Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>uSmart starts coverage of Azeus Systems with a 'hold' rating, target $9.45.</li><li>Jefferies starts coverage on Singapore banks, targets DBS at $91.</li><li>KGI keeps Q&amp;M Dental at 'outperform' due to disciplined growth.</li></ul>

uSmart starts coverage of Azeus Systems with a 'hold' rating, target $9.45.Jefferies starts coverage on Singapore banks, targets DBS at $91.KGI keeps Q&amp;M Dental at 'outperform' due to disciplined growth.

Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with 'hold', target $9.45.

<ul><li>CGS International starts coverage of All-Link Air &amp; Sea with a 92-cent target.</li><li>DBS lowers target price for UltraGreen.ai to 65 US cents.</li><li>SAC Capital lowers ISOTeam target price to 7.1 cents after FY2026 miss.</li></ul>

CGS International starts coverage of All-Link Air &amp; Sea with a 92-cent target.DBS lowers target price for UltraGreen.ai to 65 US cents.SAC Capital lowers ISOTeam target price to 7.1 cents after FY2026 miss.

Singapore Market Roundup (15-Sep-2026): CGS International sets All-Link Air & Sea target at 92

<ul><li>SAC Capital lowers ISOTeam target price to 7.1 cents after disappointing FY2026 results.</li><li>UOBKH keeps 'buy' on Singtel, values Nxera at up to $4.5 billion for listing.</li><li>CGS International stays positive on Pan-United’s prospects.</li></ul>

SAC Capital lowers ISOTeam target price to 7.1 cents after disappointing FY2026 results.UOBKH keeps 'buy' on Singtel, values Nxera at up to $4.5 billion for listing.CGS International stays positive on Pan-United’s prospects.

Singapore Market Roundup (14-Sep-2026): SAC Capital cuts ISOTeam target price to 7.1 cents after

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Motor Oil Hellas Corinth Refin / Technical Analysis

<ul>
<li>We remain overweight emerging markets (MSCI EM vs. MSCI ACWI) since our January 21st, 2026 Int’l Macro Vision, and we remain overweight EM relative to EAFE since August 4th, 2025.</li>
<li>From a price perspective we remain intermediate-term bullish as long as EEM-US is above $59.50, and near-term bullish as long as $63.00 support holds.</li>
<li>While there are still bright spots in EM Technology, EM Sectors we want to be buying now include MSCI EM Materials, Energy, Health Care, and Financials</li>
</ul>


We remain overweight emerging markets (MSCI EM vs. MSCI ACWI) since our January 21st, 2026 Int’l Macro Vision, and we remain overweight EM relative to EAFE since August 4th, 2025.
From a price perspective we remain intermediate-term bullish as long as EEM-US is above $59.50, and near-term bullish as long as $63.00 support holds.
While there are still bright spots in EM Technology, EM Sectors we want to be buying now include MSCI EM Materials, Energy, Health Care, and Financials


Focus Buys in MSCI EM Materials and Health Care; A.I. Names Still Consolidating

<ul><li>JPM maintains overweight on CDL; GS notes market undervalues ROE for asset-lighter models.</li><li>PhillipCapital raises Zixin Group's target price to 6 cents.</li><li>RHB's Yeo cuts Delfi's target price to $1.21 due to rising costs.</li></ul>

JPM maintains overweight on CDL; GS notes market undervalues ROE for asset-lighter models.PhillipCapital raises Zixin Group's target price to 6 cents.RHB's Yeo cuts Delfi's target price to $1.21 due to rising costs.

Singapore Market Roundup (16-Jun-2026): JPM stays bullish on CDL; GS sees market undervaluing ROE.

Taiwan

KGI Financial Holding Co. Ltd. operates a publicly listed financial holding company in Taiwan. The Company initially focuses on venture capital investments evolving comprehensive financial institutions. KGI Financial Holding, though its subsidiaries, maintains solid capital positions and offers a full spectrum of financial services, especially venture capital and private equity services.

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KGI Financial Holding (2883 TT)

Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with 'hold', target $9.45.

uSmart rates Azeus Systems 'hold' with a target of $9.45. Jefferies targets DBS at $91, while KGI rates Q&M Dental 'outperform' for its growth.

Singapore Market Roundup

Singapore Market Roundup (15-Sep-2026): CGS International sets All-Link Air & Sea target at 92

CGS International sets All-Link Air & Sea target at 92 cents; DBS lowers UltraGreen.ai to 65 cents; SAC Capital cuts ISOTeam to 7.1 cents after...

Singapore Market Roundup

Singapore Market Roundup (14-Sep-2026): SAC Capital cuts ISOTeam target price to 7.1 cents after

SAC Capital cuts ISOTeam target to 7.1 cents post-FY2026 results; UOBKH maintains 'buy' on Singtel, valuing Nxera at $4.5B; CGS International...

Singapore Market Roundup

Focus Buys in MSCI EM Materials and Health Care; A.I. Names Still Consolidating

Focus Buys in MSCI EM Materials and Health Care; Bullish Outlook Intact $EEM; A.I. Names Still Consolidating $CHAT $SOXX $DRAM

Vermilion Research

Singapore Market Roundup (16-Jun-2026): JPM stays bullish on CDL; GS sees market undervaluing ROE.

JPM stays bullish on CDL; GS sees market undervaluing ROE for asset-light models. PhillipCapital raises Zixin Group's target to 6 cents; RHB cuts...

Singapore Market Roundup

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