Free-Float Methodology
The free-float methodology is a widely used in stock market analysis and index construction. It calculates a company’s market capitalisation based only on shares available for public trading, excluding locked-in shares held by insiders, governments, or promoters. This methodology accurately represents market activity, helping investors assess liquidity, volatility, and stock performance. This guide aims to provide a clear and concise understanding of the free-float methodology, covering its definition, significance, advantages, disadvantages, and practical applications.
Table of Contents
What is Free-Float Methodology?
The free-float methodology calculates a company’s market capitalisation by considering only the shares available for public trading. Unlike the full-market capitalisation method, which includes all issued shares, the free-float approach excludes shares restricted or held by insiders, promoters, or governments.
The formula for calculating free-float market capitalisation is:
Free – Float Market Capitalisation = Share Price* (Total Shares Issued-Locked- In Shares)
For example, if a company has 1,000,000 total shares priced at US$50 each, and 200,000 of these shares are held by insiders and not available for public trading, the free-float market capitalisation would be:
50*(1,000,000 – 200,000) = US$4,00,00,000
Major indices, such as the S&P 500 and FTSE 100, employ this methodology to provide a more accurate reflection of market trends.
Understanding Free-Float Methodology
The free-float methodology focuses on shares actively traded in the market, known as “free-floating shares.” It excludes:
- Insider Holdings: Shares held by company insiders, such as executives or board members.
- Government Holdings: Shares owned by governments or promoters.
- Restricted Shares: Shares that cannot be sold without meeting specific conditions.
By excluding these locked-in shares, the free-float methodology ensures that only publicly traded stocks contribute to the company’s market capitalisation, offering a clearer picture of investor sentiment and market dynamics.
Importance of Free-Float Methodology
The free-float methodology has gained prominence globally because it provides better insights into market trends and investor behaviour. Its importance is underscored in several key areas:
- Accurate Market Representation: By excluding locked-in shares, it reflects only those stocks that are accessible to investors, offering a more realistic measure of market activity.
- Index Construction: Many significant indices, including the S&P 5
Advantages and Disadvantages of Free-Float Methodology
Advantages
- Improved Accuracy: Focusing on actively traded shares provides a more realistic measure of market activity, leading to indices that better reflect actual market conditions.
- Liquidity Assessment: This helps investors gauge a stock’s liquidity based on its free-float percentage, aiding in investment decisions.
- Reduced Index Concentration: Prevents large companies with low free floats from disproportionately influencing index movements, leading to a more balanced representation.
- Global Acceptance: It has been widely adopted by significant indices like the MSCI World Index and NASDAQ-100, enhancing its credibility and standardisation.
Disadvantages
- Market Manipulation Risk: Companies with low free floats are more susceptible to price manipulation due to the limited supply of shares available for trading.
- Limited Institutional Interest: Due to reduced liquidity, institutions may avoid stocks with low free floats, limiting investment opportunities.
- Exclusion of Strategic Shares: This method may not fully represent a company’s total value by ignoring locked-in shares, potentially overlooking strategic holdings that could influence company decisions.
- Potential Underestimation of a Company’s True Value: Since the methodology excludes restricted shares, it may undervalue a company’s
Example of Free-Float Methodology
In Singapore, companies listed on the Singapore Exchange (SGX) must maintain a minimum % free float of 10%, meaning at least 10% of their shares must be available for public trading. This requirement ensures sufficient liquidity and market participation.
Lian Beng Group Ltd.
In July 2023, Lian Beng Group Ltd., a construction and engineering company, announced that its public shareholding had fallen below the 10% threshold. As a result, the SGX suspended trading of Lian Beng’s shares at the close of the privatisation offer on July 7, 2023. This suspension underscores the importance of adhering to free float requirements to maintain market liquidity and investor confidence.
Great Eastern Holdings Ltd.
Similarly, in June 2023, Great Eastern Holdings Ltd., a leading insurance company, saw its free float drop below 10% after its parent company, Oversea-Chinese Banking Corporation (OCBC), increased its stake to over 90%. This reduction in public shareholding prompted concerns about the company’s continued compliance with SGX’s listing requirements and potential trading suspension if the free float is not restored.
