𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *11/11/26*
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PS: I will be on overseas leave from 12-17 Nov. For trading matters, please call my desk at 65342561. Apologies for any inconveniences caused!
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STI: 5177 (-XX) | HSI: 24557 (+108) | Dow: 52,232 (-158) | S&P: 7,521 (-29) | Nasdaq: 25,066 (-187)
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*US Markets Overnight*
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*Hot CPI, Cold Feet!*
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Just when Wall Street was finding its feet, inflation came along to spoil the party! 😅 How quickly expectations for another Fed rate hike have hardened, with some officials even raising the possibility of a bigger move in December.
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The Dow slipped 0.3%, S&P 500 lost 0.4% and Nasdaq fell 0.7%. The selling was sharper earlier, with the Nasdaq down as much as 1.7% before recovering some ground. At least buyers were willing to step in!
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*October’s US CPI* rose 0.4% MoM, slightly above expectations, while core inflation increased 0.3%. Fed Governor Christopher Waller suggested a 50-bps hike in December could be warranted if inflation worsens. The 10-year Treasury yield climbed towards 5%, putting renewed pressure on growth stocks and their valuations.
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*Nvidia* fell another 5.5%, extending its two-day losses to almost 10%, amid concerns over AI valuations and reports of an internal investigation involving CEO Jensen Huang. Interestingly, Broadcom gained 4% and AMD rose 1%, suggesting investors aren’t abandoning AI, but becoming more selective. Elsewhere, Take-Two Interactive jumped 8%, while WTI oil eased to around US$86.50.
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After the closing bell, *CoreWeave* gained around 2% as quarterly revenue surged to US$3.66 billion, beating expectations. But its US$709 million net loss and heavy capital spending plans were reminders of just how expensive the AI race has become.
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Imo, the AI story still has legs. But with interest rates heading higher, those legs may have to work a little harder! 😅
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*What’s Brewing Today?*
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*SIA & SATS, Ready for Takeoff?* ✈️
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SIA and SATS are both reporting earnings after market close today, 11 November, and interestingly, both stocks are showing renewed buying interest ahead of their results! *SIA ( $SIA(C6L.SI))* gained 2.7% to S$7.14 yesterday, reclaiming its key MAs. *SATS ( $SATS(S58.SI))* did even better, jumping 4.5% to S$3.90, with a strong rebound that brought it back above its 10MA, 50MA and 200MA. Encouraging price action, especially after their recent corrections. Of course, whether the recovery has more legs will depend on the earnings and outlook. Have investors got their hopes up a little too early?
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We will find out soon enough. After all, it's 11/11, perhaps investors are wishing for two stocks to take off! 😄
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Look out for retail popular stocks *UMS* and *Addvalue Tech* as both released good set of results yesterday.
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*Happening Today*
SG Earnings:
• Valuetronic^, SATS, SIA, NTTDC, Prime US REIT, World Precision
SG XD:
• SIA Engineering: S$0.025
EU:
• BoE MPC Member Pill Speaks / German CPI (MoM and YoY) / Bundesbank President Nagel Speaks
US:
• WASDE Report / EIA Short-Term Energy Outlook / 10-Year Note Auction / FOMC Member Bowman Speaks / API Weekly Crude Oil Stock / OPEC Monthly Report
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*SG Stock News*
*Earnings*
👍— *UMS Integration* reported 3Q26 net attributable profit of S$21.1m, up 102% YoY, as revenue rose 61% to S$95.4m, and proposed a third interim dividend of 1.0 cent per share.
https://links.sgx.com/1.0.0/corporate-announcements/ULZPM1UUWYJ69SNN/910869_UMS%20-%20Press%20Release%20-%20Q3FY2026.pdf
🤔— *Boustead Singapore* reported 1HFY27 net profit down 10% YoY to S$31.5m despite revenue rising 38% to S$406.6m; adjusted net profit grew 41%, while interim dividend increased to 2.0 cents from 1.5 cents.
https://links.sgx.com/1.0.0/corporate-announcements/6YKSV5YH1O7JFZBW/910853_Boustead%20Media%20Release-1H%20FY2027-Financial-Results-Announcement-10.11.2026.pdf
👍— *Addvalue Technologies* reported 1HFY27 net profit up 114% YoY to US$4.23m, with revenue rising 97% to US$17.27m and gross margin improving to 56% from 52%.
