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Gold ETFs for Singapore Retail Investors: Diversification and Inflation Protection

Gold has re-emerged as one of the most closely watched assets in global markets, not because of speculation, but because of what it represents in an increasingly uncertain investment landscape. As inflation risks persist, geopolitical tensions remain elevated, and confidence in fiat currencies is periodically tested, investors are once again turning to gold for stability, diversification, and protection of purchasing power. Over the past two years, gold has delivered exceptional performance, rising approximately 25.5% in 2024 and a further 60–65% in 2025, making it one of the best-performing asset classes over this period. The strong performance has drawn increasing attention from investors seeking portfolio resilience amid heightened global uncertainty. In Singapore, retail interest in gold has surged. According to the World Gold Council (WGC) and reported by Singapore Bullion Market Association (SBMA), purchases of gold bars and coins by Singaporeans rose 37% year-over-year to 2.2 tonnes in Q2 2025 after recording 2.5 tonnes of gold investment in Q1 2025 which was the highest on the WGC’s record. This trend reflects a growing shift towards viewing gold as a portfolio asset rather than purely a form of jewellery or store of wealth. For Singaporean retail investors, the SPDR Gold Shares ETF (SGX: USD code O87, SGD code GSD) offers a convenient way to gain exposure to physical gold without the challenges of storage, insurance, or liquidity associated with holding bullion directly. Understanding gold’s role in portfolio construction is essential. Below, we explore two key perspectives: first, how gold ETFs can enhance diversification and stabilize a retail portfolio, and second, how gold can function as a long-term hedge against inflation, despite not generating income. Diversification Benefits of Gold ETFs Diversification involves spreading investments across uncorrelated assets, so that weakness in one market may be offset by strength or stability in another. Gold has long been valued for its role as a portfolio diversifier, as it has historically moved independently of both equities and bonds. For example, during the market turmoil of 2022, global equities declined by 19.5% and bonds fell by 16%, while gold recorded a gain of approximately 3%. Portfolio analysis suggests that even a modest allocation to gold, typically 3–5%, can meaningfully reduce overall portfolio volatility. Research by the WGC indicates that adding 5% gold to a balanced portfolio can reduce portfolio risk by a similar magnitude, while gold’s own contribution to total risk remains relatively small. Financial advisers also highlight that gold’s low correlation with traditional asset classes helps cushion portfolio drawdowns during periods of market stress. Key diversification attributes include: Low Correlation: Gold prices often rise when equities or bonds sell off, due to its safe-haven appeal. This inverse or near-zero correlation has been documented over decades. Crisis Resilience: Gold has historically preserved value during periods of crisis. For instance, during the Global Financial Crisis (2008) and early 2020, gold rallied as broader markets panicked. Even as recently as early 2025, when tariffs and geopolitical risks spiked volatility, gold advanced steadily. Improved Portfolio Stability: Incorporating gold ETFs into a retail portfolio can improve risk-adjusted returns by reducing volatility without materially compromising long-term growth potential. Moreover, Singapore’s regulatory framework further enhances accessibility to gold ETFs accessible. The SPDR Gold Shares ETF, for example, is cross-listed on SGX and trades in USD (O87) or SGD (GSD). Investors can buy as little as 1 share (board lot) via any brokerage, and the ETF is included under Singapore’s CPF Investment Scheme (subject to % limitation of investment limit of CPFIS). This allows retail investors, including those using CPF or SRS funds, to allocate a small portion of their portfolio to gold in a disciplined and accessible manner. Reasons to consider of Gold ETFs in your portfolio Ease of Access: Gold ETFs trade like stocks and incur only standard brokerage fees, avoiding the premiums and logistics of physical gold. Regulatory Friendly:Unlike many other commodities, SPDR Gold Shares is recognised under CPF and SRS investment rules, making it a distinctive option for Singapore investors seeking regulated exposure to gold within their retirement or supplementary savings frameworks. Global Reserves Trend: Central banks, including those in China, Russia, and several emerging markets, have been steadily increasing their gold holdings in recent years. This sustained accumulation signals confidence in gold’s role as a strategic reserve asset and reinforces its relevance within diversified portfolios. Overall, retail investors in Singapore can utilise gold ETFs to help smooth portfolio volatility. In a balanced portfolio of stocks, bonds, and perhaps property, allocating a modest portion to gold via an ETF can help reduce drawdowns during periods of market stress. The recent gold rally underscores this defensive characteristic. In 2025, SPDR Gold Shares delivered returns of approximately 64% in USD terms, significantly outperforming many other asset classes. Combined with gold’s low correlation to traditional investments, this performance highlights its potential role as a risk mitigator. For long-term retail investors, a prudent approach is to view gold as portfolio insurance against sharp equity or bond corrections, rather than as a vehicle for chasing short-term gains. Gold ETFs as a Long-Term Hedge Against Inflation Inflation erodes the real value of cash and fixed-income returns, which is why gold is often cited as a long-term hedge. Historically, gold’s purchasing power has held up over decades of rising prices. In times of “uncomfortably high” inflation (e.g. 1970s, or the 2008 crisis), gold rallied sharply. More recently, renewed inflation concerns have contributed to gold’s ongoing bull run. Several major institutions, including Goldman Sachs, have projected further upside, citing strong central bank demand and potential ETF inflows as key drivers. Some forecasts suggest gold prices could reach US$4,900 per ounce by 2026, with spot gold already trading at record highs above US$4,850 per ounce as at 23 January 2026. In parallel, many central banks, including those in China, Russia, and Turkey, have significantly increased their gold reserves over the past few years, reflecting a structural shift away from paper assets. Gold’s price appreciation can be partially attributed to this sustained central bank buying, alongside a weakening US dollar and increased retail participation. Over the long term, research indicates that gold can help preserve wealth not only against consumer price inflation, but also against currency debasement and asset-price inflation. In this sense, gold serves as a hedge when monetary expansion accelerates or when prolonged inflationary pressures undermine the real value of financial assets. However, investors must be mindful of the trade-offs. Unlike stocks or bonds, gold pays no dividends or interest. Its return comes solely from price appreciation. Gold does not generate income or dividends like other assets. In an inflationary environment, this means holding gold (or gold ETFs) foregoes the yields one might get from, say, inflation-linked bonds or even high-dividend stocks. Moreover, gold’s price can be volatile and does not always move in lockstep with inflation in the short term. Conclusion Gold ETFs offer Singapore retail investors a practical way to incorporate gold into their portfolios, combining accessibility, liquidity, and regulatory alignment without the challenges of physical ownership. As global markets navigate heightened uncertainty, persistent inflation risks, and shifting monetary dynamics, gold continues to play a relevant role as a portfolio stabiliser and store of value. While gold does not generate income and can be volatile in the short term, its long-term behaviour has demonstrated an ability to preserve purchasing power and provide diversification benefits when traditional asset classes come under pressure. For retail investors, the key lies in moderation and intent. Gold ETFs should be viewed as a strategic allocation rather than a return-seeking instrument, complementing equities, bonds, and other income-generating assets. Used thoughtfully, instruments such as SPDR Gold Shares (SGX: O87/GSD) can enhance portfolio resilience and help investors navigate market cycles with greater balance and discipline. As with all investments, understanding the role each asset plays within a broader strategy remains essential to achieving long-term financial objectives. Sources: https://www.straitstimes.com/business/companies-markets/singapore-gold-investment-soars-37-to-2-2-tonnes-in-q2-while-jewellery-demand-wanes Disclaimer These commentaries are intended for general circulation. It does not have regard to the specific investment objectives, financial situation and particular needs of any person who may receive this document. 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. 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 the units 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. Investors may wish to seek advice from a financial adviser before investing. In the event that investors choose not to seek advice from a financial adviser, they should consider whether the investment is suitable for them. 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.

