CRWV: The Goldman Upgrade Doesn’t Convince Me
Goldman upgraded CRWV to Buy, but cut its target from $139 to $106. That feels telling.
My concern remains the debt. If financing costs stay elevated, strong AI demand may not translate into strong shareholder returns.
I’m still cautious on CRWV.$Coreweave(CRWV.US)
The chip rout that defined last week ended on Monday, and Asia is not buying it. At home, the STI is slipping. Let's dig in 👇💬 Wall Street says the selloff is over, Asia says it isn't. Which side are ...
$PropNex(OYY.SG)
PropNex: Adapting to Singapore’s New Property Landscape
The upcoming removal of the 1km priority advantage for Primary 1 registration starting in 2027—affecting popular schools like Anglo-Chinese School (ACS) and Raffles Girls’ Primary—has raised questions about residential demand near top schools. However, PropNex’s latest analysis suggests this change will shift transaction patterns rather than diminish total volume.
Instead of stalling the market, the rule change is expected to drive activity in three distinct ways:
* Increased Resale Supply: Homeowners who bought specifically for school proximity may look to sell if the price premium no longer holds, boosting resale inventory.
* Broader Buyer Searches: Families are likely to broaden their search to further, more affordable districts, spreading deal flow across a wider area.
* Higher Rental Demand: Families seeking proximity may choose to rent instead of buy, supporting PropNex’s expanding private leasing market share, which rose to 43% in 1H2026.
Key Financial Highlights (1H2026)
* Revenue: S$603M (+0.7% YoY)
* Net Profit: S$40.9M (+3.1% YoY)
* Agency-Service Commission: S$360.5M (+6.9% YoY)
* Stock Price: S$1.76 (P/E ~19x, Dividend Yield ~2.8%)
Investment Summary: Hold, Not Exit
PropNex remains well-positioned due to its dominant market share (64.3% in transaction market share for 1H2026) and cash flow strength. While growth is normalizing after prior peaks and valuation sits above historical averages, the redistribution of housing demand ensures ongoing transaction volume. Existing investors may prefer to hold for stable income, while aggressive position building may require stronger earnings momentum heading into 2027.
$Invesco PHLX Semiconductor ETF(SOXQ.US)
SOX: Is the Sell-Off Over?
Eight straight losing sessions. Surely a bounce is coming? Maybe, but don’t confuse a beaten-down market with a bottom. AI spending fears and lofty valuations haven’t disappeared. I’m watching for buyers to step in before calling this a reversal.
Chip stocks fell for an eighth straight day, the longest run on record, and the traders shorting them are up about $32B. At home, the banks have split. Let's dig in 👇💬 Eight days down and the Fed goes...
$ST Engineering(S63.SG)
ST Engineering: Three Engines, But Is the Flight Path Already Priced In?
The numbers are encouraging. 1H2026 revenue rose 11% to S$6.57 billion, while net profit jumped 27% to S$512 million. Its record S$35.7 billion order book also provides considerable earnings visibility.
Aerospace remains a major tailwind, supported by ageing aircraft and growing MRO demand. Defence spending offers another long-term structural driver, while Satcom and smart-city businesses could provide additional growth.
The catch? Valuation. At around S$10.80, ST Engineering is trading at roughly 32x FY2026 earnings. That leaves less room for disappointment. If earnings growth slows, margins disappoint or investors become less willing to pay a premium multiple, the share price could correct even if the underlying business remains healthy.
Technically, the trend remains positive, with the stock above its major moving averages. But an RSI approaching 70 suggests momentum is getting stretched.
Over the next five years, the tailwinds are attractive—but so are the risks: execution, margin pressure, geopolitical uncertainty and valuation compression.
For existing investors, staying invested while watching earnings delivery may make sense. For new investors, staggering entries on pullbacks could offer a better margin of safety than chasing the rally.
Three engines are powering ST Engineering. The challenge now is making sure the share price isn’t already flying ahead of the fundamentals.
$Coreweave(CRWV.US)
CRWV bounced 5%, but is the worst over, or just a dead cat bounce? After the brutal sell-off and growing debt concerns, bargain hunters may be stepping in. Until bond prices stabilise and confidence returns, I’d be cautious calling this a recovery.
September PPI landed a full point above forecast, and two big banks changed their rate calls. At home, September exports came in at double the forecast. Let's dig in 👇💬 With a December hike priced nea...
$AvePoint(AVP.SG)
AvePoint: Growth story worth watching, but don’t chase
AvePoint’s SGX secondary listing gives Singapore investors access to a U.S.-listed SaaS business riding the growth of cloud, AI governance and data protection. The opportunity is compelling, but the stock deserves some caution after its recent rally.
Fundamentally, FY2026 is shaping up well. Q2 revenue rose 22% YoY to US$124.5 million, while SaaS revenue grew 27%. ARR reached US$465.1 million, up 27%, with net retention at 111%. Management guides for FY2026 revenue of US$508.5–512.5 million and ARR of US$522.1–528.1 million. Cash stood at US$417 million, against only US$27 million of debt, providing a strong balance sheet.
