Dan Chang C S

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Dan Chang C S

Trading Representative / Remisier / Speaker with SGX Academy and SIAS
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Dan is presently a Trading Representative with PhillipCapital as well as a SGX Academy Speaker, and has been invited to speak at various seminars, webinars and radio. As a Trading Representative with more than 22 years of experience (and counting) in the equity market, Dan has assisted many investors and traders in navigating the turbulent stock market. He has managed to value-add to their investment journey by providing great insights and timely stock information so as to assist them in making informed investment decisions. As an SGX Academy Speaker, Dan has empowered retail investors with financial literacy to better understand the world of investment. Dan is also an active and verified contributor in InvestingNote, one of the largest investment forums in the region, where he regularly shared his views in his daily posts in the Active Traders' Club. Dan has a Bachelor of Business Administration (BBA) Degree from the National University of Singapore (NUS).

02/11/2026

Same Asia, Different Fortunes. Why Is Singapore Always the Odd One Out? 😅

Not quite the start to November that Singapore investors were hoping for!

On Monday, the STI dropped more than 70 points. Meanwhile, South Korea surged almost 3%, and even China was enjoying a decent rebound.

Looking at the numbers, you can't help but wonder. Why is everyone else going up while we're heading the other way?

Well, it's really about what drives each market.

In South Korea, investors were picking up technology stocks after the recent selloff. The AI story is still very much alive, although investors are becoming more selective. After spending billions on AI, companies will eventually have to show where the profits are!

China is a slightly different story. Investors are hoping for more policy support, especially with the National People's Congress Standing Committee meeting this week. But hopes are one thing. What matters is whether these policies can actually help the economy.

And back home?

Our STI is dominated by the three local banks. When the banks sneeze, the STI catches a cold! 😅

With bank earnings coming up, I think investors are getting a little nervous. I'll be watching their interest margins, earnings outlook and, of course, dividends. Hopefully, some positive surprises can help bring back confidence.

My sense is that investors are still willing to take risks. They're just becoming a lot more picky!

A good story can still attract attention. But these days, investors want the numbers to back it up.

Thanks to Lewis Ong (王阳发), Senior Business News Correspondent at Lianhe Zaobao 联合早报 , for the opportunity to share my thoughts! 😊

https://www.zaobao.com.sg/finance/singapore/story20261102-9935039

02/11/2026

𝐀 𝐬𝐡𝐚𝐫𝐩 𝐬𝐰𝐨𝐫𝐝 𝐝𝐨𝐞𝐬𝐧’𝐭 𝐦𝐚𝐤𝐞 𝐚 𝐠𝐫𝐞𝐚𝐭 𝐠𝐞𝐧𝐞𝐫𝐚𝐥.
𝐍𝐞𝐢𝐭𝐡𝐞𝐫 𝐝𝐨𝐞𝐬 𝐥𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐦𝐚𝐤𝐞 𝐚 𝐠𝐫𝐞𝐚𝐭 𝐭𝐫𝐚𝐝𝐞𝐫. ⚔️

But it can potentially help you win the battle!

Think about it.

A general going into battle needs more than just a good weapon. He needs to understand the battlefield, plan his strategy, and know when to attack and when to retreat.

Trading isn’t that different, is it?

We study the market, analyse the charts, identify opportunities and manage our risks. Sometimes we get it right. Sometimes the market catches us off guard. 😂

Take the 𝐇𝐚𝐧𝐠 𝐒𝐞𝐧𝐠 𝐈𝐧𝐝𝐞𝐱 (𝐇𝐒𝐈), for example. With all its recent ups and downs, having a good trading strategy matters more than ever.

Now, think of Macquarie 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞𝐝 𝐰𝐚𝐫𝐫𝐚𝐧𝐭𝐬 𝐚𝐬 𝐭𝐡𝐞 𝐬𝐰𝐨𝐫𝐝 (listed on SGX).

In the right hands, they can be useful tools, offering leverage and the flexibility to trade both rising and falling markets. They can help traders express their market views more efficiently, with a smaller capital outlay.

