In today’s case studiy, we are going to cover a very familiar entertainment and content streaming company that has been hitting the news with mergers and beefs.

To recap, we will be using this 5M Scorecard 📝 to dive into the stock analysis:

👉 Mastery – Does the company dominate its craft?
👉 Moat – How strong is its edge against competitors?
👉 Metrics – Are the numbers backing up the story?
👉 Management – Who’s steering the ship?
👉 Margin of Safety – Are we getting in at a good price?

Each month, I’ll spotlight one standout stock and break it down using this framework, so you’ll know exactly what makes it tick (and whether it deserves a spot in your portfolio). 🚀

This is exclusive content for premium members only, so let’s go!

Make Investing Simple Again

📝 Editor’s Note

A viral report about AIs impact on white-collar jobs sent the Dow Jones market into a tailspin.

In fact, many tech companies have been doing layoffs and the whole situation is pretty grim at the moment.

And it got us thinking.

What is a safe-haven amidst all these chaos?

In this week’s newsletter, we outlined why we think AEP, Constellation, PepsiCo, Kraft Heinz, and Chevron could be safe harbour from future storms.

Cheers,
InvestKaki Team 🤜🤛

Table of Contents

• 📰 Netflix Backs Out, Paramount Raises Offer

• 🌏 UOB and OCBC Earnings Results

• 😉 Socials of the Week: Will AI Upend SaaS?

• 👀 Stocks to Watch: AEP, Constellation, PepsiCo, Kraft Heinz, Chevron

Moving on, here are the news that shocked the world…

Paramount X Warner Bros $PSKY ( ▼ 3.15% )  $WBD ( ▼ 0.89% ) : Warner Bros finally caved to Paramounts’ US$31 per share offer, as Netflix pulled out of the race for the company [Read More]

Warner Bros $WBD ( ▼ 0.89% ): Warner Bros is not doing well. Latest quarterly earnings reveal that revenue declined by 6% while it still declared losses for the quarter as linear TV subscriptions continue to slide [Read More]

AMC $AMC ( ▼ 2.89% ): AMC Entertainment narrowed its losses for the latest quarter, as revenue gains on the back of movies such as Moana 2 and Wicked [Read More]

Domino’s $DPZ ( ▼ 1.17% ): Domino’s Pizza revenue is up by 6.4%, driven by higher sales volume and franchise advertising, royalties and fees. [Read More]

Meta X AMD $META ( ▼ 3.33% )  $AMD ( ▼ 1.89% ) : Another circular deal. Meta is investing $100 billion in AMD for a 10% stake to acquire 6 gigawatts of computing power [Read More]

Here are the news covering the Asia market…

SJ Semiconductor: Another AI stock IPO in China. SJ Semiconductor, an advanced chip packaging company is listing in the China's Shanghai Star Market to raise US$700 million [Read More]

UOB: UOB reported a lower net profit of SG$4.7 billion for 2025 compared to SG$6.0 billion in 2024, as it took pre-emptive general allowances [Read More]

OCBC: OCBC’s full-year 2025 earnings are down by 2%, as net interest income is down by 6%. However, non-interest income is up by 16% [Read More]

Seatrium: Seatrium’s 2025 earnings doubled to SG$324 million, driven by its oil & gas and offshore wind projects. Margins are also better due to better product mix and improved yard utilisation [Read More]

Centurion Accommodation REIT: Earnings exceeded expectations as its workers and student accommodation portfolio recorded higher financial occupancy [Read More]

Speak naturally. Send without fixing.

Wispr Flow turns your voice into clean, professional text you can send the moment you stop talking. Not rough transcription you have to clean up. Actual polished text - ready for email, Slack, or any app.

Reid Hoffman sends 89% of his messages with zero edits using Flow. Millions of people worldwide have made it part of how they work, including teams at OpenAI, Vercel, and Clay.

Speak the way you think. Go on tangents. Change your mind mid-sentence. Flow strips the filler, fixes the grammar, and gives you text that reads like you spent five minutes writing it.

Works on Mac, Windows, iPhone, and now Android - free and unlimited on Android during launch.

Try Wispr Flow free →

Are software stocks being threatened by AI?

👉 Follow us on YouTube here!

It was a 7,000 word research report from a Substack blog, Citrini Research warning about AI impact on jobs.

But then, it blew up and went viral.

So viral, that it made the Dow Jones drop by 800 points.

And investors quickly rotated into defensive sectors such as utilities, energy and consumer staples.

Here are the 5 U.S. defensive stocks that we think could benefit.

American Electric Power is a utility company generating and providing electricity to retail and wholesale customers in the United States.

Why we like this: Simple really. To us, defensive means several things, but most importantly, it’s the beta. AEP has a low beta of 0.62, which means that it is not heavily affected by the overall market. Furthermore, it has announced that it will expand its CAPEX spending to beyond US$72 billion for the next five years to provide more electricity to data centre clients. This provides both the defensive quality and also a catalyst from the booming AI industry.

Valuations are also attaractive, trading at price-to-earnings ratio of 20 times compared to its peers’ average of 28 times. And yes, dividend yield is at a healthy 2.9%.

Constellation Energy produces and sell energy products in the United States.

Why we like this: The first time we heard about Constellation was when it struck a nuclear plant power deal with Microsoft in 2024. Data centres were on the rise, and Trump came to power. And Trump liked nuclear energy. Constellation’s share price have actually declined by 10% since the beginning of the year, presenting an opportunity to enter.

The company is currently trading at quite a high PER of 50 times, but it is very plugged into the AI industry boom trend. And it also provides energy as a utility company.

According to SimplyWallSt, it is only slightly overvalued at 2.5% now.

PepsiCo manufactures and sells beverages and convenient foods. Its popular brand is of course, Pepsi.

Why we like this: Despite the slowdown in consumer sentiment and spending, PepsiCo represents the quintessential defensive stock. Beta is very low at 0.42, making it a recession-resistant stock. And its reputation is established globally. Recently, it has announced that it is cutting the prices of some of its products to take advantage of the K-shaped economy trend where lower-income households are looking for cheaper deals.

PepsiCo has a decent dividend yield of 3.4% and is deemed 38% undervalued according to SimplyWallSt’s Discounted Cash Flow valuation.

Kraft Heinz manufactures and markets food and beverage products in the U.S. and global markets. Its famous brand include Kraft Cheese.

Why we like this: Kraft Heinz has experienced a very bumpy ride since its merger in the mid 2010s. The brainchild of Warren Buffett, it has since been a blot on Buffett’s otherwise stellar investment career. Consumers are moving away from processed food and into healthy food. Talks were rife to break up the company again to unlock value.

However, the new appointment of Steve Cahillane as CEO, has reversed the course for the company. It is pivoting more towards the health category, and there might not be a need for a split. DCF valuation indicates that the company is 61% undervalued.

Chevron explores, extract, process and sells oil & gas products internationally. Recently, it has gotten attention for being the only O&G operator left in Venezuela, which the U.S. have gained rights to.

Why we like this: O&G companies are gaining more attention this year due to Trump’s policy in Venezuela. It stands to benefit massively there as it is the only O&G operator left after the exit of several big companies. It also has defensive qualities due to its long established track record in the industry. It is currently 50% undervalued.

Hope the above is fruitful for you all..

Cheers,
James Yeo

Make Investing Simple Again

📝 Editor’s Note

Will Trump survive his presidency?

From James Talarico potentially disrupting Republican politics in Texas to Trump tariff being struck down.

Things aren’t going well for him

However, these are great news for the markets.

This week, we take a look at some stocks such as Walmart, Him & Hers, SANY International, Far East Hospitality Trust and Singapore Airlines.

Chinese New Year enters its second week. Time to count our ang pows.

