Strategic Alliance
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Strategic Alliance
Strategic alliances present a compelling strategy for businesses to harness their collective strengths, expand their reach, and unlock financial synergies. These collaborative efforts allow companies to mitigate risks, share costs, and tap into new markets, ultimately enhancing their competitive edge. As the global business landscape continues to evolve, strategic alliances are likely to play an increasingly pivotal role in shaping successful enterprises, driving growth and innovation in tandem. This powerful collaborative strategy enables businesses to pool resources, expertise, and market reach to achieve mutual goals, often resulting in enhanced financial outcomes.
What is a strategic alliance?
A strategic alliance is a dynamic and collaborative partnership formed between two or more companies, each contributing their unique strengths and resources to achieve shared objectives. Unlike mergers or acquisitions that involve complete integration, strategic alliances allow participating firms to maintain their independence while leveraging combined expertise for mutual benefit.
In this arrangement, companies recognise that by pooling their strengths, whether in technology, distribution networks, or market insights, they can create a formidable competitive advantage. Such alliances can take various forms, such as joint ventures, equity partnerships, or technology-sharing agreements. The aim is to tap into each other’s strengths to bolster growth, innovation, and financial performance.
Understanding strategic alliances
At its core, a strategic alliance is all about leveraging complementary strengths to create a competitive advantage. These alliances can range from informal partnerships to formal contractual agreements. The key is that each partner brings something valuable to the table that the others can benefit from. This could be anything from technical expertise and manufacturing capabilities to market access and brand recognition.
Understanding strategic alliances empowers businesses to collaborate intelligently, forging partnerships that transcend borders and drive success on a global scale. As industries continue to evolve in these dynamic markets, harnessing the potential of strategic alliances can be the key to unlocking mutual growth.
Types of strategic alliances
Strategic alliances come in various forms, each serving a unique purpose:
- Joint ventures: In a joint venture, two or more companies create a separate legal entity to pursue a specific business goal. This entity is jointly owned and managed, allowing for shared profits and risks.
- Equity alliances: Equity alliances encompass scenarios where one company invests in another, acquiring a stake in the partner firm. This approach often leads to technology exchange, access to new markets, and expanded capabilities.
- Non-equity alliances: Non-equity alliances involve collaboration without the exchange of ownership stakes. These alliances focus on sharing expertise, resources, and knowledge. Non-equity alliances resonate with audiences, as they emphasise innovation, research, and development.
- Distribution alliances: Distribution alliances are common in markets. They involve companies partnering to leverage existing distribution networks, expanding their reach and market penetration. These alliances resonate with audiences as they enable companies to offer a wider range of products and services.
- Technology alliances: In technology-driven industries, alliances centred on sharing technical expertise and resources thrive. These alliances foster innovation, accelerated product development, and cost-efficient R&D.
Advantages of strategic alliances
Strategic alliances offer a host of benefits that can positively impact a company’s financial performance:
- Risk-sharing: By sharing resources and responsibilities, companies can mitigate individual risks associated with market fluctuations, regulatory changes, or economic downturns.
- Cost-efficiency: Strategic alliances enable resource sharing, leading to reduced costs in areas such as research, development, marketing, and manufacturing. This cost-optimisation is especially relevant in the competitive landscapes of both countries.
- Access to new markets: Strategic alliances allow companies to enter new markets, often utilising the local partner’s knowledge and network to navigate unfamiliar territories.
- Technology exchange: Collaboration often leads to the exchange of technical expertise, allowing companies to leverage each other’s strengths for accelerated innovation and improved product development.
- Global expansion: The strategic alliance model facilitates international growth by leveraging partners’ local knowledge and distribution channels, making it easier to navigate foreign regulatory frameworks and consumer preferences.
- Shared expertise: Collaborative efforts often bring together experts from diverse backgrounds, enabling cross-pollination of ideas and best practices, leading to improved decision-making and operational efficiency.
- Brand strengthening: Partnering with reputable companies enhances a brand’s credibility and visibility, allowing it to tap into partner’s established customer base, which is crucial in highly competitive markets.
Examples of strategic alliance
Several prominent examples illustrate the power of strategic alliances:
Starbucks and Spotify: A perfect blend of coffee and music, Starbucks and Spotify teamed up to create an immersive in-store experience. This strategic alliance enhances customers’ visits by letting them influence the playlist in Starbucks outlets through the Spotify app. This resonates with consumers’ love for personalised experiences and the synergy between entertainment and leisure.
Nissan and Renault: The global automotive landscape witnessed the powerful strategic alliance between Nissan and Renault. This collaboration allowed both companies to share technological advancements, manufacturing facilities, and distribution networks. The successful integration of these two major players showcases how strategic alliances can transcend geographical boundaries for mutual growth.
