Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>DBS and UOB Kay Hian increase target prices for NTT DC REIT.       </li>
<li>OCBC's Lim holds 'hold' on SingPost, expects operational improvements.</li>
<li>ST Engineering's 1QFY2026 earnings rise over 15% year-on-year.</li>
</ul>


DBS and UOB Kay Hian increase target prices for NTT DC REIT.       
OCBC's Lim holds 'hold' on SingPost, expects operational improvements.
ST Engineering's 1QFY2026 earnings rise over 15% year-on-year.


Singapore Market Roundup (18-May-2026): DBS, UOB Kay Hian raise target prices for NTT DC REIT.

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul><li>Defence technology, surveillance and security systems exposure on SGX is real, but narrow.</li><li>The theme is not a pure drone screen and not a broad defence-stock screen. It covers systems used to detect, monitor, communicate, coordinate and respond across defence, public safety, airspace, ports and critical infrastructure.</li><li>The listed map has one broad anchor, several narrower operating routes and a small watchlist of boundary names. </li></ul>

Defence technology, surveillance and security systems exposure on SGX is real, but narrow.The theme is not a pure drone screen and not a broad defence-stock screen. It covers systems used to detect, monitor, communicate, coordinate and respond across defence, public safety, airspace, ports and critical infrastructure.The listed map has one broad anchor, several narrower operating routes and a small watchlist of boundary names. 

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.</li><li>Management also provided a positive outlook, noting that cost pressures from the Middle East situation remain limited.</li><li>At the same time, we recommend opening positions in AMD80, ASML01, and GOOG80, which are DRs linked to leading global technology stocks.</li></ul>

We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.Management also provided a positive outlook, noting that cost pressures from the Middle East situation remain limited.At the same time, we recommend opening positions in AMD80, ASML01, and GOOG80, which are DRs linked to leading global technology stocks.

KTX TACTICAL DR PICKS - April 16, 2026 (Eng.)

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.</li>
<li>Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.</li>
<li>The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.</li>
</ul>


The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.
Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.
The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.


Asian Alpha Hedge Portfolio (March, 2026)

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.

<ul>
<li>Asia-Ex-Japan is down 10% since the war started. The underperformers, Korea, Indonesia, India, Philippines and Thailand, have high import dependence on energy or, significant current account and fiscal deficits.</li>
<li>Myriad concerns impact Asian markets: energy and industrial input shortage, energy price shock driving inflation expectations and demand destruction, and higher energy prices hurting current accounts and fiscal balances. </li>
<li>Oil exploration, defense, green energy and the high dividend yield cash proxies seem to be the only safe spots in this tumultuous environment. These sectors have understandably generated positive returns.</li>
</ul>


Asia-Ex-Japan is down 10% since the war started. The underperformers, Korea, Indonesia, India, Philippines and Thailand, have high import dependence on energy or, significant current account and fiscal deficits.
Myriad concerns impact Asian markets: energy and industrial input shortage, energy price shock driving inflation expectations and demand destruction, and higher energy prices hurting current accounts and fiscal balances. 
Oil exploration, defense, green energy and the high dividend yield cash proxies seem to be the only safe spots in this tumultuous environment. These sectors have understandably generated positive returns.


Asian Equities: Market Movements Reflect Macro Risks

Singapore

Singapore Technologies Engineering is a Singapore-based multinational technology, defense, and engineering group. It offers a diverse portfolio of solutions across commercial aerospace (maintenance, repair, and overhaul, freighter conversions), urban solutions & satcom (smart mobility, utilities, infrastructure, satellite communication), and defense & public security (public safety, security, critical information infrastructure, land systems, marine, digital systems, and cyber solutions). The company is headquartered in Singapore and was formed in 1997.

Singapore Technologies Engineering (STE SP)

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Singapore Technologies Engineering (STE SP)

Singapore Market Roundup (18-May-2026): DBS, UOB Kay Hian raise target prices for NTT DC REIT.

DBS and UOB Kay Hian raise target prices for NTT DC REIT. OCBC's Lim maintains 'hold' on SingPost, anticipating operational gains. ST Engineering's...

Singapore Market Roundup

Singapore Defence and Security Systems

Defence technology, surveillance and security systems exposure on SGX is real, but narrow. The theme is not a pure drone screen and not a broad...

ICAM

KTX TACTICAL DR PICKS - April 16, 2026 (Eng.)

We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.

Krungthai XSpring

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

Asian Equities: Market Movements Reflect Macro Risks

Asian markets especially KR, ID, IN, PH & TH, are weak due to high energy imports or significant deficits. Oil exploration, defense, green energy...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Market Roundup (18-May-2026): DBS, UOB Kay Hian raise target prices for NTT DC REIT.

DBS and UOB Kay Hian raise target prices for NTT DC REIT. OCBC's Lim maintains 'hold' on SingPost, anticipating operational gains. ST Engineering's...

Singapore Market Roundup

Singapore Defence and Security Systems

Defence technology, surveillance and security systems exposure on SGX is real, but narrow. The theme is not a pure drone screen and not a broad...

ICAM

KTX TACTICAL DR PICKS - April 16, 2026 (Eng.)

We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.

Krungthai XSpring

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

Asian Equities: Market Movements Reflect Macro Risks

​Asian markets especially KR, ID, IN, PH & TH, are weak due to high energy imports or significant deficits. Oil exploration, defense, green energy...

Manishi Raychaudhuri

Asian markets especially KR, ID, IN, PH & TH, are weak due to high energy imports or significant deficits. Oil exploration, defense, green energy...