✨❤️‍🔥 發 ah
InvestKaki Team

Table of Contents

• 📰 Trump Tariffs Struck Down by Supreme Court

• 🌏 SIA Engineering Continues to Fly

• 😉 Socials of the Week: Buffett's Last Moves

• 👀 Stocks to Watch: Walmart, Him & Hers, SANY, FEHT and SIA

Moving on, here are the news that shocked the world…

Trump Tariffs $SPX ( ▼ 0.56% ) : The Supreme Court has struck down most of Trump tariffs, claiming that he exceeded his authority as president [Read More]

U.S. EV Write-Down $F ( ▼ 3.67% )  $GM ( ▼ 2.74% )  $STLA ( ▼ 1.65% ): The Big 3 of General Motors, Ford, and Stellantis have announced more than US$50 billion in write-down as EV incentives expire for most car-makers [Read More]

Berkshire $BRK.A ( ▼ 1.42% ): Berkshire Hathaway sold some of its positions in Amazon, Bank of America and Apple, and added a stake in New York Times. Meanwhile, Berkshire maintained its stake in Kraft-Heinz after rumours that it wants to sell its stake [Read More]

Danaher x Masimo $DHR ( ▼ 2.34% ): Danaher is acquiring Masimo – a medical device maker – for US$10 billion. Masimo will operate as a standalone company under Danaher’s diagnostics segment. [Read More]

Walmart $WMT ( ▼ 0.28% ) : Earnings topped expectations as higher-income households spend more in Walmart while global advertising revenue rose by 46%. Revenue was up by 5.6%, while profits were down by 19%. [Read More]

Him & Hers $HIMS ( ▼ 3.47% ) : Him & Hers Health is acquiring digital health company, Eucalyptus for US$1.2 billion as it seeks to expand into Australia and Japan. [Read More]

Here are the news covering the Asia market…

HSBC $HSBC ( ▼ 3.0% ) : HSBC is cutting about 10% of its workforce in the U.S.-based debt capital market as it continues its restructuring that it started last year [Read More]

SIA Engineering: 3Q 2026 earnings were up by 9.7%, while revenue grew by 8.7%. Results were higher due to steady demand for maintenance, repair and overhaul services [Read More]

CSE Global: Contracts for CSE Global more than doubled to $514.7 million in 4Q 2025, driven by the works for the Liquefied Natural Gas (LNG) and data centre industries [Read More]

United Hampshire REIT: Distributable per unit rose by 8.1% for the full year 2025, but revenue and profits declined by 1.7% due to absence of contributions from Lowe’s Building and Sam’s Club Building [Read More]

Rex International: Rex International has guided for losses in 2025 as it faces difficulties in drilling operations in Benin. [Read More]

When Is the Right Time to Retire?

Determining when to retire is one of life’s biggest decisions, and the right time depends on your personal vision for the future. Have you considered what your retirement will look like, how long your money needs to last and what your expenses will be? Answering these questions is the first step toward building a successful retirement plan.

Our guide, When to Retire: A Quick and Easy Planning Guide, walks you through these critical steps. Learn ways to define your goals and align your investment strategy to meet them. If you have $1,000,000 or more saved, download your free guide to start planning for the retirement you’ve worked for.

Find Your Retirement Timeline

Buffett’s final moves in Berkshire’s portfolio before he retires.

Instagram post

👉 Follow us on Instagram here!

Please see below the list of this week’s hand-picked analyst reports:

Walmart is the world’s biggest retailer, and sells its products through its physical stores and e-commerce channels. In the recent quarterly results, it has highlighted that its same stores growth in the United States was at 4.6%. Meanwhile, its global e-commerce growth was at 24%.

Why we like this: Walmart’s position in the U.S. market is undeniable. It is the largest retailer. While the Morningstar report above highlighted that Walmart is trading at an expensive valuation, we believe that the valuation is justified. The retailer is benefitting from the K-shaped economy where high-income households are spending more. And even though lower-income households are cutting back, they are still going to Walmart to shop for convenience.

Source: SimplyWallSt

Him & Hers Health is a telehealth platform that connects people to licensed healthcare professionals in the United States, United Kingdom, Canada and other countries. It has recently acquired Eucalyptus for US$1.2 billion to expand into Australia and Japan. Keonhee Kim, Morningstar analyst said that this was a good move and ‘drama-free’ compared to the episode of abruptly ending the oral semaglutide launch in early February.

Why we like this: It’s simple really. Him & Hers Health move to acquire Eucalyptus aligns with its core business. It provides skin care, hair loss, sexual health, and weight-loss services which are high in demand now. Yes, the move to end oral semaglutide launch was disappointing but its core businesses remain intact. And we like that it’s trading at very cheap valuations.

SANY International manufactures and sells mining and logistics equipment, electricity, power station, petroleum and new energy manufacturing equipment in China and for the international market. The stock has risen by 70% year-to-date as mining activities in China is ramping up for another commodity upcycle.

Why we like this: The narrative is straightforward. SANY is China’s largest construction machinery company and is top 3 in the world. Mining for rare earth and commodities are projected to ramp up as U.S. and China tensions escalates. Countries that have rare earth reserves are now rushing to invest and mine for them as they fear China might cut off the supply as a bargaining chip with the U.S.

Far East Hospitality Trust is a real estate investment trust (REIT) that operates and manages hotel and serviced apartments. Last year, average daily rates for the company was strong due to big events such as World Aquatics Championship and Blackpink’s World Tour.

Why we like this: The REIT’s sponsor is Far East Organisation, one of the largest private property player in Singapore. Li Jialin from CGS International highlighted an interesting opportunity in that it can tap into its sponsor’s pipeline of hotels and still has SG$600 million of debt room to take on before its gearing reaches 45%.

Singapore Airlines provides flight transportation services for both people and goods under the Singapore Airlines and Scoot brands.

Why we like this: SIA has a dominant market position in Singapore as a premier airlines but also providing budget flights. While growth has slowed after the pandemic, it has recently showed signs of improvement especially after Air India (SIA has 25% share) losses after the crash of Ahmedabad plane crash. SIA is currently trading at relatively cheap valuations.

Hope the above is fruitful for you all..

Cheers,
James Yeo

Welcome, everyone to a new series that we are starting over here at InvestKaki!

At The Helm is a deep-dive into the intangibles of a company (aside from their reports and statistics) by talking to the key people behind the scenes.

The ones that run the day-to-day of the companies, and knows the ins and outs.

To kick-start the series, we talked to Eddie Ng Yew Nam, the current CEO of ASTI Holdings, and ask some burning questions.

ASTI Holdings is listed on the Singapore Exchange and provides tape and reel packaging, tape-making, and integrated circuit programming services to clients in the industrial hardware, consumer electronics, and electric vehicle industries.

In 2022, trading for its shares was suspended as it faced several compliance issues. In 2024, a new board was reconstituted to resolve them. And finally in January 2026, shares resumed trading.

Many things have happened. Let’s check in on Eddie and what’s happening at ASTI.

Q: Firstly, congratulations on the trading resumption. It must have been a hard journey for the company considering the circumstances. It's now year 3 for the turnaround. What have been the main learning lessons?

Eddie: The resumption of trading is a significant milestone for ASTI and the culmination of two years of intensive restructuring. This journey has taught us several important lessons.

Firstly, strong governance and compliance are the foundation of corporate stability.

Before 2022, the company was burdened with overdue audits, unresolved regulatory issues, and a directed delisting. This required us to work towards an exit offer for shareholders.

One thing was clear – no one wanted to engage with us until the company resolved its compliance lapses, restored financial visibility, and stabilised its operations.

Addressing these legacy issues became our first priority.

We cleared the entire audit backlog for FY2022 to FY2024, convened all overdue AGMs, and rebuilt the governance framework from the ground up. These efforts reinstated the company's standing with SGX-RegCo and were essential to restoring trust among regulators, shareholders, and customers.

Secondly, the importance of financial discipline and operational focus.

When the new board and management took over in January 2024, ASTI was facing both regulatory challenges and a downturn in the semiconductor industry. We tightened costs, rationalised loss-making operations, preserved liquidity, and ensured the business continued generating cash despite the headwinds. These measures taught us to run the organisation lean and focused without compromising service quality.

Another key takeaway is the value of transparent and consistent communication. Whether the updates were positive or challenging, we made it a point to engage openly with shareholders, regulators, customers, and advisers. This approach helped rebuild confidence and keep stakeholders aligned throughout the restructuring.

Lastly, the journey reinforced my personal conviction in the intrinsic value of ASTI.

As both a substantial shareholder and a former employee within the group, I knew the business had strong fundamentals once the structural issues were resolved. The successful resumption of trading in January 2026 is therefore not just a regulatory milestone — it reflects the collective effort of the team, the Board, our professional advisers, and the support of SGX-RegCo’s disclosure-based regime.

Overall, these past two years have demonstrated that robust compliance, sound governance, financial discipline, and transparent execution are indispensable to long-term value creation, and they will continue to guide ASTI moving forward.

Q: Going into 2026, what will be the company's core strategies? Are there any target levels or growth rates for revenue and profits? And would there be any specific leverage ratios that you are trying to target (gearing, interest debt coverage ratio, etc) that we should look out for?

Eddie: Going into 2026, our strategy remains firmly centred on strengthening and scaling our core semiconductor backend services, particularly tape & reel, IC programming, and inspection.

These are areas where ASTI has long-standing capabilities, and we see sustained demand as the semiconductor recovery gains momentum, especially following the upturn that began in FY2025.

ASTI enters 2026 on a strong footing with a debt-free balance sheet and more than S$22 million in positive working capital. This gives us the flexibility to invest prudently without taking on unnecessary leverage. Going forward, we view that maintaining low bank borrowings, having a conservative gearing, and strong interest coverage as key pillars of our financial discipline. We intend to preserve this strength as the Group expands its capacity and service offerings.

We do not publish formal forward-looking revenue or profit targets but our focus is on sustained top-line revenue growth, progressive margin improvement, and sensible cost scaling as volume increases. The trajectory in 9M25 — where we saw revenue growth, stronger gross margins, and a return to profitability — reflects the direction we intend to continue in 2026.