But a sharper sword doesn’t guarantee victory. And leverage certainly doesn’t make our market predictions more accurate!

In my latest article, I share why I’m still cautious about the Hang Seng’s near-term outlook, the key technical levels I’m watching, and how structured warrants can be part of a trader’s toolkit.

A sharp sword can give a well-prepared general an edge. But it’s still the strategy, discipline and judgment that make the difference.

𝐈𝐧 𝐭𝐫𝐚𝐝𝐢𝐧𝐠, 𝐭𝐡𝐞 𝐫𝐢𝐠𝐡𝐭 𝐭𝐨𝐨𝐥 𝐦𝐚𝐭𝐭𝐞𝐫𝐬. 𝐊𝐧𝐨𝐰𝐢𝐧𝐠 𝐰𝐡𝐞𝐧 𝐚𝐧𝐝 𝐡𝐨𝐰 𝐭𝐨 𝐮𝐬𝐞 𝐢𝐭 𝐦𝐚𝐭𝐭𝐞𝐫𝐬 𝐞𝐯𝐞𝐧 𝐦𝐨𝐫𝐞.

Read my article: 𝐓𝐡𝐞 𝐇𝐚𝐧𝐠 𝐒𝐞𝐧𝐠 𝐈𝐧𝐝𝐞𝐱 𝐇𝐚𝐬 𝐓𝐰𝐨 𝐒𝐢𝐝𝐞𝐬. 𝐀𝐫𝐞 𝐘𝐨𝐮 𝐖𝐚𝐭𝐜𝐡𝐢𝐧𝐠 𝐁𝐨𝐭𝐡? 👇

https://tinyurl.com/HSIBothSides

31/10/2026

25 years in the stock market. And I'm still figuring out what my superpower is! 😅

Spent two interesting days at the Find Your Superpower Summit 2026, organised by Dr Juliana Chan. Went there hoping to pick up some ideas on writing and personal branding. Came away with quite a bit to think about!

One line from Jasmin Alić really stuck with me.

"Information is everywhere. POV isn't."

How true, especially in my line of work!

Market news is everywhere. I share it almost daily myself. But what matters isn't just the news. It's how we interpret it, the experiences we bring and whether our sharing actually connects with people.

Jasmin also shared some interesting findings on why personal stories tend to do better than promotional posts. Certainly something for me to think about in my own writing!

Chris Do was quite thought-provoking too! He challenged the way we look at things. What's smart and what's stupid? Is having a good product enough, or does branding make the difference? And why is being different so important?

So, what's MY superpower?

Perhaps mine is taking all the complicated things happening in the stock market and explaining them in a way that everyday investors can understand. That's what I enjoy doing, anyway. Even when the market doesn't make it easy! 😄

A big thank you to Juliana, Jasmin, Chris and all the speakers for sharing so generously. A special thanks to SGX Group, John Lim, Amanda Huang and Shimona Wong for the opportunity to attend this summit. Learnt quite a bit, and certainly have a few things I would like to try!

As for my superpower, I'm still working on it.

But if someone reads my market update and goes, "Ah, now I understand what's happening!", I would be quite happy with that. 😊

30/10/2026

𝐌𝐚𝐫𝐤𝐞𝐭 𝐖𝐫𝐚𝐩 (𝐖𝐞𝐞𝐤 𝐞𝐧𝐝𝐞𝐝 𝟑𝟎/𝟏𝟎/𝟐𝟔)

𝐆𝐨𝐨𝐝 𝐑𝐞𝐬𝐮𝐥𝐭𝐬, 𝐁𝐚𝐝 𝐑𝐞𝐜𝐞𝐩𝐭𝐢𝐨𝐧!

Another week, another reminder that the 𝐒𝐓𝐈 doesn't always dance to the same tune as the rest of Asia! 😅 While spurs of AI enthusiasm lifted markets like South Korea and Japan, Singapore was still searching for its footing. The STI stood at 5380 as of Friday afternoon, down around 0.7% from last Friday. But really, it was sideways most of the week as STI hovered in the 5365 - 5439 range..