https://links.sgx.com/1.0.0/corporate-announcements/LMZ61LR8KZ2DKGPA/910889_AVT-Results_announcement_for_1H2027_101126.pdf
📖— *Valuetronics* reported 1HFY27 net attributable profit down 3.5% YoY to HK$89.8m despite revenue rising 7.3% to HK$897.3m, and declared interim and special dividends totalling 14 HK cents per share.
https://links.sgx.com/1.0.0/corporate-announcements/JRV175AUW3482A91/910942_20261111-VHL-HY2027-Media%20Release.pdf
— *Jardine Matheson Southeast Asia*, formerly Jardine Cycle & Carriage, reported resilient 9M26 earnings at Astra despite currency pressure, with higher contributions from THACO and REE, while mining and heavy equipment remained softer.
https://links.sgx.com/1.0.0/corporate-announcements/OYCDW1DPO8APMTRZ/910817_JMSEA%209M26%20IMS_Final.pdf
🤔— *VICOM* reported 3Q26 net attributable profit up 9% YoY to S$10.8m despite revenue falling 11% to S$36.9m, as lower OBU installation subcontractor costs supported profitability.
https://links.sgx.com/1.0.0/corporate-announcements/65Z3OYT5UZGKBHB1/910825_3Q2026%20Business%20Update.pdf
👍— *Chasen Holdings* reported 1HFY27 net attributable profit up 192% YoY to S$2.2m as revenue rose 56% to S$78.6m, driven mainly by stronger US specialist relocation operations.
https://links.sgx.com/1.0.0/corporate-announcements/HGZ28SC0ZCD7TU3L/910851_CHASEN%20-%201HFY2027%20Results%20-%20Media%20Release.pdf
👍— *Livingstone Health* reported 1HFY27 net attributable profit up 293.2% YoY to S$924,000, with revenue increasing 9.6% to S$16.2m following restructuring and cost rationalisation.
https://links.sgx.com/1.0.0/corporate-announcements/Q6XPH4GX6KSCV1YW/910864_Livingstone%201H2027%20Press%20Release.pdf
👍— *Jason Marine* reported 1HFY27 net attributable profit up 532.3% YoY to S$588,000 as revenue rose 25.2% to S$25.7m; no interim dividend was declared.
https://links.sgx.com/1.0.0/corporate-announcements/EQIANWY2XPKP7DB0/910854_JMG%20-%20HY2027%20Financial%20Results.pdf
— *Sri Trang Gloves* returned to a 3Q26 net profit of THB325m from a year-earlier loss, supported by higher selling prices and insurance compensation, although profit fell 42.6% QoQ and glove sales volume declined 19.8% YoY.
https://links.sgx.com/1.0.0/corporate-announcements/04VQ53HXDZQ3OL9X/910879_E%20STGT%20Q3.26%20MDA.pdf
— *Delfi* reported 3Q26 sales down 5.5% YoY to US$118m and gross margin narrowing to 23.2% from 25.4%, while EBITDA held broadly steady at US$10.2m as lower operating expenses cushioned the pressure.
https://links.sgx.com/1.0.0/corporate-announcements/UMQWRDX8GGTD8BJY/910859_3Q%202026%20Business%20Update_FINAL.pdf
— *ProsperCap* narrowed its 3Q26 net loss by 30.4% YoY to S$3.9m as revenue grew 8.6% to S$73.1m and operating profit rose 71.3% to S$8.7m, although financing costs continued to weigh.
https://links.sgx.com/1.0.0/corporate-announcements/8QAP0LGGJLOXA752/910820_PPC-3QFY2026%20Press%20Release.pdf
— *OxPay Financial* reported a wider 3Q26 net attributable loss of S$825,000 versus S$697,000 a year earlier, despite revenue rising 66% to S$1.89m, as gross margin fell to 34% from 56%.
