Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>RHB and PhillipCapital maintain 'buy' rating on Elite UK REIT after 1QFY2026 updates.</li><li>Tng of CGSI boosts ISDN's target price to 96 cents due to strong industrial automation.</li><li>UOBKH's Koh maintains 'buy' and $1.16 target on UI Boustead REIT after Japan project.</li></ul>

RHB and PhillipCapital maintain 'buy' rating on Elite UK REIT after 1QFY2026 updates.Tng of CGSI boosts ISDN's target price to 96 cents due to strong industrial automation.UOBKH's Koh maintains 'buy' and $1.16 target on UI Boustead REIT after Japan project.

Singapore Market Roundup (28-Apr-2026): RHB and PhillipCapital keep 'buy' on Elite UK REIT post

<ul><li>OCBC's Lim keeps 'buy' on CLAS, but reduces fair value to 95 cents.</li><li>CGS's Tng doubles AEM's target price to $10.15, citing multi-year earnings growth.</li><li>JP Morgan, DBS, and RHB favor Suntec REIT; Morgan Stanley targets $1.10.</li></ul>

OCBC's Lim keeps 'buy' on CLAS, but reduces fair value to 95 cents.CGS's Tng doubles AEM's target price to $10.15, citing multi-year earnings growth.JP Morgan, DBS, and RHB favor Suntec REIT; Morgan Stanley targets $1.10.

Singapore Market Roundup (27-Apr-2026): OCBC's Lim maintains 'buy' on CLAS, lowers fair value to

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC: +20.3% Premium; Rebounded from Our Long the ADR Level</li>
<li>UMC: +3.4% Premium; Above +1 SD Band; Short the ADR Spread</li>
<li>ASE: +5.8% Premium; Above +1 SD Band; Short the ADR Spread</li>
</ul>


TSMC: +20.3% Premium; Rebounded from Our Long the ADR Level
UMC: +3.4% Premium; Above +1 SD Band; Short the ADR Spread
ASE: +5.8% Premium; Above +1 SD Band; Short the ADR Spread


Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 2nd. The aggregated holding was USD2,366.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD839mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 2nd. The aggregated holding was USD2,366.8bn.
We estimate that foreign flows to be outflows of USD839mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics, Delta Electronics.


TWSE Foreign Holding Weekly (Oct 2nd): MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Taiwan's IC designers are at the forefront of rack-level AI solutions, showcasing innovation in technology.</li><li>AMD's CEO Lisa Su is scheduled to meet with Samsung and Naver during Nvidia's GTC event in South Korea.</li><li>Honor plans to launch its flagship phone in Taiwan by Q2 2026, aiming to significantly impact the market.</li></ul>

Taiwan's IC designers are at the forefront of rack-level AI solutions, showcasing innovation in technology.AMD's CEO Lisa Su is scheduled to meet with Samsung and Naver during Nvidia's GTC event in South Korea.Honor plans to launch its flagship phone in Taiwan by Q2 2026, aiming to significantly impact the market.

Tech Supply Chain Tracker (13-Mar-2026): Taiwan IC designers excel in rack-level AI

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

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ASE Technology Holding (3711 TT)

Singapore Market Roundup (28-Apr-2026): RHB and PhillipCapital keep 'buy' on Elite UK REIT post

RHB and PhillipCapital keep 'buy' on Elite UK REIT; ISDN's target rises to 96 cents; UOBKH's Koh maintains 'buy' on UI Boustead REIT at $1.16 after...

Singapore Market Roundup

Singapore Market Roundup (27-Apr-2026): OCBC's Lim maintains 'buy' on CLAS, lowers fair value to

OCBC maintains 'buy' on CLAS, lowering fair value to 95 cents. CGS raises AEM's target to $10.15. JP Morgan, DBS, and RHB favor Suntec REIT; Morgan...

Singapore Market Roundup

Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Oct 2nd): MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek, TSMC, Zhen Ding Technology, Winbond...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (13-Mar-2026): Taiwan IC designers excel in rack-level AI

Taiwan's IC designers excel in AI solutions, AMD's CEO meets Samsung and Naver, Clevo sees notebook recovery, Honor plans a flagship phone, and...

Tech Supply Chain Tracker

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52-week Range

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P/E

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