Still, beneath the rather quiet index, individual stocks were anything but boring! Volatile movement, but most still ended lower.

𝐊𝐞𝐩𝐩𝐞𝐥 gave investors something to chew on. 3Q net profit grew 20%, while the core "New Keppel" business delivered nearly 15% growth, helped by connectivity and infrastructure. More interestingly, asset monetisation has reached S$3.7b this year. Initially, price jumped to as high as $10.44 after the results, but quickly slided down to $10.06 as of Friday afternoon.

Same for 𝐢𝐅𝐀𝐒𝐓, who continued to show that its growth story has legs. 3Q net profit rose 24.5% to S$32.4M, while AUA hit a record S$36.76b. Even its digital bank is starting to contribute. The share price jumped initially to as high as $8.61 after results, but ended up hitting a week-low of $7.76 by Friday afternoon.

While faring better than the above 2, 𝐃𝐅𝐈𝐑𝐆 also cannot escape the fate of a pullback towards the end of the week.. Underlying 3Q profit rose 17% and it lifted full-year guidance. The stock gained 5% on Tuesday to hit a week-high of US$3.60, but ended up slipping on Friday afternoon to US$3.49. The only difference from the above 2 is that it still managed to notch up a weekly gain of 4.9%. Nice to see a recovery story getting some recognition, although one good quarter doesn't mean the job is done.

𝐍𝐚𝐧𝐨𝐟𝐢𝐥𝐦 “worked” differently though. Revenue grew just 2% in 3Q, but gross margin improved to 45%. Its industrial equipment and nanofabrication businesses posted encouraging growth. Despite the good earnings, price dropped >4% to as low as $0.795 after results (probably due to tumble in US AI stocks), but somehow managed to rebound back to $0.83 as of Friday afternoon.

At the other end, 𝐔𝐥𝐭𝐫𝐚𝐆𝐫𝐞𝐞𝐧 𝐚𝐢 reminded us how quickly sentiment can turn. Despite strong 3Q revenue growth, its warning that FY2026 sales would miss guidance sent the stock tumbling 15.9% on Thursday. By Friday afternoon, it hit an all-time-low of US$0.46 as of Friday noon. A timely reminder that the market prices the future, not just the past.

Quite a week, isn't it? Good earnings don't always translate into higher share prices. Sometimes, it's not just about how well a company performs, but how much the market has already priced in!

Rgds,
Dan
tinyurl. com/TTP-dan
tinyurl. com/dan-disclaimer

27/10/2026

Same Asia, Same AI Rally. But Different Market Stories!

Quite an interesting day in Asian markets!

South Korea surged 3.8%, Japan gained nearly 2%. But Singapore? Well, the STI went the other way. 😅

So what's going on?

As I shared with Lianhe Zaobao, it really comes down to what drives each market.

South Korea and Japan have strong exposure to semiconductors. So when AI stocks rally on Wall Street, these markets naturally get a boost.

But Singapore is a different story.

Our STI is dominated by the three local banks. And for banks, it's more about interest rates, bond yields and earnings. So even when AI stocks are flying elsewhere, our market may not follow.

Looking ahead, I'll be watching US Big Tech earnings and the Fed's interest rate decision.

AI excitement is one thing. But are companies making enough money to justify all that spending? That's the bigger question!

Same global headlines, but different market reactions. And that's what makes the stock market interesting, isn't it? 😄

Thanks to Lewis Ong (王阳发), Senior Business News Correspondent at Lianhe Zaobao 联合早报 , for reaching out and giving me the opportunity to share my thoughts!

https://www.zaobao.com.sg/finance/singapore/story20261027-9903120

23/10/2026

"𝐘𝐨𝐮 𝐀𝐫𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐢𝐠𝐡𝐭 𝐏𝐥𝐚𝐜𝐞."

