, but not necessarily sticky enough to force the Fed’s hand. That leaves the market in familiar territory, watching every inflation and employment number for clues. The 10-year Treasury yield edged higher to around 4.66%.

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Then came the main event after the bell: Nvidia.

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Nvidia beat Wall Street’s expectations for both sales and profit, while its third-quarter revenue guidance also came in ahead of expectations. That’s another strong set of numbers, but after the recent wobble in AI stocks, the bigger question is whether “strong” is strong enough.

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For Nvidia these days, beating expectations is almost expected. 😅

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Elsewhere, Abercrombie & Fitch surged 36% after strong results and an improved outlook, while Bath & Body Works gained 7.5% and J.M. Smucker rose 4.5%. On the other side, Zoom fell 7% despite beating quarterly expectations as its profit guidance disappointed, while Intuit lost 3%.

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Meta gained 1% after agreeing to an approximately US$18 billion settlement with US states over allegations relating to social media addiction among minors.

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Oil was relatively quiet after Iran said it had reached an agreement with Oman to share control and revenue from the Strait of Hormuz. WTI eased to around US$82, while Brent slipped to US$86.60. Bitcoin hovered around US$78,500 after crossing US$80,000 a day earlier, while gold eased almost 1%.

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So we got the two big answers Wall Street was waiting for.

Inflation remains sticky. Nvidia remains strong.

Neither broke the story, but neither completely changed it either. Now comes the interesting part: whether Nvidia’s numbers are strong enough to put some swagger back into the AI trade.

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*What’s Brewing Today*

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Biggest news of the day: ⭐ $Sembcorp Ind(U96.SI) subsidiary Sembawang Green Infra filed a draft prospectus for a potential India IPO, reportedly seeking to raise up to ₹37.5 billion (US$393 million), mainly to repay debt. Expect some market movement.

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Good numbers from *Micro-Mechanic*. 28% rise in net profit, good dividend, good guidance with mid-term growth strategy targets revenue of at least S$150 million by FY2031, while maintaining gross profit margin above 50%. And as mentioned yesterday about the impact of Nvidia’s results on the tech stocks in general, I hope we see good price reaction from Micro-Mechanic and other SG tech stocks today.

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*Happening Today*

SG XD:

— First Resources: S$0.08

— Hong Leong Asia: S$0.03

— Genting Singapore: S$0.02

— Pan-United: S$0.015

— ValueMax: S$0.0138

— KSH Holdings: S$0.01

— Oiltek: S$0.005

— Serial System: S$0.0009

— CSC Holdings: S$0.00037

US:

— Core PCE Price Index (MoM) / PCE Price Index (YoY) / Durable Goods Orders (MoM) / Core Durable Goods Orders (MoM) / GDP (QoQ) / GDP Price Index (QoQ) / Personal Income (MoM) / Personal Spending (MoM) / Crude Oil Inventories

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*SG Stock news*

—⭐️ *Sembcorp Industries* subsidiary Sembcorp Green Infra filed a draft prospectus for a potential India IPO, reportedly seeking to raise up to ₹37.5 billion (US$393 million), mainly to repay debt. https://links.sgx.com/1.0.0/corporate-announcements/Y0MS6DO3A2Y56Y57/902526_POTENTIAL%20IPO%20OF%20SEMBCORP%20GREEN%20INFRA%20LIMITED_FILING%20OF%20DRHP.pdf

— 👍 *Micro-Mechanics* FY2026 net profit rose 28.3% to S$15.9 million on 15.8% higher revenue, with total dividends of 6 cents per share.
https://links.sgx.com/1.0.0/corporate-announcements/R4698PS1R3MJN5LS/902463_MMH%20-%204QFY2026%20Press%20Release_R07.pdf

— 👍 *LHN* reported continued strong 3QFY2026 operational momentum across its space optimisation businesses, including the ongoing expansion of its Coliwoo co-living portfolio.
https://links.sgx.com/1.0.0/corporate-announcements/IPXHUXW5L76QT9IQ/902465_LHN%20Limited%20-%203QFY2026%20Business%20Updates%20Presentation.pdf

— *Thomson Medical Group* FY2026 revenue rose 6.4% to S$420.1 million and adjusted EBITDA increased 9.9%, while net loss narrowed 40.8% to S$27.8 million.
https://links.sgx.com/1.0.0/corporate-announcements/3HFAEU35DM0VTWJ3/902381_TMG%20FY2026%20Results%20Press%20Release.pdf

— *ISOTeam* improved FY2026 gross margin by 2.3 percentage points to 18.3% on stronger operational efficiency and proposed a higher final dividend.
https://links.sgx.com/1.0.0/corporate-announcements/QZB4K2UUGJPYQLGQ/902456_ISOTeam%20Ltd%20-%20Press%20Release%20FY2026%20final.pdf

— *DISA* narrowed its FY2026 net loss by 38.4% to S$1.78 million despite revenue falling 64.7% to S$2.15 million.
https://links.sgx.com/1.0.0/corporate-announcements/ZI3EGT92T7DLHQT7/902378_Disa%20-%20Financial%20Results%20Announcement-FY2026.pdf

