Hello everyone,

As the earnings season wraps up, quality names with genuine earnings power continue to deliver, while the rest of the market is being held to a much higher standard. AI and technology remain the dominant theme, with the infrastructure buildout showing no signs of slowing, and the numbers to back it up.

August has historically been a month where markets can catch investors off guard. Volumes thin out, volatility can pick up, and rotation between sectors tends to accelerate. This is not a reason to step back it is a reason to stay sharp and positioned in the right names. In this newsletter, we break down where the momentum continues to build and what to keep on your radar.

Your No.1 Fan,
Joey Choy

Market Overview

Singapore

Straits Times Index (TradingView)

Straits Times Index (STI) is a market capitalisation weighted index that tracks the performance of the top 30 companies listed on SGX.

Singapore's economy continues to impress heading into August, with the STI pushing to new highs on the back of strong underlying momentum. Advance estimates from MTI showed the economy growing 5.7% year-on-year in Q2 2026, beating consensus forecasts, with manufacturing leading the charge at 12.2% growth, driven by strong AI-related demand for semiconductors and precision engineering equipment.

Private forecasters have since upgraded their full-year 2026 growth projections to 4.8%, well above MTI's official guidance range of 2–4%, citing the broadening of AI-related demand and the ongoing semiconductor upcycle as key drivers.

On the policy front, MAS is widely expected to hold steady at its upcoming July review, with benign inflation outcomes providing scope for a prolonged pause, though a further tightening move later in 2026 cannot be fully ruled out should inflationary pressures broaden.

2 months ago around mid-June to early July, STI was consolidating sideways within 5,150 to 5,250, which subsequently prices broke out, pushing higher.

STI’s uptrend remains firmly intact with all 3 moving averages heading up, finding a new higher support around 5,500, with a 1GT Bullish signal still in play.

As of current writing, immediate resistance appears to be around 5,600. If this level is firmly broken, would not rule out more upside towards 5,700, where some profit-taking could return first.

Hot News (Click to read):

Dow Jones Industrial Average (TradingView)

Dow Jones Industrial Average (DJIA) tracks the daily price movements of 30 large, public-owned blue-chip American companies.

DJI looks to be testing the immediate support around 51,600, while selling pressure has returned around 53,200. Despite short-term (20d MA) has started to show signs of flattening out, note that that two 1GT Bullish signals are still in play.

S&P 500 (TradingView)

S&P 500 Index is a market-capitalization weighted index of the 500 leading companies in the US which is widely considered as one of the best gauge of the US economy.

In a broader perspective, SPX has been consolidating sideways since May, within the range of 7,300 to 7,600, however longer-term uptrend remains intact with both 100d MA and 200d MA still sloping upwards. Whereas short-term trend (20d MA) is just flattening out with a 1GT Bearish signal in sight. As long as price continues to hold above 7,300 support zone, uptrend structure would still remain valid.

US markets are heading into August in a consolidating, choppy phase, with mixed signals keeping investors cautious. The pressure has been compounded by renewed geopolitical risk, with the S&P 500 falling as oil prices advanced in response to the latest bout of military exchanges between the US and Iran, and the market completing its ninth consecutive day of strikes even as hopes for a diplomatic settlement flickered.

On the economic front, the picture remains resilient but nuanced. The US economy continues to expand at a solid pace, with the labour market appearing broadly in balance despite a softer June employment report, as robust job gains over recent months point to underlying resilience.

Hot News (Click to read):

Singapore Earnings Calendar

Note that the below information is taken from the dates displayed on TradingView and SG Investors IO. The below calendar is not exhaustive, it is indicative only. Please refer to SGX Announcement for exact dates & timings.

US Earnings Calendar

Note that the below information is taken from the dates found on Earnings Hub and Nasdaq. We've exclusively chosen stocks favored by investors with widely recognized names. The below calendar is not exhaustive and is indicative only. Please refer to Earnings Whispers & Nasdaq for the full list.

Singapore Stocks Spotlight

OCBC BANK (O39.SI)
Target Price: S$30.00

OCBC Bank (TradingView)
1GT Bullish Entry Signal Appeared on 13 May 26, No Exit Signal Yet

About OCBC Bank

  • Oversea-Chinese Banking Corporation (OCBC) is one of Singapore's largest financial institutions, with a strong presence across Southeast Asia and Greater China

  • The group operates across consumer banking, corporate banking, wealth management, and insurance, with its insurance arm Great Eastern and private banking unit Bank of Singapore forming key pillars of its franchise

Fundamental

  • OCBC posted Q1 2026 net profit of S$1.97B on revenue of S$3.83B. Loans grew 8% YoY, comfortably ahead of the bank's own mid-single-digit guidance

  • During its upcoming announcement on 7 Aug, many are expecting a decent set of 2QFY2026 results with mid-single-digit year-on-year PATMI growth, supported by solid loan momentum underpinned by housing loans

  • Following its May agreement to acquire HSBC's retail and wealth operations in Indonesia, OCBC plans to double its wealth advisers there to 400 relationship managers by end-2026, deepening exposure to Indonesia's affluent customer base, though integration and scaling both carry execution risk

