POEMS StocksBNB
رفتن به کانال در Telegram
This channel is hosted by Phillip Securities Research. Disclaimers apply.
نمایش بیشتر5 880
مشترکین
اطلاعاتی وجود ندارد24 ساعت
+37 روز
-430 روز
در حال بارگیری داده...
کانالهای مشابه
ابر برچسبها
اشارات ورودی و خروجی
---
---
---
---
---
---
جذب مشترکین
اوت '26
اوت '26
+23
در 1 کانالها
ژوئیه '26
+39
در 1 کانالها
Get PRO
ژوئن '26
+45
در 1 کانالها
Get PRO
مه '26
+61
در 1 کانالها
Get PRO
آوریل '26
+55
در 1 کانالها
Get PRO
مارس '26
+26
در 1 کانالها
Get PRO
فوریه '26
+31
در 1 کانالها
Get PRO
ژانویه '26
+72
در 1 کانالها
Get PRO
دسامبر '25
+32
در 2 کانالها
Get PRO
نوامبر '25
+34
در 2 کانالها
Get PRO
اکتبر '25
+49
در 2 کانالها
Get PRO
سپتامبر '25
+34
در 2 کانالها
Get PRO
اوت '25
+41
در 2 کانالها
Get PRO
ژوئیه '25
+60
در 2 کانالها
Get PRO
ژوئن '25
+31
در 1 کانالها
Get PRO
مه '25
+25
در 1 کانالها
Get PRO
آوریل '25
+46
در 3 کانالها
Get PRO
مارس '25
+43
در 3 کانالها
Get PRO
فوریه '25
+39
در 1 کانالها
Get PRO
ژانویه '25
+32
در 1 کانالها
Get PRO
دسامبر '24
+15
در 1 کانالها
Get PRO
نوامبر '24
+23
در 3 کانالها
Get PRO
اکتبر '24
+44
در 1 کانالها
Get PRO
سپتامبر '24
+54
در 3 کانالها
Get PRO
اوت '24
+86
در 2 کانالها
Get PRO
ژوئیه '24
+103
در 3 کانالها
Get PRO
ژوئن '24
+47
در 1 کانالها
Get PRO
مه '24
+69
در 1 کانالها
Get PRO
آوریل '24
+84
در 0 کانالها
Get PRO
مارس '24
+67
در 3 کانالها
Get PRO
فوریه '24
+65
در 2 کانالها
Get PRO
ژانویه '24
+68
در 3 کانالها
Get PRO
دسامبر '23
+43
در 1 کانالها
Get PRO
نوامبر '23
+52
در 3 کانالها
Get PRO
اکتبر '23
+65
در 3 کانالها
Get PRO
سپتامبر '23
+64
در 0 کانالها
Get PRO
اوت '23
+76
در 0 کانالها
Get PRO
ژوئیه '23
+53
در 0 کانالها
Get PRO
ژوئن '23
+46
در 0 کانالها
Get PRO
مه '23
+94
در 0 کانالها
Get PRO
آوریل '23
+61
در 0 کانالها
Get PRO
مارس '23
+87
در 0 کانالها
Get PRO
فوریه '23
+71
در 0 کانالها
Get PRO
ژانویه '23
+142
در 0 کانالها
Get PRO
دسامبر '22
+64
در 0 کانالها
Get PRO
نوامبر '22
+227
در 0 کانالها
Get PRO
اکتبر '22
+45
در 0 کانالها
Get PRO
سپتامبر '22
+43
در 0 کانالها
Get PRO
اوت '22
+31
در 0 کانالها
Get PRO
ژوئیه '22
+52
در 0 کانالها
Get PRO
ژوئن '22
+76
در 0 کانالها
Get PRO
مه '22
+83
در 0 کانالها
Get PRO
آوریل '22
+181
در 0 کانالها
Get PRO
مارس '22
+97
در 0 کانالها
Get PRO
فوریه '22
+58
در 0 کانالها
Get PRO
ژانویه '22
+67
در 0 کانالها
Get PRO
دسامبر '21
+62
در 0 کانالها
Get PRO
نوامبر '21
+151
در 0 کانالها
Get PRO
اکتبر '21
+4 431
در 0 کانالها
| تاریخ | رشد مشترکین | اشارات | کانالها | |
| 26 اوت | +1 | |||
| 25 اوت | 0 | |||
| 24 اوت | +2 | |||
| 23 اوت | +2 | |||
| 22 اوت | +2 | |||
| 21 اوت | +5 | |||
| 20 اوت | 0 | |||
| 19 اوت | 0 | |||
| 18 اوت | +1 | |||
| 17 اوت | 0 | |||
| 16 اوت | 0 | |||
| 15 اوت | +1 | |||
| 14 اوت | 0 | |||
| 13 اوت | 0 | |||
| 12 اوت | 0 | |||
| 11 اوت | +1 | |||
| 10 اوت | 0 | |||
| 09 اوت | 0 | |||
| 08 اوت | 0 | |||
| 07 اوت | +2 | |||
| 06 اوت | +3 | |||
| 05 اوت | +1 | |||
| 04 اوت | 0 | |||
| 03 اوت | +1 | |||
| 02 اوت | +1 | |||
| 01 اوت | 0 |
پستهای کانال
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
| 2 | 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. | 689 |
| 3 | 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 | 772 |
| 4 |  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 | 676 |
| 5 | 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. | 843 |
| 6 | 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. | 550 |
| 7 | 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. | 420 |
