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Channel Posts
Curated Headlines for 10 September 2026
South China Morning Post
Chinese AI firm DeepSeek taps underwriters including Citic Securities for IPO: sources
https://www.scmp.com/tech/tech-trends/article/3366948/chinese-ai-firm-deepseek-taps-underwriters-including-citic-securities-ipo-sources?module=top_story&pgtype=section
Chinese stock recovery faces US Fed and oil pressures in September, says top fund manager
https://www.scmp.com/business/china-business/article/3366885/chinese-stock-recovery-faces-us-fed-and-oil-pressures-september-says-top-fund-manager?module=top_story&pgtype=section
The Business Times
ECB set to hike as Iran war fuels fresh inflation fears
It is expected to raise interest rates from 2.25% to 2.5%
https://www.businesstimes.com.sg/companies-markets/banking-finance/ecb-set-hike-iran-war-fuels-fresh-inflation-fears
Apple joins foldable phone race with US$1,999 passport-shaped iPhone Duo
The Duo is Appleâs thinnest phone but is thicker than folding phones offered by Chinese rivals
https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/apple-joins-foldable-phone-race-us1999-passport-shaped-iphone-duo
The Wall Street Journal
Trumpâs Top Advisers Confront Possibility That Iran War Lasts Through End of Term
The president still says he expects the war will end âimmediatelyâ after midterm elections this fall
https://www.wsj.com/world/middle-east/trumps-top-advisers-confront-possibility-that-iran-war-lasts-through-end-of-term-5f4e23d7?mod=hp_lead_pos2
Google Cloud, Accenture Launch Unit to Put AI Engineers On-Site With Customers
The new group will be made up of 1,000 forward-deployed engineers
https://www.wsj.com/cio-journal/google-cloud-accenture-launch-unit-to-put-ai-engineers-on-site-with-customers-698a8628
| 2 | Curated Headlines for 9 September 2026
South China Morning Post
Eager capital prompts IPO plans for more Chinese makers of brain-computer interfaces
https://www.scmp.com/business/china-business/article/3366744/eager-capital-prompts-ipo-plans-more-chinese-makers-brain-computer-interfaces?module=top_story&pgtype=section
Record US$1.3 trillion pours into Hong Kong investment products
https://www.scmp.com/business/banking-finance/article/3366789/investors-pour-record-us13-trillion-hong-kong-investment-products?module=top_story&pgtype=subsection
The Wall Street Journal
What to Know About Anthropicâs Planned IPO
The artificial-intelligence giant has yet to officially launch its listing
https://www.wsj.com/finance/stocks/what-to-know-about-anthropics-planned-ipo-c2f58908Â
The Business Times
Oil jumps on new Houthi attacks, reported Kharg Island blasts
Brent oil is up more than 60 per cent so far this year
https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-jumps-new-houthi-attacks-reported-kharg-island-blasts
USÂ stocks: S&P 500 falls as AI worries hit software makers
All three major indices closed lower for the day
https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/us-stocks-sp-500-falls-ai-worries-hit-software-makers
Meta launches AI agent that can access other apps to send emails, make payments
Users report that its performance is erratic
https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/meta-launches-ai-agent-can-access-other-apps-send-emails-make-payments | 736 |
| 3 | StocksBNB
ESR-REIT: Asset recycling improved credit metric
* Gross revenue and NPI declined 0.3% and 2.2% YoY to S$222.3mn and S$162.7mn, respectively, mainly due to lost income from the divestment of 10 non-core properties. Excluding these assets, same-store NPI rose 0.7% YoY to S$155.1mn, supported by 9.8% positive rental reversions and higher rents from new leases.
*
Aggregate leverage declined to 41.4% as divestment proceeds were used to repay borrowings, while ICR improved to 2.6x, supported by lower debt outstanding and lower base rates. Management guided for gearing to decline further to 39.9% following the redemption of S$125mn of unsecured notes using remaining divestment proceeds.
*
We are positive on ESR-REITâs credit profile, supported by resilient underlying performance and improved credit metrics. Funding flexibility is underpinned by c.S$284mn of committed undrawn RCFs and 69.5% unencumbered investment properties. The key watchpoint is leverage following the proposed Melbourne acquisition.
https://www.stocksbnb.com/wp-content/uploads/2026/09/Capture-5.png
Credit Performance Highlights
⢠Underlying portfolio performance remains resilient. Gross revenue and NPI declined
0.3% and 2.2% YoY to S$222.3mn and S$162.7mn, respectively, mainly due to income
losses following the divestment 10 non-core Singapore assets, comprising mainly
industrial properties and the hotel strata at ESR BizPark @ Changi. Excluding these assets,
same-store NPI rose 0.7% YoY to S$155.1mn from S$154.1mn. Growth was supported by
positive rental reversions of 9.8% (1H25: 9.7%) and higher rental rates from new leases,
partly offset by higher utilities and property tax.
⢠Credit metric improved following debt repayment. Aggregate leverage declined to
41.6% (1H25: 42.6%) as proceeds from divestments were used to repay borrowings.
Gross debt declined to S$2.02bn (1H25: S$2.2bn), improving debt headroom to
S$871.4mn (1H25: S$792mn). However, on our more conservative basis, treating the
S$456mn of perpetual securities as debt, adjusted leverage remains elevated at 50.8%.
