Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>OCBC raises UOL's target price by 16% as Sora declines.   </li>
<li>Analysts lower target prices for Frencken after 3QFY2025 update.</li>
<li>Food Empire's shares may exceed $3 after record revenue; TP raised to $3.18.</li>
</ul>


OCBC raises UOL's target price by 16% as Sora declines.   
Analysts lower target prices for Frencken after 3QFY2025 update.
Food Empire's shares may exceed $3 after record revenue; TP raised to $3.18.


Singapore Market Roundup (18-Nov-2025): OCBC boosts UOL target price by 16% amid Sora drop.

<ul><li>Food Empire shares may surpass $3 as CGS raises TP to $3.18 after record revenue.</li><li>Maybank cuts Sanli Environmental target price after 1HFY2026 results.</li><li>Frencken's 3QFY2025 earnings rise 7.5% to $9.9M; forecasts weaker 2HFY2025 revenue.</li></ul>

Food Empire shares may surpass $3 as CGS raises TP to $3.18 after record revenue.Maybank cuts Sanli Environmental target price after 1HFY2026 results.Frencken's 3QFY2025 earnings rise 7.5% to $9.9M; forecasts weaker 2HFY2025 revenue.

Singapore Market Roundup (17-Nov-2025): Food Empire shares may hit $3 as TP rises to $3.18.

External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We maintain our NEUTRAL call, as Frencken’s 1Q23 update indicated weak demand and higher operating costs amid on-going excess inventory in the chip sector.</li><li>We see low utilisation rates from expanded capacities straining near-term margins, as the semiconductor market waits for inventory levels undergo a correction.</li><li>Frencken (SGX:E28)'s 1Q23 net profit was below our estimate, at S$5.2m (-60% y-o-y).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our NEUTRAL call, as Frencken’s 1Q23 update indicated weak demand and higher operating costs amid on-going excess inventory in the chip sector.We see low utilisation rates from expanded capacities straining near-term margins, as the semiconductor market waits for inventory levels undergo a correction.Frencken (SGX:E28)'s 1Q23 net profit was below our estimate, at S$5.2m (-60% y-o-y).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Frencken - Awaiting The Semiconductor Recovery To Kick In

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Frencken’s 1Q23 earnings of S$5.2m (-60% y-o-y) was below expectation, meeting only 11% of our full-year estimate mainly due to gross margin compression caused by continuing inflationary cost pressure and higher depreciation.</li><li>Frencken expects the business environment to remain challenging in 2023.</li><li>We cut our 2023 earnings forecast for Frencken by 44%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Frencken’s 1Q23 earnings of S$5.2m (-60% y-o-y) was below expectation, meeting only 11% of our full-year estimate mainly due to gross margin compression caused by continuing inflationary cost pressure and higher depreciation.Frencken expects the business environment to remain challenging in 2023.We cut our 2023 earnings forecast for Frencken by 44%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Frencken - 1Q23 Earnings Below Expectation Due To Weaker Margin, Outlook Remains Cautious

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.

Best World International / Equity Bottom-Up

<ul><li>STI constituents that booked the highest net institutional inflow proportionate to quarter-end market cap included Sembcorp Industries, Genting Singapore and Keppel DC REIT, while Keppel Corp and Yangzijiang Shipbuilding and City Developments booked the highest net institutional outflow proportionate to quarter-end market cap.</li><li>In 1Q23 Singapore’s 100 most traded stocks averaged 3% total returns, following on from the same 100 stocks averaging 10% average total returns in 2022.</li><li>Among the 100 most traded stocks in 1Q23, the 10 that booked the highest net institutional inflow proportionate to quarter-end market capitalisation averaged 19% total returns in 1Q23, compared to a 13% decline for the 10 stocks that booked the highest net institutional outflow proportionate to quarter-end market capitalisation.</li></ul>

STI constituents that booked the highest net institutional inflow proportionate to quarter-end market cap included Sembcorp Industries, Genting Singapore and Keppel DC REIT, while Keppel Corp and Yangzijiang Shipbuilding and City Developments booked the highest net institutional outflow proportionate to quarter-end market cap.In 1Q23 Singapore’s 100 most traded stocks averaged 3% total returns, following on from the same 100 stocks averaging 10% average total returns in 2022.Among the 100 most traded stocks in 1Q23, the 10 that booked the highest net institutional inflow proportionate to quarter-end market capitalisation averaged 19% total returns in 1Q23, compared to a 13% decline for the 10 stocks that booked the highest net institutional outflow proportionate to quarter-end market capitalisation.

Singapore’s Most Traded Stocks, Flows & Performances in 1Q23  

Malaysia

Frencken Group is a global integrated technology solutions company that provides original design, original equipment, and diversified integrated manufacturing solutions. It operates through two segments: Mechatronics, which designs and produces precision-engineered systems and components for industries like semiconductors and medical, and Integrated Manufacturing Services, offering contract manufacturing for automotive and office automation. The company's registered office is in Singapore, and it was founded in 1999.

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Frencken Group (FRKN SP)

Singapore Market Roundup (18-Nov-2025): OCBC boosts UOL target price by 16% amid Sora drop.

OCBC raises UOL's target price by 16% amid Sora decline. Analysts cut Frencken's target after 3QFY2025. Food Empire's TP raised to $3.18, shares...

Singapore Market Roundup

Singapore Market Roundup (17-Nov-2025): Food Empire shares may hit $3 as TP rises to $3.18.

Food Empire's shares may exceed $3 as CGS raises target price to $3.18. Maybank cuts Sanli's target; Frencken's 3QFY2025 earnings rise 7.5% to $9.9M.

Singapore Market Roundup

Frencken - Awaiting The Semiconductor Recovery To Kick In

We maintain our NEUTRAL call, as Frencken’s 1Q23 update indicated weak demand and higher operating costs amid on-going excess inventory in the chip...

RHB Invest

Frencken - 1Q23 Earnings Below Expectation Due To Weaker Margin, Outlook Remains Cautious

Frencken expects the business environment to remain challenging in 2023. We cut our 2023 earnings forecast for Frencken by 44%.

UOB Kay Hian

Singapore’s Most Traded Stocks, Flows & Performances in 1Q23

STI constituents that booked the highest net institutional inflow proportionate to quarter-end market cap included Sembcorp Industries, Genting...

Singapore Exchange Ltd (SGX)

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