The STI gained 0.8% at a new all-time high of 5,743.59

Date: August 17, 2026

• Wall Street indices were mixed though S&P 500 hit a new high
• Analysts think DBS & OCBC could have more upside – but maybe not UOB
• Singtel Q1 gain drops 71% to S$818 million in absence of Airtel stake sale; weaker Singapore business
• Wilmar H1 net profit rises 2.3% on stronger feed and food product segments
• CDL H1 profit jumps three times to S$301 million on strong condo sales, doubles interim dividend
• CapitaLand Investment’s 1H net profit up 14% to S$327m, to restructure portfolio, recycle up to S$9 billion

 

A new week and a new all-time closing high on Friday

Over the four trading days the Straits Times Index gained about 45 points or 0.8% to reach a new all-time closing high of 5,743.59 on Friday, about half of which came on Friday itself when the index rose 23.54 points.

However, DBS did not contribute to Friday’s gain as it fell S$0.97 to S$75.53. Instead, Singtel weighed in with a S$0.20 or 4.71% jump to S$4.45.

On most days however, gains were not broad based – on Friday for example, despite the index closing at an all-time high the market recorded 307 falls versus 262 rises.

 

Wall Street indices were mixed – S&P 500 rose to new high

Wall Street closed out the trading week mixed, with the S&P 500 climbing to another all-time high amid key inflation readings and a steady stream of corporate earnings.

The latest Consumer Price Index rose 3.4% year-over-year in July, easing from June’s 3.5% pace and matching forecasts, as a 0.1% monthly gain was driven mainly by shelter while energy costs fell and core inflation slowed to 2.5%.

At the same time, US Producer Price Index held flat in July against expectations for a modest rise, with the year-over-year rate cooling to 4.7% as a decline in goods prices offset gains in services and construction.

For the week, the S&P 50. added 0.36%, while the tech-heavy Nasdaq Composite ticked up 0.14%, and the blue-chip Dow Jones Industrial Average fell 0.56%.

 

Analysts think DBS & OCBC could have more upside – but maybe not UOB

DBS Bank and OCBC Bank shares have hit fresh highs but could climb further, while asset quality concerns at UOB could affect near-term profitability, analysts said.

RHB raised its price target for DBS to S$81.20 from $75.70 on Aug 7, while maintaining its “buy” call on the stock.

RHB and CGSI expect DBS to pay higher dividends at the end of 2027, funded by unutilised excess capital of S$2.6 billion from its S$3 billion share buyback programme.

Macquarie head of ASEAN equity research Jayden Vantarakis on Aug 6 raised DBS’ price target to S$80.74 from S$70.86.

CGSI, however, downgraded DBS to “hold” from a “buy” on Aug 6, while keeping its price target unchanged at S$77.10, as the stock’s strong gains so far in 2026 have reduced its upside potential.

Analysts are positive on OCBC, too. RHB kept its “buy” rating on OCBC while raising its price target to S$32.85 from S$29.80 after the bank reported a record quarter and upgraded its guidance.

Macquarie maintained an “outperform” rating on OCBC with a price target of S$27.76, as second-quarter loan growth and income from insurance and trading exceeded the research house’s estimates.

For UOB though, the industry is less positive. Citi Research downgraded UOB to “sell” from “neutral” on Aug 11, with a target price of S$38. Analyst Tan Yong Hong noted that NIM expectations should be tempered as fixed-rate assets reprice at lower rates.

It comes as OCBC Group Research downgraded the stock to “hold” from “buy” on Aug 6, even as it raised its fair-value estimate to S$42.35 from S$41.

The downgrade reflected limited upside in UOB shares, with OCBC head of equity research Carmen Lee saying “the share price is now trading close to our valuation”.

CGSI maintained its “hold” call on UOB at a S$42.60 target price, citing asset quality concerns that have resurfaced. “We believe elevated credit costs will continue to drag UOB’s near-term profitability,” said CGSI analyst Tay Wee Kuang.

Not all analysts are bearish on UOB. RHB noted that UOB is comfortable with its coverage and expects non-performing assets to trend lower from here.

It upgraded its rating on UOB to “buy” and lifted the price target to S$46.60 from S$41.30 as the valuation gap versus its peers’ is “too wide and should narrow”.