ICR improved to 2.6x (1H25:2.4x), supported by lower borrowing costs from reduced debt
outstanding and lower base rates. Management expected gearing to decline further to
39.9% following the redemption of S$125mn unsecured notes using remaining
divestment proceeds
⢠AEIs and portfolio recycling improve asset quality. ESR-REIT completed AEIs at 16 and
29 Tai Seng, upgrading both assets to higher-specification industrial space. It has also divested non-core Singapore properties with shorter remaining land tenure of c.22.4
years and older building specifications, while redeploying capital into six modern freehold
logistics properties in Melbourne. Following the proposed acquisition in Melbourne and
divestment of 12 Ang Mo Kio Street 65, freehold exposure is expected to increase from
19.8% to 25.1%, while weighted-average land tenure improves from 44.7 years to 48.4
years, resulting in a longer-tenure portfolio with lower lease-decay risk.
The post ESR-REIT: Asset recycling improved credit metric appeared first on StocksBNB. | 745 |
| 4 | StocksBNB
iX Biopharma Ltd â Gaining altitude with significant approvals
* The US Government published on 3 September 2026 that the Secretary of Health and Human Services (HHS) declared the Emergency Use Authorisation (EUA) of the use of drugs to treat moderate-to-severe acute pain in military injuries or casualties. The drugs are to address an unmet medical need identified and supported by the Department of War (DOW).
* On 15 July 2026, the US Secretary of War determined there is a military emergency which may cause military forces to experience moderate-to-severe acute pain. On 31 August 2026, the US Secretary of HHS declared that circumstances exist that justify the authorisation of the emergency use of drugs identified and supported by the DOW.
* Our BUY recommendation and forecast are unchanged. The DCF SOTP target price of S$1.00 is maintained. We view the EUA declaration positively. It is a significant step closer towards FDAâs EUA approval and commercialisation. We believe there is now an inherent endorsement by two US government departments that WafermineÂŽ is suitable for EUA approval. There is no change to the major milestones for iX Biopharma: WafermineÂŽ EUA submission (4Q26), EUA approval (1Q27), EUA production (2Q27), and Phase 3 trial approval (2Q27). We also expect the US production line to commence in 1Q27, with another three in 2Q27.
Key Highlights
1. Details of the US Secretary of HHS declaration are found in the Federal Register notice
published on 3 September 2026:
https://www.federalregister.gov/documents/2026/09/03/2026-18008/emergency
useauthorization-declaration
2. WafermineÂŽ is not explicitly mentioned in the declaration but refers to a drug identified
and supported by the DOW as addressing an unmet military medical need to manage
moderate-to-severe acute pain in military combat. In February 2026, iX Biopharma
received a sole-source US$41mn award from the DOW to develop WafermineÂŽ for the
treatment of moderate-to-severe acute pain.
3. There are now two departments from the US government â HHS and DOW â that have
declared an emergency use pathway for drugs to treat moderate-to-severe acute pain
in military casualties.
4. The next step is for iX Biopharma to complete the EUA submission by 4Q26.
5. If EUA is granted, it will allow WafermineÂŽ to be deployed for authorised use by US
military personnel before full FDA approval. Commercialisation via EUA will generate
income for iX Biopharma while the Phase 3 clinical programme is underway. Phase 3
trials are fully funded by the DOW.
Maintain BUY with unchanged TP of S$1.00
The post iX Biopharma Ltd â Gaining altitude with significant approvals appeared first on StocksBNB. | 565 |
| 5 | Curated Headlines for 8 September 2026
South China Morning Post
Chinaâs Xiaomi unveils folding phone with home-grown chip as it takes on Apple, Huawei
Introduction comes on same day as Huawei launches its latest foldable, with Apple expected to enter the fray on Wednesday
https://www.scmp.com/tech/tech-trends/article/3366682/chinas-xiaomi-unveils-folding-phone-home-grown-chip-it-takes-apple-huawei?module=top_story&pgtype=section
Tesla offers rare China inventory discounts to fight sliding Shanghai production sales
The discounts underscore Teslaâs sliding output and fading demand, as analysts warn of intensifying EV price battles
https://www.scmp.com/business/china-business/article/3366648/tesla-offers-rare-china-inventory-discounts-fight-sliding-shanghai-production-sales?module=top_story&pgtype=section
The Business Times
Oil prices rise to six-week highs on worsening Middle East conflict
Oil prices may rise as high as US$120 a barrel if attacks on shipping rise, Goldman Sachs says
https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-prices-rise-six-week-highs-worsening-middle-east-conflict
Yen hits seven-month high; dollar soft ahead of US inflation
https://www.businesstimes.com.sg/companies-markets/banking-finance/yen-hits-seven-month-high-dollar-soft-ahead-us-inflation
The Wall Street Journal
EverBank to Combine With WaFd to Create $75 Billion Bank
The group of private-equity firms that bought EverBank had been in search of an exit
https://www.wsj.com/business/deals/everbank-to-combine-with-wafd-to-create-75-billion-bank-e71d023c?mod=business_lead_pos1
Lululemon Cuts Outlook Again After Another Tough Quarter for Sales
The activewear retailer says it now expects annual sales to be $10.35 billion to $10.5 billion, down from its previous guidance of $11 billion to $11.15 billion
https://www.wsj.com/business/retail/lululemon-cuts-outlook-again-after-another-tough-quarter-07ac0b2a?mod=business_feat3_earnings_pos2 | 604 |
| 6 | StocksBNB
BANK SECTOR â Signs of higher payout ratios
Most banks have announced interim dividends
Almost all banks under our coverage have announced their interim dividends, with KTB
the only bank yet to make an announcement. BBL, KBANK, SCB and TISCO
maintained their interim dividends at the same level as last year, with all four banks
paying Bt2.00 per share. Meanwhile, BAY, KKP, TCAP and TTB announced higher
interim dividends than last year. BAY raised its dividend to Bt0.60 per share from
Bt0.40 per share, KKP to Bt3.25 per share from Bt1.50 per share, TCAP to Bt1.50 per
share from Bt1.30 per share, and TTB to Bt0.081 per share from Bt0.066 per share
(Fig: 1).