Apple and Nike: The fusion of cutting-edge technology and fitness is evident in the alliance between Apple and Nike. The collaboration led to the creation of the Nike+ app, which seamlessly integrates with Apple devices to track users’ workouts
McDonald’s and Uber Eats: Meeting the evolving demands of the modern consumer, McDonald’s partnered with Uber Eats to provide doorstep delivery services. This strategic alliance caters to busy urban lifestyles, offering convenience and satisfying cravings while adapting to changing market dynamics.
Sony and Ericsson: The collaboration between Sony and Ericsson in the mobile phone market demonstrates the technological benefits of strategic alliances. The alliance allowed both companies to combine their expertise, resulting in innovative and feature-rich mobile devices that appeal to tech-savvy audiences.
Frequently Asked Questions
Companies form strategic alliances for various reasons, including expanding market reach, accessing new technologies, sharing risks, reducing costs, and enhancing competitive positioning.
Value creation in strategic alliances stems from the synergy between partners, which can lead to increased revenues, decreased costs, improved innovation, and better resource utilisation.
Risks include potential conflicts between partners, loss of control over shared resources, technology leakage, and dependence on partner performance.
Challenges include aligning differing corporate cultures, managing conflicting objectives, ensuring equitable distribution of benefits, and maintaining effective communication.
While partnerships involve collaboration, they are often broader in scope and may not have the same focused objectives as strategic alliances. Strategic alliances are typically formed to achieve specific, mutually beneficial goals.
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Protecting More Than Just Walls: Fire Insurance vs Home Insurance
As we begin 2026, it is timely to review the foundations of our finances, how we should protect our wealth for our loved ones, such as something as important as protecting the roof over their heads. In Singapore, we are fortunate to be largely free from natural disasters. As a result, homeowners assume that only the most basic coverage is sufficient. However, when it comes to safeguarding your home, understanding the differences between Fire Insurance and Home Insurance is paramount. For most homeowners who service a HDB or bank loan, fire insurance is mandatory and is typically included at the onset of loan application. Fire insurance primarily covers the structure of the property including walls, ceilings and built-in fixtures. In essence, it ensures the home can be restored to a habitable condition after a fire-related incident. However, fire insurance does not cover the contents of your home. This means that the items such as furniture, appliances, personal belongings and renovation works are typically excluded from coverage. While home insurance is not compulsory, it serves as a complimentary layer of protection providing a much broader scope of coverage, and helps to bridge the gaps that fire insurance does not address. Typically, home insurance includes coverage for household items, furniture, personal belongings, as well as renovation, clean-up and repair costs. Depending on the policy, it may also cover temporary accommodation expenses while your home is being repaired, along with other incidents such as theft, burst water pipes and other forms of accidental damage. Home insurance generally falls into two categories: “Insured Perils” and “All Risk”. As their names suggest, insured perils refer to specific events listed in the policy, such as fire, lightning, explosions, burst pipes, theft involving forced entry, and certain natural disasters. Any damage that does not arise from the events explicitly stated in the policy will not be covered. All risk plans, on the other hand, offer wider protection. They generally cover most scenarios unless specifically excluded in the policy terms. Due to the wider scope of coverage, all risk plans typically come with higher premiums. Beyond the type of coverage, it is also important to understand how claims are calculated. Home insurance policies typically fall under either an “Average Clause” or “First Loss” basis. For example, under the Average Clause, if the contents of your home amount to more than the insurance coverage, your claims may be proportionately reduced. In other words, being underinsured can result in lower claim settlements. With first loss plans, this penalty does not apply. The insurer will pay up to the insured amount stated in the policy, regardless of the total value of home contents. In summary, fire insurance ensures that the bare minimum is covered, while home insurance helps reduce financial strain when unforeseen incidents occur. As with all protection planning, the key lies in understanding what coverage you currently have, what it includes, and whether it still suits your needs. As you start 2026 on a positive note, it may be helpful to ask yourself: Do I know what my existing fire insurance covers? Do I have adequate protection for my home contents? Would taking up home insurance give me peace of mind? Protection planning is about making thoughtful decisions early, so that you are better equipped for whatever lies ahead. If you are unsure where to begin or would like a second opinion, we are always happy to help. Sometimes, a simple review can make all the difference. Wishing you a happy, healthy, and prosperous year ahead. Contributor: Claudia Tan Financial Services Director Phillip Securities Pte Ltd (A member of PhillipCapital) https://bit.ly/TTPclaudia Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Singapore Market Outlook 2026: Phillip Securities Forecast
