Dan Chang C S

09/06/2026

𝐂𝐡𝐢𝐧𝐚 𝐓𝐞𝐜𝐡 𝐢𝐬 𝐁𝐚𝐜𝐤 𝐢𝐧 𝐂𝐨𝐧𝐯𝐞𝐫𝐬𝐚𝐭𝐢𝐨𝐧.
𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐒𝐞𝐞 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬. 𝐓𝐫𝐚𝐝𝐞𝐫𝐬 𝐒𝐞𝐞 𝐂𝐚𝐭𝐚𝐥𝐲𝐬𝐭𝐬.

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Funny things happen in markets.

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By the time everyone is talking about an opportunity, much of the move may already have happened.

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A few years ago, almost every conversation seemed to revolve around China technology stocks.

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Then sentiment changed.

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Regulatory concerns. Slowing growth. Geopolitical tensions.

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Investors moved on.

Or did they?

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Over the past few months, I have noticed something interesting. More investors are beginning to ask about 𝐂𝐡𝐢𝐧𝐚 𝐭𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐬𝐭𝐨𝐜𝐤𝐬 again.

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Not because the risks have disappeared.

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But because the opportunities may be becoming harder to ignore.

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In my latest article, I explore:

💠 Why 𝐀𝐥𝐢𝐛𝐚𝐛𝐚, 𝐓𝐞𝐧𝐜𝐞𝐧𝐭 and 𝐗𝐢𝐚𝐨𝐦𝐢 are finding their way back onto investors' watchlists

💠 What their charts may be telling us right now

💠 The gap between market perception and business reality

💠 How some traders express short-term market views using Macquarie’s 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞𝐝 𝐰𝐚𝐫𝐫𝐚𝐧𝐭𝐬 listed on SGX

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Markets rarely wait for certainty.

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In fact, some of the biggest moves often begin when expectations are at their lowest and sentiment starts to improve.

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The real question is not whether China still has risks.

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The real question is whether the market has become too focused on them.

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https://tinyurl.com/ChinaTechBackInConversation

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05/06/2026

𝐌𝐚𝐫𝐤𝐞𝐭 𝐖𝐫𝐚𝐩 (𝐖𝐞𝐞𝐤 𝐞𝐧𝐝𝐞𝐝 𝟓/𝟔/𝟐𝟔)

𝐀𝐥𝐥-𝐓𝐢𝐦𝐞 𝐇𝐢𝐠𝐡, 𝐅𝐮𝐥𝐥-𝐓𝐢𝐦𝐞 𝐓𝐞𝐚𝐬𝐞

A rollercoaster week for the 𝐒𝐓𝐈 .

The good news? The index scaled a fresh all-time high of 5,150.69.

The bad news? After starting the week at 5,048, by Friday noon it was back at 5,052, only a handful of points above where it began. Talk about running a marathon only to end up almost back at the starting line.

𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐎𝐧 𝐍𝐞𝐰 𝐇𝐢𝐠𝐡𝐬

In a week where the STI kept punching higher and rewriting the record books, we really have to talk about the index heavyweights, particularly DBS and OCBC.

Rain or shine, good news or bad news, there just seems to be no stopping 𝐃𝐁𝐒. The bank hit a record high of $65.19 during the week before easing back to $63.96 as of Friday noon. To put things into perspective, DBS was trading as low as $36.30 in April 2025, just slightly over a year ago. That's an impressive gain of almost 80%.

𝐎𝐂𝐁𝐂 was not far behind. The stock touched an all-time high of $24.68 before settling at $23.98 as of Friday noon. Back in April 2025, it was trading at just $14.35, translating into a remarkable gain of about 72% over the same period.

𝐑𝐞𝐚𝐜𝐡𝐢𝐧𝐠 𝐟𝐨𝐫 𝐇𝐢𝐠𝐡𝐬: 𝐒𝐈𝐀 𝐒𝐨𝐚𝐫𝐬, 𝐒𝐀𝐓𝐒 𝐒𝐜𝐨𝐫𝐞𝐬

The shining stars this week, however, were the "aviation bros", SIA and SATS.

