Saturday, January 31, 2026
Friday, January 30, 2026
Sunday, January 25, 2026
SG Stocks Weekly Heatmap - Turn market noise into visual clarity #TTNews 23-Jan-2026
Based on the weekly heatmap for the Singapore market (ending January 23, 2026), the performance shows a clear divergence: a massive rally in Financials and Real Estate offset by sharp declines in the Marine/Offshore and Tech sectors.
The Straits Times Index (STI) hit an all-time record of nearly 4,895 points this week, primarily driven by the banking heavyweights.
Financial Services: The Main EngineThe sector saw explosive growth, with the banks acting as the primary catalysts for the STI's record-breaking run.
UOB (+7.5%) & OCBC (+4.2%): Both hit fresh all-time highs. The surge was fueled by a Macquarie Capital upgrade to "Outperform." Analysts highlighted that UOB is "catching up" after previous underperformance, benefiting from massive wealth management inflows and Singapore's "safe-haven" status.
DBS (-0.8%): Despite being near record levels, DBS saw a slight retreat as investors rotated into UOB/OCBC. Macquarie notably assigned an "Underperform" rating to DBS, anticipating flatter earnings growth compared to its peers.
Real Estate: The Laggards Catching UpReal Estate was the second-strongest sector, driven by a "value-unlocking" theme.
CapitaLand Investment (+4.5%): Leading the charge as the company continues to pivot toward an asset-light, fee-income model.
CityDev (+0.5%) & Hongkong Land (+0.2%): These developers are benefiting from expectations of a more accommodating interest rate environment and government capital market reforms aimed at boosting liquidity in local stocks.
Industrials & Marine: Legal HeadwindsThis sector was the "sea of red" in your heatmap, largely due to company-specific negative news.
Seatrium Ltd (-5.8%): The sharp drop followed the January 22 announcement of arbitration proceedings regarding the DolWin 5 project. Seatrium and its partner Aibel are locked in a dispute over cost and revenue allocation, with mutual claims totaling nearly €300 million.
YZJ Shipbldg (-7.0%): The heavy sell-off suggests profit-taking and institutional outflows following a period of strong performance. Investors remain wary of potential US sanctions impact on Chinese-linked shipbuilders and a cooling in new order momentum.
Tech & Semiconductors: Mixed SignalsUMS (-3.7%): Underperformed due to broader volatility in the global chip sector. News of US tariffs on AI-targeted chips has led to cautious sentiment, despite the ongoing global DRAM shortage.
iFAST (+2.0%): Remained resilient, supported by the broader surge in capital market activity and wealth management demand that also lifted the banks.
Commodities: The "Gold Rush"CNMC Goldmine (+8.6%): The standout performer. This surge is directly linked to gold prices hitting record highs (surpassing US$4,900/oz). Geopolitical tensions (the "Greenland crisis") and a criminal probe into the Fed Chair have triggered a massive gold rally, benefiting gold producers.
Saturday, January 24, 2026
Saturday, January 17, 2026
Friday, January 16, 2026
Tuesday, January 13, 2026
IPC Corporation (SGX: AZA): Divestments Driven Play!
IPC Corporation (SGX: AZA): Divestments Driven Play!
The recent divestment of preferred shares in Nest hotel Japan Corporation may drive good upcoming FY25 earnings and dividends.
This blog post provides an analysis of IPC Corporation Ltd (SGX: AZA)
IPC Corporation Ltd is a property development and hospitality group with core operations in Japan and China.
1. Key Investment Potentials
The primary "bull case" for IPC revolves around its massive balance sheet cleanup and the realization of value from its Japanese and Chinese assets.
A. Major Asset Disposal & Balance Sheet Strengthening
The most significant development in late 2025 was the disposal of Preferred Shares in Nest Hotel Japan Corporation (NHJC).
The Catalyst: IPC completed the sale of its NHJC preference shares in December 2025.
The Impact: The Group is undertaking this action to free up capital and substantially enhance its cash reserves. Following the receipt of net cash proceeds totaling $16.7 million, the company is projected to have a significant net cash position of approximately $12 million. This strong cash balance is notable when compared to its $14.5 million market capitalization. With this robust financial standing, the company is well-positioned to potentially distribute special dividends to shareholders or unveil new strategic business initiatives.
B. Recovery in Hospitality (Grand Nest Hotel Zhuhai)
The company’s flagship asset in China, the Grand Nest Hotel Zhuhai, underwent a major "rooms-enhancement program" in 2024, with 70% of rooms renovated to stay competitive. As China’s domestic travel market stabilizes, a modernized hotel asset provides better yield potential and higher valuation for future divestment.
C. Trading Below Book Value
Historically, IPC's shares have traded at a substantial discount to its Net Tangible Assets (NTA). Following the divestment of NHJC, the company's valuation could see a re-rating, potentially reducing this discount. The expected NTA is $0.627, significantly higher than the recent share price of $0.17.
C. Chart (As of Jan 2026)
Following the divestment of NHJC, IPC has been trading sideways over the last month. This is likely due to some investors having already bought shares in anticipation of potential special dividends. The share price may appreciate as the FY25 full-year results approach (estimated end of February 2026), as the prospect of special dividends becomes more imminent.
2. Risk Factors to Watch
While the turnaround is underway, IPC remains a high-risk "recovery play."
A. China’s Property Sector Headwinds
A large portion of IPC’s value is tied to its "Assets Held for Sale" (S$35.4M as of June 2025), primarily its Zhuhai property. The protracted property crisis in China makes it difficult to offload large assets at premium valuations, leading to potential delays or further price haircuts.
