Equity Long-Short

Mo Aziz

Equity Bottom-Up

Singapore Telecommunications / Equity Bottom-Up

<ul>
<li>Underlying NPAT +21% YoY (+27% cc); OpCo EBIT +10%, tracking ahead of FY27 guidance; associates PAT S$543M beat despite S$46M SGD headwind.</li>
<li>Buyback 41% deployed with ~1.1% EPS accretion locked in; asset recycling 75% complete; Nxera on track to double EBITDA by FY28; all capital targets on schedule.</li>
<li>Maintain BULLISH, TP S$4.91 (SOTP, 10% holdco discount); estimates unchanged; 90% of SOTP compounding.</li>
</ul>


Underlying NPAT +21% YoY (+27% cc); OpCo EBIT +10%, tracking ahead of FY27 guidance; associates PAT S$543M beat despite S$46M SGD headwind.
Buyback 41% deployed with ~1.1% EPS accretion locked in; asset recycling 75% complete; Nxera on track to double EBITDA by FY28; all capital targets on schedule.
Maintain BULLISH, TP S$4.91 (SOTP, 10% holdco discount); estimates unchanged; 90% of SOTP compounding.


Singtel (ST SP) Q1FY27: Thesis Confirmed — Associates Beat, Buyback Biting, Nxera Ramping

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Privium fund management identifies Multi-Chem's growth from digital transformation.</li><li>RHB maintains 'neutral' stance on telcos; M1 deal may reduce price erosion.</li><li>JP Morgan: MAS EQDP fund allocation could boost SMIDs' performance.</li></ul>

Privium fund management identifies Multi-Chem's growth from digital transformation.RHB maintains 'neutral' stance on telcos; M1 deal may reduce price erosion.JP Morgan: MAS EQDP fund allocation could boost SMIDs' performance.

Singapore Market Roundup (01-Oct-2026): Privium fund sees Multi-Chem's growth via digital changes.

<ul><li>JP Morgan: MAS's new EQDP fund could boost SMIDs' performance.</li><li>Lim &amp; Tan rates Aedge Group as 'buy' with a target price of 29.5 cents.</li><li>UMS sees more dividend potential after RM450 million placement, says Citi.</li></ul>

JP Morgan: MAS's new EQDP fund could boost SMIDs' performance.Lim &amp; Tan rates Aedge Group as 'buy' with a target price of 29.5 cents.UMS sees more dividend potential after RM450 million placement, says Citi.

Singapore Market Roundup (30-Sep-2026): JP Morgan: MAS's EQDP fund may enhance SMIDs' performance.

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.

<ul><li>In 7M26, over 70 primary-listed companies in Singapore repurchased S$1.9 billion of shares, up from S$1.3 billion in 7M25.</li><li>Singtel led buyback activity, repurchasing 195.3 million shares for S$893.0 million, enhancing EPS and DPS trajectory.</li><li>Geo Energy led July buybacks among new participants, citing undervaluation and long-term growth prospects, repurchasing 5.8 million shares.</li></ul>

In 7M26, over 70 primary-listed companies in Singapore repurchased S$1.9 billion of shares, up from S$1.3 billion in 7M25.Singtel led buyback activity, repurchasing 195.3 million shares for S$893.0 million, enhancing EPS and DPS trajectory.Geo Energy led July buybacks among new participants, citing undervaluation and long-term growth prospects, repurchasing 5.8 million shares.

7M26 Buyback Consideration Reaches S$1.9 Billion

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.</li>
<li>Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.</li>
<li>Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.</li>
</ul>


The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.
Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.
Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.


ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

Singapore

Singapore Telecommunications is Asia's leading communications technology group, providing next-generation communication, 5G, technology services, and infotainment to consumers and businesses. It offers mobile, broadband, TV, fixed-line telephony, IT and network services, data centers, managed cloud, IoT, and cybersecurity solutions. The company is headquartered in Singapore and was founded in 1879.

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Singapore Telecommunications (ST SP)

Singtel (ST SP) Q1FY27: Thesis Confirmed — Associates Beat, Buyback Biting, Nxera Ramping

Q1FY27 beat on all fronts. Associates, EBITDA & buyback delivering. BUY S$4.91. ~22% total return. Bears still watching the wrong 10%.

Mo Aziz

Singapore Market Roundup (01-Oct-2026): Privium fund sees Multi-Chem's growth via digital changes.

Privium sees growth in Multi-Chem from digital transformation. RHB stays 'neutral' on telcos; M1 deal may curb price drops. JP Morgan notes MAS...

Singapore Market Roundup

Singapore Market Roundup (30-Sep-2026): JP Morgan: MAS's EQDP fund may enhance SMIDs' performance.

JP Morgan notes MAS's EQDP fund may enhance SMIDs' performance. Lim & Tan rates Aedge Group a 'buy' at 29.5 cents. UMS shows more dividend...

Singapore Market Roundup

7M26 Buyback Consideration Reaches S$1.9 Billion

In 7M26, over 70 primary-listed companies in Singapore repurchased S$1.9 billion of shares, up from S$1.3 billion in 7M25. Singtel led buyback...

Singapore Exchange Ltd (SGX)

ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

ASEAN positioning shifts as Indonesia loses ground and Malaysia stays weak. Singapore and Thailand attract inflows, while new leaders like ICTSI...

Steven Holden

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