Technical

  • Uptrend remains firmly intact since Q3 2025, whereby all 3 moving averages are aligned and heading upwards

  • Since mid-July, price has been testing 29.00 level, changing roles between resistance and support

  • Immediate key support zone appears to be around 28.00, where if prices were to retrace, may set price alerts to accumulate on dips

  • As long as price continue holding above trailing support, would not rule out potential next upside target towards 30.00 psychological level

SHENG SIONG (OV8.SI)
Target Price: S$3.40

Sheng Siong (TradingView)
1GT Bullish Entry Signal Appeared on the 15 Jun 26, No Exit Signal yet

About Sheng Siong

  • Sheng Siong Group is one of Singapore's largest supermarket chains, operating over 88 outlets primarily in residential heartland locations, alongside stores in Kunming, China and its Sheng Siong Online grocery platform

  • As a consumer staples play, the group offers a defensive earnings profile anchored by consistent demand for daily essentials

Fundamental

  • Sheng Siong reported 1Q FY2026 revenue of S$452.8M, up 12.4% YoY, with net profit rising 12.6% to S$43.4M, driven mainly by the twelve new stores opened during FY2025 alongside stronger festive spending over Lunar New Year and Hari Raya Puasa

  • Comparable same-store revenue in Singapore grew 3.5%, indicating the expansion story is being supported by underlying organic demand rather than new floor space alone

  • Gross profit rose 15.0% to S$140.3M, with gross margin improving 0.7% to 31.0% from 30.3%, supported by continued refinement of the sales mix to offset rising operating costs.

  • Management is responding to the environment by diversifying its supplier base to strengthen supply chain resilience and investing in automation to manage rising labour costs

  • Three new stores have been secured, with two targeted to open in 2Q FY2026 and one in 3Q FY2026, extending the runway on the expansion story

Technical

  • Sheng Siong has been in a firm longer-term uptrend since late 2024, whereby short-term trend based on 20d MA has been fluctuating between heading up, down and sideways

    • Currently, 20d MA looks to be taking a breather after inclining for one month from June

  • Note that three 1GT Bullish signals are still playing out, affirming the broader uptrend structure

  • Immediate support appears to be around 3.20, while resistance appears to be around 3.40, where candlestick with long upper shadow is spotted, suggesting strong selling pressure

  • As long as price continues to hold firmly above 3.20, immediate potential upside target could be a 0.20 range towards 3.40

    • This target could be raised higher if 3.40 is breached subsequently

SATS LTD (S58.SI)
Target Price: S$5.00

SATS Group Holdings (TradingView)
1GT Bullish Entry Signal Appeared on 3 Jun 26, No Exit Signal Yet

About SATS

  • SATS Ltd is one of the world's largest providers of air cargo handling services and Asia's leading airline caterer

  • The group operates through two main arms, SATS Gateway Services, covering airfreight and ground handling, passenger services, ramp and baggage handling, and aviation security; and SATS Food Solutions, serving airlines and institutions through large-scale central kitchens

  • Following the 2023 acquisition of Worldwide Flight Services, the combined network spans over 225 stations across 27 countries, covering trade routes responsible for more than half of global air cargo volume

Fundamental

  • SATS delivered record FY2026 revenue of S$6.35B for the year ended 31 March, up 9.0% YoY, with earnings rising 17% to S$285.2M

  • Gateway services was the standout, with revenue up 10.8% to S$4.95B on continued market share gains and cargo volumes that outpaced IATA's global growth benchmarks, while food solutions revenue grew 2.9% to S$1.39B on stable inflight meal demand

  • The board declared a final dividend of 5.0 cents per share, up 43% from 3.5 cents a year earlier, bringing the full-year payout to 7.0 cents, a 40% YoY increase

  • Operating cash flow after lease repayment improved by S$110.5M to S$560.5M , though free cash flow eased slightly to S$215.8M from S$228.3M as capital expenditure and lease payments stepped up for facility expansions

  • Management also flagged that the Middle East conflict, which escalated in the final month of the quarter, weighed on revenue, costs, operating profit, and earnings from associates and joint ventures, a live risk given how the situation has developed since

Technical

  • SATS has rebounded from its low around 3.20 in late May towards the current all-time-high (ATH)

  • Since June 26, both longer-term MA (100d and 200d) have also started to slope upwards aligning with the short-term trend

  • Price has also found a new higher support around 4.50, which meant that buyers are willing to buy at higher prices

    • Two 1GT Bullish signals are still playing out, with no signs of exit yet

  • As long as price continues holding firmly above 4.50, with new higher support being found, potential upside target could be drawn towards 5.00, where expectations of profit-taking could come back

United States Stocks Spotlight

JOHNSON AND JOHNSON (JNJ.NYSE)
Target Price: US$270.00

Johnson and Johnson (TradingView)
1GT Bullish Entry Signal Appeared on 26 Jun 26, No Exit Signal Yet

