DAILY MORNING NOTE | 29 September 2026

Singapore stocks ended higher on Monday (Sep 28). The benchmark gained 0.3 per cent or 17.90 points to finish at 5,729.02. UOB led the gainers on Singapore’s blue-chip index, rising 1.7 per cent or S$0.72 to S$43.29. The worst performer among constituents was City Developments Ltd, which fell 8.1 per cent or S$0.67 to S$7.59.

US stocks fell on Monday (Sep 28) as oil prices and Treasury yields increased, with investors weighing uncertainty over the prospects for an Iran war peace deal and the impact on the US Federal Reserve’s interest rate path. The Dow Jones Industrial Average fell 347.11 points, or 0.67 per cent, to 51,481.51, the S&P 500 lost 59.72 points, or 0.77 per cent, to 7,683.69.

Singapore Technical Highlights

TOP 5 GAINERS & LOSERS

EVENTS OF THE WEEK

SG

SERT proposes to internalise its REIT manager, BT trustee manager and European logistics/light industrial asset and property management platform, bringing in-house a platform managing c.€2.4bn of SERT assets and c.€820mn of third-party assets. The transaction has an effective consideration of €94mn, funded through €80mn of new stapled securities issued to SWI Group at €2.00 per security, a c.33% premium to the prevailing price, and up to €34mn cash. Completion is targeted by end-2026, subject to regulatory and Unitholder approvals.

The founding family of Hafary Holdings is moving to take the building-materials supplier private, citing low trading liquidity and mounting compliance costs. Hafary chief executive Low Kok Ann and his family have made a cash offer of S$0.64 per outstanding share,

Mapletree Industrial Trust (MIT) is set to sell a data centre property in the US for about US$9.8 million in cash after current tenant DataBank Properties gave notice of its intention to exercise an option to purchase the building.

Sunright Limited (Sunright) reversed back into the black with a net profit of $2.9 million in FY2026, ended July 31, compared to a loss of $7.1 million a year ago. Declares final dividend of 0.3 cents.

Metasurface Technologies Holdings has filed its draft prospectus for an SGX Catalist listing. The company, which specializes in precision component engineering services, reported higher revenue of $26.98 million for the half year ended June.

US

NVIDIA announced a US$150bn increase to the share repurchase program, bringing the remaining total program to US$235bn through FY28. The US$235bn share buyback could boost EPS by about 4% against its ~US$5.6tn market cap. FY28e operating cash flow of est. >US$300bn covers this program comfortably. We believe this signals management confidence over the next two years.

Over the past four years, NVIDIA share price performed well on average in the few months after share buyback announcement: 1M(-4.8%), 3M (+3.1%); 6M (+13.3%), 12M (+90.1%).

Yik Ban Chong (Ben)
Senior Research Analyst

Chipmaker Advanced Micro Devices (AMD) agreed to acquire World Labs for US$8.2 billion, gaining an artificial intelligence startup founded by industry pioneer and researcher Fei-Fei Li. The all-stock transaction is expected to close by the end of 2026.

The Chinese government has signaled it may allow companies such as Alibaba Group Holding Ltd. and ByteDance Ltd to buy Nvidia Corp.’s new RTX Pro 5500 chips.

A venture by Taiwan Semiconductor Manufacturing Co.‘s (TSMC) smaller affiliate Vanguard International Semiconductor Corp. is considering a second chipmaking plant in Singapore to meet growing demand.

The US and China detailed a plan to cut tariffs on about US$30 billion (S$38 billion) of imports from each country, as the superpower rivals take steps to steady ties following a summit between leaders Donald Trump and Xi Jinping.

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

RESEARCH REPORTS

City Developments Limited – A clearer path to growth and deleveraging

Recommendation: BUY; TP S$11.32; Last close: S$7.5900; Analyst Darren Chan

• The strategic review unveils the ‘GET+’ three-year roadmap for FY27-FY29, with Singapore as the core market. There will be a large exit from Australia across all sectors except hospitality assets, while maintaining its UK presence.
• The roadmap targets S$5bn of investments for future growth and S$6bn of divestments to recycle capital and unlock value, with over S$1bn of PATMI (or c. S$1.12 per share) to be realised from divestment gains. CDL also targets net gearing of 55% by FY29, from 75% as at 1H26, while establishing a dedicated fund management platform to double AUM to S$10bn across listed and private platforms. This is in addition to over S$6bn of projected property development cash inflows from existing projects.
• Maintain BUY with an unchanged RNAV target price of S$11.32, representing a 25% discount to our RNAV of S$15.09, with no changes to our forecasts. We are positive on the outcome of the strategic review, as it provides greater clarity on CDL’s capital allocation priorities and a credible path to deleveraging. The monetisation target comprises S$1bn residential (UK/Australia), S$2.7bn commercial, and S$1.8bn hotels. Expanding the fund management platform could support a more capital-light growth model, build a recurring fee income stream and improve capital efficiency, potentially supporting higher ROE over time.

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