DAILY MORNING NOTE | 17 June 2026

Singapore stocks ended higher on Tuesday (Jun 16). The local benchmark gained 0.8 per cent or 39.57 points to finish at 5,116.86. Across the broader market, losers beat gainers 342 to 256, with 1.2 billion securities worth S$2 billion changing hands.

US stocks rose to a record high on Tuesday as investors rotated out of chipmakers and into cyclical stocks amid declining oil prices. The 30-stock index advanced 328.64 points, or 0.64%, for a record close of 51,999.67. It scored a new all-time intraday high of 52,190.29 in the session. The S&P 500 fell 0.57% and ended at 7,511.35, while the Nasdaq Composite pulled back 1.15% to 26,376.34.

Singapore Technical Highlights

TOP 5 GAINERS & LOSERS

EVENTS OF THE WEEK

SG

Mapletree Pan Asia Commercial Trust has priced S$200 million of senior green notes at 2.53 per cent on Tuesday (Jun 16). These green bonds, which is issued under its S$5 billion euro medium-term securities programme that was established in 2022, will mature on Jun 24, 2033. The proceeds raised from this issuance will be used by MPACT and its subsidiaries to finance or refinance eligible green projects aligned with the Reit’s green finance framework.

Boustead Singapore’s subsidiary, Esri Australia, has renewed a contract for its geographic information systems (GIS) platform with the Australian federal government for around S$60 million.

The manager of Elite UK Real Estate Investment Trust on Tuesday (Jun 16) said that it is set to buy five freehold and virtual freehold government-leased properties across the UK for £31.9 million (S$55 million). The Reit is also embarking on a £19 million conversion of its Lindsay House property in Dundee, Scotland, into a purpose-built student accommodation facility.

Jardine Matheson Holdings has pledged to grow its dividend by at least 5 per cent annually through to 2030 and has launched a US$500 million share buyback programme. They were among the shareholder-return and portfolio-recycling targets that the conglomerate laid out at its first-ever Investor Day held in Hong Kong on Tuesday (Jun 16).

US

Carvana, known for dominating used car sales in the U.S., has bought seven new vehicle franchises since last year that primarily sell Stellantis’ Chrysler, Dodge, Jeep and Ram brands. Dealers and industry experts said the move could significantly disrupt, if not reshape, the new vehicle franchised dealer system. Adding the new vehicle business not only provides additional revenue for the company, it opens up other avenues for Carvana to more easily purchase used vehicles through exclusive auctions.

Rivian said Tuesday it was laying off hundreds of workers, or less than 2% of its workforce, as the EV maker aims to narrow losses. The electric vehicle maker officially launched deliveries of its key new vehicle, the R2 SUV, last week. The EV maker lost $3.6 billion last year and has never turned an annual profit.

General Motors announced a new defense partnership with Lockheed Martin as the country ramps up its production of weapons. Company executives said the deal was facilitated by the U.S. Department of Defense. The White House has held discussions with Ford and GM about better supporting the country’s defense industry. GM Defense, which was reestablished in 2017, is one of the company’s newer but fast-growing business segments.

Oil logged its longest run of declines this year as the US-Iran deal to reopen the Strait of Hormuz boosted expectations for a revival in supply. Global benchmark Brent slid for a fourth session, settling under US$79 per barrel, the lowest level since early March.

SpaceX roared past Amazon’s market valuation on Tuesday (Jun 16) and briefly topped that of Microsoft, rapidly scaling the list of the world’s most valuable companies on a topsy-turvy trading day fuelled by frenzied action in the firm’s newly listed option contracts.

Intel has begun production of its most-advanced chip node called 18A-P. First announced last year, 18A-P is now in what’s known as “risk production,” an early production stage. It’s the latest development in Intel’s effort to become a manufacturer of chips for other companies.

Snap is launching Specs, the company’s first AR glasses geared toward the broader public instead of developers. The glasses cost $2,195 with a $200 refundable deposit, and are expected to ship later this year.

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

RESEARCH REPORTS

Adobe Inc – Strong freemium uptake, weak ARR gain

Recommendation: BUY; TP US$385.00; Last close: US$208; Analyst Alif Fahmi

• 2Q26 revenue/adj. PATMI met our expectations at 50%/51% of our FY26e forecast. Growth is driven mainly by the Adobe Creative Cloud Pro (CC Pro) deal, with Creative freemium monthly active users (MAU) growing 70% YoY to over 90mn.
• Adobe sticks to its freemium strategy, “traction first, monetisation later.” We expect strong MAU and generative credit growth, while ARR remains flat. FY26E subscription ARR guidance is unchanged at 10.2% (vs. 11.5% in FY25). The shift to acquiring more freemium users via Acrobat and Firefly weighs on 2H26e ARR growth, with monetisation expected to improve as users convert after free trials and hit the paywall. Monetisation will be driven by 1) Upselling to higher pricing tier CC Pro during renewal cycle, 2) Firefly and AI Acrobat SKUs scaling to US$1bn ARR in the near term (>US$500mn in 2Q26), and 3) More Generative credit consumed for advanced media types and AI model.
• We maintain a BUY recommendation with a higher DCF target price of US$385 (prev. US$368). We raised FY26e revenue est. by 2% after the full-year guidance increase, but cut adj. PATMI by 3% due to higher-than-expected mainly G&A and income tax expenses. WACC and terminal growth remained unchanged at 7.9% and 2%, respectively. The company is now trading at a significant discount. Adobe is trading at 11.5x our FY26e GAAP P/E, below its 1-year average of 18x. Our target price implies a P/E of 21.4x, which is a 29% discount to peers’ 27.6x. While 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.

Zixin Group Holdings Ltd – Higher volume drives profitability

Recommendation: BUY; TP S$0.06; Last close: S$0.0320; Analyst Serena Lim Yi Qi

• 2H26 results exceeded our expectations, with revenue up 44.3% YoY to RMB386.8mn and net income increased 29.9% YoY to RMB45.4mn, driven by higher sales volume in both the fresh sweet potato and processed products segments. FY26 revenue/PATMI were at 104%/123% of our forecasts.
• Earnings from the fresh sweet potato segment doubled, driven by a c.30% YoY surge in sales volume, while processed products grew 12.5% YoY, supported by portfolio expansions including sweet potato chips and steamed products. Overall gross margin declined by 330 bps to 31.2% due to margin compression in the fresh segment.
• We maintain our BUY recommendation and raise our target price to S$0.06 as we roll into the new financial year. We raise our FY27e revenue and net profit forecasts by 23% and 29%, respectively, and expect earnings to grow 24% YoY. Growth will be driven by the continued expansion of Zixin’s white-label ODM business, supported by customer additions across major Chinese snack brands, supermarket private-label brands, and international markets. Meanwhile, demand for fresh sweet potatoes is expected to remain robust, supported by increasing health-conscious consumption and strong demand for premium varieties such as Hong Yao and Black Gold, which offer quality comparable to Japanese sweet potatoes at a more competitive price.

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