That's what the neon sign in the pantry said. Quite an interesting welcome at an industrial property developer's office, isn't it? 😄

Last Friday, I joined a group of fellow market professionals for a visit to Soon Hock Enterprise at its Jalan Papan headquarters

Now, when you think of an industrial property developer, you probably picture warehouses, factories and lots of concrete.

But walking around Soon Hock's office was quite a different experience!

Paintings, artistic touches, a cosy pantry, and even a karaoke room with another interesting motto: "Work Hard, Play Hard and Party Even Harder." Haha.

The place had a rather warm, family-like feel. Not quite what I expected!

Of course, I wasn't there just to admire the office. 😄

Soon Hock has an interesting journey, evolving from its logistics roots into industrial property development. With Stellar@Tampines recently completed and Skye@Tuas targeting completion in 1H2027, there's certainly more to watch as its development pipeline takes shape.

One thing I was curious about was whether Soon Hock would eventually build up more recurring income, rather than relying mainly on property development.

So I put that question to CEO Walter Tan.

Walter shared that they are always keeping an eye out for opportunities, although recurring income currently makes up less than 10% of the business.

I think that's something worth watching. Property development can be rewarding, but earnings can also be quite uneven, depending on when projects are completed. Having more rental income could help smooth things out over time.

Another thing I wanted to know was how Walter hoped retail investors would view Soon Hock.
His answer? 𝐀 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐜𝐨𝐦𝐩𝐚𝐧𝐲.

Walter also pointed out that management are shareholders themselves, so they have a vested interest in growing the business. And if the company can grow its dividends along the way, both management and minority shareholders stand to benefit.

Quite a sensible way of looking at it, I thought.

Of course, there's still work to be done.

Like any newly listed developer, there are things investors will be watching. Trading liquidity, earnings visibility and, importantly, how well the company delivers on its projects and builds up its future pipeline.

A big thank you to Walter, CFO Veron Heng, Director of Project Ex*****on, Christine Loo, and the Soon Hock management team for the warm hospitality and open sharing. Also, thanks to Gwendalyn Sim from SGListCos and Darren Lee from SGX Group for putting together this visit. Really appreciate the opportunity!

Coming back to that pantry sign.
"𝐘𝐨𝐮 𝐀𝐫𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐢𝐠𝐡𝐭 𝐏𝐥𝐚𝐜𝐞."

For the people working there, perhaps it's about belonging.

For investors, being in the right place is only half the story.

𝐓𝐡𝐞 𝐫𝐞𝐚𝐥 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧 𝐢𝐬 𝐰𝐡𝐞𝐭𝐡𝐞𝐫 𝐭𝐡𝐞 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐜𝐚𝐧 𝐠𝐫𝐨𝐰 𝐢𝐧𝐭𝐨 𝐬𝐨𝐦𝐞𝐭𝐡𝐢𝐧𝐠 𝐞𝐯𝐞𝐧 𝐛𝐞𝐭𝐭𝐞𝐫 𝐭𝐨𝐦𝐨𝐫𝐫𝐨𝐰.

23/10/2026

𝐌𝐚𝐫𝐤𝐞𝐭 𝐖𝐫𝐚𝐩 (𝐖𝐞𝐞𝐤 𝐞𝐧𝐝𝐞𝐝 𝟐𝟑/𝟏𝟎/𝟐𝟔)

Another week, another roller coaster ride. Although this one seems to be going around in circles. 😂.

The 𝐒𝐓𝐈 started the week on a softer note, rebounded on Wednesday, only to give back some of those gains on Thursday. As of Friday noon, the index was trading 5,409, almost exactly where it ended last Friday, but not before it hit a week low of 3,365, creating some concern in the market.. The banks continued to influence the index, while concerns over elevated US bond yields, oil prices and whether AI valuations have run too far kept investors cautious.

But look beyond the STI, and there were some interesting earnings in the week.

𝐅𝐫𝐚𝐬𝐞𝐫𝐬 𝐂𝐞𝐧𝐭𝐫𝐞𝐩𝐨𝐢𝐧𝐭 𝐓𝐫𝐮𝐬𝐭’s FY2026 distribution hit a record 12.35 cents per unit, supported by stronger rental income and contributions from Northpoint City South Wing. Price surged from a week-low of $2.03 to as high as $2.20 before closing at $2.18 as of Friday noon. Not exactly the most exciting business, but sometimes the boring ones have interesting numbers to show.

