Dan Chang C S

03/09/2026

Singapore’s Next 50, Now in One ETF

The countdown reached zero. The bell rang. And just like that, a new ETF began its journey. 🔔

Standing at SGX today for the opening bell of the 𝐂𝐆𝐒 𝐅𝐮𝐥𝐥𝐠𝐨𝐚𝐥 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 𝐍𝐞𝐱𝐭 𝟓𝟎 𝐀𝐜𝐭𝐢𝐯𝐞 𝐄𝐓𝐅, I have to admit, the moment felt a little different.

Not too long ago, I had the opportunity to spend some time understanding and writing about this ETF ahead of its launch.
Today, I was watching it officially start trading.

And perhaps that was what made the occasion a little more meaningful for me. 😊

What stood out to me then, and remains relevant today, is the way the ETF is structured.

Rather than simply replicating an index, it is actively managed, investing mainly within the Singapore Next 50 universe while giving the fund manager the flexibility to decide what to own, what to avoid, and how much weight to give each company.
In some ways, it brings together two familiar ideas, the 𝐚𝐜𝐜𝐞𝐬𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐚𝐧𝐝 𝐝𝐢𝐯𝐞𝐫𝐬𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐚𝐧 𝐄𝐓𝐅, with 𝐚𝐜𝐭𝐢𝐯𝐞 𝐬𝐭𝐨𝐜𝐤 𝐬𝐞𝐥𝐞𝐜𝐭𝐢𝐨𝐧 behind the portfolio.

More importantly, it gives investors another way to gain exposure to a broader part of the Singapore market, beyond the familiar STI heavyweights.

I have always believed that a healthy market should offer investors different ways to participate, across different strategies, sectors and segments of the market.

So it was nice to be there today, not just to witness another listing, but to see another investment option being added to the Singapore market.

Congratulations to CGS International, Fullgoal Fund Management and SGX Group on this milestone, and thank you for having me be part of the occasion. 🙏

Of course, ringing the bell is the easy part.

Like any investment, the real test comes over time, through different market cycles, stock selection and ultimately, performance.

Today, the bell marks the beginning. From here, the portfolio has to do the talking. 🔔

My article on the 𝐂𝐆𝐒 𝐅𝐮𝐥𝐥𝐠𝐨𝐚𝐥 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 𝐍𝐞𝐱𝐭 𝟓𝟎 𝐀𝐜𝐭𝐢𝐯𝐞 𝐄𝐓𝐅.
Everyone’s Watching Singapore’s Blue Chips. I’m Looking at One Layer Below.
https://www.linkedin.com/pulse/everyones-watching-singapores-blue-chips-im-looking-chang-c-s-%E5%BC%A0%E7%88%B5%E5%85%B4--vhsbc

01/09/2026

What if the next AI opportunity isn't about finding the next Nvidia?

We have talked so much about GPUs, AI chips and the big winners of the AI boom.
And understandably so.

But while GPUs get most of the attention, there is a 𝐦𝐮𝐜𝐡 𝐛𝐢𝐠𝐠𝐞𝐫 𝐀𝐈 𝐞𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦 𝐪𝐮𝐢𝐞𝐭𝐥𝐲 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐫𝐨𝐮𝐧𝐝 𝐭𝐡𝐞𝐦.

Because AI doesn't run on GPUs alone.

Someone has to store all that data. Someone has to provide the equipment to make increasingly complex chips. And someone still has to manufacture and package them.

Which brings me to three rather different companies.

𝐒𝐚𝐧𝐝𝐢𝐬𝐤 𝐬𝐭𝐨𝐫𝐞𝐬 𝐢𝐭.
𝐀𝐩𝐩𝐥𝐢𝐞𝐝 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬 𝐡𝐞𝐥𝐩𝐬 𝐛𝐮𝐢𝐥𝐝 𝐢𝐭.
𝐈𝐧𝐭𝐞𝐥 𝐰𝐚𝐧𝐭𝐬 𝐭𝐨 𝐦𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐞 𝐢𝐭.

Same AI boom. Three very different investment stories.