ETFs

Keppel DC REIT Posts Record-High DPU Performance

About Keppel DC REIT Keppel DC REIT is a leading data centre real estate investment trust that owns and operates a diversified portfolio of data centre properties across multiple markets including Singapore, Australia, Ireland, China, and the UK. The REIT focuses on providing critical digital infrastructure to support the growing demand for cloud computing and digital services. Keppel DC REIT has achieved record-high distribution per unit (DPU) performance, with 2H25/FY2025 DPU reaching 5.248/10.381 Singapore cents respectively. This represents an impressive year-over-year growth of 7.1% and 9.8% respectively. This strong performance was primarily driven by strategic acquisitions of Keppel Data Centre SGP 7 & 8 and Tokyo Data Centre 1 & 3, enhanced contributions from contract renewals and escalations, and reduced finance costs. The REIT maintained stable portfolio occupancy at 95.8% quarter-over-quarter, while demonstrating exceptional rental reversion strength of +45% for FY2025. Although 4Q25 rental reversion was modest at +2% due to the absence of major contract renewals, the underlying fundamentals remain robust. Portfolio valuations increased significantly by 25.6% year-over-year to S$6.1 billion, driven by acquisitions, with same-store valuations rising 3.7%. Investment Merits and Outlook Phillip Securities Research has upgraded Keppel DC REIT from NEUTRAL to ACCUMULATE, citing recent share price performance, with a target price of S$2.37. Several positive factors support this recommendation, including stable occupancy rates, lower finance costs with average debt costs declining to 2.8% in 4Q25, and higher portfolio valuations led by strong performance in Singapore and Ireland markets. The REIT benefits from a conservative leverage position at 35.3%, providing S$530 million of debt headroom against the internal cap of 40%, which supports future acquisition opportunities. The potential recovery of over S$50 million in overdue rent from Guangdong Bluesea Data Development Co remains a key catalyst, while the anticipated granting of tax transparency for Data Centre SGP 7 & 8 should provide additional DPU upside. Looking ahead, strong positive rental reversion momentum is expected to continue into FY26, particularly from Singapore colocation lease renewals, with the stock trading at FY26e DPU yield of 4.8%. Frequently Asked Questions Q: What drove Keppel DC REIT's strong DPU performance in FY2025? A: The record-high DPU growth of 9.8% year-over-year was driven by acquisitions of KDC SGP 7 & 8 and Tokyo DC 1 & 3, stronger contributions from contract renewals and escalations, and lower finance costs. Q: How strong was the rental reversion performance? A: FY25 portfolio rental reversion was exceptionally strong at +45%, though 4Q25 was more modest at +2% due to no major contract renewals during that quarter. Q: What is Phillip Securities Research's recommendation and target price? A: Phillip Securities Research upgraded the REIT from NEUTRAL to ACCUMULATE with a target price of S$2.37, down from the previous S$2.40. Q: What is the current occupancy rate and leverage position? A: Portfolio occupancy remained stable at 95.8% quarter-over-quarter, while aggregate leverage stands at 35.3%, providing S$530 million of debt headroom against the internal cap of 40%. Q: How did portfolio valuations perform across different markets? A: Portfolio valuations rose 25.6% year-over-year including acquisitions and 3.7% on a same-store basis, led by Singapore (+6%) and Ireland (+13%), offsetting declines in Australia (-3.5%), China (-16%), and the UK (-7%). Q: What are the key catalysts for future performance? A: Key catalysts include the potential recovery of over S$50 million in overdue rent from Bluesea, the granting of tax transparency for SGP 7 & 8 and continued positive rental reversion momentum from Singapore colocation lease renewals. Q: What is the expected cost of debt outlook? A: The average cost of debt declined to 2.8% in 4Q25 from 2.9% in 3Q25, with FY2025 average at 3%. The FY26e cost of debt is expected to decline further to approximately 2.7%. Q: What is the current dividend yield? A: The stock trades at an FY26e DPU yield of 4.8%. 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.