Having featured in my last week’s wrap, both stocks continued their ascent this week. 𝐒𝐈𝐀 climbed from $6.78 to a weekly high of $7.08 before settling at $6.94 as of Friday noon, delivering a respectable gain of 2.3% for the week. Investors will now be watching closely to see if it can challenge its 10-month high of $7.20.

𝐒𝐀𝐓𝐒 did one better, soaring to a fresh 52-week high of $4.05. Building on its already impressive run last week, the stock advanced from $3.85 to $4.00 as of Friday noon, chalking up another 3.9% weekly gain. Over the past two weeks alone, SATS has rallied an impressive 26%.

𝐅𝐫𝐨𝐦 𝐒𝐥𝐞𝐞𝐩𝐞𝐫 𝐓𝐨 𝐒𝐭𝐞𝐞𝐩𝐞𝐫

Turning our attention to the small-cap space, one stock stood out, 𝐄𝐮𝐫𝐨𝐬𝐩𝐨𝐫𝐭 𝐆𝐥𝐨𝐛𝐚𝐥. The stock surged to a recent high of $0.093 following the announcement of a strategic share subscription, signalling fresh investor backing and enhanced funding flexibility. While liquidity remains a consideration, there is no denying that the stock has been drawing a beautiful uptrend on the chart.

𝐑𝐞𝐬𝐞𝐫𝐯𝐞 𝐓𝐨 𝐎𝐛𝐬𝐞𝐫𝐯𝐞

In other major local market news, 𝐅𝐢𝐫𝐬𝐭 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬 and 𝐎𝐥𝐚𝐦 are set to replace 𝐍𝐞𝐭𝐋𝐢𝐧𝐤 and 𝐒𝐈𝐀 𝐄𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠 on the STI Reserve List.

Cheers!
Dan
See Disclaimer



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If you think Dan can value add to your investment journey, click here: tinyurl.com/TTP-dan
Disclaimer: tinyurl.com/dan-disclaimer

03/06/2026

𝗚𝗼𝗹𝗱 𝗗𝗶𝗱𝗻'𝘁 𝗥𝗲𝗮𝗱 𝗧𝗵𝗲 𝗧𝗲𝘅𝘁𝗯𝗼𝗼𝗸.

When tensions involving Iran escalated recently, many investors expected gold to surge. After all, if there was ever a textbook reason for a safe-haven rally, surely this was it.
But markets rarely follow textbooks. Instead of breaking decisively higher, gold spent much of the period consolidating, leaving some investors wondering why the "obvious" trade wasn't working.
To be frank, I did have a few conversations during that period.
"Shouldn't gold be going up?"
And honestly, I thought it was a fair question.
What surprised many investors was not the conflict itself, but the market's reaction to it. While geopolitical tensions would normally support gold, a stronger US dollar, rising oil prices and expectations that interest rates could stay higher for longer created a powerful counterforce.
And perhaps that's one of the biggest lessons markets teach us. If there's one thing I have learnt from watching markets over the years, it's that investing is often less about what happens, and more about what the market has already anticipated.
Sometimes the expected outcome is already priced in. Sometimes different forces pull markets in opposite directions. And sometimes the market simply refuses to do what the majority expects.
Yet what happened afterwards was equally interesting.
While gold did not deliver the immediate breakout many expected, investor interest in the asset class remained remarkably strong.
According to SGX Group data, assets under management (AUM) in Singapore-listed Gold ETFs have crossed S$5.3 billion, while retail participation reached a record 18%. Retail holdings also surged 149% year-on-year to S$953 million.
Perhaps that tells us something.
Investors may not know exactly where gold goes next. But they seem to recognise that uncertainty itself has become a feature, not a bug, of today's markets.
The trades that look most obvious are not always the ones that work immediately. And perhaps that is why market cycles are such valuable teachers. It’s not because it helps us predict every move. But because it teaches us patience when the market refuses to validate our convictions.
In investing, being right is important.
But being patient enough to let the market realise it can be just as important.
https://api2.sgx.com/sites/default/files/2026-05/Gold%20ETF%20Highlights_AUM%20of%20Gold%20ETFs%20crossed%20S%245.3B%3B%20retail%20participation%20reaches%2018%25.pdf



Source: SGX

02/06/2026

A potential SpaceX IPO has captured the imagination of investors around the world.