Record-Breaking 2025 Performance Sets Stage for Continued Growth Singapore's equity market delivered exceptional returns in 2025, registering its highest gains in 16 years with a remarkable 22.7% increase, significantly outperforming the previous year's 16.9% gain. This outstanding performance has positioned the market favourably as investors look toward 2026 opportunities. Favourable Market Conditions Create Investment Opportunities Phillip Securities Research views 2026 as a particularly fertile environment for Singapore equities, supported by several key structural factors. Interest rates have declined to 1.20%, marking their lowest levels in three and a half years, creating more attractive conditions for equity investments. Additionally, the deployment of Singapore's S$5 billion Equity Development Programme (EQDP) is expected to generate an unprecedented liquidity premium specifically benefitting small and mid-cap stocks in the local market. Three Major Investment Themes Drive 2026 Strategy The research house identifies three primary themes that will shape Singapore's equity landscape in 2026. First, asset monetisation strategies are anticipated to generate stronger investment gains, with particular focus on major corporations including Singtel, Keppel, and Sembcorp Industries. These companies are positioned to unlock value through strategic asset optimisation initiatives. Secondly, the low interest rate environment creates benefits equities by making them more attractive relative to fixed-income alternatives while simultaneously reducing borrowing costs for companies. This environment is expected to particularly benefit Real Estate Investment Trusts (REITs) through enhanced dividend growth prospects. Third, a capital expenditure-driven earnings cycle is emerging across multiple industries. This cycle encompasses significant investments in artificial intelligence infrastructure, renewable energy projects, and domestic capital expenditure programmes. The healthcare sector presents additional opportunities through potential drug commercialisation and infrastructure development that could lead to a sector re-rating. Market Positioning and Outlook The convergence of these factors - record market performance, favourable monetary conditions, substantial government liquidity support, and multiple growth themes - creates a compelling investment case for Singapore equities. The research suggests that 2026 will benefit from this unique combination of supportive elements, positioning the market for continued strong performance across various sectors and market capitalisations. Frequently Asked Questions Q: How did Singapore equities perform in 2025? A: Singapore equities registered their highest gains in 16 years, with the market rising 22.7% in 2025, compared to 16.9% in 2024. Q: What makes 2026 favourable for Singapore equities? A: Three key factors create a fertile environment: interest rates at 3½-year lows of 1.20%, deployment of the S$5 billion EQDP creating liquidity premiums for small and mid-cap stocks, and multiple investment themes supporting the market. Q: What are the three major investment themes for 2026? A: The themes are asset monetisation (particularly from Singtel, Keppel, and Sembcorp Industries), low interest rates benefitting equities and REITs, and a capex-driven earnings cycle across AI, renewable energy, and domestic investments. Q: Which sectors are expected to benefit from the capex cycle? A: Multiple industries will benefit from AI investments, renewable energy projects, and domestic capex. Healthcare specifically could see re-rating through potential drug commercialisation and infrastructure development. Q: How will low interest rates impact different asset classes? A: Low interest rates make equities more attractive compared to other investments while reducing borrowing costs for companies and supporting dividend growth, particularly benefiting REITs. Q: What is the S$5 billion EQDP and how does it affect the market? A: The Equity Development Programme (EQDP) is a S$5 billion initiative whose deployment will create an unprecedented liquidity premium specifically for Singapore small and mid-cap stocks. Q: Which specific companies are highlighted for asset monetisation opportunities? A: Phillip Securities Research specifically identifies Singtel, Keppel, and Sembcorp Industries as companies positioned to outperform through asset monetisation strategies. This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.