𝐒𝐮𝐧𝐭𝐞𝐜 𝐑𝐄𝐈𝐓 also delivered a decent set of results, with Q3 DPU rising 13.4%. Encouraging to see stronger office and retail performance, although gearing at 43% is something I would still keep an eye on. Price surged to a 3-week high of $1.40 after the earnings, forming a nice U-shape on the chart.

𝐃𝐅𝐈 𝐑𝐞𝐭𝐚𝐢𝐥 𝐆𝐫𝐨𝐮𝐩 stood out amid the market weakness, gaining 2% for the week. Price jumped from US$3.29 to as high as US$3.41 before settling at $3.36 as of Friday noon. Interesting to see this relative strength while the broader market is still struggling for direction. Technically, the share price has crossed above its 10MA, suggesting a possible early recovery. Still early days, but certainly one worth keeping on the radar, imo!

Not all are rosy. 𝐀𝐄𝐌 came under pressure in the week, extending its losing streak. The recent volatility in semiconductor stocks is not really helping. After holding on desperately in early week, price plunged to as low as $7.78. Worrying sign.

Meanwhile, 𝐊𝐨𝐡 𝐁𝐫𝐨𝐭𝐡𝐞𝐫𝐬 𝐄𝐜𝐨 𝐄𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠 announced that it will move from Catalist to the SGX Mainboard on 29 October. A positive milestone for the company, but share price hardly moved as it drifted lower in the week to $0.068 as of Friday noon.

𝐃𝐞𝐥𝐮𝐠𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 made a good debut in the week, closing 6.7% above its S$0.60 IPO price at S$0.64. With an order book of around S$433 million, it has some earnings visibility. Adecent start, although the real test will be turning that order book into revenue, profits and cash flow.

Rgds,
Dan
tinyurl. com/TTP-dan
tinyurl. com/dan-disclaimer

22/10/2026

The lights, the applause, the smiles on stage. But somehow, it was the people behind it all that stayed with me.

Glad to have been part of the SIAS Investors' Choice Awards 2026 Dinner at Orchard Hotel last evening. A lovely evening, and one that left me feeling quite heartened.

Looking around the ballroom, I saw so many familiar faces. Friends I have known for years, some I haven't seen in quite a while, and quite a few new friends too!

Lots of handshakes, laughter, catching up and, of course, photo-taking! Haha. 😄

Funny how we are always rushing between meetings, market events and our daily work. Yet when we finally get together, there's always so much to talk about. The evening just flies by.

But beyond the celebrations, something else struck me.

We spend so much time talking about markets, companies, share prices and returns. Yet behind all these are people quietly working to make our investing community better.

People who champion investor education, push for better corporate governance and help build trust in our markets.

And this is where I really want to commend Securities Investors Association Singapore (SIAS), especially David Gerald and the entire team.

Organising an evening like this is no small feat. But what I appreciate even more is the work SIAS has been doing over the years.

Standing up for retail investors, giving them a voice and reminding companies that shareholders matter.

Much of this work doesn't make the headlines. But it matters. A lot.

A big congratulations to all the award winners! 👏

Two awards made me especially happy.

First, PhillipCapital, for receiving the Joint Best Retail Broker Award 2026! A proud moment for the Phillip family and everyone who works hard each day to serve our investors. And on a personal note, this one feels especially sweet. After all, PhillipCapital has been my second home for the past 25 years! ❤️

And Stoneweg Europe Stapled Trust (SERT), for clinching the Singapore Corporate Governance Award 2026, REITs & Business Trusts category. Congratulations to the team! Good to see the efforts towards strong governance recognised.

But for me, one of the nicest parts of the evening was simply being among friends.

Some of us work in different firms, play different roles and sometimes even have different views on the market. Haha. But that's what makes this community interesting.

