FaithAnchor

$Mapletree Log Tr(M44U.SG)

Mapletree Logistics Trust: Is the Turnaround Taking Shape?

Mapletree Logistics Trust (MLT) had a softer FY2026, but the underlying business remains fairly steady. Revenue slipped 2.6% to S$708.3m, NPI fell 2.4% to S$610.2m, while DPU declined 3.4% to 7.262 cents, excluding divestment gains. Occupancy remains strong at 96.9%, rental reversions are positive and gearing at 40.6% remains manageable.

Valuation is becoming more interesting. At around S$1.15–1.18, MLT trades at roughly 0.9x NAV of S$1.26 per unit, with an estimated 6.3–6.5% distribution yield.

Technically, the picture remains mixed. The unit price is below its 50-day and 200-day moving averages, while an RSI around 52 suggests the counter is neither overbought nor oversold.

The Australian divestment at A$28m, 3.7% above valuation, is a constructive development. Recycling weaker or non-core assets could strengthen the balance sheet and free up capital for higher-quality logistics opportunities.

The key question now is whether asset recycling can translate into stronger DPU growth and renewed investor confidence. Divestments may help, but the longer-term catalyst remains sustainable earnings and distribution growth.

Not financial advice.

$STI ETF(ES3.SG)

Singapore banks are keeping the STI afloat as rate-hike expectations support sentiment. But REITs are feeling the squeeze: higher bond yields mean costlier refinancing and less attractive yields. Can bank momentum offset property weakness?

$United Hampshire Reit USD(ODBU.SG)

United Hampshire US REIT: Flight or Fight?

Another 25bps hike to 3.75–4.00% is hardly good news for REITs. Higher-for-longer rates mean refinancing stays expensive and investors can demand more yield.

UHREIT, however, isn’t starting from a weak position. 1H FY2026 revenue rose 5.8% to US$37.8m, NPI grew 6.4% to US$25.5m and distributable income rose 5.8% to US$13.7m. DPU reached 2.16 US cents, while occupancy remained strong at 97.6%. Net leverage was 39.7%.

At around S$0.48, the REIT trades at roughly 0.66x NAV and offers close to a 9% annualised yield. The problem is the chart: the price has slipped from around S$0.54 to its 52-week low, showing that sentiment remains fragile.

So, flight or fight? Neither blindly. UHREIT’s defensive grocery exposure and cash yield provide a cushion, but rates can stay painful for longer.

For income investors, staying invested while averaging in makes more sense than chasing the yield. But keeping some powder dry—and looking beyond REITs—is equally important.

Not financial advice.

$SPDR Gold Shares(GLD.US)

Gold under pressure. Rising yields, stronger dollar—two big headwinds at once. Is the golden run over, or is this just a reset before the next leg up?

$CrowdStrike(CRWD.US)

With Treasury yields above 5%, growth stocks should feel the pressure. Yet CRWD and PANW keep pushing higher. Maybe investors see cybersecurity differently: AI spending can be delayed, but securing data and systems can’t.

$Advanced Energy(AEIS.US)

Advanced Energy (AEIS) is catching the semiconductor upcycle at the right time. FY2026 momentum is strong, with Q2 revenue rising about 30% YoY to US$574m and semiconductor revenue jumping 33% to US$278m. Gross margin also improved to 41.1%, showing that higher volumes are beginning to translate into operating leverage.

The bigger question is what investors are already paying for that growth. TTM revenue is about US$2.04bn, with net income around US$219m. Yet AEIS trades near 47x earnings and roughly 31x EV/EBITDA. That is a hefty multiple for a cyclical semiconductor supplier and leaves limited margin of safety if growth cools.

The bull case rests on AI data-centre power demand, semiconductor recovery and further margin expansion. The risks are equally clear: hyperscaler capex digestion, semiconductor cyclicality, customer concentration, pricing pressure and elevated debt.

Technically, momentum has also weakened, with the stock below its 50-day and 200-day averages.

AEIS has the earnings growth to justify attention, but the valuation leaves little room for disappointment. At this price, execution matters almost as much as growth.

$Meta Platforms(META.US)

Meta Muse could make banking truly agentic—shopping for loans, switching deposits, paying bills and even negotiating rates on a customer’s behalf. Banks gain lower servicing costs, but risk losing the interface, data and customer relationship to the AI agent.

$Meta Platforms(META.US)

Muse is showing AI agents can move beyond chat into actually getting things done. Its breakout is lifting Meta’s stock—and sending a tailwind through CPUs, chips and the wider AI infrastructure chain.

$Coinbase(COIN.US)

24/7 tokenised stocks sound exciting. For option writers, though, the warning is simple: no market close, no breathing room—risk can hit while you sleep.

The AI gold rush isn’t just about finding the next big winner. Sometimes, the smarter play is selling the picks and shovels—chips, power, cooling, networking and data-centre infrastructure.

$Circle(CRCL.US)

Circle’s massive drop hurts. But the CLARITY Act is a reminder that regulation can change the story overnight. That’s the risk investors have to accept.

$Singtel(Z74.SG)

Singtel: Powering Singapore’s AI Future

Singtel is evolving from a traditional telco into a digital infrastructure and AI platform. FY2026 earnings remained resilient, supported by Nxera data centres, enterprise digital services and regional associates, while strong free cash flow continues to support dividends and investment.

The growth story increasingly centres on AI infrastructure. Nxera’s expansion across Singapore and the region, alongside RE:AI, GPU cloud and enterprise solutions, creates multiple avenues for recurring revenue and potentially sustainable earnings CAGR. If management’s mid-teen growth ambitions are achieved, a PEG around 1x would suggest valuations remain broadly aligned with expected growth.

Technically, the longer-term trend remains constructive, with the share price holding above its major moving averages. Momentum could remain sensitive to interest rates, market sentiment and execution.

A potentially bigger catalyst is a future REIT structure for AI and data-centre assets. Recycling mature infrastructure into a REIT could unlock capital, diversify funding and allow Singtel to redeploy cash into higher-growth AI projects. It could also create a more asset-light expansion model while supporting balance-sheet flexibility.

The key question is whether AI infrastructure growth can translate into sustained cash-flow and earnings growth as capital expenditure rises.

Not financial advice.

1B 2C 3C

I’m leaning 25bp, but keeping powder dry. If inflation cools sharply or jobs crack, I’d quickly rethink the hike call.