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Trending Sector
Global Technology
Chips over code in the AI race
Nvidia quarterly revenue trend
Period | Revenue (USD’bn) | y/y chg (%) | Guidance (USD’bn) | q/q chg (USD’ bn) | Gross margins |
1Q24 | 7.2 | n.m. | 6.5 | n.m. | 66.8% |
2Q24 | 13.5 | 101.5 | 11 | 4.5 | 71.2% |
3Q24 | 18.1 | 205.5 | 16 | 5 | 75.0% |
4Q24 | 22.1 | 265.3 | 20 | 4 | 76.7% |
1Q25 | 26 | 261.1 | 24 | 4 | 78.9% |
2Q25 | 30 | 122.2 | 28 | 4 | 75.7% |
3Q25 | 35.1 | 93.9 | 32.5 | 4.5 | 75.0% |
4Q25 | 39.3 | 77.8 | 37.5 | 5 | 73.5% |
1Q26 | 44.1 | 69.6 | 43 | 5.5 | 71.3%* |
2Q26 | 46.7 | 55.7 | 45 | 2 | 72.7% |
3Q26 | 57.0 | 62.4 | 54* | 9 | 73.6% |
4Q26 | 68.1 | 73.3 | 65 | 11 | 75.2% |
1Q27F | - | - | 78 | 13 | 75.0% |
Source: DBS, Company *Excluding impact from H20 export control
- Overnight results from Nvidia and Salesforce affirm our preference for hardware over software to ride on the ongoing AI wave
- Concerns over AI-driven disruption for software players appear more immediate than fears of an AI-led bubble (i.e., excessive AI CAPEX) for now
- Nvidia beat both 4Q26 results and 1Q27 guidance, driven by expectations of a sustained AI boom, with yet another record USD13bn q/q increase in quarterly revenue to USD78bn (+77% y/y)
- Salesforce’s FY27 revenue guidance of USD46bn was broadly in line with consensus but did little to ease concerns around AI-related disruption
- We see three takeaways from Nvidia’s results and earnings call –
- AI momentum remains robust, underpinned by hyperscalers (50% of data center revenues) and rising contribution from sovereign AI (revenues tripled to USD30bn in FY26) -> beneficiaries are AMD, Broadcom (AI chips peers), TSMC (foundry partner), Micron (memory)
- Uncertainty around H200 exports and progress in China are positive signals for domestic tech stocks like foundry SMIC and hyperscalers (Alibaba and Baidu) with proprietary AI chip initiatives
- Memory-led supply constraint in gaming remains a headwind, and could weigh on stocks with higher consumer electronics exposure (e.g., Intel, Qualcomm, Lenovo, Xiaomi)
- AI disruption fears have triggered a sharp de-rating in software stocks which may present an opportunity to bottom fish selectively for quality names
- Oracle, Salesforce, and SAP now trade at 19x, 23x, and 14x respectively vs semiconductor hardware names which trade at around 30x FY26 earnings
- We prefer Oracle over SAP and Salesforce as its focus on databases, infrastructure, and cloud makes it less exposed to AI-driven disruption at the application layer
- SAP is also facing scepticism over adoption of its flagship AI assistant Joule, with some customers and implementation partners questioning its value proposition
Singapore REITs
Unlocking alpha within the mid-cap S-REITs
- Fertile hunting ground for alpha as policy support thrusts the mid-cap S-REITs into the spotlight
- Cohort of S-REITs in iEdge Next50 offer close to 2.5x the growth profiles vs large caps; more meaningful uplifts from steady operational outlook and conducive interest rates environment
- Alpha picks: KREIT, CA-REIT, NTT DC REIT and CLAS
- Potential turnaround and value-unlocking opportunities in SUN and DCREIT
Singapore Equity Picks
AEM Holdings: Add to Growth at SGD2.03
FY25 net profit of SGD17.1mn (+48% y/y) was better-than-expected, with FY25 (vs none in FY24) dividend resumption of 1.3 Singapore cents signaling confidence in AEM’s turnaround. More importantly, FY26 revenue guidance of SGD460-510mn (+ c.21% y/y growth at the midpoint and above our/consensus FY26 estimate of SGD453/447mn) points to imminent upward revisions to consensus forecasts. Litigation concerns could take a backseat as stronger FY26 guidance supports revenue driven operating leverage and a sharper earnings recovery. Technical support seen at SGD2.00 A rise to SGD2.62 looks possible in coming months based on 100% Fibonacci extension. Protective stop if the stock closes below SGD1.98.
