Market Overview

Singapore

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

On the macro front, the story has turned more positive. The government upgraded 2025 GDP growth to “around 4.0%” after a stronger-than-expected Q3, even as manufacturing PMI slipped back to a neutral 50 in October and surveys flagged slower momentum ahead.

MAS kept policy unchanged in October, noting that core inflation has eased but is likely to trough soon before gradually rising again into 2026.

Private-sector PMI data still show modest expansion at the start of Q4, suggesting domestic demand remains supportive even as external headwinds persist.

In this environment, we continue to prefer quality names with recurring earnings and healthy balance sheets over chasing short-term rallies in more speculative counters.

The index has recently pullback to test the 4,500 support level, after nearing the 4600 resistance level,

All 3 moving averages are still heading upwards, indicating that uptrend remains intact for STI. Furthermore, a new 1GT Bullish Signal appeared in Nov 25 is still playing out.

If index can break and hold above 4,600, potential upside target towards 4,700. Overall, Singapore market looks to remain bullish with continued strength and momentum.

Hot News (Click to read):

• MTI Upgrades GDP Growth Forecast for 2025 to “Around 4.0 Per Cent” and Forecasts GDP Growth of “1.0 to 3.0 Per Cent” for 2026 (Ministry of Trade and Industry)

• DBS and OCBC draw positive views, but UOB outlook tempered by provisions in Q3 (The Straits Times)

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

Selling pressure picked up as the index retreated from 48,000, and dipping below the 47,000 support, now turned resistance, weakness was present in the near term with the 20d moving average slopping down, the key support looks to be around the 45,000, potentially a level where bargain hunting could appear again.

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.

Pulling back from the 6,900 resistance, the index rebounded from the support around the 6,500 level once again. While the longer term uptrend looks intact, the shorter term weakness still persists, with 2 consecutive 1GT Bearish Signals in play. Note that 7,000 psychological level remains as the initial longer term target if the index rebounds.

U.S. equities had a choppy November. After flirting with record highs earlier in the month, the major indices saw a series of sharp pullbacks as investors questioned whether AI-linked names like Nvidia had run too far, too fast. On 18 November, the S&P 500 fell 0.8%, the Dow lost over 1%, and the Nasdaq dropped 1.2% as worries about an “AI bubble” and stretched valuations weighed on sentiment

Macro signals were mixed. Inflation is still running around 3% on the latest available CPI print for September, but October’s CPI and jobs reports were cancelled due to the U.S. government shutdown, creating a rare “data vacuum” for the Fed.

Hot News (Click to read):

• US cancels release of CPI report for October because of government shutdown (Reuters)

• Delayed September report shows U.S. added 119,000 jobs, more than expected; unemployment rate at 4.4% (CNBC)

Singapore Stocks Spotlight

SIA Engineering (S59.SI)
Target Price: S$4.00

About SIA Engineering

• SIA Engineering Company is a leading aircraft maintenance, repair and overhaul (MRO) provider in Asia, supporting Singapore Airlines, Scoot and more than 80 international carriers

• Its core businesses span airframe and line maintenance at Changi and across a regional network, as well as engine and component MRO through joint ventures with global OEMs

• This JV-heavy model gives SIAEC exposure to high-value engine work while keeping its capital base relatively light

Fundamental

• For 1H FY2025/26 (ended 30 Sep 2025), SIAEC reported a strong set of results, with revenue up 26.5% y/y to S$729m on robust demand for MRO services and higher heavy-check activity

• Net profit grew 21.1% y/y to S$83.3m, driven by a nearly threefold jump in operating profit to S$13m and a 21.7% increase in contributions from associates and JVs to S$71.3m, mainly from engine and component shops

• The group declared an interim dividend of 2.5 cents per share (up 25% y/y), and still held S$575m of cash on its balance sheet as at 30 September, underscoring its healthy financial position

• A new S$1.3bn, two-year comprehensive services agreement with SIA and Scoot, effective 1 April 2025, further strengthens workload visibility

Technical

• Price has recently broke above the 3.60 resistance on 6 Nov with a long green bullish candlestick, turning it to become a new higher support

• Uptrend remains firmly intact with all 3 moving averages aligning and heading upwards in the same direction

• Note that 3 consecutive 1GT Bullish Signals are still playing out

• As long as price is able to hold firmly above 3,60, next potential upside towards psychological 4.00, where some profit-taking could return

SINGTEL (Z74.SI)
Target Price: S$5.00

About Singtel

• Singtel is Singapore’s largest telecom operator and a leading regional communications group with operations across Singapore, Australia (Optus) and stakes in major mobile operators such as Bharti Airtel, Telkomsel and AIS

