Market Snapshot

Singapore stocks opened higher on Wednesday. STI rose 0.62%; Genting Sing fell over 7%; UMS, Wilmar Intl up over 3%; Sembcorp Ind, Keppel, OCBC Bank up over 1%.

Stocks in Focus

Genting Singapore: The group’s revenue fell 3 per cent on the year to S$607.6 million from S$626.2 million for its first quarter ended Mar 31. Its net profit after taxation dived 55 per cent to S$65.2 million from S$145 million, it said on Tuesday. Revenue slipped 3 per cent to S$607.6 million. The counter ended Tuesday 1.5 per cent or S$0.01 higher at S$0.69, before the news.

NTT Data Centre (DC) Reit: The manager of NTT DC Reit on Tuesday reported a distribution per unit (DPU) of US$0.0387 for its second half ended Mar 31. This beat DPU of US$0.0378 forecast in the real estate investment trust’s (Reit) initial public offering by 2.4 per cent. Revenue came in at US$115.3 million for the half year, exceeding its IPO forecast of US$112.1 million by 2.8 per cent. Units of NTT DC Reit closed flat at US$1.01 on Tuesday, before the results were released.

Valuetronics: The company on Tuesday said it expects to report a “significant decrease” in net profit for FY2026. Its results will be released on May 28. The expected decline is due primarily to non-cash impairment provisions in relation to its investment in and hardware leased to Trio AI, a company in which Valuetronics holds a 26.6 per cent stake. Shares of Valuetronics rose 6.3 per cent or S$0.07 to close at S$1.18, before the guidance was released.

United Hampshire US Reit: The manager of the Reit on Wednesday reported a 10 per cent year-on-year rise in distributable income for the first quarter to US$6.9 million. Net property income (NPI) rose 12.7 per cent to US$13.2 million, while revenue rose 8.7 per cent to US$19.7 million. These were driven by the commencement of new leases, built-in rental escalations from existing leases, and contributions from the Dover Marketplace and Wallingford Fair Shopping Center acquisitions. Units of the Reit rose 1 per cent or US$0.005 to close at US$0.515 on Tuedsay.

Prime US Reit: The manager on Tuesday announced that NPI for the first quarter of 2026 stood at US$17.2 million, down from US$17.7 million in Q1 2025. Distributable income for the quarter was US$6.5 million, lower than the US$8.4 million in the year-ago period. Units of the Reit closed Tuesday 1.1 per cent or US$0.002 lower at US$0.173, before the news.

SG Local News

More upside ahead for DBS, OCBC, UOB as wealth fees power Q1 earnings

Wealth management and other fee income are becoming increasingly important earnings buffers for Singapore banks, and analysts expect non-interest income to continue offsetting expected declines in net interest income amid a falling interest-rate environment.

This trend came through in the first-quarter results of DBS, OCBC and UOB, which all beat analysts’ consensus estimates for the three months ended Mar 31, 2026.

The three lenders’ combined non-interest income rose to a record S$5.16 billion in Q1, from S$4 billion in the preceding quarter and S$4.78 billion a year earlier, the Singapore Exchange’s (SGX) research team indicated in a market update last Friday (May 8).