Meta Platforms Q4 Performance Strong, Outlook Optimistic Despite Losses

Company Overview Meta Platforms Inc. operates as a leading social media and technology company, managing a family of applications including Facebook, Instagram, WhatsApp, and Threads. The company generates revenue primarily through digital advertising across its platforms while investing heavily in virtual and augmented reality technologies through its Reality Labs division. Exceptional Q4 Results Exceed Expectations Meta delivered impressive fourth quarter 2025 results that surpassed analyst expectations, with revenue climbing 24% year-over-year to US$59.9 billion. Adjusted profit after tax and minority interest increased 9% annually to US$22.7 billion, driven by robust advertising revenue growth. Full-year 2025 revenue and profit metrics reached 100% and 110% of forecasts respectively, though earnings were impacted by Reality Labs losses totalling US$19 billion. Strong Monetisation Across Video Platforms Video content and Threads demonstrated compelling monetisation and engagement opportunities during the quarter. Instagram Reels watch time surged 30% year-over-year in the United States, while Facebook video watch time grew by double digits. These improvements reflect enhanced recommendation quality and product enhancements across feed and video surfaces. AI-Driven Advertising Performance Meta's advertising segment delivered exceptional performance with ad revenue reaching US$58.1 billion, up 24% year-over-year. The growth was supported by higher user engagement and strong advertiser demand, enhanced by improved ad efficiency through AI integration. Continued model optimisation lifted organic feed and video views by 7%, generating the largest quarterly revenue impact from Facebook product launches in two years. WhatsApp Business Growth The Family of Apps "other" revenue segment grew 54% year-over-year to US$8.1 billion, supported by WhatsApp paid messaging and Meta verified subscriptions. Business messaging maintained strong momentum, with click-to-message ads in the US rising more than 50% year-over-year. Paid messaging reached an annual run-rate exceeding US$2 billion in Q4 2025. Investment Recommendation and Outlook Phillip Securities Research maintains an ACCUMULATE rating while raising the DCF target price to US$825 from the previous US$770. The firm upgraded FY26 revenue and profit forecasts by 7% and 8% respectively, reflecting expected continued benefits from integrating large language models with Meta's recommendation systems to enhance ad efficiency and pricing. Frequently Asked Questions Q: What were Meta's key financial results for Q4 2025? A: Meta reported revenue of US$59.9 billion (up 24% YoY) and adjusted profit of US$22.7 billion (up 9% YoY), with full-year results meeting 100% of revenue forecasts and 110% of profit forecasts. Q: How did video content perform across Meta's platforms? A: Instagram Reels watch time increased 30% year-over-year in the US, while Facebook video watch time grew double digits, supported by improved recommendation quality and product enhancements. Q: What is Phillip Securities Research's recommendation for Meta stock? A: The firm maintains an ACCUMULATE rating and raised the target price to US$825 from US$770, with upgraded FY26 forecasts reflecting expected AI benefits. Q: How did Reality Labs perform in Q4 2025? A: Reality Labs remained unprofitable with operating losses widening 21% year-over-year to US$6 billion, though revenue declined 12% due to high comparison base from Quest 3S launch. Q: What drove Meta's advertising revenue growth? A: Ad revenue of US$58.1 billion (up 24% YoY) was driven by higher user engagement, strong advertiser demand, and improved ad efficiency through AI integration and model optimisation. Q: How is WhatsApp's business messaging performing? A: WhatsApp business messaging showed strong momentum with click-to-message ads in the US rising over 50% year-over-year, and paid messaging reaching an annual run-rate exceeding US$2 billion. Q: What are Meta's capital expenditure plans for FY26? A: Meta has guided CAPEX to $115-135 billion for FY26 to support core advertising business and Meta Superintelligent Lab expansion, potentially implying 87% year-over-year growth at the high end. Q: What is the outlook for Reality Labs losses? A: Meta expects Reality Labs operating losses to have peaked, with FY26 losses broadly in line with FY25 levels (US$19.2 billion) before gradually narrowing thereafter. 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.

