KBE SP
Mainboard transfer hook, Changi T5 backlog, Oiltek look-through value
KEY INSIGHTS #1
Mainboard transfer can broaden liquidity and institutional visibility.
Koh Brothers Eco Engineering proposed a transfer from Catalist to the SGX Mainboard, with the board stating the move could enhance its profile locally and overseas and improve investor visibility. For a small-cap contractor that has already re-rated on stronger earnings and asset-value awareness, Mainboard migration is a clean near-term catalyst because it can broaden the eligible investor base and reduce the “Catalist discount”.
KEY INSIGHTS #2
Oiltek stake keeps optionality alive.
Koh Brothers Eco has benefited from investor focus on Oiltek, after Oiltek crossed S$1b in market capitalisation and Koh Brothers Eco shares rose sharply on the read-through. This matters because the market is increasingly valuing Koh Brothers Eco not only as a contractor, but also as a holding structure with embedded listed-asset optionality. That said, this is also why the stock can be volatile when Oiltek momentum cools.
DBS SP
Wealth engine offsets rate drag, capital returns stay visible, MAS stance keeps macro constructive
KEY INSIGHTS #1
MAS stance supports a steady bank operating backdrop.
MAS kept the S$NEER policy band unchanged on 29 Jan 2026 and raised its 2026 core and headline inflation forecasts to 1.0% to 2.0%, signalling a firm but manageable macro backdrop. For DBS, this matters because the key debate is no longer “rates up equals NIM expansion”, but whether NIM can stabilise while wealth and treasury income carry group revenue. The January policy stance gives banks a more predictable domestic operating environment, even as global rates remain volatile.
KEY INSIGHTS #2
Capital return and earnings resilience keep the premium multiple defensible.
DBS has been trading near its 52-week high because the market is paying for resilience, not just growth. Q3 2025 already showed the same pattern: NIM compressed to 1.96% from 2.11% a year earlier, but total income still reached a record S$5.93B on wealth and deposit growth, and the bank raised quarterly DPS to 75 cents. The 1Q26 beat reinforces that this is not a one-quarter story.
STOCKS
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STOCKS
• Longfor Group Holdings Ltd (960 HK) at HK$7
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STOCKS
• Dfi Retail Group Holdings Ltd (DFI SP) at SG$3.50
