DAILY MORNING NOTE | 11 February 2026

The S&P 500 and the Nasdaq closed lower on Tuesday as investors digested disappointing retail sales figures and waited for a key labour market report. The S&P 500 communication services sector was weighed down by Alphabet shares after Google’s parent said it sold bonds worth US$20 billion.

Singapore stocks ended higher on Tuesday (Feb 10), tracking regional indices. Stocks gained 0.1 per cent or 3.42 points to finish at 4,964.25. Across the broader market, gainers edged out losers 379 to 222, after 1.4 billion securities worth S$1.8 billion changed hands. Keppel led the gainers, rising 3.3 per cent to end at S$12.50. Coming in at the bottom of the table was Jardine Matheson, which fell 1.3 per cent to close at US$76. The three local banks ended mixed on Tuesday. UOB rose 0.6 per cent to S$38.92, while DBS fell 0.7 per cent to S$57.80, and OCBC finished 0.3 per cent lower at S$21.32.

Trades Initiated in Past Week

Singapore Technical Highlights

TOP 5 GAINERS & LOSERS

Events Of The Week

SG

CapitaLand Investment (CLI) sank into the red with a net loss of S$142 million for its second half ended Dec 31, 2025, reversing from a net profit of S$148 million in the previous corresponding period. However, its H2 operating profit, which refers to profit from business operations excluding portfolio gains, revaluations and impairments, rose 30 per cent to S$279 million, from S$214 million in the year-ago period.

CDL Hospitality Trusts (CDLHT) has priced S$100 million in subordinated perpetual securities at 4 per cent under its S$1.5 billion multicurrency debt issuance programme. The securities are perpetual with no fixed redemption date.

Centurion Accommodation Real Estate Investment Trust (Reit) has received provisional permission from the Urban Redevelopment Authority to develop an additional six-storey block and to alter the existing eight-storey block in Westlite Ubi dorm.

NTT DC Real Estate Investment Trust (NTT DC Reit) on Tuesday (Feb 10) reported a distributable income of US$36.3 million for the nine months ended Dec 31, 2025. The nine-month distributable income was 0.4 per cent higher than the Reit’s forecast of US$36.1 million made at its initial public offering (IPO).

Beverage maker Fraser and Neave (F&N) reported a net profit of S$47.4 million for the first quarter ended Dec 31, 2025, down 8.9 per cent from S$52 million in the same period a year ago.

In a notice on Singapore’s Government Gazette, Cultivated meat company Avant Proteins the seafood cell research company declared on Jan 26 that it was voluntarily winding up its business here due to its liabilities.

Property and retail company Wing Tai recorded a net profit of S$40.3 million for the first half ended Dec 31, 2025, up 300 per cent from S$10.1 million for the year-ago period.

Property company Stamford Land has taken UOB to the High Court over what it says is a breach of the bank’s duties in relation to the company’s rights issue in 2021. Stamford Land is claiming for losses and damages of S$1.88 million.

GuocoLand will start previews for its River Modern launch on Feb 20, with prices starting from S$2,877 per square foot (psf). The 99-year leasehold project, situated along the Singapore River and directly connected to Great World MRT station, is the fourth new condominium to be launched in the River Valley area in about six months.

Jurong Shipyard, a wholly owned subsidiary of Seatrium, has commenced arbitration proceedings against oil and gas exploration and production firm Petrobras Netherlands, a unit of Brazilian state-run oil firm Petrobras. The arbitration relates to an ongoing dispute over a contract that Jurong Shipyard and Petrobras Netherlands entered into in June 2004, to convert a floating production, storage and offloading vessel, known as the P-54 Contract.

US

US retail sales were unexpectedly unchanged in December, putting consumer spending and the overall economy on a slower growth path heading into the new year.

Spotify, the Swedish music streaming giant, signed up significantly more users than analysts expected, setting a corporate record for most customers added in a single quarter. It credited the year-end Wrapped campaign, which lets users share the artists and songs they most listened to throughout the year on social media. The company also cited the launch of an enhanced free tier around the world as contributing to the growth.