These examples highlight the critical role of the free-float methodology in ensuring that a sufficient proportion of a company’s shares are
Frequently Asked Questions
The full-market capitalisation method includes all issued shares, both active and inactive, whereas the free-float methodology considers only publicly tradable shares. This focus on active shares makes the free-float approach more reflective of market dynamics.
It ensures fair representation by excluding locked-in shares that do not contribute to active trading. This exclusion prevents large companies with low tradable shares from disproportionately influencing index movements. By focusing only on shares available to investors, indexes provide a more accurate representation of market trends.
It is determined using the following formula:
Free – Float Market Capitalisation = Share Price* (Total Shares Issued-Locked- In Shares)
This calculation considers only publicly traded shares, making it a better measure of a company’s market influence.
A higher free-float percentage typically results in lower stock volatility because more shares are available for trading. This availability allows smoother price adjustments based on demand and supply. In contrast, a lower free-float percentage can lead to more significant price fluctuations, as a limited number of shares can cause significant price changes with even small trading volumes.
Related Terms
- Gamma Scalping
- Flight to Quality
- Equity Carve-Outs
- Ladder Strategy
- Event-Driven Strategy
- Dividend Capture Strategy
- Credit Default Swap (CDS)
- Company Fundamentals
- Buy And Hold Strategy
- Withdrawal Plan
- Basis Risk
- Barbell Strategy
- Risk budgeting
- Trading Strategy
- High-Yield Investment Programs
- Gamma Scalping
- Flight to Quality
- Equity Carve-Outs
- Ladder Strategy
- Event-Driven Strategy
- Dividend Capture Strategy
- Credit Default Swap (CDS)
- Company Fundamentals
- Buy And Hold Strategy
- Withdrawal Plan
- Basis Risk
- Barbell Strategy
- Risk budgeting
- Trading Strategy
- High-Yield Investment Programs
- Risk Appetite
- Portfolio Diversification
- Closing Transaction
- Replication Strategy
- Correlation Coefficient
- Currency hedge
- Automatic Investment Plan
- Automatic Reinvestment
- Core-Satellite Strategy
- Overlay Strategy
- Long/Short Strategy
- Strategic Asset Allocation
- Tactical Asset Allocation
- Gearing
- Dividend stripping
- Resting Order
- Buy to opening
- Buy to Close
- Yield Pickup
- Contrarian Strategy
- Interpolation
- Intrapreneur
- Hyperledger composer
- Horizontal Integration
- Queueing Theory
- Homestead exemption
- The barbell strategy
- Retirement Planning
- Credit spreads
- Stress test
- Accrual accounting
- Growth options
- Growth Plan
- Advance Decline Line
- Accumulation Distribution Line
- Box Spread
- Charting
- Advance refunding
- Accelerated depreciation
- Amortisation
- Accrual strategy
- Hedged Tender
- Value investing
- Long-term investment strategy
Most Popular Terms
Other Terms
- Bond Convexity
- Compound Yield
- Brokerage Account
- Discretionary Accounts
- Industry Groups
- Growth Rate
- Green Bond Principles
- Funding Ratio
- Foreign Direct Investment (FDI)
- Floating Dividend Rate
- Real Return
- Protective Put
- Perpetual Bond
- Option Adjusted Spread (OAS)
- Non-Diversifiable Risk
- Merger Arbitrage
- Liability-Driven Investment (LDI)
- Income Bonds
- Guaranteed Investment Contract (GIC)
- Flash Crash
- Cost of Equity
- Cost Basis
- Deferred Annuity
- Cash-on-Cash Return
- Earning Surprise
- Capital Adequacy Ratio (CAR)
- Bubble
- Beta Risk
- Bear Spread
- Asset Play
- Accrued Market Discount
- Junk Status
- Intrinsic Value of Stock
- Interest-Only Bonds (IO)
- Interest Coverage Ratio
- Inflation Hedge
- Industry Groups
- Incremental Yield
- Industrial Bonds
- Income Statement
- Holding Period Return
- Historical Volatility (HV)
- Hedge Effectiveness
- Flat Yield Curve
- Fallen Angel
- Exotic Options
- Execution Risk
- Exchange-Traded Notes
- Eurodollar Bonds
- Enhanced Index Fund
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Bond ETFs: The Defensive Anchor Every Portfolio Needs
