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.

• 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.

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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.

 

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PSR Weekly Market Outlook 5 Min Summary

 Dated: 27/04/2026 Source: https://youtu.be/ZbvjNcqlJ9s 

Presentation Summary

Corporate Updates

• Zixing: The company expects 28% year-on-year growth in fresh sweet potato harvests for FY2026, supported by better weather conditions and peak harvesting windows. Strategic focuses include expanding high-margin processed products like sweet potato powder for health and cosmetic sectors, and a medium-term growth catalyst in the Hainan project, which could double output once commercialized.

• Tesla: Despite a 56% year-on-year increase in adjusted profit due to higher vehicle deliveries and cost discipline, the outlook remains negative. Analysts maintain a "Sell" call, citing a structural decline in the auto business, loss of market share in China, and negative free cash flow projected for the remainder of the year.

• Intel: Revenue rebounded 7% year-on-year, driven by strong CPU demand for AI "agentic" workloads. Key developments include the "Teraf" partnership with SpaceX, XAI, and Tesla, and an expansion of advanced process technology in Malaysia, which is expected to benefit partners like AEM.

• Nanofilm: The company saw a 24% acceleration in revenue, driven by broad-based demand across consumer and industrial sectors. While "Customer A" (a major smartphone brand) remains its largest revenue contributor, Nanofilm is diversifying into watch housings and semiconductor front-end tools like wafer lapping carriers.

• Keppel Ltd: Asset management and earnings growth remain intact, with a significant recovery in electricity spreads. The company is targeting $2 billion to $3 billion in asset monetization to support special dividends and expects stronger second-half earnings from its new 600-megawatt power plant.

Singapore REITs (S-REITs)

• Hospitality and Office Growth: OUE REIT reported strong performance in hospitality (Hilton Orchard and Crowne Plaza) and continued positive rent reversions in the office segment. Suntec REIT also saw strength in its Singapore portfolio, though its overseas assets remain a drag.

• Capital Management: Elite UK REIT reduced its net gearing to 37% and saw an increase in portfolio valuation, particularly for assets converted to student accommodation. CapitaLand Integrated Commercial Trust (CICT) is proposing a major acquisition of Paragon, funded by a private placement and the divestment of Asia Square Tower 2, which is expected to be DPU accretive.

• Operational Resilience: Frasers Centrepoint Trust (FCT) maintained a high portfolio occupancy of 99.8% with healthy rental reversions of 6.5%. Analysts noted that the market generally rewards high-quality, DPU-accretive transactions like the Paragon deal.

Market Outlook and "Godzilla" Cycles

The presentation highlights two major "super cycles" or "Godzilla" cycles:

1. Semiconductor Super Cycle: The current upcycle is 24 months long, with historical averages suggesting it could last 30 months or longer. This is fueled by AI infrastructure growth, including large language models and massive data center investments.

2. El Niño Cycle: A potentially severe El Niño could disrupt palm oil production, leading to a spike in prices similar to the rallies seen in 1998 and 2016.

Singapore Property Market: HDB and private property prices remain resilient despite cooling measures, largely due to very tight supply and low inventory (less than two years of demand).

Technical Analysis

• S&P 500: Continues its bullish momentum with a break above consolidation flags, targeting resistance levels between 7,220 and 7,320.

• Semiconductor Index (SOX): The index has experienced a rare, 18-day consecutive rally with a 47% gain. While historical data suggests a possible short-term pullback following such sharp momentum, long-term returns tend to remain positive.

Q&A Session

US "Magnificent 7" and Tech Stocks

• Amazon: The focus is on AWS and AI momentum, with expectations for 25% to 30% growth; analysts are also watching for details on their partnership with Anthropic,.

• Apple: Monitoring iPhone 17 growth durability and market share in China, alongside concerns over rising memory costs and tariffs,.

• Alphabet (Google): Analysts are watching for updates on Gemini AI scaling and Google Cloud, which is expected to grow 45% year-on-year.

• Meta: The ad business remains resilient, but there is a focus on capex spending for chips and the need for a clearer AI monetization plan.

• Microsoft: Analysts expect resilient software subscriptions despite price hikes and are tracking cloud capacity updates following recent data center agreements.

• AMD: Despite a recent surge, fundamentals are not seen as overstretched, though a technical pullback is possible as the RSI has reached an extreme level of 88.9,,.

• Reddit: Key performance indicators include ARPU growth, particularly closing the gap between US and international monetization.

Singapore Corporates

• TeleChoice: The company has been aggressively buying back shares at 26 cents; a major potential catalyst is a large data center contract for which they are one of two bidders.

• IX Biopharma: Following a sharp share price increase, news flow is expected regarding compound pharmacy monetization and potential FDA emergency use approvals.

• Addvalue Technologies: The stock rose due to the announcement of a NASDAQ listing for a subsidiary and its unique satellite-to-satellite communication technology.

• HLAsia: Their $90 million acquisition of Yong Tailong (involved in HDB bomb shelters) is considered earnings-accretive and a positive entry into the Singapore construction market.

• SoilBuild: Analysts expect order books to normalize to around 700–800 million, with growth driven by semiconductor facility contracts funded by the Singapore RIIE budget.

• Thai Beverage: The stock has been weak due to inflationary pressures hurting consumer spending in Thailand.

Real Estate Investment Trusts (REITs)

• First REIT: DPU was impacted by FX weakness (Rupiah and Yen); the trust is undergoing a strategic review to pivot toward developed markets.

• Stoneweg: This REIT is expected to benefit from inflation-indexed rent escalations and its long-term pivot into the data center sector.

• CapitaLand India Trust: Recent price declines are attributed to macro sector issues rather than company-specific failures.

• CapitaLand Integrated Commercial Trust (CICT) & Frasers Centrepoint Trust (FCT): Technical support levels for adding positions were identified at 2.35–2.40 for CICT and $2.26 for FCT.

Technical Analysis and Other Counters

• Singtel: The share price is approaching a major horizontal support level at 4.50–4.55, with the RSI indicating it is currently oversold.

• Singapore Banks: DBS, UOB, and OCBC are largely seen as being in a range consolidation phase, with DBS having strong support at $56.10,.

• Sheng Siong: Remains in a strong uptrend channel with immediate support at $2.97.

• Sembcorp Industries: A pullback is expected to find support around $6.65, following a recent rally.