>strong>Trades Initiated in Past Week

Singapore shares ended lower on Thursday (15 October), as the global chip-stock sell-off weighed on regional markets. The Straits Times Index lost 0.37%, or 19.83 points, to close at 5,403.50. Losers outnumbered gainers 455 to 190, as 1.4 billion securities worth S$2.6 billion changed hands. 

US stocks ended higher on Thursday (15 October), as investors shifted from AI-related stocks into healthcare and consumer names. The Dow Jones Industrial Average rose 1.08% to 52,177.69, the S&P 500 gained 0.33% to 7,744.06, and the Nasdaq Composite edged up 0.08% to 26,713.03. Technology remained under pressure, with the Philadelphia semiconductor index falling 0.9% for its seventh consecutive decline. 

SG

ComfortDelGro appointed Chew Hock Yong and Ang Fung Fung as independent non-executive directors, effective 1 November. Deputy chairman Choi Shing Kwok will retire on 31 December. Chew will also chair the board risk committee from 1 January 2027.

GDS Global secured new contracts worth S$12.1 million across public and private housing, healthcare facilities and public infrastructure. The contracts are expected to contribute to earnings over the next one to three years, according to their respective project schedules.

SGX will introduce five Singapore Depository Receipts tracking TSMC, SK Hynix, Montage Technology, Zhongji Innolight and Z.AI. Trading begins on 16 October, with minimum trading sizes below S$300. The additions bring SGX’s SDR offering to 43 counters.

Singapore Airlines reported a 2.8% year-on-year increase in September passenger traffic, against capacity growth of 3.1%. The group carried 3.5 million passengers, up 3.7%, while its passenger load factor slipped 0.3 percentage point to 86.8%. Cargo loads rose 9.4%, supported by semiconductor and AI hardware shipments.

CapitaLand India Trust unveiled its jointly held Chennai data-centre development, involving an investment of approximately US$203.2 million. The project, held with CapitaLand India Data Centre Fund, is scheduled for completion by end-2026, with 53 MW of gross power capacity and 34 MW of IT capacity.

IOI Properties is in exclusive talks and conducting due diligence to acquire Chijmes and Capitol Kempinski hotel. No agreed purchase price was disclosed. The approximately US$760 million figure in the headline is a media estimate based on existing valuations and marketing prices.

Deluge Corporation received subscriptions equivalent to 3.86 times its IPO offer. The public tranche was 11.97 times subscribed and the placement tranche 3.42 times subscribed. The S$0.60 offer price implies a S$87 million listing market capitalisation. Trading is scheduled to begin on 16 October.

US

Apple chairman Tim Cook said a test version of Apple Intelligence would reach China later in October, according to The Paper, cited by Reuters. Features will include live translation, writing tools and image clean-up, but not the upgraded Siri.

Amazon unveiled the US$75 Bee Frontier wristband and US$100 Bee Eclipse smartphone accessory, which record and analyse daily conversations to produce summaries and reminders. It also introduced a US$12 monthly Bee Pro subscription.

Meta Platforms released an open-weight version of its Muse Spark AI model for coding and AI-agent tasks, allowing developers to download and adapt the model.

Alphabet expanded Google’s AI news-licensing programme to include CNN, Axios, the Financial Times and other publishers. Google said the programme now covers more than 400 publications globally.

Nvidia expanded its automated-driving partnership with Volvo Cars. Volvo will combine its safety systems with Nvidia’s Hyperion computing and sensor architecture, Alpamayo driving software and Halos safety framework.

Eli Lilly released new post-hoc analyses of existing Omvoh trials. Among ulcerative-colitis patients who responded to induction treatment, 27.7% continuing Omvoh achieved comprehensive disease control at one year, versus 14% switched to placebo.

Anthropic: Some investors discussed a valuation of approximately US$1.5 trillion, below earlier expectations of around US$2 trillion, Reuters reported. This is investor discussion, not a company-set IPO valuation. Separately, New York City Comptroller Mark Levine urged Anthropic to pause its IPO over safety and governance concerns

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

JPMorgan Chase & Co – NII guidance raised; buybacks cut

Recommendation: ACCUMULATE; TP US$370.00; Last close: US$335.28; Analyst Glenn Thum

• 3Q26 adj. earnings rose 10% YoY to US$15.8bn, below our estimates, with 9M26 adj. earnings at 71% of our FY26e forecast, on lower-than-expected Fixed Income trading and IB fees. Client activity in Rates, Credit and Commodities weakened, and IB deals stalled after the late September bond sell-off. DPS rose 10% YoY to US$1.65, while buybacks declined to US$1.1bn (3Q25: US$8.3bn).
• Equity Markets revenue rose 49% YoY as prime financing balances grew, and asset management fees rose 15% YoY on higher market levels and net inflows. NII rose 13% YoY on deposit, card and Markets balance growth. FY26e NII guidance was raised to ~US$106.2bn (prev. ~US$105.5bn) and adjusted expense guidance to ~US$108.6bn (prev. ~US$107.5bn). Management’s 2027 central case for NII ex. Markets is ~US$107bn, with about a quarter of the growth from rate hikes.
• Maintain ACCUMULATE with a lower target price of US$370 (prev. US$380) as we lower FY26e earnings by 3% from lower principal transactions, asset management and investment banking estimates. Our GGM valuation assumes 2.93x FY26e P/BV and an ROE estimate of 23.0%. We like JPM for its earnings diversity and asset-sensitive balance sheet. Rate hikes add to NII in 2027, while prime financing and advisory give it fee growth that does not depend on rates. Capital held back from buybacks is going into loans that management expects to earn more than the ~6% earnings yield on its shares, supporting book value growth into FY27e.

