POEMS StocksBNB

StocksBNB Salesforce Inc – The end of the SaaSpocalypse * 2Q27 revenue met our expectation, while PATMI lagged. 1H27 revenue and PATMI were 49% and 42% of our FY27e forecast respectively. The lower-than-expected earnings were mainly driven by higher R&D and sales & marketing spending. * Salesforce is positioning itself as the enterprise AI data layer through Headless and Claudeforce, extending CRM data and agents into Claude, Slack and Teams. Management expects 2H27 growth to be driven by premium AI products (Agentforce, Slackbot and Claudeforce), usage-based monetization and customer upgrades, with significant runway as only 5% of users are on higher-tier editions. * We maintain a NEUTRAL recommendation with a higher DCF target price of US$243 (prev. US$166). We lowered our FY27e PATMI estimate from increasing R&D, marketing, and sales expense estimates. We raised back our terminal growth rate from 3% to 5.5%, following the re-rating of the company shares which was driven by Anthropic’s Claudeforce partnership, improving confidence in its core CRM business (strong bookings, low attrition and customer expansion), and stronger software sector sentiment as enterprise AI monetization gains traction. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-57.png The Positives + Sales and Service Cloud remain the anchor. Revenue rose 11% YoY to US$11.3bn (2Q26: +10%). Sales is less disrupted by AI, as monetization is largely an upsell from the core Salesforce offerings. Attrition remained near record lows, while Sales, Service and Slack delivered seat growth, with adoption evident in top deal wins. Existing customers are upgrading through premium bundles for AI feature 1) Agentforce 1 Edition (premium Sales and Service Cloud) and Agentforce for applications bookings more than doubled QoQ; 2) premium Slack upgrades tripled since Slackbot launched in Mar 26. While frontier AI models provide reasoning, Salesforce owns the customer data, workflows, permissions and governance layer, supporting data quality. + Agentic AI momentum continues building. Agentforce ARR i.e. AI agentic revenue exceeded US$1.5bn (~3.3% of FY27e revenue guidance midpoint), up more than 240% YoY. Consumption-based model encourages rapid adoption. Agentforce bookings more than doubled QoQ, with 50% coming from existing customers purchasing incremental credits after initial deployment. Growth products, including Agentforce, Headless and Data 360, reached nearly US$3.9bn ARR. Customers increasingly prefer AI embedded within existing software rather than building and managing AI system internally themselves, which requires significant time, talent and operational complexity. The post Salesforce Inc – The end of the SaaSpocalypse appeared first on StocksBNB.

StocksBNB NVIDIA Corporation – ACIE overtakes hyperscale growth * 2Q27 revenue/PATMI were within our expectations. 1H27 revenue and PATMI were at 46%/48% of our FY27e forecasts. 2Q27 data centre revenue surged 117% YoY to US$89bn, the fastest growth since 2Q25. Growth was driven by hyperscalers’ sustained AI spending on Blackwell Ultra, and acceleration of ACIE revenue as sovereign AI revenue more than tripled YoY. In June 2026, NAVER and NVIDIA announced collaboration to build AI factories to scale South Korea’s sovereign intelligence infrastructure starting from 55MW, with plans to move to gigawatt scale. * NVIDIA guides FY28e revenue to grow about 70% YoY (FY27e: +98% YoY), constrained by supply factors such as land, power, shell, and cooling. Without such constraints, demand could grow more than 100% in FY28e. We raised our FY28e revenue growth assumptions to +53% YoY (prev. 43% YoY), with room to adjust upwards based on Vera Rubin’s supply ramp progress. Global semiconductor spending surged 108% YoY in 1H2026 to US$675bn, driven by hyperscaler, enterprise, and sovereign nations’ AI buildout. * We maintain BUY with a higher TP of US$300 (prev. US$285). We raised our FY27e revenue and PATMI by 11%, due to stronger growth expected from ACIE segment from a surge in sovereign demand, and rapid Vera Rubin ramp in 2H27e. We raised our WACC to 8.4% from 7.9% by raising our equity risk premium, as rising memory costs are a headwind to NVIDIA’s margins. NVIDIA trades at a FY27e P/E of 24x, a 32% discount to peers’ average of 35x. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-56.png The Positives + Hyperscale revenue accelerates. 2Q27 hyperscale revenue accelerated 102% YoY to US$48.7bn (1Q27: +93% YoY). Hyperscalers increased capex spending on GPU capacity, especially for Blackwell Ultra. The top four hyperscalers (GOOG, AMZN, MSFT, META) increased their 2026e capex guidance by 5% this quarter to US$748bn (+97% YoY). NVIDIA expects their total capex to reach US$1.3tn (or +74% YoY) in 2027e. AMZN is deploying additional 2mn of NVIDIA’s GPUs till 2Q29e. MSFT mentioned it would modernise its infrastructure with NVIDIA’s Vera Rubin, which commenced shipments in August. + AI Clouds, Industrial & Enterprise (ACIE) records fastest growth. 2Q27 ACIE revenue spiked 138% YoY, overtaking hyperscale growth. AI startups Reflection and Cohere have signed multi year contracts worth US$1bn or more with Nebius, with the associated AI workloads running on NVIDIA-powered infrastructure. Sovereign AI revenue more than tripled YoY. NVIDIA announced partnership with Noetra, Japan’s national AI company, to deploy 13,750 Vera CPUs and 27,500 Rubin GPUs to deliver 140MW of AI compute powering physical AI. South Korea will invest at least US$3bn for NVIDIA and Hyundai to deploy 50,000 Blackwell GPUs for AI model training and deployment. The post NVIDIA Corporation – ACIE overtakes hyperscale growth appeared first on StocksBNB.