And interestingly, all three have recently become available as 𝐃𝐚𝐢𝐥𝐲 𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞 (𝐃𝐋𝐂) underlyings on SGX, with both Long and Short exposure.

So for my latest article, “The AI Trade: Long Story, Short Story”, I decided to connect the dots.

What is driving these three stories? What are their charts telling us? And if we have a view, how can traders potentially express it 𝐰𝐡𝐢𝐜𝐡𝐞𝐯𝐞𝐫 𝐰𝐚𝐲 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐦𝐨𝐯𝐞𝐬?

Because a good story does not always mean a good entry price.

And when leverage enters the picture, there is another lesson worth remembering:

𝐓𝐡𝐞 𝐃𝐋𝐂 𝐢𝐬 𝐭𝐡𝐞 𝐭𝐨𝐨𝐥. 𝐓𝐡𝐞 𝐯𝐢𝐞𝐰 𝐬𝐭𝐢𝐥𝐥 𝐡𝐚𝐬 𝐭𝐨 𝐛𝐞 𝐲𝐨𝐮𝐫𝐬.

👉 I unpack the full story here: https://tinyurl.com/AILongStoryShortStory

Perhaps the next chapter of the AI trade isn't about asking what has already gone up.
It's about asking where the money could flow next.

31/08/2026

25 Years. 3 Lessons. Zero Stock Tips.

After more than two decades in the stock market, there are three things I wish more investors knew.

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And surprisingly, none of them is about picking the next winning stock. 😃

SmallCap Asia - 亚洲小盘股 recently turned our earlier video conversation into a written feature, and I thought they did a nice job distilling a rather wide-ranging discussion into 𝐭𝐡𝐫𝐞𝐞 𝐩𝐫𝐚𝐜𝐭𝐢𝐜𝐚𝐥 𝐭𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬 𝐟𝐨𝐫 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬.

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One part of the article touches on something I believe is often overlooked.

Singapore may be a relatively small market, but that doesn't mean the opportunity set is small.

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Beyond the familiar banks and blue chips, there are companies exposed to very different growth drivers, from structural industry trends to regional expansion and changing investor interest.

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But finding opportunities is only one part of investing.

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The other, and arguably more important part, is 𝐤𝐧𝐨𝐰𝐢𝐧𝐠 𝐰𝐡𝐚𝐭 𝐭𝐨 𝐝𝐨 𝐰𝐡𝐞𝐧 𝐭𝐡𝐢𝐧𝐠𝐬 𝐠𝐨 𝐰𝐫𝐨𝐧𝐠.

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Having spent more than two decades watching different market cycles, one lesson that has stayed with me is that good investing isn't simply about being right.

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It is also about surviving the times when you are wrong. 😅

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That is why I particularly liked that the article didn't just focus on where opportunities might be. It also touched on risk management, diversification and understanding what actually drives the Singapore market.

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Nothing overly complicated.

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Just a few lessons that I think are useful whether you have been investing for 25 years, or only started recently.

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A big thank you to SmallCapAsia for putting the conversation together so nicely, and especially for publishing it in both English and Chinese. 🙏

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English:

https://www.smallcapasia.com/three-things-a-23-year-market-veteran-wants-you-to-know-about-singapore-stocks/

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中文:

https://www.smallcapasia.com/zh-hans/three-things-a-23-year-market-veteran-wants-you-to-know-about-singapore-stocks/

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And if you prefer watching to reading, here's the original conversation:

YouTube Interview: https://youtu.be/IPhP5SmVOL4

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𝐌𝐚𝐫𝐤𝐞𝐭𝐬 𝐰𝐢𝐥𝐥 𝐚𝐥𝐰𝐚𝐲𝐬 𝐠𝐢𝐯𝐞 𝐮𝐬 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬. 𝐓𝐡𝐞 𝐛𝐢𝐠𝐠𝐞𝐫 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧 𝐢𝐬 𝐰𝐡𝐞𝐭𝐡𝐞𝐫 𝐰𝐞 𝐚𝐫𝐞 𝐩𝐫𝐞𝐩𝐚𝐫𝐞𝐝 𝐰𝐡𝐞𝐧 𝐭𝐡𝐞𝐲 𝐚𝐩𝐩𝐞𝐚𝐫.

