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20 March 2026

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Wee Hur Holdings Ltd – Construction and worker dorm anchor growth

Advanced Micro Devices Inc. – Clear Instinct GPU roadmap, strong CPU demand

Netflix Inc. – Content, ads, and scale drive the next leg of growth

Phillip Summary

Singapore stocks ended 0.7 per cent lower on Thursday (Mar 19). Sembcorp Industries led the gainers, rising 1 per cent or S$0.06 to S$6.16. The worst performer was DFI Retail Group, which fell 5.1 per cent or US$0.24 to US$4.46 after trading ex-dividend.

Wall Street ended lower on Thursday. The S&P 500 declined 0.27 per cent to end the session at 6,606.49 points. The Nasdaq declined 0.28 per cent to 22,090.69 points, while the Dow Jones Industrial Average declined 0.44 per cent to 46,021.43 points.

Singapore Technical Highlights

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TOP 5 GAINERS & LOSERS

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Events Of The Week

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Breaking News

SG

Choo Chiang applies to move listing from Catalist to Mainboard.

AEM Holdings Ltd has received the 2026 Intel EPIC Supplier Award, the highest supplier recognition from Intel.

Hongkong Land acquires 10.8% stake in Suntec Reit for S$541 million.

Tritech Group Limited has, on 19 March 2026, entered into a strategic cooperation agreement with Shenzhen Fangzhi Science and Technology Co Ltd.


US

FedEx beats on top and bottom lines, raises guidance on strong performance.

The Food and Drug Administration on Thursday approved a higher-dose version of Novo Nordisk’s weight loss injection Wegovy.

Amazon acquires startup Rivr to test robots for ‘doorstep delivery’.

Meta backtracks on decision to end Horizon Worlds VR after fans speak up.

Apple posted a 23% surge in China smartphone sales in the first nine weeks of 2026.

Uber to invest up to US$1.25 billion in EV maker Rivian in deal to launch 50,000 robotaxis.

Eli Lilly’s next-generation obesity drug retatrutide clears first late-stage diabetes trial.

SpaceX, Tesla to continue ordering Nvidia chips at scale.

Unilever in talks to combine food business with McCormick.

Nexstar’s US$3.5 billion Tegna deal cleared by US DOJ.

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


RESEARCH REPORTS

Adobe Inc – Sharp rise in Creative usage

Recommendation: BUY; TP US$368.00; Last close: US$246.00; Analyst Alif Fahmi

  • 1Q26 revenue/adj. PATMI met our expectation at 25%/26% of our FY26e forecast. Growth is driven mainly by the Adobe Creative Cloud Pro (CC Pro) deal, with Creative freemium monthly active user (MAU) grew 50% YoY to over 80 million.
  • Adobe sticks to its freemium strategy, “traction first, monetisation later.” We expect a continued sharp rise in MAU and generative credit, while ARR remains flat (FY26e ARR is 10.2% vs. 11.5% in FY25). Monetisation is expected to accelerate in 2H26 as early users hit the paywall and upgrade after a free trial period. Monetisation will be driven by 1) Upselling to higher pricing tier CC Pro during renewal cycle, 2) Firefly SKUs scaling to US$1bn ARR in the near term (US$250mn in 3Q25), and 3) More Generative credit consumed for advanced media types and AI model.
  • We maintain a BUY recommendation with a lower TP of US$368 (prev. US$487). g is lowered to 2% (prev. 3.5%) to reflect slower expected growth. WACC is raised to 7.9% (prev. 7.3%) due to a higher beta, aligning with market conditions. No changes were made to our FY26 estimates. Adobe is trading at 13.4x of our FY26e PE, a 63% discount to its peers’ mean of 21.9x. Freemium is weighing on Adobe’s near-term ARR, as monetisation remains early and conversion is delayed until paywalls or renewal cycles. Meanwhile, generative AI competition adds pressure. We still expect resilience driven by safe IP, enterprise demand for end-to-end tools, and Firefly’s LLM integrations.


Phillip Macro Update – Inflation Keeps Fed on Hold

Analyst: Phillip Research Team

Key points to note:

  1. Broad consensus maintained despite single dissent. The FOMC voted 11–1 to keep rates unchanged, with Governor Stephen Miran in favour of 25 bps cut.
  2. Inflation risks remain skewed to the upside. Powell noted “job gains have remained low”, “the unemployment rate has been little changed in recent months,” and “inflation remains somewhat elevated”. He also highlighted uncertainty surrounding Middle East developments, noting that higher energy prices could lift inflation in the near term.
  3. SEP signals sticky inflation and resilient growth. Inflation remains above target, with the Fed projecting PCE and core PCE at 2.7% in 2026 (vs. 2.4% / 2.5% previously), indicating a slower moderation in inflation, particularly in goods prices affected by tariffs. Notably, growth expectations have been revised higher, with GDP projected at 2.4% in 2026 (vs. 2.3%), reinforcing the view that the economy remains resilient.
  4. Powell to remain in role pending investigation. Powell reaffirmed that he has no intention of stepping down from the Board until the ongoing Department of Justice investigation is fully resolved. He also signalled openness to remaining as a Governor through 2028 and may serve as Chair pro tempore if a successor is not confirmed in time.



Market Journal articles powered by PhillipGPT

SIA Engineering Posts Strong Q3 Results on Associate Earnings Growth

Raffles Medical Group Faces Sluggish Growth on Mixed Results

Grab Holdings Achieves First Full Year of Net Profit with Strong Revenue Growth


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