Ultimately, our goal is to grow sustainably, with sound governance, disciplined capital management, and strategic reinvestment. This approach ensures that ASTI’s expansion is both financially resilient and operationally scalable as the semiconductor cycle continues to strengthen.

Q: ASTI also talked about exploring new revenue streams and investment opportunities. Can you talk a bit about the thought process on how the company is approaching this?

Eddie: Our approach to new revenue streams is deliberate and disciplined. We focus on opportunities that strengthen our ecosystem while maintaining a clear link to our core competencies. Every initiative we evaluate must satisfy three key criteria:

1. Closely related to our backend strengths

2. Relevant to customer needs

3. Commercial viability.

First, we prioritise areas that naturally complement our established capabilities in tape & reel, IC programming, and backend handling. This includes expanding into related segments of the semiconductor workflow, such as turnkey logistics, advanced inspection, precision handling solutions, and equipment-related services. These opportunities allow us to diversify revenue while still maintaining our core competencies.

Second, we look at customer-led innovation. Many of the new services we are exploring — for example, inventory logistics support or integrated backend equipment solutions — stem directly from customer demand for more comprehensive, value-added solutions. By deepening our integration into their supply chain, we strengthen long-term relationships and create recurring revenue streams.

Third, we ensure commercial clarity and financial discipline. Any investment must demonstrate clear cash-flow potential and must not overextend our resources. Our R&D spending, supported by the recent placement, is focused on automation, yield improvement, and technologies that enhance throughput and productivity in our existing factories.

We are also evaluating the establishment of a third operating location beyond the Philippines and Scotland. This would enhance resilience, support customers with multi-site requirements, and give ASTI a broader operational footprint in targeted markets.

Overall, our philosophy is to grow horizontally within the semiconductor ecosystem, expanding capacity, broadening value-added services, and selectively entering adjacent activities. This incremental and risk-managed approach ensures sustainable growth while reinforcing ASTI’s position in the global semiconductor backend chain.

Q: The first 9 months of 2025 saw a 9.2% revenue growth and a near tripling of gross profit. And the company have reversed into a profit of $1.3 million. Are the cost-reduction exercises over? Or is ASTI looking to make operations even leaner in 2026?

Eddie: The most significant phases of cost rationalisation are largely behind us.

Over the past two years, we undertook the necessary but difficult restructuring measures — including workforce optimisation, shutting down loss-making units such as the former DGI operations, and tightening corporate overheads. These actions stabilised our financial position and contributed meaningfully to the turnaround reflected in the 9M25 results.

Going into 2026, our focus is no longer on broad-based cuts but on operational optimisation. Cost discipline remains a core principle, but the strategic emphasis has shifted toward efficiency-driven growth. This includes investments in automation, improved process control, and yield-enhancing technologies — areas supported by the R&D allocation from our recent placement exercise.

As volumes continue to increase with the semiconductor sector’s recovery, we aim to achieve stronger operating leverage, allowing profitability to improve through scale and efficiency rather than additional cuts. The combination of sector tailwinds, capacity expansion, enhanced service offerings, and disciplined cost management positions us to maintain sustainable profitability in the long term.

Q: From the latest 3Q 2025 results, it seems like ASTI is actively reducing operations in China and Singapore and shifting further into the Philippines. Can you talk more about the cost structure there and how it translates to the bottom line (profit)?

Eddie: The Philippines provides a highly efficient and cost-competitive foundation for our high-volume backend operations. Its favourable labour cost structure, deep pool of technical talent, and operational scalability make it a natural hub for our core services, as our key customers continue to expand in the region.

Conversely, we have strategically scaled down our activities in China. This decision was driven by the end-of-life cycle of certain customer products, intensifying local competition, and broader macroeconomic factors such as geopolitical tensions and trade disputes. Similarly, our Singapore operations faced challenges associated with lower market demand and higher overhead expenses.

By rationalising these higher-cost centres, we are able to effectively reallocate our resources to regions where the cost-to-output ratio is optimal. Ultimately, this strategic consolidation toward the Philippines directly enhances our operational margins and establishes a more resilient, predictable profit structure for our bottom line.

Q: As the company has just resumed trading and faced several accounting and regulatory problems in the past, could you talk more about the efforts that are being made to further improve corporate governance at this juncture?

Eddie: Strengthening corporate governance has been a central pillar of our turnaround strategy and a prerequisite for regaining market confidence. Since the new Board took over in January 2024, we have undertaken a comprehensive governance overhaul aimed at restoring transparency, accountability, and regulatory compliance across the Group.

Key initiatives include:

• Clearing all legacy backlogs by completing three years of outstanding audits (FY2022–FY2024) and reinstating timely financial reporting.

• Board and committee renewal, ensuring stronger independence, clearer oversight, and enhanced governance competencies aligned with SGX requirements.

• Upgrading our governance framework, including refreshed policies, strengthened disclosure standards, and more stringent internal compliance protocols.

• Enhancing internal controls and risk management, improving escalation processes, and reinforcing a culture of accountability at every organisational level.

• Resolving legacy regulatory issues, including difficult but necessary decisions such as winding down non-performing or non-compliant entities to safeguard the Group’s integrity.

These efforts were integral to SGX-RegCo approving ASTI’s trading resumption under the disclosure-based regulatory regime. More importantly, they position governance not merely as a compliance obligation, but as a long-term competitive advantage for the company.

Q: With the semiconductor cycle now being driven by artificial intelligence, how plugged in is ASTI to the cycle? Will new investments be focused on the AI sector?

Eddie: The Artificial Intelligence (AI) sector has become a primary catalyst for global semiconductor demand, particularly within the realms of data centres, networking hardware, and high-performance computing.

While recent AI and cryptocurrency cycles have triggered a massive surge in demand for GPUs and CPUs, it is important to clarify that ASTI did not immediately benefit from this specific wave. Our primary customer base focuses on providing a broad range of analog, digital, and logic components for industrial hardware, consumer electronics, and EV power—segments that were less directly tied to the boom in data centres and AI agents.

When the new Board assumed leadership in January 2024, the broader semiconductor market was grappling with a significant oversupply following the inventory buildup of the COVID era. This inventory overhang only began to normalise toward the end of 2024, with a genuine recovery in demand in the second quarter of 2025.

Today, ASTI is indirectly plugged into the AI cycle. As the next generation of consumer electronics is manufactured with increasingly sophisticated embedded AI capabilities, the requirement for reliable, high-precision backend processing naturally rises. Consequently, ASTI is now benefiting from this broader, volume-driven upcycle.

Furthermore, we are actively integrating AI-driven advancements into our own operations. We are looking to implement AI-assisted tools within our factories to enhance process capabilities and optimise production yields. Accordingly, our upcoming investments will remain focused on automation, precision handling, and operational efficiency.

Source: Unsplash

Q: Lastly, what should investors look forward to in 2026 for ASTI?

Eddie: Investors can expect a year centred on execution, expansion, and rebuilding shareholder value as ASTI moves into a post-restructuring chapter.

• Expanding capacity to meet surging global semiconductor demand, supported by facility upgrades and new equipment funded by the recent placement.

• Moving vertically into adjacent backend and support services to broaden value-added offerings and widen product capabilities.

• Capitalising on the recovering semiconductor cycle and rising utilisation rates, with margin expansion fueled by automation and process optimisation.

• After reversing into a S$1.31 million profit in 9M2025, the focus for 2026 is maintaining this momentum. Investors can expect a continued revenue recovery as the semiconductor cycle improves and capacity utilisation rises across its core hubs in the Philippines and Scotland.

• Cultivating industry partnerships and deepening customer relationships to co-develop new solutions and accelerate market growth.

• Prioritising transparency and corporate oversight to rebuild shareholder confidence on a clean, compliant, and financially sound foundation.

The 2026 Objective: Deliver consistent, sustainable performance and execute expansion initiatives to re-establish ASTI as a reliable value creator.

We had a great time interviewing Eddie and ASTI, and if you want to check out more information on ASTI Holdings, head on over to their website here.

Regards
James Yeo

Make Investing Simple Again

📝 Editor’s Note

Happy Chinese New Year, Investing Kakis!

May you ride the horse to more profits this year…

With this in mind, we have selected 5 CNY stocks to highlight this week that we think can HUAT BIG BIG!

Besides that, we have some news from Bill Ackman’s new bet on Meta and earnings results for Ford, Coca-Cola, McDonald’s, DBS, Elite UK REIT, and Wing Tai.