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What is the outlook for Singapore's equity market in the second hal...

29/08/2026

You probably own something touched by Nanofilm's technology. You just don't know it.

That was probably my biggest takeaway after visiting Nanofilm Technologies International Limited .

I have had the opportunity to get to know Nanofilm over the years, including a previous visit to its Shanghai operations.

Yet every visit seems to add another layer to how I look at the company.

We often associate Nanofilm with coatings.

Perhaps the better way to understand Nanofilm isn't simply as a coatings company, but as a 𝐦𝐚𝐭𝐞𝐫𝐢𝐚𝐥 𝐬𝐜𝐢𝐞𝐧𝐜𝐞 𝐞𝐧𝐚𝐛𝐥𝐞𝐫.

They don't necessarily make the end product.
They make the end product better.

Harder. More durable. More resistant to wear and corrosion. Sometimes, simply more beautiful.

From the decorative finish on consumer devices to industrial and precision applications, there is some pretty serious material science happening behind things we often take for granted.

And that's perhaps the irony about Nanofilm.

Its technology can be all around us, yet its name is almost never on the final product.

One area that particularly interested me was Sydrogen, its venture into the hydrogen economy. Its SydroDIAMOND® technology, for example, is a specialised coating for metallic bipolar plates used in hydrogen fuel cells.

Hydrogen is still a developing industry and, as an investor, I would still want to see how these opportunities eventually translate into customers, revenue and profits.

But I came away thinking about the possibilities.

Because when your core capability isn't about making one particular product, but making materials perform better, the potential applications can be much wider than we realise.

And there is another area I haven't even touched on here, 𝐧𝐚𝐧𝐨𝐟𝐚𝐛𝐫𝐢𝐜𝐚𝐭𝐢𝐨𝐧.

Perhaps a story for another day. 😉

Thanks SGX Group , especially Lynica, Amanda and Shimona, for organising the visit, and Kay Lim, Duane Tan, Kelvin Tan and the Nanofilm team for the generous sharing and hospitality.

Perhaps the most interesting thing about Nanofilm is also the easiest to overlook.

You may never see Nanofilm on the final product.
But Nanofilm could be one of the reasons that product works the way it does.

28/08/2026

𝐌𝐚𝐫𝐤𝐞𝐭 𝐖𝐫𝐚𝐩 (𝐖𝐞𝐞𝐤 𝐞𝐧𝐝𝐞𝐝 𝟐𝟖/𝟖/𝟐𝟔)

𝐒𝐓𝐈 𝐓𝐚𝐤𝐞𝐬 𝐅𝐢𝐯𝐞, 𝐒𝐭𝐨𝐜𝐤𝐬 𝐂𝐨𝐦𝐞 𝐀𝐥𝐢𝐯𝐞

After sprinting to a new ATH of 5,774, the 𝐒𝐓𝐈 appears to be catching its breath. The last five sessions have seen small, tightly packed candles around the 10MA, looking more like sideways consolidation than aggressive selling. For now, the broader uptrend remains intact. It is trading at 5,694 at time of writing, whisker away from the psychological 5,700 level.

Away from the index, there were still pockets of action.

𝐀𝐝𝐝𝐯𝐚𝐥𝐮𝐞 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 finally broke out of its months-long sideways consolidation, hitting $0.170 on Friday morning (trending higher at time of writing). The move came after CLSA initiated coverage with a “high-conviction outperform” call and a $0.27 target, citing growth potential from its space-based IDRS business and the proposed Nasdaq spin-off of Addvalue Solutions. After being stuck in orbit for months, perhaps the stock is finally getting some lift-off. 😃

𝐒𝐞𝐦𝐛𝐜𝐨𝐫𝐩 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬 also climbed steadily to a high of $6.16 in the week after subsidiary Sembcorp Green Infra filed a draft prospectus for a potential India IPO, reportedly seeking to raise up to ₹37.5 billion (US$393 million), mainly to repay debt. Technically, the stock is now flirting with its 200MA. A convincing breakout above this level could open the door to further upside.

