DAILY MORNING NOTE | 29 May 2026

Singapore stocks finished Thursday lower after renewed US military strikes on Iran dampened hopes for a ceasefire in the Gulf, as well as investors’ risk appetites. The benchmark lost 0.8% to close at 4,989.19. Sats led the gainers on Singapore’s blue-chip index, with a 6.7% climb to S$3.80. The biggest decliner was Jardine Matheson , which fell 5.6% or US$3.80 to US$64.20.

The S&P 500 and the Nasdaq posted record closing highs on Thursday after news reports said that the US and Iran had reached a draft agreement to extend their ceasefire for 60 days, while investors also digested key inflation data. The S&P 500 gained 58.18 points, or 0.82 per cent, to 7,136.22. The S&P 500 healthcare index posted strong gains.

Singapore Technical Highlights

TOP 5 GAINERS & LOSERS

EVENTS OF THE WEEK

SG

OKP Holdings has won a $165.3 million contract to be fulfilled over 48 months from the Land Transport Authority. Under terms of the contract, OKP will design and build lift shafts and associated commuter infrastructure at pedestrian overhead bridges across 30 locations. As of May 26, the company’s order book stands at $760.7 million.

Mooreast aims to raise $6 mil by issuing new shares at 13.5 cents each. The company has appointed Zico Capital to raise and Maybank Securities to help raise up to $6 million by selling 44.45 million new shares at 13.5 cents each.

Bank of Singapore Ltd is ramping up hiring as it doubles down on courting ultra-high-net-worth clients across Asia. The move comes as Bank of Singapore aims to increase the proportion of assets under management contributed by ultra-high-net-worth clients by 30% by 2028.

Wilmar International said that it has not received official notification of being under investigation by the Indonesian authorities for suspected under-invoicing and transfer-pricing of exports.

US

Walt Disney unit ABC on Thursday filed applications for early license review with the Federal Communications Commission for its eight company owned television stations after President Donald Trump pressured the regulatory agency to take action.

Anthropic on Thursday has raised $65 billion at a post-money valuation of $965 billion, as it aims to bolster computing capacity to meet growing demand for chatbot Claude and scale its products. The new valuation after the series H funding round puts Anthropic ahead of OpenAI.

Groq is raising up to $650 million from existing investors, after the AI chip startup signed a $17 billion licensing deal with Nvidia in December.

Inflation continued to hit consumer wallets in April, likely keeping the Federal Reserve on the sidelines until the current wave subsides. The personal consumption expenditures price index increased a seasonally adjusted 0.4% for the month, putting the 12-month inflation rate at 3.8%.

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

RESEARCH REPORTS

Nordic Group – Multi-year project upcycle intact

Recommendation: BUY; TP S$0.68; Last close: S$0.5800; Analyst Hashim Osman

• 1Q26 PATMI met 23% of FY26e forecast. PATMI grew 11.1% YoY to S$5mn in 1Q26 driven by margin expansion due to lower finance costs alongside favourable exchange rate effects. With a healthy orderbook of S$213.5mn (+8% YoY), there is strong earnings visibility, with potential pipeline conversion from the defence, semiconductor and marine segments.
• Orderbook grew to S$213.5mn, with a well-diversified pipeline of S$135mn in defence, S$142mn in semiconductor quotations (S$55mn mid-to-high conviction) and S$61mn in the marine sector across 152 vessels. Delivery is primarily expected between 2026 and 2028. YTD contract wins of S$54.5mn were dominated by semiconductor (48%) and marine (15%), with a medium-sized defence contract of between S$6mn – 20mn expected to be awarded.
• We maintain a BUY rating with higher TP of S$0.68 (prev: S$0.63) as we adjust our long-term growth rate assumptions. Nordic trades at an 8.4x FY26e P/E. We expect further growth from FPSO deliveries (aiming for c. 3 deliveries per year), and Avitools Thailand mass production of battery storage frame components.

SATS Ltd – Strong cargo volumes, new contract wins drive growth

Recommendation: BUY; TP S$4.52; Last close: S$3.8000; Analyst Hashim Osman

• 4Q26/FY26 PATMI was 18%/100% of FY26e forecast. 4Q26 Revenue/PATMI grew 9.8%/31.0% YoY to S$1.6bn/S$50.7mn. This was driven by the gateway services segment (cargo and ground handling), which saw revenue grow 11.5% YoY to S$1.3bn in 4Q26. However, the food solutions segment EBITDA margin dipped 2.1 ppts to 10.2%, due to higher ingredient and packaging costs.
• Cargo revenue was up 8.4% to S$809mn (50% of 4Q26 revenue), and ground handling revenue surged 17.3% to S$467mn (29% of 4Q26 revenue). Cargo volumes grew 4.7% YoY to 2.35mn tonnes due to strong growth in the EMEAA (up 9.1% YoY) and APAC (up 9.4% YoY) markets. The ground handling segment saw a 10.6% YoY rise in flights handled to 174.5k.
• We raise FY27e PATMI by 8% on higher gateway services revenue due to new contract wins. We maintain a BUY rating and raise our DCF target price to S$4.52 (Prev: S$4.44). With the ramping of its new facilities in Tianjin, Bangalore and Thailand, we expect higher utilisation and improved margins ahead of management’s 20% EBITDA margin target by FY29. SATS trades at an 18.3x FY27e P/E.

Market Journal articles powered by PhillipGPT

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