| 8 | 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. | 408 |
| 9 | 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. | 404 |
| 10 | 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. | 407 |
| 11 | StocksBNB
ComfortDelGro Corp Ltd – No sign of taxi recovering
* 1H26 revenue/PATMI were below expectations at 46%/44% of our FY26e forecast. Underlying PATMI in 1H26 declined 14.3% YoY to S$84.8mn. Taxi operations remain the weakest segment, with EBIT plunging 46% YoY. Operating conditions worsened in Australia and the UK. Interim dividend was unchanged at 3.91 cents.
* Taxi earnings continue to suffer. Singapore taxi fleet is shrinking, Australia is facing soft consumer demand and UK premium services are disrupted by the Middle East conflict. UK is the bright spot, with repricing of London bus contracts to higher margins. It has pushed public transport earnings 11% higher in 1H26.
* We reduce our FY26e earnings by 7% to S$177mn. We expect the weakness in taxi to continue into 2H26. Our DCF target price is lowered to S$1.21 (prev. S$1.35), and NEUTRAL recommendation is maintained. The structural headwinds for taxis are worsening and spreading. The ~S$850mn worth of acquisitions made by Comfort has not delivered the turnaround in earnings.
https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-47.png
The Positive
+ London bus contracts still the bright spot. The recontracting of Metroline London
contracts to higher margins has helped push UK earnings higher. Around 70% of the repricing
has been completed.
The Negative
– Taxi operations worsen especially in the UK. Weakness in taxis persists, with earnings
plunging 46% YoY to S$36.6mn in 1H26. Fleet size is shrinking in both Singapore and
Australia. Earnings further suffered from UK’s A2B premium taxi service as a major Middle
Eastern airline customer cancelled flights or with reduced capacity.
The post ComfortDelGro Corp Ltd – No sign of taxi recovering appeared first on StocksBNB. | 435 |
| 12 | StocksBNB
Hyphens Pharma International Carefully building up platform and products
* 1H26 revenue/adj.PATMI were within expectations at 48%/42% of our FY26e forecast. We expect stronger 2H26 earnings. 1H26 adj. PATMI was lower by 11% YoY due to higher distribution costs driven by increased promotional and staff costs.
* 1H26 revenue was largely flat at S$89.1mn. Gross margins expanded by almost 3 percentage points from the discontinuation of lower-margin products such as Physiolac. However, higher advertising and employee expenses offset these gross profit gains.
* We maintain our FY26e forecast and BUY recommendation. We raised our target price to S$0.46 after lowering our DCF risk assumptions. Hyphens is building the breadth and scale of its products. However, this leads to higher upfront investments in employee, marketing and research costs. Some of the key growth products are Cerapro MED (atopic dermatitis), Winlevi (anti-acne), Ceradan (skin repair) and D-Cure (Vit. D). Hyphens trades at an attractive 9x PE, with net cash of $23mn.
https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-46.png
The Positive
+ Record gross margins. GP margin improved 2.8 percentage points to a record 42.3%. This
drove gross profit up 6.6% to S$37.6mn. The focus on higher-margin products supported
margin expansion. The highest-margin products are prescription drugs under speciality
pharma.
