Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>Newport Residences may boost CDL's share price, says DBS. Frencken Group expects increased semiconductor orders in 2HFY2026, per Macquarie.</li>
<li>DBS keeps 'buy' rating and $2.50 target on CICT.</li>
<li>Macquarie rates UOB Kay Hian 'outperform' with a target price of $3.12.</li>
</ul>


Newport Residences may boost CDL's share price, says DBS. Frencken Group expects increased semiconductor orders in 2HFY2026, per Macquarie.
DBS keeps 'buy' rating and $2.50 target on CICT.
Macquarie rates UOB Kay Hian 'outperform' with a target price of $3.12.


Singapore Market Roundup (20-Jan-2026): DBS suggests Newport Residences could raise CDL's shares.

<ul><li>Frencken Group expects higher semiconductor orders in 2HFY2026, says Macquarie.</li><li>DBS keeps 'buy' rating and $2.50 target price for CICT.</li><li>Macquarie rates UOB Kay Hian 'outperform' with a target price of $3.12.</li></ul>

Frencken Group expects higher semiconductor orders in 2HFY2026, says Macquarie.DBS keeps 'buy' rating and $2.50 target price for CICT.Macquarie rates UOB Kay Hian 'outperform' with a target price of $3.12.

Singapore Market Roundup (19-Jan-2026): Frencken Group anticipates increased semiconductor orders

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

<ul>
<li>The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.</li>
<li>Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.</li>
<li>The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.</li>
</ul>


The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.
Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.
The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.


The Global Footprint of the iEdge Singapore Next 50

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

<ul><li>Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.</li><li>On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.</li><li>As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).</li></ul>

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).

<ul><li>CGS lowers Mermaid Maritime's target price but maintains 'add' rating.</li><li>UOB Kay Hian's Loh raises Yangzijiang Shipbuilding target price to $4.10.</li><li>Analysts raise Marco Polo Marine's target prices to 12 cents after contract win.</li></ul>

CGS lowers Mermaid Maritime's target price but maintains 'add' rating.UOB Kay Hian's Loh raises Yangzijiang Shipbuilding target price to $4.10.Analysts raise Marco Polo Marine's target prices to 12 cents after contract win.

Singapore Market Roundup (19-Nov-2025): CGS cuts Mermaid Maritime's target price, keeps 'add'

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 (20-Jan-2026): DBS suggests Newport Residences could raise CDL's shares.

DBS suggests Newport Residences could raise CDL's share price. Frencken anticipates more semiconductor orders in 2HFY2026. DBS maintains 'buy' on...

Singapore Market Roundup

Singapore Market Roundup (19-Jan-2026): Frencken Group anticipates increased semiconductor orders

Frencken Group anticipates increased semiconductor orders in 2HFY2026. DBS maintains a 'buy' rating for CICT; Macquarie rates UOB Kay Hian...

Singapore Market Roundup

The Global Footprint of the iEdge Singapore Next 50

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

Singapore Market Roundup (19-Nov-2025): CGS cuts Mermaid Maritime's target price, keeps 'add'

CGS lowers Mermaid Maritime's target price but keeps 'add' rating; UOB Kay Hian raises Yangzijiang Shipbuilding to $4.10; Marco Polo Marine's...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Market Roundup (20-Jan-2026): DBS suggests Newport Residences could raise CDL's shares.

DBS suggests Newport Residences could raise CDL's share price. Frencken anticipates more semiconductor orders in 2HFY2026. DBS maintains 'buy' on...

Singapore Market Roundup

Singapore Market Roundup (19-Jan-2026): Frencken Group anticipates increased semiconductor orders

Frencken Group anticipates increased semiconductor orders in 2HFY2026. DBS maintains a 'buy' rating for CICT; Macquarie rates UOB Kay Hian...

Singapore Market Roundup

The Global Footprint of the iEdge Singapore Next 50

​The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

Singapore Market Roundup (19-Nov-2025): CGS cuts Mermaid Maritime's target price, keeps 'add'

CGS lowers Mermaid Maritime's target price but keeps 'add' rating; UOB Kay Hian raises Yangzijiang Shipbuilding to $4.10; Marco Polo Marine's...

Singapore Market Roundup

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...