And understandably so.

A globally recognised brand. A visionary founder. And arguably one of the most anticipated IPO candidates in recent memory.

And, when news of a potential blockbuster IPO emerges, the first question many investors ask is:

"How can I get in?"

Well, perhaps an equally important question is:

"What else should I be looking at?"

When evaluating an overseas IPO, most investors naturally focus on the company itself, its business model, growth prospects, management team, and financial performance.

Those things matter.
And rightly so.

Because investors may also want to pay attention to the bigger picture, including the industry outlook, the country in which the company operates, market sentiment, interest rate conditions, the broader economic environment, and even geopolitical developments.

After all, an IPO does not enter the market in isolation. It enters a market environment.

That is why I believe evaluating an overseas IPO requires both a company perspective and a market perspective.

The company tells us what we are investing in.
The broader environment helps us understand the conditions under which we are investing.

As overseas IPOs continue to attract growing interest among Singapore investors, having a broader framework can help us make more informed decisions beyond the headlines and hype.

Many thanks to Zaobao 联合早报 Business Reporter, Ulrica Lin (财经新闻记者 林娉莹), for putting together a thoughtful and timely piece on overseas IPO investing. I particularly appreciated how the article brought together different perspectives and highlighted some of the key considerations investors may wish to keep in mind when evaluating opportunities beyond Singapore's shores.

Because in investing, buying the right company matters.
But buying the right company at the right time matters too.

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潜在的 SpaceX IPO，已经点燃了全球投资者的想象空间。

这其实一点也不令人意外。

一个全球知名品牌。
一位富有远见的创始人。
更可能是近年来最受市场期待的 IPO 候选公司之一。

而当这种“史诗级 IPO”的消息传出时，许多投资者脑海中浮现的第一个问题往往是：

“我该怎么参与？”

不过，或许还有一个同样重要的问题值得思考：

“除了公司本身，我还应该关注什么？”

在评估海外 IPO 时，大多数投资者自然会把焦点放在公司本身，例如商业模式、成长前景、管理团队以及财务表现。

这些因素当然重要。

而且本来就应该受到重视。

但与此同时，投资者也不妨把视野放得更广一些，例如行业前景、公司所在国家的环境、市场情绪、利率走势、整体经济情况，甚至地缘政治发展等因素。

毕竟，IPO 并不是在真空环境中上市的。

它进入的是一个真实存在、并且不断变化的市场环境。

这也是为什么我认为，评估海外 IPO 时，需要同时从“公司角度”和“市场角度”来思考。

公司告诉我们：
“我们投资的是什么。”

而大环境则帮助我们理解：
“我们是在什么样的条件下进行投资。”

随着越来越多新加坡投资者开始关注海外 IPO，拥有更全面的分析框架，或许能帮助我们在市场热点与媒体头条之外，做出更理性的投资判断。

感谢《联合早报》财经新闻记者林娉莹（Ulrica Lin）撰写这篇及时且具启发性的报道。我特别欣赏文章汇集了不同市场人士的观点，并点出了投资者在评估海外 IPO 机会时值得关注的几个重要因素。

因为在投资里，买对公司很重要。
但在对的时间买对公司，同样重要。

01/06/2026

如果你最近逛新加坡的商场，应该不难发现，许多新的餐饮品牌正在不断涌现。

从奶茶品牌、咖啡概念店，到来自中国、韩国等地的餐饮品牌，整个行业的竞争正变得越来越激烈。

对于消费者来说，选择变多了当然是好事。但对于现有餐饮业者而言，每一个新进入市场的品牌，都意味着争夺顾客的竞争变得更加艰难。

除了竞争加剧之外，餐饮企业还面对租金高企、人手短缺以及薪资上涨等挑战。即使客流量维持稳定，这些成本压力也可能让企业更难提升盈利能力。

从投资角度来看，餐饮股相较于银行、半导体和数据中心等热门板块，往往较少受到市场关注。因此，这类股票的估值和流动性有时也会受到影响。

对于投资者而言，成长故事固然吸引人，但快速扩张并不等于可持续成长。开设更多分店或许能够在短期内带动收入增长，但成功扩张仍需要强大的执行能力、充足的资金，以及健康的现金流作为支撑。