The Negative
– Higher operating expenses. Operating expenses climbed 8% to S$30mn (or + S$2.2mn). It
offset the S$2.3mn increase in gross profit. The additional investments in marketing
(S$1.1mn) and staff costs (+S$1mn) pulled down operating profit.
The post Hyphens Pharma International Carefully building up platform and products appeared first on StocksBNB. | 488 |
| 13 | Curated Headlines for 24 August 2026
South China Morning Post
After gaining EV dominance, Chinese carmakers shift goal to take on full-hybrid behemoths
https://www.scmp.com/business/china-business/article/3364906/after-gaining-ev-dominance-chinese-carmakers-shift-goal-take-full-hybrid-behemoths?module=top_story&pgtype=subsection
Tesla forced to recall record 3 million cars in China over door-handle issue
https://www.scmp.com/business/china-evs/article/3364887/tesla-forced-recall-record-3-million-cars-china-over-door-handle-issue?module=top_story&pgtype=subsection
Shein pushes back Hong Kong debut to September amid delayed investor orders: sources
https://www.scmp.com/business/companies/article/3364702/shein-pushes-back-hong-kong-debut-september-amid-delayed-investor-orders-sources?module=top_story&pgtype=subsection
Hesai rides on lidar growth as smart cars gain ground despite China’s struggling market
https://www.scmp.com/business/china-evs/article/3364636/hesai-rides-lidar-growth-smart-cars-gain-ground-despite-chinas-struggling-market?module=top_story&pgtype=subsection
The Business Times
Oil falls 1% ahead of US announcement to impose further sanctions on Iran
https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-falls-1-ahead-us-announcement-impose-further-sanctions-iran
The Wall Street Journal
Nvidia Is Spending $6 Billion to Build a Powerful U.S. Alternative to Chinese AI
A sweeping agreement with startup Poolside aims to build an open AI ecosystem in the U.S. to compete with Chinese heavyweights and American AI giants
https://www.wsj.com/tech/ai/nvidia-is-spending-6-billion-to-build-a-powerful-u-s-alternative-to-chinese-ai-c51c38cc?mod=hp_lead_pos1
Barron’s
Nvidia, Fed Confab, Inflation, GDP, and More to Watch This Week
https://www.barrons.com/articles/nvidia-fed-confab-inflation-gdp-and-more-to-watch-this-week-15bd2070?mod=hp_minor_pos23&_gl=1 | 735 |
| 14 | https://www.youtube.com/live/w46_crLhDHc?is=C3wuceUG_0gQTu9z | 769 |
| 15 | Curated Headlines for 21 August 2026
South China Morning Post
Chinese insurance giant Ping An’s profit climbs 36% on policy sales, investment gains
Earnings beat analysts’ estimates, with performance mainly driven by increase of new life policies and investment gains
https://www.scmp.com/business/banking-finance/article/3364710/chinese-insurance-giant-ping-ans-profit-climbs-36-policy-sales-investment-gains?module=top_story&pgtype=subsection
Alibaba’s AI cloud growth surge drives earnings despite soaring tech spending
Tech giant posts fastest growth in cloud and AI revenue in 22 quarters, says huge AI computing investments will pay off within three years
https://www.scmp.com/tech/big-tech/article/3364705/alibabas-ai-cloud-growth-surge-drives-earnings-despite-soaring-tech-spending?module=top_story&pgtype=subsection
The Wall Street Journal
Walmart Shares Slump on Weakest Sales Growth in Over Six Years
E-commerce, membership and advertising drive retailer’s growth
https://www.wsj.com/business/earnings/warlmart-earnings-q2-2026-wmt-stock-122b69ee?mod=lead_feature_below_a_pos1
The Business Times
Gold wavers as bond yields rebound, oil jump fuels US inflation worries
Bessent says he is prepared to expand the efforts to buy back costlier debt
https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-wavers-bond-yields-rebound-oil-jump-fuels-us-inflation-worries
Anthropic expects to match or top SpaceX’s record IPO size
The Claude developer prepares to file publicly for its potential mega-IPO as soon as the end of August
https://www.businesstimes.com.sg/companies-markets/anthropic-expects-match-or-top-spacexs-record-ipo-size
Barron’s
Chipotle and Yum! Look Like Bargains After Food-Safety Selloff
https://www.barrons.com/articles/chipotle-yum-taco-bell-stock-food-safety-selloff-f89f08e5?mod=hp_minor_pos22&_gl=1 | 1 077 |
| 16 | StocksBNB
Thakral Corporation Ltd – Lifestyle segment outperformed
* 1H26 revenue grew 18% YoY to S$189.4mn, below expectations at 40% of our FY26e forecast, due to a S$22.3mn unrealised loss on quoted investments. Adjusted PATMI (ex. quoted investments) rose 47% YoY to S$7.6mn, also slightly below expectations at 40% of our FY26e forecast, due to higher interest expenses from increased borrowings. The second half of the year is seasonally stronger.
