Key Indices
Top Stories
Company Results | CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.28/Target: S$3.11)
- Office occupancy rose 1.0ppt qoq to 95.4% with broad-based improvements in Singapore, Germany and Australia. We estimate rental reversion for retail portfolio has improved from +3.5% in 2Q26 to 6.6% for 3Q26. Paragon, balance 55% of CapitaSpring and Gallileo’s progressive handover to ECB would contribute fully for six months in 2H26. Maintain BUY. Target price: S$3.11.
Company Results | Nanofilm Technologies International (NANO SP/BUY/S$0.805/Target: S$1.090)
- 3Q26 revenue grew 2% yoy to S$74m, with strong NFBU and IEBU growth offsetting weaker AMBU revenue. 9M26 revenue of S$187m (+4% yoy) is broadly in line with our estimate. Gross and EBITDA margins each improved 5ppt yoy on better cost control and operational optimisations. The flagship coating programme has reached full capacity, supporting 4Q26. Maintain BUY on Nanofilm with a lower target price of S$1.09.
Company Update | Keppel (KEP SP/BUY/S$10.24/Target: S$11.90)
- Keppel’s 3Q26 headline net profit rose 15% yoy, but 9M26 core earnings growth of over 10% lagged our 20% fullyear forecast, reflecting weaker-than-expected integrated power earnings growth. Asset management fees increased 18% yoy, supported by expanding FUM. We lower our 2026-28 core earnings forecasts by 4-6% as we fine-tune our integrated power estimates. The outlook remains positive for Keppel, supported by secular growth in power demand and digital infrastructure investment. Maintain BUY with a lower target price of S$11.90.
Market Spotlight
- US stocks were lower on Thursday. All indices fell as the communication services, information technology and consumer discretionary sectors fell. There were more advancers than decliners on NYSE and NASDAQ.
- The FSSTI fell 1.88 points to 5,397.91, on the back of weakness in DBS, UMS and SATS, with both mid- and small-cap indices falling with a broad market decline on a S$1.77b turnover.
Technical Analysis
AEM Holdings | AEM SP
Trading Sell Range: S$8.15-8.16
DBS Group | DBS SP
Trading Sell Range: S$73.80-73.85
Top Stories
Company Results | CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.28/Target: S$3.11)
- Office occupancy rose 1.0ppt qoq to 95.4% with broad-based improvements in Singapore, Germany and Australia. We estimate rental reversion for retail portfolio has improved from +3.5% in 2Q26 to 6.6% for 3Q26. Paragon, balance 55% of CapitaSpring and Gallileo’s progressive handover to ECB would contribute fully for six months in 2H26. Maintain BUY. Target price: S$3.11.
Company Results | Nanofilm Technologies International (NANO SP/BUY/S$0.805/Target: S$1.090)
- 3Q26 revenue grew 2% yoy to S$74m, with strong NFBU and IEBU growth offsetting weaker AMBU revenue. 9M26 revenue of S$187m (+4% yoy) is broadly in line with our estimate. Gross and EBITDA margins each improved 5ppt yoy on better cost control and operational optimisations. The flagship coating programme has reached full capacity, supporting 4Q26. Maintain BUY on Nanofilm with a lower target price of S$1.09.
Company Update | Keppel (KEP SP/BUY/S$10.24/Target: S$11.90)
- Keppel’s 3Q26 headline net profit rose 15% yoy, but 9M26 core earnings growth of over 10% lagged our 20% fullyear forecast, reflecting weaker-than-expected integrated power earnings growth. Asset management fees increased 18% yoy, supported by expanding FUM. We lower our 2026-28 core earnings forecasts by 4-6% as we fine-tune our integrated power estimates. The outlook remains positive for Keppel, supported by secular growth in power demand and digital infrastructure investment. Maintain BUY with a lower target price of S$11.90.
Market Spotlight
- US stocks were lower on Thursday. All indices fell as the communication services, information technology and consumer discretionary sectors fell. There were more advancers than decliners on NYSE and NASDAQ.
- The FSSTI fell 1.88 points to 5,397.91, on the back of weakness in DBS, UMS and SATS, with both mid- and small-cap indices falling with a broad market decline on a S$1.77b turnover.
Technical Analysis
AEM Holdings | AEM SP
Trading Sell Range: S$8.15-8.16
DBS Group | DBS SP
Trading Sell Range: S$73.80-73.85
Key Indices
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