When building an investment portfolio, many retail investors naturally focus on growth: tracking local bank earnings, high-yielding S-REITs, or fast-moving global tech giants. However, a truly resilient portfolio also requires a stabilising counterweight. While equities drive wealth accumulation, Bond Exchange-Traded Funds (ETFs) serve as the structural "ballast" that helps keep your portfolio balanced when equity markets turn volatile. For investors new to fixed income, these instruments offer a liquid, accessible, and lower-risk mechanism to smooth out returns and generate a steady income stream. 1. Bond ETFs vs. Individual Bonds Traditionally, retail investors faced significant structural hurdles when trying to buy individual bonds. High-quality corporate or government bonds are typically traded over-the-counter in large wholesale denominations, often requiring a minimum entry point of S$250,000 per bond. This concentration makes it incredibly difficult for an individual to build a diversified portfolio. Bond ETFs make this asset class far more accessible by pooling hundreds or even thousands of distinct bonds into a single basket that trades on an exchange, much like a stock. Key Structural Advantages Low Capital Requirements Investors can gain exposure to fixed income by purchasing units of a bond ETF through a standard brokerage account, making the asset class accessible regardless of portfolio size. Instant Diversification Rather than taking on the concentrated risk of lending to a single issuer, investors gain exposure to a broad portfolio of bonds across multiple borrowers, sectors, and geographies, helping to reduce issuer-specific risk. Intraday Liquidity Individual bonds can be difficult to sell quickly before they mature. Bond ETFs can be bought and sold freely throughout the trading day at transparent, real-time market prices. Important Distinction Unlike a single bond, a Bond ETF never "matures." When an individual bond reaches its end date, the borrower returns your principal in full. A bond ETF, however, continuously rolls its capital by selling bonds as they near expiration and replacing them with newly issued ones. Consequently, the value of a bond ETF will fluctuate indefinitely based on broader market conditions. 2. Understanding the Relationship Between Interest Rates and Bond Prices One of the most important principles in fixed income investing is that bond prices and macroeconomic interest rates move in opposite directions. Think of this relationship as a financial see-saw: When Interest Rates Rise: Newly issued bonds start offering higher interest payouts. This makes older bonds (which are locked into lower rates) less attractive. To entice buyers, the market price of these older bonds must fall. When Interest Rates Fall: Existing bonds holding older, higher interest rates suddenly become highly sought after, driving their market prices upward. To measure how sensitive a bond ETF is to these interest rate swings, analysts look at a metric called Duration (measured in years). High-Duration ETFs (holding long-term bonds maturing in 10 to 30 years) experience large price gains when interest rates fall, but suffer sharp capital losses when rates spike. Low-Duration ETFs (holding short-term bonds maturing in 1 to 3 years) remain highly stable, experiencing minimal price changes regardless of central bank policy shifts. 3. Choosing Your "Flavour" of Bond ETF The fixed income universe is categorised by who is borrowing the money and how creditworthy they are. For broad geographical execution, investors typically split allocations between local-currency sovereign assets and deep, global credit pools across the Singapore Exchange (SGX) and US markets. Asset Class Focus Borrower Profile Risk Level Expected Yield Benchmark Examples Singapore Government Securities (SGS) Backed by the Singapore Government (AAA-rated). Exceptionally Low Lower / Stable ABF Singapore Bond Index Fund (SGX: A35) US Treasuries & Sovereign Bonds Backed by the full taxing power of major national governments. Very Low Moderate iShares 20+ Year Treasury Bond ETF (NASDAQ: TLT) Investment-Grade Corporate Highly stable, profitable Blue-Chip corporations (Rated BBB- or higher). Moderate Medium Nikko AM SGD Investment Grade Corporate Bond ETF (SGX: MBH)🇺🇸 iShares iBoxx $ Investment Grade Corporate Bond ETF (NYSE Arca: LQD) High Yield Bonds ("Junk Bonds") Growth companies or firms with weaker debt-to-equity ratios (Rated below BBB-). High Higher iShares iBoxx $ High Yield Corporate Bond ETF (NYSE: HYG) 4. Real-World Impact: The Mathematical Cushion To understand why a dedicated fixed income allocation matters, consider how two different portfolios behave during a severe equity market downturn where global stocks plunge by 30%: Portfolio A (100% Stocks): Capital drops by a full 30%. This steep, unbuffered drawdown frequently induces emotional panic, leading retail investors to liquidate their holdings at the absolute bottom of the market. Portfolio B (70% Stocks / 30% Government Bond ETFs): While the equity portion drops, the high-grade government bond position holds steady or appreciates due to a "flight-to-safety" effect. As a result, the total portfolio drawdown is 21% for the overall portfolio. That 9% difference can result in significant psychological protection. Investors who experience smaller, and manageable losses are far more likely to stay committed to their long-term financial plans. 