Some banks could raise payout ratios
Looking at 1HFY26 payout ratios among banks that announced higher interim
dividends, BAY, KKP and TTB recorded increases from last year. BAYâs payout ratio
rose to 26.1% from 18.6%, KKPâs increased to 70.4% from 51.4%, and TTBâs climbed
to 74.0% from 63.7%. In contrast, TCAPâs payout ratio declined to 33.0% from 36.1%
last year.
Based on FY25 payout ratios, we believe BAY and TTB are the most likely banks to
raise their payout ratios this year. Although KKPâs 1HFY26 payout ratio was higher
than last year, its already-high FY25 payout ratio of 81.6% could limit the scope for a
further increase this year. For TCAP, despite its lower 1HFY26 payout ratio, its FY25
payout ratio was below the sector average, suggesting there is still room for TCAP to
raise its payout ratio this year (Figs: 2â3).
KKP offers highest dividend yield in 1HFY26
Based on yesterdayâs closing prices, KKPâs interim dividend of Bt3.25 per share offers
the highest dividend yield among the banks at 2.8%, followed by TTB, whose Bt0.081
per share interim dividend translates into a dividend yield of 2.7%. Meanwhile, BBLâs
Bt2.00 per share interim dividend offers the lowest dividend yield in the group at 1.0%
(Fig: 4).
âNEUTRALâ rating maintained
We maintain our âNEUTRALâ rating on the banking sector. Although NPLs could
increase, we expect sector loan growth to continue, while a stable policy rate should
allow banksâ net interest margins to start improving.
We maintain KBANK as our top pick in the sector. Although KBANK does not have the
highest payout ratio, based on our estimates, we expect it to pay the highest dividend
in FY26 at Bt15.00 per share, implying a dividend yield of 6.0%. There is also potential
for KBANK to pay an additional special dividend this year. We maintain our target price
of Bt261.00 per share and recommend an âACCUMULATEâ for KBANK.
The post BANK SECTOR â Signs of higher payout ratios appeared first on StocksBNB. | 787 |
| 7 | StocksBNB
Palo Alto Networks Inc â Highest sales growth in 9 years
* 4Q26 revenue and PATMI met our expectations, with FY26 results at 101%/101% of our forecast. Revenue grew 34% YoY, underpinned by platformization and rising demand for AI-driven security solutions
* FY27e growth should remain supported by 1) platformisation and AI infrastructure buildout, with >65% of NGS ARR from platformised customers and >120% NRR supporting upsell and cross-sell, while rising AI capex drives more infrastructure to secure and traffic to inspect; and 2) AI security adoption through i) Prisma AIRS, ii) Cortex, and iii) CyberArk, as autonomous agents increase demand for governance, identity security and real-time cyber defence.
* We downgrade our recommendation to NEUTRAL from ACCUMULATE, with a higher DCF-based target price of US$346 (prev. US$320), following the recent share price performance. We roll our valuation forward while keeping our FY27e forecasts unchanged. Our terminal growth rate remains unchanged, while WACC rises to 5.2% due to a higher debt level and increased share count following recent acquisitions. PANW rallied ~160% from its February low to an August peak of US$396, driven by AI-related catalysts and easing software valuation concerns. We are bullish on PANW, supported by resilient cybersecurity spending, rising AI-driven threats, and strong demand for AI security. Its scale, platformisation strategy and M&A capacity position it well to capture long-term growth.
https://www.stocksbnb.com/wp-content/uploads/2026/09/Capture-4.png
The Positives
+ Strong organic growth. 4Q26 revenue growth of 34.4% YoY was the strongest since 1Q17.
Robust growth was underpinned by 1) platformisation, as customers consolidated security
spending onto PANWâs platform to reduce costs and complexity; and 2) rising demand for
AI-driven security solutions such as Prisma AIRS and Cortex XSIAM (AgentiX) amid escalating
AI-related threats. Platformisation drove upsell and cross-sell opportunities, supporting
strong wallet share expansion and sustaining a net retention rate (NRR) above 120%. Large
deals with >US$10mn in NGS ARR grew 50% YoY (customer count), signalling greater
penetration among large enterprises (top deal wins included telecommunications and
payment platform companies). NGS refers to PANWâs newest AI- and ML-powered security
offerings.
+ Inorganic growth from acquisitions. PANW has integrated the financials of two recent
acquisitions: 1) CyberArk (Idira), which provides identity security for human, machine, and
AI identities, authorising access to right authorised users; and 2) Chronosphere, which
enhances observability across applications, infrastructure, and cloud workloads,
strengthening Cortex (XSIAM)âs threat detection and automated response capabilities. Idira
contributed US$336mn (10% of 4Q26 revenue) and US$1.5bn (13% of FY26 revenue on a
pro forma basis), while accelerating 4Q bookings growth. PANW also acquired Embrace and
Console, but are immaterial to FY27e guidance. These acquisitions, primarily CyberArk, were
funded through a mix of cash and stock, increasing debt (and interest expense) as well as
shares outstanding in FY27e.
