DAILY MORNING NOTE | 27 January 2026
Recent Podcasts:
The Walt Disney Company – Streaming Turns Profitable
Nvidia 3Q26 Results
Sea Ltd. – All rounded growth continues
Trades Initiated in Past Week
Singapore shares finished down 0.6 per cent on Monday, amid a slide in all three banking stocks.
The S&P 500 and the Nasdaq advanced for a fourth consecutive session on Monday. The S&P 500 gained 0.50 per cent to end at 6,950.13 points, while the Nasdaq Composite gained 0.44 per cent to 23,603.78. The Dow Jones Industrial Average rose 0.63 per cent to 49,406.62.
Singapore Technical Highlights
TOP 5 GAINERS & LOSERS
Events Of The Week
SG
Mapletree Logistics Trust has reported DPU of 1.816 cents for its 3QFY2026 ended December, down 9.3% y-o-y but up 0.1% q-o-q.
OUE REIT on Monday (Jan 26) posted a distribution per unit (DPU) of S$0.0125 for the second-half ended December, up 10.6 per cent year on year from S$0.0113.
ST Engineering has won a contract from the Ministry of Defence to produce a fleet of next generation infantry fighting vehicles. The contract value was not disclosed.
Huationg Global plans to raise up to S$7.08 million via a placement at 60 cents each so as to raise funds to take on more projects.
ISOTeam Ltd announced its first slew of contract wins in 2026 worth approximately S$26.6 million. This brings the Group’s order book to approximately S$176.2 million to-date.
Nam Cheong Limited announced that the Group has entered into a sales agreement with an Indonesian customer to sell one 11-year-old 3,000 deadweight tonnage (DWT) platform support vessel (PSV) for US$19.8 million.
Rex International Holding Limited has on 26 January 2026 entered into placement agreements with two funds advised by Nursery Road Capital Management Ltd.
The trustee-manager of Keppel Infrastructure Trust (KIT) on Monday (Jan 26) announced that it has obtained a S$100 million loan facility. It has also secured 50 million euros (S$75.3 million) in uncommitted revolving credit and banker’s guarantee facilities.
The Economic Development Innovations Singapore, or EDIS, has emerged as a substantial shareholder of Addvalue Technologies.
Low Keng Huat is set to be privatised, as the offeror has secured 93.84 per cent of the company’s total issued share capital as at Monday.
Enviro-Hub Holdings Ltd announced that the group was recently the subject of a ransomware incident where an unknown party gained unauthorised access to the group’s servers.
US
President Donald Trump said Monday that he was increasing tariffs on imported autos, pharmaceuticals, and lumber from South Korea from 15% to 25% because of a delay in that country’s legislature approving a trade deal with the United States reached last summer.
Canada has “no intention” of pursuing a free trade deal with China, Prime Minister Mark Carney said, after US President Donald Trump threatened to slap punitive tariffs on Ottawa.
Nvidia Corp invested an additional US$2 billion in CoreWeave Inc to help speed up an effort to add more than 5 gigawatts of AI computing capacity by 2030. Nvidia purchased CoreWeave Class A common stock at US$87.20 a share, the companies said Monday.
Apple today unveiled the new AirTag, now with an expanded finding range and a louder speaker.
Microsoft Corp is rolling out its second-generation artificial intelligence (AI) chip, the centrepiece of the company’s push to power its services more efficiently and provide an alternative to Nvidia Corp hardware.
Amazon secured a US$581 million Pentagon cloud contract for Air Force.
The US has proposed an average rate increase of just 0.09% in payments to private insurers next year for the Medicare Advantage plans they manage, the government said on Monday.
Nvidia unveils Earth-2 open models for AI weather forecasting.
The European Commission on Monday said it opened an investigation into Elon Musk’s X over the spreading of sexually explicit material by the AI chatbot Grok.
Defense contractor Leidos Holdings said on Monday it would buy power design firm ENTRUST Solutions Group from private equity firm Kohlberg for about US$2.4 billion to bolster its engineering offerings for utilities.
Baker Hughes posted fourth-quarter revenue of US$7.4 billion, essentially flat year over year, while fourth-quarter orders totaled US$7.9 billion, including US$4.0 billion of IET orders.
Chevron has assembled its largest fleet of vessels in almost a year to ship Venezuelan crude.
IonQ will acquire chip maker SkyWater Technology for approximately US$1.8 billion, or US$35 per share, comprising US$15 cash and US$20 in IonQ stock.
Merck & Co Inc. is no longer in discussions to acquire biotech company Revolution Medicines, citing people familiar with the matter.
Michael Burry disclosed that he has been buying shares of one-time meme darling GameStop.
Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR
RESEARCH REPORTS
Frasers Centrepoint Trust – Back to 99.9% occupancy
Recommendation: BUY; TP S$2.74; Last close: S$2.2600; Analyst Darren Chan
- No financials were provided in the 1Q26 business update. Retail portfolio occupancy was unchanged QoQ at 98.1% but improved to 99.9% post-1Q26 following the backfilling of cinema spaces at Causeway Point and Century Square.
- Phase 1 of the Hougang Mall AEI was successfully completed in November 2025, introducing 33 new-to-Hougang retail concepts. The AEI at NEX is scheduled to commence in 2Q26, adding c.44k sqft of NLA with a targeted 7% ROI. 1Q26 shopper traffic and tenants’ sales remained healthy at +1.3% and +2.7%, respectively (FY25: +1.6% and +3.7%).
- Upgrade to BUY from ACCUMULATE with an unchanged TP of S$2.74 due to the recent share price performance. There is no change to our forecast. We expect FY26e rental reversions to remain healthy at +5%, supported by limited new retail supply and a low occupancy cost of c.16%, below historical averages (pre-COVID: c.17%). FCT remains our top pick in the retail sub-sector, underpinned by its resilient suburban mall portfolio anchored by essential services that continue to perform well even amid consumption slowdowns. Organic growth is expected from successful AEI completions, driving higher asset yields and income growth. FCT is trading at a forward FY26e yield of 5.6%.
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