Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>UOB Kay Hian keeps 'buy' rating on Food Empire, target price at $3.49.</li><li>Goldman Sachs reports limited impact from China's July 1 cross-border curbs.</li><li>RHB upgrades First Resources to 'buy' with target price of $3.70.</li></ul>

UOB Kay Hian keeps 'buy' rating on Food Empire, target price at $3.49.Goldman Sachs reports limited impact from China's July 1 cross-border curbs.RHB upgrades First Resources to 'buy' with target price of $3.70.

Singapore Market Roundup (22-Jun-2026): UOB Kay Hian maintains 'buy' on Food Empire, price target

<ul><li>JP Morgan remains underweight on MINT due to occupancy, forex, and rate pressures.</li><li>AEM rises after 1QFY2026 results; DBS boosts target price to $11.80.</li><li>Maybank downgrades ComfortDelGro to 'hold' after weak 1QFY2026 results.</li></ul>

JP Morgan remains underweight on MINT due to occupancy, forex, and rate pressures.AEM rises after 1QFY2026 results; DBS boosts target price to $11.80.Maybank downgrades ComfortDelGro to 'hold' after weak 1QFY2026 results.

Singapore Market Roundup (14-May-2026): JP Morgan is underweight on MINT amid occupancy and rate

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>The resilience of Asian earnings is surprising.  Consensus 2026 EPS estimate of Asia-ex-Japan (Factset Market Index) is up 3% over the past month and 10% over the past 3 months.</li>
<li>29 market-sectors have had robust upgrades over 1-month, 3-month and 6-month timeframes. Energy and basic materials and the prominent AI beneficiaries, Korean and Taiwanese tech, figure prominently among earnings gainers.</li>
<li>Among the earnings winners, nine sectors have declined significantly since the beginning of the war. The HK/Chinese, Korean and Indonesian basic materials and Korean financials and Thai communications stand out.</li>
</ul>


The resilience of Asian earnings is surprising.  Consensus 2026 EPS estimate of Asia-ex-Japan (Factset Market Index) is up 3% over the past month and 10% over the past 3 months.
29 market-sectors have had robust upgrades over 1-month, 3-month and 6-month timeframes. Energy and basic materials and the prominent AI beneficiaries, Korean and Taiwanese tech, figure prominently among earnings gainers.
Among the earnings winners, nine sectors have declined significantly since the beginning of the war. The HK/Chinese, Korean and Indonesian basic materials and Korean financials and Thai communications stand out.


Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors

<ul><li>RHB downgrades IREIT Global to 'neutral' due to unexpected lower DPU from costs.</li><li>Brokers' Digest: Info-Tech, CNMC, Delfi, Singapore Post, Sheng Siong Group</li><li>CGSI downgrades Frencken to 'hold' due to semicon stock outlook.</li></ul>

RHB downgrades IREIT Global to 'neutral' due to unexpected lower DPU from costs.Brokers' Digest: Info-Tech, CNMC, Delfi, Singapore Post, Sheng Siong GroupCGSI downgrades Frencken to 'hold' due to semicon stock outlook.

Singapore Market Roundup (06-Mar-2026): RHB downgrades IREIT Global to 'neutral' over lower DPU.

<ul><li>'Buy' calls for Genting Singapore; DBS keeps 'hold' rating.</li><li>Lim &amp; Tan starts 'buy' on Zixin Group, targeting a price of 6.6 cents.</li><li>Maybank raises Sanli Environmental's target price after $205M PUB project win.</li></ul>

'Buy' calls for Genting Singapore; DBS keeps 'hold' rating.Lim &amp; Tan starts 'buy' on Zixin Group, targeting a price of 6.6 cents.Maybank raises Sanli Environmental's target price after $205M PUB project win.

Singapore Market Roundup (11-Nov-2025): Genting Singapore: Buy rating; DBS maintains Hold.

Singapore

ComfortDelGro is a multinational land transport company that offers a comprehensive suite of transportation solutions, including bus, rail, taxi, car rental and leasing, and automotive engineering services. The company also provides inspection and testing services, driving instruction, and outdoor advertising. Headquartered in Singapore, ComfortDelGro was formed on March 29, 2003, through the merger of Comfort Group and DelGro Corporation.

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ComfortDelGro (CD SP)

Singapore Market Roundup (22-Jun-2026): UOB Kay Hian maintains 'buy' on Food Empire, price target

UOB Kay Hian maintains 'buy' on Food Empire at $3.49. Goldman Sachs sees limited effect from China's curbs. RHB upgrades First Resources to 'buy'...

Singapore Market Roundup

Singapore Market Roundup (14-May-2026): JP Morgan is underweight on MINT amid occupancy and rate

JP Morgan is underweight on MINT due to various pressures. AEM rises post 1QFY2026 results; DBS raises target to $11.80. Maybank downgrades...

Singapore Market Roundup

Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors

Asian earnings are remarkably resilient. Consensus 26 EPS est up 3% last month & 10% in past 3 months. Shares of 9 EPS gainers dropped sharply. HK...

Manishi Raychaudhuri

Singapore Market Roundup (06-Mar-2026): RHB downgrades IREIT Global to 'neutral' over lower DPU.

RHB downgrades IREIT Global to 'neutral' over lower DPU; CGSI downgrades Frencken to 'hold' due to semiconductor outlook.

Singapore Market Roundup

Singapore Market Roundup (11-Nov-2025): Genting Singapore: Buy rating; DBS maintains Hold.

Genting Singapore gets 'buy' calls; DBS holds 'hold' rating. Lim & Tan starts 'buy' on Zixin Group at 6.6 cents. Maybank raises Sanli...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

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Singapore Market Roundup (22-Jun-2026): UOB Kay Hian maintains 'buy' on Food Empire, price target

UOB Kay Hian maintains 'buy' on Food Empire at $3.49. Goldman Sachs sees limited effect from China's curbs. RHB upgrades First Resources to 'buy'...

Singapore Market Roundup

Singapore Market Roundup (14-May-2026): JP Morgan is underweight on MINT amid occupancy and rate

JP Morgan is underweight on MINT due to various pressures. AEM rises post 1QFY2026 results; DBS raises target to $11.80. Maybank downgrades...

Singapore Market Roundup

Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors

​Asian earnings are remarkably resilient. Consensus 26 EPS est up 3% last month & 10% in past 3 months. Shares of 9 EPS gainers dropped sharply. HK...

Manishi Raychaudhuri

Singapore Market Roundup (06-Mar-2026): RHB downgrades IREIT Global to 'neutral' over lower DPU.

RHB downgrades IREIT Global to 'neutral' over lower DPU; CGSI downgrades Frencken to 'hold' due to semiconductor outlook.

Singapore Market Roundup

Singapore Market Roundup (11-Nov-2025): Genting Singapore: Buy rating; DBS maintains Hold.

Genting Singapore gets 'buy' calls; DBS holds 'hold' rating. Lim & Tan starts 'buy' on Zixin Group at 6.6 cents. Maybank raises Sanli...

Singapore Market Roundup

Asian earnings are remarkably resilient. Consensus 26 EPS est up 3% last month & 10% in past 3 months. Shares of 9 EPS gainers dropped sharply. HK...