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

“话虽如此，我仍不建议散户去猜测最低点。宁愿等到市场企稳后再入场，即使买贵一点，也不要急着接一把正在落下的刀。”

“I would rather enter after the market has stabilised, even if it means paying a little more, than rush to catch a falling knife.”

There were actually so many useful angles packed into Lianhe Zaobao 联合早报 Business Journalist Sierra Zhang（财经新闻记者 张仕婷）'s comprehensive piece on leverage that I thought it deserved another post. 😃

One of the points we touched on was the temptation to try to catch the lowest point.

After a sharp correction, something can suddenly look very cheap. But trying to pinpoint the absolute bottom is another matter altogether.

Cheap can always get cheaper.

And when leverage is involved, getting the timing wrong becomes much less forgiving.

Another point that is sometimes misunderstood is what actually triggers a margin call.

It is not necessarily one big market drop that causes the problem. Often, it is the 𝐥𝐚𝐜𝐤 𝐨𝐟 𝐬𝐮𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐭 𝐛𝐮𝐟𝐟𝐞𝐫 in a leveraged position. Without enough breathing room, even normal market volatility can become uncomfortable very quickly.

There are also important differences between leveraged instruments.

With 𝐃𝐚𝐢𝐥𝐲 𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞𝐬 (DLCs) and 𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞𝐝 𝐖𝐚𝐫𝐫𝐚𝐧𝐭𝐬 (SWs), the maximum loss is generally capped at the amount invested. With margin trading and CFDs, losses can potentially exceed the initial capital or deposit.

Same word, "leverage". Very different risk structures.

Which brings me to perhaps the most important point:

𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐢𝐬 𝐧𝐨𝐭 𝐟𝐨𝐫 𝐞𝐯𝐞𝐫𝐲𝐨𝐧𝐞.

Before using any leveraged instrument, it is important to understand how it works, what can trigger losses, how much can be lost, and whether that level of volatility fits one's own risk tolerance.

A big thank you again to Sierra for putting together such a comprehensive and thoughtful piece. She managed to bring together the mechanics, psychology and risk management of leverage, while making a fairly complex subject accessible to everyday investors.

Leverage can magnify returns.

𝐁𝐮𝐭 𝐤𝐧𝐨𝐰𝐢𝐧𝐠 𝐰𝐡𝐞𝐧 𝐍𝐎𝐓 𝐭𝐨 𝐮𝐬𝐞 𝐥𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐦𝐚𝐲 𝐛𝐞 𝐣𝐮𝐬𝐭 𝐚𝐬 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐚𝐬 𝐤𝐧𝐨𝐰𝐢𝐧𝐠 𝐡𝐨𝐰 𝐭𝐨 𝐮𝐬𝐞 𝐢𝐭.

#Leverage #FinLit #Zaobao #TradeSGX #POEMS #danccs

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *25/8/26*

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STI: 5680 (-8) | HSI: 25517 (-492) | Dow: 53417 (+140) | S&P: 7652 (-21) | Nasdaq: 25980 (-200)

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*US Markets Overnight*

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*Chips Down, Bitcoin Up*

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Wall Street started the week with a familiar headache: AI and semiconductor stocks came under pressure again. With Nvidia reporting on Wednesday, investors seem less interested in chasing the AI trade and more interested in asking whether expectations have simply become too high.

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The Nasdaq fell 0.6% and S&P 500 slipped 0.2%, while the Dow bucked the trend with a 0.3% gain. The divergence is quite telling. This wasn’t really broad market weakness, it was more concentrated in the technology and semiconductor space.

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Memory stocks were hit particularly hard. The Roundhill Memory ETF plunged nearly 6%, with Sandisk, Western Digital, SK Hynix, Micron and Seagate all lower. The broader semiconductor ETF also dropped more than 2.5%.

And then there’s Nvidia, down nearly 3% ahead of Wednesday’s highly anticipated results. A report that Nvidia has told some customers that AI-chip servers could see price increases of more than 15% in early 2027 added another talking point.

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To me, Nvidia’s results are bigger than just Nvidia this time. After the recent volatility across AI stocks, a simple earnings beat may no longer be enough. Investors probably want a beat, a raise, and most importantly, reassurance that the massive AI capex cycle still has plenty of runway. Expectations are high, so the bar is high too.

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Tesla also fell almost 4%, giving back some of Friday’s 5% surge. Elsewhere, XPeng’s US-listed shares sank 8.5% after weaker-than-expected results and guidance, while PDD slipped 1.5%.

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US automakers also came under pressure after President Trump threatened 50% tariffs on Canadian-made vehicles, parts and steel from January 2027. Ford fell around 3%, Stellantis 3.5% and GM 1%.

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Interestingly, while chips were getting clipped, Bitcoin briefly approached US$80,000, its highest in three months. Strategy gained 2.5%, although Robinhood gave back 3.5% after Friday’s sharp rally.

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*What’s Brewing Today*

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Haven’t been great for *Ultragreen ai* in the last few days as the price plummeted to an all time low of $0.62 before rebounding to close at $0.72 yesterday, the first green bar in the last 3 trading days. CEO came out last evening to instill confidence and say he has been buying shares and intends to increase his personal investment, hoping this will steady the ship. In my opinion , now is probably the time where short term traders can start to look at it for potential short term opportunities.

Disclosure: Not vested at time of writing.

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*Happening Today*

SG XD:

— APAC Realty: S$0.055

— PropNex: S$0.05

SG:

— GDP (YoY)

EU:

— German GDP (QoQ) / German GDP (YoY) / German Ifo Business Climate Index / German Current Assessment / German Business Expectations

US:

— House Price Index (MoM) / S&P/Case-Shiller HPI Composite-20 / CB Consumer Confidence / New Home Sales

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*SG Stock news*

—👍 *UltraGreen .ai* reiterated confidence in its competitive position despite new US ICG entrants, while its CEO disclosed that he has been buying shares and intends to increase his personal investment.

https://links.sgx.com/1.0.0/corporate-announcements/K7G20CRYQKIRY03T/902077_UltraGreen.ai%20Announcement%20-%20CEO%20UPDATE%20TO%20SHAREHOLDERS.pdf

—⭐️ *UG Healthcare* expects to return to profitability in 2HFY2026 and FY2026, driven by higher glove sales volumes and selling prices alongside improved operational efficiency.

—👍 *Keong Hong* signed an MOU with Shaanxi Construction Engineering Group to pursue up to S$3 billion of potential projects over five years across Singapore and overseas markets.

—👍 *Kingsmen Creatives* secured an approximately S$30 million design-and-build contract for Singapore's National Service-themed gallery, expected to contribute to earnings from FY2026 to FY2029.

—👍 *Kim Heng* formed a 50:50 Korean JV with Heungwoo Industrial to expand into offshore and onshore trenchless works, supporting its transition into renewables.

— *Acrophyte Hospitality Trust* said its strategic review remains ongoing, with discussions continuing with its sponsor on a potential transaction involving its stapled securities, although no deal is certain.

— *First REIT* expects its proposed Indonesian asset divestments to complete by October 2026, while extending the exercise period for potential divestments of another six hospitals to March 2027.

— *IPS Securex* returned to profit in FY2026 with net profit of S$0.32 million, as revenue surged 83.8% to S$20.7 million.
https://links.sgx.com/1.0.0/corporate-announcements/3ZRW7YFN18ATB58R/902156_IPS%20-%20FY2026%20Results%20Announcement.pdf

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

#danccs