* Lifestyle EBIT jumped 47% YoY to S$10.7mn, driven by strong growth in the fragrance business in Greater China and consumer lifestyle products in South Asia. Share of profit of associates rose to S$6.1mn from S$1.4mn YoY (ex. GemLife), driven by higher valuations of the Osaka office buildings. An interim dividend of 2 cents/share was declared.
* We maintain BUY with a lower SOTP-derived TP of S$2.22 (prev. S$2.56), applying a 50% conglomerate discount. We lower our FY26e PATMI (ex. quoted investments) by 3% due to higher finance costs from additional borrowings, partly offset by stronger lifestyle segment margins. We update the quoted investments to their market values and account for the acquisition of an additional 81.64% stake in the Gurugram project. Lifestyle segment growth is expected to outperform management’s 25% FY26e guidance, supported by stronger demand for beauty and lifestyle products. Revenue from the Nespresso business more than doubled YoY and remains on track to achieve profitability in FY27. The Gurugram development project, in which Thakral now holds a 95.28% stake and strategic control, also offers meaningful NAV upside over the medium to long-term.
https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-45.png
The Positive
+ Growth in lifestyle segment exceeded 25% guidance. Lifestyle revenue grew 34% YoY,
supported by the exclusive distribution of DJI products in South Asia (+28%) and the beauty
and fragrance portfolio in Greater China (+44%). Lifestyle EBIT jumped 47% YoY in 1H26, and
we expect the strong momentum to continue into 2H26.
The Negative
– Unrealised fair value losses on quoted investments. The Group reported a S$22.3mn net
unrealised fair value loss in 1H26, mainly due to the decline in GemLife’s share price. The
investment division will continue to be affected by movements in the market prices of
GemLife and TBTG, although these are non-cash in nature. The Group views GemLife as a
long-term strategic investment, supported by the business’s strong underlying
fundamentals.
The post Thakral Corporation Ltd – Lifestyle segment outperformed appeared first on StocksBNB. | 983 |
| 17 | StocksBNB
UltraGreen.ai – One small step for rival, no giant leap
* Zydus Lifesciences announced on 4 Aug 26 that it had secured 180-day Competitive Generic Therapy (CGT) exclusivity from the FDA for a generic ICG dye, introducing the first credible competitor to UltraGreen.ai’s (UG) US franchise. Provepharm, a medical dye specialist, also has an ICG product in the FDA approval pipeline. UltraGreen.ai’s share price dropped 30.7% yesterday following news of a competitor’s emergence.
* We believe the US FDA approval for Zydus is not an imminent threat to UG. It will take time for new entrants to build a resilient supply chain and scale ICG production volume. New entrants need to establish hospital and group purchasing organisation (GPO) relationships. ICG is also UG’s sole product focus, unlike diversified generics players such as Zydus Lifesciences. UG’s moat is reinforced by its camera and software platform, and by a regulatory dossier built over 15 years.
* We maintain BUY with lower DCF-based TP of US$1.81 (prev. US$1.91). There is a risk that Zydus may compete aggressively on price, undercutting the market significantly to gain market share. FY26e and FY27e PATMI are reduced by 3% and 6% to take into account potential pricing pressure. UltraGreen.ai trades at an FY26e P/E of 9.9x.
