Friday, May 15, 2026
Tuesday, May 12, 2026
PSR Weekly Market Outlook 5 Min Summary
Dated: 11/05/2026 Source: https://www.youtube.com/watch?v=Tq-I-ChHJog
Presentation Summary
Major Technology Earnings
Apple: Reported revenue growth of 17%—its fastest in four years—driven by strong iPhone 17 and MacBook Neo demand. While a $100 billion share repurchase was announced, the outlook remains neutral due to rising memory costs and uncertainty regarding direct AI monetization.
Disney: Streaming revenue grew 13%, with margins reaching double digits for the first time. While linear networks continue to decline, the company is aggressively expanding its experiences segment, including growing its cruise fleet from 8 to 13 ships by 2031.
Grab: Revenue met expectations, and profitability outperformed due to operational leverage in fintech and ads. Despite regulatory headwinds in Indonesia regarding commission caps, Grab is viewed as a long-term structural winner leveraging AI for efficiency.
Palantir: Achieved exceptional growth with revenue up 85%, fueled by US commercial revenue nearly doubling. The company raised its guidance as more enterprises adopt its AI Platform (AIP) to automate operations.
AMD: Data center revenue spiked 57% year-on-year. The firm is reportedly taking market share from Intel in server CPUs, and its target price was raised to $520 due to high visibility in AI-driven structural demand.
Reddit: Earnings were below expectations, but ad performance remained resilient with 74% growth. High-margin data licensing deals with Google and OpenAI are expected to boost future demand.
Singapore Banking Analysis
The outlook for the Singapore banking sector is generally neutral, though high interest rates remain "NIM (Net Interest Margin) supportive".
DBS: remains the most preferred bank due to healthy fee growth, stable margins, and a fixed dividend policy.
OCBC: Reported record total income driven by wealth management and insurance. It is pivoting toward ASEAN growth, highlighted by the acquisition of HSBC Indonesia’s wealth portfolio.
UOB: Viewed as the least preferred among the three due to weak fee momentum and rising non-performing loans (NPLs) in the Greater China region.
Singapore Sector Updates
Construction: The sector has strong visibility through 2030, with 2026 contracts projected to be 61% higher than the 20-year average. While diesel price spikes pose a margin headwind, most players can pass costs to customers.
Sheng Siong: Continues to gain market share as competitors exit the market. It has visibility for four new stores and is exploring private real estate transactions for further expansion.
StarHub: Facing intense competition and revenue contraction across mobile, broadband, and entertainment segments.
Venture: Seeing a lift from the AI wave, particularly in semiconductor equipment and data center networking products.
Market Strategy and Technicals
Global Macro: The US economy appears healthy with strong job growth, particularly in healthcare. AI investment momentum is surging; the source notes SpaceX (likely referring to the broader Musk ecosystem) is investing heavily in computing capacity and wafer fabs.
Technical Analysis: Both the S&P 500 and NASDAQ have hit new all-time highs but are nearing key trendline resistance levels, suggesting a possible near-term pullback. Conversely, the software sector (IGV) shows positive action after breaking out of an inverse head and shoulders formation.
Q&A Session
Technology and Semiconductors
Micron: The analyst remains positive with a target price revision expected after upcoming earnings; the stock is currently trading at 12 times forward PE, which is lower than the 30-fold average of its AI chip peers.
ARM: The stock price dropped following results due to supply constraints, as the company can only fulfill 1 billion of its 2 billion order commitments despite huge demand.
Intel and Apple: The chip-making agreement between the two is viewed as positive for Intel because TSMC is at full capacity, and positive for Apple as it provides a secondary manufacturing source and negotiating leverage against TSMC.
Qualcomm: The stock surged following an announcement that it is collaborating with OpenAI to develop an AI chip for smartphones, with mass manufacturing slated for 2028.
Avi-Tech: This stock has seen a surge in share price because its major customer, Texas Instruments, is experiencing high demand for legacy chips used in data center infrastructure.
Venture: While seeing an AI lift in about 30% to 40% of its portfolio, it is not considered a "pure" semiconductor play like AEM.