• Its core businesses span mobile, broadband and pay TV, as well as ICT services via NCS and a fast-growing digital infrastructure arm (Nxera / Digital InfraCo), which houses regional data centres, subsea cables and 5G edge/cloud platforms

Fundamental

• For 1H FY2026 (half-year ended Sep 2025), Singtel reported net profit of S$3.40 billion, boosted by one-off gains from the Airtel stake sale and the Intouch–Gulf Energy merger, while underlying profit rose 14% y/y to S$1.35 billion on stronger contributions from Optus and regional associates

• Optus operating earnings jumped 27%, and associate contributions grew over 20%, underscoring the strength of its regional portfolio

• Management raised full-year guidance, now expecting OpCo EBIT to grow in the high single to low double-digit range, and lifted the interim dividend to 8.2 cents (from 7.0 cents a year ago)

• Singtel is also leaning into digital infrastructure: its Nxera data centre business is targeting >20% annual EBITDA growth over the next four years, supported by new builds (including a green-financed 58MW DC in Tuas) and potential M&A such as the proposed STT GDC transaction

• Overall, Singtel offers a mix of improving earnings momentum, growing infra optionality and a progressive dividend profile heading into FY2026

Technical

• Singtel was trading sideways between the range of 4.00 - 4.40 since Aug to Nov

• Price eventually managed to break out above the 4.40 resistance with a new 1GT Bullish Signal, turning to become a new higher support

• There appears to be some temporary selling pressure around the 4.80 level for the time being. However, initial target could be raised to psychological 5.00 level where it is not surprising for profit-taking to return

• Uptrend remains firm with all 3 moving averages heading up, as long as price is able to continue holding above the trailing support

OCBC BANK (O39.SI)
Target Price: S$19.00

About OCBC Bank

• OCBC is Singapore’s second-largest bank by assets, offering a full suite of banking, wealth management and insurance services across Asia. Its main business segments are Global Consumer/Private Banking, Global Wholesale Banking, Global Markets, and Insurance (via its majority stake in Great Eastern), plus an “Others” segment that includes investment and property activities

Fundamental

• OCBC delivered a steady set of 3Q25 results, with net profit at S$1.98 billion, flat YoY but about 9% higher QoQ and ahead of market estimates, supported by stronger non-interest income and lower allowance

• Revenue rose 7% QoQ, as fee and trading income pushed non-interest income to a quarterly high, while wealth management income hit a record and banking wealth AUM climbed 18% y/y

• Net interest income remained under pressure, with NIM easing to around 1.84%, and management now guides for full-year 2025 NII to decline by a mid-single-digit percentage, with NIM expected in the 1.90–1.95% range, below the earlier 2% target

• For 1H25, net profit of S$3.70 billion was just 6% below last year’s record, as softer NII was largely offset by an 8% rise in non-interest income and 19% growth in fee income, led by a 25% jump in wealth management fees

Technical

• Prices broke out of the 17.00 key resistance, finding a new higher support around the 18.00 psychological level.

• Note that all 3 moving averages have started to slope up since the breakout

• Immediate resistance around the 19.00 level where profit taking can be expected

• A break above the new resistance level could mark a new leg in this uptrend with next target toward the 20.00 psychological level

• While trailing support is flattening out after the upmove, OCBC could be heading toward a higher consolidation range where a stop order under the trailing support could be beneficial to protect profits as well as providing a guide for new entries

United States Stocks Spotlight

APPLE INC (AAPL.NQ)
Target Price: US$300.00

About Apple Inc

• Apple is a global technology company that designs and sells consumer hardware like the iPhone, Mac, iPad, Apple Watch and AirPods, alongside a fast-growing portfolio of services including the App Store, iCloud, Apple Music, Apple TV+, Apple Pay and AppleCare

• Its ecosystem is built around tightly integrated hardware, software (iOS, macOS, visionOS) and services, with over 2 billion active devices worldwide forming a sticky, recurring-revenue base

Fundamental

• Apple delivered a record Q4 FY2025 (September quarter) with revenue of US$102.5 billion (+8% y/y) and net profit of about US$27.5 billion, beating market expectations

• Growth was broad-based: iPhone revenue rose 6% to US$49 billion, helped by the iPhone 17 launch and a large base of users who have not upgraded in several years, while Mac sales grew 13% to US$8.7 billion

• The standout remains Services, which generated about US$28.8 billion (+15% y/y) and now accounts for roughly a quarter of total revenue but a much larger share of profit, due to gross margins in the 70–75% range