✨❤️‍🔥 發 ah
InvestKaki Team

Table of Contents

• 📰 Bill Ackman's New Bet in Meta

• 🌏 Additional $2 billion for Anchor Fund

• 👀 Stocks to Watch: Spotify, Salesforce, Xpeng, Sea, DBS

• 📲 Socials of the Week: SaaS Crash and Opportunity

Moving on, here are the news that shocked the world…

Ackman X Meta $META ( ▼ 3.33% ) : Bill Ackman has unveiled a $2 billion bet on Meta platforms, citing its AI integration benefits on its applications. [Read More]

InPost $FDX ( ▼ 3.02% )  $ADN ( ▼ 0.26% ) : Fedex and Advent are buying parcel locker firm, InPost for $9.2 billion to expand their reach in Europe [Read More]

Ford $F ( ▼ 3.67% ) : Ford’s earnings missed expectations as it’s hit by tariffs, shortage of aluminum, and electric vehicles losses. It declared a total 2025 loss of $8.2 billion. [Read More]

Coca-Cola $KO ( ▼ 0.58% ): Coca-Cola earnings missed expectations as consumers shift to more budget-conscious beverages. Sales volume only grew by 1% for the year [Read More]

McDonald’s $MCD ( ▼ 1.79% ) : Earnings topped expectations as its value meals are driving its business. Budget-conscious consumers are favouring lower-priced meals. [Read More]

Here are the news covering the Asia market…

Lenovo $LNVGY ( 0.0% ) : Lenovo’s earnings beat expectations. Revenue and adjusted earnings are up by 14% and 36% on stronger PC, tablet and smartphone demand [Read More]

Anchor Fund: The Singaporean government will launch an additional $1.5 billion tranche of the Anchor Fund, and expand the EQDP program to $6.5 billion [Read More]

DBS: Earnings were down by 10% for 4Q 2025 as it incurs higher taxes. Full-year earnings were also down by 3% as DBS made higher special allowances for losses [Read More]

Elite UK REIT: The REIT reported a higher DPU of 5.6% for 2025 due to a one-off gain. Revenue dropped by 1.3% due to higher repositing expenses [Read More]

Wing Tai: Wing Tai’s earnings were up by 300% as it recognises more sales from River Green and Lakegarden residences. [Read More]

Please see below the list of this week’s hand-picked analyst reports:

Spotify has been hitting its stride in the latest quarter. It added 38 million total users, with 9 million of them being paid. For the whole year of 2025, it added 25 million paid subscribers, proving that people will pay for easier access to music streaming.

However, AI music is starting to eat into the business. While it won’t wholly replace Spotify’s value proposition, Spotify has acknowledged that it will affect its business.

Why we like this: Spotify recorded its highest growth in monthly users in 4Q 2025, and we view this as positive considering that AI music is starting to eat into the industry.

In the past 6 months, share price is down by 38%, presenting an attractive opportunity to enter. Price-to-earnings ratio is trading at 35 times, compared to its peers’ average of 80 times.

The era of agentic AI is fast approaching. And Salesforce is the poster boy for customer relationship management. While it has a 30% market share, analysts are saying that it still has room to grow as companies look to automation to cut cost and drive growth.

Furthermore, it intends to improve its margins and profitability considering that the company is entering its maturing stage.

Why we like this: We like Salesforce dominant market position (30% market share) and see that it still has legs to run on.

The recent improvement in the U.S’ jobs gain data in January 2026 indicates that companies are hiring again and the labour market is gradually recovering. We view this as a positive sign for Salesforce to expand its business with improving business sentiment.

China’s electric vehicle market continues to be hyper-competitive. While margins for most players are still under pressure, Xpeng has carved out a niche for itself by developing its own autonomous driving software. It does not rely on third-party software providers.

Why we like this: A clear undervalued trend is emerging in China’s EV sector. While the headwinds of price war and trade tensions (with the U.S. and Europe) continue, the sector has been oversold in recent months.

It’s undeniable that the global EV sector will be dominated by Chinese players in the next few years. Xpeng’s discounted-cash-flow valuation has indicated that it’s now undervalued.

SEA Ltd has been gaining by leaps and bounds in the past couple of years. It has significantly declined by 38% from 6 months ago after reaching its second-highest peak in August 2025 (first peak was in 2021).

In 2026, Sea is focusing more on AI to improve its operations and explore more monetisation channels.

Why we like this: SEA Ltd still represents a market leader story with Shopee having a strong foothold in the Southeast Asia e-commerce industry.

Potentially, AI usage could push Sea to have better margins and expand monetisation opportunities.

DBS Group recently reported that its profits fell by 10%, as it cited that it faced rate headwinds, higher tax expenses and absence of non-recurring gains.

Why we like this: Despite the results, the OCBC report above highlighted that DBS had achieved record results in the past four years. Its asset quality remains high with a low non-performing loans ratio.

DBS is still a dividend powerhouse in the Singapore market. This could present an attractive cheap opportunity at this point.

Is there an opportunity in the SaaS space?

👉 Follow us on YouTube here!

Hope the above is fruitful for you all..

Cheers,
James Yeo

Make Investing Simple Again

📝 Editor’s Note

The pivot is here.

Investors are getting out of AI and into everything else.

Using SimplyWallS,, we found 5 interesting stocks that could benefit from this.

In the U.S., we took a look at Disney and Uber. A new CEO for Disney means new things to come. Uber’s performance is still strong, with a catalyst (or threat) from autonomous vehicles.

Yum China seems to be getting some love as spending improves.

Finally, in Singapore, we dived into Coliwoo for its first expansion and Netlink NBN Trust for its potential involvement in Jurong Island data centre park.

Warm regards 🌱
InvestKaki Team

Table of Contents

• 📰 Palantir Soars Again

• 🌏 SGX Continues to Grow with IPO

• 👀 Stocks to Watch: Disney, Uber, Yum China, Coliwoo, Netlink

• 📲 Socials of the Week: Bill Ackman Bets

Moving on, here are the news that shocked the world…

Palantir $PLTR ( ▼ 0.34% ) : Palantir earnings exceeded expectations. Revenue grew by 70% driven by higher government and commercial contracts [Read More]

Devon-Cottera $DVN ( ▲ 0.05% )  $CTRA ( ▲ 0.45% ) : Devon Energy and Cotera Energy are merging to form a US$ 58 billion shale oil giant in the Permian Basin [Read More]

Oracle $ORCL ( ▼ 1.53% ) : Oracle is looking to raise $50 billion in funding to invest and develop additional capacity for its AI clients [Read More]

Pfizer $PFE ( ▼ 1.15% ): Pfizer’s earnings top expectations with revenue declining by 1%. Covid-19 vaccines are dragginf the company down, while its weight-loss drug, Paxlovid shows promises [Read More]

Alphabet $GOOG ( ▼ 0.84% ) : Google is acquiring Intersect, a wind and solar energy player, to get access to more energy to power their AI capacity [Read More]

Here are the news covering the Asia market…

China EV: Chinese electric vehicles players are not doing well. Deliveries across most players are down as tax incentives expires and Chinese consumers cut back [Read More]

SGX: SGX earnings are up by 11.6% for 1H 2026, boosted by 15 listings on the market and higher foreign exchange transactions [Read More]

Digital Core REIT: The REIT’s DPU rose by 2.5%, boosted by higher contributions from new purchases in 2024, and its Singapore hospital portfolio. [Read More]

Parkway Life REIT: Another contract win. ST Engineering has won a contract from Singapore’s Ministry of Defence to produce a fleet of infantry-fighting vehicles [Read More]

ESR REIT: ESR REIT’s DPU rose by 3.4%, while revenue grew by 20%, boosted by ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14 contribution [Read More]

Please see below the list of this week’s hand-picked analyst reports:

Stock #1 - Disney

Where dreams come true. Disney is a family entertainment company that produces content and theme park rides/experiences. It sells merchandises also from its famous intellectual properties.

Bog Iger is retiring, again. Josh D’Amaro, the head for the Disney Parks, Experiences and Products (PEP) will replace him.

Markets cheer. Disney fans rejoice.

After all, Disney had a rough patch these five years. Share price is down by 42.9% after climbing to its peak in 2021.

D’Amaro brings with him almost 20 years of experience in the company. And he has steered the PEP segment to new heights.

PEP generated 38% of Disney’s revenue, but contributed 72% of its operating income in 1Q 2026.

• Operating profit margin for the segment is highest at 33%, compared to Entertainment (9.4%) and Sports (3.9%).

Morningstar analyst thinks that this is the perfect situation with an insider as CEO. He has proven to be effective in leading the PEP segment, and will reignite some energy and hope into Disney.

However, the real test will be Disney’s transition to streaming, and what place would it have in the industry.

Disney is currently deemed undervalued compared to its peers, trading at a price-to-earnings ratio of 15.2 times.

Source: SimplyWallSt

Stock #2 - Uber

Uber operates a platform that allows people to get ride and food transportation services to their doorstep.

The ride-hailing unicorn has now matured.

4Q 2025 bookings grew by 22%, exceeding analyst expectations of 20%.

• Revenue grew by 18% to $52 billion for 2025

• Profit is up by 40.6% to $5.8 billion.

Both segments of ride-hailing (+19%) and food delivery (+30%) continue to grow at strong rates in 4Q 2025.

The big question now is - would Uber be successful in transitioning yet again to autonomous vehicles (AV)?

• Will it rely on Waymo? And pay large fees in the partnership?

• Or will it be able to develop its own AVs?

Morningstar thinks that Uber is undervalued. Discounted Cash Flow (DCF) valuation indicates that the company could be 60% undervalued.