The post Palo Alto Networks Inc â Highest sales growth in 9 years appeared first on StocksBNB. | 783 |
| 8 | SECURITIES RESEARCH (SINGAPORE)
SINGAPORE AIR TRANSPORT MONTHLY UPDATE
years 9 months as of FY26. SIA has been successfully working through its order pipeline and
receiving aircraft, even as the broader OEM backlog remains a structural, industry-wide issue.
The 777-300ER (15Y 11m) and the 747-400F (22Y 4m) fleets are currently the oldest passenger
and freighter aircraft in SIAâs fleet respectively, and are likely to require the most heavy checks
and maintenance work going forward.
The post Singapore Air Transport â Aug26 â Fuel shock resurfaces, margins under pressure appeared first on StocksBNB. | 512 |
| 9 | StocksBNB
Singapore Air Transport â Aug26 â Fuel shock resurfaces, margins under pressure
* In Aug26, the aviation sector was hit hard. SATS dropped the most at -18.5%, followed by CAO, SIA, and SIA Engineering at -16.1%, -11.8%, and -1.3%, respectively. The broad-based decline coincided with the renewed spike in Middle East tensions and jet fuel prices, which resurged above US$160 per barrel. SATS and CAOâs steeper losses reflect concerns about margin pressure and higher sensitivity to fuel costs, respectively. SIA Engineeringâs underlying MRO demand and SIAâs strong fuel-hedging and balance sheet limited the decline.
* Margin pressure is being driven mainly by the renewed jet fuel shock. APAC carriersâ net margin forecast is expected to fall from 3.5% in 2025 to 2.1% in 2026. Widening crack spreads (from US$35 to over US$60) have also eroded the value of Brent-based fuel hedges, so Brent-hedged carriers are less protected. The cargo yield tailwind that cushioned 1H earnings is expected to fade as capacity normalises. SIA notably outperformed the FSC average in 2Q26, posting a net margin of -1.33% compared to the broader full-service carrier average of -6.78%, underscoring the relative benefit of its hedging position and network mix even as the sector became loss-making.
* We maintain a NEUTRAL stance on air transportation amid the renewal of the US-Iran conflict. With Middle East tensions flaring after the interim peace deal, jet fuel prices have risen and crack spreads have widened, with near-term stabilisation unlikely.
Outlook
Global passenger traffic grew, with industry-wide RPK up 0.2% YoY (up 1.2% ex-Middle East).
The growth was affected by renewed US-Iran tensions. Singapore jet fuel climbed back above
US$160/bbl by early September, and crack spreads widened from around US$35/bbl to over
US$60/bbl. Given that jet fuel is priced predominantly in USD, while airlines earn most of their
revenue in local currencies, exchange-rate movements have led to differing market impacts.
In Brazil and Mexico, currency appreciation helped limit the rise in local-currency fuel prices
to around 86%. In Japan, a weaker yen compounded the shock, pushing the increase as high
as 173%. China stands out as a notable exception: despite a stronger renminbi, above-average
regional fuel price increases still drove its local-currency fuel costs up 132%.
Air cargo rates are expected to normalise as airlines restore capacity. Air cargo rates
previously rose due to maritime shipping disruptions, higher jet fuel prices, and constrained
airline capacity. Middle East carriers, whose networks account for around 80% of India-to
Europe capacity and 25-30% of China and Southeast Asia-to-Europe capacity, saw significant
disruption during the conflict, which in turn benefited Singapore Airlines through its presence
on Southeast Asia-to-Europe routes that experienced sharp yield increases.
Moreover, the EUâs removal of de minimis exemptions remains a drag on cargo volumes.
Hong Kong-to-Europe volumes are down c. 35% YoY, while China-to-Europe volumes are
down 5% to 8% YoY. APAC-to-US volumes have, however, grown at double digits, driven by
AI-related demand. Middle East and Gulf capacity also remains well below pre-war levels,
with Gulf capacity still around 17% below its pre-conflict baseline. Export volumes from the
Middle East and South Asia continue to grow YoY, indicating resilient underlying demand.
Pricing has stayed sticky despite volume swings, with global blended rates holding in the
$2.95/kg to $2.97/kg range.
As of 2Q26, combined Boeing and Airbus backlog reached 16,038 aircraft (up 6% YoY). SIA
Engineeringâs largest customer, Singapore Airlines, saw total fleet growth decelerate through
to FY25 before accelerating in FY26. Average fleet age has climbed steadily YoY, reaching 7
Page | 2 | PHILLIP [...] | 478 |
| 10 | StocksBNB
SG Bonds â Week 37 : SGS yields edged higher WoW
* Global sovereign yields moved higher over the week as renewed oil-driven inflation concerns added to already elevated term premium. The 10Y JGB briefly breached 3% for the first time since 1996, while long-end yields across the UK, Germany and Australia also rose to multi-year highs. UST yields rose over the week, with the 2Y up 2bps to 4.37%, 10Y up 6bps to 4.78% and 30Y up 4bps to 5.24%.
*
SGS yields also moved higher, with the 2Y, 5Y and 10Y rising around 4â5bps WoW. Domestic activity remained supportive, with the manufacturing PMI edging up to 51.5 in August and the electronics PMI rising to 52.6.
