Sector Performance | Singapore | Hong Kong | United States | Trading Dashboard
United States
Hong Kong
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.
RE-ITERATE BUY
iFAST Corporation Ltd (IFAST SP)
| Entry: 8.5 Target: 10.5 Stop Loss: 7.5 |
| Recurring AUA compounder, bank turns profitable, and platform scale is back |
| Key Insights |
- Recurring fee tailwind is back as AUA and flows reaccelerate. The core setup is a higher quality risk asset tape plus platform share gains. Management highlighted FY2025 profitability was driven by continued growth in the core wealth management platform and the Hong Kong ePension business, which is consistent with a recurring revenue model that scales with AUA and customer activity.
- Bank inflection is the rerating lever, not just an incremental business line. iFAST Global Bank delivered its first full year of profitability in FY2025 with profit before tax of S$3.11M, after a FY2024 loss. This matters because the market has historically discounted the group on the view that banking would be a drag. A credible profitability run rate can compress the conglomerate discount and improve valuation support through cycles.
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.
RE-ITERATE BUY
AIA Group Ltd (1299 HK)
| Entry: 80 Target: 100 Stop Loss: 70 |
| Pan-Asia life and health insurer with leading franchises across Hong Kong, China, Thailand, Singapore and other Asian markets |
| Key Insights |
- Asia protection cycle is re-rating again, and AIA is printing record new business. AIA delivered record 2025 VONB of US$5.516B (+15%) with operating ROEV 15.8% and EV equity US$79.7B, up 14% per share on an actual exchange rate basis. The macro set-up remains supportive: protection and health remain under-penetrated across Asia, while rates and risk appetite are stabilising, which tends to sustain savings and protection demand in AIA’s core markets.
- Capital return is a credible re-rating tool, not just a yield story. Alongside the record VONB print, AIA announced a US$1.7B share buyback and raised the final dividend to 144.08 HK cents (up from 130.98 HK cents previously). This matters because AIA’s valuation tends to respond when management pairs growth with visible capital return, tightening the floor for the equity even if China macro stays choppy.
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.
RE-ITERATE BUY
Citigroup Inc (C US)
| Entry: 108 Target: 122 Stop Loss: 101 |
| Improving operating efficiency with stable rate tailwinds |
| Key Insights |
- A steadier Fed path supports NII stabilization instead of further margin pressure. The Fed’s decision to hold rates at 3.50%-3.75% and the market’s move to push expected easing further out improve the case for Citi’s NII to stabilize rather than keep falling. Citi’s Q4 net interest income rose 14%, showing that its earnings are still responding well to a less aggressive easing cycle, and a higher-for-longer rate backdrop should help offset some of the pressure investors previously expected from a faster decline in rates.
- Restructuring is improving the earnings mix and narrowing the gap to peers. Citi’s turnaround is adding a second support pillar beyond rates, Q4 investment-banking fees rose 35% and banking revenue climbed 78%, while headcount reduction, automation and regulatory progress continue to simplify the franchise and improve efficiency. With the workforce already down from 240,000 in 2022 to 226,000 by end-2025, Citi is increasingly positioned to convert stable NII plus better cost discipline into improved profitability and valuation rerating.
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