Key Indices
Top Stories
Company Results | iFAST Corp (IFAST SP/BUY/S$8.00/Target: S$10.16)
- iFAST’s 9M26 revenue of S$483.5m (+33% yoy) and PATMI of S$90.3m (+34% yoy) were slightly above expectations, forming 77%/80% of our full-year forecasts. AUA reached a record S$36.8b (+20% yoy), while iGB achieved record quarterly profitability. We expect the better operating leverage to lift net margin for 2027. Maintain BUY with a 17% lower target price of S$10.16.
Company Update | CapitaLand Ascott Trust (CLAS SP/BUY/S$0.825/Target: S$1.00)
- Portfolio RevPAU rose 4% yoy organically on a same-store basis in 3Q26. Occupancy improved 5ppt qoq to 84%. For 2026-27, US student accommodation is expected to achieve occupancy of 98% and revenue growth of 7%. Japan rental housing clocked a positive rental reversion of 5%. Maintain BUY on CLAS with a target price of S$1.00.
Market Spotlight
- US stocks were higher on Tuesday. All indices rose as information technology, consumer discretionary and materials sectors gained. There were more advancers than decliners on NYSE and NASDAQ.
- The FSSTI fell 18.88 points to 5,397.03, on the back of weakness in DBS and Thai Beverage. Both mid- and smallcap indices fell, with a broad market decline on S$1.44b turnover.
Technical Analysis
Oversea-Chinese Banking Corp | OCBC SP
Trading Sell Range: S$28.96-29.00
Frasers Centrepoint Trust | FCT SP
Trading Buy Range: S$2.13-2.14
Top Stories
Company Results | iFAST Corp (IFAST SP/BUY/S$8.00/Target: S$10.16)
- iFAST’s 9M26 revenue of S$483.5m (+33% yoy) and PATMI of S$90.3m (+34% yoy) were slightly above expectations, forming 77%/80% of our full-year forecasts. AUA reached a record S$36.8b (+20% yoy), while iGB achieved record quarterly profitability. We expect the better operating leverage to lift net margin for 2027. Maintain BUY with a 17% lower target price of S$10.16.
Company Update | CapitaLand Ascott Trust (CLAS SP/BUY/S$0.825/Target: S$1.00)
- Portfolio RevPAU rose 4% yoy organically on a same-store basis in 3Q26. Occupancy improved 5ppt qoq to 84%. For 2026-27, US student accommodation is expected to achieve occupancy of 98% and revenue growth of 7%. Japan rental housing clocked a positive rental reversion of 5%. Maintain BUY on CLAS with a target price of S$1.00.
Market Spotlight
- US stocks were higher on Tuesday. All indices rose as information technology, consumer discretionary and materials sectors gained. There were more advancers than decliners on NYSE and NASDAQ.
- The FSSTI fell 18.88 points to 5,397.03, on the back of weakness in DBS and Thai Beverage. Both mid- and smallcap indices fell, with a broad market decline on S$1.44b turnover.
Technical Analysis
Oversea-Chinese Banking Corp | OCBC SP
Trading Sell Range: S$28.96-29.00
Frasers Centrepoint Trust | FCT SP
Trading Buy Range: S$2.13-2.14
Key Indices
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