We may see things differently, but we all want to see Singapore's capital markets grow stronger.

Looking back, I'm just glad I got to spend the evening with so many wonderful people. Grateful for the friendships built over the years and for the chance to be part of this community.

Markets will rise and fall. Awards will come and go. But years from now, I suspect what we'll remember most won't be the numbers on the screen or the trophies on the shelf. It'll be the people who made the journey worthwhile. ❤️

The Joyful Investors Joey Choy

19/10/2026

Not every business needs to be sexy to have an interesting story. Sometimes, you just need to look up. Literally. 😄

Yesterday, I visited Tiong Woon Corporation Holding Ltd. And I must say, quite an eye-opener!

When we talk about construction or infrastructure projects, we tend to focus on the big developers and contractors. But have you ever wondered how those massive structures and heavy equipment actually get lifted into place?

Well, someone has to do the heavy lifting. Literally. Haha.

And that's where Tiong Woon comes in.

We were warmly welcomed by CEO Michael Ang, CFO William Tan and COO Tan Guan Liang.

Michael shared the company's journey, strategy and direction, while William gave us some colour behind the financial numbers.

One thing Michael said stuck with me. This is not a sexy business.

I actually quite like that description.

And that's what makes Tiong Woon interesting to me. It's not just about cranes. Its services support everything from construction and infrastructure to data centres, semiconductors, and marine and offshore projects. Quite a lot going on for an "unsexy" business, right? 😄

With Singapore's construction outlook looking bright, supported by major government infrastructure projects, there should be opportunities for Tiong Woon too. The key, of course, is how much of that demand it can capture.

And looking at the financials, it seems the hard work is paying off!

FY2026 revenue grew 14.8% to S$187.7M, while net profit rose 24.4% to S$23.9M. That's 5 consecutive years of revenue and profit growth!

Interestingly, profit has been growing faster than revenue, with gross margin improving to 40.7%. Despite being a capital-intensive business, Tiong Woon also generated S$67.5M in operating cash flow.

Shareholders are getting a little more too, with the proposed dividend rising 42.9% to 2.5 cents per share.

But the fun part came after the presentation.

Leslie brought us around the premises, including the rooftop, where we saw different types of cranes, some really massive ones! We also walked through the operations to see what goes on behind the scenes.

I mean, how often do you get to stand so close to these giant machines?

And honestly, this is the part I enjoy most about corporate visits. You can read all the annual reports you want, but sometimes, standing right there and seeing how things actually work tells you a lot more about the business.

What I also appreciate is Tiong Woon's journey. From humble beginnings, it has spent decades building its capabilities and reputation. Nothing flashy, just years of hard work.

A big thank you to the Tiong Woon team for the warm hospitality, and to SGX Group and (Gwendalyn Sim) for making this visit possible!

While everyone is busy chasing the next big thing, perhaps we shouldn't overlook the companies quietly doing the heavy lifting behind it. Literally. 😊

19/10/2026

AI may have its superstars. But even superstars need a team.

Think about it. You can have the most powerful AI chips in the world, but someone still has to manufacture them, supply the memory, connect the servers and develop the AI models that make everything work.

And that's where the bigger AI story gets interesting.

Last Friday, five new AI-linked Singapore Depository Receipts (SDRs) joined SGX. At first glance, just another five counters. But look a little closer, and there's actually quite an interesting story behind how these companies fit together.

For Singapore investors, there's another angle too. More ways to access global AI companies through SGX, in SGD and with smaller investment sizes.

Sounds attractive? Well, more choices don't necessarily mean better investments. Valuations, liquidity and what we are actually buying still matter.

I recently wrote an article in partnership with SGX, taking a closer look at these five companies, the different roles they play in AI, and why I think SDRs could become an interesting segment to watch on our local market.

Have a read. I hope it gives you a slightly different perspective on the AI investment story.

Because perhaps the next big question isn't just who will lead the AI race, but which parts of the ecosystem will continue making money long after the excitement settles.

https://tinyurl.com/5newplayers

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