5. Strategic Fixed Income Allocation & Implementation Determining your fixed income allocation depends entirely on your investment horizon and how much market volatility you can stomach. Conservative (40% to 60% Allocation): Heavily anchored in short-to-medium duration high-grade bonds. The primary objective is wealth preservation and steady income generation. Moderate (20% to 40% Allocation): Uses a balanced mix of domestic corporate debt and global treasuries to act as a structural shock absorber while allowing the equity portion to compound. Aggressive (10% to 20% Allocation): Treats fixed income as "dry powder." Holding highly liquid, short-duration treasury ETFs provides a stable, uncorrelated cash reservoir that can be quickly sold to buy cheap blue-chip equities during a market crash. Key Implementation Considerations for Singapore Investors Currency and Tax Optimization: Executing via SGX-listed instruments (A35, MBH) eliminates foreign exchange risk since the underlying assets are denominated entirely in SGD. Conversely, allocating to US-listed fixed income (TLT, LQD) introduces USD currency exposure. Yield Curve Positioning: If inflation remains sticky and interest rates stay elevated, keeping duration short protects your capital while reaping the front-end yield. If economic growth is slowing and a central bank rate-cutting cycle accelerates, expanding into long-duration vehicles allows you to maximize capital gains from falling yields. 6. Checklist: Evaluating a Bond ETF Before investment into any bond ETFs, there are some essential operational metrics on the fund's factsheet to consider: Yield to Maturity (YTM): The most accurate measure of forward-looking income. This reflects the total annualized return you can expect if the fund holds all its underlying bonds until maturity, factoring in current market prices and coupon rates. Effective Duration: A clear gauge of interest rate sensitivity. If an ETF has an effective duration of 7.0 years, a 1% rise in benchmark interest rates will in theory result in an approximate 7% capital loss for the fund, while a 1% fall will result in a 7% capital gain. Credit Quality Breakdown: Ensure the credit tiers align with your risk profile. Defensive allocations should display heavy weightings in high-grade assets (AAA down to BBB). Anything ranked BB+ or below falls into high-yield, speculative territory. Expense Ratio: Because fixed income returns are naturally tighter than equity growth rates, keeping management fees low is vital. Look for efficient, passively managed index trackers—ideally with total annual expense ratios below 0.30%. Conclusion Bond ETFs are designed to give your capital a reliable foundation. They will not deliver the explosive overnight gains of speculative equities, but they ensure your portfolio remains resilient when macro-economic conditions shift. For the prudent investor, maintaining a dedicated defensive anchor is the definitive strategy for navigating multi-decade market cycles with peace of mind. 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. 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Company Overview Yoma Strategic Holdings Ltd is a Myanmar-focused conglomerate with diversified operations spanning property development, motor distribution, financial services through Wave Money, and food & beverage operations. The company serves as a key player in Myanmar's economic development, capitalising on urbanisation trends and growing consumer demand. Strong Financial Performance Amid Currency Headwinds Yoma Strategic delivered robust growth in FY26, with EBITDA rising 18% year-on-year to US$45.9 million despite facing a 5% currency depreciation. This performance demonstrates the company's operational resilience and ability to generate growth across multiple business segments. Property development remained as the primary earnings driver, contributing US$38 million with a 22% increase from the previous year. The division's strength is underpinned by Myanmar's continued urbanisation and migration patterns, with residential property serving