DAILY MORNING NOTE | 8 January 2026

Trades of the Day

Trade of the Day – Yangzijiang Shipbuilding Holdings Ltd (SGX: BS6)

Analyst: Zane Aw

(Current Price: S$3.64) – TECHNICAL BUY
Buy price: S$3.64 Stop loss: S$3.48 (-4.39%)
Take profit: S$4.14 (+13.73%)

Trade of the Day – Wee Hur Holdings Ltd (SGX: E3B)

Analyst: Zane Aw

(Current Price: S$0.765) – TECHNICAL BUY
Buy stop: S$0.785 Stop loss: S$0.750 (-4.45%)
Take profit: S$0.945 (+20.38%)

Trades Initiated in Past Week

Singapore shares ended higher on Wednesday (Jan 7), tracking Wall Street gains. The local benchmark rose 0.2% or 7.65 points to 4,747.62. Meanwhile, the iEdge Singapore Next 50 Index remained flat at 1,461.63. Across the broader market, gainers outnumbered losers 307 to 266, after 1.9 billion securities worth S$1.8 billion changed hands.

The S&P 500 and the Dow Industrials ended Wednesday’s regular session in the red, even after touching fresh all-time records during the day. The broad market index shed about 0.3% while the Dow fell 466 points, or roughly 0.9%. The tech-heavy Nasdaq Composite gained nearly 0.2%, aided by a 2.4% jump in Google parent Alphabet that led the company’s market cap to surpass Apple’s for the first time since 2019.

Singapore Technical Highlights

TOP 5 GAINERS & LOSERS

Events Of The Week

SG

Keppel Pacific Oak US Reit has obtained a US$37.5 million loan facility pursuant to an agreement dated Tuesday (Jan 6) through its trustee, Perpetual (Asia). Following the execution of the loan facility, the real estate investment trust (Reit) will have substantially addressed its refinancing requirements for 2026. The loan facility has several conditions relating to a change in the manager or a change in the unitholding interests of the Reit’s controlling unitholder.

Grab has launched a three-month drone delivery pilot in Singapore, serving the Tanjong Rhu area together with ST Engineering’s Unmanned Air Systems business. Food delivery riders are still essential for the drone service, as riders will bring the order to a designated drone launchpad at Republic Avenue, as well as deliver the order after the drone lands at a designated site in Tanjong Rhu.

ComfortDelGro, Grab and Strides Premier are offering their vehicles on favourable terms to private-hire car drivers whose vehicles were repossessed by creditors of Autobahn Rent A Car. All three platform operators have waived the security deposit for these drivers, among other terms such as additional incentives to recover lost income and free rental for the first three days.

mm2 Entertainment (mm2E), a subsidiary of mm2 Asia, had on Jan 5 received a letter of demand from solicitors representing Ace Financial Services, relating to the alleged non-payment of the S$200,000 sum, as well as interest and legal costs. Ace Financial Services, a Singapore-based accounting firm, has demanded that the amount be paid within seven days of the letter dated Jan 2, failing which it may commence legal proceedings against mm2E.

Frasers Centrepoint Trust has entered into a S$400 million green loan facility. The facility involves a green term loan and revolving credit facilities, in an agreement between the trust and lenders DBS, OCBC and Maybank. The agreement includes clauses relating to the management of FCT. For instance, prepayment would be required if the current manager, a subsidiary of Frasers Property ceases to manage FCT and is not replaced by a substitute manager approved by the Monetary Authority of Singapore.

King Wan Corporation has received approval in-principle from the SGX-ST for the listing and quotation of 70 million new ordinary shares on the mainboard of the exchange. The company on Dec 17, 2025, proposed the placement of 70 million new ordinary shares in the company for 5 cents per share. This will amount to an aggregate of $3.5 million.

Interra Resources has transferred all of its equity interest comprising one ordinary share in Goldwater Indonesia to Goldwater Company for $1. This equity transfer is part of the group’s internal restructuring exercise. As such, Goldwater Company holds 100% equity interest directly in Goldwater Indonesia, which is now an indirect wholly-owned subsidiary of the company. Interra says that the transfer is not expected to have any material impact on the consolidated net tangible assets per share or earnings per share of the group for the current financial year ending Dec 31, 2026.

The manager of Centurion Accommodation REIT says that it has received the temporary occupation permit in respect of the additional block in Westlite Mandai. This will result in about $26.35 million being released to the relevant vendors of both Westlite Mandai and Westlite Toh Guan. CAREIT says that with the completion of the additional block, the existing 6,290 beds in the remaining blocks in Westlite Mandai were supposed to be reduced to comply with the maximum bed capacity.

