Our Top Picks Today: Stocks | 30 March 2026

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BUY

United Overseas Bank Ltd (UOB SP)

Entry: 35.5
Target: 40.5
Stop Loss: 33.0
MAS 29 Jan tilt, fee momentum and ASEAN franchise, provisioning front loaded
Key Insights 
  • MAS 29 Jan stance keeps the macro set-up constructive for banks. MAS kept the S$NEER policy band settings unchanged on 29 Jan 2026 while raising its 2026 inflation forecasts to 1.0% to 2.0% for both core and headline CPI, an outcome consistent with a steady growth and inflation backdrop. For UOB, a stable policy setting typically supports steady SORA conditions and a more predictable deposit pricing environment, which is the core requirement for NIM stability into FY26. 
  • Provisioning is front loaded, which sets up a cleaner 2026 slope. In 3Q25, UOB reported net profit of S$443M after setting aside an additional S$0.6B of pre-emptive general allowances to strengthen coverage. Management highlighted performing loan coverage strengthened to 1% and stated total credit costs are expected to normalise following this exercise, while also indicating the final dividend for 2025 would not be impacted by the pre-emptive allowance set aside. This is important because it reduces downside tail risk and improves earnings visibility for FY26 once the one-off provisioning drag rolls off.

RE-ITERATE BUY

Singtel Ltd (ST SP)

Entry: 4.8
Target: 5.8
Stop Loss: 4.3
Optus execution improving, associates still compounding, and capital returns are back in focus
Key Insights 
  • Risk assets and rates backdrop has turned supportive for “defensive compounders” Singtel tends to re-rate when investors rotate back into high-quality cashflow with visible capital return. The key swing is that FY26 delivery is being driven less by the Singapore consumer mobile tape and more by Optus and associates, which are higher beta to operating execution than to domestic price competition. The stock is also already trading near its 52-week high, so the near-term driver is whether momentum in operating company EBIT and capital returns stays credible. 
  • Associates and portfolio actions are doing heavy lifting. 1H FY26 net profit was S$3.40B, boosted by net exception gains largely from selling a partial stake in Airtel and the Intouch Gulf merger, while underlying net profit rose 14% to S$1.35B. That matters because it reinforces Singtel’s “portfolio as a capital engine” model, not just a domestic telco. When the market trusts that portfolio recycling plus associates growth will continue, valuation support improves.

BUY

Ping An Insurance (2318 HK)

Entry: 52
Target: 72
Stop Loss: 42
NBV inflection is real, investment yield is back, and shareholder returns stay sticky
Key Insights 
  • NBV is reaccelerating, and the mix shift is the right kind. FY2025 Life and Health NBV rose 29.3% to RMB36.897B, reflecting a shift toward higher-margin protection products and better productivity. This is the cleanest fundamental re-rating lever because the market still discounts China life insurers on “low growth plus low rates”. A sustained NBV slope change tends to drive multiple expansion faster than any single quarter of accounting profit.
  • Investment performance has improved, which matters more in this tape. Ping An’s insurance funds investment portfolio grew 13.2% to RMB6.49T, and the company disclosed comprehensive investment yield of 6.3% for 2025. With Chinese equities supported by policy and AI-linked optimism, insurers that can generate stable investment returns typically see quicker earnings revision and sentiment lift, especially when NBV is already improving.

RE-ITERATE BUY

Meituan (3690 HK)

Entry: 75
Target: 105
Stop Loss: 60
Price-war thaw, instant retail scale, earnings catalyst this week
Key Insights 
  • Policy pivot is the immediate re-rating hook. On 25 Mar 2026, state media and regulators explicitly called for an end to the food-delivery price war, and the sector moved sharply higher on the implication of more rational competition and better margin outcomes. For Meituan, any sustained “less subsidy, more discipline” tape can quickly lift earnings expectations because unit economics in Core Local Commerce are extremely sensitive to subsidy intensity. 
  • Instant retail is the structural growth lever that gets underwritten late. China’s “instant delivery e-commerce” model is scaling quickly, with government and industry write-ups highlighting rapid growth rates versus broader e-commerce. Meituan’s fulfilment network and merchant density remain a competitive moat in this category, supporting order frequency expansion beyond food into higher-value retail baskets. If competition cools, the incremental gross profit from non-food instant retail should be more visible in margins.

BUY

Cheniere Energy Inc (LNG US)

Entry: 290
Target: 330
Stop Loss: 270
LNG production disruptions to inflate prices
Key Insights 
  • Contracted LNG platforms offers defensive upside amid global gas market disruptions. Cheniere is positioned to benefit from the global LNG shock caused by the Iran war, which has severely disrupted flows through the Strait of Hormuz and damaged Qatari export capacity, driving Asian LNG prices sharply higher and forcing buyers to seek replacement cargoes from the U.S. At the same time, Cheniere’s business remains defensive because the vast majority of its volumes are sold under long-term, Henry Hub-linked contracts, while new supply from Corpus Christi Train 5 and its broader expansion platform should support production growth into 2026.
  • Long-term contracts and expansion visibility support cash returns and growth. Cheniere’s commercial model is reinforced by fresh long-dated customer commitments, including its new SPA with CPC of Taiwan for up to 1.2 mtpa from 2026 to 2050, on top of an earlier roughly 2 mtpa contract, giving it strong demand visibility even as the market remains volatile. With approximately 52 mtpa of LNG capacity already operating and more than 9 mtpa under construction, Cheniere is well placed to capture the structural premium on secure U.S. LNG supply while continuing substantial shareholder returns under its existing capital allocation framework.

RE-ITERATE BUY

Occidental Petroleum Corp (OXY US)

Entry: 61
Target: 69
Stop Loss: 57
Higher-for-longer oil prices to improve margins
Key Insights 
  • Middle East and Russia-Ukraine disruptions support elevated oil prices. Occidental stands to benefit from a higher-for-longer oil price environment as the Iran conflict continues to disrupt a region that handles roughly one-fifth of global crude flows, while simultaneous attacks on Russian export infrastructure have tightened supply further. With Brent recently trading above US$100/bbl, OXY’s upstream portfolio is positioned to capture stronger realizations and improved operating cash flow from persistent geopolitical supply risks.
  • OxyChem sale sharpens oil leverage and strengthens cash flow quality. Occidental has improved its financial flexibility through the sale of OxyChem to Berkshire Hathaway for US$9.7bn in cash, accelerating deleveraging and allowing the company to focus more on its core oil and gas portfolio. With debt reduction now further advanced and the portfolio more concentrated in upstream operations, OXY offers greater earnings sensitivity to sustained high crude prices at a time when global energy security concerns are supporting the commodity backdrop.

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