Source: SimplyWallSt

Stock #3 - Yum China

Yum China owns, operates and franchises food & beverage restaurants in China, with particular focus on Kentucky Fried Chicken and Pizza Hut.

Is consumer sentiment in China improving?

Morningstar seems to think so. KFC recently raised its prices, and financials held up.

• Revenue is up by 8.8% to $2.8 billion in 4Q 2025

• Operating profit is up by 20% also.

It also raised its delivery prices but managed to log a higher profit margin. The delivery model has lower margins for Yum China.

Most importantly, Yum China is only trading at 17 times PER, which is deemed very undervalued. DCF valuation indicates a potential 25% undervaluation.

Source: SimplyWallSt

Stock #4 - Coliwoo Holdings

Coliwoo Holdings is a co-living operator in Singapore, that serves renters that want a diverse array of living experiences.

Its listing in November 2025 got a lot of attention. And investors were excited to see what properties it would expand into.

It has recently purchased a hotel lot at 2 Changi Business Park Avenue 1 for SG$101 million.

• It’s close to Changi Airport

• Changi Business Park has an established corporate clientele

This will add about 250 rooms to its current 3,200 rooms.

Maybank has targeted a price of SG$0.74 which represents an implied upside of +23%.

Stock #5 - Netlink NBN Trust

Netlink NBN Trust designs, builds and operates fibre network solutions in Singapore and comprises ducts, manholes, and fibre cables.

If you take a look at the company, you might think - boring.

After all, they just provide fiber network solutions. But everyone has internet because of Netlink NBN.

It is the sleeper company that makes everything ticks.

It has recently said that it could participate in the development of the 20-hectar Jurong Island data center park.

That got us listening.

Netlink is working on designing the network infrastructure within the data campus which has a 700MW capacity.

In the meantime, it will continue to provide its services to HDB’s projects around the island.

Did I tell you that the company has a market cap of SG$3 billion and dividend yield of 5.5%?

DCF valuation indicates that the company could be 38% undervalued.

Source: SimplyWallSt

Here’s Bill Ackman’s top conviction bets!

Instagram post

👉 Follow us on Instagram here!

Hope the above is fruitful for you all..

Cheers,
James Yeo

Make Investing Simple Again

📝 Editor’s Note

With markets near highs, I went back to basics this week – looking for value, not noise.

Using SimplyWallSt as a reference, we found 4 interesting stocks trading below intrinsic value.

On one end are familiar global names like Meta and Microsoft, where AI investments are finally translating into engagement and revenue, yet valuations remain reasonable.

Closer to home, Ultragreen.ai highlights the power of niche dominance and long runways, while ST Engineering offers steadiness through its deep orderbook and consistent execution.

Together, these picks reflect a simple idea: value works best when fundamentals and price start to align 🎯

Warm regards 🌱
InvestKaki Team

Table of Contents

• 📰 News Highlights (U.S.)

• 🌏 News Highlights (Asia)

• 👀 Stocks to Watch

• 📲 Socials of the Week

Moving on, here are the news that shocked the world…

Meta $META ( ▼ 3.33% ) : Is Meta meta? 4Q 2025 results exceeded expectations as revenue grew by 24%. Guess what? It is spending way more on AI in 2026. Think $135 billion [Read More]

Microsoft $MSFT ( ▲ 0.58% ) : Microsoft 4Q results also exceeded expectations but investors are not that happy with its slowing cloud growth. Revenue is up by 16.7%, while profits grew even stronger at 60% [Read More]

Starbucks $SBUX ( ▼ 2.62% ) : Starbucks turnaround is coming. Same-store growth for 4Q 2025 was up but ultimately, earnings missed expectations. Revenue is up by 6% [Read More]

Comcast $CMCSA ( ▼ 1.53% ): Comcast is in trouble for 4Q results. Well, sort of. Its broadband business is dragging the company down as competition is intense. However, its mobile business is doing pretty well [Read More]

Boeing $BA ( ▼ 0.15% ) : Boeing is flying high again. 4Q revenue was up by 140%, but it still made losses. Commercial airplane sales drove the higher performance. [Read More]

Here are the news covering the Asia market…

Alibaba: $BABA ( ▼ 2.19% ) has released two newest AI models - Qwen-3-Max-Thinking and Kimi K2.5 (Moonshot AI) - and reportedly are beating OpenAI and Google Deepmind [Read More]

Starhill Global REIT: All steady. 1H 2026 revenue was at $96.3 million, but profit dipped slightly by 0.8%. Meanwhile, contributions were higher from Ngee Ann and Lot 10 [Read More]

Micron $MU ( ▼ 0.93% ): Micron is planning to invest US$24 billion in Singapore over the next decade to expand its manufacturing capacity as it faces severe shortages [Read More]

ST Engineering: Another contract win. ST Engineering has won a contract from Singapore’s Ministry of Defence to produce a fleet of infantry-fighting vehicles [Read More]

OUE REIT: Distribution per unit is up 10% for 2H 2025, driven by stronger Singapore commercial and hospitality portfolio [Read More]

Please see below the list of this week’s hand-picked analyst reports:

Stock #1 - Meta

Meta operates social media platforms such as Facebook, WhatsApp, and Instagram and sells advertisements.

It’s quite surprising to see Meta being relevant in the AI space currently. I still remember looking at its large losses from its Reality Labs (which it still is incurring, and Meta is cutting jobs from it) and thinking “When would Meta catch up?”.

But 4Q 2025 results are showing encouraging signs. Most importantly, the analyst report from Morningstar showed that

• Meta’s AI investments are driving higher engagement and content recommendation in its social media platforms.

• Ad impressions grew by 18% for 4Q.

• Ad clicks are up by 3.5% for Facebook and 1% for Instagram.

I was interested in the financial projections for 1Q 2026 and 2026 as a whole and found that this analyst was bullish on its sales growth.

• 1Q 2026: +30%

• 2026: +25%

He expects the new LLM model being released by Meta to be comparable to the other models in the market, and views the $125 billion AI investments as positive.

I do agree somewhat with the views here, and generally, I find that Meta is trading at relatively cheap valuations at a price-to-earnings ratio of 30.8 times (industry average: 31.4 times).

Source: SimplyWallSt

Furthermore, based on SimplyWallSt’s discounted cash flow (DCF) valuation, it is deemed to be 30.2% undervalued.

Stock #2 - Microsoft

Microsoft develops and sells software such as Microsoft 365, Windows operating systems, Copilot and many other more.

Not all has been positive for Microsoft last year. When it unveiled its plan to spend more on AI investments, investors greeted it with lukewarm responses. Many were afraid that the Magnificent 7’s investments were not generating returns.

However, it has started to bear fruit in the latest financial results.

• Commercial bookings rose by a whopping 228% for 2Q 2026 (quarter ending Dec 2025), driven by Azure, its cloud computing platform. Azure AI grew by 38% for the quarter.

• Microsoft Co-pilot has 15 million paid seats.

No doubt, investors are still right in doubting Microsoft. Capital expenditures are still projected to grow by over 80%, far outpacing the sales growth of its AI products.

I do see a case for Microsoft to gradually get more clients and customers for its AI services, considering that most of the world uses its Windows platform.

But it all comes down to valuation for me. And SimplyWallSt’s DCF showed that it is 19% undervalued.

AI opportunities are not just in the U.S. In the Middle Kingdom, AI companies are booming as never before.

Stock #3 - Ultragreen.ai

Ultragreen produces and sells indocyanine green dye and imaging systems that enables real-time imaging for surgeries.

It is not often I find such a big global player. And in Singapore? But that’s what Ultragreen is. It is the global market leader with over 60% market share.

DBS is very positive on the company for the following reasons:

• Strong moat as regulatory approval takes 5 to 6 years, which limits entries of new players.

• Ultragreen is 2.6 times bigger than the second biggest player in the world.

• Long growth runway as ICG has proven to be cost-effective and safe.

• Quantification software is a big catalyst should it be more commercially viable.

Furthermore, the company is considered 24.4% undervalued by SimplyWallSt’s DCF. All signs are green, with little red flags.

Stock #4 - ST Engineering

ST Engineering is a technology, defense and engineering company.

The company is a contract-winning machine. And it is winning them from large established players, and government ministries.

It is no wonder that it currently has an orderbook of $32.6 billion, which could sustain the company for the next 3 years.

Its latest contract win from Singapore’s Ministry of Defense, solidifies ST Engineering’s reputation in the industry.

SimplyWallSt’s DCF values the company as being 10% undervalued.

Getting deep and real about REITs and AI Stocks with Jun Yuan!

👉 Follow us on YouTube here!

Hope the above is fruitful for you all..