StocksBNB Thomson Medical Group Ltd – Turnaround is underway * FY26 revenue/EBITDA met expectations at 97%/98% respectively of our forecast. Net losses were narrower than expected from lower finance costs. EBITDA expanded 21% YoY in 2H26 to S$43.6mn. All countries- Singapore, Malaysia, Vietnam- experienced a recovery in earnings. There was a S$15.2mn goodwill impairment due to a higher discount rate assumed. * Growing revenue intensity has been the major driver of earnings. Singapore is adding more orthopaedics, ENT and general surgery.  Malaysia is building up oncology, supported by the return of some insurers. Vietnam has higher volumes, including robotic surgery, and more capacity. Currency was a headwind to the results. * We maintained our FY27e earnings. Our recommendation is upgraded to BUY due to recent share price performance. The SOTP target price is unchanged at S$0.071. We roll over our valuation to FY27e earnings but reduce our Johor GDV estimates. The company is turning around operational performance by pivoting Singapore from its reliance on O&G cases. Malaysia is onboarding back insurers, with foreign patients and oncology leading the increased revenue intensity.  Finance costs are weighing on earnings. Any sale of the Johor land bank could reverse the earnings profile. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-55.png The Positive + Growth in average bill size. Average bill size rose across all three countries in FY26. The largest increase was in Singapore. It was a combination of complexity and a higher product mix, as cases were moved to outpatient day surgery. Malaysia benefits from oncology and gastroenterology cases. The Negative – Volumes under pressure. Group inpatient volume declined 7.8% YoY in FY26 to 39k. Singapore declined 9% due to lower deliveries, i.e. obstetrics cases. In addition, there were more day cases. We believe the lower volumes in Malaysia were due to the absence of insurance payers. The post Thomson Medical Group Ltd – Turnaround is underway appeared first on StocksBNB.

StocksBNB Geo Energy Resources Ltd – De-risked, ready to rumble * 1H26 results were within our expectations. Revenue/PATMI were 36%/37% of our FY26e forecast. Production in 1H26 declined 42% YoY to 3.8mn. Production will be shifting to the newly completed infrastructure. An older mine was also undergoing a pit expansion. Sales target for FY26e of 11.5-12.5mn MT is unchanged (FY25: 12.5mn MT). * The 92km US$190mn integrated infrastructure (hauling road and jetty) or MBJ is completed and running since July. It has a capacity of 25mn MT. We expect Geo to transport 4mn MT of coal produced utilising MBJ in 2H26. Our estimate for FY27e is 11mn MT. The extra capacity of the infrastructure will generate toll and jetty fees. * We maintain our FY26e earnings and BUY recommendation. Our DCF target price of S$0.75 is unchanged. With the infrastructure completed, earnings visibility for Geo has been de-risked. FY27e will be a milestone. We forecast production to hit 17mn MT (+40%) and cash costs to decline. An additional driver to earnings will be infrastructure fees supported by multi-year contracts. Coal prices are also on an upward trajectory, up 53% YoY in 3Q26 so far. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-54.png The Positive + Integrated infrastructure is operational. Geo announced on 16 July that the road and jetty (held by its 69.9% subsidiary, Marga Bara Jaya, or MBJ) have gone live operationally. Production will ramp as the 2x70MT trucks arrive in September to replace the current 40MT trucks. The Negative – Production dropped 42% YoY in 1H26. Geo has delayed any ramp-up in TRA production to shift coal transportation from the existing Atlas road to its own MBJ. The TBR pit boundary was expanding due to the pushback of a high wall. The post Geo Energy Resources Ltd – De-risked, ready to rumble appeared first on StocksBNB.

