To The Moon

With four sessions remaining in April, the FTSE ST Technology Index has posted a month-to-date gain rarely seen across its near 20-year history.

For the month, the Index is up 18% through 24 April, placing the move among its five strongest monthly performances on record. This has also lifted the iEdge Singapore Next 50 Liquidity Weighted Index, which has gained 9% over the same period.

The global backdrop has been even more pronounced, with the PHLX Semiconductor Index (SOX) delivering a month-to-date advance well above typical historical ranges, reflecting the intensity of capital repricing across the global semiconductor stack.

Global Technology Backdrop: From AI Spend to Physical Deployment

Globally, technology and semiconductor sentiment continued its rally last week after $Intel(INTC)$ reported stronger‑than‑expected 1Q26 results, with data centre and AI revenue rising 22% year on year, driven by sustained demand for server CPUs supporting AI workloads.

Intel said the results reflected strong demand for silicon and continued efforts to expand available supply, reinforcing confidence that AI infrastructure spending is increasingly translating into current‑period revenues rather than deferred capital plans.

Beyond Intel, recent commentary from industry briefings and infrastructure monitors including the Singapore Semiconductor Industry Association (SSIA) has highlighted that the next phase of AI investment is being shaped less by software development and more by physical deployment and ecosystem readiness, with capacity scale‑up, testing, integration and power availability emerging as key constraints.

Against this backdrop, the relevance of Singapore’s most traded technology stocks lies primarily in their positioning within the physical and operational layers of the AI value chain, where global infrastructure spending manifests through utilisation, execution, and financial discipline. This helps explain why recent disclosures from the sector have placed greater emphasis on delivery discipline, utilisation trends, and balance‑sheet strength, as earnings outcomes remain closely tied to capacity deployment and customer adoption within tightly managed operating environments.

Venture Corporation: Operating Model and Capital Position

Venture Corporation, the largest Singapore‑listed technology stock by market capitalisation, reflects this through a design‑led manufacturing model that integrates design and engineering with manufacturing, supported by a net‑cash position and selective, customer‑driven capital deployment.

Venture’s outlook continues to focus on disciplined operating performance and selective investment across its diversified customer programmes. Recent research by DBS also highlights Venture’s resilient profitability despite softer volumes, supported by its focus on high value‑add programmes. DBS noted that this operating model has translated into strong net cash, underpinning balanced capital allocation including dividends and share buybacks.

This aligns with a broader shift among key supply‑chain‑oriented companies towards prioritising delivery capability and financial resilience, consistent with World Economic Forum research showing that operational reliability and balance‑sheet strength are central to corporate performance through volatile cycles. While Venture ranks as Singapore’s largest technology stock by market capitalisation, it has ranked as the fifth most traded stock of the sector this year after AEM Holdings, UMS Holdings, iFAST Corporation, and Frencken Group. 

Liquidity, Institutional Participation and Valuation Expansion 

The 30 most traded stocks in Singapore’s technology sector have averaged daily trading turnover (ADT) of S$123 million year to date. This includes four recent debutants MetaOptics Technologies, Toku, Info-Tech and AvePoint, which have contributed a combined S$3.3 million in ADT.

It also includes ASTI Holdings, which has contributed S$1.4 million. ASTI was suspended around this time last year before its subsequent return to trading under SGX RegCo’s disclosure-based regulatory framework. The 25 incumbents of the 30 most traded technology stocks generated S$119 million in ADT over the first four months of 2026 (through 24 April), compared with S$32 million over the same period in 2025. 

Over the same timeframe, the 30 stocks recorded S$297 million of net institutional inflows, reversing net institutional outflows of S$139 million in the first four months of 2025. On valuation, for the 30 stocks (excluding the four recent debutants) that maintain price-to-earnings ratios, the median multiple has expanded by around 70%, from 16 times to 27 times. 

Nanofilm Up 166% in April Month-to-date

Last week's three strongest gainers among the 30 most-traded Singapore technology stocks were Nanofilm Technologies International (Nanofilm), Sunright, and AEM Holdings. Nanofilm led the sector in April with a 166% price gain. All three reflect exposure to industrial technology subsegments at critical control points in manufacturing and testing value chains where performance depends on utilisation, capacity deployment, and execution discipline.

$Nanofilm(MZH.SI)$ $Sunright(S71.SI)$ $AEM SGD(AWX.SI)$ $ISDN(I07.SI)$ $Creative(C76.SI)$ $PC Partner(PCT.SI)$ $ASTI(575.SI)$ $UMS(558.SI)$ $Addvalue Tech(A31.SI)$ $Valuetronics(BN2.SI)$

Nanofilm 1QFY26 Business Update and Execution Context

Nanofilm provides advanced surface treatment and coating solutions used in semiconductor manufacturing equipment and components. Nanofilm led Singapore’s technology sector last week, rising 79% to S$1.54, following its 1QFY26 Business Update showing broad‑based revenue growth, margin expansion, and tighter cost control across its Advanced Materials businesses. Management reinforced this operating approach in its AGM responses, highlighting a continued focus on selected core sectors where its PVD coatings deliver measurable improvements for customers, alongside tighter project screening, and more structured contracting to manage execution risk. This indicates Nanofilm has targeted projects where its technology adds clear value and uses contracts that limit losses if projects are delayed or cancelled. This emphasis on cost control, utilisation and cash flow discipline had already been flagged by OCBC research as central to FY26 performance, ahead of the 1QFY26 results.

