Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Loh of OCBC favors pawnbroking, with MoneyMax as the top choice.</li><li>uSmart issues 'hold' rating on Azeus Systems with a target price of $9.45.</li><li>Jefferies begins coverage on Singapore banks, targets DBS at $91.</li></ul>

Loh of OCBC favors pawnbroking, with MoneyMax as the top choice.uSmart issues 'hold' rating on Azeus Systems with a target price of $9.45.Jefferies begins coverage on Singapore banks, targets DBS at $91.

Singapore Market Roundup (23-Sep-2026): Loh of OCBC prefers MoneyMax for pawnbroking.

<ul><li>uSmart starts coverage of Azeus Systems with a 'hold' rating, target $9.45.</li><li>Jefferies starts coverage on Singapore banks, targets DBS at $91.</li><li>KGI keeps Q&amp;M Dental at 'outperform' due to disciplined growth.</li></ul>

uSmart starts coverage of Azeus Systems with a 'hold' rating, target $9.45.Jefferies starts coverage on Singapore banks, targets DBS at $91.KGI keeps Q&amp;M Dental at 'outperform' due to disciplined growth.

Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with 'hold', target $9.45.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Combined 1Q26 non-interest income for DBS, OCBC, and UOB reached S$5.16 billion, accounting for 39% of total income.</li><li>The trio reported 1Q26 net interest income of S$8.04 billion, marking the fourteenth consecutive quarter above S$8.0 billion.</li><li>Asset quality remained stable with unchanged NPL ratios in 1Q26, supported by low NPA formation and disciplined provisioning.</li></ul>

Combined 1Q26 non-interest income for DBS, OCBC, and UOB reached S$5.16 billion, accounting for 39% of total income.The trio reported 1Q26 net interest income of S$8.04 billion, marking the fourteenth consecutive quarter above S$8.0 billion.Asset quality remained stable with unchanged NPL ratios in 1Q26, supported by low NPA formation and disciplined provisioning.

<ul><li>Over 50 primary-listed Singapore stocks repurchased S$911M in shares in 4M26, up from S$750M in 4M25.</li><li>Singtel, OCBC, and Keppel led buybacks with a combined S$636M, while non-STI stocks contributed S$28.5M.</li><li>Hong Lai Huat repurchased 35.3M shares, 6.8% of capital, with FY25 buybacks at S$0.086 per share.</li></ul>

Over 50 primary-listed Singapore stocks repurchased S$911M in shares in 4M26, up from S$750M in 4M25.Singtel, OCBC, and Keppel led buybacks with a combined S$636M, while non-STI stocks contributed S$28.5M.Hong Lai Huat repurchased 35.3M shares, 6.8% of capital, with FY25 buybacks at S$0.086 per share.

Buyback Consideration Surpasses S$900M in Early 2026

<ul><li>RHB sees Raffles Medical's 52-week low as a buying opportunity.</li><li>Citi starts 'buy/high risk' rating on SMID global leader CSE Global.</li><li>Maybank's Seet is bullish on Frencken, lowers target price after $100M placement.</li></ul>

RHB sees Raffles Medical's 52-week low as a buying opportunity.Citi starts 'buy/high risk' rating on SMID global leader CSE Global.Maybank's Seet is bullish on Frencken, lowers target price after $100M placement.

Singapore Market Roundup (10-Sep-2026): RHB views Raffles Medical's 52-week low as a buy signal.

Singapore

OCBC Bank is a Singaporean multinational banking and financial services corporation. It offers a comprehensive suite of services including consumer, corporate, investment, and private banking, alongside insurance, asset management, and stockbroking. The company is headquartered in Singapore and was founded on October 31, 1932.

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OCBC Bank (OCBC SP)

Singapore Market Roundup (23-Sep-2026): Loh of OCBC prefers MoneyMax for pawnbroking.

Loh of OCBC prefers pawnbroking, naming MoneyMax as the top pick. uSmart rates Azeus Systems 'hold' with a $9.45 target; Jefferies targets DBS at $91.

Singapore Market Roundup

Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with 'hold', target $9.45.

uSmart rates Azeus Systems 'hold' with a target of $9.45. Jefferies targets DBS at $91, while KGI rates Q&M Dental 'outperform' for its growth.

Singapore Market Roundup

STI Banks Beat 1Q26 on Strong NOII

Combined 1Q26 non-interest income for DBS, OCBC, and UOB reached S$5.16 billion, accounting for 39% of total income. The trio reported 1Q26 net...

Singapore Exchange Ltd (SGX)

Buyback Consideration Surpasses S$900M in Early 2026

Over 50 primary-listed Singapore stocks repurchased S$911M in shares in 4M26, up from S$750M in 4M25. Singtel, OCBC, and Keppel led buybacks with...

Singapore Exchange Ltd (SGX)

Singapore Market Roundup (10-Sep-2026): RHB views Raffles Medical's 52-week low as a buy signal.

RHB views Raffles Medical's 52-week low as a buying chance. Citi gives a 'buy/high risk' rating to CSE Global, while Maybank's Seet is bullish on...

Singapore Market Roundup

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