About Johnson and Johnson

  • Johnson & Johnson is one of the world's largest healthcare companies, operating across Innovative Medicine and MedTech

  • Following the spin-off of its consumer healthcare business (Kenvue), the company now focuses on developing prescription medicines and medical devices across key therapeutic areas such as oncology, immunology, neuroscience, cardiovascular and orthopaedics

Fundamental

  • Q2 2026 revenue increased 6.6% YoY to US$25.3B, demonstrating resilient business growth

  • Raised FY2026 revenue guidance to US$101.1B and adjusted EPS guidance to US$11.68, reflecting management's confidence

  • Darzalex remains the largest growth driver, contributing over 15% of total revenue, while Tremfya delivered US$2.05B in Q2 sales, growing 72.5% YoY

  • MedTech revenue reached US$8.9B, supported by strong demand for cardiovascular, surgery and orthopaedic products

  • Continues to generate operating margins above 27% while providing a dividend yield above 2%, making it a defensive long-term healthcare investment despite patent expiry and litigation risks

Technical

  • Price has successfully held above the 250 support, confirming the previous breakout and reinforcing it as a key support level, suggesting buying interest remains intact

  • The longer-term uptrend remains firmly intact, with both the 100d and 200d MAs continuing to trend higher

  • The 20d MA has flatten out, reflecting slowing short-term strength

  • The 1GT Bullish signals from the rebound around 220 continue to play out, with price maintaining a series of higher highs and higher lows

  • As long as price continues to hold above the 250 support, the immediate upside target remains at 270, while a decisive breakout above this level could pave the way for more potential upside towards the psychological 290-300

Recent News (Click to Read)

JP MORGAN CHASE & CO (JPM.NYSE)
Target Price: US$360.00

JP Morgan Chase & Co (TradingView)
1GT Bullish Signal Appeared on 12 Jun 26, No Exit Signals Yet

About JP Morgan Chase & Co

  • JPMorgan Chase is the largest bank in the United States by assets, holding roughly US$4.9T in assets and US$364B in stockholders' equity

  • Headquartered in New York, serving consumers, businesses, governments, and institutional clients across more than 100 countries, operating across consumer and community banking, corporate and investment banking, commercial banking, and asset and wealth management

Fundamental

  • JPMorgan posted Q2 2026 net income of US$21.2B, or US$7.70 per share, the highest quarterly profit in the bank's history

  • Total managed revenue rose 27% YoY to US$58.0B, with every line of business delivering record revenue

  • Equity Markets revenue was the standout, jumping 86% YoY to US$6.0B, which combined with a 6% gain in Fixed Income lifted total Markets revenue to US$12.1B and surpassed the bank's prior quarterly trading record. Investment banking fees rose 30%.

  • Excluding a US$4.6B gain on the bank's Visa stake and US$1.0B in gains on certain equity investments, net income was US$16.9B, or US$6.14 per share

Technical

  • JPM has recently found a new higher support around 340, which was previously acting as a resistance for at least one month since June

    • Could set price alert at support zone for potential accumulation on dips

  • 100d MA (red) and also crossed above the 200d MA (blue), providing confirmation that the longer-term uptrend is starting to firm up

  • Two 1GT Bullish signals are still playing out, with no exits in sight yet

  • As price head towards psychological 360 resistance, potentially may start to see profit-taking return first

Recent News (Click to Read)

HOWMET AEROSPACE (HWM.NYSE)
Target Price: US$300.00

Howmet Aerospace (TradingView)
1GT Bullish Entry Signal Appeared on 17 Jun 26, No Exit Signal Yet

About Howmet Aerospace

  • Howmet Aerospace is a global leader in advanced engineered solutions for the aerospace, defence, gas turbine, and commercial transportation industries, specialising in mission-critical engine components, fastening systems, structural airframe components, and forged aluminium wheels

  • Its extensive patent portfolio underpins lighter, more fuel-efficient, and lower-carbon technologies

Fundamental

  • Howmet's Q1 2026 set a high bar, with revenue up 19% YoY to US$2.31B and adjusted EPS of US$1.22, both ahead of estimates. Operating income surged 52% to US$753M, adjusted EBITDA rose 32% to US$740M with margin expanding 320 basis points to 32%, and free cash flow more than doubled to US$359M

  • Howmet has exceeded bottom-line estimates in three of the past four quarters, though it missed on one occasion, a reminder that the beat is not automatic

  • That outperformance means a good deal of the growth expectation is already reflected in the price, and the bar for the 6 August print is correspondingly high

Technical

  • Howmet’s uptrend has been firmly intact since Q3 2023

  • Price has dipped towards the lows of 220 back in Q1 2026, but rebounded quickly, forming an upwards sloping channel (higher lowers and higher highs)

  • Currently, three 1GT Bullish signals are still playing out

  • An immediate new higher support appears to be around 280, with resistance being the psychological 300, where expectations of selling pressure could return

  • As price heads towards resistance, it is also wise to lock in partial profits while continuing to ride the strong uptrend

Recent News (Click to Read)

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