Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>RHB and DBS maintain 'neutral' outlook on Wilmar despite strong 2QFY2026 results.</li>
<li>Analysts remain optimistic about Frencken's outlook for the strong second half.</li>
<li>Analysts remain optimistic on Singtel after 1QFY2027 earnings exceeded forecasts.</li>
</ul>


RHB and DBS maintain 'neutral' outlook on Wilmar despite strong 2QFY2026 results.
Analysts remain optimistic about Frencken's outlook for the strong second half.
Analysts remain optimistic on Singtel after 1QFY2027 earnings exceeded forecasts.


Singapore Market Roundup (14-Aug-2026): RHB and DBS keep 'neutral' stance on Wilmar after strong

<ul><li>Broker's Digest: Hongkong Land, Apac Realty, Lum Chang, Jardine C&amp;C, UI Boustead REIT</li><li>JP Morgan's initial take: strong beat, raised guidance, but big 3x book discounts.</li><li>Tuan Sing's net profit fell 75% year-on-year in 1HFY2026.</li></ul>

Broker's Digest: Hongkong Land, Apac Realty, Lum Chang, Jardine C&amp;C, UI Boustead REITJP Morgan's initial take: strong beat, raised guidance, but big 3x book discounts.Tuan Sing's net profit fell 75% year-on-year in 1HFY2026.

Singapore Market Roundup (07-Aug-2026): Broker's Digest: Hongkong Land, Apac Realty, Lum Chang,

<ul><li>Solid beat, raised guidance, but 3x book discounts significantly: JP Morgan.</li><li>RHB raises Lum Chang Creations' target price to 59 cents after contract win.</li><li>Pang of DBS upholds 'buy' rating and $35.50 target on Jardine C&amp;C.</li></ul>

Solid beat, raised guidance, but 3x book discounts significantly: JP Morgan.RHB raises Lum Chang Creations' target price to 59 cents after contract win.Pang of DBS upholds 'buy' rating and $35.50 target on Jardine C&amp;C.

Singapore Market Roundup (06-Aug-2026): Solid beat, raised guidance, but 3x book discounts: JP

<ul><li>RHB raises Lum Chang Creations' target price to 59 cents after contract win.</li><li>DBS keeps 'buy' rating and $35.50 target price on Jardine C&amp;C.</li><li>Analysts stay positive on UI Boustead REIT despite NPI miss.</li></ul>

RHB raises Lum Chang Creations' target price to 59 cents after contract win.DBS keeps 'buy' rating and $35.50 target price on Jardine C&amp;C.Analysts stay positive on UI Boustead REIT despite NPI miss.

Singapore Market Roundup (05-Aug-2026): RHB increases Lum Chang Creations' target price to 59

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Concurrent with the sale of 13 floors of OCB to <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba</a>, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> announced on the 17th October an Offer for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a>'s minorities at US$3.35/share.</li>
<li>This is a clean, full, "dull" Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.</li>
<li>Proceeds from the OCB sale will be US$925mn. And taking out MAND's minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson's stub ops. </li>
</ul>


Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) announced on the 17th October an Offer for Mandarin Oriental (MAND SP)'s minorities at US$3.35/share.
This is a clean, full, "dull" Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.
Proceeds from the OCB sale will be US$925mn. And taking out MAND's minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson's stub ops. 


Jardine Matheson's Underperformance Post Mandarin Offer

Bermuda

Jardine Matheson is a diversified, Asia-focused multinational conglomerate with interests spanning motor vehicles, property investment and development, retail, hotels, engineering, construction, and financial services. It operates through a portfolio of market-leading businesses across Asia. The company was founded in 1832 and is headquartered in Hong Kong.

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Jardine Matheson (JM SP)

Singapore Market Roundup (14-Aug-2026): RHB and DBS keep 'neutral' stance on Wilmar after strong

RHB and DBS keep a 'neutral' outlook on Wilmar despite strong 2QFY2026 results, while analysts are optimistic about Frencken and Singtel's earnings.

Singapore Market Roundup

Singapore Market Roundup (07-Aug-2026): Broker's Digest: Hongkong Land, Apac Realty, Lum Chang,

Broker's Digest: Hongkong Land, Apac Realty, Lum Chang, Jardine C&C, UI Boustead REIT. JP Morgan notes strong performance but 3x book discounts....

Singapore Market Roundup

Singapore Market Roundup (06-Aug-2026): Solid beat, raised guidance, but 3x book discounts: JP

JP Morgan notes solid beat but 3x book discounts. RHB raises Lum Chang Creations' target to 59 cents. DBS maintains 'buy' on Jardine C&C with...

Singapore Market Roundup

Singapore Market Roundup (05-Aug-2026): RHB increases Lum Chang Creations' target price to 59

RHB raises Lum Chang Creations' target to 59 cents post-contract win. DBS maintains 'buy' on Jardine C&C at $35.50. Analysts remain positive on UI...

Singapore Market Roundup

Jardine Matheson's Underperformance Post Mandarin Offer

Proceeds from the OCB sale will be US$925mn. And taking out MAND minorities will cost Matheson ~US$1bn. Yet the market is now assigning US$2.1bn...

David Blennerhassett

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