SG earnings season: broadly resilient but lacking strong growth surprises. Results confirm stability rather than acceleration, with markets shifting from valuation rerating to earnings validation. Yield and cash flow remain the main drivers.
Keppel: After a 12-year high, much of the transformation and leadership confidence appears priced in. The re-rating reflects its asset-light pivot and recurring income visibility. Upside now likely depends on execution and earnings delivery rather than further multiple expansion. Chasing momentum at current levels carries higher risk unless new catalysts emerge.
SGX: Record revenue but share pullback looks macro-driven, mainly from falling rate expectations reducing interest income tailwinds. Core business remains strong with predictable cash flow and dividend visibility. For income investors, dips may represent gradual accumulation opportunities rather than a structural concern.
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