Key Indices
Top Stories
Strategy | Chasing The Laggards
- We screened the 30 STI component stocks for companies with sound fundamentals but trading at a significant discount in terms of PE or P/B. YZJ’s 2026F PE of 9.5x is the lowest among the 30 stocks. It has the potential to re-rate towards peers’ average 2028F PE of 11.3x. An unveiling of a strategic review by Sep 26 could be a rerating catalyst for CityDev. A recovery for Festival Walk in Hong Kong and three office buildings in the Makuhari sub-market in Chiba City could generate a turnaround for MPACT.
Sector Update | REITs
- An influx of safe-haven liquidity and low domestic interest rates have led to a record volume of transactions for commercial properties, encompassing office and retail properties. Thus, the S-REIT sector is supported by firm asset valuation and continued low cost of debt. Maintain OVERWEIGHT.
Company Results | KORE US REIT (KORE SP/BUY/US$0.173/Target: US$0.25)
- KORE’s NPI and distributable income grew 6.1% and 2.1% yoy respectively in 1H26. The results included a oneoff termination fee of US$2.7m and restoration fee of US$2.3m. DPU of 0.4 US cents represented a payout ratio of 21%. The leasing momentum accelerated in 2Q26 with 492,365sf signed, of which 90.6% were renewals. KORE plans to progressively increase its payout ratio. Maintain BUY with a target price of US$0.25.
Market Spotlight
- US stocks were lower on Monday, with all indices sliding as the communication services, utilities and industrials sectors fell. There were more decliners than advancers on both NYSE and NASDAQ.
- The FSSTI rose 55.43 points to 5,755.36, on the back of strength in DBS, Singtel and OCBC Bank, with mid-cap indices falling while small-cap indices rising with a broad market advance on a S$3.40b turnover.
Technical Analysis
DBS Group (DBS SP)
- Trading Buy Range: S$76.90-76.92
DFI Retail Group (DFI SP)
- Trading Buy Range: US$3.60-3.61
Top Stories
Strategy | Chasing The Laggards
- We screened the 30 STI component stocks for companies with sound fundamentals but trading at a significant discount in terms of PE or P/B. YZJ’s 2026F PE of 9.5x is the lowest among the 30 stocks. It has the potential to re-rate towards peers’ average 2028F PE of 11.3x. An unveiling of a strategic review by Sep 26 could be a rerating catalyst for CityDev. A recovery for Festival Walk in Hong Kong and three office buildings in the Makuhari sub-market in Chiba City could generate a turnaround for MPACT.
Sector Update | REITs
- An influx of safe-haven liquidity and low domestic interest rates have led to a record volume of transactions for commercial properties, encompassing office and retail properties. Thus, the S-REIT sector is supported by firm asset valuation and continued low cost of debt. Maintain OVERWEIGHT.
Company Results | KORE US REIT (KORE SP/BUY/US$0.173/Target: US$0.25)
- KORE’s NPI and distributable income grew 6.1% and 2.1% yoy respectively in 1H26. The results included a oneoff termination fee of US$2.7m and restoration fee of US$2.3m. DPU of 0.4 US cents represented a payout ratio of 21%. The leasing momentum accelerated in 2Q26 with 492,365sf signed, of which 90.6% were renewals. KORE plans to progressively increase its payout ratio. Maintain BUY with a target price of US$0.25.
Market Spotlight
- US stocks were lower on Monday, with all indices sliding as the communication services, utilities and industrials sectors fell. There were more decliners than advancers on both NYSE and NASDAQ.
- The FSSTI rose 55.43 points to 5,755.36, on the back of strength in DBS, Singtel and OCBC Bank, with mid-cap indices falling while small-cap indices rising with a broad market advance on a S$3.40b turnover.
Technical Analysis
DBS Group (DBS SP)
- Trading Buy Range: S$76.90-76.92
DFI Retail Group (DFI SP)
- Trading Buy Range: US$3.60-3.61
Key Indices
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