as a preferred store of wealth for local consumers. Operational Recovery Gaining Momentum The recovery is notably broadening across all business divisions. Motor distribution has returned to profitability through the strategic restocking of third-party brands, Volkswagen passenger vehicles, and Hino trucks. Passenger vehicle sales surged to 152 units in FY26 from just 7 units in FY25, whilst Hino truck sales more than doubled to 98 units. The financial services division, Wave Money, is successfully transitioning from reliance on remittance fee towards interest income, with float income jumping approximately 80% in FY26. Meanwhile, the food & beveragesegment continues steady growth through store expansion and pricing power, achieving strong same-store sales growth of 20%. Challenges and Risk Factors The company faces ongoing challenges at Yoma Central, a mixed-use development in Yangon, which incurred finance costs of US$10 million in FY26 pending its phased restart. However, this was partially offset by a US$14.7 million fair value gain from rising land prices in central Yangon. Looking ahead, potential cost pressures from Middle East conflicts may impact operations, although management's demonstrated ability to implement price increases across all products provides defensive capabilities. The company maintains a stable financial position, with net debt, excluding cash in trust, declining to US$132 million from US$136 million in FY25, and book value standing at S$0.193 per share. Frequently Asked Questions [market_journal_faq] 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.
Geo Energy Resources Maintains Growth Trajectory Despite Q1 Challenges, S$0.75 Target Price Upheld
Company Overview Geo Energy Resources Ltd is an Indonesian coal mining company operating multiple mines, including the TBR (Tanah Bumbu Resources) and TRA (Watyan) mines. The company is developing integrated infrastructure to enhance its operational efficiency and reduce transportation costs. Mixed Q1 Performance Signals Transition Phase Geo Energy Resources reported Q1 2026 results that fell short of expectations, with revenue and profit after tax representing just 17% and 7% respectively of full-year forecasts. The disappointing performance was primarily attributed to a significant 36% year-on-year decline in production to 2.0 million tonnes, driven by a 1.2 million tonne decrease at the TBR mine. Key Positive Developments The company's most significant positive development centres on its major infrastructure investment nearing completion. The new 92-kilometre integrated infrastructure project, comprising hauling roads and jetty facilities valued at US$190 million, has reached 90% completion and is currently undergoing truck testing. This infrastructure, operated through the company's 69.9%-owned subsidiary Marga Bara Jaya (MBJ), is scheduled for initial use in July 2026. The infrastructure will enable Geo Energy to transfer coal haulage from existing roads that charge US$7 to US$8 per tonne, providing significant cost savings. Initial operations will utilise 30 tonne to 40 tonne trucks before larger 70-tonne vehicles are deployed. Additionally, Resource Invest has signed a term sheet for a substantial US$1.5 billion infrastructure investment, with funds to be deployed in Q3 2026 and Q1 2027. Key Negative Factors The primary challenge facing Geo Energy is the production decline at the TBR mine, which is approaching the end of its operational life. This has necessitated a strategic shift towards the larger TRA mine, which benefits from the new infrastructure developments. The company expects TRA production to increase significantly to 6 million tonnes in FY26, from 2.5 million tonnes in FY25. Market Outlook and Recommendation Despite Q1 challenges, Phillip Securities Research maintains its BUY recommendation and S$0.75 target price, based on DCF valuation. The research house expects production to ramp up substantially in the second half of 2026, supported by the new infrastructure. Coal prices are trending 30% to 40% higher year-on-year in Q2 2026, providing additional earnings support. The company maintains its full-year production target of 11.5 million to 12.5 million tonnes for FY26, unchanged from previous guidance. However, the sector faces headwinds from the Indonesian Government's proposed centralisation of commodity export controls, which could introduce incremental fees and tighter currency controls. Frequently Asked Questions [market_journal_faq] 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.
