JeremyT

while US megacaps bled on the Fed, STI closed +1.16% at 5176 and OCBC is +18% ytd. the boring bank trade is the quiet winner of 2026

Everyone in my group chats wants to know the same thing: do I buy SpaceX here or did I already miss it. After a leap past Amazon to the world's fifth largest company, that is a fair question, so let m...

SPCX adding another 20% on day two to clear 2.5 trillion is the cleanest scarcity trade I have seen in years. A roughly 4% float against enormous demand does not need good news to rise, it just needs ...

A USD 25 billion bond sale from a company swimming in cash is the kind of headline that gets misread. Nvidia just did its first debt raise in five years, and the order book ran past USD 85 billion. Th...

While everyone globally piles into chips and rockets, Singapore's index has been grinding to records on the least exciting story possible: banks and a telco. OCBC is up roughly 18% this year at fresh ...

The loudest debate in the market this year is whether AI agents will hollow out enterprise software. I want to slow down and separate the genuine threat from the panic, because right now the two are b...

I have watched a lot of hyped debuts and SPCX is the rare one where the scarcity is genuinely real. A 4% float against USD 250 billion of orders is not manufactured demand, it is a structural shortage...

Not the big crashes that wipe you out — it's three "small" mistakes. Are you making them?

I want to point out something that got lost in today's red screen for the US chip names. While the AI silicon complex sold off on Iran and a hot inflation print, our local banks quietly attracted atte...

The STI fell about 1.15% to 4,966 today on the global risk-off mood, but the index level isn't the story I care about. Underneath it, two of our local names made moves that say something about where S...

Earnings announcements can cause big swings in options prices. Here’s what you need to know:

After two hard years for Singapore REITs, both UOB Kay Hian and DBS turned constructive this week. The sector trades around a 6.2% forward yield, interest costs are easing, and 11 of 17 large-cap S-RE...

S-REITs getting upgraded by UOBKH and DBS, 6.2% yield and rates easing. is this finally the REIT recovery we've been waiting 2 years for?? asking as a tired holder 🥹

With the STI through 5,100 and DBS, OCBC and UOB all at or near record highs, every Singapore investor is asking the same thing: do I still buy, or have I missed it? What is actually driving this This...

Is Singtel still just a dividend stock, or something more? The quality case is strengthening. A telco with a 4%+ yield, a stable balance sheet, and now genuine exposure to AI-driven data-centre demand through the ST Telemedia deal is a more interesting business than the sleepy dividend payer of a few years ago. The caution is valuation and execution: a US$3.9 billion data-centre deal is large, and the returns depend on the price paid and how it is financed. For a long-term, income-focused investor, Singtel remains a core hold, and the AI-infra angle is a free option that is finally starting to look real rather than promotional.

Is the STI bull sustainable, or are you buying records? The quality case is real: Singapore banks are well capitalised, pay strong dividends, and benefit from a resilient economy with PMI in expansion. That is a foundation, not a bubble.

The caution is valuation and breadth. After a strong run, the banks trade well above their decade averages, and an index carried by a handful of names is more exposed if sentiment turns. For me this is a hold for the dividends and the quality, not a chase at the highs. I would rather add SG blue chips on pullbacks than pay up for a record.

Is AEM a quality compounder, or just an AI cycle trade? A 6x move in a year forces that question.

The quality case is real. AEM owns a genuine edge in system level test, around one generation ahead of rivals, and that edge gets more valuable as AI chips demand higher test coverage. The shift from near total reliance on Intel to a new AI/HPC anchor customer plus a widening memory test opportunity makes the earnings base sturdier than a few years ago.

The caution is also real. Semiconductor equipment is cyclical, and AEM has had lumpy years before. Buying any cyclical after a 6x run is where investors usually get hurt, no matter how good the company is.

For me this is a watchlist quality name, not a chase at these levels. I would rather build on weakness and let the multi year AI test demand compound than pay up at an all time high and hope the cycle stays kind.

Yangzijiang Shipbuilding's completion of the US$1.05 billion Poseidon stake, paid entirely from internal cash, is a signal worth noting. YZJ's order book has been strong across green shipping and LNG-capable vessels. Adding a 10% stake in a global shipping infrastructure operator diversifies the earnings profile beyond pure shipbuilding cycles. The key question for long-term investors is whether Poseidon's distribution yield justifies the capital deployed, and how this positions YZJ for the energy transition shipping wave over the next decade.

Seatrium's SGD 15.5B Order Book: What It Actually Means for Investors

Seatrium's Q1 2026 business update didn't come with a full income statement. But the numbers it did release tell an important story about where this company is heading.

The Order Book Is the Asset

A net order book of SGD 15.5 billion across 24 projects, with revenue visibility to 2033, is not just a pipeline number. For an industrial company like Seatrium, a contracted order book represents committed customer relationships, defined project scope, and pricing that's already been negotiated. It's not a wish list.

Compare this to where Seatrium was two years ago: burning through legacy project losses, managing cost overruns, and absorbing the painful integration of the Keppel and Sembcorp Marine merger. The SGD 15.5 billion order book represents a clean, new-era backlog. The legacy drag is shrinking with each project delivery.

The Margin Improvement Thesis

Two legacy projects were delivered this quarter: TSHD1 Frederick Paup and WTIV1 Maersk Viridis. Each delivery matters because legacy projects were the ones causing margin compression. As they complete, the gross margin profile of the remaining order book improves structurally.

CEO Chris Ong's language about being "well-positioned to deliver further gross margin improvements" with divestments complete is meaningful. Divestments mean a leaner balance sheet, focused on executing the high-quality backlog rather than supporting non-core assets.

The Pipeline Adds a Growth Layer

Beyond the contracted backlog, >SGD 28 billion in pipeline opportunities over 24 months across Oil & Gas, Offshore Wind, and Conversions is a significant number. At a 30-40% win rate, that converts to SGD 8-11 billion in new orders over the next two years, which would sustain and grow the current backlog level.

Offshore Wind is the long-cycle opportunity. Singapore and Seatrium are positioning for the Asia-Pacific offshore wind build-out, which is early-stage today but will be a multi-decade capex wave.

What to Watch

Seatrium doesn't pay a meaningful dividend at the moment, so this isn't a yield play. The investment thesis is a recovery and quality-of-earnings story: as legacy projects clear and the new backlog executes at better margins, the earnings trajectory improves. The half-year results will be the first real test of whether that margin improvement is showing up in actual numbers.

Three things worth tracking in today's SG announcements: Keppel's Cogen Plant is contracted revenue, not speculative — that 45% capacity boost flows directly to the bottom line. CLAS's Robertson House exit at above book value shows Singapore hospitality assets still command premium pricing. And OKP's LTA contract extends order book visibility to 2031, reducing earnings uncertainty. All three are quiet compounders doing what SG blue chips do best — deliver predictable cash flows.

Two things happened this week that deserve attention together. SGX overtook Indonesia as Southeast Asia's largest stock market — driven by depth, liquidity, and institutional trust. And OpenAI chose S...

15 May was the SEC 13F deadline for Q1 2026. Five top managers I think are worth a read. Here's what changed, in plain SG-investor language.

You remember your best trade in vivid detail: the timing, the thesis, and the rush when it played out exactly as you called it. But what about the losses? For me, those tend to blur. The thesis behind...