Key Highlights
• We believe the US FDA approval for Zydus is not an imminent threat to UG for the
following reasons: i) it will take time for new entrants to build a resilient supply chain and
scale ICG production volume. UG took years to reach its current c. 3mn vials/yr capacity,
built on exclusive evergreen API contracts, dedicated lyophilisation capacity and a multi
contract manufacturing organisation (CMO) network; ii) new entrants need to establish
hospital and group purchasing organisation (GPO) relationships. Hospitals have little
incentive to switch from a proven supplier; iii) ICG is UG’s sole product focus, unlike
diversified generics players such as Zydus Lifesciences. UG’s moat is reinforced by its
camera and software platform, and by a regulatory dossier built over 15 years.
• The 180-day CGT exclusivity blocks other generic makers from using the Abbreviated New
Drug Application (ANDA) pathway to get approval. The ANDA pathway is the standard
route for getting FDA approval to sell a generic version of an existing drug without
repeating the original clinical trials. This exclusivity limits future competitors from
entering the market for that period. However, UG will continue to sell ICG vials in the US.
Maintain BUY with lower TP of US$1.81 (prev. US$1.91).
The post UltraGreen.ai – One small step for rival, no giant leap appeared first on StocksBNB. | 575 |
| 18 | StocksBNB
Soilbuild Construction Group Ltd – Resilience under temporary headwinds
* 1H26 revenue and PATMI were below our expectations, at 36%/41% of our FY26e forecasts respectively. This was mainly due to a 59% decline in precast revenue to S$24.2mn, due to delays in project recognition. Many of the precast projects were in design phase. We expect production to ramp up in 2H26e and into 1H27e.
* 1H26 PATMI increased 25.8% YoY to S$35.6mn. This was driven by a 24% YoY increase in 1H26 construction revenue, as key projects such as PSA Supply Chain Hub @ Tuas and Loyang Way projects progress. 1H26 net margins also expanded by 1.9 ppt YoY to 12.3%, 8.2 ppt higher than the average local peers’ net margins of 4.1%, driven by operational leverage and timely project deliveries.
* We maintain BUY with unchanged TP of S$1.20. We rolled forward our model and lowered our FY26e revenue by 11% due to delays in precast project recognition. We raised our FY26e PATMI by 2%, due to potential margin expansion from the expected completion of PSA Supply Chain project by FY26e. We lowered our valuations multiple from 9x to 8.5x FY27e P/E to reflect lower visibility from the smaller order book of S$800mn (1H25: S$1.19bn) following the progress of major projects with exceptional scale. Nonetheless, we believe Soilbuild can gradually win more tenders and expand its order book size beyond S$1bn. Higher industrial demand is expected as 29% more industrial land is released from the Industrial Government Land Sales (IGLS) programme for 2H26. Soilbuild increased its proposed interim dividend payout ratio by 18 ppt YoY to 30% and trades at an FY26e dividend yield of about 6.2%.
https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-44.png
The Positives
https://s.w.org/images/core/emoji/16.0.1/72x72/25aa.png Construction segment growth and margin expansion drive PATMI growth. 1H26
PATMI increased 25.8% YoY to S$35.6mn. This was driven by a 24% YoY increase in 1H26
construction revenue, as key projects such as PSA Supply Chain Hub @ Tuas and Loyang
Way projects progressed. 1H26 net margins also expanded by 1.9 ppt YoY to 12.3%, 8.2
ppt higher than the average net margins of local peers at 4.1%, driven by operational
scale and timely project deliveries.
https://s.w.org/images/core/emoji/16.0.1/72x72/25aa.png Stronger balance sheet. 1H26 net cash turned positive to S$138mn, compared to 1H25
net debt of S$0.6mn. This was driven by 18% YoY higher operating cash flow to
S$56.5mn in 1H26, while receivables fell S$30.7mn HoH, freeing up working capital.
https://s.w.org/images/core/emoji/16.0.1/72x72/25aa.png Higher dividend payout ratio. The proposed interim dividend of 1.6 cents per share
proposed is a 2.2x YoY increase from 0.5 cents per share in 1H25, under comparable
basis after a four-to-one share split in Jan 2026. 1H26 dividend payout ratio increased
by 18 ppt YoY, supported by the stronger balance sheet.