*
Looking ahead, we expect UST yields to remain elevated. August PPI and CPI will be the key near-term catalysts ahead of the 15â16 September FOMC meeting, with markets pricing around a 62% probability of a September hike following the stronger August payrolls. Domestically, with relatively few local catalysts, we expect SGS yields to remain broadly range-bound with a slight upward bias. We expect moves to remain stable given the relatively anchored domestic rates backdrop.
Key economic releases for the week
07 Sep â SG Retail Sales (Jul)
08 Sep â MAS 12-Week Bill Auction; MAS 4-Week Bill
10 Sep â SG 6 Month T-Bill Auction; US Existing Home Sales (Aug); US PPI(Aug)
11 Sep â US Core Inflation Rate (Aug); US Inflation Rate (Aug); US Michigan Consumer
Sentiment Prel (Sep)
Market Recap
Global
Global sovereign yields moved higher over the week as renewed oil-driven inflation
concerns added to already elevated term premium. The 10Y JGB briefly breached 3% for the
first time since 1996, while long-end yields across the UK, Germany and Australia also rose
to multi-year highs.
UST yields rose over the week, with the 2Y up 2bps to 4.37%, 10Y up 6bps to 4.78% and 30Y
up 4bps to 5.24%. Yields rose sharply earlier in the week as renewed US-Iran tensions
pushed oil higher and reinforced inflation concerns, before partially retracing after Waller
signalled openness to a September hold. Fridayâs labour data subsequently pushed yields
higher again. August payrolls rose 162k more than market expected, while July was revised
from -23k to +21k, easing concerns over a sharper deterioration in hiring.
The post SG Bonds â Week 37 : SGS yields edged higher WoW appeared first on StocksBNB. | 420 |
| 11 | or national security. Sectors
with weaker outlook are transportation (volatile fuel prices), healthcare (pressure
from payers and currency) and telecommunications (price competition). REITs face
headwinds on expectations of higher interest rates and growing supply of new issues.
The pending AirTrunk IPO could absorb US$1.5bn in liquidity from the REIT sector.
Mid-cap stocks have been de-rated following poor IPO performance and the sell-down
in UltraGreen.ai.
The post Phillip Singapore Monthly: August 2026 â Trading at a justified premium appeared first on StocksBNB. | 406 |
| 12 | StocksBNB
Phillip Singapore Monthly: August 2026 â Trading at a justified premium
* Singapore equities climbed 2.3% in August, the fifth consecutive month of gains. Banks and industrials led the gains. Bank earnings rose 13% YoY, supported by a 40% jump in wealth management fees. Industrials such as shipyards and defence were the biggest outperformers. Â The transportation sector suffered as the Middle East conflict reignites. REITs remain lacklustre amid worries of a hawkish Fed.
*
Global long-bond yields in developed countries are rising to multiple-year highs â Japan (30 years), Germany (15 years) and US (3 years). In contrast, Singapore yields have moved sideways over the past 15 months. We believe global yields are rising due to a reversal in expectations of a Fed rate hike, stronger global growth and a surge in hyperscaler bond issuance. We are not expecting a bond rout that will derail equities. Inflation expectations are muted and liquidity ample.
*
Market valuations are turning rich, but momentum is still intact. Singapore equities are trading at 17x forward P/E, above the long-term average of 15x. The premium is anchored by earnings drivers. Banking loans are surging 10% YoY, with capital market activity still vibrant. Exports are booming, especially electronics, and domestic capital spending is robust.
Review: Singapore equities climbed 2.3% in August, the fifth consecutive month of
gains. Equities have reported positive returns in 15 of the past 16 months. Banks
(Figure 1) and industrials (Figure 2) led this monthâs gains. Bank earnings rose 13% YoY,
supported by a 40% jump in wealth management fees. DBS and OCBC results beat
expectations, but UOB disappointed. Industrials such as shipyards and defence were
the biggest outperformers (Figure 2). The transportation sector suffered as the Middle
East conflict reignites (Figure 3). REITs remain lacklustre amid worries of a hawkish Fed
(Figure 4).
8.2%-4.2%
UOB
7.2%
YZJ
OCBC
Figure 3: Transportation suffer -11.8%
Outlook: Global long-bond yields in developed countries are rising to multi-year highs:
Japan (30-year), Germany (15-year), and the US (3-year). In contrast, Singapore yields
have moved sideways over the past 15 months (Figure 8). We believe global yields are
rising due to a reversal in expectations of a Fed rate hike, stronger global growth and
a surge in hyperscaler bond issuance. Earlier this year, expectations were for 2 rate
cuts. This has now reversed to one rate hike (Figure 9). Hyperscalersâ massive
US$250bn bond issuance for data centres is also pushing up bond supply. We are not
expecting a bond rout that will derail equities. Inflation expectations are muted, with
5-year and 10-year breakeven inflation expectations stable despite the jump in bond
yields (Figure 10). Liquidity is also ample, as reflected in the US$8tr in money market
funds (Figure 11). Rising fiscal deficits and government bond issuance are not new
(Figure 12). However, foreign holdings of Treasuries, particularly from Asia, are
declining (Figure 13) despite rising current account surpluses (Figure 14).