Cheers,
James Yeo

Moving on, here are the news that shocked the world…

Trump-Greenland $SPY ( ▼ 1.59% ) : Classic TACO. Trump threatened tariffs on Greenland, then withdrew it after negotiating a framework with the European Union on how to extract minerals. [Read More] 💪 

Micron $MU ( ▼ 0.93% ) : Micron is running out of parts. Memory chips are in short supply as AI demand skyrockets and puts the company into a shortage until 2027 now. [Read More]

Netflix $NFLX ( ▼ 1.67% ) : 4Q 2025 earnings slightly beat expectations as its paid subscriber base reaches 325 million. Revenue and profits are both up by 18% and 30% and it has proposed cash instead to buy Warner Bros [Read More]

United Airlines $UAL ( ▼ 4.38% ): United Airlines earnings exceeded expectations. Despite a 1.6% revenue drop, profits are up by 6% for 4Q 2025 and has projected that 2026 could be record earnings year [Read More]

Johnson & Johnson $JNJ ( ▼ 1.13% ) : Might be a tough year for pharmaceutical companies. J&J has signed a deal with Trump to lower drug prices but are forecasting revenue and profits for 2026 higher than market expectations. [Read More]

Here are the news covering the Asia market…

T-Head IPO: Alibaba’s chip unit, T-Head is getting ready for an IPO. However, the company wants to separate the unit out first before it does that [Read More]

Toku IPO: Toku closes 14% higher than its offer price on the first day of trading, as the cloud communications and customer experience platform raised $16.3 million in proceeds to fund potential partnerships and global expansion [Read More]

Suntec REIT: Suntec REIT’s DPU is up by 13.6% despite a 1.6% growth in revenue only. It recorded strong performances in the Singapore market to offset weaker ones in its Australian market [Read More]

Keppel: Keppel is entering into a 25-year agreement with an unnamed global telco for the Bifrost subsea cable system. It expects to sign it in 2Q 2026 [Read More]

ST Engineering: The company has signed a 5-year agreement with LOT Polish Airlines to provide maintenance, repair and overhaul services to its 15 Boeing 787 fleet [Read More]

Will Your Retirement Income Last?

A successful retirement can depend on having a clear plan. Fisher Investments’ The Definitive Guide to Retirement Income can help you calculate your future costs and structure your portfolio to meet your needs. Get the insights you need to help build a durable income strategy for the long term.

Download Your Free Guide

Please see below the list of this week’s hand-picked analyst reports:

Editor’s Note (Here’s what we think about the 5 stocks mentioned above):

Firstly, Trump flipping back and forth from tariffs is not new. But the volatility he creates with his X comments is real.

Markets have become volatile again, and the short-term view is that it might continue to be so.

To me, many investors are pivoting back to safe stocks that are boring. P&G and J&J represents this and could benefit.

P&G: 4Q results was okay, not fantastic. Morningstar highlighted two important points - arrival of new CEO, Shailesh Jejurikar and P&G’s focus on keeping a tight ship on cost management.

• It’s the boring stuff but it works. I like that the new CEO is trying to drive cost efficiencies in the consumer market where it has been quite weak recently.

• I foresee the U.S. consumer market to gradually recover in 2026 despite the tariffs uncertainties (again).

While Morningstar thinks that the company is fairly valued now, I believe that it has legs to run in the long-term given that most of its products are ‘necessities’ and is still Berkshire Hathaway’s favourite stock to hold.

Target price from Trading View is $166.5 with an implied upside of +11%.

J&J: The company has agreed to reduce prices on its products as the pharmaceutical industry was hit by Trump’s policy changes last year. The report here highlights that despite this, some of its divisions did well - oncology and immunology.

• That’s what I try to find in companies with long-term prospects - diversity in its businesses.

• Unlike other pharmaceutical companies that are now chasing the weight-loss trend, J&J has focused on a wide array of medical sub-segments.

Going over to China, news of an anti-monopoly investigation into Trip .com presented an interesting opportunity.

Trip .com: The travel monopoly is now being investigated by the Chinese authorities for using the ‘Choose one from the two’ rule in its business practices. And if found guilty, the company could incur up to 3 to 4% of its 2026 revenue in fines.

• In the meantime, I think the company will be under selling pressure for the next 4 to 6 months.

• This presents an interesting opportunity as the report also highlighted that the company will probably be fine even if it is found guilty.

CGS International has lowered its target price to HK$605 which is still an upside of about +24%. Meanwhile, this could be an undervalued position as its price-to-earnings ratio is now trading at only 9.2 times.

Lastly, to the Singapore side.

The theme I am looking at this week is similar to China’s one - stocks that have good risk-reward ratios.

SEA Ltd: The company that owns Shopee is on a brutal downward trend since August 2025, losing 30% of its value in just 6 months. But that might be at an end. Maybank in its report highlighted that the company has been oversold.

• This is an interesting opportunity. SEA Ltd is actually on track to record about $1.2 billion in profits for 2025 - the most it ever had.

• Shopee’s position in the Southeast Asia market is as secure as ever.

Maybank thinks that there is about a 25% potential upside for SEA Ltd now.

Grab: Another Singapore unicorn (or Malaysian depending on how you see it) is facing another headwind.

The Indonesian government is proposing to cap the commission on ride-hailing at 10%, which will hurt Grab’s margin in Indonesia.

• However, CGS International’s opinion is that Grab has other monetisation channels which can offset the loss in profits.

• The impact on earnings is about 5% to 10%, which is substantial but not too big that it derails the company’s long-term prospects.

There is a potential +65% upside for Grab, which at this moment, presents a pretty good risk-reward ratio.

Instagram post

👉 Follow us on Instagram here!

And if you are looking for a guide on investing in copper! Here’s one being done by our writer in SmallCapAsia.

How to Invest in Copper in Singapore - SmallCapAsia

Learn how to invest in copper in Singapore using ETFs, stocks, futures and physical exposure. A complete beginner-to-advanced guide.

www.smallcapasia.com/how-to-invest-in-copper-in-singapore

We have highlighted Micron before this, but this week brought the company some important insights into the AI boom

It’s still going strong.

Micron reported that there will be a supply shortage going into 2027 also. Remember that we thought it would only last till 2026.

Turns out it’s even longer now.

This means that demand for AI components and chips are as strong as ever. To make matters even better, the gaming and other industries are also trying to grab a piece of Micron’s chip knowing that there will be a shortage.

I see that the company will be able to increase prices quite sharply for the year and heading into 2027. Margins are probably going to be strong also.

The stock is already up by 34% for the year as companies rush for a limited pipeline of AI chips in the market.

And you know what’s the interesting thing is?

Its valuation is not that high compared to its peers. It’s currently trading at a price-to-earnings ratio (PER) of 38 times compared to its peers’ average of 66 times.

Source: SimplyWallSt

SimplyWallSt’s analysts view Micron as being significantly overvalued now. But I suspect this might change in a couple of week’s time, when its earnings results are out.

Source: SimplyWallSt

Hope the above is fruitful for you all..

Cheers,
James Yeo

Income investing is back in the spotlight.

As interest rates ease and high-yield savings accounts quietly slash their headline rates, many investors are once again asking the same question:

That is where the UOBAM Ping An FTSE ASEAN Dividend Index ETF enters the conversation.

On the surface, the idea sounds simple - one ETF, diversified exposure to dividend-paying companies across Southeast Asia, listed on SGX, accessible in SGD or USD.

But as with most income products, the details matter far more than the headline.

Here are 6 things you need to know before deciding whether this ETF deserves a place in your portfolio.

1. This Is Not a REIT ETF - And That’s the Point

Source: PitchBook

One of the most important – and often overlooked – details is that this ETF explicitly excludes REITs.

That immediately changes how investors should think about it.

Most Singapore income portfolios are already heavily tilted towards S-REITs. This ETF is not trying to replace that exposure.

Instead, it targets mature, dividend-paying stocks - banks, telcos, utilities, infrastructure, and consumer names across ASEAN.

For investors already holding S-REITs, this ETF is better viewed as a complementary income sleeve, not a substitute.

3. Diversification across 57 Stock Constituents

Most investors glance at the top 10 holdings (i.e. DBS, OCBC, Maybank, Singtel, Astra) and stop there.

Source: PitchBook

But the real diversification appears when you examine all 57 constituents.

Beyond the top names, the ETF holds smaller-weight exposure to:

• Infrastructure operators

• Power utilities

• Ports and logistics companies

• Consumer and industrial names

To better understand this, I compiled all 57 holdings into an Excel model, mapped their weightage and trailing dividend yields across the portfolio below…

🔒 Subscribers-Only: Full ETF Breakdown Excel

👉 Download the Excel File below for the detailed breakdown!

This is the exact file I referenced in my video and use for my own analysis.

4. ASEAN’s Demographics Quietly Support Dividend Sustainability

ASEAN is often discussed as a growth story, but its income characteristics are just as important.

Source: PitchBook

The region benefits from:

• A growing and urbanising middle class

• Rising financial inclusion

• Structural demand for banking, electricity, mobile data, transport, and consumer staples

These are not speculative trends. They are everyday economic activities that generate recurring cash flows, which is exactly what dividend-paying companies need.

5. A Rules-Based Index Methodology

This ETF tracks a rules-based dividend index, not a simple “highest yield wins” basket.