Microsoft Strengthens Position on Azure Growth Despite Supply Constraints

Company Overview Microsoft Corporation stands as one of the world's leading technology companies, operating across multiple segments including cloud services, productivity software, and business applications. The company's core strength lies in its comprehensive ecosystem of commercial cloud services, particularly Azure, alongside its widely adopted Microsoft 365 productivity suite. This diversified portfolio positions Microsoft as a critical infrastructure provider for businesses globally. Strong Quarter Driven by Cloud Excellence Microsoft Corporation delivered impressive second-quarter fiscal 2026 results that met analyst expectations, with revenue and adjusted profit after tax and minority interests reaching 50% and 51% of full-year forecasts respectively. The technology giant demonstrated robust momentum with 17% year-over-year revenue growth, primarily fueled by exceptional Azure cloud performance that surged 40% compared to the previous year. Adjusted profit after tax and minority interests climbed 23% year-over-year to $30.9 billion, benefiting from enhanced operating leverage across the business. Forward-Looking Growth Trajectory Looking ahead to the third quarter of fiscal 2026, Microsoft projects continued strong performance with revenue expected to increase 16% year-over-year to $81.2 billion. Azure remains the primary growth engine, with projected expansion of 37% as the company strategically prioritizes supply allocation amid demand that continues to exceed available capacity. The impressive commercial remaining performance obligations, which soared 110% year-over-year to $625 billion, provide substantial revenue visibility over the next 2.5 years. Investment Merits and Valuation The strength of Microsoft's cloud services performance stands out as a key investment merit. Azure's 40% acceleration drove Intelligent Cloud segment growth of 29% to $32.9 billion, supported by efficiency improvements across Microsoft's server infrastructure. The productivity suite maintains robust demand, with the Productivity and Business Processes segment rising 16% to $34.1 billion, representing 42% of group revenue. Research Recommendation Phillip Securities Research has upgraded Microsoft to BUY from ACCUMULATE, maintaining a DCF target price of $540. The upgrade reflects recent price performance, with the company currently trading at a blended forward price-earnings ratio of 23.9x, below the negative one standard deviation level of 27.2x, suggesting attractive valuation despite strong fundamentals. Frequently Asked Questions Q: What drove Microsoft's strong second-quarter performance? A: Microsoft's 17% year-over-year revenue growth was primarily driven by exceptional Azure cloud performance, which surged 40% compared to the previous year. This strong cloud performance helped adjusted profit after tax and minority interests climb 23% year-over-year to $30.9 billion. Q: What is Microsoft's revenue outlook for the next quarter? A: For the third quarter of fiscal 2026, Microsoft expects revenue to rise 16% year-over-year to $81.2 billion, driven by continued strong growth across commercial businesses, with Azure projected to grow 37%. Q: How significant are Microsoft's commercial remaining performance obligations? A: Commercial remaining performance obligations rose dramatically by 110% year-over-year to $625 billion and are expected to be recognized over the next 2.5 years. This includes major commitments from OpenAI ($250 billion multi-year Azure commitment) and Anthropic ($30 billion). Q: What is the current research recommendation for Microsoft? A: Phillip Securities Research upgraded Microsoft to BUY from ACCUMULATE with an unchanged DCF target price of $540, citing recent price performance and attractive valuation. Q: How is Microsoft's productivity software performing? A: The Productivity and Business Processes segment rose 16% to $34.1 billion, representing 42% of group revenue. M365 Commercial Cloud revenue increased 17% year-over-year, supported by higher adoption and revenue per user growth from M365 Copilot and E5. Q: What challenges is Microsoft facing with Azure? A: Microsoft continues to face supply constraints in Azure, with management noting that demand still exceeds available capacity. The company is prioritizing supply allocation to manage this challenge while maintaining strong growth momentum. Q: How does Microsoft's current valuation compare to historical levels? A: Microsoft is currently valued at a blended forward price-earnings ratio of 23.9x, which is below the negative one standard deviation level of 27.2x, suggesting the stock is attractively valued relative to historical standards. Q: What contributed to Azure's strong performance? A: Azure's 40% year-over-year growth was supported by efficiency improvements across Microsoft's flexible server fleet, which allowed additional computing capacity to be allocated to Azure services, helping meet strong demand across various workloads. 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.

