Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>BofA increases SGX target price to $20.50, citing full valuations.</li><li>OCBC's Lim keeps 'hold' on First REIT amid $471.6 million divestment plan.</li><li>UOB KayHian maintains 'buy' on United Hampshire US REIT as Gen Z boosts retail.</li></ul>

BofA increases SGX target price to $20.50, citing full valuations.OCBC's Lim keeps 'hold' on First REIT amid $471.6 million divestment plan.UOB KayHian maintains 'buy' on United Hampshire US REIT as Gen Z boosts retail.

Singapore Market Roundup (02-Apr-2026): BofA raises SGX target price to $20.50 on valuations.

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>Hospitals: 3Q25 patient vol. improved yoy from a low 3Q24 base; 9M25 in line with our (77%) but may miss cons (68%), HEAL &amp; SILO drags.</li><li>Pharma: 9M25 likely in line with our/cons (73%/71%), despite softer 3Q25 margins post-strong 1H25 from controlled input costs and opex.</li><li>Maintain OW rating on defensive growth outlook amid weak macro headwinds. Top Picks: MIKA and KLBF.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hospitals: 3Q25 patient vol. improved yoy from a low 3Q24 base; 9M25 in line with our (77%) but may miss cons (68%), HEAL &amp; SILO drags.Pharma: 9M25 likely in line with our/cons (73%/71%), despite softer 3Q25 margins post-strong 1H25 from controlled input costs and opex.Maintain OW rating on defensive growth outlook amid weak macro headwinds. Top Picks: MIKA and KLBF.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare: 3Q25 Preview: Hospitals Soft Vs. Consensus, Pharma Stable

<ul><li>We expect in-line 1H25 earnings for hospitals despite an est. -7% yoy core profit due to macro headwinds and tighter BPJS.</li><li>We also expect Pharma’s 1H25 earnings to be in-line with 54% run-rate, with KLBF’s intact cost-efficiency, potential quarterly rebound in SIDO.</li><li>Maintain OW rating on defensive growth outlook amid weak macro headwinds. Top Picks: MIKA and KLBF.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect in-line 1H25 earnings for hospitals despite an est. -7% yoy core profit due to macro headwinds and tighter BPJS.We also expect Pharma’s 1H25 earnings to be in-line with 54% run-rate, with KLBF’s intact cost-efficiency, potential quarterly rebound in SIDO.Maintain OW rating on defensive growth outlook amid weak macro headwinds. Top Picks: MIKA and KLBF.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare: 2Q25 Preview: Defensive Profile Intact Despite Growth Normalization

<ul><li>MOH postponed KRIS until Dec25 due to equipment and space hurdles. Meanwhile, iDRG and new BPJS tariff are in finalization stage. </li><li>High claim ratio in BPJS/ private insurance are addressed through changes in referral and capitation scheme/ co-payment regulation.</li><li>We prefer names with stronger private patient base to overcome ST headwinds of high claim ratio operating environment. MIKA&gt;HEAL&gt;SILO</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MOH postponed KRIS until Dec25 due to equipment and space hurdles. Meanwhile, iDRG and new BPJS tariff are in finalization stage. High claim ratio in BPJS/ private insurance are addressed through changes in referral and capitation scheme/ co-payment regulation.We prefer names with stronger private patient base to overcome ST headwinds of high claim ratio operating environment. MIKA&gt;HEAL&gt;SILOContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare: Updates on KRIS and Co-Payment Regulation (OVERWEIGHT)

Macroeconomics

<ul><li>Market review: JCI performed in line with the regional markets, down - 0.5% w-w.</li><li>Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).</li><li>JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market review: JCI performed in line with the regional markets, down - 0.5% w-w.Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the Week – JCI Index, IDX80, and LQ45 12mos Performance

Indonesia

Siloam International Hospitals is Indonesia's largest private hospital network, operating over 41 hospitals and numerous clinics across various provinces. The company offers an integrated healthcare ecosystem, providing comprehensive medical services including general and specialized treatments, emergency care, and health education, with centers of excellence in areas like oncology and neurosurgery. Headquartered in Tangerang, Indonesia, the company was founded on August 3, 1996.

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Siloam International Hospitals (SILO IJ)

Singapore Market Roundup (02-Apr-2026): BofA raises SGX target price to $20.50 on valuations.

BofA raises SGX target price to $20.50; OCBC's Lim holds 'hold' on First REIT amid $471.6M divestment; UOB KayHian maintains 'buy' on United...

Singapore Market Roundup

Healthcare: 3Q25 Preview: Hospitals Soft Vs. Consensus, Pharma Stable

Hospitals: 3Q25 patient vol. improved yoy from a low 3Q24 base; 9M25 in line with our (77%) but may miss cons (68%), HEAL & SILO drags.

BRI Danareksa Research

Healthcare: 2Q25 Preview: Defensive Profile Intact Despite Growth Normalization

We also expect Pharma’s 1H25 earnings to be in-line with 54% run-rate, with KLBF’s intact cost-efficiency, potential quarterly rebound in SIDO.

BRI Danareksa Research

Healthcare: Updates on KRIS and Co-Payment Regulation (OVERWEIGHT)

MOH postponed KRIS until Dec25 due to equipment and space hurdles. Meanwhile, iDRG and new BPJS tariff are in finalization stage.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – JCI Index, IDX80, and LQ45 12mos Performance

We expect investors to be focusing on domestic-sector growth momentum, with potential catalysts from the boost in government’s fiscal stimulus to...

BRI Danareksa Research

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