Market Journal
Brief Overview Apple held its “Surprise and Shine” event on 9 September, launching several new products including its first foldable smartphone, the iPhone Duo. The iPhone Duo starts at US$1,999, whilst the iPhone 18 Pro and Pro Max received US$100 price increases to US$1,199 and US$1,299 respectively. Phillip Securities Research maintains a REDUCE recommendation with…Read More
A Closer Look At Kazakhstan As Kazakhstan gains popularity as a travel destination across Central Asia, attention is slowly shifting from tourism to opportunity. What many don’t realise is that the same country attracting visitors today is also offering high-yield, under-owned investment opportunities that global markets have yet to fully price in. Most investors today…Read More
Brief Overview Keppel DC REIT (KDCREIT) has agreed to jointly acquire a 90% effective interest in two hyperscale data centres in Greater Tokyo for JPY190 billion (S$1,549 million). The acquisition is expected to be 2.6% accretive to FY25 pro-forma distribution per unit (DPU) and will significantly deepen the REIT’s Japan presence. The properties offer contractual…Read More
Brief Overview Geo Energy Resources delivered 1H26 results within expectations, with revenue and net profit representing 36% and 37% respectively of full-year forecasts. The company’s US$190 million integrated infrastructure project has been completed and operational since July, whilst production declined 42% year-on-year to 3.8 million tonnes as operations shift to the new infrastructure. The sales…Read More
Brief Overview NVIDIA delivered 2Q27 results within expectations, with data centre revenue surging 117% year-on-year to US$89bn. The company guided FY28e revenue growth of about 70% year-on-year, though this is constrained by supply factors. Phillip Securities Research maintains a BUY rating with a raised target price of US$300. Investment Positives Hyperscale revenue showed significant acceleration…Read More
Brief Overview Salesforce delivered mixed second quarter results with revenue meeting expectations but profit after tax and minority interest (PATMI) lagging due to higher research and development and sales & marketing spending. The company is positioning itself as the enterprise AI data layer through Headless and Claudeforce initiatives, extending CRM data into platforms like Claude,…Read More
Brief Overview Thomson Medical Group delivered FY26 results largely in line with expectations, with revenue and EBITDA meeting 97% and 98% of forecasts respectively. The company experienced earnings recovery across all three operating countries – Singapore, Malaysia, and Vietnam – with EBITDA expanding 21% year-on-year in the second half to S$43.6mn. Growing revenue intensity has…Read More
Brief Overview iX Biopharma’s FY26 results fell below expectations, with revenue and net loss at 72% and 170% of forecast respectively. The US$40.9mn Wafermine Programme from the US Department of Defense has commenced, with the company recognising S$1.2mn as development services. The analyst expects revenue to triple in FY27e, driven by compounding pharmacy operations, Wafermine…Read More
Brief Overview CapitaLand Investment Limited (CLI) reported 1H26 revenue 2% lower year-on-year while PATMI rose 14% YoY, in line with expectations and forming 44% and 52% of Phillip Securities Research’s FY26e forecasts respectively. PATMI growth was driven by stronger event-driven fees from Listed and Private Funds Management, as well as lower interest costs of 7%…Read More
Brief Overview City Developments Limited (CDL) reported robust 1H26 results, with revenue and PATMI growing 61% and 231% year-on-year respectively, ahead of expectations and forming 67% and 70% of Phillip Securities Research’s FY26e forecasts. Growth was driven by the property development segment, where revenue and pre-tax profit surged 166% and 122% respectively on the full…Read More