Nanofilm Technologies International Limited – Deep Tech to Money Tech

Recommendation: BUY; TP S$1.20; Last close: S$0.7700; Analyst Yik Ban Chong (Ben)

• We believe Nanofilm’s functional hinge coatings could experience higher demand from its largest customer (“Z”) foldable phone launch in 4Q26e. Z’s new premium-tier smartwatch housings also switched from aluminium to titanium, expanding Nanofilm’s decorative coating product range.
• Nanofilm’s proprietary coating solutions is commercialising into a new range of semiconductor, industrial, and automotive applications. We believe several products are reaching commercialisation, especially in the areas of printed circuit board (PCB) drills, advanced packaging, and hydrogen fuel cells. As more products move from R&D to commercialisation, we believe the Industrial Equipment Business Unit (IEBU) revenue can increase more than 35% from FY25 to FY27e.
• We initiate coverage with a BUY recommendation and TP S$1.20. Our TP is based on 28x FY27e P/E, in line with peers’ average. Since the founder returned as CEO in January 2025, there has been a refocus from R&D to commercialisation, consolidated workshops in Singapore and China, and a shift in priority to asset utilisation. Gross margins expanded by 6ppt YoY to 39% in 1H26 as a result, the highest since FY22. We expect the ramp-up and stabilisation of new programmes to drive net profit growth by more than 75% from FY25 to FY27e.

Raffles Education Ltd – Back to school and growth

Recommendation: BUY; TP S$0.20; Last close: S$0.0800; Analyst Hashim Osman

• Returning to net cash through asset monetisations, Raffles Education (RE) will focus on growing its K-12 presence in ASEAN. The increasing regionalisation of higher education within ASEAN, driven by easing immigration policies within Asia and restrictive immigration policies in the UK and US, will support RE’s expansion.
• RE is growing its K-12 platforms in Thailand (RAS Bangkok expansion), Malaysia (RAS Iskandar) and Indonesia (new K-12 school in Jakarta). To fund this growth and further deleverage, we estimate RE’s planned asset sales yielding over S$500mn of gross proceeds (Figure 1). Divesting these lower-return China assets (revenue return on non-current assets: China 9% vs ASEAN 22%) would improve group asset efficiency.
• We initiate coverage on Raffles Education with a BUY rating and target price of S$0.20. Our valuation is based on DCF analysis, using a 7% WACC and a 7.5x EV/EBITDA exit multiple based on peer comparables. Our TP is conservative, as our share count reflects dilution from warrants, and takes into account c. S$35mn of resulting cash proceeds. RE currently trades at c.11x FY27e EV/EBITDA. It is expected to be in a net cash position by FY27/28.

Wells Fargo & Company – Loan growth and cost cuts lift EPS 13%

Recommendation: BUY; TP US$105.00; Last close: US$80.90; Analyst Glenn Thum

• 3Q26 earnings rose 6% YoY to US$6bn, but below our estimates with 9M26 earnings at 68% of our FY26e forecast. on lower-than-expected NII and trading gains. Lower rates compressed loan yields, offsetting strong loan growth, and a sharp rate move in late September slowed FICC client activity. DPS was raised 11% YoY to US$0.50, with US$2.5bn of buybacks.
• Investment advisory fees, charged as a percentage of client assets, rose 15% YoY as higher stock and bond prices lifted WIM client assets by 11%. IB fees rose 6% YoY as hiring lifted M&A and ECM share. These were offset by lost lease income from the rail car sale and lower mortgage banking fees, leaving non-interest income down 1% YoY. FY26e NII guidance was held at ~US$50bn, with Markets NII lowered to ~US$1.8bn (prev. ~US$2bn) and NII ex. Markets raised to offset it. Expense guidance of ~US$55.7bn was maintained.
• Maintain BUY with lower target price of US$105 (prev. US$115) as we lower FY26e earnings by 8% from lower NII, investment advisory, and other non-interest income estimates. Our GGM valuation assumes 1.85x FY26e P/BV and an ROE estimate of 16.7%. We like WFC for earnings growth from a balance sheet it can now expand, with loans and deposits both up 11% YoY. Its 10% CET1 is the lowest among peers but can fund this growth: earnings after dividends add ~30bps a quarter, and Basel III Endgame could add ~75bps by cutting RWA ~7%. Cost cuts keep expenses flat while revenue grows, and maturing card vintages and IB share gains add to earnings into FY27e, giving ROTCE room to rise to the 17% to 18% target.

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

Stoneweg Europe Stapled Trust Pursues Growth Through Management Internalisation

Frasers Logistics & Commercial Trust Positioned for Growth Through Strong Portfolio and Acquisition Pipeline

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