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- Singapore Equity Picks29 Apr 2026
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Singapore Equity Picks
Nanofilm Technologies: Add 23,000 shares to Growth @ SGD1.36
Nanofilm’s pullback from SGD1.68 week-to-date looks to have found near-term support at SGD1.27 yesterday for the following reasons: (1) SGD1.26 coincides with key 38.2% and 50% retracement levels of the stock’s rally over the past 1 month, (2) SGD1.26 coincides with the middle of the long-white candle that appeared on 23 April, and (3) 200% Fibonacci projection suggests the pullback off SGD1.68 should halt at SGD1.30, below that is a temporary undershoot. Stock trades at FY26F/FY27F valuation of 19.7X/14X PE on 154%/41% EPS growth, 0.13/0.35 PEG, and offers 3%/4.3% yield. Our fundamental TP is SGD1.65. We add the stock as a tactical trade with modest 5.5% exposure to equity picks.
Trending Sector
Singapore Semiconductor
More than meets the AI
- AI and memory tailwinds accelerating, broadening the semiconductor upcycle
- Valuation catch‑up remains in play despite recent outperformance
- Preference order: UMS > AEM > Frencken, based on growth and risk‑reward
- Maintain BUY across all three, with higher TPs: UMS (TP SGD 92, earnings + 9-11%), AEM leads (TP SGD 8.90, earnings +42-56%), Frencken’s TP raised to SGD 3.22 with earnings unchanged
Singapore Residential
Heavyweight showdown at Dunearn Road GLS tender
- Dunearn Road GLS drew six bids, with major listed developers (UOL, CDL, GUOL, FPL) all vying for this prime site; top bid of SGD 1,625 psf ppr came from Wing Tai-Metro joint venture
- Top bid is 15% higher than adjacent plot acquired by FPL at SGD 1,410 psf ppr less than a year ago; higher benchmark for future pricing positive for FPL’s Dunearn House launch this year at estimated SGD3,100 psf
- If awarded, breakeven of around SGD 2,750-2,850 psf for the new site implies launch prices likely to start from SGD3,300 psf
- Maintain BUY and TP of SGD 1.50 on FPL
Stocks to Watch
UMS Integration – Earnings (+), TP (+)
Growth momentum set to accelerate
- Maintain BUY with higher TP SGD2.92, raised FY26F and 27F earnings by 9-11%
- Key customers are benefiting from a prolonged structural semiconductor upcycle underpinned by sustained AI demand
- Visible growth drivers ahead, with double-digit semiconductor revenue growth expected and a potential step-up in orders from the second customer
- Existing capacity is sufficient to support near-term growth, with expansion likely required to sustain the next phase of growth
AEM Holdings – Earnings (+), TP (+)
Chips are in the right place
- Structural inflection from single customer centric to multi customer business, with AI emerging as a key tailwind
- Margin expansion and operating leverage to emerge as the business model evolves; rerating potential driven by reduced concentration risk and a structurally improved demand profile
- FY26/27 earnings revised upward by 42-56% on higher revenue and margin assumptions
- Maintain BUY with higher TP of SGD8.90
Frencken – TP (+)
Visibility improving, growth broadening
- Maintain BUY with a higher TP of SGD3.22 on sector re-rating, supported by intact structural growth drivers
- Improving visibility for front‑end equipment demand; backend equipment as the next structural growth driver
- Non-semiconductor segments positioned for gradual recovery and FY26 inflection
- Expecting muted near-term revenue and earnings growth; longer term growth drivers intact
MPACT – Earnings (-)
FY26 Results - Past bottom, on way up
- Gross revenue and NPI declined 4.6% and 4.3% y/y to SGD867.3m and SGD654.4m on divestments (2 JP assets, Festival Walk office), DPU stable at 7.97 scts (-0.6% y/y) on interest cost savings and ahead of our estimates
- SG operations remain resilient with strong +14% reversions at VivoCity, higher MBC occupancy offset negative reversions overseas; Portfolio valuation declined 2.1% (led by overseas decline)