Over the week, DBS fell S$0.80 or 1.05% to S$75.73, OCBC rose S$1.49 or 4.9% to S$31.79 and UOB lost S$1.50 or 3.5% at S$41.80.

 

Singtel Q1 gain drops 71% to S$818 million in absence of Airtel stake sale; weaker Singapore business

Singtel reported a 71.6% fall in Q1 net profit to S$818 million due to exceptional gains from the sale of a partial stake in Airtel and the Intouch-Gulf Energy merger in the same quarter last year.

Underlying net profit was up 21% at S$831 million driven by Airtel, AIS, NCS, Optus and its Digital InfraCo arm. The group bases its core dividends on underlying earnings.

Singtel Singapore’s operating revenue fell 3.1% to S$901 million, due to “continued intense price competition”.

“The increase in data and Internet was offset by declines in mobile, information and communication technology, and legacy services,” said Singtel.

Mobile service revenue was down 4%  on lower average revenue per user.

Maybank said it has raised its FY27-29E EBITDA for Singtel by 23% and underlying net profit after tax by 1-2%, whilst lifting its target price to S$5.21 from S$5.00.

“With operating momentum broadening, AI/DC investments ramping up, and capital recycling creating additional flexibility, we see multiple levers for earnings growth and further value creation’’ said Maybank.

Over the week Singtel’s shares rose S$0.10 or 2.3% to S$4.40.

 

Wilmar H1 net profit rises 2.3% on stronger feed and food product segments

Agribusiness Wilmar International reported a net profit of US$608.9 million for the first half ended Jun 30, up 2.3% for the year-ago period.

The group attributed this to stronger performance in the food, feed and industrial products segments. However, these improvements were partially offset by weaker performance from the plantation and sugar milling segment.

The group also recorded lower contributions from associates and joint ventures, partly due to the absence of the share of results of Mumbai-listed AWL Agri Business since it became a subsidiary of Wilmar in December 2025.

Wilmar said this segment was further impacted by weaker contributions from the group’s investments in Europe and South-east Asia.

Revenue rose 17.2% year on year to US$38.6 billion in H1, largely  due to the consolidation of AWL’s results since December 2025. The top line was further supported by higher selling prices on most products during the period.

Earnings per share came in at US$0.098, up from US$0.095 a year earlier.

The group declared an interim dividend of S$0.05 a share, up from S$0.04 a share previously. The dividend will be paid out on Sep 2.

 

CDL H1 profit jumps three times to S$301 million on strong condo sales, doubles interim dividend

Property developer City Developments saw its first half net profit treble to S$301.6 million, buoyed by strong development revenue, ahead of a strategic review of its group businesses.

Revenue from property development consequently jumped 166.8% to S$1.56 billion in H1 2026. At its earnings briefing CDL chief executive Sherman Kwek described the first half as a “good start” with revenue and profit recognition from its Singapore development projects coming through at a much faster pace.

As a result, earnings per share shot up more than three times to S$0.333, from S$0.097 previously.

An interim dividend of S$0.06 per share was declared for the half year, double the S$0.03 per share a year prior. It will be paid on Sep 4, after the record date on Aug 21.

CDL shares gained on the news, rising as much as 11% in the morning before ending Thursday 4.3% or S$0.34 higher at S$8.20. The shares still trade under their net asset value (NAV) per share of S$10.74 as at Jun 30.

 

CapitaLand Investment’s 1H net profit up 14% to S$327m, to restructure portfolio, recycle up to S$9 billion

For the first half ended June, Capitaland Investment (CLI) posted a net profit of S$327m, up 14% from a year ago. This was driven by higher fee income from its listed and private funds management platforms.

Revenue fell 2% to about S$1.02 billion previously mainly due to the absence of contributions from divested assets and deconsolidation, partially offset by higher fees from its fee income-related business.

CLI is undertaking a portfolio restructuring with up to S$9 billion of non-core and legacy assets earmarked for capital recycling, as it focuses on growing its listed and private funds businesses, and lightening its balance sheet.

“Since our 2021 transformation, we still have a fairly large balance sheet because a lot of it consists of legacy assets: joint venture funds and development funds created when CapitaLand was still a developer,” said group CEO Lee Chee Koon at an earnings briefing.