ETF Market Analysis: Oil & Hang Seng Set for January Gains
Exchange-traded funds delivered mixed results in December, with notable divergence across asset classes. Gold-tracking ETF GLDM emerged as the top performer, gaining 2.3%, followed closely by Singapore equities ETF ES3, which advanced 2.2%. These gains contrasted sharply with the oil-tracking ETF XOP, which posted the month's worst performance, down 5.1%. Current Market Trends and Technical Analysis The current technical landscape reveals distinct patterns across major asset classes. Gold and Singapore equities have established clear upward momentum, positioning themselves favourably for continued strength. Meanwhile, several major indices and commodities are trading in a range-bound pattern. The S&P 500, US Treasury bonds, Oil, and the Hang Seng Index are all consolidating within defined trading ranges, suggesting potential breakout opportunities. Bitcoin stands out as the only asset class currently in a confirmed downtrend. January Outlook and Investment Opportunities Looking ahead to January, market conditions suggest selective opportunities for investors. Oil and Hang Seng Index ETFs are expected to outperform amid an otherwise lacklustre month for broader markets. This projection represents a notable shift for oil, which may recover from its poor showing in December. Conversely, investors should prepare for potential pullbacks in US Treasury bonds and gold ETFs, despite gold's strong December performance. The precious metal's recent gains may face near-term consolidation pressure. Market Consolidation Expected Several asset classes are likely to trade sideways in January. ETFs tracking the S&P 500, Bitcoin, and Singapore equities are expected to enter consolidation phases, suggesting limited directional movement despite varying underlying fundamentals. This mixed outlook reflects the complex interplay of global economic factors and technical conditions that continue to influence ETF performance across different asset classes and geographic regions. Frequently Asked Questions Q: Which ETFs performed best in December? A: Gold ETF GLDM was the top performer with a 2.3% gain, followed by Singapore equities ETF ES3 with a 2.2% increase. Q: What was the worst-performing ETF in December? A: Oil-tracking ETF XOP was the worst performer, declining 5.1% during the month. Q: Which asset classes are currently in uptrends? A: Gold and Singapore equities are currently showing upward momentum and established uptrends. Q: What assets are expected to outperform in January? A: ETFs tracking oil and the Hang Seng Index are expected to deliver gains in January. Q: Which ETFs may see pullbacks in January? A: US Treasury bonds and gold ETFs are likely to experience pullbacks despite gold's strong December showing. Q: What assets are in consolidation phases? A: The S&P 500, US Treasury bonds, Oil, and Hang Seng Index are currently in range consolidation, while Bitcoin is in a downtrend. Q: Which ETFs are expected to see sideways movement in January? A: ETFs tracking the S&P 500, Bitcoin, and Singapore equities are likely to experience price consolidation with limited directional movement. This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.
SATS Builds Global Platform to Navigate Market Volatility
Company Overview SATS Ltd is a leading aviation services provider specializing in ground handling and cargo operations across multiple international markets. Following its successful integration of Worldwide Flight Services (WFS), the company has evolved into a comprehensive global air cargo operator with an expanded network spanning multiple continents. Key Investment Highlights SATS demonstrates remarkable operational resilience by strategically redeploying capacity to high-demand routes during periods of trade volatility. The company's proactive business development efforts have resulted in significant new contract acquisitions, positioning it favourably in the competitive aviation services sector. The transformational integration of WFS has fundamentally changed SATS' business model, shifting from station-specific or project-based incremental wins to securing network-wide cargo handling mandates. This strategic evolution enhances the company's value proposition to major airline clients seeking comprehensive global solutions. Major Contract Wins Drive Growth SATS has secured several landmark contracts for FY26, highlighting its emergence as a significant global air cargo operator. Notable achievements include an overseas hub-carrier contract with Riyadh Air, a multi-station cargo contract with Turkish Airlines in the United States, and a contract renewal for cargo handling operations in the US and Europe with Saudia Cargo. These wins demonstrate the company's ability to compete successfully for large-scale, multi-regional mandates. Research Recommendation and Outlook Phillip Securities Research has downgraded SATS to a NEUTRAL recommendation, while raising the target price to S$3.84 from S$3.66. The higher target price reflects expectations that the removal of the De Minimis exemption will have less disruptive impact on SATS' cargo operations in the Americas, supported by rising demand from US domestic freight routes. The research firm has increased its FY26e PATMI forecast by 5.5% to S$249 million. Earnings stability is expected to be underpinned by approximately 20 contract wins and renewals secured in FY25 and FY26, with phased revenue recognition across long contract tenures providing operational stability and predictable cash flows. Frequently Asked Questions Q: What is SATS' current stock recommendation and target price? A: Phillip Securities Research has downgraded SATS to NEUTRAL with a raised target price of S$3.84, up from the previous target of S$3.66. Q: How has SATS' business model changed after the WFS integration? A: SATS has transitioned from station-specific or project-based incremental wins to securing network-wide cargo handling mandates, establishing itself as a