Market Journal
Overview Wells Fargo reported third-quarter 2026 earnings of US$6 billion, up 6% year-on-year, though below analyst estimates due to lower net interest income and trading gains. Investment advisory fees rose 15% as client assets grew, while investment banking fees increased 6% from market share gains. The company maintained its BUY rating with a reduced target…Read More
Brief Overview Phillip Securities Research has initiated coverage on Raffles Education with a BUY rating, citing the company’s strategic pivot towards ASEAN K-12 expansion whilst divesting lower-return assets. The firm expects the education group to return to net cash through substantial asset monetisations exceeding S$500 million in gross proceeds, which will fund growth initiatives across…Read More
Brief Overview Phillip Securities Research expects Nanofilm Technologies to benefit from higher demand for its functional hinge coatings driven by customer Z’s foldable phone launch in 4Q26e, whilet the company’s proprietary coating solutions are moving from R&D into commercial applications across semiconductor, industrial, and automotive sectors. The research house anticipates that the Industrial Equipment Business…Read More
Brief Overview JPMorgan Chase reported 3Q26 adjusted earnings of US$15.8bn, representing a 10% year-on-year increase but falling short of analyst estimates. The performance was impacted by weaker-than-expected Fixed Income trading and investment banking fees, as client activity in Rates, Credit and Commodities weakened following a late September bond sell-off. Despite earnings growth, share buybacks declined…Read More
For working professionals in Singapore, building a comfortable retirement nest egg requires more than just relying on monthly salary savings. The Singapore government offers two powerful retirement savings vehicles: the Central Provident Fund Ordinary Account (CPF-OA) and the Supplementary Retirement Scheme (SRS). While keeping cash in these accounts guarantees safety, holding idle funds during inflationary…Read More
Brief Overview Phillip Securities Research maintains its ACCUMULATE recommendation on Lion-Phillip S-REIT ETF (SREITS) with a reduced target price of S$0.85, down from S$0.90. The ETF has undergone portfolio changes with Keppel DC REIT becoming the top holding, replacing CapitaLand Ascendas REIT, while Mapletree Logistics Trust remains the third-largest position. The fund continues to offer…Read More
Brief Overview The semiconductor sector has demonstrated mixed performance over the past three months, with the Semiconductor ETF rising 2.4% but underperforming the S&P500’s 4.1% gain. Equipment players faced headwinds due to elevated valuations, while memory companies declined amid HBM4 shipment uncertainties. However, enterprise and sovereign AI buildout is driving higher demand, with Coreweave and…Read More
Brief Overview The software industry has experienced a significant re-rating, with the iShares Software ETF (IGV) rebounding 17% in 3Q26 and now sitting just 7% below its September 2025 peak. SaaS LTM revenue growth accelerated to 17.5% YoY in 2Q26, marking the strongest growth in 15 quarters. Phillip Securities Research maintains an OVERWEIGHT stance on…Read More
Brief Overview Stoneweg Europe Stapled Trust (SERT) is proposing to internalise its manager for €114 million at a 14% discount to independent valuation, creating a fully integrated European logistics and digital infrastructure platform with approximately €3.2 billion of assets under management. The transaction will be funded through issuing 40 million stapled securities to sponsor SWI…Read More
Brief Overview Phillip Securities Research has initiated coverage on Frasers Logistics & Commercial Trust (FLCT) with a BUY recommendation and a target price of S$1.01. The research highlights FLCT’s resilient logistics and industrial portfolio, substantial acquisition pipeline from sponsor FPL, and attractive forward dividend yields of 6.8%. The trust is currently trading at a 21%…Read More

