DAILY MORNING NOTE | 13 January 2026
Recent Podcasts:
Nvidia 3Q26 Results
Sea Ltd. – All rounded growth continues
Shopify Inc. – Solid execution, but valuation still stretched
Trades Initiated in Past Week
Singapore shares climbed on Monday (Jan 12), as Asian markets gained on a rise in “Sell America” sentiment after the Trump administration escalated its attacks on the US Federal Reserve. Local index added 22.12 points or 0.5 per cent to 4,766.78 points. Meanwhile, The iEdge Singapore Next 50 Index closed marginally higher, up 0.1 per cent to 1,469.46 points. Across the wider market, advancers outnumbered decliners 332 to 220 for the day, with 1.5 billion shares worth S$1.3 billion changing hands.
U.S. stocks were higher after the close on Monday, as gains in the Basic Materials, Industrials and Consumer Goods sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average rose 0.17% to hit a new all-time high, while the S&P 500 index climbed 0.16%, and the NASDAQ Composite index added 0.26%.
Singapore Technical Highlights
TOP 5 GAINERS & LOSERS
Events Of The Week
SG
Thomson Medical Group has appointed Malaysian businessman Tong Kooi Ong as its independent, non-executive chairman to its board, effective Feb 1, 2026.
Attika Group’s majority shareholder, Steven Tan, Managing Director and Executive Chairman of the Group has sold 15.6 million ordinary shares in the company for 35 cents per share to various investors on Jan 12.
US
Powell disclosed the DOJ had last week served the Fed with grand jury subpoenas and was threatening a criminal indictment related to his June 2025 testimony before Congress regarding the renovation project.
Nvidia Corp. plans to invest $1 billion over five years in a new laboratory with Eli Lilly & Co., aiming to speed up the use of artificial intelligence in the pharmaceutical industry.
Apple will use Google’s Gemini models for its revamped Siri coming later this year under a multi-year deal that deepens the tech giants’ alliance in the artificial intelligence era and bolsters Alphabet’s position in the race against OpenAI. The deal announced Monday marks a major vote of confidence for Google.
Meta Platforms CEO Mark Zuckerberg announced the creation of a new top-level initiative called Meta Compute, focused on building significant computing infrastructure over the coming years.
Shake Shack Inc. reported preliminary fourth-quarter sales below Wall Street estimates, another sign of struggles in the fast-casual restaurant sector.
Heineken NV Chief Executive Officer Dolf van den Brink is stepping down abruptly as the brewer faces a drop in beer sales and underperforms rivals.
Eli Lilly & Co. said it expects its highly anticipated weight-loss pill to receive US regulatory approval as early as the second quarter of 2026.
Alaska Air Group Inc. is upgrading its technology systems in the wake of painful outages that upended operations and hit earnings, a crucial step in the company’s strategy to establish itself as a global carrier.
Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR
RESEARCH REPORTS
The Walt Disney Company – Streaming turns profitable
Recommendation: ACCUMULATE; TP US$130.00; Last close: US$114.07; Analyst Helena Wang
- The Walt Disney Company is a leading global entertainment company with a diversified portfolio spanning content creation, streaming, sports media, and theme parks. Its unrivalled intellectual property ecosystem (anchored by franchises such as Disney Animation, Pixar, Marvel, and Star Wars) supports strong consumer engagement across platforms. With the continued global expansion of streaming and the resilient experiences segment post-COVID, Disney is well-positioned to monetize its IP at scale, underpinning long-term revenue growth.
- DIS’s primary growth driver is the Experiences segment (45% of revenue), which has delivered consistent high-single to low-double-digit YoY growth. The segment, encompassing theme parks, resorts, and cruise operations, is supported by resilient attendance, higher per-capita guest spending, and effective yield management despite competitive pressures. DIS has also prioritised its direct-to-consumer (DTC) streaming business, transiting away from linear television to adapt to evolving consumer viewing habits. The streaming segment turned profitable in 2H24.
- We initiate coverage of the Walt Disney Company with an ACCUMULATE rating and a target price of US$130.00. Our valuation is based on a DCF analysis, utilising a 7.7% WACC and a 3.5% growth rate.
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