global air cargo operator. Q: What major contracts has SATS won for FY26? A:Key FY26 wins include an overseas hub-carrier contract with Riyadh Air, a US multi-station cargo contract with Turkish Airlines, and contract renewal for cargo handling in the US and Europe with Saudia Cargo. Q: How does SATS maintain operational resilience during trade volatility? A: SATS maintains resilience through capacity redeployment to routes with higher demand amid trade volatility and securing new contracts through business development efforts. Q: What are the revised earnings forecast for SATS? A: The FY26e PATMI forecast has been raised by 5.5% to S$249 million. Q: How many contract wins and renewals has SATS secured recently? A: SATS has secured approximately 20 contract wins and renewals in FY25 and FY26. Q: Why was the target price increased despite the downgrade? A: The higher target price reflects expectations that the removal of the De Minimis exemption will be less disruptive to SATS' cargo operations in the Americas, supported by rising demand from US domestic freight routes. Q: What provides earnings stability for SATS going forward? A: Earnings resilience is underpinned by the contract wins and renewals, with phased revenue recognition across long contract tenures providing stability. This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. 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Yoma Strategic Holdings Delivers Strong Property Performance in 1H26
Record Revenue Performance Yoma Strategic Holdings Ltd achieved its highest six-month revenue in 1H26, demonstrating significant operational improvements despite challenging market conditions. The company reported narrower losses of US$8.7 million compared to US$10.5 million in 1H25, marking a substantial improvement in overall financial performance. Property Development Drives Growth The standout performer in Yoma's portfolio was its property development division, Yoma Land Development, which delivered exceptional results with net profit doubling to US$15 million. This represents a remarkable 104% year-over-year jump in earnings, primarily driven by the success of Pun Hlaing Estate's landed projects. These premium developments have benefited from superior pricing power and healthy profit margins, positioning the division as a key growth driver for the company. Company Overview and Market Position Yoma Strategic Holdings operates as a diversified conglomerate with significant exposure to Myanmar's developing economy. The company's business portfolio spans property development, food and beverage operations, and mobile finance services. Through its property arm, Yoma focuses on developing high-quality residential and commercial projects that cater to Myanmar's growing middle class and expatriate community. Financial Resilience and Strategic Progress Despite a 9% currency decline, Yoma demonstrated remarkable operational resilience, growing core EBITDA by 50% year-over-year to US$20.5 million in 1H26. The company's ability to implement price increases in an inflationary environment has been crucial in maintaining and expanding operating margins across its business segments. The property development division continues to perform strongly, driven by its focus on projects with superior amenities and infrastructure. Meanwhile, the food and beverage segment has maintained stable earnings through strategic price adjustments to preserve margins. The mobile finance division is undergoing a strategic transition toward payments and deposit float as primary sources of profitability. Finance costs remain the company's most significant expense at US$18 million, down from US$20.1 million in 1H25. The company has initiated a deleveraging process to reduce interest expenses, supported by significantly improved operating cash flow, which climbed 150% year-over-year to US$16.9 million. With a current book value of S$0.189 per share, Yoma appears well-positioned for continued growth. Frequently Asked Questions Q: What were Yoma Strategic Holdings' key financial highlights in 1H26? A: Yoma reported its highest six-month revenue in 1H26 with narrower losses of US$8.7 million compared to US$10.5 million in 1H25. Core EBITDA grew 50% year-over-year to US$20.5 million despite a 9% currency decline. Q: Which business segment performed best during the period? A: Property development was the standout performer, with Yoma Land Development achieving a 104% year-over-year jump in earnings to US$15 million, driven by strong performance from Pun Hlaing Estate's landed projects. Q: How did Yoma manage to grow earnings despite currency headwinds? A: The company successfully implemented price increases across its business segments in response to inflationary pressures, which helped sustain margins and drive operating earnings growth. Q: What is driving the success of Yoma's property development business? A: The property development division benefits from projects with good amenities and infrastructure, particularly the premium-priced landed projects at Pun Hlaing Estate that enjoy healthy profit margins. Q: How is the company addressing its finance costs? A: Yoma has initiated a deleveraging process to reduce interest expenses. Finance costs decreased from US$20.1 million in 1H25 to US$18 million in 1H26, while operating cash flow improved significantly. Q: What is the current book value per share? A: The company's book value is currently S$0.189 per share. Q: How did operating cash flow perform in 1H26? A: Operating cash flow showed strong improvement, climbing 150% year-over-year to US$16.9 million in 1H26. Q: What strategic changes are occurring in the mobile finance business? A: The mobile finance division is transitioning toward payments and deposit float as primary sources of profitability, representing a strategic shift in its business model. This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. 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Buffer ETFs — What Are They and How Do They Work?
