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.

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>We view the NEPC measures as having mixed implications but remain positive over the medium to long term.</li><li>The expansion of the Direct PPA framework should increase renewable energy consumption to support data center growth, strengthening Thailand's position as a regional data center hub while transforming domestic power producers into energy solution providers.</li><li>We view any share price weakness as a buying opportunity, given the upside potential from PDP 2026, Direct PPA and data center growth, all of which could provide upside to earnings and valuations.</li></ul>

We view the NEPC measures as having mixed implications but remain positive over the medium to long term.The expansion of the Direct PPA framework should increase renewable energy consumption to support data center growth, strengthening Thailand's position as a regional data center hub while transforming domestic power producers into energy solution providers.We view any share price weakness as a buying opportunity, given the upside potential from PDP 2026, Direct PPA and data center growth, all of which could provide upside to earnings and valuations.

Energy (Power): NEPC Unveils Seven Measures to Cut Power Bills and Support Data Center Growth

<ul><li>Inflation concerns eased after US June PPI came in below expectations, supporting risk assets.</li><li>Thailand's National Energy Policy Council (NEPC) approved an expanded Direct PPA framework to support data center investments, providing a positive catalyst for power producers as they transition toward energy solution providers.</li><li>US core PPI increased 4.7% YoY in June, coming in below expectations and reinforcing the softer-than-expected CPI released earlier.</li></ul>

Inflation concerns eased after US June PPI came in below expectations, supporting risk assets.Thailand's National Energy Policy Council (NEPC) approved an expanded Direct PPA framework to support data center investments, providing a positive catalyst for power producers as they transition toward energy solution providers.US core PPI increased 4.7% YoY in June, coming in below expectations and reinforcing the softer-than-expected CPI released earlier.

Krungthai XSpring Zoom Eng. July 16, 2026

<ul><li>The Middle East conflict has reignited after the US announced plans to reinstate a blockade of Iranian ports and may impose transit fees on vessels passing through the Strait of Hormuz.</li><li>Concerns over tighter oil supply sent crude oil prices surging 9%, heightening inflation risks.</li><li>We therefore recommend using any weakness as an opportunity to accumulate domestic plays with remaining upside.</li></ul>

The Middle East conflict has reignited after the US announced plans to reinstate a blockade of Iranian ports and may impose transit fees on vessels passing through the Strait of Hormuz.Concerns over tighter oil supply sent crude oil prices surging 9%, heightening inflation risks.We therefore recommend using any weakness as an opportunity to accumulate domestic plays with remaining upside.

Krungthai XSpring Zoom Eng. July 14, 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last night, the Board of <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>  <a href="https://hub.optiwise.io/en/documents/126006/6443705A1ADCC43E2A43725E1ADAC538670F012A12A8B03D653207281ED9C34E6042702B6BDFC4311044072F6BADC53E144B6C1E4E8DCF396043755C1AD9C13A6741765E1EDBC33964366C1E4E8D_160720242124040612E.pdf" target="_blank" rel="noopener"><strong>announced</strong></a> an amalgamation with <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a> and Tender Offers for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> (at THB 216.30) </li>
<li>And <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a> (THB 11.00) shares. This is really big news. It appears to try to cap years of re-arrangement of the capital structure. It's complicated.</li>
<li>But it is not fair. INTUCH shareholders lose 22% of earnings value per investment value in 2024. 20% in 2025. But, there may be a way to block it...</li>
</ul>


Last night, the Board of Intouch Holdings (INTUCH TB)  announced an amalgamation with Gulf Energy Development (GULF TB) and Tender Offers for Advanced Info Service (ADVANC TB) (at THB 216.30) 
And Thaicom Pcl (THCOM TB) (THB 11.00) shares. This is really big news. It appears to try to cap years of re-arrangement of the capital structure. It's complicated.
But it is not fair. INTUCH shareholders lose 22% of earnings value per investment value in 2024. 20% in 2025. But, there may be a way to block it...


Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To "Restructure"

Thailand

Gulf Development Public Company Limited is a holding company that invests in a diversified portfolio including conventional and renewable power generation, natural gas supply and distribution, infrastructure development, and digital businesses. It develops and manages gas-fired, solar, wind, hydroelectric, biomass, and waste-to-energy projects. The company is headquartered in Bangkok, Thailand, and was founded in 2007.

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Gulf Development (GULF TB)

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

Energy (Power): NEPC Unveils Seven Measures to Cut Power Bills and Support Data Center Growth

We view the NEPC measures as having mixed implications but remain positive over the medium to long term. The expansion of the Direct PPA framework...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 16, 2026

Inflation concerns eased after US June PPI came in below expectations, supporting risk assets. Thailand's National Energy Policy Council (NEPC)...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 14, 2026

The Middle East conflict has reignited after the US announced plans to reinstate a blockade of Iranian ports and may impose transit fees on...

Krungthai XSpring

Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To "Restructure"

This is a complicated multi-conditional deal - great for GULF bad for INTUCH - which appears to be "done" except for an inter-conditional aspect...

Travis Lundy

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