DAILY MORNING NOTE | 30 January 2026
Recent Podcasts:
Netflix Inc. – Content, ads, and scale drive the next leg of growth
The Walt Disney Company – Streaming Turns Profitable
Nvidia 3Q26 Results
Trades Initiated in Past Week
Singapore shares closed 0.4 per cent higher on Thursday (Jan 29).
The Dow Jones Industrial Average rose 0.11% to 49,071. The S&P 500 closed down 0.13% at 6,969. The Nasdaq Composite finished down 0.72% at 23,685.
Singapore Technical Highlights
TOP 5 GAINERS & LOSERS
Events Of The Week
SG
CNMC Goldmine expects ‘significantly’ higher FY2025 earnings.
NetLink NBN Trust’s 9-month profit down 11.8% at S$65.4 million.
GuocoLand reports 14% jump in 1HFY2026 earnings.
CapitaLand Ascott Trust announced DPS of 6.10 cents for FY 2025.
Keppel DC Reit H2 DPU up 7.1% at S$0.05248.
MPACT‘s 3QFY2026 DPU up 2.5% to 2.05 cents.
CDL Hospitality Trust reported total distribution of US$35.9 million for 2H 2025, up 1.2% y-o-y.
Starhill Global REIT‘s 1HFY2026 DPU held steady at 1.8 cents.
Micro-Mechanics (Holdings) 2QFY2026 earnings up 25.2% y-o-y to S$3.7 million.
Winking Studios expects to report a revenue increase of at least 40% as compared to financial year ended 31 December 2024’s revenue of US$31.9 million.
Lincotrade & Associates Holdings Limited is expected to report a significant improvement in profit before tax for the six months financial period ended 31 December 2025.
Singapore Airlines (SIA) and Malaysia Airlines Berhad (MAB) say on Jan 29 that they are formalising their joint business partnership.
Addvalue Technologies Ltd has secured US$3.5 million in space orders.
US
Apple reported fiscal first-quarter earnings on Thursday that surpassed expectations, with revenue soaring 16% on an annual basis.
Sandisk reported adjusted earnings per share of US$6.20 for the second quarter, dramatically outpacing the estimate of US$3.49.
Western Digital reported Q2 earnings of US$2.13 per share, topping estimates of US$1.91.
President Trump threatens tariffs on any nation supplying Cuba with oil.
The US Senate Agriculture Committee voted along party lines Thursday to advance its version of a cryptocurrency market structure bill to create CFTC regulatory authority over digital commodities.
OpenAI is preparing for fourth-quarter IPO, according to reports.
Amazon is in talks to invest dozens of billions in ChatGPT-maker OpenAI and the figure could be as high as US$50 billion, according to a source on Thursday.
Visa beats first-quarter estimates as holiday sales boost payment volumes.
Comcast posted mixed results for its fourth quarter on Thursday, beating expectations on earnings but slightly missing on revenue.
Royal Caribbean raises annual profit forecast on strong demand.
Nasdaq profit beats estimates, CEO touts IPO pipeline.
Nvidia’s CEO says China is still finalising licence for H200 chip.
Mastercard beat Wall Street expectations for fourth-quarter profit on Thursday, as resilient spending on travel, leisure and everyday essentials boosted transaction volumes for the payment processor.
Lockheed Martin reported earnings of US$5.80 per share in the fourth quarter, which was slightly below the expected US$5.85.
Blackstone in advanced talks to be New World’s top shareholder.
Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR
RESEARCH REPORTS
17LIVE Group Limited – Removing exclusivity to unlock Liver monetisation
Recommendation: BUY; TP S$1.45; Last close: S$0.9400; Analyst Serena Lim Yi Qi
- Core Liver business remains the primary growth engine, with the removal of streamer exclusivity expanding creator supply, and improving content diversity. Combined with in-app engagement features and monthly events, this strengthens streamer retention, boosts user engagement, and supports monetisation growth across Japan and Taiwan.
- V-Liver and IP portfolio provide additional high-margin growth opportunities by enabling creators to diversify content and leverage technology and owned IP for multi-layered revenue.
- We maintain our FY25e forecasts and reiterate our BUY rating with a target price of S$1.45, supported by continued growth in the core streaming segment and incremental contributions from new business initiatives. We expect a consistent dividend policy once profitability is achieved, alongside management’s ongoing share buyback programme. The group remains in a strong financial position, holding US$82.2mn in cash (~57.6% of market capitalisation). For FY25e, we forecast a gross profit margin of 42.5% and a net profit margin of 3.15%, with 2H contributions expected to be stronger due to seasonal events such as the Summer Festival. 17LIVE trades at an FY25e P/E of 22.5x.
Phillip Macro Update – Fed pauses with mandates stabilizing
Analyst: Phillip Research Team
Key points to note:
- Split vote reflects easing tensions between inflation and labour risks. The FOMC voted 10–2 to keep rates unchanged, with Governors Stephen Miran and Christopher Waller dissenting in favour of an immediate 25 bps cut.
- Inflation eased from its peak while labour stabilize. Powell reiterated that inflation has eased significantly from its mid-2022 highs but remains somewhat elevated relative to the Fed’s 2% target.
United Hampshire US REIT – Necessity spending underpins 8% distribution yield
Recommendation: BUY; TP S$0.69; Last close: S$0.5450; Analyst Darren Chan
- UHREIT’s grocery-anchored strip centres complement e-commerce, serving essential goods and omnichannel fulfilment, anchored by major, creditworthy tenants. With high foot traffic, limited new supply, a 7.5-year WALE, and 90% tenant retention, the portfolio supports stable, recurring cash flows and long-term income visibility.
- It maintains a healthy leverage of 38.9% with no refinancing requirements until February 2028, providing financial flexibility to pursue yield-accretive acquisitions and supporting long-term DPU growth. With 21.5% of loans on floating rates, UHREIT is well positioned to benefit from more interest rate cuts.
Market Journal articles powered by PhillipGPT
Reddit Inc.: Transforming Community Engagement into Revenue Growth
CNMC Goldmine Holdings: Phillip Securities Maintains BUY Rating Amid Production Expansion
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