The valuation is less comfortable. At roughly US$14.07 on Nasdaq, market capitalisation is about US$3.0 billion. That equates to approximately 5.8x FY2026 sales and about 30x guided non-GAAP operating income. Investors are therefore paying for continued double-digit growth and margin expansion.
Technically, momentum has improved. The share price sits above its 50-day and 200-day moving averages, while RSI around 65 indicates positive momentum without being clearly overbought. However, the stock is close to its 52-week high, increasing the risk of profit-taking.
The investment case is therefore cautiously optimistic rather than outright bullish. AvePoint has real recurring revenue, improving profitability, strong cash generation and exposure to AI governance. But at current levels, expectations are already elevated.
For Singapore investors, the SGX listing improves accessibility—but it does not make the underlying U.S. SaaS valuation any cheaper. Waiting for a pullback or stronger earnings confirmation may offer a better margin of safety.
Not financial advice.
$Coreweave(CRWV.US)
CRWV plunged 15.5% as hotter inflation revived rate fears and its 2032 bonds sank below 80 cents, yielding nearly 15%. Bondholders face mark-to-market losses and credit risk; shareholders face pricier refinancing, potential dilution and greater downside if AI returns fail to justify its cause.
September CPI came in hotter than anyone wanted, and the market's odds of an October hike doubled within the hour. At home, the STI is down about a percent. Let's dig in 👇💬 With an October hike now cl...
$Food Empire(F03.SG)
Food Empire: Headline Risk or Fundamental Warning?
Food Empire (SGX: F03) fell about 10% after Russia placed Nestlé’s local assets under temporary administration. The selloff was not caused by any action against Food Empire. Instead, investors repriced the possibility that Russian authorities could eventually target other foreign businesses.
The concern is legitimate. Russia contributed about US$191 million, or 33% of FY2025 revenue, while Russian revenue continued growing in FY2026. That creates meaningful geopolitical concentration.
Yet the fundamentals remain resilient. 1H2026 revenue rose 15% to US$315.1 million, while normalised net profit increased 12.2% to US$35.3 million. Growth is also supported by markets outside Russia.
At around S$1.92, Food Empire trades at roughly 13x forward earnings with a dividend yield near 5.7%. Technically, however, momentum remains weak: the stock is below its 50-day and 200-day moving averages, while RSI is around 30, indicating heavily oversold conditions.
The key warning investors should not dismiss is the Russia stress test. If Russian operations were completely removed, FY2027 net profit could fall almost 30%, from about US$83.7 million to US$58.9 million. That would be a genuine earnings shock, not merely headline noise.
For now, Food Empire has indicated that its Russian operations remain normal. The current drawdown therefore looks more headline-driven than fundamentally driven. But investors should not assume the risk disappears.
Mitigation is straightforward: avoid excessive portfolio concentration, diversify geographically, and monitor any Russian regulatory action involving Food Empire’s assets or operations.
The investment thesis changes materially if temporary administration, asset seizure or restrictions are imposed directly on Food Empire.
The takeaway: the selloff may fade, but Russia remains a risk that deserves a valuation discount and disciplined position sizing.
1B 2B 3B — Inflation should stay close to forecasts. Core prices remain sticky, but there’s little sign of a major upside or downside surprise.
7 Banks Say 2.4%. 6 Say 2.5%. That's How Close This One Is.At 8:30pm SGT tonight, the US releases September CPI. It's the last inflation print before the Fed's next decision on 28 Oct.Last month, the ...
MAS holds steady despite inflation risks. For Singaporeans, that means some relief from imported costs as the S$ stays firm, but don’t expect prices to fall. My take: 2027 inflation eases, while growth cools as the AI boom matures.
Three Fed officials backed another rate hike on the same day, hours before tonight's CPI. At home, MAS surprised every analyst by holding. Let's dig in 👇💬 If tonight's CPI runs hot, do you add to rate...
$CityDev(C09.SG)
CDL: Cheap on Assets, But Can Management Unlock the Value?
FY2026 fundamentals have improved. 1H2026 revenue jumped 61.1% to S$2.72 billion, while PATMI more than tripled to S$301.6 million, supported by stronger residential contributions and improved hotel operations. The balance sheet, however, remains the key concern, with net gearing around 75%.
The valuation is compelling. At about S$7.01, CDL trades at roughly 0.65x NAV of S$10.74, while estimated RNAV is considerably higher. This suggests the market is assigning a substantial discount to the group’s property portfolio and future development potential.
The problem is execution.
CDL’s three-year GET+ strategy targets S$5 billion of investments, S$6 billion of divestments, more than S$1 billion of divestment gains and net gearing of about 55% by FY2029. If delivered, this could unlock significant value and strengthen the balance sheet.