Singapore Equities Hit New Highs in Record Nine-Month Rally

Market Performance Highlights Singapore equities demonstrated exceptional momentum in January 2026, rising 5.6% to cap a remarkable nine consecutive months of gains totalling 28%. This historic performance streak reflects the robust underlying economic conditions and favourable market dynamics driving the city-state's equity markets to new heights. Property companies emerged as the primary drivers of this advance, benefiting from attractive valuations and growing optimism surrounding new property launches. The sector's strength stems from favourable interest rate conditions and a reduced risk of government cooling measures, creating an environment conducive to real estate investment and development. Economic Foundation and Growth Drivers Singapore's economic conditions remain vibrant, with industrial production surging 19% year-over-year in the fourth quarter of 2025. This growth is underpinned by strong electronics demand, with the sector experiencing a 24.5% jump that represents the best performance in 32 quarters since the third quarter of 2017. A major capital spending cycle is currently underway across multiple sectors. Semiconductor equipment spending is trending upward following TSMC's guidance indicating significantly higher capital expenditure over the next three years. The company's 2026 capital expenditure guidance jumped 31% year-over-year to US$54 billion, providing substantial momentum for equipment manufacturers especially Frencken. The construction sector is positioned for another record year in 2026, driven by massive Terminal 5 contracts and other major infrastructure projects. This construction boom will benefit the entire supply chain, including contractors, building materials suppliers, and related property services such as dormitories and co-living facilities. Valuation and Market Outlook Singapore equities currently trade at 16 times forward price-to-earnings ratio, modestly above the 25-year historical average of 15 times. However, with continued earnings momentum and valuation expansion supported by low interest rates and EQDP+ capital flows, Phillip Securities Research believes the market could reach the one standard deviation valuation of 19 times. This scenario implies a target index level of 5,700, representing a potential 15% gain from current levels. The combination of robust economic fundamentals, favourable monetary conditions, and strong sectoral tailwinds positions Singapore equities for continued outperformance in the current market environment. Frequently Asked Questions Q: What drove Singapore equities' strong performance in January 2026? A: Singapore equities rose 5.6% in January, led by property companies benefiting from attractive valuations, optimism about new launches, favourable interest rates, and reduced risk of cooling measures. Q: How significant was the nine-month rally mentioned in the report? A: The nine consecutive months of gains totalled 28%, representing a record streak that demonstrates exceptional market momentum and investor confidence. Q: What sectors are expected to benefit from the construction boom? A: The construction boom will benefit contractors, building materials suppliers, and related property services including dormitories and co-living facilities, all supported by massive Terminal 5 contracts and other major projects. Q: How does current market valuation compare to historical averages? A: Singapore equities trade at 16x forward PE compared to the 25-year historical average of 15x, with potential to reach 19x (1SD valuation) implying a target index of 5,700. Q: What is driving the semiconductor equipment spending cycle? A: TSMC's guidance of significantly higher capital expenditure over three years, with 2026 guidance jumping 31% to US$54 billion, is driving increased semiconductor equipment spending and benefiting the entire supply chain. Q: Which sectors underperformed during the January rally? A: Shipyards retreated due to soft container rates and litigation concerns, while REITs underperformed with only modest gains compared to other sectors. Q: What economic indicators support the positive outlook for Singapore? A: Industrial production surged 19% year-over-year in Q4 2025, loan growth rose 6.1% supported by consumer loans of 7.2%, and new home sales surged 65% in 2025 to 10,951 units. Q: What is the target price expectation for Singapore equities? A: Phillip Securities Research believes the market could reach a target index level of 5,700, representing approximately 15% upside potential based on reaching the 1SD valuation of 19x forward PE. 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.