• While competition in China and ongoing regulatory scrutiny around its Services/App Store business remain key risks, Apple’s massive installed base, high-margin services engine and healthy balance sheet keep it positioned as a long-term cash-generating compounder

Technical

• Prices found a new higher support after prices breached the previous high of 260.00, signaling that buyers are still keen to accumulate on a break out

• With the immediate resistance around the 280.00 level, sellers seem to have emerged over the last few days as prices test this new level

• If prices are able to break and hold above this level, forming a new higher support, the target can be revised higher toward the 300.00 psychological level

Recent News (Click to Read)

• Apple reports fourth quarter results (Apple.com)

• Apple sees big December quarter driven by strong iPhone 17 demand (CNBC)

• Why Apple’s stock is beating the market even as the tech sector sells off (MarketWatch)

ALPHABET INC (GOOGL.NY)
Target Price: US$340.00

About Alphabet Inc

• Alphabet is the parent company of Google, operating a portfolio of businesses centred on search, digital advertising, cloud computing, and AI

• Its core Google Services segment includes Search, YouTube, Android, Chrome, hardware and subscriptions, while Google Cloud provides infrastructure and AI platforms to enterprises globally

Fundamental

• Alphabet delivered a standout Q3 2025, with revenue up 16% y/y to US$102.3–102.35 billion, its first-ever quarter above US$100 billion and ahead of consensus.

• Net income jumped ~33–35% y/y to about US$35 billion, with EPS at US$2.87, reflecting strong operating leverage.

• Growth was broad-based: Google Services revenue rose 14% to US$87.1 billion, Search & other grew 15% to ~US$56.6 billion, and YouTube ads climbed 15% to just over US$10 billion.

• Google Cloud remained a key driver, with revenue up 34% y/y to ~US$15.2 billion and margins improving to ~24%, as AI workloads and backlog (US$155 billion) accelerated.

• Management again raised 2025 capex guidance to US$91–93 billion to fund data centres and AI infrastructure, underscoring its aggressive push to lead in AI

Technical

• Renewed strength can be observed late Nov 25, as prices broke above the 300.00 resistance heading higher to test the 320.00 resistance shortly

• All 3 moving averages continue to point up with the recent momentum

• Buyers could be looking to accumulate on the dips to defend the 300.00 psychological support

• Potential target toward the 340.00 level if 320.00 gives way.

• 2 consecutive 1GT Bullish Signals still playing out with no exits yet

Recent News (Click to Read)

• Buffett’s Alphabet blessing puts valuation paradox back in focus (The Business Times)

• Jitters over AI spending set to grow as US tech giants flood bond market ​(Reuters)

• A Fresh Look at Google's (GOOGL) Valuation Following Recent Share Price Surge (Simply Wall St)

CARDINAL HEALTH INC (CAH.NY)
Target Price: US$240.00

About Cardinal Health

• Cardinal Health is a U.S. healthcare services and products company, and one of the largest pharmaceutical distributors in the world. Headquartered in Dublin, Ohio, it serves more than 100,000 locations including hospitals, pharmacies, and physician clinics

Fundamental

• Fiscal 2025 was another strong year for Cardinal Health. Revenues came in at US$222.6bn (-2% y/y due to the expiry of a major OptumRx contract), but non-GAAP operating earnings rose 15% to US$2.8bn, driven by profit growth in Pharmaceutical and Specialty Solutions and the “Other” segment

• Non-GAAP EPS increased 9% to US$8.24, and management subsequently raised FY2026 EPS guidance to US$9.30–9.50, signalling confidence in continued margin expansion

• The core Pharmaceutical segment continues to benefit from high-value specialty medicines and branded drug demand, while the medical products business has returned to positive profit and cash flow after restructuring

• Cardinal is also investing for growth, including a US$1.9bn acquisition of Solaris Health to bolster its Specialty Alliance MSO platform and a new automated specialty-drug distribution centre in Indianapolis

Technical

• Prices has formed a new multi-year high after firmly breaking above the 170.00 resistance during end Oct, and it swiftly broke above the 200.00 psychological level as well

• For the past month in Nov, prices have progressed higher toward the immediate 220.00 resistance

• All 3 moving averages continue to show strength toward the next target of 240.00

• Trailing support currently also reaffirms the uptrend, and to note that one could place a potential stop below this level to protect profits

Recent News (Click to Read)

• CAH: Guidance Will Remain Under Scrutiny Amid Industry and Regulatory Pressures (Simply Wall St)

• 4 Value Stocks With Strong Interest Coverage as Markets Rebound (Yahoo Finance)

• Cardinal Health, Inc. (CAH) Hits Fresh High: Is There Still Room to Run? (Yahoo Finance)

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