有趣的是，尽管市场的目光往往集中在餐厅营运商身上，今年表现较为亮眼的，却包括上游产业链企业，例如 𝐅𝐨𝐨𝐝 𝐄𝐦𝐩𝐢𝐫𝐞 𝐇𝐨𝐥𝐝𝐢𝐧𝐠𝐬 和 𝐉𝐁 𝐅𝐨𝐨𝐝𝐬。这也提醒我们，投资机会有时候未必出现在最贴近消费者的一端，而可能存在于产业价值链的更上游。

感谢财经新闻记者 萧维旸 撰写这篇关于新加坡上市餐饮公司的专题报道。我特别欣赏他不仅关注股价表现，更深入探讨数字背后的行业动态与经营环境。这样的报道有助于投资者了解市场发生了什么，更重要的是理解为什么会发生。

这也再次提醒我们，每一只股票背后都是一家企业，而每一家企业背后，都有一个值得深入了解的行业故事。

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Walk through almost any shopping mall in Singapore today, and chances are you will spot a new F&B brand that wasn't there a year ago.

From bubble tea chains and coffee concepts to restaurant brands from China, Korea and beyond, competition in the sector has become increasingly intense.

While consumers may enjoy having more choices, the reality is that every new entrant makes the fight for customers a little tougher for existing operators.

Beyond the competition, operators are also grappling with rising rents, manpower constraints and higher wage costs. These pressures can make it difficult to grow profitability, even when customer traffic remains healthy.

From an investment perspective, F&B stocks also tend to fly a little more under the radar compared to sectors such as banks, semiconductors and data centres. As a result, they often attract less investor attention, which can sometimes affect both valuations and trading liquidity.

For investors looking at the sector, growth stories can be attractive. But rapid expansion alone should not be mistaken for sustainable growth. Opening more outlets may boost revenue in the short term, but successful expansion still requires strong ex*****on, sufficient capital and healthy cash flow.

Interestingly, while much of the attention naturally goes to restaurant operators, some of the stronger performers this year have come from upstream players such as 𝐅𝐨𝐨𝐝 𝐄𝐦𝐩𝐢𝐫𝐞 𝐇𝐨𝐥𝐝𝐢𝐧𝐠𝐬 and 𝐉𝐁 𝐅𝐨𝐨𝐝𝐬. It is a useful reminder that investment opportunities can sometimes be found further up the value chain, rather than at the consumer-facing end of the business.

Appreciate 财经新闻记者萧维旸 for putting together a thoughtful piece on Singapore's listed F&B companies. What stood out to me was his effort to look beyond share price movements and explore the broader industry dynamics behind the numbers. Articles like these help investors better understand not just what is happening, but why it is happening.

A good reminder that behind every stock is a business, and behind every business is an industry story worth understanding.

&B

29/05/2026

𝐌𝐚𝐫𝐤𝐞𝐭 𝐖𝐫𝐚𝐩 (𝐖𝐞𝐞𝐤 𝐞𝐧𝐝𝐞𝐝 𝟐𝟗/𝟓/𝟐𝟔)

𝟓𝟏𝟎𝟎: 𝐇𝐢𝐠𝐡 𝐅𝐢𝐯𝐞, 𝐓𝐡𝐞𝐧 𝐁𝐲𝐞 𝐁𝐲𝐞?

The 𝐒𝐓𝐈 hit a fresh all-time high of 5,102 this week, crossing the 5,100 mark for the first time on Monday before running out of steam and pulling back over the rest of the week. As of Friday noon, the index stood at 5,035, translating into a small weekly loss of 0.65%. The market finally broke through the 5,100 ceiling, but like a housewarming party that went on a little too long, some profit-taking inevitably followed.

There were certainly no shortages of movers this week, in both directions.

𝐅𝐫𝐨𝐦 𝐑𝐮𝐧𝐰𝐚𝐲 𝐭𝐨 𝐑𝐚𝐥𝐥𝐲

After posting a strong 4Q FY2026 performance, 𝐒𝐀𝐓𝐒 wasted no time getting off the runway. The stock gapped up right at the start of the week and climbed to a high of $3.86 as of Friday noon, marking a superb weekly gain of 17%. The group also proposed a final dividend of 5 cents per share.

