Hello everyone,
May is here, and markets are starting to feel a little less certain. Inflation has cooled but remains sticky, while rising oil prices and renewed geopolitical tensions are adding fresh uncertainty to the outlook. At the same time, economic data particularly from the U.S. continues to show resilience, which has pushed back expectations for aggressive rate cuts.
As a result, we’re seeing a shift in market behaviour. The broad, one-directional rally is starting to fade, replaced by a more selective and rotational environment. We’ll take a closer look at where capital is flowing and how to position as markets navigate a more complex phase heading into Q2.
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 remains resilient heading into Q2, supported by stronger-than-expected 2025 growth and a recovery in exports, particularly in semiconductors.
Inflation has eased into the ~1–2% range, allowing MAS to hold policy steady for now, though rising oil prices and geopolitical tensions remain key risks. The STI continues to trade near its highs, led by banks and dividend names, but markets are becoming more selective as investors watch whether export momentum can sustain and how external risks feed into growth.
Looking ahead, the focus will be on whether the electronics upcycle can continue to support exports, alongside developments in global demand and China’s recovery. Any persistence in higher energy prices or delays in global rate cuts could weigh on sentiment, while continued stability in growth and earnings may help support the STI at current levels.
After once again failing to hold above the key 5,000 psychological level, selling pressure picked up with sellers taking control, and pushing prices back toward the 4,800 support level.
With prices once again possibly testing this support, it would remain as a key level to watch if buying interest resumes as the 20 day moving average (20d MA) have started to flattened, no longer pointing up.
Longer term trend however still demonstrating strength even as the index enters a consolidation range.
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.
After previously rebounding from the 45,000 psychological support level, the index quickly recovered and tested the 50,000 resistance once more before entering the consolidation range with 48,000 as the support, while the 100 day (100d MA) and 200 day (200d MA) moving averages still pointing up, the 20d MA has yet to see a fully recovery as it trails under the 100d MA.
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.
New highs can be observed with the index, as price breached the 7,100 resistance level, potentially turning it to become a new higher support to watch for, as the shorter term and longer term uptrend are aligned, with the 7,200 level being tested and the next target to be around 7,300.
Inflation has cooled but remains sticky, while rising oil prices and geopolitical tensions are adding fresh uncertainty. The economy continues to hold up, with stable labour markets and ongoing investment particularly in AI and infrastructure leading the Federal Reserve to stay cautious on rate cuts. Expectations for aggressive easing are pushed back, markets are adjusting to a higher-for-longer rate environment.
While large-cap tech and AI names continue to anchor performance, there are signs of capital moving into defensives and value-oriented sectors. Looking ahead, key focus areas will be inflation trends, Fed policy signals, and whether earnings growth can continue to justify current valuations in an increasingly selective market.
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.
United States 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$22.50
OCBC Bank (TradingView)
1GT Bullish Entry Signal Appeared on 31 Mar 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 key segments including 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 reported FY2025 net profit of ~S$7.0 billion, up ~6–8% YoY, supported by resilient net interest income and strong fee growth.
Return on Equity (ROE) remains solid at around 14–15%, reflecting efficient capital utilisation.
Net Interest Margin (NIM) stood at approximately 2.20%–2.25%, slightly easing from peak levels as rate expectations shift.
Fee income rose ~15–20% YoY, driven by strong performance in wealth management and investment products.
Assets Under Management (AUM) continued to grow, supported by market performance and net inflows.
Non-performing loan (NPL) ratio remains low at ~1.0%, reflecting prudent credit underwriting.
Technical
Buyers continue to defend the 21.50 support after the breakout toward the end of March triggered a 1GT Bullish signal, turning this resistance into support
Immediate resistance is around 22.50, where profit-taking previously returned
Note that the all-time-high was 22.51
Longer-term uptrend remains intact, with both the 100d and 200d MAs trending higher, while the shorter-term 20d MA is starting to flatten out, potentially suggesting a sideway consolidation
It would be good to see a new higher consolidation range between 21.50 and 22.50 for a more sustainable uptrend
SINGAPORE EXCHANGE (S68.SI)
Target Price: S$22.00
Singapore Exchange (TradingView)
1GT Bullish Entry Signal Appeared on the 18 Mar 26, no exit signal yet
About SGX
Singapore Exchange (SGX) is Singapore’s sole integrated exchange, offering a multi-asset platform across equities, derivatives, fixed income, currencies, and commodities. Beyond its core role as the country’s stock exchange,
SGX has evolved into a regional gateway for Asian markets, particularly through its strong derivatives franchise in equity indices, FX, and commodities.