— *Avi-Tech* reported FY2026 revenue of S$18.3 million amid challenging semiconductor conditions, while maintaining S$37.1 million in cash.
https://links.sgx.com/1.0.0/corporate-announcements/D436SQZHV8JPY29I/902399_Avi-Tech%20FY2026%20Press%20Release.pdf

— *Chuan Hup Holdings* FY2026 attributable profit rose 16.9% to US$7.1 million despite revenue easing 2.5% to US$17.6 million.
https://links.sgx.com/1.0.0/corporate-announcements/RZUIDIYCQM72RWMG/902414_CHHSGXAnnouncement.FullYear26.pdf

— *UG Healthcare* returned to profitability in FY2026 with net profit of S$2.1 million versus a S$4.1 million loss, as revenue rose 4.7% and gross margin improved to 28.4%.

https://links.sgx.com/1.0.0/corporate-announcements/GZPCZRBEWJTUNZT6/902505_UG%20Healthcare%20Corporation_FY26%20Results%20Press%20Release.pdf

— *USP Group* entered a regional healthcare JV with Kimera Health and signed a non-binding LOI to potentially acquire up to 51% of the group.

— *Ellipsiz* will hold a groundbreaking ceremony for Singapore’s fourth commercial egg farm on 29 September 2026 through subsidiary ISE Foods Holdings.

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

#danccs

Some events are about what you learn.
Others are really about the people you meet along the way. 😊

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Spent the afternoon at the SIAS Investors Connect, held at the rather charming Goh Loo Club (吾廬) at Club Street.

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And I have to say, the venue itself was part of the experience.

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Tucked away among the shophouses of Club Street, Goh Loo Club has been around since 1905. Its Chinese name 吾廬, loosely meaning “my humble abode”, somehow captures the place quite nicely.

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Cosy, intimate, and full of that old Singapore heritage character. A refreshing change from the usual hotel ballroom or conference room. 😃

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But what I enjoyed most was the people.

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Caught up with familiar faces from Securities Investors Association (Singapore) (SIAS), David Gerald, Pauline Soh, Zac Ho, Nicholas, Apple Pong and others, while also getting the chance to mingle and chat with the attendees.

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Some were familiar faces, some were new, but as usual, once investors start talking about markets, there is seldom a shortage of conversation. 😂

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Also bumped into friends from the investing community, Kathy, Keith and Hazelle from The Joyful Investors, Willie Keng and Philip Hsin.

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Philip and I even carried the conversation over to a drink after the event. No slides, no microphones, just a good old chat about markets and everything in between. 😃

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And finally, I met David Chow!

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I keep seeing David on my LinkedIn feed, so it was one of those, “Eh, finally meet you in person!” moments. 😂 Always nice when a LinkedIn connection becomes a real-world one, and a new friendship begins.

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A big thank you to SIAS for putting this together.

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I have always appreciated the role SIAS plays in our investing ecosystem. Investor education is one part of it, but their work advocating for investor rights, better corporate governance, and giving retail investors a stronger voice is equally important.

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Much of that work may happen quietly behind the scenes, but it matters.

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Came for an investors' event, left with a few good conversations, some new friends, and plenty to continue talking about. Not a bad way to spend an afternoon. 😊

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#SIAS #InvestorsOutreach #AfternoonWellSpent #danccs

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *26/8/26*

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STI: 5725 (+44) | HSI: 25511 (-6) | Dow: 53577 (+160) | S&P: 7677 (+24) | Nasdaq: 26151 (+171)

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*US Markets Overnight*

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*All Chips on Nvidia*

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Flipped like prata. Wall Street was back in the green overnight, led by a rebound in semiconductor stocks 😂. The Nasdaq gained 0.7%, while the S&P 500 and Dow both rose 0.3%. The Dow has now chalked up three consecutive winning sessions.

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After getting hit on Monday, chips bounced back nicely. Western Digital, SK Hynix, Micron and Seagate higher, while the broader semiconductor ETF gained 1.6%. And then there’s *Nvidia*. The stock rose more than 2%, snapping a seven-session losing streak, its longest since 2022, ahead of tonight’s highly anticipated results. Think I shared before, Nvidia is no longer just reporting Nvidia’s numbers. It’s almost reporting the quarterly results for the AI trade. Expectations are already high, so another earnings beat alone may not be enough. Investors will be listening closely to guidance, AI demand and whether the huge capex cycle still has enough fuel in the tank.

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There was also some help from outside equities. The 10-year Treasury yield fell six basis points to below 4.64%, while WTI crude plunged 3.5% to US$82.05 and Brent dropped 4.1% to US$88.35. Lower yields plus lower oil is a much friendlier combination for growth stocks.

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Not everything was rosy though. *Dick’s Sporting Goods* plunged more than 30% after missing expectations and cutting several full-year forecasts, with weakness at Foot Locker adding to concerns. Another reminder that the US consumer may still be spending, but increasingly selectively.

