DAILY MORNING NOTE | 28 May 2026
Recent Podcasts:
Sea Ltd.-2026 an investment year
Airbnb Inc – Modest booking and ADR growth
Wee Hur Holdings Ltd – Construction and worker dorm anchor growth
Singapore shares ended lower on Tuesday amid a mixed performance in regional markets, while Middle East tensions flared with the US launching strikes on southern Iran even as peace deal talks were under way. The benchmark lost 0.8% to finish at 5,028.80. Sats led the gainers on Singapore’s blue-chip index with a 5.6% to S$3.56. The worst performer was Jardine Matheson, declined 4.2% to US$68.
The S&P 500 hit record closing highs on Tuesday, as artificial intelligence-fueled optimism offset anxiety over Middle East peace talks. Semiconductor stocks, which have surged on AI-driven demand, led gains, with Micron gaining 19%, hitting US$1 trillion in market value for the first time. The S&P 500 gained 45.65 points, or 0.6 per cent, to 7,519.12.
Singapore Technical Highlights
TOP 5 GAINERS & LOSERS
EVENTS OF THE WEEK
SG
IHH Healthcare on Tuesday reported a 3% year-on-year rise in net profit to RM528 million (S$170.1 million) for its first quarter ended Mar 31. Revenue came in at RM6.6 billion, up 4% year on year.
Valuetronics Holdings the Hong Kong based but Singapore-listed manufacturer has reported FY2026 revenue of HK$1.66 billion, down 4% over the preceding year. However, because of an impairment, earnings for the same year to March 31 was down 33.1% to HK$111.4 million.
CSC Holdings has reported earnings of $2.7 million for FY2026, ended March 31, 42.9% higher y-o-y. Revenue grew by 18.5% y-o-y to $400.4 million, mainly driven by robust construction demand in Singapore.
Global Resource Construction’s wholly owned subsidiary, CES_SDC, in a joint venture with KTC Civil Engineering & Construction (with CES_SDC as the lead joint venture partner), has been awarded a contract valued at approximately $757 million by the Land Transport Authority.
Koh Brothers Eco Engineering wants to transfer listing from Catalist to Mainboard. Citing its “market position, stage of growth and relative stability”, so as to enhance long-term value for shareholders.
TOTM Technologies Limited (TOTM Tech) announced that it has successfully completed the proposed private placement of 220,520,000 new shares at a placement price of 2.5 cents. The placement shares represent approximately 14.52% of its existing issued share capital.
US
US and Iranian forces clashed near the Strait of Hormuz overnight, highlighting the tension between the two sides even as they tout progress towards an interim peace deal. The exchange of strikes came hours after US President Donald Trump said negotiations with Tehran to extend their ceasefire and reopen the strait are proceeding.
Salesforce beats on earnings and revenue but full-year guidance comes in light. Salesforce’s quarterly results exceeded consensus, with Agentforce annualized revenue passing the $1 billion mark. The business software maker’s revenue backlog came up short, and its revenue guidance for the year slightly missed estimates.
Snowflake Inc. announced a multi-year strategic collaboration agreement with Amazon Web Services that includes a $6 billion infrastructure commitment over five years. The agreement focuses on accelerating enterprise adoption of artificial intelligence applications.
Dell Technologies Inc shares rose 3.4% in after-hours trading Wednesday after the company secured a $9.7 billion contract with the Pentagon to manage Microsoft software licenses for the U.S. military.
Meta is doubling down on its subscription offerings. It’s now rolling out its consumer subscription plans globally for its flagship apps, Instagram, Facebook, and WhatsApp, and beginning tests of new subscriptions for businesses, creators, and Meta AI users.
Alphabet Inc Cloud announced the launch of Google AI Threat Defense, a comprehensive AI-powered cybersecurity platform designed to autonomously detect and remediate security threats.
Amazon announced on Wednesday that Dr. Roy Schoenberg will take over its healthcare business starting July 1. Schoenberg co-founded American Well Corp., a telehealth medicine company.
Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR
RESEARCH REPORTS
LHN Ltd – Co-living franchise scaling faster
Recommendation: BUY; TP S$0.77; Last close: S$0.6200; Analyst Paul Chew
- 1H26 results were within expectations. Revenue/adj. PATMI were 43%/49% of our FY26e forecasts. Revenue declined 14% due to the absence of property development revenue. The interim dividend was unchanged at 1 cent.
- Coliwoo increased the number of rooms by 38% YoY to 3,568. Coliwoo Midtown (Middle Road) opened in March and added 212 rooms. It has already reached 55% occupancy since opening. There are another 1,021 rooms in the pipeline (+29%). Demand remains strong with an average occupancy of 97%.
- We maintain our BUY recommendation and FY26e forecast. Our target price has been lowered to S$0.77 (prev. S$0.85) due to a decline in Coliwoo’s market cap. We apply a 20% discount to the mark-to-market valuation due to price volatility, property development at book value, and the remaining business at 10x PE. Coliwoo is building scale in its co-living portfolio. The business model also captures the entire value of a co-living asset, with management fees, rental income, and capital gains. The next evolution of the franchise is dorms for the services industry. LHN pays an attractive yield of 6.5%.
Market Journal articles powered by PhillipGPT
Elite UK REIT Shows Strong Capital Management and Portfolio Growth, BUY Rating with S$0.41 Target
PSR Stocks Coverage
For more information, please visit:
Upcoming Webinars
Corporate Insights by Yoma Strategic Holdings Ltd [NEW]
Date & Time: 3 June 26 | 12PM-1PM
Register: poems-20260603-148171
Corporate Insights by First REIT
Date & Time: 11 June 26 | 12PM-1PM
Register: poems-20260611-146839
Corporate Insights by AIMS APAC REIT
Date & Time: 17 June 26 | 12.30PM-1.30PM
Register: poems-20260528-145702
POEMS Podcast:
Research Videos
Weekly Market Outlook: NVDA, SIA, Micron, ST Engineering, Singtel & More!
Date: 25 May 2026Click here for more on Market Outlook.
Sign up for our webinars here, and be among the first to receive economy and market updates.
PHILLIP RESEARCH IN 3 MINS
Join our Singapore Equity Research Community on POEMS Mobile 3 App for the latest research reports, market updates, insights and more
Disclaimer
The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided 揳s is?without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.
Confidentiality Note
This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.
Follow our Socials