Stocks to Watch
AEM Holdings
Earnings outperform with strong FY26 guidance
- FY25 net profit came in at SGD17.1mn (+48% y/y) on revenue of SGD399.3mn (+5% y/y), above expectations, with dividend payments resumed
- FY26 revenue guidance of SGD460–510mn (+21% y/y at the midpoint) is anchored by the continued ramp of its key AI/HPC customer
- Well positioned to benefit from multi year AI demand with legal uncertainty likely to take a backseat
- We currently have a BUY call with TP SGD2.10; TP is under review
Yangzijiang
FY25 Results Above; Dividend Surprise
- FY25 net profit surged 30% y/y to record RMB8,637mn, beating consensus by 3-4% on strong shipbuilding revenue
- Gross Shipbuilding margin in 2H25 up 5.3 ppt to 35%, similar to 1H25 level, resilient despite USD weakness
- Secure additional USD290mn new orders in Dec, bringing full year orders to ~USD2.5bn; Maintain annual order win target of USD4.5bn
- Dividend payout raised to 50% with final DPS 20 Scts (vs 16 Scts expectation), yielding >5%. Earnings and SGD3.80 TP under review
OCBC
- New growth strategy ahead to drive ROE sequentially
- Preference for special dividends over buyback, opening room for special dividends from unutilised share buyback program by FY26F
- Maintain BUY, TP SGD23
Food Empire
Russia outperformance offsets SEA margin pressure
- FY25 normalised earnings at USD68.6mn, broadly in-line with above consensus estimates of USD69.9mn
- Strong earnings growth largely driven by strong performance in Russia, offset by lower profitability in Southeast Asia despite higher revenue likely on higher A&P spend
- Recent robusta coffee price correction likely to support further margin expansion in FY26
- Maintain BUY with TP under review
Stoneweg EUR Trust – TP (+)
Redeployment of capital will be key to earnings growth
- FY25 DPU of 13.390Ects is slightly ahead of our projections, mainly attributed to improvement in core earnings
- Positive rental reversions of +9.8% in FY25, more than double of historical average
- Consecutive year of portfolio valuation uplift
- Maintain BUY with marginally higher TP of EUR1.90
SIA – TP (+), Earnings (+)
- 3QFY26 results outperformed expectations, driven by stronger-than-expected yields at both SIA (+3.4% y/y) and Scoot (+4.3% y/y)
- Passenger yields expected to remain more stable, marking a clear shift from previous guidance that pointed to gradual moderation
- Raise FY26/27F operating profit estimates by 16%/28%, though there is still a meaningful degree of uncertainty on the durability of yield strength
- Maintain HOLD with revised TP of SGD 7.50; risk-reward remains neutral as much of the recovery is priced in at SIA’s premium valuation, while yield durability remains to be proven
Delfi – TP (+), Earnings (+)
Growth in 2026 likely to be modest
- FY25 net profit (adjusted for estimated one-offs) came in at ~USD32mn, down 6% y/y but 5% above our estimates
- Declared a final dividend of 1.72 UScts/share, taking FY25 dividends to 2.72 UScts/share, which implies a conservative ~50% payout ratio due to cautious FY26 outlook
- Lift FY26F/FY27F earnings by 2%/1% to reflect easing cocoa prices, with additional upside potential from improving fundamentals in Indonesia
- Maintain HOLD with higher TP of SGD1 (vs SGD0.80) on higher 14x PE peg as the company moves into an earnings upcycle
Nanofilm
Margin recovery and operating leverage underpin FY25 earnings beat
- FY25 earnings beat expectations, driven by strong revenue rebound and improving operating leverage
- Growth led by AMBU expansion and sharp IEBU recovery, with margins rebounding in 2H as inefficiencies from the new product ramp-up eased
- FY26 outlook remains positive on stronger utilisation and industrial growth, though execution and demand risks persist
- We currently have a HOLD rating with a SGD0.71 TP, based on 29x FY26F P/E (near -1SD of 4-year average), pending clearer evidence of accelerated execution across key growth initiatives. Further updates to follow post-briefing
Seatrium
FY25 results first look
- Steady FY25 results with net profit doubling to SGD324m, in line with expectation on higher Revenue +24% and GPM +430bps to 7.4% on execution efficiencies
- Orderbook moderated to SGD17.8bn, pursuing SGD32bn pipeline; legacy US projects near completion, ending onerous provisions.
- Besides earnings recovery, order win momentum is another critical driver for share price; expect sizeable orders from Petrobras and Tennet;
- Final DPS doubled to 3.0 Scts; We currently have a BUY call with SGD2.96 TP
Legend
| (+) | (-) |
Earnings | Positive earnings revision | Negative earnings revision |
Recommendation | Upgrade | Downgrade |
TP | Increase | Decrease |
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- Member of Central Deposit Insurance Corporation (CDIC)