Sembcorp Ind.-11.3%-17.1%
SATS
SIA
Figure 4: REITS still sluggish
0.5%-1.3%
J Matheson-4.4%
Recommendation: Singapore equities P/E ratio is 17x, above the historical average of
15x. We believe the premium is justified by the growing earnings momentum. Multiple
sectors are benefiting from earnings drivers. Banking stocks are supported by robust
loan growth (+10%), rising deposit flows (CASA +12%) and vibrant capital markets
(SDAV >30%). Industrials benefit from the AI-driven boom in electronic exports. The
outlook for shipyards is improving as container freight rates jump. The power sector
is enjoying a rise in electricity spreads as LNG prices pick up. Defence spending is
underpinned by ongoing global conflicts and a rising need f[...] | 404 |
| 13 | StocksBNB
Singapore Banking Monthly â Volume replaces margin as loan growth hits 10%
* Singapore interest rates rose for the fourth consecutive month, with Augustâs 3M-SORA up 1bp MoM to 1.14% and down 58bps YoY, the smallest YoY decline in 21 months. We expect it to hold around current levels through 2H26e. Singapore loan growth reached 10% YoY for the first time since COVID (Jul26: +9.96% YoY). CASA grew 12% YoY, though the CASA ratio eased to 20.4% of deposits, and deposit pricing has stopped falling, with UOB raising its 12-month promotional rate by 10 bps to 1.40% in August.
*
Maintain ACCUMULATE. Volume is now doing what interest margin cannot, with loan growth at 10% YoY. OCBC is raising its loan growth guidance. SORA has risen for four consecutive months but remains 58bps below a year ago, so NIM stabilises rather than recovers. We raise our target prices for DBS to S$85.00 (prev. S$79.00) and OCBC to S$33.20 (prev. S$31.70) on higher loan growth and 1% PATMI estimates. ROE is raised 0.7%. Banksâ FY26e dividend yields remain attractive at 3.9%, with buybacks and capital return dividends supporting ROE. We prefer DBS (fixed DPS policy and raised FY26e guidance) and OCBC (wealth momentum and the remaining capital return).
https://www.stocksbnb.com/wp-content/uploads/2026/09/Capture-3.png
The post Singapore Banking Monthly â Volume replaces margin as loan growth hits 10% appeared first on StocksBNB. | 472 |
| 14 | StocksBNB
Q & M Dental Group Ltd â Waiting for inorganic growth
* 1H26 results were below expectations â revenue/adj. PATMI were 45%/25% of our FY26e forecast. Revenue in Singapore and China has been softer than expected. Higher finance costs pending acquisitions in Australia and Thailand are also weighing on earnings.
* Discretionary demand for dental services was weak in Singapore, especially in 1Q26, with recovery underway in 2Q26. China is facing pressure from price controls and weak demand due to the economic environment. Q&M Dental is pursuing an aggressive initiative to elevate the complexity of dental care and normalise revenue intensity.
* We lower our FY26e adj. earnings by 30% to S$12.7mn. We expect a seasonal recovery in 2H26 for Singapore together with improving revenue intensity. China will launch a new hospital in 2H26. Â We roll forward our valuations to FY27e to incorporate profit-guaranteed earnings from Australia and Thailand (at a 50% discount). We maintain our BUY with an unchanged target price of S$0.71.
https://www.stocksbnb.com/wp-content/uploads/2026/09/Capture-2.png
The Positive
+ Acquisitions to deliver growth. There are S$146mn in pending acquisitions of dental clinics in
Australia (S$107mn) and Thailand (S$39mn), payable in cash (S$92mn) and shares (86.7mn @
S$0.70). The acquisition will boost EPS by at least 1 cent post-new-share issuance.
The Negative
â Weakness in revenue. Revenue grew 12.5% to S$99.5mn, but this includes the consolidation of
Aoxin Q&M Dental (from an associate) into Chinaâs revenue. Aoxin recorded a 21% revenue
decline in 1H26.
The post Q & M Dental Group Ltd â Waiting for inorganic growth appeared first on StocksBNB. | 536 |
| 15 | Curated Headlines for 7 September 2026
Barronâs
Inflation, Apple, Adobe, Oracle, Macyâs, and More to Watch This Week
https://www.barrons.com/articles/inflation-apple-adobe-oracle-macys-and-more-to-watch-this-week-23a2c022?mod=hp_minor_pos22&_gl=1
Â
South China Morning Post
China rolls out massive US$54b package for insurers, banks in financial powerhouse push
https://www.scmp.com/business/banking-finance/article/3366559/china-rolls-out-massive-us54b-package-insurers-banks-financial-powerhouse-push?module=top_story&pgtype=subsection
Punching above their weight: how Chinaâs AI giants stretch each dollar in compute race
https://www.scmp.com/tech/big-tech/article/3366407/punching-above-their-weight-how-chinas-ai-giants-stretch-each-dollar-compute-race?module=top_story&pgtype=subsection
Chinaâs AI âlittle giantâ Yunxi Technology files for Hong Kong IPO: sources
https://www.scmp.com/business/companies/article/3366347/chinas-ai-little-giant-yunxi-technology-files-hong-kong-ipo-sources?module=top_story&pgtype=subsection
Â
The Business Times
Oil gains as US attacks on Iranian ships raise escalation risks
Iran says a new restricted zone outside of Hormuz will be declared in the coming daysÂ
https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-gains-us-attacks-iranian-ships-raise-escalation-risks
Opec+ keeps oil output policy unchanged for October
Unlike in the past, the groupâs supply decisions have had a limited impact on the market
https://www.businesstimes.com.sg/companies-markets/energy-commodities/opec-keeps-oil-output-policy-unchanged-october
The Wall Street Journal
Carmakers Have a New Idea to Boost EV Range: Add a Gas Engine
Hyundai, Ford and Stellantis are planning to introduce larger EVs with gas generators to solve range anxiety
https://www.wsj.com/business/autos/carmakers-have-a-new-idea-to-boost-ev-range-add-a-gas-engine-16bbcc34?mod=hp_lead_pos8 | 720 |
| 16 | StocksBNB
Oiltek International Ltd â Pricing a delay, but underlying trend intact
* 1H26 revenue/PATMI were below expectations at 32%/27% of our FY26e forecast. The strategic focus has been to secure recurrent income and new renewable energy projects, namely sustainable aviation fuel (SAF). This has led to weakness in EPCC order flows. 1H26 adj. PATMI declined 27% YoY to RM12.5mn.
