MPACT SP
VivoCity strength, Festival Walk clean-up, and 6% yield carry
KEY INSIGHTS #1
Singapore retail remains the earnings anchor.
The core positive is VivoCity, which remains the best asset in the portfolio and continues to benefit from resilient suburban and destination retail demand. In FY24/25, VivoCity delivered full-year revenue growth of 3.5%, NPI growth of 2.1%, tenant sales above S$1B for the third consecutive year, committed occupancy of 99.3%, and rental reversion of +16.8%. That is still the cleanest reason to own the REIT.
KEY INSIGHTS #2
Festival Walk divestment helps clean up the balance sheet and reduce overseas drag.
MPACT agreed to divest Festival Walk Tower, the office component of Festival Walk in Hong Kong, for HK$1.96B or about S$328.1M, with completion targeted for February 2026. Proceeds are expected to be used for debt reduction, which should support gearing, lower funding pressure, and partially de-risk the weaker Hong Kong office exposure. This is not a transformational sale, but it is the right direction: recycle weaker non-core exposure and protect the balance sheet.
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.
3986 HK
Memory upcycle, China self-sufficiency premium, and DRAM optionality
KEY INSIGHTS #1
Memory cycle is turning from recovery to shortage economics.
GigaDevice sits directly in the tighter niche memory cycle. DIGITIMES reported that the company sees tight supply and rising prices across DRAM, NOR Flash and SLC NAND continuing through 2026, supported by AI, server and industrial demand recovery. This is the key industry setup: the stock should trade less like a low-growth embedded chip supplier and more like a memory upcycle beneficiary.
KEY INSIGHTS #2
DRAM optionality is the swing factor, not just NOR Flash leadership.
The market already knows GigaDevice is strong in NOR Flash, where Reuters cited an 18.5% global market share and second-place global ranking. The more important upside risk is DRAM. S&P Global Market Intelligence, citing Visible Alpha consensus, expects GigaDevice’s memory business revenue to rise 147% YoY to RMB16.2B in 2026, with DRAM revenue forecast to rise 345% to RMB8.3B. If that plays out, the earnings mix changes materially and the market can justify a higher multiple.
1177 HK
Innovation sales scaling, global BD validation, and pipeline density
KEY INSIGHTS #1
Innovation mix is now the core rerating engine.
Sino Biopharm’s innovative product revenue reached RMB15.22B in 2025, up 26.2% YoY, and accounted for close to half of group revenue based on reported 2025 revenue of RMB31.83B. This matters because China pharma names rerate when revenue quality shifts from mature generics into innovative drugs with better pricing power, longer product cycles, and stronger BD optionality.
KEY INSIGHTS #2
Global pharma validation is becoming a repeatable catalyst.
The Sanofi rovadicitinib licensing deal is worth up to US$1.53B, including US$135M upfront and up to US$1.4B in milestones, giving worldwide rights to a China-approved blood-cancer drug. Separately, GSK partnered with Sino Biopharm’s CTTQ to supply bepirovirsen in mainland China, with China regulatory approval expected in 2027 and GSK expecting peak annual sales above £2B globally. These deals validate Sino’s R&D and commercial platform, and should lift market confidence in future out-licensing and in-licensing economics.
ADI US
High-quality analog compounder with AI data centre upside
KEY INSIGHTS #1
Broad-based order recovery with high-margin AI exposure.
AI infrastructure is expanding analog content beyond GPUs. While AI demand is usually associated with GPUs and memory, data centres also need higher-density power management, optical connectivity and signal-chain solutions, which are key ADI product areas. This gives ADI a broader AI infrastructure angle, especially as WSTS expects the global semiconductor market to reach US$1.51tn in 2026, driven by AI infrastructure, HBM and accelerated computing demand.
KEY INSIGHTS #2
AI infrastructure is expanding analog content beyond GPUs.
While AI demand is usually associated with GPUs and memory, data centres also need higher-density power management, optical connectivity and signal-chain solutions, which are key ADI product areas. This gives ADI a broader AI infrastructure angle, especially as WSTS expects the global semiconductor market to reach US$1.51tn in 2026, driven by AI infrastructure, HBM and accelerated computing demand.
NVDA US
Core AI infrastructure platform powering the AI factory buildout
KEY INSIGHTS #1
NVIDIA is expanding from GPUs into full AI factory systems.
NVIDIA remains the key beneficiary of the AI infrastructure cycle because its value proposition now extends beyond GPUs into full-stack AI factory systems, including accelerated compute, networking, software, memory partnerships and data centre reference architectures. Recent partnerships with NAVER and SK Telecom to build gigawatt-scale AI factories using NVIDIA’s DSX platform, together with its multi-year partnership with SK hynix for next-generation memory aligned with the Vera Rubin roadmap, reinforce NVIDIA’s role as the core platform provider for the next phase of AI infrastructure.
KEY INSIGHTS #2
AI data centre demand remains larger than current supply.
AI infrastructure demand continues to outpace available data centre capacity, power and memory supply. Newmark estimates that an aggressive AI adoption scenario could require an additional 250GW of data centre capacity, while U.S. hyperscalers are expected to spend around US$700bn in 2026 to meet AI infrastructure commitments. This supports continued demand for NVIDIA’s GPUs, networking, memory ecosystem and AI factory architecture, especially as AI moves from training to inference, agents and physical AI.
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