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:
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.
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.
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