𝐖𝐡𝐞𝐧 𝐎𝐢𝐥 𝐅𝐚𝐥𝐥𝐬, 𝐒𝐈𝐀 𝐅𝐥𝐢𝐞𝐬

Fellow aviation “buddy”, 𝐒𝐈𝐀 also enjoyed a good week despite the ongoing Iran conflict, climbing from $6.59 to a high of $6.81 before settling at $6.79 as of Friday noon. Personally, I think the key tailwind was the sharp decline in oil prices, which helped ease concerns over fuel costs. Sometimes, what happens at the oil pump matters just as much as what happens in the cockpit.

𝐓𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐅𝐨𝐮𝐧𝐝 𝐚 "𝐁𝐮𝐭"

Not so lucky for 𝐁𝐨𝐮𝐬𝐭𝐞𝐚𝐝 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 though. While FY2026 net profit surged 145% and the company proposed a higher total dividend of 10 cents per share, investors appeared to focus on the 35% YoY decline in adjusted net profit. As a result, the stock tumbled from $2.64 to a low of $2.16 before recovering slightly to close at $2.24 as of Friday noon, representing a hefty weekly loss of 15%.

𝐋𝐚𝐭𝐞 𝐭𝐨 𝐭𝐡𝐞 𝐏𝐚𝐫𝐭𝐲, 𝐅𝐢𝐫𝐬𝐭 𝐭𝐨 𝐃𝐚𝐧𝐜𝐞

𝐂𝐢𝐭𝐲𝐃𝐞𝐯 was a late bloomer this week, racing to a high of $8.63 following an upgrade by Goldman Sachs, which raised its 12-month target price to $9.78. As of Friday noon, the stock was trading at $8.60, up 5.2% for the week.

𝐅𝐫𝐨𝐦 𝐂𝐚𝐭𝐚𝐥𝐢𝐬𝐭 𝐭𝐨 𝐂𝐚𝐭𝐚𝐥𝐲𝐬𝐭

Turning attention to the SMID caps, 𝐊𝐨𝐡 𝐄𝐜𝐨 hogged the limelight in terms of trading activity. The stock surged from a weekly low of $0.130 to a high of $0.175 after announcing plans to transfer its listing from Catalist to the Mainboard. As of Friday noon, it was trading at $0.160.

𝐀 𝐑𝐞𝐜𝐨𝐫𝐝 𝐖𝐨𝐫𝐭𝐡 𝐒𝐚𝐯𝐨𝐮𝐫𝐢𝐧𝐠

Another late bloomer this week was 𝐉𝐁 𝐅𝐨𝐨𝐝𝐬, which delivered a strong FY2026 recovery, with EBITDA surging nearly ten-fold to US$139.7 million. Investors responded enthusiastically, sending the stock to a new all-time high of $0.82 on Friday before it eased to $0.745 as of Friday noon.

Cheers!
Dan
See Disclaimer



===
If you think Dan can value add to your investment journey, click here: tinyurl.com/TTP-dan
Disclaimer: tinyurl.com/dan-disclaimer

27/05/2026

Investors often talk about business models, occupancy rates, and earnings.

But sometimes, the most interesting insights come from stepping onto the ground and seeing how a business actually operates.

Recently, I had the opportunity to visit Centurion Corporation’s Westlite Ubi workers dormitory together with members of the investment community.

And honestly, the visit gave me a different perspective.

When many people hear the words “workers dormitory”, they may picture something very basic and functional.

Walking through the facility, what stood out to me was how much thought had actually gone into creating a proper living environment.

The rooms were clean and well-maintained, complete with ensuite toilets and individual cooking areas. Around the compound, there were amenities like a minimart, barber shop, canteen, gym facilities, and even lockers for food delivery collection.

Small things perhaps.
But small things often shape daily life in a big way.

One part that stayed with me was learning about the role of their “Resi-Life Managers”.

Beyond operations and maintenance, these managers help look after the welfare and well-being of residents, while also organising activities and inter-dorm competitions to build a stronger sense of community among workers.

