DAILY MORNING NOTE | 5 March 2026

Singapore stocks fell on Wednesday (Mar 4) as the ongoing conflict in the Middle East rattled global markets and sent oil prices sharply higher. The local benchmark fell 2.1 per cent or 103.9 points to close at 4,812.75. Across the broader Singapore market, losers outnumbered gainers 564 to 172, after 2.4 billion securities worth S$3.6 billion changed hands. Meanwhile, the iEdge Singapore Next 50 Index retreated 0.5 per cent or 7.34 points to close at 1,474.45.

U.S. stocks ended in the green on Wednesday after solid readings on the labor market and services growth lifted sentiment that had been battered by the escalating conflict in the Middle East. The benchmark S&P 500 index climbed 0.8% to close at 6,868.60 points, the tech-heavy NASDAQ Composite gained 1.3% to settle at 22,807.48 points, and the blue-chip Dow Jones Industrial Average added 0.5% to conclude at 48,739.41 points.

Singapore Technical Highlights

TOP 5 GAINERS & LOSERS

Events Of The Week

SG

Marco Polo Marine has raised around S$21 million in gross proceeds via a private share placement for its business expansion plans.

Q&M Dental Group on Wednesday (Mar 4) said it has entered a non-binding memorandum of understanding regarding the acquisition of an unnamed Singapore dental chain.

AIMS APAC REIT has entered into a Sale and Purchase Agreement with Sin Hwa Dee Foodstuff Industries Pte Ltd for the proposed divestment of 8 Senoko South Road in Singapore at a sale price of S$15.0 million.

Singapore electricity prices could rise if global gas prices remain elevated amid Middle East tensions, the Republic’s energy regulator told The Business Times.

The Republic will launch a Maritime Singapore Master Plan in 2027 that will chart the industry’s long-term development, said Senior Minister of State for Transport Murali Pillai at his ministry’s Committee of Supply debate on Wednesday (Mar 4).

US

Intel shares rose 5.9% Wednesday after CFO Dave Zinsner provided an optimistic outlook for the server market and discussed the company’s capacity utilization at a Morgan Stanley event.

Apple Inc. rolled out the $599 MacBook Neo in its biggest push yet into low-end laptops.

Alphabet Inc.’s Google unveiled a new system for apps on its Android phones and tablets, agreeing to easier access for rivals and lower fees for developers.

Johnson & Johnson has launched a website to sell some of its drugs directly to U.S. patients who either don’t have insurance or pay for their drugs out of pocket.

CoreWeave shares rose 4% Wednesday after the company announced a multi-year strategic partnership with Perplexity to support AI inference workloads on its cloud platform.

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

RESEARCH REPORTS

ComfortDelGro Corp Ltd – Worsening decline in taxi fleet

Recommendation: ACCUMULATE; TP S$1.5; Last close: S$1.44; Analyst Paul Chew

• FY25 revenue/PATMI were within expectations at 101%/97% of our FY25e forecast. Underlying net profit in 4Q25 declined 2% YoY to S$56mn. Taxi operating earnings declined 20% YoY to S$28.8mn.
• The taxi fleet in Singapore is shrinking at a faster pace. 4Q25 taxi fleet declined 8.7% YoY, double the 4.1% fall in 4Q24. Taxi rental is a high-margin segment. There are no indications that the contraction will stabilise as competition for drivers intensifies.
• We lower our FY26e earnings by 11% to S$215mn. Our DCF target price is lowered to S$1.50, and ACCUMULATE recommendation is maintained. Earnings will be supported by continued London bus repricing, improvement in Australian driver shortages, and Manchester bus and Stockholm rail contracts. However, the loss of bus packages and a fall in the Singapore taxi fleet will be major pressure points on earnings. Comforts pay an attractive dividend yield of 6%.

SATS Ltd – Contract wins reinforce cargo strength

Recommendation: BUY; TP S$4.44; Last close: S$3.63; Analyst Hashim Osman

• 3Q26/9M26 PATMI exceeded our expectations, at 34%/94% of FY26e forecast. Cargo volumes grew 7.3% YoY in 3Q26 to 2.6mn tonnes due to strong growth in Europe and APAC. Commencement of new contract wins (China cargo, Saudia cargo, Azul, Allegiant Air) together with further leasing and capex initiatives underpin growth. However, lower cargo volumes in the US ground handling business have rendered some stations economically unviable, and renegotiations of pricing and the establishment of volume thresholds are underway.
• Revenue/PATMI grew 8%/20.4% YoY to S$1.6bn/S$84.7mn in 3Q26, driven by a 7.3% cargo volume growth to 2.6mn tonnes. Europe and APAC routes offset a 7% decline in the Americas (up 3% LFL after normalising for contractual changes).
• We raise FY26e PATMI by 13%. Cargo rates have been incrementally raised amid tightening cargo capacity in the Middle East, and cargo volumes have been increased for FY26e. In the near term, as new facilities such as the expanded Pathum Thani kitchen and Noida airport cargo facility ramp up, we expect both facilities to become profitable in the coming quarters. We upgrade to BUY rating with a higher DCF target price of S$4.44 (Prev: S$3.84) as we raised FY26/27 earnings. SATS trades at a 19.5x FY26e P/E.

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