Key Indices
Top Stories
Company Results | UMS Integration (UMSH SP/BUY/S$1.89/Target: S$2.40)
- 3Q26 earnings rose 102% yoy and 9% qoq to S$21m, driven by new customer ramp-up. Revenue increased 61% yoy to S$95m despite OEM parts shortages. 9M26 earnings of S$54.5m (+78% yoy) were in line at 76% of our full-year forecast. UMS remains positive on customer demand and is expanding capacity in Malaysia and Vietnam. Maintain BUY with a lower target price of S$2.40.
Company Results | Valuetronics (VALUE SP/BUY/S$0.93/Target: S$1.40)
- VALUE raised its interim dividend by 75% to 14 HK cents/share. ICE revenue grew 18.6% yoy, driving group revenue growth of 7.3% and PBT growth of 1.3%. The HK$300m capital return programme continues to progress, supported by HK$1.15b net cash. Maintain BUY with a target price of S$1.40. Further capital returns, ICE growth and potential GPU asset disposals are re-rating catalysts.
Company Update | City Developments (CIT SP/BUY/S$7.12/Target: S$11.85)
- Operating performance improved in 3Q26, with recurring income underpinned by higher occupancy at its Singapore office and UK living portfolio. Residential sales value was stable yoy. However, management guided for a weaker 2H26 yoy on a high 2H25 base, forex losses and potential property impairments. It also indicated a delay in certain capital recycling transactions to 2027. Nonetheless, CIT remains committed to executing its strategic objectives to unlock embedded value and strengthen its financial position. Maintain BUY; target price: S$11.85.
Company Update | Yangzijiang Shipbuilding (YZJSGD SP/BUY/S$4.61/Target: S$5.30)
- Yangzijiang Shipbuilding secured US$6.98b in new orders in 10M26, exceeding its 2026 target by 55%, while its record US$26.3b orderbook extends revenue visibility through 2030. Further wins remain possible, but limited earlier delivery slots and unresolved US-China port-charge measures somewhat reduce visibility on 2027 order intake. We maintain our earnings forecasts, with 21%/17% yoy growth projected for 2027/28, supported by the orderbook, stable margins and capacity expansion. Maintain BUY with a lower target price of S$5.30.
Market Spotlight
- US stocks were higher on Wednesday. All indices rose as information technology, energy and industrials sectors gained. There were more advancers than decliners on both the NYSE and NASDAQ.
- The FSSTI rose 31.07 points to 5,289.66, on the back of strength in DBS, Singtel and OCBC Bank. Both mid- and small-cap indices rose, with a broad market advance on S$2.11b turnover.
Technical Analysis
Raffles Medical Group (RFMD SP)
Trading Buy Range: S$0.840-0.845
Yangzijiang Financial (YZJFH SP)
Trading Buy Range: S$0.210-0.215
Top Stories
Company Results | UMS Integration (UMSH SP/BUY/S$1.89/Target: S$2.40)
- 3Q26 earnings rose 102% yoy and 9% qoq to S$21m, driven by new customer ramp-up. Revenue increased 61% yoy to S$95m despite OEM parts shortages. 9M26 earnings of S$54.5m (+78% yoy) were in line at 76% of our full-year forecast. UMS remains positive on customer demand and is expanding capacity in Malaysia and Vietnam. Maintain BUY with a lower target price of S$2.40.
Company Results | Valuetronics (VALUE SP/BUY/S$0.93/Target: S$1.40)
- VALUE raised its interim dividend by 75% to 14 HK cents/share. ICE revenue grew 18.6% yoy, driving group revenue growth of 7.3% and PBT growth of 1.3%. The HK$300m capital return programme continues to progress, supported by HK$1.15b net cash. Maintain BUY with a target price of S$1.40. Further capital returns, ICE growth and potential GPU asset disposals are re-rating catalysts.
Company Update | City Developments (CIT SP/BUY/S$7.12/Target: S$11.85)
- Operating performance improved in 3Q26, with recurring income underpinned by higher occupancy at its Singapore office and UK living portfolio. Residential sales value was stable yoy. However, management guided for a weaker 2H26 yoy on a high 2H25 base, forex losses and potential property impairments. It also indicated a delay in certain capital recycling transactions to 2027. Nonetheless, CIT remains committed to executing its strategic objectives to unlock embedded value and strengthen its financial position. Maintain BUY; target price: S$11.85.
Company Update | Yangzijiang Shipbuilding (YZJSGD SP/BUY/S$4.61/Target: S$5.30)
- Yangzijiang Shipbuilding secured US$6.98b in new orders in 10M26, exceeding its 2026 target by 55%, while its record US$26.3b orderbook extends revenue visibility through 2030. Further wins remain possible, but limited earlier delivery slots and unresolved US-China port-charge measures somewhat reduce visibility on 2027 order intake. We maintain our earnings forecasts, with 21%/17% yoy growth projected for 2027/28, supported by the orderbook, stable margins and capacity expansion. Maintain BUY with a lower target price of S$5.30.
Market Spotlight
- US stocks were higher on Wednesday. All indices rose as information technology, energy and industrials sectors gained. There were more advancers than decliners on both the NYSE and NASDAQ.
- The FSSTI rose 31.07 points to 5,289.66, on the back of strength in DBS, Singtel and OCBC Bank. Both mid- and small-cap indices rose, with a broad market advance on S$2.11b turnover.
Technical Analysis
Raffles Medical Group (RFMD SP)
Trading Buy Range: S$0.840-0.845
Yangzijiang Financial (YZJFH SP)
Trading Buy Range: S$0.210-0.215
Key Indices
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
