Key Indices
Top Stories
Company Results | CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.49/Target: S$3.06)
- Rental reversion for the office portfolio was +6.5% in 1H26 and is expected to stay positive as its average rent of S$11.03psf/month is below prevailing Core CBD Grade A rent at S$12.50psf/month. CICT benefits from various earnings drivers, including a full-year contribution from an additional 55% stake in CapitaSpring, income ramp-up from Gallileo, and a contribution from Paragon commencing Jul 26. Maintain BUY. Target price: S$3.06.
Company Results | Food Empire Holdings (FEH SP/BUY/S$2.51/Target: S$3.49)
- FEH delivered another record 1H26 revenue of US$315.1m (+15% yoy) and net profit of US$35.3m (+12% yoy), in line with expectations. Growth was broad-based across key markets from higher volumes. There is a positive surprise from a 60% yoy increase in interim dividend. We maintain our BUY rating with an unchanged target price of S$3.49, pegged to 25x 2026F PE.
Company Results | Riverstone Holdings (RSTON SP/BUY/S$0.85/Target: S$1.21)
- Riverstone reported a strong set of earnings for 2Q26 that was 40% above our expectations, where earnings of RM66m grew 45% yoy and 60% qoq. We expect the cleanroom segment to continue benefitting from AI-driven demand from the data centre and memory storage sectors. Maintain BUY with a 9% higher target price of S$1.21, pegged to 24x 2027F PE. Riverstone currently trades at around a 30% discount to peers.
Company Results | Wilmar International (WIL SP/HOLD/S$3.94/Target: S$3.50)
- Wilmar’s 1H26 results came in within expectations, with core net profit rising 10% yoy, driven by sustained volume growth in food products and improved margins in the feed & industrial segment. We expect Wilmar’s earnings to remain supported by resilient consumer products business, rising feed demand in China and stronger CPO prices heading into peak production cycle. Maintain HOLD with a target price of $S3.50.
Market Spotlight
- US stocks were mixed on Wednesday, with Dow Jones falling while S&P 500 and Nasdaq falling as the real estate, information technology and utilities sectors rose. There were more advancers than decliners on both the NYSE and NASDAQ.
- The FSSTI rose 55.74 points to 5,754.17, supported by strength in Singtel, UMS and DBS, with both mid- and small-cap indices rising with a broad market advance on a S$3.55b turnover.
Technical Analysis
Monthly Technical Regional Indices Watch – Indices Outlook
Top Stories
Company Results | CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.49/Target: S$3.06)
- Rental reversion for the office portfolio was +6.5% in 1H26 and is expected to stay positive as its average rent of S$11.03psf/month is below prevailing Core CBD Grade A rent at S$12.50psf/month. CICT benefits from various earnings drivers, including a full-year contribution from an additional 55% stake in CapitaSpring, income ramp-up from Gallileo, and a contribution from Paragon commencing Jul 26. Maintain BUY. Target price: S$3.06.
Company Results | Food Empire Holdings (FEH SP/BUY/S$2.51/Target: S$3.49)
- FEH delivered another record 1H26 revenue of US$315.1m (+15% yoy) and net profit of US$35.3m (+12% yoy), in line with expectations. Growth was broad-based across key markets from higher volumes. There is a positive surprise from a 60% yoy increase in interim dividend. We maintain our BUY rating with an unchanged target price of S$3.49, pegged to 25x 2026F PE.
Company Results | Riverstone Holdings (RSTON SP/BUY/S$0.85/Target: S$1.21)
- Riverstone reported a strong set of earnings for 2Q26 that was 40% above our expectations, where earnings of RM66m grew 45% yoy and 60% qoq. We expect the cleanroom segment to continue benefitting from AI-driven demand from the data centre and memory storage sectors. Maintain BUY with a 9% higher target price of S$1.21, pegged to 24x 2027F PE. Riverstone currently trades at around a 30% discount to peers.
Company Results | Wilmar International (WIL SP/HOLD/S$3.94/Target: S$3.50)
- Wilmar’s 1H26 results came in within expectations, with core net profit rising 10% yoy, driven by sustained volume growth in food products and improved margins in the feed & industrial segment. We expect Wilmar’s earnings to remain supported by resilient consumer products business, rising feed demand in China and stronger CPO prices heading into peak production cycle. Maintain HOLD with a target price of $S3.50.
Market Spotlight
- US stocks were mixed on Wednesday, with Dow Jones falling while S&P 500 and Nasdaq falling as the real estate, information technology and utilities sectors rose. There were more advancers than decliners on both the NYSE and NASDAQ.
- The FSSTI rose 55.74 points to 5,754.17, supported by strength in Singtel, UMS and DBS, with both mid- and small-cap indices rising with a broad market advance on a S$3.55b turnover.
Technical Analysis
Monthly Technical Regional Indices Watch – Indices Outlook
Key Indices
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