What i personally like is how they address multiple pitfalls by introducing:

• Large and mid-cap stocks to prevent a high risk profile and bigger companies usually are more leaning towards dividends

• Historical dividend yield robust z score > 3 (addressing dividend traps)

• Excluding REITs

• Weight cap to <10% to prevent single-stock concentration

• Semi-Annual rebalancing to reflect changing fundamentals

The result is an index that prioritises dividend durability over headline yield, even if that means sacrificing short-term attractiveness.

6. Accessibility Is One of This ETF’s Strongest Features

From a practical standpoint, this ETF is quite retail-friendly.

Source: UOBAM Ping An FTSE ASEAN Dividend Index ETF Brochure

Investors can:

• Trade in SGD or USD

• Use cash or SRS funds

• Buy from one unit onwards with no minimum lot size

• Trade it directly on SGX without additional account approvals

The management fee of 0.45% per annum sits within a reasonable range for a regional equity ETF, especially given the operational complexity of ASEAN markets.

During the Initial Offering Period, investors can also subscribe via local banks and multiple brokers, lowering friction even further.

And if you want, you can get started by subscribing it via Moomoo using my affiliate link here [promo code: KAKI88] and get up to S$50 trading cash coupon based on your subscription amount!

Final Thoughts: A Good Alternative Income Opportunity

With this UOBAM Asean Dividend ETF, we now can partake in Asean Region’s growth and “milk” it from the dividend-paying stocks in such a convenient way.

That said, dividend income here is sourced from offshore markets, which introduces currency, political, and cyclical risks that do not exist in purely domestic portfolios (like our favourite S-REITs).

For investors who understand those trade-offs and are looking to diversify income beyond Singapore Bank Stocks and REITs (you know who you are 😉), this ETF is worth studying more.

TLDR Youtube Video version 👇

Moving on, here are the news that shocked the world…

Walmart-Google $WMT ( ▼ 0.28% )  $GOOG ( ▼ 0.84% ) : Are we going to be slave to the algorithm? Walmart and Google are working together to enable Gemini users to shop Walmart products [Read More]

JP Morgan $JPM ( ▼ 2.87% ) : JP Morgan’s earnings beat expectations despite profits declining by 7%. Meanwhile, revenue rose by 7%, driven by trading and net interest incomes segments [Read More]

Goldman Sachs $GS ( ▼ 3.81% ) : Goldman Sachs earnings topped expectations. Even though revenue declined by 3%, profits were up by 12% driven by its equities division [Read More]

Bank of America $BOFA.TSX ( ▼ 3.43% ): Earnings exceeded expectations as both revenue and profits grew by 7% and 12% on the back of net interest income, asset management, and trading segments [Read More]

Wells Fargo $WFC ( ▼ 4.88% ) : Another beat. Wells Fargo’s revenue and profit grew by 4% and 6% respectively [Read More]

⏰ Last Day to Join the InvestKaki Giveaway

Just a quick reminder that today is the final day to participate in the InvestKaki investing giveaway.

I know the past few weeks have been packed for most of us but don’t miss out on the attractive prizes like SuperKakis Premium 1-Year Membership and S$100 Grab E-Vouchers!

It only takes a few minutes to participate, and you can boost your chances by completing more actions or referring friends.

👉 Join before it closes tonight 23:59pm:
https://gleam.io/W75on/investkaki-giveaway

💡 Exclusive Longbridge Promotion (Ending Today)

Separately, for those who are reviewing their brokerage setup for the new year, there’s an exclusive Longbridge promotion running.

🎁 New users on Longbridge Singapore (MAS-licensed brokerage) can enjoy, with a minimum S$2,000 deposit:

• A 12% p.a. interest boost

• Free stock rewards worth up to S$1,200 when you deposit and trade

• Up to S$70 in US options trading gifts

• Lifetime $0 commission and platform fee coupons for SG, US, and HK stocks

• Affiliate Exclusive: Or you can simply just get S$18 by depositing S$100 today!

👉 Sign up via my link here to access the full rewards.

Offer ends 31 Jan. T&Cs apply. This advertisement has not been reviewed by the Monetary Authority of Singapore (MAS).

Here are the news covering the Asia market…

Omnivision: Share price rose by 16.2% on its first day of trading, raising about HK$4.8 billion. It is the third largest digital image sensor provider globally with 13.7% market share [Read More]

Assembly Place IPO: Assembly Place, a co-living operator, is listing in the market to raise about $18.3 million to expand its rooms to about 10,000 by 2030 [Read More]

GKE Corp: Revenue was up by 5.3%, while profits were down by 57.5%. Its core warehouse and logistics segment drove revenue growth. [Read More]

HC Surgical Specialists: Revenue declined by 1.6% but profits are up by 17.5% as it recognises gains on non-operating items [Read More]

Centurion Accommodation REIT: The REIT has completed the acquisition of EPIISOD Macquarie Park in Sydney, Australia for A$345 million [Read More]

See below for our handpicked analyst reports:

Help us make better ads

Did you recently see an ad for beehiiv in a newsletter? We’re running a short brand lift survey to understand what’s actually breaking through (and what’s not).

It takes about 20 seconds, the questions are super easy, and your feedback directly helps us improve how we show up in the newsletters you read and love.

If you’ve got a few moments, we’d really appreciate your insight.

Take the survey.

When you need a carry on your Dota and LoL games …

Instagram post

👉 Follow us on Instagram here!

TSMC has been making the news again …

Share price was up by 6.8% last week as its 4Q 2025 earnings have once again, blew market expectations away.

Revenue was up by 20.5%, while profits grew even stronger at 35%.

• Most of these growth was driven by higher shipments of the 3nm and 5nm chips which are more sophisticated.

Just when you think the AI boom is over, TSMC once again delivers record results. The High Performance Computing (HPC) segment that tracks the AI sector, rose by 48% for 2025, by far its best-performing segment, contributing 58% of revenue.

• The automotive segment demand rose by 34%, followed by Internet-of-Things and smartphone segments.

Source: TSMC 4Q 2025 Results

The AI boom still has a lot of legs to run on, and TSMC is at the heart and centre of it. Analysts have TSMC at a target price of NT$2.13K with an implied upside of 22%.

Source: SimplyWallSt

Hope the above is fruitful for you all..

Cheers,
James Yeo

Moving on, here are the news that shocked the world…

Trump-Venezuela $SPX ( ▼ 0.56% ) : Trump launched a raid on Venezuela, and captured its President and wife. Now, he says he’s in charge for a while to keep the oil flowing [Read More]

Trump-Greenland: Fresh off his high on capturing Venezuela President, Trump now wants to ‘take’ Greenland whether by money or force [Read More]

Sandisk $SNDK ( ▼ 0.87% ) : Sandisk - yes, that pendrive company, rose by 27% as the Consumer Electronics Show hype spilled over to investors [Read More]

Microchip $MCHP ( ▼ 2.92% ): Microchip has raised its guidance for sales, as companies are struggling to find stock for semiconductors as demand outpaces supply [Read More]

Costco $COST ( ▲ 0.54% ) : December has gone swellingly well for Costco as sales were very strong during the holiday season. It grew by 8.5%. [Read More]

Here are the news covering the Asia market…

Foxconn: Foxconn is riding the AI wave comfortably. Revenue rose by 22% as AI players continue to buy more chips and data centre buildouts from the company [Read More]

UI Boustead REIT IPO: The REIT could be listing in the Singapore market in March 2026 to raise about $900 million [Read More]

Civmec: Civmec has secured contracts worth A$400 million for 2026 and 2027. Notably, it has a contract with BHP for the Port Debottlenecking Project 2 [Read More]

iFast: iFast is investing $19.6 million to acquire a 30% stake in Financial Alliance Corporation. [Read More]

Grab X GAC: Grab and GAC has agreed to deploy 20,000 EVs across Southeast Asia, specifically the Aion Y, Aion ES, and Aion V models [Read More]

See below for our handpicked analyst reports:

If you let emotions dominate your investments …

Instagram post

Surprisingly, Microchip rose this week like a bunny in heat.

It is up by 13% for the week as companies are scouring the market for semiconductor chips to feed the AI sector.

Microchip Technology produces and sells semiconductor products and solutions, with a diversified revenue base.

• United States: 25% of revenue

• Europe: 20%

• China: 17%

• Taiwan: 16%

Recently, it has raised its 3Q sales forecast as it sees higher orders from its customers. It expects 3Q revenue to be $1.19 billion.

Its client companies are starting to burn through most of its semiconductor inventory accumulated during the pandemic. Now, they are looking to fill their inventory again to fulfill the high demand from their AI clients.

This might be a shift towards profitability as the company has incurred losses in 3 out of the last 4 quarters.

Analysts now have the company at a target price of US$76.3 with an implied upside of +3.7%.

Hope the above is fruitful for you all..

Cheers,
James Yeo

Hey SuperKakis 👋

Quick portfolio check-in, especially with a bit of market wobble and headlines flying around.