But investors should question how quickly assets can be monetised without sacrificing value. Capital allocation also deserves attention, particularly with around 30% of new investments directed towards China and Japan. CDL’s previous experience in China shows that international expansion can carry significant downside.
Technically, the picture remains weak. The sharp fall from S$8.26 to around S$7.01 on heavy volume signals a loss of confidence. Until the stock reclaims the S$7.40–S$7.60 area, momentum remains fragile.
The bullish case is simple: strong Singapore property fundamentals, a large asset base, deep NAV discount and potential debt reduction.
The bearish case is equally clear: high gearing, execution risk and uncertainty over overseas investments.
For new investors, valuation provides a margin of safety—but patience may be required. Existing shareholders should focus less on the headline strategy and more on whether management actually delivers the promised cash, deleveraging and recurring income.
Not financial advice.
$SK Hynix(SKHY.US)
SK Hynix is pulling back. Is China’s CXMT a real threat, or just market noise? If China starts pumping out more memory chips, prices could take a hit. The big question is whether the AI memory boom still has legs.
Memory was the best trade of the AI boom until Monday, when Micron, SanDisk and SK Hynix shed about $108B between them on news that a Chinese rival is closing the technology gap. At home, the early ba...
$Nike(NKE.US)
Nike: The Turnaround Is Losing Momentum
Nike’s decline is starting to look less like a normal cyclical slowdown and more like a brand problem.
FY2026 revenue was roughly flat at US$46.4 billion, while net income fell 3% to US$3.1 billion. More worrying, Nike Direct revenue dropped 7%. China remains a major drag, with Greater China sales declining for nine consecutive quarters.
The brand is also losing cultural relevance. Kylian Mbappé, one of football’s biggest names, has moved from Nike to On. Losing a global ambassador of that calibre matters because Nike’s competitive advantage has always been more than shoes — it is culture, athletes and brand heat.
Elliott Hill has been cutting costs, simplifying the business and pushing product innovation. But another US$2.5 billion restructuring programme and further job cuts raise the question: is Nike treating the symptoms rather than fixing the underlying problem?
At around US$35, the stock trades at roughly 17x earnings, but that multiple is difficult to call cheap when revenue is still falling. Technically, the shares remain below key moving averages and close to the 52-week low, with RSI around 37.
For shareholders already assigned shares, repeatedly selling covered calls may not be ideal when the stock is depressed. A collar strategy could be worth considering: sell an out-of-the-money call and use the premium to partially fund a protective put. This limits downside while leaving room for a recovery.
Nike doesn’t simply need to cut costs. It needs consumers to want Nike again.
$American Tower(AMT.US)
American Tower is bouncing on hopes that SpaceX’s telecom ambitions could boost demand for wireless infrastructure. The irony? Even as satellite connectivity threatens traditional telcos, it could create new opportunities for tower owners. Is this the start of a recovery, or just a short-lived rally?
SpaceX is paying about $8B for nationwide spectrum, and US telcos got repriced in one session: AT&T -9.8%, T-Mobile -13%. At home, the banks are bouncing after last week's 5% STI slide. Let's dig in 👇...
$DBS(D05.SG)
Singapore Banks: Is the Pullback a Buying Opportunity?
DBS, OCBC and UOB have taken a hit, falling around 6%, 10% and 8% respectively between 6 and 8 October. After years of strong gains, the sell-off raises a familiar question: is it time to buy the dip, or is more pain ahead?
The biggest concern is rising global bond yields. If yields remain elevated, bank valuations could face further pressure, even if earnings hold up. With 3Q26 results around the corner, investors will be watching net interest margins, wealth management fees, funding costs and credit quality. Expectations are already high, particularly for DBS and OCBC, leaving less room for disappointment.
Which bank deserves a closer look? DBS remains attractive for investors seeking dividends and exposure to wealth management. OCBC offers a more diversified mix through banking, insurance and wealth management, while UOB could appeal to investors looking for value after its recent decline. However, none is automatically cheap simply because its share price has fallen.
For investors sitting on cash, there is no need to go all in. Consider deploying around 25–30% of the intended investment first, keeping the balance for further weakness or a more attractive entry after earnings. Those who missed the initial pullback should resist chasing a rebound.
Existing shareholders should focus on whether the investment case has changed, rather than reacting to short-term price movements.
The bottom line: Singapore banks may be entering a more attractive buying zone, but the correction may not be over. Staggering purchases, checking valuations and keeping some cash in reserve could be a more sensible approach than trying to call the bottom.
The opportunity is there, but patience and price discipline will matter. Not financial advice.
$Lion-phillip S-Reit(CLR.SG)
S-REITs slipped 1%, a smaller hit than the STI. Perhaps investors are still holding on for those dividends while the broader market takes a beating. The question is whether that resilience will last if sentiment worsens.
The FT reported OpenAI's annualized revenue is about $20B lower than thought, and the AI chain sold off: Oracle -5.5%, CoreWeave -7.8%, Nvidia -2.9%. At home, the STI closed -3.5% Thursday as all thre...