Stocks

OUE REIT Posts Strong Performance as Prime CBD Assets Drive Growth

Company Overview OUE REIT is a Singapore-listed real estate investment trust that owns and manages a portfolio of prime commercial properties, primarily focused on Grade A office buildings in Singapore's Central Business District and other key markets including Australia. The REIT has established itself as a quality operator of premium commercial assets with strong tenant relationships and strategic positioning in prime locations. Strong Financial Performance Drives Outperformance OUE REIT delivered impressive results with 2H25/FY25 distribution per unit (DPU) of 1.25/2.23 Singapore cents, representing growth of 10.6%/8.3% year-on-year and significantly beating expectations at 62.5%/111.5% of FY25 forecasts. This outperformance was primarily driven by a substantial 21% year-on-year decline in FY25 finance costs, enhanced operational performance in the commercial segment, and a remarkable 49.3% year-on-year increase in joint venture contributions. Commercial Segment Demonstrates Resilience The commercial segment showed robust fundamentals with like-for-like revenue and net property income growing 3.9% and 5.4% year-on-year to S$173 million and S$130 million respectively in FY25, excluding Lippo Plaza Shanghai. The office portfolio maintained exceptional occupancy at 95.4% with positive rental reversions of 9.1%, clearly indicating a flight-to-quality trend favouring prime CBD assets. This strong performance extended to OUE REIT's joint venture operations, with OUE Bayfront earnings surging 49.3% year-on-year to S$14.5 million in FY25. Investment Recommendation and Strategic Outlook Phillip Securities Research maintains a BUY recommendation with an upgraded target price of S$0.45, increased from the previous S$0.40, reflecting improved risk profile following the Lippo Plaza Shanghai divestment and warranting a lower cost of equity of 6.3%. At FY26 expected dividend yield of 6.2% and price-to-NAV of 0.64x, the valuation remains compelling. As OUE REIT embarks on its Phase 3 Value Creation Journey, management is expected to focus on strategic asset recycling to redeploy capital from mature assets into similar risk-adjusted properties with higher yields. Frequently Asked Questions Q: What drove OUE REIT's strong FY25 performance? A: The outperformance was driven by a 21% year-on-year decline in finance costs, stronger operational performance in the commercial segment, and a 49.3% year-on-year increase in joint venture contributions. Q: How did the commercial segment perform in FY25? A: The commercial segment achieved like-for-like revenue and net property income growth of 3.9% and 5.4% year-on-year to S$173 million and S$130 million respectively, with office portfolio occupancy at 95.4% and positive rental reversions of 9.1%. Q: What is Phillip Securities Research's recommendation and target price? A: Phillip Securities Research maintains a BUY recommendation with a target price of S$0.45, upgraded from the previous S$0.40, based on dividend discount model valuation. Q: What factors support the upgraded target price? A: The upgrade reflects the lower risk profile of the current portfolio following the Lippo Plaza Shanghai divestment, warranting a reduced cost of equity from 6.8% to 6.3%. Q: How significant was the cost of debt reduction? A: The cost of debt fell by 80 basis points year-on-year to 3.9% from 4.7%, cutting FY25 finance costs by 17.6% to S$87.8 million, with OUE REIT benefiting from higher fixed rate debt exposure during SORA decline. Q: What is OUE REIT's strategic focus going forward? A: As part of Phase 3 Value Creation Journey, OUE REIT will focus on asset recycling to redeploy capital from mature assets into similar risk-adjusted assets with higher yields. Q: What opportunity does the Salesforce Tower acquisition present? A: The partial 20% stake in Sydney Salesforce Tower offers exposure to a prime Circular Quay location with 95%+ Grade A occupancy, limited office supply in 2026, and potential reversion upside from below-market rents with strong tenant stability. Q: What are the key rental reversion opportunities? A: Singapore office portfolio passing rent of S$10.97 per square foot sits 11% below S$12.30 market rate, with significant reversion potential from major leases like Deloitte's 150,000 square feet expiring in 2026. 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.

Stocks

Tesla Faces Delivery Challenges as EV Tax Credits Are Removed