StocksBNB iX Biopharma Ltd – Galloping closer with partners * FY26 results were below expectations. Revenue/Net Loss were 72%/170% of our FY26e forecast. The transfer of a machine from Australia to the US resulted in lower medicinal cannabis sales (~S$3mn).  Additional expenses, such as professional fees (~S$1mn) and the performance share plan (~S$2mn), were not modelled. * The US$40.9mn Wafermine Programme (funding the Phase 3 and EUA development of Wafermine) from the US Department of Defense has started, with S$1.2mn recognised as development services. We believe the EUA submission and preparation for the Phase 3 study for Wafermine are advancing according to schedule. * We are incorporating higher upfront costs from the US wholesale compounding pharmacy operations and an increase in performance shares. The expected tripling of revenue in FY27e will be driven by compounding pharmacy (with partner Orion Speciality), Wafermine sales, and development services. Our DCF SOTP target price of S$1.00 and BUY recommendation are unchanged. The major milestones for iX Biopharma will be the Wafermine EUA submission (4Q26), EUA approval (1Q27), EUA production (2Q27) and Phase 3 trials approval (2Q27). We also expect the US production line to commence in 1Q27, with another three in 2Q27. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-53.png The Positive + Wafermine development just beginning. Since the award by the Department of Defense (DoD) in February, we have seen around four months of development work. We expect the revenue to climb as more development work for EUA and Phase 3 is undertaken. The Negative – Higher operating expenses. Expenses were higher than expected due to the S$2.08mn share performance plan (non-cash) and S$1mn one-off professional fees related to securing the DoD funding contract. Excluding these expenses, operating expenses were largely stable. The post iX Biopharma Ltd – Galloping closer with partners appeared first on StocksBNB.

Curated Headlines for 31 August 2026 Barron’s Stock Futures Drift Lower, Oil Rises Ahead of Jobs Data, Tech Earnings https://www.barrons.com/articles/futures-stock-sunday-trading-52f040e8?mod=hp_minor_pos22&_gl=1 Jobs, Broadcom, Dell, Hewlett, Planet Labs, and More to Watch This Week https://www.barrons.com/articles/jobs-broadcom-dell-hewlett-planet-labs-3211f95e?mod=hp_minor_pos23&_gl=1   South China Morning Post BYD posts US$1.2 billion profit in second quarter on surging global demand https://www.scmp.com/business/china-evs/article/3365652/byd-posts-us12-billion-profit-second-quarter-surging-global-demand?module=top_story&pgtype=section China’s CXMT posts massive 870% revenue surge as ‘aggressive expansion’ pays off China’s leading DRAM chipmaker outperforms its own forecasts in its first financial results since a blockbuster Shanghai listing https://www.scmp.com/tech/big-tech/article/3365623/chinas-cxmt-posts-massive-870-revenue-surge-aggressive-expansion-pays?module=top_story&pgtype=section The Business Times Vessels crossing Strait of Hormuz drop to 5 per day over weekend Companies are treading cautiously amid continued attacks on ships https://www.businesstimes.com.sg/international/vessels-crossing-strait-hormuz-drop-5-day-over-weekend Oil jumps at week’s open as US military hits Iranian launchers Prices are buffeted by stop-start efforts to end fighting https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-jumps-weeks-open-us-military-hits-iranian-launchers The Wall Street Journal Aon Nears Roughly $17 Billion Deal for Insurance Brokerage USI Private-equity giant KKR has owned USI since 2017 https://www.wsj.com/finance/aon-nears-roughly-17-billion-deal-for-insurance-brokerage-usi-fcc9fba9?mod=hp_lead_pos3   Inside Trump’s Plan to Give the Pentagon a Stake in Venezuela’s Oil Riches The deal caps months of secretive negotiations to give the U.S. rights to the some of the world’s largest proven oil reserves https://www.wsj.com/business/energy-oil/inside-trumps-plan-to-give-the-pentagon-a-stake-in-venezuelas-oil-riches-f054cdc2?mod=hp_lead_pos2

Curated Headlines for 28 August 2026 South China Morning Post Hong Kong gold imports fall 18% in July as mainland giants rush to build vaults https://www.scmp.com/business/commodities/article/3365422/hong-kong-gold-imports-fall-18-july-mainland-giants-rush-build-vaults?module=top_story&pgtype=subsection China’s robotics IPO wave gains steam as 2 more firms eye Hong Kong listings https://www.scmp.com/business/china-business/article/3365363/chinas-robotics-ipo-wave-gains-steam-2-more-firms-eye-hong-kong-listings?module=top_story&pgtype=subsection The Business Times Hormuz oil flows rising as Gulf giants’ ramp up gathers pace The increase is keeping global crude oil prices in check https://www.businesstimes.com.sg/international/hormuz-oil-flows-rising-gulf-giants-ramp-gathers-pace Nvidia adds US$442 billion after robust forecast sparks second-biggest stock surge ever Nvidia said that revenue will expand about 70 per cent next fiscal year https://www.businesstimes.com.sg/international/global/nvidia-adds-us442-billion-after-robust-forecast-sparks-second-biggest-stock-surge-ever The Wall Street Journal Bessent’s Moves Test Boundaries Between Treasury and Fed Treasury secretary’s plan to buy back long-dated debt is latest in string of moves raising questions about his ambitions https://www.wsj.com/economy/central-banking/bessents-moves-test-boundaries-between-treasury-and-fed-8db4af4a?mod=hp_lead_pos5 Iran Talks Sputter as Trump Spurns a Return to His June Deal The president is willing to wait and see if squeezing Tehran economically bears fruit https://www.wsj.com/world/middle-east/iran-talks-sputter-as-trump-spurns-a-return-to-his-june-deal-f4c2eab7?mod=hp_lead_pos6