https://links.sgx.com/1.0.0/corporate-announcements/ASHZZ1HWGOES20QC/910824_3Q2026_Final.pdf
— *China International Holdings* reported a wider 3Q26 net attributable loss of RMB6.62m versus RMB657,000 a year earlier, as revenue fell 23.1% to RMB17.58m.
https://links.sgx.com/1.0.0/corporate-announcements/M76QQQANQBDZMRGK/910822_CIHL-Ann%20Q3-2026-Final.pdf
— *Emperador* 3Q26 net profit attributable to shareholders rose 47.4% YoY to PHP1.08b as sales grew 34.5% to PHP17.26b, although gross margin narrowed to 24.2% from 27.3%. reminded investors that sales of its SGX-listed shares attract Philippine stock transaction tax of 0.1% of gross selling proceeds, collected through the selling broker.
https://links.sgx.com/1.0.0/corporate-announcements/U45N88U8C2NADXZ2/910801_Emperador%20Inc.%2017Q%20September%2030%202026.pdf
— *Ambiq Micro* reported 3Q26 revenue up 110% YoY to US$38.1m, with gross margin improving to 46.7% and net loss narrowing to US$7.1m from US$9.0m; it expects 4Q26 revenue of US$43.5m to US$44.5m on stronger edge AI demand.
https://links.sgx.com/1.0.0/corporate-announcements/75ORKKRN9KT4N85G/910909_Press%20Release%208-K%20-%20Q3%202026%20Earnings.pdf
— *Raffles Education* reported 1QFY27 revenue down 15% YoY to S$24.65m, while adjusted pretax operating loss narrowed to S$0.10m from S$1.50m, excluding a S$60.84m land write-down; group borrowings fell to S$82.75m from S$86.20m at end-June.
https://links.sgx.com/1.0.0/corporate-announcements/9WVWJ61LR0MGHB8D/910908_RafflesEdu_PR_1Q2027_10Nov1615.pdf
— *AJJ Medtech* narrowed its 3Q26 net loss by 25.3% YoY to S$594,000 as revenue rose 23.8% to S$598,000, although its nine-month net loss widened 14% to S$1.94m.
https://links.sgx.com/1.0.0/corporate-announcements/UGU6BIB0ODLH7T7H/910917_3Q2026_Result_Announcement.pdf
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*Others*
💡— *Global Testing* announced a proposed privatisation by Tong Hsing Electronic Industries at S$2.30 cash per share, a 123.3% premium to its last traded closing price, valuing the company at approximately S$76.7m, subject to scheme approvals.
https://links.sgx.com/1.0.0/corporate-announcements/YDE0UQMPCVZ2ECKZ/910839_GTC%20-%20Joint%20Announcement.pdf
👍— *Yangzijiang Shipbuilding* secured US$6.98bn of orders for 87 vessels through 31 October, exceeding its FY26 target by 55%, with an outstanding orderbook of US$26.3bn covering deliveries through 2031.
https://links.sgx.com/1.0.0/corporate-announcements/VTTR51O599IGTU1H/910807_YZJSH_3Q2026%20Results%20Presentation_%20Final.pdf
— *Keppel Infrastructure Trust* proposed acquiring a 70% interest in Keppel Sakra Cogen for an estimated S$111.6m, gaining exposure to a 600MW hydrogen-compatible power plant backed by a 30-year capacity tolling agreement, subject to unitholder approval.
https://links.sgx.com/1.0.0/corporate-announcements/ZQE33NMZ7KFK2YPE/910938_Keppel%20Infrastructure%20Trust%20-%20SGX%20Announcement%20dated%2011%20November%202026.pdf
— *CDL Hospitality Trusts* launched an underwritten, non-renounceable preferential offering of 18 new stapled securities for every 100 held at S$0.643 each, raising approximately S$148.8m mainly to fund Moxy Singapore; the issue price represents a 9.9% discount to its 10 November VWAP.
https://links.sgx.com/1.0.0/corporate-announcements/RBYUFYUWMPRZAZNH/910931_CDLHT-Launch%20of%20Preferential%20Offering-2026%201110.pdf
— *CDL Hospitality Trusts* increased its distribution payout ratio from 90% to 100% of distributable income, effective from the distribution period commencing 1 July 2026.