Super Micro (SMCI): Technical analysis shows strength following a retest of resistance, with the potential to reach $39 to $40.
Regional Tech and Internet
Grab: The potential merger with GoTo remains highly uncertain and politically sensitive in Indonesia due to concerns over market dominance. Financially, Grab's lending portfolio surged 130% year-on-year, and the company is targeting adjusted EBITDA breakeven in the second half of 2026.
Singapore Banking Sector
DBS: remains the most preferred bank with a target price of $61, favored for its fixed dividend per share, strong wealth management momentum, and stable margins.
OCBC: The acquisition of HSBC Indonesia's wealth portfolio is part of a pivot toward ASEAN growth, with integration expected to complete in 2027.
UOB: The bank's non-performing loan (NPL) ratio rose to 3.5% in Greater China, which is a point of concern compared to its peers.
REITs and Real Estate
Manulife US REIT: Operating performance is showing slight improvement with stabilized rent reversions at 0.3%, and the sale of the Figura asset is a step toward reducing debt.
Prime US REIT: Results are expected to be stable with positive rent reversions and strong leasing momentum.
Thakral: There is significant hidden potential for the company due to its Gurugram land aspirations in India.
Singapore Infrastructure and Industrials
Construction & Materials: Direct beneficiaries of upcoming civil engineering tenders include OKP, Lian Beng, and Ley Choon. Less direct beneficiaries include dormitory operators like Centurion and Wee Hur, and material providers like BRC Asia and Pan United.
SATS: Technical analysis suggests the stock remains weak in the short term, with potential support at $3.22.
SIA Engineering: The chart remains weak, trading below the $2.33 to $2.38 breakdown level.
Other Notable Mentions
IX Biopharma: The company is seeking emergency use authorization for Wafermine from the US Army and plans to monetize its broader portfolio of 40 products through a US-based joint venture.
Geo Energy: Reported positive news regarding a major Czech investment in its infrastructure, though the exact quality of the valuation remains to be seen until specific funding amounts are confirmed.
Riverstone: Results were negatively impacted by currency fluctuations and a margin squeeze in its electronics glove segment.
Singtel: The target price is set at $5.35, though momentum may be dampened by weak economic environments in emerging markets.
Saturday, May 9, 2026
Friday, May 8, 2026
Tuesday, May 5, 2026
PSR Weekly Market Outlook 5 Min Summary
Dated: 04/05/2026 Source: https://youtu.be/lFwK3AEMarw
Presentation Summary
US Technology and "Hyperscalers"
A dominant theme across the US tech sector was the dramatic increase in capital expenditure (capex) to support AI infrastructure. Collectively, Microsoft, Alphabet, Meta, and Amazon raised their 2026 capex guidance from 650 billion to 710 billion.
Microsoft: Q3 2026 results showed healthy 18% revenue growth, led by Azure, which accelerated by 40%. While capex was raised to $190 billion for the year, the analysts believe revenue from Open AI-related backlogs will materialize meaningfully starting in 2027.
Alphabet: Revenue grew 22%, driven by strong performances in Google Search and Cloud (which surged 63%). Despite a massive $35.7 billion quarterly capex, Alphabet is leveraging its "full-stack" AI advantage—from custom silicon to the Gemini model—to improve ad efficiency.
Meta: Ad revenue grew a robust 33%, bolstered by the integration of Muse Spark, a new multi-model reasoning AI. However, analysts expressed concerns about Meta’s ability to monetize AI capacity compared to peers, leading to a focus on its "agentic commerce" initiatives.
Amazon: AWS saw its fastest growth in 15 quarters (28%), driven by AI demand. A significant differentiator for Amazon is its in-house "custom silicon" chips, which provide a major margin advantage and cost savings in AI training.
Singapore Equities: Banks and REITs
The Singaporean market updates centered on resilient banking results and portfolio shifts within the REIT sector.
DBS Bank: Q1 earnings met estimates, and the bank raised its dividend to 81 cents. Analysts prefer DBS among Singapore banks due to its clear capital return plan through 2027 and its record wealth management fees.