Strong Financial Performance Despite Volume Decline Tesla Inc. delivered mixed results in Q4 2025, with financial metrics exceeding expectations despite significant operational headwinds. The electric vehicle manufacturer reported full-year 2025 revenue and adjusted profit after tax and minority interest (PATMI) at 109% and 111% of forecasts respectively, driven primarily by higher-than-expected automotive gross margins. However, adjusted PATMI excluding stock-based compensation declined 16% due to reduced vehicle deliveries, lower regulatory credit revenue, and increased operating expenses from artificial intelligence and research and development projects. Record Delivery Decline Impacts Core Business Tesla's automotive segment faced unprecedented challenges in Q4 2025, with deliveries falling to 418,000 units, representing a 16% year-over-year decline—the company's largest quarterly drop on record. This decline stemmed directly from the removal of the US$7,500 electric vehicle tax credit, which led to higher vehicle prices and reduced consumer demand. Despite the volume decline, gross margins improved significantly by 3.8 percentage points year-over-year and 2.1 percentage points quarter-over-quarter, while average selling prices rose 6% year-over-year as the company maintained pricing power following the tax credit removal. Non-Automotive Segments Show Promise Tesla's diversification efforts demonstrated positive momentum, with non-automotive revenue growing 22% year-over-year and comprising 29% of total revenue, up from 23% in Q4 2024. Services revenue increased 18% year-over-year, supported by expanding Supercharging network operations that added over 3,800 new stalls, growing the network by 19% annually. Energy generation and storage revenue surged 25% year-over-year, driven by record Megapack deployments, with plans to begin Megapack 3 and Megablock production at the Houston Mega factory in 2026. Investment Outlook and Recommendation Phillip Securities Research maintains a SELL recommendation with a reduced DCF target price of US$215, down from US$220 previously. The firm lowered FY26 earnings estimates by approximately 29% due to expected continued automotive delivery declines and increased operating expenses. Key concerns include ongoing headwinds from tariffs, loss of tax credits, declining market share in China where Tesla's share dropped to 5.7% from 7.2% year-over-year, and the distant timeline for significant revenue contribution from autonomous driving, robotaxi, and robotics initiatives. Frequently Asked Questions Q: What was Tesla's financial performance in Q4 2025? A: Tesla's Q4 2025 results exceeded expectations, with full-year revenue and adjusted PATMI reaching 109% and 111% of forecasts respectively, driven by higher automotive gross margins. However, adjusted PATMI excluding stock-based compensation fell 16% due to delivery declines and higher operating expenses. Q: How did vehicle deliveries perform in Q4 2025? A: Tesla delivered 418,000 vehicles in Q4 2025, marking a 16% year-over-year decline—the company's largest quarterly drop on record. This decline resulted from reduced demand following the removal of the US$7,500 EV tax credit. Q: What is Phillip Securities Research's recommendation for Tesla? A: Phillip Securities Research maintains a SELL recommendation with a DCF target price of US$215, reduced from US$220 previously, citing multiple headwinds and steep valuations of approximately 360x PE for FY26. Q: How did Tesla's gross margins perform? A: Gross margins improved significantly by 3.8 percentage points year-over-year to 20.1%, driven by higher vehicle average gross profit, growth in energy storage and services segments, and increased automotive ancillary sales including FSD subscriptions. Q: What happened to Tesla's market position in China? A: Tesla lost market share in China, dropping to 5.7% in Q4 2025 from 7.2% in Q4 2024, while domestic China sales fell 2% year-over-year despite the overall Chinese EV market growing 16% during the same period. Q: How did non-automotive segments perform? A: Non-automotive revenue grew 22% year-over-year, comprising 29% of total revenue. Services revenue increased 18% year-over-year, while energy generation and storage revenue surged 25% year-over-year driven by record Megapack deployments. Q: What are the key risks facing Tesla? A: Tesla faces multiple headwinds including tariffs, loss of tax credits, declining market share in China, and the distant timeline for significant revenue contribution from autonomous driving, robotaxi, and robotics initiatives, which are expected to take more than five years to materialise. 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.