However, a successful sale, even at a further discount, could lead to a significant re-rating of the company. In this scenario, IPC would trade at a net cash position substantially exceeding its current market capitalization, bringing its valuation closer to its book value.
B. High Geographic Concentration
IPC’s revenue is heavily reliant on the hospitality sector in China. This exposes the company to:
Fluctuations in the Renminbi (RMB) vs. Singapore Dollar (SGD).
Changes in Chinese government policies regarding travel and real estate.
3. Summary for Investors
IPC Corporation is no longer just a "quiet" property holder; it is an active divestment story.
For the Risk-Averse: The liquidity of the company is poor liquidity so it may be harder for investors to exit after entry.
For the Opportunistic: The successful disposal of NHJC shares in late 2025 shows management is serious about restructuring. If they can subsequently liquidate the Zhuhai assets also, the net cash of the company may be more than double the market capitalization. The company may also return capital or pivot to a new profitable business and push the share price to much higher than the current "distressed" low price to book level.
Conclusion: Investors may monitor the coming FY2025 full-year results (expected end Feb 2026) closely. A positive profit guidance announcement, due to the profit from NHJC divestment, before the FY2025 results, or hope of possible special dividends with the FY2025 results, may push the share price higher from the current low price.
Sunday, January 11, 2026
Fortress Minerals (SGX: OAJ): A Deep Dive into Growth Prospects and Mining Risks
Fortress Minerals (SGX: OAJ): A Deep Dive into Growth Prospects and Mining Risks
With the recent release of its 3Q FY2026 results, the company has signaled a massive turnaround in profitability.
This blog post provides an analysis of Fortress Minerals Limited (SGX: OAJ)
Fortress Minerals Group is a leading iron ore concentrate producer in Malaysia. The Group is principally in the business of exploration, mining, production and sale of iron ore concentrate.
They presently produce magnetite iron ore concentrate with TFe grade of 65.0% and above, mined from the East, Valley and West Deposits in our Bukit Besi Mine., and sell the iron ore concentrate primarily to steel mills and trading companies in the PRC and Malaysia.
The information is synthesized from the FY2025 Annual Report and the most recent 3Q FY2026 interim results (released January 2026).
Investment Potentials
The primary appeal of Fortress Minerals lies in its high-grade iron ore (typically 65% Fe and above), which commands a premium over lower-grade alternatives because it allows steel mills to reduce carbon emissions and improve fuel efficiency.
1. Robust Operational Turnaround
After a challenging FY2025 marked by margin compression, the 9M FY2026 results (ended 30 November 2025) show a significant surge in performance.
Data Source: 3Q FY2026 Results Announcement.
2. Capacity Expansion at Bukit Besi
The commissioning of two new ball mills in May 2024 has effectively raised the “nameplate” production capacity at the Bukit Besi mine to 50,000–60,000 tonnes per month. This scale is driving down the average unit cost of sales (down 24.4% YoY in 3Q FY2026), creating a “high-volume, lower-cost” operating model.
3. Revenue Diversification (Bauxite, Copper, and Gold)
Management has aggressively moved to reduce reliance on a single commodity:
Bauxite: Proposed acquisition of a 10% stake in Strategic Venture Pte Ltd (Papua New Guinea).
Gold: Subscription of shares in Norwest Minerals (ASX-listed) to gain exposure to Australian gold assets.
Base Metals: The Mengapur site contains significant copper and pyrrhotite resources, with a pilot processing plant currently in development.
Investment Risks
While the growth story is compelling, Fortress Minerals faces several structural and cyclical risks that investors must weigh.
1. Iron Ore Price Volatility
The company’s top line is a direct function of the Platts IODEX 65% Fe index. Despite record sales volumes, the average realized selling price in 3Q FY2026 was 1.9% lower year-on-year. If global demand (particularly from China) softens further, volume growth may not be enough to offset falling prices.
2. Asset Renewal and Regulatory Hurdles
Mining is a heavily regulated industry in Malaysia. Key risks highlighted in recent filings include:
Mining Lease Renewals: The lease for the CASB mine was subject to renewal in May 2025 and has undergone restructuring with state-owned entities.
Prospecting Licenses: Exploration in Sabah depends on the timely renewal of prospecting licenses, which are subject to government discretion.
Property and Investment Valuations
As of the FY2025 Annual Report, the Group’s asset base is heavily weighted toward its mining infrastructure and resource rights.
Company Valuation Snapshot (As of Jan 2026)
Fortress Minerals is currently trading at PE ttm of 15.7 with the share price at $0.305. If the current 3Q26 earnings mark the start of sustainable revert to mean earnings, the profit for FY27 may reach S$20m.
Assuming an optimistic revert to mean PE of 10x, the company may trade at $20m x10/523m shares = 38.2c per share.
Chart (As of Jan 2026)
Fortress Minerals gapped up and broke its yearly high following strong 3Q26 earnings. If the share price retraces to fill the gap around 26 cents, it could present an attractive risk-reward entry point.
Conclusion: Should You Invest?
Fortress Minerals (OAJ.SI) is no longer just a small-cap iron ore miner; it is transforming into a multi-mineral producer. The 3Q FY2026 results prove that the company can scale volume and expand margins even when benchmark prices are stagnant.
However, the stock remains a “high-beta” play on the industrial cycle. Investors should monitor the China steel demand outlook and the progress of the Mengapur copper-gold pilot plant as the next major catalysts for the share price.
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