Introduction to Buffer ETFs Buffer ETFs are constructed using options and are also known as defined-outcome ETFs, offering investors a preset range of potential returns and risks over a typical one-year period. In other words, they’re designed to limit downside losses while still allowing you to stay invested in the market. Think of them as a way to smooth out volatility without completely giving up growth opportunities. First Trust Vest US Equity Buffer ETF - December 2025 (FDEC) Here’s a quick illustration: FDEC.US offers up to 14.76% potential upside while absorbing the first 10% of market losses. This allows investors to participate in potential growth with a built-in buffer. If SPY.US finishes the outcome period with returns between 0% and –10%, the investor would not incur losses (before fees). Overview of MAS SIP Requirements As Buffer ETFs use more complex structures, they fall under Specified Investment Products (SIPs). This means investors must demonstrate a certain level of knowledge before trading them. Since 2012, in alignment with the Monetary Authority of Singapore's efforts to enhance trading protections for retail investors, brokers are required to assess an investor's relevant knowledge and experience before permitting investments in SIPs. As a result, investors must complete the Customer Account Review (CAR) eligibility form before being allowed to invest in listed SIPs. If you’re new to these products, you can build your understanding by completing the SIP product knowledge module offered through the SGX Academy to become eligible to trade. How does Buffer ETFs work? Buffer ETFs achieve their defined outcomes through the use of options strategies, primarily by combining long and short options on market indices such as the S&P 500. By understanding how these option combinations work, you can better appreciate how the ETF is constructed and how its risk-reward profile is designed. This makes it easier to evaluate whether a Buffer ETF aligns with your investment goals, especially in volatile market conditions. First Trust Vest US Equity Buffer ETF - December 2024 (FDEC) The payoff structure of FDEC.US can be visualised via the risk-return chart available on the First Trust website, as well as those of other Buffer ETF issuers. The diagram illustrates how the downside buffer and upside cap interact to shape investor outcomes over the defined outcome period. According to the fund’s Objective/Strategy section, FDEC.US aims to deliver returns (before fees and expenses) that match the price return of the SPY ETF (which tracks the SP500 index), up to a predetermined upside cap of 14.76%, while providing a 10% buffer against the first losses of the reference asset for the outcome period from 23 December 2024 to 19 December 2025. Buffer ETFs, such as FDEC.US, typically reset annually. The options contracts that underpin the buffer-cap structure expire at the end of the outcome period, after which a new outcome period begins with newly defined cap and buffer levels, based on prevailing interest rates and market volatility. Investors can hold the ETF through the expiry of one period and into the next; however, it is essential to note that the cap and buffer terms may vary from one period to the next. Why Buffer ETFs Are Designed for Long-Term Investors Buffer ETFs work best when held for the entire outcome period, as this allows the built-in options strategy to fully deliver the intended balance between downside protection and capped upside participation. Entering or exiting mid-period can result in different outcomes from those originally designed. S&P 500 Historical Annual Returns (1927-2025)Source: Macrotrends Looking at the historical data, the S&P 500 has delivered strong average returns over time. While positive years are more common, market downturns can still occur, and the index is typically down by around 10% during negative periods. Therefore, Buffer ETFs may serve as a useful tool for managing downside risk, given the built-in buffer. The Drawbacks and Risks of Buffer ETFs 1. Limited Upside (Capped Returns) Buffer ETFs offer downside protection but cap upside potential. If the market rallies strongly, investors will not fully participate, resulting in an opportunity cost compared to traditional index ETFs. 2. Protection Only Works Within a Specific Outcome Period Each Buffer ETF operates within a defined outcome period (typically one year). The buffer and upside cap apply only when the ETF is held for the full period, due to the structure of the underlying options. Selling before the end of the outcome period may lead to unexpected losses or reduced gains. Buying mid-cycle may result in a partially utilised buffer or a lower effective cap. 3. The Buffer Can Be “Used Up” If the underlying index declines more than the stated buffer (e.g., a 10% buffer versus a 20% market drop), the ETF will begin to experience losses beyond the protected range. The buffer does not eliminate all downside risk. 4. Potential Underperformance in Flat or Choppy Markets When markets are sideways or mildly volatile, the combination of capped upside and embedded options costs can cause Buffer ETFs to underperform a standard index ETF tracking the same benchmark. 5. Higher Expense Ratios Buffer ETFs generally carry higher management fees, typically around 0.5% to 1%, compared with traditional S&P 500 ETFs, which often charge less than 0.05%. 