The post Soilbuild Construction Group Ltd – Resilience under temporary headwinds appeared first on StocksBNB. | 641 |
| 19 | StocksBNB
Phillip SING Income ETF- Dividend at an all-time high
· We value Phillip SING Income ETF (SINGINC) using a combination of historical dividend yield spread and price-to-earnings ratios. Using these two valuation methods, the target prices are S$2.20 and S$1.44, respectively. Applying equal weightage to both valuations, we maintain an ACCUMULATE recommendation with an increased target price of S$1.82 (prev. S$1.59).
· DBS Group remained a key holding, with its portfolio weight increasing slightly from 10.3% to 10.7%, while Singapore Exchange saw a modest decline from 10.2% to 9.9%. Meanwhile, CapitaLand Integrated Commercial Trust, previously the third-largest holding at 9.7%, dropped out of the top three and was replaced by Oversea-Chinese Banking Corporation, which became the largest holding at 11.4%. Overall, the changes reflect a greater concentration in Singapore’s banking sector among the portfolio’s largest positions.
· We remain constructive on SINGINC, with its dividend at an all-time high, supported by stronger distributions from the portfolio, particularly its large exposure to Singapore banks. Looking ahead, resilient bank earnings and dividends, alongside a more favourable interest-rate environment for REITs, should continue to support income generation, while Singapore’s market revitalisation initiatives provide an additional catalyst.
ETF Sub-Industry Allocation
SINGINC is well-diversified across six sectors, with the most significant industry being
financials at 44.2% and the second-largest being REITS at 21.8% (Figure 1).
https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-43.png
The post Phillip SING Income ETF- Dividend at an all-time high appeared first on StocksBNB. | 711 |
| 20 | StocksBNB
Singapore Banking Monthly – Earnings above estimates on record fees and trading
* Singapore interest rates rose for the third consecutive month, with July’s 3M-SORA up 6bps MoM to 1.13% and down 80bps YoY, the smallest YoY decline in 18 months. MAS then tightened policy on 27 July for the second meeting in a row, steepening the S$NEER appreciation slope, which pulls SGD rates the other way even as the Fed turns hawkish. Singapore loan growth crossed 9% YoY for the first time since COVID (Jun26: +9.2% YoY). CASA grew 16% YoY, holding the CASA ratio at 20.6% of deposits and keeping funding costs contained.
*
2Q26 bank earnings beat expectations. Earnings rose 13% YoY as record fee and trading income more than offset another quarter of falling NII, with NIM down 17-22bps at the three banks. DBS and OCBC raised FY26e guidance, while UOB cut its fee growth guidance to low single digit (prev. high single digit). We expect non-interest income to continue to deliver in 2H26e, with NII turning positive YoY only towards 4Q26e.
*
Maintain ACCUMULATE. Volume is now doing what interest margin cannot, with loan growth past 9% YoY and OCBC raising its loan growth guidance. SORA has risen for three consecutive months, but the 27 July tightening means a stronger SGD works against it; we expect SORA to hold. That caps the NIM recovery rather than reversing it. Banks’ FY26e dividend yields remain attractive at 4.0%, 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).
Highest increase in 3M-SORA since Apr 2023
Singapore’s interest rates rose by 6 bps MoM to 1.13% in July, marking the third
consecutive MoM increase and the largest since Apr 2023. July’s 3M-SORA fell by
80bps YoY, the smallest YoY decline in 18 months and was 7bps higher than the 2Q26
3M-SORA average of 1.06%. The Fed’s June projections signalled a possible hike this
year and no cuts in 2026, keeping SGD funding costs firm. However, MAS tightened
policy on 27 July, raising the slope of S$NEER appreciation to around 1.25% (prev.
~1.00%). A stronger Singapore dollar lowers SGD rates. We expect SORA to hold
around current levels through 2H26e rather than climb further.
Hong Kong interest rates also rose in July, partially reversing the decline from Nov
2025 to Mar 2026. The 3M-HIBOR rose by 6bps MoM and 114bps YoY to 2.95% and is
22bps higher than the 2Q26 3M-HIBOR average of 2.73% (Figure 1).
https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-42.png
The post Singapore Banking Monthly – Earnings above estimates on record fees and trading appeared first on StocksBNB. | 572 |
