Daily Brief Singapore: Rubber Future SGX TSR20, Singapore Telecommunications, Hirose Tusyo Inc, Riverstone and more

 Highlights

• April exports plunge 31% from March 2026 levels

• China imports from Thailand fall 47% month-on-month

• Wintering supports prices despite weak global demand

• From over 224,000 tons in March 2026, overall exports dropped to just over 155,000 tons in April 2026.

• Singtel is an underappreciated global telco, with EPS growth above GDP, and DY consistently above market average. This is the steady blue-chip you can bet your house. 
• Three pillars to our investment thesis: (1) earnings growth – 7-8% p.a.; (2) dividend yield of ~4.2% at 55% payout; and (3) share buyback of S$2bn buyback over 3-years.
• Our fair value of S$4.91 -derived from SOTP & 10% hold-co discount implies a 11% UPSIDE potential from current market price plus a 4.2% dividend yield. 

• Hirose Tusyo Inc. launched its electronic FX trading engine in SGX FX’s SG1 data centre in Singapore.
• The new engine enhances Hirose’s FX services, offering spot, forwards, swaps, NDFs, metals, and CFDs.
• This deployment aligns with MAS’s vision to establish Singapore as a leading FX hub during Asian trading hours.

• Riverstone Holdings carries approximately RM700 million in net cash with no debt as of 31 March 2026.
• Cleanroom gloves contribute around 70% of Riverstone’s gross profit, despite only 20% of production capacity being allocated to them.
• Riverstone plans to continue paying out approximately 100% of earnings plus a special dividend equal to annual depreciation.