It has been a much rougher ride for 𝐔𝐥𝐭𝐫𝐚𝐆𝐫𝐞𝐞𝐧 𝐚𝐢. After plunging to an all-time low of $0.62, the stock rebounded as high as $0.775 during the week before trading around $0.705 on Friday morning. Its CEO also came out to instil confidence, saying he had been buying shares and intends to increase his personal investment. With the stock badly bruised after the recent sell-off, this may be where short-term traders start watching for trading opportunities, although volatility will likely remain high.

Meanwhile, 𝐒𝐞𝐚𝐭𝐫𝐢𝐮𝐦 christened two FPSOs, P-80 and P-82, for Petrobras' Búzios field, with production expected to commence in 2027. It is also exploring potential natural gas collaboration with Petrobras, adding another angle to its growing gas and LNG story. The stock climbed from $2.09 to $2.24 before settling around $2.20 on Friday morning.

Overall, the STI may be taking a breather, but beneath the surface, there is certainly no shortage of individual stock action.

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

27/08/2026

🇸🇬 Time to look closer to home?

We talk a lot about the US.
AI. Tech. The Magnificent 7. What the Fed is doing next. 😅

But quietly, there may be a trade brewing closer to home.

MAS has committed S$5 billion under the Equity Market Development Programme (EQDP) to strengthen Singapore’s equity market, bringing fresh attention (and hopefully fresh flows) back into our local market.

So here’s the idea:
What if we start looking at Singapore as a theme again?

Depending on how you like to invest, there are a few ways to play it: from individual SG stocks for those who enjoy picking their own names, to unit trusts and funds for those who prefer a more diversified approach.

PhillipCapital brings some of these ideas together nicely, so thought I would share it here:

https://www.poems.com.sg/eqdp/

No “sure win”. No crystal ball. 🔮

Just a theme I think is worth putting on the radar while the spotlight is coming back onto Singapore.

Take a browse, see what catches your eye, and if you want to bounce some ideas around, you know where to find me. 😊

Cheers,
Dan
https://tinyurl.com/TTP-dan

27/08/2026

26/08/2026

Some events are about what you learn.
Others are really about the people you meet along the way. 😊

Spent the afternoon at the SIAS Investors Connect, held at the rather charming Goh Loo Club (吾廬) at Club Street.

And I have to say, the venue itself was part of the experience.

Tucked away among the shophouses of Club Street, Goh Loo Club has been around since 1905. Its Chinese name 吾廬, loosely meaning “my humble abode”, somehow captures the place quite nicely.

Cosy, intimate, and full of that old Singapore heritage character. A refreshing change from the usual hotel ballroom or conference room. 😃

But what I enjoyed most was the people.

Caught up with familiar faces from Securities Investors Association Singapore (SIAS) , David Gerald, Pauline Soh, Zac Ho, Nicholas, Apple Pong and others, while also getting the chance to mingle and chat with the attendees.

Some were familiar faces, some were new, but as usual, once investors start talking about markets, there is seldom a shortage of conversation. 😂

Also bumped into friends from the investing community, Kathy, Keith and Hazelle from The Joyful Investors , Willie Keng from Dividend Titan and Philip Hsin.

Philip and I even carried the conversation over to a drink after the event. No slides, no microphones, just a good old chat about markets and everything in between. 😃

And finally, I met David Chow!

I keep seeing David on my LinkedIn feed, so it was one of those, “Eh, finally meet you in person!” moments. 😂 Always nice when a LinkedIn connection becomes a real-world one, and a new friendship begins.

A big thank you to SIAS for putting this together.

I have always appreciated the role SIAS plays in our investing ecosystem. Investor education is one part of it, but their work advocating for investor rights, better corporate governance, and giving retail investors a stronger voice is equally important.

Much of that work may happen quietly behind the scenes, but it matters.

