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.

Singapore’s economic outlook has turned more cautious amid escalating global trade tensions. On April 14, the Ministry of Trade and Industry (MTI) downgraded Singapore’s 2025 GDP growth forecast to 0% to 2%, from the earlier 1% to 3% range. This revision follows a 0.8% quarter-on-quarter contraction in Q1 2025, raising concerns of a potential technical recession if the weakness continues into Q2.

While year-on-year growth stood at 3.8%, it fell short of market expectations and slowed from 5% in the previous quarter. Economists now flag heightened risks from the US-China tariff war, which has disrupted global supply chains and shaken business confidence.

Despite headwinds, some domestic resilience remains. The manufacturing sector grew 5%, supported by front-loaded exports ahead of tariff implementation. Construction expanded 4.6%, and services like finance and professional services held steady.

The STI broke above the 3,800 level turning it into a support, . During end of March, STI achieved a new high, testing 4,000 before plunging, as tariffs were imposed by the US across the board.

Back in early April, prices slipped toward the 3,400 support before rebounding sharply. Currently, the 20d MA is pointing down, showing some signs of short-term weakness but longer-term MA (100d and 200d) have flatten out, indicating more stabilization. As long as price is able to hold above 3800, potential upside target towards 4000.

Hot News (Click to read):

• Singapore downgrades 2025 GDP forecast to 0%-2% as US-China tariff war weighs on global growth (The Straits Times)

• ST Explains: How will US tariffs affect Singapore consumers? (The Straits Times)

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

DJIA has recently reclaim the 41,000 as support, as price dipped to a low in early April due to the tariffs policies. 20d MA has started to point up, showing some signs of strength returning. Would want to watch for price to stay above 41,000 with 100d MA flattening out for more stablization, before pushing higher towards 43,000.

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.

The S&P 500 briefly dipped into correction territory last month before stabilizing at the 4,800 support. Price looks to be retesting the 5800 level. Any sustained move back toward the 6,000 resistance would hinge on clarity around monetary policy and earnings resilience.

Consumer sentiment remains fragile, with the latest data showing confidence hitting a 12-year low, reflecting persistent concerns over inflation and the broader impact of tariffs. Trade tensions, particularly between the US and China, remain unresolved with elevated duties disrupting global supply chains and prompting fears of slower capital investment.

The Federal Reserve kept interest rates unchanged at 4.25% to 4.5%, but signaled a downward revision in GDP growth projections for 2025 now 1.7%, down from 2.1% previously. Core inflation is also expected to end the year at 2.8%, exceeding the Fed’s target. Possibility of two rate cuts later in the year remain on the table, should economic conditions deteriorate further.

Hot News (Click to read):

• China exports skyrocket over 12% in March as trade war drives businesses to frontload shipments (CNBC)

• Global trade outlook has ‘deteriorated sharply’ amid Trump tariff uncertainty, WTO warns (CNBC)

Singapore Earnings Calendar

Note that the below information is taken from the dates displayed on Yahoo! Finance. The below calendar is not exhaustive. Please refer to Yahoo! Finance and SGX Announcement for exact dates & timings.

United States Earnings Calendar

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

Singapore Stocks Spotlight

Singtel (Z74.SI)
Target Price: S$4.00

About Singtel

• Singapore Telecommunications Limited (Singtel) is a leading communications technology group in Asia, offering a diverse range of services across multiple markets

• Singtel operates through several key segments: Group Consumer, Group Enterprise, Group Digital Life

• The company has significant investments in regional associates, holding stakes in operators across India, Indonesia, the Philippines, and Thailand

Fundamental

• Singtel reported a net profit of S$1.23 billion, a 42% decrease from the previous year, primarily due to the absence of a one-time gain from the prior year's Telkomsel merger

• Company achieved a 27% increase in earnings before interest and tax (EBIT)

• The company's subsidiaries, NCS and Nxera, are pivotal in advancing AI adoption and expanding data center capabilities, with new facilities expected to commence operations by mid-2025.

