DAILY MORNING NOTE | 26 February 2026

Trades Initiated in Past Week

Singapore stocks ended lower on Wednesday (Feb 25), bucking regional gains, which tracked advances in the US market on artificial intelligence (AI) optimism. The local benchmark lost 0.3 per cent or 13.06 points to finish at 5,007.73. Meanwhile, the iEdge Singapore Next 50 Index remained mostly unchanged at 1,526.59. Across the broader market, gainers trailed losers 286 to 310, after 1.7 billion securities worth S$2.3 billion changed hands.

Overnight in the U.S., equities rose, supported by Nvidia and Oracle, as stocks built on the gains from the prior trading day. The S&P 500 added 0.81% to close at 6,946.13, and the Nasdaq Composite advanced 1.26% to 23,152.08. The Dow Jones Industrial Average rose 307.65 points, or 0.63%, to settle at 49,482.15.

Singapore Technical Highlights

TOP 5 GAINERS & LOSERS

Events Of The Week

SG

Yangzijiang (YZJ) Financial expects to report a loss for its second-half and full 2025 fiscal year. This would be a reversal from the net profit posted for FY2024. The company attributed the decline to the recognition of substantial credit loss allowances, following a comprehensive review of the company’s debt investment portfolio. The reassessment is a reflection of updated credit risk profiles in light of current market conditions in China’s real estate and credit markets.

Singapore Post group reported a 38.3 per cent drop in operating profit for the third quarter ended Dec 31, 2025, at S$3.8 million, down from S$6.2 million in the corresponding period a year ago. The decline in Q3 2025 operating profit occurred as growth in domestic e-commerce delivery volumes and property leasing revenue was outweighed by continued declines in letter mail and cross-border e-commerce volumes.

Lendlease Global Commercial Reit is set to acquire the remaining 30 per cent stake in PLQ Mall for about S$116.4 million. The move follows the Reit’s initial acquisition of a 70 per cent interest in the mall from PLQM Trust, which owned 100 per cent of PLQ Mall.

Aspial Corp on Wednesday (Feb 25) reported a 34 per cent rise in net profit to S$13.5 million for its second half ended Dec 31, up from S$10.1 million the year before. The group’s performance was heavily anchored by its majority-owned subsidiary, Aspial Lifestyle. The subsidiary reported that its own H2 net profit soared 161 per cent to S$52.8 million, alongside a 38 per cent rise in H2 revenue to S$462.9 million.

CapitaLand India Trust has closed a private placement where it sought to raise at least S$150 million to fund two buildings in Bengaluru, India. Clint issued 124.2 million new units at S$1.208 per unit in the placement, which was 2.6 times covered with new and existing institutional, accredited and other investors taking part.

Sembcorp Industries is eyeing fresh growth from powering data centres, amid headwinds in the gas business that dampened its latest earnings. The company on Wednesday (Feb 25) reported a 5 per cent decrease in net profit to S$448 million for the half-year ended Dec 31, 2025 (H2). The gas business was hit by lower spark spreads, the difference between electricity prices and the cost of production with natural gas. It also faced higher blended costs in Singapore and weaker customer demand in the UK.

Nanofilm Technologies on Wednesday (Feb 25) reported an 11.3 per cent decrease in net profit for the second half ended Dec 31, 2025, to S$10.2 million, from S$11.5 million the year prior. This was driven by sustained demand within its advanced materials business unit and a recovery in its industrial equipment segment.

Food Empire’s earnings rose 29.6 per cent to US$37.4 million for the second half ended Dec 31, 2025, from US$28.9 million in the same period the year before. The board proposed a final dividend of S$0.05 a share and a special dividend of S$0.04 a share. Together with an interim dividend of S$0.03 already paid, this brings the total dividend for FY2025 to S$0.12 a share, the highest payout in Food Empire’s history.

Semiconductor equipment maker AEM Holdings on Wednesday (Feb 25) reported a net profit of S$13.9 million for H2 FY2025, up 32 per cent from S$10.5 million a year prior. The group attributed the improved performance to the successful ramp-up to high-volume manufacturing for its second artificial intelligence/high performance computing (AI/HPC) customer.

