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- DBS Stock Pulse: SEA Limited 3Q26 preview – Hurt by forex and tactical issues?20 Oct 2026
- DBS Stock Pulse: 1) 3Q26 earnings preview for Singapore banks, 2) takeaways from DBS Asia Future Forward Conference 202619 Oct 2026
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Trending Sector
Singapore Stocks
4 stocks to watch amid ongoing European unrest
- What happened: Markets are repricing fiscal/political risk as social unrest unfolds in France and Italy
- Around 550,000 people marched across France over the cost of living and strained public services, and Milan’s Piazza del Duomo was cleared. The OAT-Bund spread widened to as much as 146bps, the France 2-yr government bond yield rose c.40bps since 7 Sept when protests started and French equities underperformed
- Next flashpoints: an Italian general strike on 30 October called by grassroots unions, and a French cross-sector strike on 5 November, called by five union confederations and joined by the four main SNCF rail unions
- Implications: Near-term disruption is fluid, but fiscal/political risk is likely to linger through 2027
- Announced strikes may not materialize; the suspension (though not withdrawal) of the 17–21 October French airline crew strike is a case in point
- The bigger watchpoint is France’s 2027 budget vote and the 2027 presidential election. Either could revive fiscal worries and renew pressure on French government bonds
- Stocks to watch: We expect limited near-term impact on these 4 SGX-listed names, but highlight the risks to monitor as the situation unfolds
- CLAS (exposed, but limited): Owns 12 French properties, mainly Paris serviced residences, some near the protest areas. Master leases should cushion income downside if Q4 RevPAU softens from cancellations or lost demand
- SERT (valuation): About a fifth of the portfolio is in France, mostly out-of-town logistics. A wider OAT-Bund spread could pressure French cap rates and, in turn, valuations
- LREIT (minimal): Sky Complex sits in Milan’s decentralised Santa Giulia district. Buildings 1 and 2 are leased to Sky Italia until at least 2032 on triple-net terms with annual indexation
- SATS (wildcard): WFS is headquartered in Paris and runs a core CDG hub. Impact remains contained for now with the airport operating as per normal; the risk is a spillover into air cargo through ATC strikes, ground-handler walkouts or road blockades
Regional Plantation
Share Price Correction Offers Attractive Entry
- Share price correction offers attractive re-entry opportunities
- FY27 earnings outlook remains intact for upstream plantation companies
- Indonesia’s B50 supports structurally firm CPO prices
- Brent strength and El Niño risks underpin upside maintain BUY for BAL and FR with TP of SGD3.0 and SGD6.3 respectively, and LSIP with TP of IDR2,000
Stocks to Watch
Keppel REIT
- Acquiring a 51% stake in Keppel South Central, a new Grade A CBD office asset at a 3.2-4.0% discount to valuations
- Income support to provide near-term earnings visibility, translating into an initial entry yield of c.4.3%
- Offering a potential c.2.0% DPU accretion and gearing maintained at c.39.2%
- Maintain BUY with TP of SGD1.00
SEA Ltd
Value unlock from potential Monee IPO?
- Media reports suggest that Sea Ltd (SE) plans to list Monee, its fintech arm, which delivered USD563mn adj EBITDA in 1H26 (29% of group) on a USD11.1bn loan book (+62.5% y/y). No official comments from the company
- Monee has seen rising provisions due to off-Shopee loans and Brazil lending. Monee could be worth ~USD18-22bn, vs ~USD6bn implied in SE’s share price and potential gain could be ~USD18/share (+21%) in our estimates
- Need for regulatory approvals across eight markets make a 2027 listing the earliest likely date. Maintain HOLD with an unchanged TP of USD105
Legend
| (+) | (-) |
Earnings | Positive earnings revision | Negative earnings revision |
Recommendation | Upgrade | Downgrade |
TP | Increase | Decrease |
Singapore Equity Picks
Monthly Review: Staying selective, with ample dry powder
- Stay selective, ready to deploy cash when sentiment turns
- Portfolio TWRR fell 4.1% since the last review, in line with broader market
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Related Insights
- DBS Stock Pulse: SEA Limited 3Q26 preview – Hurt by forex and tactical issues?20 Oct 2026
- DBS Stock Pulse: 1) 3Q26 earnings preview for Singapore banks, 2) takeaways from DBS Asia Future Forward Conference 202619 Oct 2026
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