Salesforce Inc Maintains Strong Growth Trajectory with BUY Rating and US$270 Target Price
Company Overview Salesforce Inc is a leading enterprise customer relationship management (CRM) provider, operating with a recurring subscription business model and maintaining deep customer integration. The company has been strategically expanding into AI-driven workflows through its Data Cloud and Agentforce platforms, positioning itself at the forefront of enterprise artificial intelligence adoption. Financial Performance and Outlook Salesforce delivered solid first-quarter FY27 results, with revenue and profit after tax and minority interests (PATMI) meeting expectations at 23% and 26% of full-year forecasts respectively. Revenue grew 13% year-on-year to US$11.1 billion, primarily driven by higher subscription sales, while PATMI surged 37% year-on-year due to improved operating leverage. Looking ahead, Phillip Securities Research expects FY27 growth of 11% year-on-year, with Platform Cloud leading the charge at an anticipated 30% growth rate. This expansion is supported by early adoption of Agentic AI technology, where token usage is already experiencing rapid growth. The research house anticipates reacceleration in the second half of FY27, driven by larger AI-led deal wins and strong monetisation across premium stock keeping units, seat expansion, and usage-based credits. Key Growth Drivers The Positives Cloud services continue to be the primary growth engine for Salesforce. Total group revenue increased 13% year-on-year to US$11.13 billion, with Subscription and Support contributing 95% of overall revenue through a 14% year-on-year increase. The standout performer was Platform Cloud, including Agentforce 360, Slack, and other products, which surged 43% year-on-year to US$2.7 billion, significantly accelerating from the previous quarter's 16% growth. Agentic AI momentum is building substantially across the platform. Agentforce annual recurring revenue exceeded US$1 billion, representing approximately 2.4% of FY26 total revenue and more than doubling from two quarters prior. Growth products, encompassing Agentforce, Data 360, and Informatica Cloud, reached US$3.4 billion compared to US$2.9 billion in the previous quarter. Customer adoption remains robust, with more than 50% of bookings driven by existing customers. Notably, Agentic Work Units, which track completed AI-driven tasks such as decisions or record updates, rose 111% quarter-on-quarter. Investment Recommendation Phillip Securities Research maintains a BUY recommendation with a raised DCF target price of US$270, increased from the previous US$253. The higher target price reflects an 11% reduction in share count due to an accelerated share repurchase programme, whilst WACC and terminal growth assumptions remain unchanged. Frequently Asked Questions [market_journal_faq] 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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Valuetronics Holdings Ltd, a Hong Kong-based manufacturer specialising in consumer electronics and industrial and commercial electronics, has reported mixed FY26 results that fell short of analyst expectations. The company operates through two main segments: consumer electronics (CE) and industrial and commercial electronics (ICE), with the latter serving as the primary revenue and margin driver. Financial Performance and Capital Returns The company's FY26 results disappointed, with revenue and adjusted profit after tax and minority interests (PATMI) reaching only 93% and 91% of forecasts respectively. Adjusted PATMI declined 16% year-on-year to HK$67 million, primarily due to a significant increase in effective tax rates. The effective tax rate in the second half of FY26 more than tripled to approximately 15%, attributed to the full utilisation of tax losses in Hong Kong and the partial end of tax incentives in Vietnam. Despite earnings pressures, Valuetronics has announced an enhanced capital return programme. The company plans to distribute HK$300 million, or S$49 million, to shareholders over FY27 and FY28 through special dividends and share buybacks. Additionally, the ordinary dividend payout ratio has been increased from up to 50% to between 50% and 70%. Segment Performance Analysis The ICE segment demonstrated resilience, with segment profit rising 4% year-on-year to HK$140 million. Key growth drivers included network access products used in broadband applications for a Canadian customer, benefiting from a replacement cycle for building network infrastructure. Other significant contributors included thermal label printers, cold chain sensors, and PC cooling products. Conversely, the consumer electronics segment faced substantial challenges, with earnings plummeting 48% year-on-year to HK$7.2 million. This segment now represents only approximately 5% of group earnings, as legacy products including electric shavers and toothbrushes were largely phased out during FY26. Investment Outlook and Recommendation Phillip Securities