StocksBNB Singapore REITs Monthly – Strong DPU growth in 1H26 * The S-REITs Index gained 3% in July, extending its 0.4% increase in June. Acrophyte Hospitality Trust (ARAUS SP, non-rated) was the best performer, rising 37.1% (-1.9% YTD), amid optimism about a potential transaction involving its stapled securities as part of its ongoing strategic review. IREIT Global (IREIT SP, non-rated) was the worst performer, declining 10.2% (-36.6% YTD) amid concerns about higher financing costs and vacancy risks. The Singapore diversified REIT sub-sector was the best performer, gaining 4.1%, while overseas commercial REITs were the weakest, declining 4.3%. * 1H26 results were strong, with S-REITs under our coverage delivering c.6% average DPU growth YoY, excluding Prime US REIT’s 316% growth due to its higher 65% payout ratio versus 10% in 1H25. Growth was driven by (i) lower financing costs, which declined by c.20bps YoY on average, (ii) resilient operating performance supported by higher rents, and (iii) contributions from completed AEIs and accretive acquisitions. * We maintain OVERWEIGHT on S-REITs, although we remain selective given the uncertain interest rate outlook. We favour REITs with robust balance sheets, defensive earnings profiles and a high proportion of fixed-rate debt, which should provide greater resilience against interest rate volatility. Within the sector, we continue to favour retail S-REITs, supported by healthy tenant sales, near-full occupancy and limited new supply, which should underpin mid- to high-single-digit rental reversions in FY26e. Our top picks are high-yielding REITs with resilient portfolios: Stoneweg Europe Stapled Trust (SERT SP, BUY, TP: €1.89), Elite UK REIT (ELITE SP, BUY, TP: £0.41), and United Hampshire US REIT (UHU SP, BUY, TP: US$0.69). Sector round-up 1H26 delivered strong results, with Suntec REIT and OUE REIT recording the strongest DPU growth at 24.8% and 28.6%, respectively, driven by lower financing costs and resilient performance across their Singapore assets. Prime US REIT saw DPU surge 316%, largely due to its higher 65% payout ratio in 1H26 versus 10% in 1H25, with 11.7% of committed leases yet to commence cash contribution. We expect this momentum to continue into 2H26 and forecast c.4% average DPU growth for the S-REITs under our coverage, supported by organic rental growth, accretive acquisitions, and lower financing costs. The 3-month SORA has stabilised at around 1.15%, still c.70bps lower YoY, providing continued support to S-REITs with SGD-denominated loans through lower borrowing costs. YTD, transaction activity has remained robust, with over S$8bn of acquisitions and more than S$5bn of divestments. The largest transactions were CICT’s S$3.9bn acquisition of Paragon Mall and S$2.5bn divestment of Asia Square Tower 2. Following the strong transaction activity in 1H26, we expect momentum to continue into 2H26, albeit at a slower pace, as the macroeconomic backdrop remains volatile amid the possibility of a Fed rate hike. Retail 1H26 retail S-REITs maintained healthy operating performance, with occupancy remaining close to full and rental reversions ranging from mid-single digits to low teens, supported by 1 7% growth in tenant sales, steady footfall, and limited new supply. The supply outlook remains favourable, with forecast average annual gross new supply of ~0.5m sq ft from 2026 to 2029, below historical averages, supporting favourable demand-supply dynamics. We expect FY26e rental reversions to remain in the mid- to high-single-digit range, underpinned by resilient tenant demand across F&B, experiential lifestyle, and essential services. AEIs and tenant remixing should provide further support to occupancy, income stability, and incremental rental upside. The post Singapore REITs Monthly – Strong DPU growth in 1H26 appeared first on StocksBNB.