6. Return Lag in Volatile Markets Because Buffer ETFs are constructed using options, sharp market movements can cause pricing lag due to changes in option premiums. For example, if the S&P 500 (SPY.US) rises 5% during a volatile period, a corresponding Buffer ETF might rise only around 4.2%, depending on where it is in its outcome period and how its options are priced. List of Buffer ETFs Buffer ETFs are designed to provide downside protection while allowing investors to participate in market gains, making them an attractive choice for those seeking a more controlled approach to equity investing. Below is a list of popular Buffer ETFs available in the market: Issuer Underlying Offered Buffer ETFs Ticker Code First Trust SPY Monthly 10% Buffer FJAN, FFEB, FMAR, FAPR, FMAY, FJUN, FJUL, FAUG, FSEP, FOCT, FNOV, FDEC iShares IVV Quarterly 10% Buffer STEN, TEND, TENM, TENJ First Trust QQQ Quarterly 10% Buffer QMAR, QJUN, QSPT, QDEC First Trust EFA Quarterly 10% Buffer YMAR, YJUN, YSEP, YDEC These ETFs are suited to investors seeking strategic market exposure with controlled risk, particularly in volatile market environments. Should You Invest in a Buffer ETF? Buffer ETFs can be an attractive choice for investors looking to gain exposure to equity markets while actively managing risk. These ETFs offer built-in downside protection, which can help mitigate the impact of moderate market declines and provide clearly defined potential gains and losses over a fixed outcome period. They are particularly suited for investors with a tactical investment approach who intend to hold the ETF for the full outcome period to fully benefit from the buffer structure. By tracking major indices such as the S&P 500 or the Nasdaq 100, Buffer ETFs also offer diversified exposure to both US and international equities. However, investors should be aware that the upside returns are capped, meaning they may miss out on large market rallies, and that early exits or mid-cycle purchases can reduce the effectiveness of the protection. In addition, higher expense ratios and embedded option costs can slightly impact returns compared with traditional ETFs. Overall, Buffer ETFs are best viewed as a complement to a broader investment portfolio, offering a balance between growth potential and controlled downside risk, particularly in uncertain or volatile market conditions. Start Your Global Investment Journey Today! Open an account with POEMS and take the first step toward a diversified, globally-focused portfolio! For more information about trading on POEMS, you can visit our website or reach out to our Night Desk representatives at 6531 1225. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. 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Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Oracle Corporation Raises FY27 Revenue Guidance by $4 Billion Amid Strong Cloud Growth
Oracle Corporation, a leading enterprise software and cloud computing company, has demonstrated solid performance in the first half of fiscal 2026, with revenue and adjusted profit after tax and minority interests meeting expectations at 47% and 43% of full-year forecasts respectively. The technology giant specialises in database management systems, cloud infrastructure services, and enterprise software solutions, positioning itself as a comprehensive provider in the rapidly evolving artificial intelligence and cloud computing landscape. Strong Performance Driven by Cloud Infrastructure Demand The company's financial results showcase robust momentum, with group revenue climbing 14% year-over-year, primarily propelled by Oracle Cloud's impressive 34% annual growth. This expansion reflects the increasing enterprise demand for cloud infrastructure services as organisations continue their digital transformation initiatives. Additionally, Oracle recorded a substantial $2.7 billion pre-tax gain from divesting its interest in Ampere Computing, further strengthening its financial position. Raised Capital Expenditure and Revenue Projections Oracle has significantly increased its capital expenditure forecast to $50 billion for FY26, representing a $15 billion upward revision from the first quarter projection. This substantial investment reflects the company's commitment to expanding its data center infrastructure to meet growing demand. The company has also raised its FY27 revenue guidance by $4 billion, supported by higher remaining performance obligations this quarter. For the third quarter of FY26, Oracle projects group revenue growth of 16-18%, with Oracle Cloud expected to accelerate dramatically to 37-41% year-over-year growth, compared to 23% in the previous year. Adjusted earnings per share are anticipated to increase 16-18% to $1.70-1.74. Investment Outlook and Strategic Position Phillip Securities Research maintains a BUY recommendation with a slightly adjusted DCF target price of $344, down from the previous $350, primarily due to the increased capital expenditure requirements. The research firm expects performance acceleration in the second half of FY26 as additional data centres become operational. Oracle's strategic positioning as a specialized Oracle Cloud Infrastructure provider and comprehensive AI solutions company, backed by a significant remaining performance obligations backlog, supports the positive outlook. The company's potential upside depends largely on the successful execution of multi-billion-dollar artificial intelligence deals. Frequently Asked Questions Q: What were Oracle's key financial highlights for the first half of FY26? A: Oracle's 1H26 revenue and adjusted PATMI were within expectations at 47% and 43% of FY26 forecasts respectively. Group revenue rose 14% year-over-year, led by Oracle Cloud's 24% growth, and the company recorded a $2.7 billion pre-tax gain from selling its Ampere Computing interest. Q: How much has Oracle raised its FY27 revenue guidance? A: Oracle has raised