The group generates revenue from multiple streams including securities trading and clearing, derivatives trading, listings, and market data services.
Fundamental
Over the years, SGX has strategically diversified away from reliance on cash equities into higher-growth, higher-margin segments such as derivatives and data, improving the resilience of its earnings profile.
SGX reported FY2025 net profit of ~S$600–620 million, with revenue supported by strong derivatives and data segments.
Derivatives revenue accounts for ~45–50% of total income, supported by strong volumes in equity index and FX products.
Higher volatility continues to support trading activity and earnings visibility.
Market data, indices, and post-trade services contribute ~30%+ of total revenue, providing stable and predictable cash flows.
Technical
Price was previously capped under the 20.00 level and managed to break above this level in early April
Price continues to show strength and recently reached an all-time high of 23.00, which is also a psychological resistance level
Immediate support could be found around the 22.00 psychological level
Short-term and long-term strength remains firmly intact with all 3 MAs heading higher
Supported by 2 consecutive 1GT Bullish signals that remain in play
If buying interest continues to build, it would be constructive to see a new higher consolidation range between 21.00 and 22.00, providing a stronger base for a more sustainable uptrend.
YANGZIJIANG SHIPBUILDING(BS6.SI)
Target Price: S$5.00
YZJ Shipbuilding (TradingView)
1GT Bullish Entry Signal Appeared on 22 Apr 26, No Exit Signal Yet
About YZJ Shipbldg
Yangzijiang Shipbuilding is one of China’s largest private shipbuilders, focusing on the construction of container ships, bulk carriers, and gas carriers
The Group also has exposure to ship financing and investment activities, providing an additional income stream
It benefits from global trade cycles, with demand driven by shipping rates, fleet renewal, and energy transition (LNG vessels)
Fundamental
Yangzijiang continues to benefit from a strong shipbuilding cycle, supported by solid profitability and a healthy balance sheet
Gross margin at 34.2%, operating margin at 31.3%, and net margin at 30.3%, reflecting strong pricing power and efficient operations
Free cash flow of S$483.6M, low leverage at S$1.02B total debt, and a solid balance sheet supported by S$5.9B in equity
Trading at around 10.8x P/E and 2.87x P/B, suggesting the stock is still reasonably priced relative to its earnings strength
Offers a dividend yield of ~2.8%, providing an additional return component for investors
Yangzijiang remains well-positioned to benefit from the ongoing shipbuilding upcycle, supported by strong margins, solid cash flow generation, and attractive valuation, though performance remains tied to global trade and shipping demand
Technical
Uptrend is firmly intact with both short-term (20d MA) and longer-term (100d and 200d MA) moving averages aligning in the same upward direction
Immediate support looks to be around 3.80 where buyers returned in Apr upon the retest and price rebounded back up towards the immediate resistance around 4.40
If price is able to break and hold firmly above the immediate resistance, next potential upside target looking towards 5.00, based on the consolidation range seen from 3.20 - 3.80 and 3.80 - 4.40
As long as price continues to hold firmly above trailing support and 1GT Bullish signal still in play, may potentially see another move up if 4.40 is firmly broken
United States Stocks Spotlight
WESTERN DIGITAL CORPORATION (WDC.NQ)
Target Price: US$460.00
Western Digital Corporation (TradingView)
1GT Bullish Entry Signal Appeared on 17 Mar 26, No Exit Signal Yet
About Western Digital Corporation
Western Digital is a global provider of data storage solutions, specialising in hard disk drives (HDDs) and enterprise storage systems used across cloud infrastructure, data centres, and consumer devices.
Following the separation of its flash (NAND) business, the company is now a pure-play HDD provider, with a strong focus on high-capacity storage for hyperscalers and cloud providers.
Fundamental
The cloud segment is now the dominant revenue driver (~85–90% of total revenue), supported by strong demand from hyperscalers.
Cloud HDD revenue grew ~65% YoY in FY2025, significantly outpacing broader infrastructure growth.
Management indicated the company is “pretty much sold out” for 2026, with firm purchase orders secured.
Long-term agreements extend into 2027–2028, providing strong earnings visibility.
Gross margins improved significantly from ~22% (FY2023) to ~42% (TTM), driven by higher cloud contribution.
Hyperscalers (e.g. Microsoft, Amazon, Meta, Google) increased capex by ~50%+ YoY, supporting demand for storage infrastructure.