StocksBNB Ever Glory United Holdings Ltd – Order book surges past S$1bn * 1H26 revenue/adj. PATMI exceeded our expectations, at 84%/94% of our FY26e forecasts. Guthrie’s results were consolidated for the full 1H26, driving revenue and PATMI outperformance. Adj. PATMI accelerated 208% YoY to S$14.1mn, driven by progress of the combined M&E projects, including maintenance of street lighting and bus depot facilities upgrades. * Order book surged 220% YoY to more than S$1bn. Ever Glory secured more than S$400mn new contracts in 2026, including S$168mn combined value for an offshore defence infrastructure project and M&E contracts in commercial mixed developments. We believe Ever Glory can secure additional high-value M&E contracts going forward. Potential awards include Integrated General Hospital (>S$200mn per M&E project), Changi T5 buildings and runway lighting (S$1bn or more for M&E), and LTA MRT tunnel lighting projects. * We maintain BUY with a higher TP of S$1.20 (prev. S$1.05). We raised FY26e revenue/PATMI by 57% and 62% respectively, due to the consolidation of Guthrie’s results. We estimate about 13% share dilution since 2025. The bulk came from the September 2025 placement (57%), half of whose net proceeds funded the Guthrie purchase, and from the conversion of the S$5mn convertible bond (32%). The enlarged share base is justified. Ever since the acquisition of Guthrie in 2H25, Ever Glory’s order book increased by more than 3x to more than S$1bn. 1H26 adj. PATMI accelerated 208% YoY to S$14.1mn from the consolidation of Guthrie’s results, far offsetting the effects of share dilution. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-52.png The Positives https://s.w.org/images/core/emoji/16.0.1/72x72/25aa.png Growth driven by Guthrie’s consolidation. 1H26 adj PATMI accelerated 208% YoY (2H25: 98% YoY) to S$14.1mn, driven by the consolidation and recognition of Guthrie’s M&E works. Progress of the consolidated M&E projects, including maintenance of street lighting and bus depot facility upgrades, drove PATMI growth. https://s.w.org/images/core/emoji/16.0.1/72x72/25aa.png Order book surged more than 220% YoY to more than S$1bn. Ever Glory secured more than S$400mn new contracts in 2026, including S$168mn combined value for an offshore defence infrastructure project and M&E contracts in commercial mixed developments. The S$1bn order book is expected to support growth till 2029e. https://s.w.org/images/core/emoji/16.0.1/72x72/25aa.png Higher dividend payout supported by stronger balance sheet. Ever Glory recommended 0.75 cents per share of interim dividends (1H25: nil), representing a payout ratio of 29%. This is supported by an 86% YoY reduction in net debt to S$716,000, driven by a S$19mn YoY increase in operating cash flow. The post Ever Glory United Holdings Ltd – Order book surges past S$1bn appeared first on StocksBNB.

Curated Headlines for 26 August 2026 South China Morning Post WuXi Biologics posts 4.3% rise in first-half profit, defying biotech headwinds https://www.scmp.com/business/china-business/article/3365237/wuxi-biologics-posts-43-rise-first-half-profit-defying-biotech-headwinds?module=top_story&pgtype=subsection How full equity buyouts could help China’s cooling bubble tea sector turn a new leaf https://www.scmp.com/business/china-business/article/3364392/how-full-equity-buyouts-could-help-chinas-cooling-bubble-tea-sector-turn-new-leaf?module=top_story&pgtype=subsection The Business Times US rates need to rise soon absent evidence of ongoing drop in inflation: Fed’s Collins The current policy rate, in the 3.5% to 3.75% range, has been on hold since December https://www.businesstimes.com.sg/companies-markets/banking-finance/us-rates-need-rise-soon-absent-evidence-ongoing-drop-inflation-feds-collins Oil settles down more than 3%; investors shrug off US sanctions on Iran Iran has vowed to retaliate, expresses confidence partners would resist US pressure campaign https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-settles-down-more-3-investors-shrug-us-sanctions-iran The Wall Street Journal Anthropic Expected to Tell Investors It Sees Over $30 Trillion in Potential Revenue The AI startup is likely to top SpaceX’s eye-popping potential revenue estimate https://www.wsj.com/tech/ai/anthropic-expected-to-tell-investors-it-sees-over-30-trillion-in-potential-revenue-a611efea?mod=hp_listb_pos4   Canada Hits Back at U.S. With Tariffs Targeting Midterm Hot Spots The new levies affect $20 billion of U.S. imports, often from states where President Trump’s Republican allies are vulnerable in congressional elections https://www.wsj.com/world/americas/canada-targets-u-s-metals-foods-motorcycles-in-retaliatory-tariff-package-f677222b?mod=hp_lead_pos1

StocksBNB Thakral Corporation Ltd: Credit profile remains supported by the asset pool * Earnings improved. Revenue rose 18% YoY to S$189.4mn in 1H26 (1H25: S$160.5mn), while adjusted PATMI excluding quoted-investment movements, increased 47% to S$7.6mn (1H25: S$5.2mn). Lifestyle remained the main earnings contributor, with revenue up 34% YoY to S$209.2mn and segment profit rising 47% to S$10.7mn, supported by continued demand for fragrance, DJI and Nespresso products across the region. * TIL acquisition expanded the Group’s investment asset base, with the Gurugram land consolidated as investment property following the acquisition of an additional 81.64% stake, bringing its total ownership to 95.28%. This has strengthened asset backing for creditors. * Interest and asset coverage softened following higher borrowings. Adjusted EBITDA/finance costs declined to 2.8x (1H25: 3.4x), while investment assets/net debt fell to 5.1x (1H25: 6.2x), as debt increased to fund the TIL acquisition and working-capital needs. Nonetheless, stronger earnings momentum and sizeable asset backing keep the credit profile manageable. https://www.stocksbnb.com/wp-content/uploads/2026/08/image-8-e1787638558627.png https://www.stocksbnb.com/wp-content/uploads/2026/08/image-9.png The post Thakral Corporation Ltd: Credit profile remains supported by the asset pool appeared first on StocksBNB.