Taiwan Semiconductor Manufacturing Company’s (TSMC) January sales grew at its fastest speed in months, in a sign of a sustained global artificial intelligence (AI) spending, even as concerns persist about an industry bubble. The contract chipmaker for Nvidia reported a 37 per cent rise in January revenue to NT$401.3 billion (S$16.1 billion), above the 30 per cent revenue growth it expects for the full year.

Paramount Skydance has enhanced its Warner Bros Discovery bid by offering extra cash for each quarter the deal fails to close after this year and agreed to cover the breakup fee the HBO owner would owe Netflix if it walked away.

Meta’s WhatsApp on Tuesday (Feb 10) won backing from Europe’s top court for its challenge to a fine that was increased to 225 million euros (S$338.9 million) by the European Union privacy watchdog. It is a ruling that could pave the way for similar action by other companies.

Alphabet is selling at least US$9.4 billion in sterling and Swiss franc-denominated bonds, including an ultra-rare issue of a 100-year note, following a bumper deal in the US. Google will expand its research and development (R&D) footprint in Singapore, as part of scaling its artificial intelligence (AI) investment here.

Cloud software provider Salesforce cut fewer than 1,000 roles at the beginning of this month. The affected roles included marketing, product management, data analytics and Agentforce artificial intelligence (AI) product.

Amazon has signalled to publishing industry executives that it is planning to launch a marketplace where publishers can sell their content to firms offering artificial intelligence products.

Lyft forecast first-quarter adjusted core profit below expectations on Tuesday as severe US winter storms weigh on demand, and reported a surprise operating loss for 2025, sending shares down 14 per cent after hours. The results are a setback for Lyft’s comeback narrative, capping a year of improving bookings growth, higher margins and expansion into new regions. They overshadowed the announcement of a US$1 billion share buyback.

Delinquency rates on loans ranging from mortgages to credit cards rose to 4.8 per cent of all outstanding US household debt in the fourth quarter, the highest level since 2017, driven by higher defaults among low-income and young borrowers.

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

RESEARCH REPORTS

DBS Group Holdings Ltd – Dividends maintained despite earnings decline

Recommendation: ACCUMULATE; TP S$60.00; Last close: S$57.8000; Analyst Glenn Thum

• DBS’ 4Q25 adjusted earnings of S$2.4bn were slightly below our estimates, at 95% of our FY25e forecast. 4Q25 DPS raised 35% YoY to 81 cents (comprising 66 cents ordinary dividend and 15 cents capital return dividend), total FY25 DPS of S$3.06 (+38% YoY).
• NII fell 4% YoY despite loan and deposit growth as NIMs declined 22bps YoY to 1.93%. WM fees continued to surge (+24% YoY), driving 14% growth in fee income. Higher SPs of S$451mn (+81% YoY) from a HK real estate NPL hurt earnings. DBS maintained its FY26e guidance for NII to be slightly below 2025 levels, non-interest income growth in the high single digits, credit costs to normalize at 17-20bps, and PATMI below 2025 levels from the lower interest rate environment. Capital return dividend (60cents/share per year) until FY27 and step up of 6cents/share per quarter until 3Q26 policy has been maintained.
• Upgrade to ACCUMULATE from Neutral with a higher target price of S$60.00 (prev. S$58.00) as we roll over our valuations to FY26e, raise the terminal growth rate to 3.3% (from 3.2%), and lower the beta to 1.0 (prev. 1.1). We lower our FY26e earnings estimate by 5% from weaker NII estimates. We assume a 2.47x FY26e P/BV and a 16.3% ROE estimate in our GGM valuation. We expect non-interest income to be the main growth driver, as heightened volatility will benefit trading income and continued WM growth will stem from shifts in investor sentiment and AUM inflows. We prefer DBS among the Singapore banks given its continued capital return plans (until FY27), fixed DPS policy, and high dividend payout ratio (dividend yield FY26e: 5.7%, FY27e: 6.1%) despite lower earnings, which offer greater stability compared to its peers, which follow a floating payout ratio tied to earnings performance.

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