Bitcoin briefly crossed US$81,000, its highest since May, before easing back below US$79,000. Moderna’s roller coaster also continued, surging another 13%.

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Now comes the main event. Nvidia reports tonight, alongside the Fed’s preferred PCE inflation gauge. One tells us how hot AI still is. The other tells us how hot inflation still is. Wall Street would probably prefer both to be just the right temperature. 😄

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*What’s Brewing Today*

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Most of you, especially those who have engaged me for Advisory Services, may have heard me talking about the ASEAN economy since months ago. In fact, I have been a big fan of ASEAN economy since the launch of $UOBAM PA FT ASEAN DV S$(UPD.SI), an income-focused, yet long term growth play. The ETF had endured a difficult debut (coinciding with MSCI’s index freeze on Indonesia), but it is also because of this that the resilience of this ETF was displayed clearly. Now it is up >4% since launch. One of the reason I am optimistic on it is because of the structural tailwind, mainly urbanisation and a young and growing population. Anyway, not going in depth to repeat what I had previously shared, but will let this article from Smartkarma shed some light on it.

(https://www.aseanexchanges.org/content/digital-economy-and-e-commerce-aseans-1-trillion-growth-engine/)
Disclosure: Vested.

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$Addvalue Tech(A31.SI) may see some market interest after an agreement with Viasat, Inc. to deliver its Inter-satellite Data Relay Service (IDRS™) to the U.S. Government customers through Viasat's HaloNet™ managed service offering. Look out for $Wing Tai(W05.SI) as well after a good set of results (turning black).

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Gut feel: optimistic that Nvidia gives good guidance. Can take a look at semicon stocks today. but just my gut feel. Do your own due diligence.

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*Happening Today*

Happening Today

SG XD:

— First Resources: S$0.08

— Hong Leong Asia: S$0.03

— Genting Singapore: S$0.02

— Pan-United: S$0.015

— ValueMax: S$0.0138

— KSH Holdings: S$0.01

— Oiltek: S$0.005

— Serial System: S$0.0009

— CSC Holdings: S$0.00037

US:

— Core PCE Price Index (MoM) / PCE Price Index (YoY) / Durable Goods Orders (MoM) / Core Durable Goods Orders (MoM) / GDP (QoQ) / GDP Price Index (QoQ) / Personal Income (MoM) / Personal Spending (MoM) / Crude Oil Inventories

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*SG Stock news*

— *Wing Tai Holdings* returned to profit in FY2026 with net profit of S$23.8 million versus a S$61.0 million loss, as revenue surged to S$617.4 million, with total dividends of 4 cents per share.
https://links.sgx.com/1.0.0/corporate-announcements/RYCKC8CRR3BBO2FB/902203_FY2026%20Results%20Presentation%20Slides.pdf

—⭐️ *Lum Chang Creations* FY2026 net profit surged 72% to S$22.3 million despite lower revenue, with an order book of S$141.7 million and total dividend payout of about S$14.5 million.
https://links.sgx.com/1.0.0/corporate-announcements/T581AUR8YHSKKA6H/902290_LCC%20-%20FY2026%20Results%20Press%20Release.pdf

—👍 *Lum Chang Holdings* FY2026 revenue rose 40% to S$645.9 million while attributable net profit surged 127% to S$35.4 million.
https://links.sgx.com/1.0.0/corporate-announcements/2MUO6K18WU6OB5OX/902291_LCH_Interim%20Financial%20Statements_FY2026.pdf

—👍 *SingPost* 1QFY2027 operating profit jumped 55.2% to S$4.1 million despite revenue slipping 0.9%, as lower costs and 36.5% domestic parcel volume growth supported earnings.
https://links.sgx.com/1.0.0/corporate-announcements/2UNNENLR7IDXP3WI/902344_Q1FY26_27_Business_Update.pdf

—👍 *Marco Polo Marine* 9MFY2026 revenue and gross profit both rose 30% to S$109.7 million and S$46.4 million respectively, supported by stronger ship chartering and shipyard operations.
https://links.sgx.com/1.0.0/corporate-announcements/6CIXILHKIFU83BRG/902355_Business%20Updates%20-%20Marco%20Polo%20Marine%203QFY26.pdf

— *Coliwoo Holdings* grew its portfolio to 3,568 rooms across 28 locations with 93.7% occupancy in 3QFY2026, and targets at least 800 new rooms annually over the next three years.
https://links.sgx.com/1.0.0/corporate-announcements/5O1V48FQYJ3N32IY/902236_Coliwoo%20Holdings%20Limited%20-%203QFY2026%20Business%20Updates.pdf

— *Addvalue Technologies* partnered Viasat to offer its IDRS satellite relay service to U.S. Government customers, providing up to 99% orbital connectivity with sub-two-second latency.

— *Elite UK REIT* secured a £50 million sustainability-linked Shariah-compliant facility, believed to be Singapore’s first GBP-denominated facility of its kind, to fund acquisitions and refinance debt.
— *Penguin International* wins newbuild contract from Singapore navy

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

#danccs