Curated Headlines for 25 August 2026 South China Morning Post EV maker Xpeng set to challenge Tesla in embodied AI after robotics unit raises US$900m https://www.scmp.com/business/china-evs/article/3365096/ev-maker-xpeng-set-challenge-tesla-embodied-ai-after-robotics-unit-raises-us900m?module=top_story&pgtype=subsection Can China’s flash memory giant YMTC smash Shanghai Star Market IPO records? https://www.scmp.com/tech/big-tech/article/3365017/can-chinas-flash-memory-giant-ymtc-smash-shanghai-star-market-ipo-records?module=top_story&pgtype=subsection Shein seeks to raise up to US$1.76 billion in Hong Kong initial public offering https://www.scmp.com/business/markets/article/3365001/shein-seeks-raise-us176-billion-hong-kong-initial-public-offering?module=top_story&pgtype=subsection   The Business Times Oil dips as traders weigh US economic pressure on Iran This follows the US’ announcement of a campaign to isolate Iran from the global economy https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-dips-traders-weigh-us-economic-pressure-iran US widens Iran sanctions but holds back toughest measures; tells trading partners to cut ties China says sanctions do not help, vows to protect its interests https://www.businesstimes.com.sg/international/global/us-widens-iran-sanctions-holds-back-toughest-measures-tells-trading-partners-cut-ties Barron’s Bessent Faces an Uphill Battle to Lower Bond Yields Through Treasury Buybacks https://www.barrons.com/articles/bessent-faces-an-uphill-battle-to-lower-bond-yields-through-treasury-buybacks-07fc1e1a?mod=hp_minor_pos22&_gl=1

HAPPENING TODAY Dear Valued Clients, You are cordially invited to attend our following Webinar: Corporate Insights by Keppel REIT Webinar Detail Date: Tue 25 Aug 2026 Time: 12pm –1pm Register:https://poems-sg.zoom.us/webinar/register/5617844632909/WN_nRaAOnRcRBiXHRJE6u1p7A#/registration

StocksBNB SATS Ltd – Cargo and food strength offsets SoAJV decline * 1Q27 revenue/PATMI rose 11.3%/5.9% YoY to S$1676.3mn/S$75.1mn, forming 28%/25% of FY27e forecast. Cargo volume rose 8.6% YoY, led by the Americas region, on strong demand for high-value, time-sensitive freight. Food solutions revenue rose 5.4% YoY, driven by a 16% growth in non-aviation food revenue. * Food solutions margin jumped 1.6 ppts to 14.1% despite food input cost inflation and new facility ramp-up costs. This was driven by higher non-aviation food volumes, which provided operating leverage in the production kitchens, as well as a rerouting-driven benefit in the long-haul meal mix. Repriced contracts also supported margins, while the impact of rising input costs had yet to fully flow through in 1Q27. * We maintain a BUY rating and raise our DCF target price to S$5.01 (Prev: S$4.52). We increase FY28e and FY29e PATMI by 1% and 5%, respectively, to account for stronger food segment volumes from the effective utilisation of its new facilities. Moreover, margin compression from elevated M&A transaction costs and SOAJV weakness from LCC exposure is expected to normalise in the coming quarters. SATS trades at an 20.2x FY27e P/E. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-51.png The Positive + Strong operational performance. Cargo volume grew 8.6% YoY to 2585.1 thousand tonnes. Cargo growth was most pronounced in the Americas (up 9.5% YoY). The growth was underpinned by high-value/time-sensitive freight. These include servers, data storage units and memory chips, which are used for AI data center build-out. Food solutions was also a strong performer, rising 5.4% YoY to S$346mn. Non-aviation food revenue grew 16% YoY, supported by customer expansion in China, including Starbucks. Alongside ongoing repricing negotiations, higher non-aviation food volumes drove greater utilisation of SATS’ central kitchen and food factories which have largely fixed costs. This drove operating leverage and lowered unit costs. The post SATS Ltd – Cargo and food strength offsets SoAJV decline appeared first on StocksBNB.