• The company's proactive approach to innovation and market expansion positions it well for future growth

Technical

• All 3 moving averages are heading up, aligning both short-term and long-term uptrend

• New higher support is found around 3.70

• 1GT Bullish Signal in Jan is still playing out with no exits yet

• Price has been respecting the trailing support moving higher, providing additional confirmation to the uptrend

• As long as price is able to hold firmly above the new higher support, potential upside target towards psychological 4.00, where it is normal to see profit-taking return

Centurion (OU8.SI)
Target Price: S$1.50

About Centurion

• Centurion Corporation Limited is a Singapore-based investment holding company specializing in the ownership, development, and management of accommodation assets

• The company's primary focus is on workers' and student accommodation, operating under the "Westlite" and "dwell" brand names, respectively

• Centurion's geographical presence spans Singapore, Malaysia, Australia, the United Kingdom, and other countries

Fundamental

• Centurion maintains a dividend yield of 7.1%, with a payout ratio of 14%, reflecting a commitment to returning profits to shareholders while retaining earnings for future growth

• The company's return on equity (ROE) was 27.98%, indicating efficient utilization of shareholders' equity

• The company's efficient operations and robust financial health position it favorably within the market

Technical

• Price is currently testing the resistance around 1.25 - 1.30, where selling pressure returned once back in end Mar and early Apr

• All 3 moving averages are still looking positive and heading upwards

• Price has broken the trailing support on 7 Apr but it has been inching upwards to the trailing resistance, attempting to break above it

• If price can break and hold above the resistance with a new 1GT Bullish Signal as confirmation, potential upside target can be revised to 1.50

Singapore Exchange (S68.SI)
Target Price: S$15.00

About SGX

• Singapore Exchange Ltd. is an investment holding company, which engages in the treasury management, provision of management and administrative services to related corporations, provision of contract processing and technology connectivity services

• It operates through the following segments: Equities, Fixed Income, Currencies and Commodities, Data, Connectivity & Indices, and Corporate

Fundamental

• Reporting a robust performance for the first half of FY2025, with adjusted net profit rising 27.3% year-on-year to S$320.1 million, marking its highest half-year profit since listing.

• Net revenue for Cash Equities increased 22.3% year-on-year to S$192.6 million, supported by heightened trading activity amid global market volatility

• Revenue equity derivatives rose 21.6% to S$177.4 million, reflecting increased demand for risk management solutions in uncertain market conditions.

• Despite a challenging IPO environment, SGX recorded five new listings, raising a total of S$19.7 million. However, listing revenue declined to S$12.7 million from S$14.6 million a year earlier.

Technical

• Price has broken the previous resistance around 14.00, turning it to become a new higher support

• Both short-term (20d MA) and longer term (100d and 200d MA) are pointing up

• There are 2 consecutive 1GT Bullish Signals , providing additional confirmation for uptrend

• Immediate resistance appears to be around 15.00, where potential selling pressure could return as seen in late April

United States Stocks Spotlight

Philip Morris International (PM.NY)
Target Price: US$180.00

About Philip Morris International

• Philip Morris is a global tobacco and nicotine company best known for its iconic Marlboro brand, operating in over 180 markets

• The company is actively transitioning toward a “smoke-free future” with reduced-risk products like IQOS, which now account for a growing share of revenue

• Headquartered in New York, PMI focuses heavily on innovation, science-based alternatives, and expanding its footprint in heated tobacco and oral nicotine segments

Fundamental

• The company had a strong start to 2025, with EPS of $1.69 beating estimates, with revenue up 10.2% to $9.3B, driven by growth in smoke-free products

• Smoke-free segment (ZYN, IQOS, VEEV) now contributes 44% of gross profit, with 14.4% volume growth and 20% net revenue growth

• ZYN shipments jumped 53% YoY to 202M cans; full-year forecast raised to 800–840M cans, with restocking to continue through Q3

• The company expects EPS of $7.36–$7.49, reflecting 12–14% growth, along with strong organic operating income growth and margin expansion

Technical

• Price gapped up and seemed to have found a new higher support around 165 after recent earning announcements, with a new 1GT Bullish Signal in sight

