Stock Market Today

Trades Initiated in Past Week

US stocks closed higher on Wednesday (Nov 11), with the S&P 500 and the Nasdaq each rallying more than 1 per cent as earnings from neocloud firm CoreWeave cooled investor concerns about the durability of the AI trade, while Nvidia stabilised after two straight sessions of sharp declines.

Singapore shares ended higher on Wednesday (Nov 11), as tech stocks continued to recover after last week’s sell-off. Shares gained 0.6 per cent or 31.07 points to finish at 5,289.66. Venture led the gainers, rising 5.2 per cent or S$0.76 to S$15.31. The worst performer was Mapletree Pan-Asia Commercial Trust, which fell 2.5 per cent or S$0.03 to S$1.15.

* Golden Cross occurs when the 50-day moving average crosses above the 200-day moving average
* Death Cross occurs when the 50-day moving average falls below the 200-day moving average

SG

Air cargo handler and airline caterer Sats posted a 2.8 per cent rise in net profit to S$81.1 million for its second quarter ended Sep 30, from S$78.9 million in the previous corresponding period.

Centurion Corporation reported a 35 per cent rise in revenue to S$280.1 million for the nine months ended Sep 30, from S$208.3 million in the previous corresponding period. This was mainly due to the consolidation of Westlite Mandai and new operational beds in Singapore, as well as its Harum Megah portfolio in Malaysia and EPIISOD Macquarie Park in Sydney, Australia.

8M Real Estate is understood to have inked a deal to buy about 50 shophouses for around S$500 million. The shophouses are in locations such as Duxton Road, Duxton Hill, Tras Street, Craig Road and Neil Road – all within the Tanjong Pagar Conservation Area.

City Developments Ltd flagged that it expects to post a “significantly weaker” financial performance for its second half ending Dec 31. Certain capital-recycling deals that the Kwek-controlled group had earlier expected to materialise in the rest of FY2026 are now expected to be completed in FY2027.

CDL Hospitality Trusts (CDLHT) announced on Wednesday (Nov 11) the launch of a preferential offering for 231.4 million new stapled securities at an issue price of S$0.643 per stapled security.

SBS Transit posted a 35.5 per cent rise in net profit to S$19.6 million for its third quarter ended Sep 30, from S$14.5 million in the previous corresponding period. This was due to a S$13 million write-back of prior years’ Fuel Equalisation Fund provisions.

Payments platform Airwallex plans to invest more than S$2 billion in Singapore and grow its workforce in the Republic to more than 1,000 employees over the next five years.

Singapore Airlines (SIA) posted a net profit of S$209.7 million for its second quarter ended Sep 30, up from S$52.4 million in the previous corresponding period. This was due to stronger operating profit and a lower share of losses from associate Air India.

Singapore revises data centre energy-efficiency metrics in updated taxonomy. Criteria to qualify for transition financing updated for energy, maritime, iron and steel sectors as well.

Keppel Infrastructure Trust to acquire 70% stake in power plant for up to S$111.6 million. The proposed buy would have increased KIT’s FY2025 DPU by about 5.1% to S$0.0414 on a pro forma basis.

US

Oil prices rose about 1 per cent on Wednesday (Nov 11) after the Iranian security chief said Iran would not allow any enriched nuclear material to leave the country, feeding supply worries that lifted prices off two-month lows hit the previous session.

The US dollar rose against most currencies on Wednesday (Nov 11), extending gains after inflation data and hawkish comments from Federal Reserve officials a day earlier fuelled bets that the US central bank will raise interest rates in December.

CoreWeave targets 2028 profitability as AI demand surges. The company reported revenue of US$3.66 billion for the third quarter ended September, up from US$1.37 billion a year earlier.

Microsoft and other companies and trade groups have pressed the Trump administration to halt plans to bar imports from China of a key component used in AI data centres.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR

Raffles Education Ltd – Net cash in sight

Recommendation: BUY; TP S$0.20; Last close: S$0.084; Analyst Hashim Osman

• 1Q27 revenue decreased 14.6% YoY to S$24.7mn, forming 22% of our full-year estimates. The decline is due to the sale of Raffles Hefei (Wanbo Institute of Science & Technology with over 5,000 students) in 2H26. Adj. operating loss before tax narrowed to -S$0.1mn (prev. -S$1.5mn).
• Finance costs are down 47% YoY to S$2.1mn. There are no company-level bank borrowings. Group borrowings include S$36.4mn at OUCHK, S$35.9mn in convertible bonds (face value S$38.4mn), and c. S$10.4mn of bank loans at other subsidiaries.
• We maintain BUY with unchanged TP of S$0.20. There are no changes to our forecast. We believe cash from the Langfang acquisition (sale amount of S$50mn) and the remaining RMB37mn Hefei cash will turn the group to net cash. Future growth will come from RAS Bangkok and continued enrolment at RAS Iskandar (c. 28% utilised). RE is trading at a FY27e P/E of 15.2x.

Valuetronics Holdings Ltd – Enjoy the dividends

Recommendation: ACCUMULATE; TP S$1.02; Last close: S$0.93; Analyst Paul Chew

• 1H27 results were within expectations. Revenue/adj. PATMI was 52%/59% of our FY27e forecasts, respectively. Adj. PATMI was better than expected due to the removal of Trio AI losses as discontinued operations. Adj. PATMI declined 2% YoY to HKD95.9mn. Gross margins were softer due to rising component prices. Trio AI ceased operations in August 2026. There is HKD127mn of assets held for sale (GPUs and servers).
• Interim dividend doubled to 8 cents, whilst special dividend rose 50% to 6 cents. Valuetronics has committed to return HKD300mn to shareholders via special dividends and share buyback. Around HKD122mn has been returned. Another HKD178mn (or S$8mn share buyback and S$0.03 in special dividends) is to be deployed by FY28.
• We raised our FY27e earnings by 4% to HK$169mn. We removed the Trio AI losses and lowered our effective tax assumptions. We lowered our target price to S$1.02 (prev. S$1.29), or 15x PE FY27e (prev. 20x PE), in line with the recent decline in industry valuations. The ACCUMULATE recommendation is unchanged. Earnings will be lacklustre in FY27e. There will be a drag from the jump in effective tax, the discontinuance of legacy consumer electronics products, component price pressure, and a lack of new customers. The capital returns and higher dividends will keep the dividend yield attractive in the near term.

First REIT: Accumulate With a Lower Target Price of S$0.17 — Still Waiting for the Next Move

Tesla Q3 2026 Results: Margin Recovery and SELL Rating Outlook

Netflix Inc: Viewing Time a Big Concern — Target Price US$100

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