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$Mapletree Log Tr(M44U.SG)

Mapletree Logistics Trust: Holding the Line at S$1.07

I am currently holding 1,000 shares of Mapletree Logistics Trust at an average cost of S$1.100. The price sits at S$1.070 and I have paper loss of -2.72%. 😊

But here is what keeps me steady:

📉 Technicals

• S$1.07 is a major historical support level

• RSI has climbed from deep oversold territory to 38.55. Downward momentum is slowing.

• Price is stabilising near the lower Bollinger Band. A bounce or consolidation may be coming

💼 Business Strength

• Portfolio occupancy: 96.4%. WALE: 2.5 years

• Leverage at 40.5%. Cost of debt: 2.6%. 82% on fixed rates

• Fed rate cuts will help too. 18% floating debt means lower interest costs ahead

💰 Value & Yield

• NAV S$1.26. Trading at just 0.85x book value

• Trailing yield around 6.8%. Forward yield could reach 7.4%–7.6%

Price is what you pay and value is what you get. I believe in the quality of this business. I will stay patient and let the story unfold 🙏

$Meta Platforms(META.US)

Meta: Muse Could Be Its Next Growth Engine — But There’s a Catch

Meta’s 27% September rally has caught attention. The excitement is no longer just about advertising. Investors are increasingly looking at Muse, Meta’s push into agentic AI, and asking whether it could become another major revenue engine.

The opportunity is compelling. Muse could help users shop, plan trips and manage tasks, while Meta could eventually monetise through subscriptions, transactions and advertising. Its billions of users also give Meta a distribution advantage few AI competitors can match.

But there is a catch: downloads are not revenue.

Muse still needs to prove users will return, businesses will participate and consumers will spend. Competition from OpenAI, Google and others is intense. Privacy, cybersecurity and platform-access risks also remain. Amazon blocking Muse from its retail platform shows Meta may not control the ecosystem it wants to build.

The spending required is another concern. Meta’s 2026 capital expenditure guidance has reached US$130–145 billion. Advertising still dominates revenue, while rising AI investment is pressuring margins and free cash flow.

At around US$728, Meta trades at roughly 22x 2026 estimated earnings. That is not excessive for a company delivering strong growth, but September’s rally leaves less room for disappointment.

Technically, the trend remains bullish, with the stock above its major moving averages. However, momentum has cooled from its September peak.

For existing investors, Muse is an exciting catalyst, but expectations need discipline. Prospective investors should be careful about paying today for profits Muse has yet to deliver.

Muse could become Meta’s next growth engine. The question is whether the earnings arrive before the bill does.

$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.

$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.

$Taiwan Semiconductor(TSM.US)

Context:

I decided to buy TSM today, right after its earnings. Honestly, it's an interesting day to enter because the numbers were strong, yet the stock still sold off.

Q3 revenue grew 50.9% YoY and net profit jumped 68.7%, but the market seems more focused on inflation, interest rates and concerns around AI spending.

What caught my attention wasn't just the earnings beat. It was how differently the market reacted to the results.

My Trade:

I placed a buy order today because I see TSMC as more than just another AI stock. Whether it's Nvidia, Apple or other chip designers, someone still needs to manufacture those advanced chips at scale.

I'm not assuming today's price is the bottom. Valuation, overseas expansion costs and pressure on margins are all worth watching.

But I don't want short-term market pessimism to completely overshadow what the company is delivering.

Takeaway:

Today's trade reminded me that good earnings don't always lead to a green day.

Sometimes the harder part is separating a company's performance from the market's expectations.

$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.