Stock Market Today

Singapore stocks ended 0.03 per cent lower on Thursday (Oct 29).

US stocks slid on Thursday (Oct 29). The Dow Jones Industrial Average fell 0.25 per cent to 52,342.56, the S&P 500 lost 0.3 per cent to 7,720.39 and the Nasdaq Composite lost 1.37 per cent to 26,184.72.

SG

MPACT‘s 2Q FY26/27 gross revenue and NPI were S$207.5 million and S$153.5 million respectively, 5.0% and 6.3% lower YoY.

Seatrium secures FPSO integration contract valued at over S$200 million from SBM Offshore.

Sheng Siong’s net profit increases 1.8% to S$44.6 million for 3Q FY2026.

CapitaLand Ascendas Reit scores higher rental reversion in Q3; occupancy also up.

Mi Material reports Q3 adjusted profit after tax of US$11.4 million.

Civmec delivers record quarterly revenue of A$324 million.

Starhill Global Reit’s NPI up 2.3% at S$38.8 million in Q1 FY2027.

NetLink NBN Trust posts 1.1% increase in H1 DPU to S$0.0274.

DBS denies rumours of Indonesian subsidiary merger with Bank Central Asia.

Sembcorp, DayOne sign pact to explore powering data centres in Asia.

Aztech rejects US$19.4 million claim of damages from customer; mulls counter claim.

Toku powers foodpanda’s support for customers in Cambodia and Laos.

US

Intel plummeted in extended trading after the chipmaker issued a weak fourth-quarter forecast, citing continued softness in the global PC market.

SanDisk posts Q1 double beat, announces stock split.

Reddit sink on weak sales guidance and plans login requirement test as Google search traffic shrinks.

Amazon’s cloud-computing unit reported more rapid third-quarter growth than projected. Revenue came in at US$45.98 billion, up 39% year over year and above the US$45.29 billion consensus.

Coinbase net income surges 66% in third quarter, benefiting from bitcoin investment gains.

Circle, Tether freeze funds impacted by potential Binance ‘security issue’.

Eli Lilly reported third-quarter earnings and revenue that blew past estimates and hiked its full-year sales outlook.

Merck tops quarterly estimates, hikes profit outlook as new Keytruda form shows strength.

Caterpillar posted better than anticipated third-quarter income fueled by demand for the construction equipment needed to build out AI infrastructure.

Mastercard reported third-quarter adjusted earnings per share of US$5.31 and revenue of US$9.8 billion, surpassing consensus estimates of US$5.17 and US$9.66 billion, respectively.

Norwegian Cruise Line surged after the company posted better than expected third-quarter earnings and raised its outlook for the full year.

Rivian Automotive beat third-quarter earnings expectations as it ramped up production of its new R2 entry-level SUV that the company has promised investors will lead it to profitability.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR

First REIT – Still waiting for the next move

Recommendation: Accumulate (Maintained), Last Done: S$0.18

Target price: S$0.17, Analyst: Darren Chan

• 3Q26/9M26 DPU of 0.46/1.44 Singapore cents (-11.5%/-12.7% YoY) came in slightly below our estimates, forming 23%/73% of our FY26e forecast. The decline was due to the depreciation of the IDR (9M26: -8% YoY) and JPY (9M26: -9.8% YoY) against the SGD, as well as the Indonesian divestments. 9M26 rental income and NPI declined by 9.5% YoY. Excluding the divestments, rental income would have declined by 6% YoY.
• FIRT completed the first tranche of its Indonesian hospital divestments on 24 September 2026. The potential divestment of the remaining six Indonesian hospitals to Siloam for c.S$294.8mn under the existing put option remains under consideration.
• We maintain ACCUMULATE with a lower TP of S$0.17 (prev. S$0.23), pending capital redeployment into replacement assets. Our valuation is based on 0.8x 3Q26 P/NAV, reflecting ongoing FX risks and uncertainty over the future portfolio composition. We lower our DPU forecasts by 6% for FY26e and 38% for FY27e to reflect the first tranche of Indonesian divestments, while incorporating S$9.7mn in special dividends split evenly between 4Q26 and 1Q27. The strategic review remains ongoing, and management has provided no updates on potential acquisitions. Including special dividends, FY26e dividend yield is 10.2%, declining to 6.9% in FY27e following the divestments.

UltraGreen.ai – Segment to defend

Recommendation: BUY (Maintained), Target Price: US$0.73, Last Done: US$0.48

Analyst: Hashim Osman

• 3Q26/9M26 revenue grew 44%/35% YoY to US$44.6mn/US$131.8mn, forming 25%/74% of our FY26e forecast. Growth was driven by both the US and RoW markets.
• UltraGreen relaunched its lower-priced generic ICG (functioning as an authorised generic equivalent, or AG) in late September/early October to compete with Zydus, but did not disclose its pricing. Vial volumes and ASPs by region were also withheld, with management citing commercial sensitivity. US hospitals now have three types of ICG vials to choose from: i) UltraGreen’s branded IC-GREEN; ii) generic copies of IC-GREEN, namely UltraGreen’s own AG and Zydus’s generic; and iii) separately approved competing brands, namely Stryker’s SPY AGENT GREEN and Sagent/Provepharm’s ready-to-use Zyogreen.
• We maintain BUY with lower DCF-based TP of US$0.73 (prev. US$1.81). We assume for FY27e: i) UltraGreen’s US market share falls from 83% to c. 50%, reducing its US vials sold by c. 40%; ii) future US vial volume split evenly between branded IC-GREEN and its own generic; iii) the blended US ASP (branded and generic) declines c. 40% from FY25 ASP, and iv) vial volume growth rate outside the US unchanged at 15% a year, as RoW growth is enabled by UltraGreen’s lower-cost imaging cameras, which current competitors do not offer. FY26e and FY27e PATMI is reduced by 6% and 58%, respectively. UltraGreen.ai is trading at a FY27e P/E of 13.1x. Our price and volume declines are benchmarked to a US Federal Trade Commission study of oral tablets and capsules, which typically attract more competitors and have faster price erosion than sterile injectables such as ICG. We have not taken into account any future share buybacks (US$30mn).

Wells Fargo Maintains Growth Momentum Despite Rate Headwinds

JPMorgan Chase Maintains ACCUMULATE Rating Despite Lower Target Price

Lion-Phillip S-REIT ETF: Analysts Maintain Positive Outlook Despite Rate Headwinds

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