Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS downgrades SGX to 'hold' as growth shows signs of tapering off.</li><li>uSmart upgrades Hong Leong Asia to 'buy' following strong 1HFY2026 results.</li><li>uSMART starts ‘buy’ on Toku, setting a target price of 15.1 cents.</li></ul>

DBS downgrades SGX to 'hold' as growth shows signs of tapering off.uSmart upgrades Hong Leong Asia to 'buy' following strong 1HFY2026 results.uSMART starts ‘buy’ on Toku, setting a target price of 15.1 cents.

Singapore Market Roundup (13-Oct-2026): DBS downgrades SGX to 'hold' amid slowing growth.

<ul>
<li>CGSI has a positive outlook on Sembcorp.                                        </li>
<li>Maybank downgrades Sheng Siong to 'hold' with reduced target price.</li>
<li>DBS keeps 'buy' rating on Singtel amid Airtel's postpaid price hike.</li>
</ul>


CGSI has a positive outlook on Sembcorp.                                        
Maybank downgrades Sheng Siong to 'hold' with reduced target price.
DBS keeps 'buy' rating on Singtel amid Airtel's postpaid price hike.


Singapore Market Roundup (09-Oct-2026): CGSI is optimistic about Sembcorp.

<ul><li>UOBKH maintains 'buy' on United Hampshire US REIT amid retail sector revival.</li><li>Phillip Securities initiates 'buy' rating for JEP at 83 cents.</li><li>JP Morgan recommends reducing DBS and OCBC holdings, favoring UOB instead.</li></ul>

UOBKH maintains 'buy' on United Hampshire US REIT amid retail sector revival.Phillip Securities initiates 'buy' rating for JEP at 83 cents.JP Morgan recommends reducing DBS and OCBC holdings, favoring UOB instead.

Singapore Market Roundup (08-Oct-2026): UOBKH keeps 'buy' on United Hampshire US REIT as retail

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Malaysia's PE and P/BV are at significant discounts to their long-term means. Thailand is at a small discount. Indonesia and Philippines are at very large discounts to their long-term averages.</li>
<li>Singapore's PE and P/BV are at large premiums to long-term averages. Despite the improvement in governance and high dividend yield, they don't seem justified by forward EPS growth and ROE.</li>
<li>In the near term, Indonesia, Philippines, Malaysia could rerate. However, "higher for longer" US yields could prevent significant rerating of the first two. Thai valuations could stay flat for now.</li>
</ul>


Malaysia's PE and P/BV are at significant discounts to their long-term means. Thailand is at a small discount. Indonesia and Philippines are at very large discounts to their long-term averages.
Singapore's PE and P/BV are at large premiums to long-term averages. Despite the improvement in governance and high dividend yield, they don't seem justified by forward EPS growth and ROE.
In the near term, Indonesia, Philippines, Malaysia could rerate. However, "higher for longer" US yields could prevent significant rerating of the first two. Thai valuations could stay flat for now.


Asian Equities: Valuations in ASEAN Markets Are More Divergent than Rest of Asia

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Since the last rebalancing on 30th January, our portfolio appreciated 3.4% against MSCI Asia-ex-Japan's 1%. Since inception on May 15, 2025, our portfolio has appreciated 35.8%, vs MXASJ's 32.8%. </li>
<li>Since last reshuffle, the portfolio was driven by Korea (2.57% return contribution), Taiwan (1.3%) and India (0.75%). Four Chinese internet stocks, Alibaba, Tencent, Tencent Music and Netease, contributed -1.97% return.</li>
<li>We now exclude Dr Lal Pathlabs in India and include Tata Steel. We also include Maybank in Malaysia. All our inclusions have seen sharp EPS estimate upgrades lately.</li>
</ul>


Since the last rebalancing on 30th January, our portfolio appreciated 3.4% against MSCI Asia-ex-Japan's 1%. Since inception on May 15, 2025, our portfolio has appreciated 35.8%, vs MXASJ's 32.8%. 
Since last reshuffle, the portfolio was driven by Korea (2.57% return contribution), Taiwan (1.3%) and India (0.75%). Four Chinese internet stocks, Alibaba, Tencent, Tencent Music and Netease, contributed -1.97% return.
We now exclude Dr Lal Pathlabs in India and include Tata Steel. We also include Maybank in Malaysia. All our inclusions have seen sharp EPS estimate upgrades lately.


Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

Malaysia

Malayan Banking Berhad operates as a bank. The Company provides financial services such as insurance, asset management, stock broking, nominee services, venture capital, leasing, and Internet banking. Malayan Banking Berhad serves customers in South East Asia.

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Maybank (MAY MK)

Singapore Market Roundup (13-Oct-2026): DBS downgrades SGX to 'hold' amid slowing growth.

DBS downgrades SGX to 'hold' amid slowing growth; uSMART upgrades Hong Leong Asia to 'buy' after strong 1HFY2026 results and starts 'buy' on Toku...

Singapore Market Roundup

Singapore Market Roundup (09-Oct-2026): CGSI is optimistic about Sembcorp.

CGSI is optimistic about Sembcorp. Maybank downgrades Sheng Siong to 'hold' with a lower target price, while DBS maintains a 'buy' rating on Singtel.

Singapore Market Roundup

Singapore Market Roundup (08-Oct-2026): UOBKH keeps 'buy' on United Hampshire US REIT as retail

UOBKH keeps 'buy' on United Hampshire US REIT; Phillip Securities starts 'buy' on JEP at 83 cents; JP Morgan advises reducing DBS and OCBC, prefers...

Singapore Market Roundup

Asian Equities: Valuations in ASEAN Markets Are More Divergent than Rest of Asia

ASEAN valuations are divergent. MY & TH at moderate discounts to long-term means. ID & PH at large discounts; SG at a large premium. MY, ID, PH...

Manishi Raychaudhuri

Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Market Roundup (13-Oct-2026): DBS downgrades SGX to 'hold' amid slowing growth.

DBS downgrades SGX to 'hold' amid slowing growth; uSMART upgrades Hong Leong Asia to 'buy' after strong 1HFY2026 results and starts 'buy' on Toku...

Singapore Market Roundup

Singapore Market Roundup (09-Oct-2026): CGSI is optimistic about Sembcorp.

CGSI is optimistic about Sembcorp. Maybank downgrades Sheng Siong to 'hold' with a lower target price, while DBS maintains a 'buy' rating on Singtel.

Singapore Market Roundup

Singapore Market Roundup (08-Oct-2026): UOBKH keeps 'buy' on United Hampshire US REIT as retail

UOBKH keeps 'buy' on United Hampshire US REIT; Phillip Securities starts 'buy' on JEP at 83 cents; JP Morgan advises reducing DBS and OCBC, prefers...

Singapore Market Roundup

Asian Equities: Valuations in ASEAN Markets Are More Divergent than Rest of Asia

ASEAN valuations are divergent. MY & TH at moderate discounts to long-term means. ID & PH at large discounts; SG at a large premium. MY, ID, PH...

Manishi Raychaudhuri

Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

​Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...

Manishi Raychaudhuri

Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...