That was probably the moment the visit started feeling less like a property tour, and more like understanding a business built around people.

I also had the chance to chat with CEO Kong Chee Min, to better understand the company’s direction and operating philosophy.

What I found interesting was that the conversation wasn’t only about occupancy rates, expansion plans, or financial performance.

There was also genuine discussion around resident welfare, operational standards, and the importance of maintaining a sustainable living environment over the long run.

From an investment perspective, Centurion Corporation has actually been one of the stronger SGX performers over the past year. The share price had a very strong run in 2025, hitting an all-time high of $1.89, supported by resilient demand and improving fundamentals, although like many counters, it has seen some consolidation and profit-taking more recently in 2026.

Of course, no company is without challenges.

For Centurion, investors will probably continue watching areas like rising operating costs, regulatory expectations, labour market conditions, and whether expansion plans can continue delivering sustainable returns over time.

But after the visit, one personal takeaway stood out for me.

Sometimes, behind the numbers, valuations, and share price charts, you can still find companies that genuinely place importance on the people they serve.

Because sometimes, the real story of a business is found far away from the share price chart.

A big thank you to the Centurion Corp team and Financial PR team for the warm hosting, and SGListCos and SGX Group for organising and facilitating the visit.

26/05/2026

25/05/2026

You can tell a lot about the investing mood in Singapore by what people are willing to wake up early for on a Saturday morning.

And judging by the crowd at 𝐑𝐄𝐈𝐓𝐬 𝐒𝐲𝐦𝐩𝐨𝐬𝐢𝐮𝐦 𝟐𝟎𝟐𝟔, the passion for investing is still very much alive.

By the time I arrived early for my sharing session, the place was already buzzing. Investors everywhere, booths crowded, and conversations flowing before the programme even properly started.

Honestly, moments like this remind me how passionate and resilient the Singapore retail investing community really is.

This year, I had the opportunity to do a sharing session on Beyond REITs: Building a Stronger Income Portfolio, where we discussed how some investors can complement traditional REIT portfolios with dividend ETFs such as Lion Global Investors 's Lion-OSPL APAC Financial Dividend Plus ETF and the UOB Asset Management 's UOB-Ping An ASEAN Dividend ETF.

Beyond the talks, one of the nicest parts of the event was simply walking around, catching up with people, and hearing different perspectives from across the industry.

Was nice seeing InvestSG’s strong presence at the event and the long queues at the PhillipCapital booth throughout the day. Good to see continued efforts in building greater engagement within Singapore’s investing ecosystem.

Had a good time connecting with Mary Ng from OUE REIT, Wong Siew Lu from United Hampshire US REIT, Malcolm Chen from BHG Retail REIT, and Raphael Goh from CSOP Asset Management. Had some interesting conversations around regional diversification and income opportunities beyond Singapore.

What I find interesting about the REIT space today is this. Every REIT increasingly reflects a different economic story.

Want exposure to Singapore offices and hospitality, plus some Australia diversification? There’s OUE REIT.

Watching China’s retail consumption recovery? BHG Retail REIT naturally comes into the conversation.

Prefer defensive US grocery-anchored retail exposure? United Hampshire US REIT is another name investors often discuss.

And if selecting individual REITs feels overwhelming, products like the CSOP S-REIT Leaders ETF offer diversified exposure across multiple Singapore-listed REITs in one product.

Really nice as well catching up with friends and fellow remisiers throughout the day, including Ong Cheong Jin, Geoff Howie, Wei Chin Kang, Jeremy Sing, The Joyful Investors , Royston Yang, Eng Thiam Choon, and Samuel Tay.

Events like this remind you that investing may look numbers-driven on the surface, but at the heart of it, it is still very much a people business.

A heartfelt congratulations as well to ShareInvestor Pte Ltd , especially Shanison Lin, Nigel Lim, Jack Hong and team, for putting together yet another successful event.

In a world increasingly driven by AI, algorithms, and short attention spans, investors still showed up physically to learn, exchange ideas, and connect with one another.

Because at the end of the day, markets may run on algorithms, but conviction is still built through people and conversations.