Stocks

ETF Market Review: February Outlook Signals Strong Performance

Current Market Trends Analysis The technical landscape across major asset classes reveals distinct patterns heading into February. The S&P 500, Gold, and Singapore Equities are currently maintaining upward trends. Meanwhile, US Treasury Bonds, Oil, and the Hang Seng Index have entered range consolidation phases. Bitcoin stands out as the only major asset class currently experiencing a downtrend, reflecting ongoing volatility in the cryptocurrency space. February Market Outlook Looking ahead to February, we anticipate a bullish environment for several key asset classes. ETFs tracking the S&P 500 are expected to continue their upward trajectory. Oil ETFs are projected to gain momentum despite their current consolidation phase, potentially building on January's strong performance. Singapore Equities and the Hang Seng Index are both positioned for gains, with the latter expected to break out of its current range-bound trading pattern. However, not all asset classes are expected to maintain their positive momentum. Gold ETFs are likely to experience a pullback after their recent uptrend, while Bitcoin ETFs may continue facing headwinds given their current downward trajectory. US Treasury Bond ETFs are expected to remain in their current rangebound pattern, suggesting limited directional movement in the near term. Frequently Asked Questions Q: Which ETF was the top performer in January? A: The ETF tracking Oil (XOP) was the top performer, surging 11% during January. Q: Which asset classes declined in January? A: Only US Treasury Bonds (IEF) and Bitcoin (BITO) posted negative returns, falling 0.2% and 4.6% respectively. Q: What asset classes are currently in an uptrend? A: The S&P 500, Gold, and Singapore Equities are currently maintaining upward trends. . Q: Which markets are expected to gain in February? A: ETFs tracking the S&P 500, Oil, Singapore Equities, and the Hang Seng Index are expected to post gains in February. Q: What is the outlook for Gold and Bitcoin ETFs? A: Both Gold and Bitcoin ETFs are likely to experience pullbacks in February, despite Gold's current uptrend. . Q: Which asset classes are in range consolidation phases? A: US Treasury Bonds, Oil, and the Hang Seng Index are currently in range consolidation phases. Q: What is expected for US Treasury Bond ETFs in February? A: US Treasury Bond ETFs are likely to remain rangebound, continuing their current consolidation pattern. Q: How did most ETFs perform overall in January? A: Most ETFs were in the green during January, with only two major asset classes posting negative returns. 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.

ETFs