• All 3 moving averages are still heading up, providing confirmation on the uptrend

• As long as price is able to firmly hold above the new higher support, potential upside targets towards psychological 180 first

• Remember to take steps to protect profits by raising stop limit orders as price continues to trend higher

Recent News (Click to Read)

• Marlboro maker Philip Morris lifts profit forecast on ZYN demand (Reuters)

• Philip Morris Q1 Earnings & Sales Beat Estimates, Stock Up (Nasdaq)

• Philip Morris targets $7.36-$7.49 EPS for 2025 with 12%-14% growth in smoke-free products (SeekingAlpha)

WALMART INC (WMT.NY)
Target Price: US$105.00

About Walmart Inc

• Walmart Inc. is a leading multinational retail corporation headquartered in Bentonville, Arkansas

• The company serves approximately 255 million customers weekly, offering a wide range of products and services at everyday low prices

• Walmart's strategic focus on low prices, technological innovation, and expanded services positions it well to maintain its leadership in the global retail market

Fundamental

• Q4 FY2024 revenue grew 4.2% YoY, with a 10% jump in profits, beating analyst expectations despite soft forward guidance

• Comparable store sales rose 4.6%, boosted by a 2.8% increase in transactions and strong 20% growth in online sales

• Sam’s Club performed well, with sales up 5.7% and a 24% surge in e-commerce, reflecting robust warehouse demand

• FY2026 outlook remains cautious, with projected EPS of $2.50–$2.60 falling below Wall Street’s forecast, as tariff risks and consumer mix pressures weigh on margins

Technical

• Price has recently rebounded very quickly from the lows in early April to reclaim the support around 85, before a 1GT Bullish Signal appeared, pushing price higher

• The immediate support appears to be around 95 for potential zone of entry, while immediate resistance is around 105 for potential zone of profit-taking

• Note that short-term trend (20d MA) has also started to regain strength and is attempting to break above the 100d MA

Recent News (Click to Read)

• Walmart Showcases Business Strategy Focused on Driving Growth and Shareholder Value (Walmart.com)

• Walmart plans another big investment in Florida stores (Business Journal)

• Walmart says Trump tariffs could hit quarterly profits as it tries to keep prices low (CNBC)

NETFLIX INC (NFLX.NQ)
Target Price: US$1,300.00

About Netflix Inc

• Netflix Inc. (NASDAQ: NFLX) is a global leader in streaming entertainment, offering a diverse range of content including films, TV series, documentaries, and games to over 280 million subscribers worldwide

Fundamental

• In Q1 2025, Netflix reported revenue of $10.54 billion, marking a 12.5% year-over-year increase, and net income of $2.89 billion, up 13% from the previous year

• The company achieved these results despite no longer reporting quarterly subscriber numbers, focusing instead on revenue growth and engagement metrics

• Netflix's free cash flow for the quarter reached $2.2 billion, contributing to an expected full-year free cash flow between $6 billion and $6.5 billion

• Looking ahead, Netflix plans to discontinue reporting quarterly subscriber numbers in 2025, shifting focus to revenue growth, operating margins, and engagement metrics

• Despite increased competition in the streaming industry, Netflix continues to leverage its global reach, content diversity, and technological innovation to maintain its market leadership

Technical

• Price has recently broken above the previous resistance around 1060, turning it become the immediate support

• 20d MA (green line) has also bounced off from the 100d MA (red line), indicating that short-term strength has returned with the breakout, aligning with the longer-term uptrend

• Note that price has been trading between 825 to 1060 (a 235 range) since the start of 2025

• As long as price is able hold firmly above the new higher support, would not rule out more upside towards 1300

Recent News (Click to Read)

• Netflix delivers a big beat in first earnings report without subscriber numbers (Business Insider)

• Netflix (NFLX) Q1 2025 Earnings Call (Motley Fool)

• Netflix’s (NASDAQ:NFLX) Q1 Earnings Results: Revenue In Line With Expectations But Full-Year Sales Guidance Slightly Misses Expectations (Yahoo Finance)

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