Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Yoma Strategic's core earnings and cash flow come from its property business, says PhillipCapital.</li><li>Macquarie upgrades Sembcorp to 'outperform' and raises price target.</li><li>PhillipCapital downgrades Sats to 'neutral' but raises TP after removing exemption.</li></ul>

Yoma Strategic's core earnings and cash flow come from its property business, says PhillipCapital.Macquarie upgrades Sembcorp to 'outperform' and raises price target.PhillipCapital downgrades Sats to 'neutral' but raises TP after removing exemption.

Singapore Market Roundup (19-Dec-2025): Yoma Strategic's earnings stem from its property business.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>The Reserve Bank of Australia (RBA) meets on <strong>Tuesday, 29 September 2026,</strong> with a rate decision due at <strong>14:30h AEST. </strong>
</li>
<li>Inflation remains well above the RBA’s target band. Markets expect a hike at this meeting and further increases through mid-2027.</li>
<li>Australian equities have historically shown little unusual movement after anticipated hikes, while banks have tended to underperform the broader market.</li>
</ul>


The Reserve Bank of Australia (RBA) meets on Tuesday, 29 September 2026, with a rate decision due at 14:30h AEST. 

Inflation remains well above the RBA’s target band. Markets expect a hike at this meeting and further increases through mid-2027.
Australian equities have historically shown little unusual movement after anticipated hikes, while banks have tended to underperform the broader market.


RBA Decision on 29 September: History Suggests Bank Underperformance

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>A key obstacle to developing Strike Energy&rsquo;s flagship West Erregulla project has been removed, while the company&rsquo;s funding position has strengthened.</li><li> Strike Energy&rsquo;s West Erregulla development takes shape A true &lsquo;win-win&rsquo; agreement with Hancock, Macquarie suggests Funding pressures ease/capital raise potentially deferred De-risked Strike Energy might now find broader appeal</li></ul>

A key obstacle to developing Strike Energy&rsquo;s flagship West Erregulla project has been removed, while the company&rsquo;s funding position has strengthened. Strike Energy&rsquo;s West Erregulla development takes shape A true &lsquo;win-win&rsquo; agreement with Hancock, Macquarie suggests Funding pressures ease/capital raise potentially deferred De-risked Strike Energy might now find broader appeal

Hancock Deal Reshapes Strike Energy's Outlook

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Royal Bank Of Canada / Technical Analysis

<ul>
<li>The SPX is breaking out after several months of consolidation. Same with the MSCI ACWI index. We are upgrading our outlook on global equities (MSCI ACWI) to bullish.</li>
<li>Breakouts could mean other countries are getting ready to break out, but the U.S. (S&amp;P 500) remains our only country overweight</li>
<li>Moreover, major indexes in the next two largest global equity markets (Europe and Japan) remain below critical resistances of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX.</li>
</ul>


The SPX is breaking out after several months of consolidation. Same with the MSCI ACWI index. We are upgrading our outlook on global equities (MSCI ACWI) to bullish.
Breakouts could mean other countries are getting ready to break out, but the U.S. (S&amp;P 500) remains our only country overweight
Moreover, major indexes in the next two largest global equity markets (Europe and Japan) remain below critical resistances of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX.


S&P 500 and MSCI ACWI Breaking Out; Upgrading MSCI ACWI to Bullish; Buys in Services, Financials

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Credit growth is persistently weak in Australia, and this is as good of a sign as any, of weak demand or / and worsening credit metrics. </li>
<li>Many other figures at the macro level point to weakness ahead (and now) for Australia's banks even if credit costs appear low.</li>
<li>WBC data on stressed corporate exposures shows all too well how migration can impact bad loans. BEN shows this too, with mortgage loans.</li>
</ul>


Credit growth is persistently weak in Australia, and this is as good of a sign as any, of weak demand or / and worsening credit metrics. 
Many other figures at the macro level point to weakness ahead (and now) for Australia's banks even if credit costs appear low.
WBC data on stressed corporate exposures shows all too well how migration can impact bad loans. BEN shows this too, with mortgage loans.


Australia Banks - Loan Growth Flat Line, Negative Building Approvals, WBC Credit Metrics Concerning

Australia

Macquarie Group Ltd. offers banking, financial advisory, investment and funds management services.  The Company offers financial advice, cash management, wealth management and private banking, life insurance, securities brokerage, corporate debt financing, real estate funds management, real estate development financing, investment funds management, and foreign exchange services.

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Macquarie Group (MQG AU)

Singapore Market Roundup (19-Dec-2025): Yoma Strategic's earnings stem from its property business.

Yoma Strategic's earnings stem from property, while Macquarie upgrades Sembcorp to 'outperform.' PhillipCapital downgrades Sats to 'neutral' but...

Singapore Market Roundup

RBA Decision on 29 September: History Suggests Bank Underperformance

Markets expect the RBA to raise rates on 29 September. Past anticipated hikes have left the broader market little changed, while banks have tended...

Gaudenz Schneider

Hancock Deal Reshapes Strike Energy's Outlook

A key obstacle to developing Strike Energy’s flagship West Erregulla project has been removed, while the company’s funding position has...

FNArena

S&P 500 and MSCI ACWI Breaking Out; Upgrading MSCI ACWI to Bullish; Buys in Services, Financials

$SPX and MSCI $ACWI Breaking Out; Upgrading Outlook on ACWI and SPX to Bullish as of last Fridays close above 5783; Buys in Services, Financials;...

Vermilion Research

Australia Banks - Loan Growth Flat Line, Negative Building Approvals, WBC Credit Metrics Concerning

Loan growth flat lining for a long time in Australia, with highly negative growth rates for building approvals, and WBC and BEN showing weakening...

Daniel Tabbush

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