* The US$350mn SAF project in Sabah by BioSeaga Industries is still proceeding with planned milestones, including land acquisition. The Global SAF and Energy Fund (managed by Bank of China) has acquired a 2.8% stake in Oiltek. We believe the fund can be an important partner for Oiltek in financing future SAF projects. The fund mentioned that it is currently looking into investing in Sarawak for SAF development.
* We lower our FY26e/FY27e PATMI by 34% and 24%, respectively. We removed our assumed revenue recognition of the Sabah SAF in FY26e. Our FY27e forecast applies a 30% discount to planned SAF billing. Our target price is lowered to S$2.00 (prev. S$2.72). We peg Oiltek to 24x PE FY27e, a 10% premium to listed peers in Malaysia trading at 21x PE. The premium reflects the growth, high ROE, and an RM95mn net cash balance sheet. We believe the underlying build-out of SAF plants in the region is underway to meet mandatory blending mandates. Malaysia has the advantage of a more abundant feedstock from palm oil mill effluent.
https://www.stocksbnb.com/wp-content/uploads/2026/09/Capture-1.png
The Positive
+ Building the foundation to pivot. Oiltek is building strategic partnerships to target SAF projects
in the region. It includes technology licensing from Europe and financing collaboration with the
Global SAF and Energy Fund. Apart from SAF, other renewable opportunities are BioCNG and
animal feed.
The Negative
â Drop in margins and order book. Gross margins contracted by 6 percentage points YoY due to
project timing. Order book also declined by 22% YoY to RM258mn. Any definitive agreement on
SAF projects will be lumpy and transformative if recurrent income through equity stakes is built
into the project
The post Oiltek International Ltd â Pricing a delay, but underlying trend intact appeared first on StocksBNB. | 1 083 |
| 17 | Curated Headlines for 4 September 2026
South China Morning Post
About 4 in 5 young, affluent investors in mainland China turn to offshore assets: study
https://www.scmp.com/business/china-business/article/3366245/about-4-5-young-affluent-investors-mainland-china-turn-offshore-assets-study?module=top_story&pgtype=subsection
Chinaâs tech push fuels fastest profit growth in 4 years amid signs of economic divide
https://www.scmp.com/business/china-business/article/3365975/chinas-tech-push-fuels-fastest-profit-growth-4-years-amid-signs-economic-divide?module=top_story&pgtype=subsection
The Business Times
Oil prices mixed as investors weigh Middle East escalation, chance of Ukraine peace deal
Both oil contracts hit six-week highs during the session
https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-prices-mixed-investors-weigh-middle-east-escalation-chance-ukraine-peace-deal
US Fedâs Waller says safety premium for Treasuries is gone, pushing neutral rate higher
Wallerâs comments helped push Treasury yields lower on Thursday
https://www.businesstimes.com.sg/companies-markets/banking-finance/us-feds-waller-says-safety-premium-treasuries-gone-pushing-neutral-rate-higher
The Wall Street Journal
Tesla Cybercabs Hit Austin Streets in Expansion of Robotaxi Service
Driverless rides reflect Elon Muskâs push to turn the EV maker into an autonomous-vehicle giant
https://www.wsj.com/business/autos/tesla-cybercabs-hit-austin-streets-in-expansion-of-robotaxi-service-e9845a55?mod=hp_lead_pos6
Nvidia Agrees to Buy AI Platform Hugging Face for $13 Billion
Deal ramps up Nvidiaâs efforts to promote open-weight AI models that pose competitive threat to OpenAI and Anthropic
https://www.wsj.com/tech/ai/nvidia-agrees-to-buy-hugging-face-for-13-billion-11929060?mod=hp_lead_pos11 | 1 045 |
| 18 | StocksBNB
Technical Analysis: ICBP, TLKM, and BBCA
Indofood CBP Sukses Makmur Tbk (ICBP)
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ICBP has completed an inverse head and shoulders pattern, confirmed by a decisive breakout above the
neckline. This bullish reversal is reinforced by price action holding consistently above all key EMAs (21, 34,
and 90 day), signaling a structural shift in trend from bearish to bullish. The recent breakout, coinciding with
the neckline breach, adds further confirmation to the emerging uptrend.
Based on this technical setup, we see potential for continued upside, with an initial target of 8,300 (closing
the price gap), and a further extension target of 8,725 should momentum persist.
This bullish view remains valid as long as price holds above the 7,225 support level. A break below this level
would invalidate the pattern and warrant a reassessment of the outlook.