StocksBNB Wee Hur Holdings – Potential dorm lease extension could be the next catalyst * 1H26 revenue was within our expectations, at 55% of our FY26e forecasts. 1H26 adj. PATMI were below our expectations, at 44% of our FY26e forecasts. Property development revenue declined 27% YoY to S$29.6mn as the only outstanding Bartley Vue project achieved TOP in 1H26. The next property development project is the Upper Thomson Road project, with sales launching from 1H27e. * 1H26 revenue surged 39% YoY to S$163.6mn. Building construction revenue surged 162% YoY to S$67.2mn, driven by higher revenue recognition of existing projects in its S$599mn order book. Wee Hur’s Pioneer Lodge workers’ dormitory reached 66% average occupancy in 1H26 and achieved 85% occupancy in July. We expect the ramp of Pioneer Lodge occupancy to drive worker dormitory segment’s revenue growth. * We maintain BUY with an unchanged SOTP-derived TP of S$1.08. In our SOTP model, we raised worker dormitory’s EV/EBITDA valuation to 7x from 6x as Pioneer Lodge occupancy ramps. Under property development segment, we lowered Australia property Lowood One valuations following the disposal of 49.9% of Wee Hur’s 70% equity interest. Wee Hur trades at a 15% discount to its NAV per share of S$0.75 (1H25: S$0.71). We believe the lease for its Tuas View Dormitory could be extended beyond November, potentially acting as a share price catalyst. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-50.png The Positives https://s.w.org/images/core/emoji/16.0.1/72x72/25aa.png Construction revenue surged 162% YoY to S$67.2mn. This was due to higher revenue recognition of existing projects in its S$599mn order book, 80% higher than the five year historical average order book value of S$332mn. We expect the elevated order book to support building construction revenue growth till 4Q29e. The upcoming construction of Wee Hur’s Upper Thomson Road project is expected to add S$263mn to its order book, with the project lasting till 1H31e. https://s.w.org/images/core/emoji/16.0.1/72x72/25aa.png Pioneer Lodge ramp drives workers’ dormitory growth. Phase 2 of Pioneer Lodge with 7,412 beds (+39% capacity) achieved TOP in 4Q25 and continues to ramp in occupancy. Pioneer Lodge reached 66% average occupancy in 1H26, and achieved 85% occupancy in July. Tuas View Dormitory maintained strong occupancy of 92% in 1H26 (1H25: 93%). * Adj PATMI surges 103% YoY to S$46.9mn. This was driven by 39% YoY revenue growth to S$163.6mn, due to strength in building construction and workers’ dormitory segments. 1H26 construction operating margins also expanded 24 ppt YoY to 13.5%, due to operating leverage achieved from higher order book value and cost savings recognised from 2025 projects such as Bartley Vue and Pioneer Lodge. The post Wee Hur Holdings – Potential dorm lease extension could be the next catalyst appeared first on StocksBNB.

StocksBNB BRC Asia Ltd – PATMI accelerates, balance sheet strengthens * BRC Asia provided 3Q26 update with limited financials. 3Q26 revenue/PATMI were within expectations. 9M26 revenue/PATMI were at 70%/72% of our FY26e forecasts. 3Q26 PATMI accelerated 25% YoY to S$27.3mn, supported by elevated steel rebar volumes delivered which drove operating leverage. We estimate 600k tons of steel rebar delivered in 3Q26, 45% higher than average ~420k tons of steel rebar delivered quarterly over the past seven years. * 3Q26 revenue growth decelerated to 4.8% YoY from 33% in 2Q26. This was mainly due to a dip in 3Q26 rebar volume growth to about 3.5% YoY (2Q26: est. 46%), following a reorganisation of Changi T5 works which affected project timing. We believe rebar volume delivered would strengthen in 4Q26e and into 1H27e as project offtake continues. * We maintain BUY with unchanged DCF-derived TP of S$5.30. We lowered our FY26e revenue/PATMI by 5%/3% respectively due to slight delays in the Changi T5 project. We lowered our WACC to 10.3% (prev. 10.5%) by lowering our equity risk premium assumptions due to BRC Asia’s stronger net cash position. We believe BRC Asia’s strong S$60.4mn net cash position (3Q25: S$116.2mn net debt) provides sufficient balance sheet headroom to maintain its dividend payout ratio at 58% in FY26e (yield: 5.5%). https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-49.png The Positives + PATMI accelerated 25% YoY to S$27.3mn. This was driven by elevated steel rebar volume delivered, driving operating leverage. We estimate 600k tons of steel rebar delivered in 3Q26, 45% higher than average ~420k tons of steel rebar delivered quarterly over the past seven years (Figure 1). Lower provision for onerous contracts also contributed to gross margin expansion of 40 bps YoY to 11.4%. + Stronger balance sheet. BRC Asia maintained its strong net cash position of S$60.4mn (1H26: S$52mn), supported by a rebound in 3Q26 operating cash flow to S$33mn (3Q25: -S$8.5mn). We believe this positions the Group well to maintain its dividend payout ratio at 58% in FY26e (yield: ~5.5%). The Negatives – Revenue growth decelerated. 3Q26 revenue growth decelerated to 4.8% YoY, the smallest growth since 2Q25. This was mainly due to a dip in 3Q26 rebar volume growth to about 3.5% YoY (2Q26: est. 46%), following a reorganisation of Changi T5 works which affected project timing. We believe rebar volume delivered would strengthen in 4Q26e and into 1H27e as project offtake continues. The post BRC Asia Ltd – PATMI accelerates, balance sheet strengthens appeared first on StocksBNB.

StocksBNB 17LIVE Group Limited – Ceasing coverage • 1H26 revenue declined 19.4% YoY to US$65.4mn, driven by a decline in active users and flat ARPU growth. Net loss narrowed to US$1.6mn from US$4.6mn in 1H25, supported by ongoing cost-optimisation efforts. 1H26 revenue accounted for 45% of our FY26e forecast, while earnings remained below our expectations as the company continued to be loss-making, versus our FY26e PATMI forecast of US$3.8mn. • 17LIVE plans to diversify revenue through live commerce and short-drama/AI-driven drama production, primarily targeting Japan via revenue-sharing partnerships with short drama platforms. It will also strengthen its core livestreaming business by launching AI Co-Host and rolling out 17Animaker more broadly to enhance streamer productivity and user engagement. • Following this report, we will be ceasing coverage of 17LIVE due to the reallocation of coverage resources. The post 17LIVE Group Limited – Ceasing coverage appeared first on StocksBNB.