- What we watch for: (i) interest cost savings from swap expiries, (ii) yield neutral move to recycle Festival Walk divestment (exit yield of 3 - 3.5%) to pare down debt as reflected in our estimates; (iii) upcoming anchor tenant renewals overseas
- Maintain BUY with TP of SGD1.65, revised DPU of 8.11 scts / 8.60 for FY27/28 represents forward yields of 6.0% / 6.4% on current share price
Mapletree Industrial Trust – Recommendation (-), Earnings (-), TP (-)
Approaching a speed bump
- Expected dip in FY26 DPU to 12.71 Scts (-6.3%) in line with expectations owing to higher vacancies in US datacenters and loss of income in Singapore
- Overall outlook remain mixed; Singapore portfolio to hold the fort with positive reversions and resilient occupancies while higher vacancies in the USA (c.4.7% of income expiring in early FY27) to weigh on DPU
- Planned divestments of SGD 500mn-600mn of US properties to further strengthen balance sheet and support DPU recovery
- Cutting DPU estimates by 7%-8%, revised estimates of 11.7Scts and 12.1Scts are c.5-8% below consensus, which we expect downgrades. Downgrade to HOLD with lower TP of SG2.05 Scts (total return of c.7%)
Aztech Global – TP (+)
1QFY26 broadly inline; pipeline execution supports gradual earnings recovery
- 1QFY26 earnings surged 167% from a weak 1QFY25; revenue gained 54% y/y, broadly inline
- Revenue growth driven by higher volumes from existing and new customers, with margin expansion reflecting improved utilisation and disciplined cost management
- Ongoing customer diversification, with strategic focus on expanding presence in MedTech and renewable energy segments
- Maintain HOLD; TP raised to SGD0.93 on 15x FY27F, with no change to forecasts
IREIT Global
Stabilising core, but Berlin still weighs
- Positive leasing momentum at the Darmstadt Campus led to an improved committed portfolio occupancy of 92.2%
- Key positives: i) 2.8ppt improvement in portfolio committed occupancy rate, ii) gearing has stabilised albeit at an elevated level, iii) redevelopment of the Berlin Campus in on track and within budget
- What we are watching out for: i) spike in overall interest rates from refinancing, ii) borrowing costs expected to continue creeping up further, iii) overall gearing as progressive payments are made for Berlin Campus
- Maintain HOLD with TP of SGD0.30
CapitaLand Investment
Fee Strength Offsets Investment Drag
- Fee income remains the key driver, with +10% y/y growth led by listed and private funds, reinforcing CLI’s capital-light transition; offset dip in REIB ( 14% dip y/y) reflecting active capital recycling.
- China continues to lag, with negative rental reversions and weak office demand, weighing on overall earnings momentum.
- Balance sheet strength and disciplined capital deployment position CLI well, but a slower fundraising environment may cap near-term upside.
- Previous TP of SGD 3.60 under review
Hong Leong Asia
New equity issuances to fund growth
- HLA has proposed to place 50m new shares (~6.7% of existing share capital) at SGD2.90 per share, raising gross proceeds of ~SGD145mn (net ~S$142.3mn)
- 80% of net proceeds (~SGD113.8mn) allocated for general corporate activities including investments, acquisitions, business expansion and debt repayment; the remaining 20% (~SGD28.5mn) for general working capital needs
- Proceeds likely to fund recent acquisition of Yong Tai Loong (core P/E of 4.5x) which is likely to be value-accretive
- Reiterate BUY with unchanged TP of SGD3.90
Legend
| (+) | (-) |
Earnings | Positive earnings revision | Negative earnings revision |
Recommendation | Upgrade | Downgrade |
TP | Increase | Decrease |
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Related insights
- Singapore Equity Picks29 Apr 2026
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- Singapore Equity Picks29 Apr 2026
- Watch out for surprises ahead of May 1 deadline 29 Apr 2026
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