Stock Market Today

Singapore stocks ended lower on Thursday (Jul 16) amid a mixed performance in regional markets. The local benchmark lost 0.4 per cent or 20.34 points to finish at 5,539.38. Across the broader market, losers outnumbered gainers 301 to 279, after 1.1 billion securities worth S$2.3 billion changed hands.

Chip stocks pulled the US stocks lower on Thursday (Jul 16) as they continued to lead broader market moves despite generally upbeat US economic data and a strong start to second-quarter earnings season. The Dow Jones Industrial Average fell 105.67 points, or 0.2 per cent, to 52,552.97, the S&P 500 lost 38.63 points, or 0.51 per cent, to 7,533.77 and the Nasdaq Composite lost 387.28 points, or 1.47 per cent, to 25,881.95.

SG

Coal miner Geo Energy Resources announced that the MBJ Integrated Infrastructure has begun operational on July 16, with the first loading operation from PT Triaryani (TRA) coal mine of around 50,000 tonnes of shipment valued at around US$3.2 million ($4.1 million).

Indonesian coal producer Geo Energy Resources said its newly operational Marga Bara Jaya (MBJ) integrated infrastructure unit could add up to about US$350 million in annual earnings before interest, taxes, depreciation and amortisation (Ebitda) over time.

PC Partner Group expects to report earnings of “not less than” HK$500 million for the half year ended June, which will be double that of HK$250.4 million recorded in the year-earlier period. The company attributes the better showing to higher prices it managed to fetch for its branded products, thereby driving better margins.

Lum Chang Creations, which transferred its listing to the Mainboard with effect from July 16, expects to report a significant increase for its FY2026 earnings ended June over the preceding year. The expected improvement in the group’s financial performance is mainly attributable to improved gross profit margins, better project execution and a more favourable project mix during FY2026.

US

Alphabet unit Google on Thursday (Jul 16) lost its fight against a 750,000 euro (US$854,250) fine imposed for gambling advertising on its YouTube video platform four years ago as Europe’s top court sided with Italy’s communication authority.

Japan is planning to buy 27,500 next-generation Rubin chips from Nvidia Corp to build a homegrown foundational artificial intelligence (AI) model for robots.

UnitedHealth Group posted second-quarter earnings that blew past estimates and raised its full-year profit outlook, as the company better handles high medical costs and uses AI to help streamline operations.

United Airlines’ second-quarter results came in ahead of Wall Street estimates, but billions of dollars in added fuel costs continue to weigh on earnings. United said the higher fuel prices could add nearly $6 billion to its expenses this year compared with what it expected at the start of 2026, and that its second-quarter fuel costs rose 84% from last year to $2.3 billion.

SpaceX scrubbed a planned test flight of its Starship mega rocket from its Starbase complex in South Texas. It would’ve been the second time SpaceX flew its upgraded Starship V3 rocket, following a May launch where the vehicle’s booster had a mishap.

Netflix reported second-quarter revenue and earnings roughly in line with Wall Street estimates. Its revenue increase was attributed to membership growth, pricing and higher advertising revenue. The company said its engagement is healthy following recent reports of a slowdown for the metric, but it also said would cut back on the frequency of its “What We Watched” reports, which provide a picture of engagement.

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

Bank of America Corporation – Record fees widen operating leverage

Recommendation: Accumulate (Maintained), Last done: US$61.59, TP: US$68, Analyst: Glenn Thum

• 2Q26 PATMI rose 28% YoY to US$9.1bn, 1H26 earnings above our estimates at 54% of our FY26e forecast. Earnings rose on three drivers: a) buoyant equity markets lifted trading and IB fees to records, b) balance sheet growth and fixed rate asset repricing grew NII despite lower rates, and c) expenses grew just 8% against 19% revenue growth, generating 660bps of operating leverage. Lower provisions and US$6bn of buybacks amplified EPS growth to 34%. DPS rose 8% YoY to US$0.28.
• NII rose 9% YoY to US$16bn as volume growth outpaced rate pressure. The sticky US$2.02tn low-cost deposit base funded 8% loan growth, while fixed rate assets repriced into higher yields. Record equity markets drove client trading, with equities revenue up 70%. Corporates returned to issuance after a multi-year drought, lifting IB fees 50%. Higher market valuations grew asset management fees 19%. FY26e NII growth is now guided at the upper end of 6% to 8%.
• Maintain ACCUMULATE with higher target price of US$68 (prev. US$60) as we raise FY26e earnings by 7% from higher NII, fee and market income, and lower provisions estimates. Our GGM valuation assumes 1.48x FY26e P/BV and an ROE estimate of 15.3%. We like BAC as this quarter’s drivers are durable rather than one off: fixed rate repricing and loan growth sustain NII into 2H26, fee engines are diversified across trading, IB and wealth management, and improving card credit keeps provisions falling.

JPMorgan Chase & Co – Equity markets power a record quarter

Recommendation: ACCUMULATE; TP US$380.00; Last close: US$; Analyst Glenn Thum

• 2Q26 adj. earnings rose 19% YoY to US$17bn, beating our estimates, with 1H26 adj. earnings at 53% of our FY26e forecast, driven by record markets revenue and strong IB fees. DPS rose 7% YoY to US$1.50. Dividend payout ratio dipped to 19% (2Q25: 27%), with net common stock repurchases in 2Q26 at US$6.2bn (2Q25: US$7.1bn).
• NII rose 10% YoY on higher deposit and card balances despite NIM falling 3bps YoY to 2.40%. Non-interest revenue (+20% ex. significant items) was led by record markets revenue (+35%), IB fees (+30%) and asset management fees (+18%). FY26e NII guidance was raised to ~US$105.5bn (prev. US$103bn); expense guidance rose to ~US$107.5bn (prev. US$105bn).
• Maintain ACCUMULATE with a higher target price of US$380 (prev. US$335) as we raise FY26e earnings by 10% from higher NII, principal transactions, asset management and investment banking estimates, and lower provisions estimates. Our GGM valuation assumes 3.02x FY26e P/BV and an ROE estimate of 23.6%. We like JPM for its best-in-class profitability (23% ROTCE), record earnings across every segment and fortress balance sheet. We see growth extending through 2H26: raised NII guidance (~US$105.5bn), an IB pipeline at its strongest since 2021, continued AUM inflows and improving card credit. A growing dividend and ~US$40bn of excess capital provide further support, giving shareholders multiple ways to be rewarded while earnings compound.

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