StocksBNB SG Bonds – Week 35 : SGS yields edged higher WoW * UST yields rose over the week. Shorter-dated yields moved higher as the S&P Global flash US Composite PMI showed resilient business activity, keeping the prospect of a rate hike later this year in play. The 2Y yield rose 7bp WoW to 4.24%. * SS yields also moved higher over the week. The 2Y yield rose 2bp WoW to 1.66%, while the 5Y and 10Y yields increased 3bp and 8bp to 1.76% and 2.12%, respectively. On the macro front, July NODX growth accelerated to 24.2% YoY from 20.8% in June, supported by a 112.1% surge in electronics exports amid continued strength in AI-related demand. * Looking ahead, we expect UST yields to remain elevated, with July core PCE and Fed Chair Warsh’s Jackson Hole remarks in focus. Given Warsh’s preference for limited forward guidance, incoming data should remain the key driver of rate expectations. Core PCE is expected to ease to 3.3% YoY from 3.4%, which supports the case for the Fed to remain on hold in September. Domestically, Singapore’s July inflation is expected to edge up to 1.7% YoY from 1.6%, with expectations of higher electricity tariffs from July adding to existing price pressures. We expect SGS yields to remain broadly range-bound with upward bias. The upcoming 10Y SGS auction will provide a gauge of duration demand, with firm bidding likely to offer some support to the long end. Key economic releases for the week 24 Aug – SG Inflation Rate (Jul); SG Core Inflation Rate (Jul) 25 Aug – MAS 12-Week Bill Auction; MAS 4-Week Bill; 26 Aug – SG Industrial Production (Jul); US Core PCE Price Index (Jul); US PCE Price Index (Jul); US GDP Growth Rate QoQ 2nd Est (Q2) 27 Aug – SG 10-Year Bond Auction; SG 6-Month T-Bill Auction 28 Aug – SG Bank Lending (Jul); SG Export Price (Jul); SG Import Price (Jul); SG PPI (Jul) Market Recap US UST yields rose over the week. Shorter-dated yields moved higher as the S&P Global flash US Composite PMI showed resilient business activity, keeping the prospect of a rate hike later this year in play. The 2Y yield rose 7bp WoW to 4.24%. At the long end, the 10Y and 30Y experienced a volatile week amid persistent fiscal and supply concerns. Yields fell sharply after the Treasury doubled selected liquidity-support buybacks in the 10–20Y and 20–30Y sectors from US$2bn to at least US$4bn per operation. However, the move was quickly retraced as investors questioned whether larger buybacks could meaningfully address the underlying debt burden and borrowing needs. The 10Y yield was up 4bps to 4.74%, while 30Y yield ended the week at 5.27%, up 1bp WoW. The post SG Bonds – Week 35 : SGS yields edged higher WoW appeared first on StocksBNB.

StocksBNB StarHub Limited – Wait for the saviour * Results were below expectations. 1H26 revenue/EBITDA were 41%/43%, respectively, of our FY26e forecast. The weakness was partly due to the absence of Ensign, which is now an associate. Excluding Ensign, EBITDA dropped 24% YoY to S$158mn. Underlying PATMI collapsed by at least 74% YoY to S$12.4mn in 1H26 (excluding Ensign). StarHub did not provide PATMI excluding Ensign in 1H25. * Revenue continues to deteriorate, not only in mobile but across all divisions. Mobile service revenue declined 10.5% YoY to S$245mn and a further 2% QoQ in 2Q26. Broadband and entertainment fell 8.5% YoY to S$208mn. Securing EPL rights did not lead to any premier performance. * We lower FY26e EBITDA by 10% to S$325mn and removed cybersecurity revenue from our forecast. Ensign is currently a 38.92% associate. Our target price is raised to S$1.07 (prev. S$0.95) as we incorporate Ensign’s book value at a 50% discount. Our NEUTRAL recommendation is maintained. We expect StarHub to dispose of the remaining stake in Ensign back to its parent, potentially in FY26. We believe the proceeds can then be used to fund acquisitions and refuel the mobile operations. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-48.png The Positive + 5G plus supposed traction. The company mentioned mobile was enjoying improved metrics due to 5G+ unlimited plans. Moving customers to these plans also leads to higher customer satisfaction and fewer service issues. We have not seen the benefits. ARPU has declined 5% QoQ to S$20/month. The Negative – Not just mobile suffering. All four segments are experiencing declining revenue, led by mobile, which fell 10.5% YoY to S$245mn. On a QoQ basis, there was a 9% improvement in regional enterprise, which is affected by lumpy projects. Mobile competition is pressuring roaming, IDD, voice and data subscriptions, and VAS revenues. The post StarHub Limited – Wait for the saviour appeared first on StocksBNB.