US

Warner Bros. Discovery recommended shareholders reject Paramount’s amended $77.9 billion all-cash bid, favoring its existing $72 billion Netflix deal. Warner cited the Paramount offer’s inadequacy, potential risks, and billions of dollars in additional costs if the Netflix deal were dropped. The board also noted the Paramount offer’s reliance on an enormous debt financing, characterizing it as a risky leveraged buyout.

JPMorgan Chase’s asset-management unit is ending all ties with proxy-advisory firms. The firm will use an internal AI-powered platform, Proxy IQ, for U.S. company votes. JPMorgan believes it is the first large investment firm to entirely stop using external proxy advisers.

BlueScope rejected an $8.8 billion takeover bid from SGH and Steel Dynamics, citing significant undervaluation. The rejected bid of $20.04 per share represented a 33% premium to BlueScope’s three-month average share price. BlueScope criticized the bid’s reliance on debt financing, noting its own virtually no net debt position at FY2025.

Mobileye is acquiring AI robotics startup Mentee Robotics for $900 million. The acquisition aims to accelerate Mentee’s go-to-market strategy for humanoid robotics, targeting 2028 for commercialization. Mobileye is funding the acquisition with $612 million in cash and approximately 26.2 million shares of stock.

Albertsons narrowed its full-year earnings guidance to $2.08 to $2.16 per share and identical sales growth to 2.2% to 2.5%. The company’s third-quarter identical sales rose 2.4%, driven by digital sales, which increased by 21%, and pharmacy business growth. Albertsons anticipates Medicare drug price negotiation will hurt fourth-quarter identical sales by 65 to 70 basis points.

Alaska Airlines is ordering 105 more Boeing 737 Max 10 jets and five 787-10 Dreamliners in its biggest order ever. It’s Alaska’s first major Boeing order since a door plug panel blew out of a 737 Max 9 operated by the airline. The delayed 737 Max 10 isn’t yet certified by regulators and is years behind schedule, but Alaska said the purchase will help it firm up sought-after order slots through the mid-2030s.

JPMorgan Chase has reached a deal to take over the Apple credit card from its original issuer, Goldman Sachs, the two banks said Wednesday in separate releases. JPMorgan said that the deal will take about 24 months to close and that it will book a $2.2 billion provision for credit losses when it reports fourth quarter 2025 earnings next week. Goldman said that the transaction will boost its earnings by 46 cents per share when it posts results next week.

Constellation’s fiscal third-quarter sales and profit declined due to reduced beer purchases, especially among Hispanic consumers. Weak consumer sentiment, rising unemployment among Hispanics, and a downturn in physically demanding jobs impacted beer sales. Net income for the third quarter was $502.8 million, or $2.88 a share, and net sales fell to $2.22 billion.

ExxonMobil is projecting lower fourth-quarter earnings due to falling oil and gas prices. The company said declining prices for liquids, which accounts for both crude and condensate oil, would lower its upstream earnings by $800 million to $1.2 billion compared to the third quarter, according to a Wednesday filing with the Securities and Exchange Commission. It also estimated that changes in gas prices may dent upstream earnings by up to $300 million, or boost them by up to $100 million compared with the prior quarter.

Oil producer Chevron is in talks with the US government to expand a key license to operate in Venezuela so it can increase crude exports to its own refineries and sell to other buyers. The talks come as Washington and Caracas progress in negotiations to supply up to 50 million barrels of Venezuelan oil to the United States and President Donald Trump presses American oil companies to invest in the South American country’s energy sector. Chevron is the only US oil major operating in Venezuela, which it does under an authorisation from the US government that exempts it from sanctions on the country.

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

RESEARCH REPORTS

Elite UK REIT – Regearing leases, rebalancing risk

Recommendation: ACCUMULATE; TP S$0.39; Last close: S$0.3600; Analyst Hashim Osman

• Partial lease regearing outcome for c. 95.7% of leases expiring in 2028 is expected in 1Q26. Lindsay House’s first phase of repositioning to PBSA is underway, with stabilisation expected before September 2027 in line with the beginning of the academic year. Potential acquisition plans are under review, with sponsor assets being the most visible option.
• Around one-third of the portfolio leases are expected to be renewed by 1Q26. Rental reversion is expected to be at least at CPI rates, which trended at 3.5% in November 2025. A cap rate compression may be justified post-regearing, leading to higher asset values and a knock-on effect on gearing.
• We downgrade to ACCUMULATE recommendation with unchanged TP of S$0.39 due to the recent share price performance. Upside potential includes higher-than-expected rental escalation post-lease regearing and Lindsay House PBSA delivering an above-market yield (current estimated yield on cost: 7%). ELITE is trading at an FY25e dividend yield of 8.96% and 0.88x P/BV.

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