https://links.sgx.com/1.0.0/corporate-announcements/YC4SM48WRV71P1GH/910928_CDLHT-Change%20in%20Distribution%20Ratio%20Payout-2026%201110.pdf
— *CDL Hospitality Trusts* expects its 475-room Moxy Singapore Clarke Quay hotel to open by end-1Q27, with the acquisition completing concurrently at an estimated purchase price of S$468.8m.
https://links.sgx.com/1.0.0/corporate-announcements/ZLIKS8I3HON4IZNP/910929_CDLHT-Update%20on%20Moxy%20Singapore-2026%201110.pdf
— *Centurion Corporation* broke ground on a 302-room hotel in Port Hedland, Western Australia, which it will own and operate, with completion expected in late 2027.
https://links.sgx.com/1.0.0/corporate-announcements/JVF3SYJLVCILOAC6/910840_CCL%20Media%20Release-Port%20Hedland-2026%2011%2010.pdf
— *Suntec REIT* secured a S$200m bank facility to refinance existing debt and fund general corporate purposes.
https://links.sgx.com/1.0.0/corporate-announcements/1HSEWWV3I6KWCQIG/910897_Suntec_REIT-Entry_into_Loan_Facility_20261110.pdf
— *Vallianz Holdings* arranged a committed US$64m term loan with Macquarie Bank, plus an uncommitted US$50m upsize option, to fund settlement of existing DBS facilities, targeted for completion before end-November.
https://links.sgx.com/1.0.0/corporate-announcements/C96LF6II3789VWEO/910843_VHL%20-%20Catalist%20Rule%20704%2033%20and%20728%20Announcement.pdf
— *Luminor Financial* raised RM4.4m through its subsidiary’s issuance of two-year redeemable preference shares to support the expansion of its Malaysian factoring business.
https://links.sgx.com/1.0.0/corporate-announcements/28SDAGWPRPB2JAO4/910888_261110%20LFHL%20Annc%20-%20Issuance%20of%20Tranche%205%20of%202026%20SPV%202%20RPS%20Programme%20.pdf
— *EC World REIT* reported that PRC courts froze four bank accounts across three subsidiaries in connection with disputed guarantees, triggering another event of default under its loan facilities; lenders have not issued an enforcement notice.
https://links.sgx.com/1.0.0/corporate-announcements/JWMISC7U6WR7ACVL/910901_ECW-Update%20on%20Legal%20Proceedings.pdf
— *Nam Cheong* sold a second newbuild vessel for US$21.2m to a returning Egyptian customer, with delivery in 1Q2027 and a positive contribution to FY2027 earnings expected.
https://links.sgx.com/1.0.0/corporate-announcements/9KZ98146LMNWKZ2P/910790_Ship_Sales_Press_Release_Final.pdf
— *Eneco Energy* established a S$5m share buyback programme following shareholder approval, with authority to repurchase up to 10% of its issued shares.
https://links.sgx.com/1.0.0/corporate-announcements/69DBEGFH55HSJVFP/910905_EEL_Press%20Release%20-%2010%20Nov%202026.pdf
— *OUE Healthcare* set its privatisation scheme court hearing for 30 November, with the last trading day expected around 1 December, scheme payment on 15 December and delisting on 17 December, subject to court sanction and remaining conditions.
https://links.sgx.com/1.0.0/corporate-announcements/FABRCJWVAL4JHHGC/910907_Sanction%20Hearing%20Date.pdf
— *Vicplas International* disclosed that it recorded pretax losses for its three most recently completed consecutive financial years, based on audited consolidated accounts.
https://links.sgx.com/1.0.0/corporate-announcements/HLCNPXNLIHPBGCVB/cf6615da88169faf4504bf3ccb8c628deb114286c913bb5a002b9b74ab7a7119
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*Earnings calendar:*
11/11 - Valuetronic^, SATS, SIA, NTTDC, Prime US REIT, World Precision
12/11 - Sasseur REIT^, Asian Pay TV, GoldenAgri, SERT, EC World, CSE Global
13/11 - Singtel^, UHREIT^, Daiwa^, Frasers Property, KSH
19/11 - Seatrium^
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Rgds, Dan
https://www.phillip.com.sg/talktophillip/danccs/