Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Maybank lowers Sembcorp's target price to $5.65 following Alinta deal.</li><li>JPMorgan predicts Singapore equities will hit new highs by 2026 through value initiatives.</li><li>Morningstar boosts SGX fair value to $15, cites strong trading but warns of overvaluation.</li></ul>

Maybank lowers Sembcorp's target price to $5.65 following Alinta deal.JPMorgan predicts Singapore equities will hit new highs by 2026 through value initiatives.Morningstar boosts SGX fair value to $15, cites strong trading but warns of overvaluation.

Singapore Market Roundup (17-Dec-2025): Maybank cuts Sembcorp's target price to $5.65 after

<ul><li>Morningstar lifts SGX fair value to $15, cites strong trading but warns of overvaluation.</li><li>PhillipCapital lowers Sembcorp's TP to $7.10 but keeps 'buy' rating.</li><li>Analysts are optimistic as SGX starts a new growth phase.</li></ul>

Morningstar lifts SGX fair value to $15, cites strong trading but warns of overvaluation.PhillipCapital lowers Sembcorp's TP to $7.10 but keeps 'buy' rating.Analysts are optimistic as SGX starts a new growth phase.

Singapore Market Roundup (16-Dec-2025): Morningstar raises SGX fair value to $15, notes

<ul><li>PhillipCapital lowers Sembcorp’s target price to $7.10, keeps 'buy' rating.</li><li>Analysts are optimistic as SGX starts its new growth phase.</li><li>Morningstar boosts Hongkong Land's fair value to US$7.40 due to real estate fund.</li></ul>

PhillipCapital lowers Sembcorp’s target price to $7.10, keeps 'buy' rating.Analysts are optimistic as SGX starts its new growth phase.Morningstar boosts Hongkong Land's fair value to US$7.40 due to real estate fund.

Singapore Market Roundup (15-Dec-2025): PhillipCapital sets Sembcorp target price at $7.10,

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

<ul>
<li>Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we expected an 8-10% pullback to provide a buying opportunity.</li>
<li>But that all changed last week (4/1/25 Compass and 4/3/25 Int'l Compass), when we downgraded our outlook to bearish/cautious, citing several concerning developments.</li>
<li>Despite the 90-day pause, we remain cautious and we continue to favor defensives as long as the S&amp;P 500 and ACWI-US are below their 200-day MAs.</li>
</ul>


Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we expected an 8-10% pullback to provide a buying opportunity.
But that all changed last week (4/1/25 Compass and 4/3/25 Int'l Compass), when we downgraded our outlook to bearish/cautious, citing several concerning developments.
Despite the 90-day pause, we remain cautious and we continue to favor defensives as long as the S&amp;P 500 and ACWI-US are below their 200-day MAs.


Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

Independent Insight Provider

Kim Peng Ang

<ul>
<li>ASEAN’s strategic growth, digital expansion, and supply chain diversification present unmatched investment opportunities amid global geopolitical shifts. Act now to capitalize on its transformative decade.  </li>
<li>As ASEAN strengthens regional trade and digital infrastructure, it offers resilient, high-margin opportunities for long-term investors seeking diversification and growth in a changing global landscape.  </li>
<li>ASEAN is reshaping the future of Asia’s economy—poised for rapid growth, innovation, and supply chain leadership. Seize this moment for strategic, long-term value creation.</li>
</ul>


ASEAN’s strategic growth, digital expansion, and supply chain diversification present unmatched investment opportunities amid global geopolitical shifts. Act now to capitalize on its transformative decade.  
As ASEAN strengthens regional trade and digital infrastructure, it offers resilient, high-margin opportunities for long-term investors seeking diversification and growth in a changing global landscape.  
ASEAN is reshaping the future of Asia’s economy—poised for rapid growth, innovation, and supply chain leadership. Seize this moment for strategic, long-term value creation.


RCEP: Unlocking ASEAN’s Strategic Potential Amid the U.S.-China Trade Realignment

Singapore

Sembcorp Industries Ltd provides utilities and integrated services for industrial sites such as power, gas, steam, water, wastewater treatment and other on-site services. The Company's businesses also include marine & offshore engineering and urban development comprising industrial parks and business, commercial and residential spaces.

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Sembcorp Industries (SCI SP)

Singapore Market Roundup (17-Dec-2025): Maybank cuts Sembcorp's target price to $5.65 after

Maybank cuts Sembcorp's target price to $5.65. JPMorgan forecasts new highs for Singapore equities by 2026. Morningstar raises SGX fair value to...

Singapore Market Roundup

Singapore Market Roundup (16-Dec-2025): Morningstar raises SGX fair value to $15, notes

Morningstar raises SGX fair value to $15, citing strong trading but warns of overvaluation. PhillipCapital lowers Sembcorp's TP to $7.10, maintains...

Singapore Market Roundup

Singapore Market Roundup (15-Dec-2025): PhillipCapital sets Sembcorp target price at $7.10,

PhillipCapital cuts Sembcorp's target price to $7.10 but maintains a 'buy' rating. Morningstar raises Hongkong Land's fair value to US$7.40 due to...

Singapore Market Roundup

Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

Still Favor Defensives Until Market Dynamics Improve; EURO $STOXX 50 Testing Crucial 5000 Level; Watch for Resistance at $105-$117.69 on $ACWI. Buy...

Vermilion Research

RCEP: Unlocking ASEAN’s Strategic Potential Amid the U.S.-China Trade Realignment

ASEAN insight offers a unique, data-backed perspective that uncovers critical trends that was forgotten and actionable ideas you can't afford to...

Kim Peng Ang

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