Sunright: 1HFY26 Return to Profitability

Sunright provides burn‑in and reliability testing services and equipment for semiconductor devices as part of the testing and quality‑assurance stage of the semiconductor value chain.

Sunright returned to profitability in 1HFY26 (ended 31 January 2026), with revenue up 15% year on year to S$40.1 million and net profit of S$1.4 million, reversing a loss in 1HFY25. The improvement reflected higher equipment deliveries and services, supported by cost discipline, lower headcount and reduced finance costs, alongside tighter control of operating expenses. Operating cash flow increased to S$10.7 million, underpinned by improved profitability, working‑capital discipline, and interest income. The balance sheet remained conservatively positioned, with S$83.8 million in cash and short‑term deposits, while management cited demand from computing and data‑centre applications as a key revenue driver during the period. Strategically, the period was characterised by execution recovery, capacity investment, and cost discipline, with no capital management or shareholder return actions undertaken during the period.

AEM Holdings: Positioning within the AI infrastructure stack

AEM designs and supplies semiconductor test systems used by chip manufacturers during device validation and high-volume manufacturing. Prior to the open on April 27, JPMorgan Chase & Co reported that its deemed substantial shareholding in AEM had increased above the 7% threshold on April 20, after crossing the 6% threshold on April 10, and crossing over the substantial shareholding threshold on March 26.

In March 2026, AEM announced a strategic partnership with ASE Technology Holding, the world’s largest outsourced semiconductor assembly and test provider, which operates large-scale facilities that assemble, package and test chips on behalf of global chip designers. DBS Research noted that the partnership embeds AEM into the outsourced semiconductor assembly and test segment through ASE’s multi-customer, high-utilisation manufacturing platforms, expanding addressable demand across artificial intelligence and high-performance computing programmes.

Under the partnership, an ASE subsidiary will invest S$12 million via a placement of approximately 1.05% of issued share capital, alongside revenue-linked warrants tied to defined commercial milestones, with any further equity participation contingent on achieving qualifying revenue contributions arising from the collaboration. On full exercise of both warrant tranches, the subscription shares and warrant shares together would represent up to approximately 9% of AEM’s issued share capital, excluding treasury shares.

Management has described ASE’s role as enabling the transition of AEM’s test solutions from customer lab validation into high-volume manufacturing environments, including deployment across hyperscaler, fabless artificial intelligence and high-performance computing customer programmes. Proceeds are allocated to capacity expansion in Taiwan, integration of AEM’s test platforms into ASE production environments, product roadmap development, and joint customer execution.

Precision‑to‑Hardware‑Led Technology Rally Broadens

The rally last week was broad‑based across Singapore‑listed technology and industrial names tied to physical production, testing, integration, and infrastructure rather than end‑consumer demand. Making up seven of the ten best performers among the most actively traded technology stocks were companies exposed to semiconductor equipment, backend services, electronics manufacturing, industrial automation, and specialised connectivity.

ISDN Holdings provides industrial automation, motion control, precision engineering and system integration solutions across manufacturing, clean energy, and industrial sectors in Asia. ISDN shares rose 16.9% last week to end at S$0.485. Creative Technology designs and sells consumer audio products including sound cards, headphones, and speakers under its own brands. Creative shares rose 15.9% last week to end at S$0.765. PC Partner Group manufactures graphics cards, motherboards, and other computer hardware for OEM customers and under its own brands.

PC Partner shares rose 12.9% last week to end at S$1.920. ASTI Holdings provides semiconductor backend services including tape‑and‑reel packaging and integrated circuit programming. ASTI shares rose 12.9% last week to end at S$0.096. UMS Integration manufactures front‑end semiconductor equipment modules and systems for global chip equipment makers. UMS shares rose 11.5% last week to end at S$2.140. Addvalue Technologies develops satellite‑based digital connectivity and advanced digital radio communication solutions for space, aerospace, and specialised industries. Addvalue shares rose 11.3% last week to end at S$0.118. 

The tenth stock in the table above was Valuetronics Holdings which provides electronics manufacturing services for consumer, industrial and commercial electronics customers. Valuetronics shares rose 9.8% last week to end at S$1.120. On April 20, Amova Asset Management Asia Limited increased its deemed interest in Valuetronics Holdings from 5.89% to 6.11%, crossing the 6% threshold, after first becoming a substantial shareholder on March 25.

In its 1HFY26 (ended Sep 30) results briefing in November, Valuetronics stated it is continuing to rebalance its product portfolio towards higher‑margin Industrial and Commercial Electronics, supported by new customers in network access solutions and cooling solutions for high‑performance computing environments, while phasing out legacy Consumer Electronics projects, with exit from low‑margin lifestyle products expected by end‑FY26. Valuetronics is expected to report its FY26 results around end‑May.

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