Real estate developer Ho Bee Land on Tuesday (Feb 24) reported a 50 per cent decline in its net profit for the second half of its financial year ended Dec 31, 2025, to S$50.4 million, from S$100.7 million the year before. This decline was primarily due to the deconsolidation of Elementum, lower rental income, and lower settlements of the group’s development properties.

Hong Leong Finance on Wednesday (Feb 25) announced a 40.8 per cent fall in net profit from S$51.5 million to S$30.5 million for the six months ended Dec 31, 2025. Net interest income also declined 29.4 per cent year on year to S$79.3 million in for the second half of the 2025 financial year, from S$112.4 million.

Yangzijiang (YZJ) Shipbuilding on Wednesday (Feb 25) reported a net profit of 4.5 billion yuan (S$827.4 million) for the second half ended Dec 31, 2025, 24.6 per cent higher than the 3.6 billion yuan recorded in the corresponding year-ago period. The revenue growth was also driven by significantly higher contributions from other business segments, particularly the sale of raw materials to Tsuneishi Group (Zhoushan) Shipbuilding, a 34 per cent-owned associate of the company.

Singapore’s Oversea-Chinese Banking Corp is exploring a physical gold custody business for institutional and high-net-worth clients as demand for its app-based gold trading product accelerates. The potential move by the second-largest bank in Singapore comes as gold prices have hit fresh highs, drawing interest from investors seeking a haven with exposure to the precious metal.

Property developer Singapore Land Group posted a 11 per cent fall in net profit for H2 2025 to S$160.9 million from S$180.5 million in the previous corresponding period. The growth in revenue was mainly driven by property investments, which had contributions from a newly acquired commercial building in Sydney, Australia, and improved performance of Singapore assets.

Hong Leong Asia on Wednesday (Feb 25) reported a 48.6 per cent surge in net profit for its half-year ended Dec 31, 2025, to S$56.8 million, from S$38.2 million the year before. The board has proposed a final dividend of S$0.03 per share.

Lippo Malls Indonesia Retail Trust on Wednesday (Feb 25) posted a net property income of S$31.6 million for its fourth quarter ended Dec 31, 2025, up 13.8 per cent from S$27.8 million the year before.

Riverstone Holdings has reported a net profit of RM207.8 mil for FY2025, ended Dec 31, 2025, down 27.6% year-on-year. For 4QFY2025, net profit came in 23.0% year-on-year lower at RM54.0 million. Revenue for 4QFY2025 improved 1.3% quarter-over-quarter to RM250.7 million, driven by cleanroom demand as a result of continued expansion in data centre and AI-related industries.

US

Bloomin’ Brands reported its Outback Steakhouse chain achieved its first quarter of positive traffic in four years. The company posted a fourth-quarter loss of $13.5 million, or 16 cents a share, with adjusted earnings of 26 cents a share. Bloomin’ Brands forecast full-year same-restaurant sales to grow 0.5% to 2.5% and adjusted EPS of 75 cents to 90 cents.

Nvidia reported better-than-expected fiscal fourth-quarter results on Wednesday, driven by 75% revenue growth in its core data center business. Net income almost doubled to $43 billion, or $1.76 a share, from $22.1 billion, or 89 cents per share, in the same quarter a year ago. The company now gets over 91% of sales from its data center unit.

Salesforce Inc. gave a lukewarm outlook for sales growth in the new fiscal year, fueling investors’ worries that the software giant will lose out to new competitors in the age of AI. Revenue will be about $46 billion in the fiscal year ending in January 2027.

Snowflake Inc. gave an outlook for quarterly sales that was in line with estimates, disappointing investors who were looking for a stronger showing. Product revenue will be about $1.26 billion in the period ending in April.

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

RESEARCH REPORTS

Market Journal articles powered by PhillipGPT

Singapore Budget 2026 Signals Strategic AI Pivot, Equity Boost

DBS Group Holdings Ltd Upgraded to Accumulate Despite Earnings Decline

Elite UK REIT Shows Strong Performance with Successful Lease Regearing

PSR Stocks Coverage

For more information, please visit:

https://www.stocksbnb.com/singapore-stocks-coverage/