Came for an investors' event, left with a few good conversations, some new friends, and plenty to continue talking about. Not a bad way to spend an afternoon. 😊

25/08/2026

Good company, good conversation, and a little homework before Friday. 😃

Had a nice lunch catch-up today with Duane Tan, Deputy Director, Investor Relations at Nanofilm Technologies International Limited , and Ernest Lim, a fellow remisier whom I have always looked up to, and someone I always enjoy exchanging market views with.

As expected, when three market people sit down together, the conversation somehow finds its way back to companies, markets and investing. 😂

We also chatted about Nanofilm and some of the areas it has been building beyond the businesses most investors are familiar with, including some interesting discussions around hydrogen.

Thanks Duane for the generous sharing and insights. Always useful hearing the perspectives from someone close to the business, and then connecting them back to what we see from the market.

Quite timely, as I will be visiting Nanofilm later this week as part of a corporate visit organised by SGX Group, getting an opportunity to take a closer look at the company and its operations.

Always appreciate initiatives like these from SGX Group , bringing the investment community closer to our listed companies and helping us better understand the businesses behind the tickers.

Numbers and share prices tell us one part of a company's story.

Sometimes, it helps to look beyond the ticker. 😉

Looking forward to connecting a few more dots after the visit.

25/08/2026

“话虽如此，我仍不建议散户去猜测最低点。宁愿等到市场企稳后再入场，即使买贵一点，也不要急着接一把正在落下的刀。”

“I would rather enter after the market has stabilised, even if it means paying a little more, than rush to catch a falling knife.”

There were actually so many useful angles packed into Zaobao 联合早报 Business Journalist Sierra Zhang（财经新闻记者 张仕婷）'s comprehensive piece on leverage that I thought it deserved another post. 😃

One of the points we touched on was the temptation to try to catch the lowest point.

After a sharp correction, something can suddenly look very cheap. But trying to pinpoint the absolute bottom is another matter altogether.

Cheap can always get cheaper.

And when leverage is involved, getting the timing wrong becomes much less forgiving.

Another point that is sometimes misunderstood is what actually triggers a margin call.

It is not necessarily one big market drop that causes the problem. Often, it is the 𝐥𝐚𝐜𝐤 𝐨𝐟 𝐬𝐮𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐭 𝐛𝐮𝐟𝐟𝐞𝐫 in a leveraged position. Without enough breathing room, even normal market volatility can become uncomfortable very quickly.

There are also important differences between leveraged instruments.

With 𝐃𝐚𝐢𝐥𝐲 𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞𝐬 (DLCs) and 𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞𝐝 𝐖𝐚𝐫𝐫𝐚𝐧𝐭𝐬 (SWs) on SGX Group , the maximum loss is generally capped at the amount invested. With margin trading and CFDs, losses can potentially exceed the initial capital or deposit.

Same word, "leverage". Very different risk structures.

Which brings me to perhaps the most important point:

𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐢𝐬 𝐧𝐨𝐭 𝐟𝐨𝐫 𝐞𝐯𝐞𝐫𝐲𝐨𝐧𝐞.

Before using any leveraged instrument, it is important to understand how it works, what can trigger losses, how much can be lost, and whether that level of volatility fits one's own risk tolerance.

A big thank you again to Sierra for putting together such a comprehensive and thoughtful piece. She managed to bring together the mechanics, psychology and risk management of leverage, while making a fairly complex subject accessible to everyday investors.

Leverage can magnify returns.

𝐁𝐮𝐭 𝐤𝐧𝐨𝐰𝐢𝐧𝐠 𝐰𝐡𝐞𝐧 𝐍𝐎𝐓 𝐭𝐨 𝐮𝐬𝐞 𝐥𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐦𝐚𝐲 𝐛𝐞 𝐣𝐮𝐬𝐭 𝐚𝐬 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐚𝐬 𝐤𝐧𝐨𝐰𝐢𝐧𝐠 𝐡𝐨𝐰 𝐭𝐨 𝐮𝐬𝐞 𝐢𝐭.