Technical
Following the breakout above 320.00, price has since accelerated sharply with strong momentum
Prices continue to form higher highs and higher lows, with all 3 MAs sloping higher, indicating sustained bullish momentum
Immediate support is now seen at around 380.00, where the price recently pulled back to this level
Healthy consolidation could be expected between the 380.00 and 460.00 resistance levels
Note that 6 consecutive 1GT Bullish signals remain in play, with no 1GT Bearish signal yet
Recent News (Click to Read)
VERTIV HOLDINGS (VRT.NYSE)
Target Price: US$380.00
Vertiv Holdings (TradingView)
1GT Bullish Signal Appeared on 28 Jan 26, No Exit Signals Yet
About Vertiv Holdings
Vertiv provides critical infrastructure solutions for data centres, specialising in power management, thermal cooling, and integrated systems that support high-performance computing environments.
Its products are essential in enabling hyperscale data centres, particularly those supporting AI workloads, where power density and heat management are becoming increasingly complex. Today, data centres account for approximately 85% of Vertiv’s revenue, positioning the company as a key enabler of the global AI infrastructure buildout.
Fundamental
Management highlighted that “urgency has increased” and deployments are scaling larger, reflecting early-stage AI buildout momentum
Q1 2026 revenue grew ~30% YoY to $2.65B, Adjusted EPS increased 83% YoY to $1.17, showing strong operating leverage
The Americas segment (largest contributor) saw ~44% YoY organic growth, sustaining strong momentum, representing ~60%+ of total revenue, acting as the key growth engine
Adjusted operating margins improved significantly, supported by scale and pricing power, where operating profit grew faster than revenue, reflecting strong execution and cost discipline
2026 revenue guidance increased to ~$13.5B–$14.0B, signalling continued confidence in demand
Technical
Since the earnings announcement in Feb, the price has gapped up, forming a rising window, where the support was around 240.00
Prices continued to head higher and managed to break above 280.00, showing strength, with the immediate resistance to be around 330.00
Uptrend remains firmly intact, which is supported by all 3 MAs heading upwards
2 consecutive 1GT Bullish signals remain in play as well
The next potential target could be raised towards 380.00 if the price is able to to break and hold above the immediate resistance of 330.00
Recent News (Click to Read)
ALPHABET INC (GOOGL.NQ)
Target Price: US$400.00
Alphabet Inc (TradingView)
1GT Bullish Entry Signal Appeared on 27 Apr 26, No Exit Signal Yet
About Alphabet Inc
Alphabet Inc. is a global technology leader with dominant positions across search, digital advertising, cloud computing, and artificial intelligence.
Its ecosystem including Google Search, YouTube, Android, and Google Cloud allows it to capture both user intent and enterprise demand at scale.
Fundamental
Alphabet continues to deliver strong growth across its core businesses, with the market expecting Q1 revenue of ~US$107 billion (≈18% YoY growth), following a strong Q4 revenue of ~US$113 billion.
The company is projected to generate ~US$473 billion in FY2026 revenue (+17–18% YoY), supported by continued expansion across Search, YouTube, Subscriptions, and Cloud.
Google Cloud remains a key growth engine, with expectations of ~US$85 billion in FY2026 revenue, accounting for close to 20% of total group revenue. Growth in this segment is driven by enterprise adoption and increasing demand for AI infrastructure, particularly with new offerings such as Gemini Enterprise and Workspace Intelligence.
Alphabet is also ramping up investments into AI, with capital expenditure expected to reach ~US$175–185 billion in 2026, reflecting its commitment to scaling infrastructure and maintaining competitiveness.
Technical
Price has gapped up after the recent earnings announcement, with a new higher support found at 350.00, which the price was previously capped under
Long-term strength remains intact with both the 100d and 200d MAs still sloping upwards
Currently, two 1GT Bullish signals are still in play, with no signs of reversal yet
If the price is able to stay firmly above the new support of 350.00, the next potential upside target could be towards the psychological level of 400.00, where some profit-taking could return
Recent News (Click to Read)
Note that by subscribing to receive any of Joey's training by email, you agree to allow us to send you the training by email. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of the units in any fund and the income from them may fall as well as rise. If the investment is denominated in a foreign currency, factors including but not limited to changes in exchange rates may have an adverse effect on the value, price or income of an investment. Past performance figures as well as any projection or forecast used in these web pages, are not necessarily indicative of future or likely performance of any investment products. By Accessing this Website and ANY of its pages, you are agreeing to the terms set out ON ALL the following pages as seen below. Copyright © | Joey Choy | All Rights Reserved | Disclaimer | Privacy & Security Policy | Terms and Conditions