Research has maintained its ACCUMULATE recommendation whilst raising the target price to S$1.29 from S$0.96, reflecting a valuation of 20 times price-to-earnings FY27e compared to the previous 13 timesprice-to-earnings multiple. This adjustment aligns with the broader re-rating of industry valuations. The research house has lowered its FY27e earnings forecasts by 12% to HK$163 million to account for higher effective tax rates. Two major headwinds are expected to impact FY27e earnings: the continued phasing out of legacy consumer electronic products and elevated effective tax rates, particularly in the first half. The company also made a HK$45 million provision on GPUs and related hardware, with expectations to dispose of the remaining approximately HK$130 million in GPUs. The dividend yield of 5.4% is supported by a special dividend of at least HK$0.16, with planned share buybacks of not less than HK$80 million in FY27. Frequently Asked Questions [market_journal_faq] 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. 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Company Overview LHN Ltd operates a diversified business portfolio encompassing industrial facilities, facilities management, co-living operations through its Coliwoo brand, and property development. The company has positioned itself as a key player in Singapore's co-living market whilst maintaining traditional property-related revenue streams. Mixed Performance in 1H26 Results LHN Ltd delivered 1H26 results that met expectations, with revenue and adjusted profit after tax and minority interests representing 43% and 49% of full-year forecasts respectively. However, overall revenue declined 14% due to the complete absence of property development revenue during the period. The company maintained its interim dividend at 1 cent, demonstrating its commitment to shareholder returns despite the revenue headwinds. Strong Co-Living Portfolio Expansion The standout performer was Coliwoo, LHN's co-living franchise, which demonstrated impressive growth metrics. The portfolio expanded significantly, with room count increasing 38% year-on-year to 3,568 units. This growth was bolstered by the March opening of Coliwoo Midtown on Middle Road, which contributed 212 rooms and achieved 55% occupancy since launch. The co-living division generated revenue of S$26.9 million, representing a robust 17% year-on-year increase driven by the substantial expansion in room inventory. Demand fundamentals remain exceptionally strong, with average occupancy across the portfolio maintained at an impressive 97% level. The pipeline remains healthy, with another 1,021 rooms scheduled for development, representing a 29% increase to the current portfolio size. Key Positives and Negatives The Positive: Strong growth momentum in the Coliwoo portfolio underpinned performance, with revenue climbing 17% year-on-year to S$26.9 million supported by the 38% jump in room keys. The second half of FY26 is expected to deliver stronger performance as Coliwoo Midtown continues to ramp up occupancy levels. The Negative: Property development operations faced significant challenges, recording zero sales from the 55 Tuas South Avenue 1 project during 1H26. Whilst two units were sold in April, only 9 of the 49 launched units have been sold to date, with the company now considering rental options for the remaining properties. Investment Outlook and Recommendation Phillip Securities Research maintains its BUY recommendation whilst adjusting the target price to S$0.77 from the previous S$0.85, reflecting a decline in Coliwoo's market capitalisation. The valuation methodology applies a 20% discount to mark-to-market valuation due to price volatility, with property development valued at book value and remaining business valued at 10 times price-to-earnings ratio. The company offers an attractive dividend yield of 6.5%, with future growth expected from expanding the co-living franchise into dormitories for the services industry. Frequently Asked Questions [market_journal_faq] 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. 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Nordic Group, a Singapore-based precision engineering company serving the defence, semiconductor, and marine sectors, has demonstrated resilient performance in its first quarter of FY26, with analysts maintaining confidence in its multi-year project upcycle. The company specialises in complex engineering solutions across floating production storage and offloading (FPSO) vessels, semiconductor equipment, and defence applications, positioning itself as a diversified industrial player in high-value segments. Strong Financial Performance Driven by Margin Expansion Nordic Group delivered solid first-quarter results, with profit after tax and minority interests (PATMI) growing 11.1% year-on-year to S$5 million, representing 23% of the full-year FY26 forecast. Notably, this growth was achieved on relatively flat revenue growth of just 0.5% year-on-year, highlighting