its FY27 revenue guidance by $4 billion following higher remaining performance obligations this quarter. Q: What is Oracle's current capital expenditure projection for FY26? A: Oracle has increased its FY26 CAPEX projection to $50 billion, which is $15 billion higher than the 1Q25 forecast Q: What growth rates does Oracle expect for Q3 FY26? A: For 3Q26, Oracle expects group revenue growth of 16-18%, with Oracle Cloud accelerating to 37-41% year-over-year growth, up from 23% a year ago. Adjusted EPS is projected to rise 16-18% to $1.70-1.74. Q: What is Phillip Securities Research's recommendation and target price for Oracle? A: Phillip Securities Research maintains a BUY recommendation with a DCF target price of $344, down from the previous $350 due to increased CAPEX requirements. Q: What factors support Oracle's positive outlook according to the research? A: Oracle's position as a niche Oracle Cloud Infrastructure provider and full-stack AI provider, supported by a significant remaining performance obligations backlog, supports the bullish outlook. The company is expected to benefit from acceleration in 2H26 as more data centers come online. Q: What could drive potential upside for Oracle's stock? A: Potential upside for Oracle hinges on faster execution of multi-billion-dollar artificial intelligence deals, which could accelerate the company's growth beyond current projections. This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. 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Adobe Inc Delivers Solid FY25 Results as Semrush Acquisition Strengthens Marketing Portfolio
Strong Financial Performance Meets Expectations Adobe Inc. has delivered solid fiscal year 2025 results in line with analyst expectations, with revenue and adjusted profit after tax and minority interest reaching 101% and 100% of forecasts, respectively. The company's fourth-quarter 2025 adjusted profit after tax and minority interest grew 8% year-on-year to US$2.3 billion, driven by stronger revenue performance and improved operating leverage across its business segments. Company Overview and Market Position Adobe Inc operates as a leading software company specializing in creative and marketing solutions for professionals and enterprises. The company's core business revolves around subscription-based services, positioning it as a dominant player in the digital content creation and marketing technology sectors. Strategic Acquisition and Forward Guidance Looking ahead to the first quarter of fiscal year 2026, Adobe has provided optimistic guidance, with adjusted earnings per share expected to be US$5.85 to US$5.90, representing 16% year-over-year growth. Revenue is projected to reach US$6.25 to US$6.30 billion, marking 10% year-on-year growth. This growth is expected to be driven primarily by a 10% increase in Creative and Marketing Professionals Subscription revenue, forecast to reach US$4.3 to US$4.33 billion. The company's strategic US$1.9 billion acquisition of Semrush is anticipated to close in the first half of fiscal year 2026, with minimal earnings-per-share impact in the initial year, before becoming accretive thereafter. This acquisition is expected to strengthen Adobe's marketing capabilities and expands its addressable market. Investment Outlook and Recommendation Phillip Securities Research maintains a BUY recommendation for Adobe Inc, though with a revised DCF target price of US$487, down from the previous US$560. For fiscal year 2026, analysts expect 10% revenue growth and 6% earnings-per-share growth, supported by increased adoption of artificial intelligence and higher subscription revenue. The research firm retains a 7.3% weighted average cost of capital but has lowered the terminal growth rate to 3.5% from 4%, reflecting increased competition from generative AI solutions among smaller customers. However, risks remain limited for enterprise clients utilizing Adobe for complex workflows, where third-party models complement rather than compete with the platform. Frequently Asked Questions Q: What were Adobe's FY25 financial results compared to expectations? A: Adobe's FY25 results met expectations with revenue and adjusted PATMI at 101% and 100% of forecasts, respectively. The 4Q25 adjusted PATMI increased 8% year over year to US$2.3 billion. Q: What is Adobe's guidance for 1Q26? A: Adobe expects adjusted EPS of US$5.85-5.90 (16% YoY growth) on revenue of US$6.25-6.30 billion (10% YoY growth), with Creative & Marketing Professionals Subscription revenue growing 10% to US$4.3-4.33 billion. Q: When will the Semrush acquisition close, and what is its expected impact? A: The US$1.9 billion Semrush acquisition is expected to close in the first half of FY26 with minimal EPS impact in the first year but will be accretive thereafter. Q: What is Phillip Securities Research's recommendation and target price? A: Phillip Securities maintains a BUY recommendation with a DCF target price of US$487, down from the previous US$560. Q: What are the expected growth rates for FY26? A: For FY26, analysts expect 10% revenue growth and 6% EPS growth, supported by rising AI adoption and higher subscription revenue. Q: What factors led to the lower target price? A: The lower target price reflects a reduced terminal growth rate to 3.5% from 4% due to increased competition from generative AI among smaller customers, while maintaining a 7.3% WACC. Q: What risks does Adobe face from AI competition? A: Risks remain limited for enterprise clients using Adobe for complex workflows, where third-party AI models complement the platform rather than compete directly with it. This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.
