Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>RHB anticipates Info-Tech will gain from the government's AI initiatives.</li><li>DBS's Mittal keeps 'buy' rating on Singtel after Gulf Development stake sale.</li><li>UOB Kay Hian maintains 'buy' on Food Empire, target price at $3.49.</li></ul>

RHB anticipates Info-Tech will gain from the government's AI initiatives.DBS's Mittal keeps 'buy' rating on Singtel after Gulf Development stake sale.UOB Kay Hian maintains 'buy' on Food Empire, target price at $3.49.

Singapore Market Roundup (23-Jun-2026): RHB expects Info-Tech to benefit from government AI plans.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Over 20 SGX-listed companies moved from losses to profits, driven by varied factors like operating improvements and margin recovery.</li><li>Ouhua Energy's profitability was supported by higher LPG margins and lower-cost inventory amid Middle East supply disruptions.</li><li>Food Empire's return to profitability was aided by revenue growth and absence of prior-period fair-value loss on investments.</li></ul>

Over 20 SGX-listed companies moved from losses to profits, driven by varied factors like operating improvements and margin recovery.Ouhua Energy's profitability was supported by higher LPG margins and lower-cost inventory amid Middle East supply disruptions.Food Empire's return to profitability was aided by revenue growth and absence of prior-period fair-value loss on investments.

Turnarounds Add Breadth to Current Earnings Season

Comprehensive and Data-Driven Reports, RHT Capital

RHT Capital

Comprehensive and Data-Driven Reports

We are a boutique corporate finance advisory firm based in Singapore, with a focused team of experienced professionals. We advise listed companies and growing enterprises on corporate finance transactions and regulatory matters, providing practical and considered advice tailored to each client’s circumstances. We are a Capital Market Services (“CMS”) license holder from the Monetary Authority of Singapore (“MAS”), and a Full Sponsor approved by the Singapore Exchange (“SGX”).

<ul><li>Food Empire (FEH) delivered a clean-looking 1H26 — record half-year revenue and PAT swinging back to positive; [top-line beat riding on a margin miss vs RHTC FY26F].</li><li>Revenue tracks slightly ahead of the run-rate cf full-year forecast; profitability tracks behind it.</li><li>Revenue beat, but it is the only line that beat.</li></ul>

Food Empire (FEH) delivered a clean-looking 1H26 — record half-year revenue and PAT swinging back to positive; [top-line beat riding on a margin miss vs RHTC FY26F].Revenue tracks slightly ahead of the run-rate cf full-year forecast; profitability tracks behind it.Revenue beat, but it is the only line that beat.

Food Empire: 1H26 Results In-Line; Top-Line Beats, Margin Potential Concern

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

<ul>
<li>We maintain our BUY rating on Food Empire and raise our TP to S$3.38, above the previous TP of S$2.48 adjusted for the 1-for-5 bonus issue, and implying 42.0% upside from the 13 Jul 2026 close of S$2.38.</li>
<li>FY2025 underlying earnings improved, with revenue up 21.1% YoY to US$576.9m and normalised NPAT at US$68.6m, while reported NPAT was distorted by non-cash REN fair-value accounting.</li>
<li>We see continued growth support from Russia, Central Asia and phased capacity additions. FY2026 interim results are the next test of margin, utilisation and FCFF delivery.</li>
</ul>


We maintain our BUY rating on Food Empire and raise our TP to S$3.38, above the previous TP of S$2.48 adjusted for the 1-for-5 bonus issue, and implying 42.0% upside from the 13 Jul 2026 close of S$2.38.
FY2025 underlying earnings improved, with revenue up 21.1% YoY to US$576.9m and normalised NPAT at US$68.6m, while reported NPAT was distorted by non-cash REN fair-value accounting.
We see continued growth support from Russia, Central Asia and phased capacity additions. FY2026 interim results are the next test of margin, utilisation and FCFF delivery.


Food Empire Holdings Limited Earnings Update (14 Jul 2026)

<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.

Singapore

Food Empire is a multinational food and beverage manufacturing and distribution group. The company primarily produces instant coffee beverages, alongside other instant drinks like tea and hot chocolate, snack foods such as potato crisps, and food ingredients. Headquartered in Singapore, the company was founded in 1982.

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Food Empire (FEH SP)

Singapore Market Roundup (23-Jun-2026): RHB expects Info-Tech to benefit from government AI plans.

RHB expects Info-Tech to benefit from government AI initiatives. DBS's Mittal maintains 'buy' on Singtel post Gulf Development stake sale; UOB Kay...

Singapore Market Roundup

Turnarounds Add Breadth to Current Earnings Season

Over 20 SGX-listed companies moved from losses to profits, driven by varied factors like operating improvements and margin recovery. Ouhua...

Singapore Exchange Ltd (SGX)

Food Empire: 1H26 Results In-Line; Top-Line Beats, Margin Potential Concern

Food Empire (FEH) delivered a clean-looking 1H26 — record half-year revenue and PAT swinging back to positive; [top-line beat riding on a margin...

RHT Capital

Food Empire Holdings Limited Earnings Update (14 Jul 2026)

We maintain our BUY rating on Food Empire and raise our TP to S$3.38, above the previous TP of S$2.48 adjusted for the 1-for-5 bonus issue, and...

uSMART Securities

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

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