significant margin expansion. Net profit margin improved by 120 basis points to 12.0%, driven by the company's strategic shift towards higher-complexity projects in the FPSO, semiconductor, and defence segments. Lower finance costs and favourable USD/SGD exchange rate movements provided additional support to profitability during the quarter. Robust Order Book and Strategic Pipeline Development The company's order book expanded to S$213.5 million, representing an 8% year-on-year increase and providing strong earnings visibility through to 2028. The order book comprises maintenance services at S$146.9 million, or 69%, and project services at S$66.6 million, or 31%. Year-to-date contract wins totalled S$54.5 million, with semiconductor projects dominating at 48% of total wins, followed by marine and offshore at 15%. Management expects a medium-sized defence contract valued between S$6 million and S$20 million to be awarded. Nordic Group maintains a well-diversified pipeline across its three core segments, with S$135 million in defence opportunities, S$142 million in semiconductor quotations, including S$55 million categorised as mid-to-high conviction, and S$61 million in marine sector prospects across 152 vessels. Enhanced Financial Position and Growth Investments The company's balance sheet strengthened considerably, with net cash increasing 149% to S$10.2 million in the first quarter. Management has outlined capital allocation priorities, including S$3.6 million to 3.8 million for Thailand manufacturing capacity expansion to scale battery energy storage system (BESS) frame production, dormitory investments, and potential mergers and acquisitions targeting mid-sized companies similar to the Starburst acquisition. Phillip Securities Research maintains a BUY rating with an upgraded target price of S$0.68, increased from the previous S$0.63, reflecting adjusted long-term growth assumptions. The stock trades at 8.4 times FY26 estimated price-to-earnings ratio. Analysts expect continued growth from FPSO deliveries, targeting approximately three deliveries annually, and the mass production ramp-up of battery storage frame components at the Thailand Avitools facility from the second quarter onwards. Frequently Asked Questions [market_journal_faq] 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. 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SATS Ltd Delivers Strong Growth on Cargo Strength and Contract Wins, Target Price Raised to S$4.52
Company Overview SATS Ltd is a leading aviation services provider operating across gateway services, comprising cargo and ground handling and food solutions, comprising aviation and non-aviation food segments. The company maintains a significant presence across key global markets, including APAC, EMEAA, and the Americas. Strong Operational Performance Drives Results SATS delivered robust fourth-quarter and full-year FY26 results, with 4Q26 revenue and PATMI growing 9.8% and 31.0% year-on-year to S$1.6 billion and S$50.7 million respectively. The full-year FY26 PATMI surged 17% year-on-year to S$285.2 million, representing 100% of forecast expectations. The gateway services segment emerged as the primary growth driver, with revenue expanding 11.5% year-on-year to S$1.3 billion in 4Q26. Within this segment, cargo revenue increased 8.4% to S$809 million, representing 50% of quarterly revenue, whilst ground handling revenue surged 17.3% to S$467 million, accounting for 29% of total revenue. Cargo Volumes and Market Expansion Cargo volumes demonstrated healthy growth of 4.7% year-on-year to 2.35 million tonnes, supported by strong performance in EMEAA markets, up 9.1% year-on-year, and APAC markets, up 9.4% year-on-year. The ground handling segment processed 174,500 flights, representing a 10.6% year-on-year increase. The company's ground handling business particularly benefited from geopolitical developments, with the rerouting of long-haul Asia-Europe flights from the Middle East to Singapore following the US-Iran conflict contributing to the 17.3% revenue growth. Strategic Contract Wins and Geographic Expansion SATS secured significant contract renewals and new business across key geographies during 4Q26, with a particular focus on building operations in the Americas and establishing an integrated cargo network across Europe. The company is also capitalising on rerouted cargo flows from the Middle East conflict, including handling operations for Jazeera Airways at the Dammam base. Outlook and Valuation Phillip Securities Research maintains a BUY rating and has raised the DCF target price to S$4.52 from the previous S$4.44 , with FY27 PATMI estimates increased by 8% to reflecthigher gateway services revenue from new contract wins. The company trades at 18.3 times FY27 estimated price-to-earnings ratio, with expectations for improved margins as new facilities in Tianjin, Bangalore, and Thailand ramp up operations towards management's 20% EBITDA margin target by FY29. 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