The post Technical Analysis: ICBP, TLKM, and BBCA appeared first on StocksBNB. | 1 202 |
| 19 | StocksBNB
Bangkok Dusit Medical â Recovery signs become clear in 2HFY26
Investment merits
Signs of recovery are becoming clear for BDMS, driven by Jul revenue from Thai and
international patients, which surged 9% y-y and 6% y-y, respectively. In addition, bookings
from international patients surged 33% over four months, while revenue from insured patients
accelerated 11% y-y, pointing to stronger revenue momentum in 2HFY26. Meanwhile, bed
expansions at Bangkok Hospital Surat and Bangkok Hospital Hua Hin reflect stronger demand,
and carry lower risks than opening new hospitals. The non-hospital business, currently
accounting for 3-4% of total revenue, is expected to grow in the long run. We maintain our
âBUYâ call on BDMS, with a target price of Bt25.00 per share.
Clear revenue growth signals
In Jul 2026, BDMSâs revenue from Thai patients grew 9% y-y, while revenue from international
patients increased 6% y-y. Excluding Cambodian and Middle Eastern patients, international
patient revenue would have grown 14% y-y, indicating that underlying demand from non-Thai
patients remains stronger than the headline figure suggests. By nationality, revenue from
Myanmar, US and European patients posted strong growth of 21% y-y, 19% y-y and 16% y-y,
respectively. Meanwhile, revenue from CLMV and Middle Eastern patients declined 3% y-y and
10% y-y, respectively, although the pace of contraction in both groups has begun to ease.
International bookings rise 33% in 4 months
International patient bookings increased from over 30,000 to more than 40,000 within four
months (Apr-Aug, 2026), representing growth of around 33%. This reflects robust demand from
international patients across CLMV, Europe and the Middle East, which could support revenue
in 2HFY26, as most bookings can be converted into revenue within two to three months.
Meanwhile, revenue from insured patients grew 11% y-y in Jul 2026, accelerating from 2% y-y
growth in 1H26. We believe these trends should provide greater revenue momentum in 2H26
and help offset pressure from slowing patient demand in certain markets.
Demand-driven bed expansion
BDMS is expanding capacity at Bangkok Hospital Surat (+44 beds) and Bangkok Hospital Hua
Hin (+50 beds) in response to existing demand in these areas, particularly from expatriates
residing in Thailand. At the same time, the company is expanding specialized medical services,
including heart centers, to accommodate patients requiring treatment for more complex
conditions. We believe demand-driven bed expansion carries lower investment risk than
opening new hospitals, as it leverages existing infrastructure. Meanwhile, the addition of
specialized medical services should support higher revenue per bed over the long term. The
expat patient segment also helps diversify BDMSâs exposure and reduce its reliance on patients
from any single nationality.
Non-hospital business set to grow in long run
BDMSâs non-hospital segment consists of three main businessesâ1) A.N.B. Laboratories, 2)
Medical Pharma and 3) Save Drug Centerâwhich together account for 3-4% of total operating
revenue. We believe these businesses could become increasingly important over the longer
term by strengthening BDMSâs integrated value chain from production through distribution, while
also creating opportunities to generate revenue from customers outside its hospital network.
However, given their relatively small contribution, their impact on overall revenue should remain
limited in the near term.
The post Bangkok Dusit Medical â Recovery signs become clear in 2HFY26 appeared first on StocksBNB. | 691 |
| 20 | StocksBNB
PTTEP â Oil price volatility remains
Brent crude rose 2% to above US$90 per barrel as Middle East
tensions escalated following a US strike on Iran in the Strait of
Hormuz. Oil prices are expected to remain volatile and
elevated, although the medium- to long-term outlook could
face pressure from increased Venezuelan supply following US
involvement in the countryâs oil operations. We maintain our
âNEUTRALâ recommendation on PTTEP, supported by its 4-6%
dividend yield. In the short run, PTTEP offers trading
opportunities in line with oil price movements.
https://s.w.org/images/core/emoji/17.0.2/72x72/25aa.png Oil prices remain volatile: Brent crude has rebounded by around 2% from late last week, returning
to above US$90 per barrel. The key driver is renewed escalation in the Middle East after the US
struck Iranian rocket launch sites in the Strait of Hormuz, marking its first publicly acknowledged
attack since late Jul. Iran retaliated by attacking two US air bases in Jordan. In the near term, we
expect oil prices to become more volatile and remain elevated for the rest of the year. However, the
medium- to long-term outlook faces some downside pressure from increased Venezuelan oil supply
following US involvement in the countryâs oil operations, which could result in more supply entering
the market. Venezuela holds the worldâs largest oil reserves of more than 300bn barrels and
currently produces around 1mn barrels per day, equivalent to 1% of global output.
https://s.w.org/images/core/emoji/17.0.2/72x72/25aa.png Short-term trading opportunity: From a long-term investment perspective, we maintain our
âNEUTRALâ recommendation on PTTEP, supported by its attractive dividend yield of around 4-6%
and continued production capacity expansion. Most recently, PTTEP signed a production-sharing
contract for Block A-18-01 in the Malaysia-Thailand Joint Development Area, with production
capacity of 300-400mn cubic feet per day, which should provide continued support to future
earnings. In the near term, the stock also offers trading opportunities as oil prices remain volatile
and elevated amid geopolitical uncertainty.
The post PTTEP â Oil price volatility remains appeared first on StocksBNB. | 503 |