CapitaLand Investment (CLI): Fee income rose 10%, and the company plans to launch a second S-REIT in China despite challenging operating conditions there.
REIT Reconstitution: Several REITs are actively shifting their portfolios. First REIT is exiting Indonesia to focus on developed markets, while Mapletree Industrial Trust is divesting weaker US assets to redeploy capital into higher-quality data centers. Stoneweg is also aiming to increase its data center exposure to 15–25% by 2028.
Macro Outlook and Technical Analysis
The "Godzilla" Semiconductor Cycle: Singapore's economy is "firing on all cylinders," with industrial production up 10% in March. This is driven by a massive semiconductor up-cycle, making Singapore a direct beneficiary of the hyperscalers' increased AI spending.
US Macro: Warning signs of stagflation are emerging in the US, with slowing GDP (2%) and rising inflation (4.5% PC inflation) linked to energy shocks from the Middle East. The Federal Reserve is expected to maintain a "higher for longer" rate stance.
Technical View: The S&P 500 continues to show bullish momentum after hitting new all-time highs, with resistance expected around the 7,270 to 7,380 range. Analysts expect S&P 500 and Bitcoin ETFs to outperform in the near term.
Q&A Session
Singapore Banks
DBS: Analysts noted that while capital inflows from the UAE haven't spiked significantly, DBS would be the primary beneficiary of such trends due to its large presence and perceived trustworthiness.
OCBC and UOB: These banks are expected to follow a similar pattern to DBS, with record wealth management fees and trading income potentially offsetting the compression in net interest margins.
Technology and Semiconductors
Apple: The stock rallied due to a stronger-than-expected iPhone 17 cycle and its "AI investment light" approach compared to competitors who are spending heavily on capital expenditures.
Nvidia: The stock remained relatively flat despite increased capex from "hyperscalers" because much of its growth was already priced in. Future catalysts may include sovereign AI investments from the Middle East or Europe.
Qualcomm: Recently surged after bringing forward its timeline to ship custom AI solutions to hyperscalers by the end of 2026.
AMD: Analysts expressed optimism for AMD's results, citing its continued capture of PC market share from Intel and the rising demand for CPUs driven by agentic AI workloads.
Micron, Samsung, and SK Hynix: Discussed in the context of a memory upcycle; a shortage is expected to persist into the second half of 2027 as new capacity only gradually comes online.
Singapore REITs and Property
First REIT: Faced a target price downgrade due to an expected "income vacuum" and significant DPU drop following the divestment of its Indonesian hospitals.
Stoneweg: The company is aiming to increase its data center exposure to 15–25% by 2028 through logistics-to-data-center conversions and investments in the Ionic platform.
Mapletree Industrial Trust (MINT): Its US portfolio has been a drag on performance because its data centers primarily serve enterprise users rather than the high-growth AI and cloud storage sectors.
CapitaLand Investment (CLI): Plans to launch a second China S-REIT to facilitate capital recycling, despite the currently challenging retail property market in China.
Parkway Life REIT: Strong rental growth from its Singapore portfolio is expected to offset temporary vacancies in its Japanese nursing home assets.
Consumer and Industrial Stocks
Netflix vs. Spotify: Analysts compared the two, describing Netflix as a more mature "safer compounder" with proven monetization, while Spotify is in an earlier, higher-risk stage of its monetization journey despite its unique data moat.
Yangzijiang Financial: The company is pivoting toward investing its cash reserves into maritime assets like tankers to achieve higher returns of 10–15%.
Aztech Global: Seen as directionally turning around after securing new projects in the security and renewable energy sectors.
SoilBuild: Viewed positively due to its track record with high-end semiconductor facilities and its attractive valuation relative to the broader construction sector.
Technical Analysis Highlights
The Q&A also touched on technical price actions for several counters:
Singtel and Keppel were noted for showing signs of stabilization at key support levels.
Mastercard showed post-earnings weakness, whereas Visa appeared technically stronger after a gap up.
TJX was described as maintaining a steady, long-term uptrend despite recent range-bound behavior.
Saturday, May 2, 2026
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