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10 June 2026

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Salesforce Inc – Share buyback cuts outstanding shares by 11%

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Phillip Summary

Singapore stocks ended higher on Tuesday (Jun 9) on a rebound by global tech counters, in the wake of a steep sell-off earlier last week. Local index gained 1.2 per cent or 59.58 points to finish at 5,023.25. Across the broader market, gainers outnumbered losers 344 to 231, after 1.4 billion securities worth S$2.1 billion changed hands.

U.S. stocks were mixed after the close on Tuesday, as gains in the Healthcare, Financials and Basic Materials sectors led shares higher while losses in the Oil & Gas, Technology and Consumer Goods sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average added 0.17%, while the S&P 500 index lost 0.26%, and the NASDAQ Composite index lost 0.97%.

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Breaking News

SG

SingPost has unveiled its S$30 million automated parcel sortation facility, a touted competitive advantage at its regional e-commerce logistics hub in Tampines. Comprising a 3D sorter and an intelligent flexi sorter. The facility was launched by Minister for Digital Development and Information Josephine Teo on Tuesday (Jun 9).

The manager of Elite UK REIT announced that its Singapore dollar-denominated units has been included under the Central Provident Fund Board’s CPFIS – Ordinary Account with effect from June 9.

Keppel announced on Tuesday (Jun 9) that it has made its strategic entry into South Korea’s digital infrastructure sector through its private fund, Keppel Data Centre Fund III (KDCF III).

US

SpaceX executives say the company is aiming to launch initial demonstrations of space-based artificial intelligence computing infrastructure by late 2027, ahead of the “as early as 2028” timeline for deployment disclosed in its IPO filing.

Anthropic released Claude Fable 5 on Tuesday, describing it as a Mythos-class model that has been made safe for general use. The company said the new model shows the highest capabilities of any model it has released to the public.

Google announced the release of Gemini 3.5 Live Translate today, an audio model that delivers near real-time speech-to-speech translation across more than 70 languages. The model automatically detects languages and generates translated speech that preserves speakers’ intonation, pacing and pitch.

Boeing delivered 60 aircraft in May, marking a 33% increase compared to the same month last year, the company said Tuesday. The figure remains below the 81 deliveries reported by European competitor Airbus for the same period.

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


RESEARCH REPORTS

Phillip Singapore Monthly – Jun26 – The Great AI Wealth Transfer

Analyst: Paul Chew

  • Singapore equities rebounded in May with a gain of 2.5%, bringing YTD26 gains to 8.4%. Expectations of an end to the Middle East conflict supported a rebound in transportation-related stocks. Conversely, energy names pulled back, and banks reached record highs amid expectations interest rates would remain elevated.
  • The tech sector continues to dictate market performance this year, clearly evidenced by the massive outperformance in Taiwan and South Korea. Big tech in the US is spending almost all its operating cash flow to fund US$700bn in capex in 2026. This is projected to rise to US$900bn in 2027. Equity and debt funding is also tapped to finance the capex. This represents what is likely the largest wealth transfer on record, directed toward the construction of AI data centres or intelligence factories globally. AI token generation is expected to spike 40-fold to 1.27tr every 10 seconds by 2030.
  • We think Singapore banks are in their sweet spot moment. Loan growth is accelerating as a capex cycle is underway in data centre infrastructure, energy and construction. Loan growth reached 8% YoY in April. Interest rates are bottoming out, and fee income is boosted by vibrant capital markets. Banks provide attractive dividend yields (~4.5%) hedged against rising inflation.



Market Journal articles powered by PhillipGPT

Geo Energy Resources Maintains Growth Trajectory Despite Q1 Challenges, S$0.75 Target Price Upheld

Salesforce Inc Maintains Strong Growth Trajectory with BUY Rating and US$270 Target Price

Valuetronics Holdings Maintains ACCUMULATE Rating Despite Earnings Decline, Target Price Raised to S$1.29


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