But first, download the portfolio holdings below:

While the portfolio is down slightly, I am glad we maintained a $98K cash hoard to deploy and if you were to ask me about the market volatility…

Short version: I’m not fazed by the recent dip in market value.
Reason: volatility + uncertainty is exactly why we keep a healthy cash buffer.

Right now, cash gives us optionality.
And I’m choosing to deploy part of it deliberately, not emotionally.

Why the recent dip doesn’t bother me

A few reminders on how this portfolio is built:

• This is a barbell-style portfolio – quality growth on one end, income resilience on the other

• Short-term price swings are expected; business quality changes much slower

• Cash is not “dead money” – it’s dry powder for moments like this

When markets are noisy, I fall back to process, not predictions.

That’s where my specially designed 5M framework comes in.

BUY Trade Alert #1: Buying Netflix (S$10,000) on Friday US market open

I’ll be adding Netflix using the 5M lens:

Mastery (3/3)
Streaming is not new to us. Netflix’s model, content economics, and subscriber engine are well understood.

Moat (3/3)
Pricing power is real. Despite multiple price hikes, churn remains manageable and engagement stays strong.

Metrics (3/3)
Revenue growth + improving free cash flow tell me the business is maturing without stalling.

Management (3/3)
Execution has been consistent – from originals to monetisation (ads, pricing tiers).

Margin of Safety (2/3)
Not cheap on headline P/E, but reasonable when weighed against scale, dominance, and cash generation.

👉 Total: 14/15 on my scorecard.

This isn’t about catching a bottom.
It’s about adding to a high-quality compounder during uncertainty.

📌 Bonus: We’ll be doing a “Stock-of-the-Month” deep-dive case study on Netflix later this month so everyone can see the full 5M breakdown step by step.

BUY Trade Alert #2: Buying Digital Core REIT (S$10,000) – Monday SGX open

Next up: Digital Core REIT.

What changed?

• A NEW 10-year lease secured with an investment-grade global cloud provider

• Portfolio occupancy jumps from 81% to 98%

• Annualised NPI from this facility up ~35%

• Tenant bears fit-out costs

• 3% annual rental escalation, no break option

• WALE extended from 4.7 years to 5.7 years

https://s28.q4cdn.com/669718746/files/doc_news/2026/01/Digital-Core-REIT-Investor-Presentation-Jan-2026.pdf

On top of that, as shown above, Digital Core REIT is one of the most cheapest (34% discount to NAV) and highest yield (7.1% distribution yield) of all the Data Centre REITs right now.

Big picture takeaway

I’m not reacting to fear in the market; I’m rebalancing with intent.

• Quality growth when sentiment is shaky

• Income assets when fundamentals re-rate quietly

• Cash remains available if volatility gives us more chances

That’s how we compound our wealth steadily over a long term basis.

RECAP: Next 3 moves ✅

1. Execute Netflix buy (US open, Friday)

2. Execute Digital Core REIT buy (SGX open, Monday)

3. Publish Netflix Stock-of-the-Month 5M case study

More updates soon.
As always, stay steady and think long term.

Cheers,

James -staying-sane- Yeo

Dear InvestKaki Community,

I know the past couple of weeks have been hectic.

Between Christmas gatherings, New Year celebrations, and getting everything sorted for the kids, time has probably flown by faster than expected.

I’ve been in the same situation myself, juggling family time and year-end plans.

Because of that, I completely understand if you haven’t had the chance to look at the investing giveaway yet (see below!).

P.S. Open and fund an account with Longbridge/Webull today for MORE Action Points!

That’s why I’ve decided to extend the Giveaway so everyone has a bit more breathing room.

📅 New closing date: 18 January 2026, midnight

👉 Join the giveaway here:
https://gleam.io/W75on/investkaki-giveaway

The idea behind this giveaway hasn’t changed - it’s simply a small way to give back to this community and help you start the year with better investing tools and resources, without adding pressure during an already busy period.

🎯 How to Participate

1️⃣ Join the giveaway
→ Earn your first entry

2️⃣ Complete simple actions
→ Earn more entries and improve your chances

3️⃣ Refer friends
→ Boost your entries further

It only takes a few minutes, and you can do it whenever you have a quiet moment.

👉 Join the giveaway here:
https://gleam.io/W75on/investkaki-giveaway

Thanks again for being part of the InvestKaki journey. I truly appreciate the support, and I’m looking forward to sharing more interesting ideas and content with you as the year unfolds.

Cheers,
James -giving-good-news- Yeo

Moving on, here are the news that shocked the world…

Softbank $SFTBY ( ▼ 4.02% ) : Masayoshi Son is on a buying spree. He is now purchasing DigitalBridge, a data centre company for $4 billion [Read More]

GM $GM ( ▼ 2.74% ) : General Motors is crushing the competition. Share price is up by 55% for the year and has beaten all of its competitors, including Tesla [Read More]

TSMC $TSM ( ▼ 2.46% ) : The U.S. has granted TSMC an annual license to import U.S. chipmaking equipment and tools into China. [Read More]

Citibank $C ( ▼ 4.18% ): Citibank is taking a $1.1 billion hit in its Russia operations, after selling it to Renaissance Capital as it faces sanctions from the U.S. and the West [Read More]

Warner Bros $WBD ( ▼ 0.89% ) : Warner Bros is once again, planning to reject Paramount Skydance’s bid for its company in favour of the initial Netflix deal [Read More]

Here are the news covering the Asia market…

BYD: BYD reached its sales target for 2025, selling 4.6 million cars, and is up by 7.7% from 2024. However, it faces an environment of intense price war [Read More]

Singapore economy: Singapore recorded a stronger-than-expected economic growth of 4.8% in 2025, despite the volatile global trade environment [Read More]

Capitaland Ascendas REIT: The REIT has completed the acquisition of three properties from a Warburg Pincus-Lendlease Global joint venture for $566 million [Read More]

Sembcorp: Sembcorp has completed the acquisition of 300MW of solar assets, through a 100% stake in Indian solar operator ReNew Sun Bright [Read More]

CSE Global: CSE Global has secured data centre contracts worth up to US$145 million from the United States [Read More]

See below for our handpicked analyst reports:

The difference between Warren Buffett and Rick Guerin

Instagram post

BYD is enjoying a mini-resurgence throughout the holidays.

Share price is up by 4.4% since Christmas.

While it has crashed quite severely from its year-peak of HKD130, its recent sales for 2025 has shown that the company is indeed, top of the world.

It delivered a record total of 4.6 million cars for 2025, far surpassing Tesla’s projected deliveries of 1.64 million cars.

As the dust settles, now is a good time to evaluate BYD’s valuations and see whether it’s a good time to enter.

Firstly, BYD is now trading at a price-to-earnings ratio of about 23 times, which is considered relatively high compared to its peers’ average of 8.9 times.

Source: SimplyWallSt

However, we need to take into account that the industry is now in a fierce price war cycle, that has decimated margins and profits. So, many investors have been selling Chinese EV stocks to cut back on losses.

BYD certainly has suffered, but not as much. Its high PER indicates that investors are still bullish on its market position in China, and prospects internationally.

• It has announced that it aims to sell 1.6 million cars internationally in 2026 (about 50% increase from 2025)

From a discounted cash flow perspective, BYD is considered undervalued by 15%.

Source: SimplyWallSt

Analysts are now also targeting HKD133.23, with an implied potential upside of +40%.

Source: SimplyWallSt

Hope the above is fruitful for you all..

Cheers,
James Yeo

As we step into a brand new year, I just want to start by saying an early Happy New Year to you and your loved ones.

Before charging ahead into 2026, I thought it would be meaningful to pause for a moment and reflect on what 2025 has been like - both for me personally, and for InvestKaki as a platform.

A Year of Change and Building

At the beginning of 2025, I made a deliberate decision to pivot away from SmallCapAsia.com and focus on building InvestKaki.

That shift wasn’t made lightly.

InvestKaki represents something I’ve wanted to do for a long time - to share my investing framework more openly, especially my 5M investing strategy, and to talk more deeply about US and Hong Kong stocks beyond just SG small/mid cap stocks.

That also led to the launch of SuperKakis, my premium membership, which has been a meaningful milestone for me.

Stepping Out of My Comfort Zone

For the longest time, I was mainly doing YouTube long-form videos.

This year, I consciously pushed myself to explore multiple platforms - LinkedIn, IG Reels, YT shorts - with the goal of widening reach while keeping the message consistent.

One result that genuinely surprised me was LinkedIn. At the start of the year, my LinkedIn presence was almost non-existent.

Fast forward to the end of 2025, and the platform recorded 471,478 impressions in a single year, reaching over 230,000 members.

That growth meant a lot to me because it reinforced something simple - that progress can happen just by being consistent and sharing what I genuinely care about in investing.

Giving Back to the Community

2025 has been a year I’m deeply grateful for.

I found stability in my professional life, became more consistent with content creation, and most importantly, had the chance to travel and spend quality time with my family.

That’s why I’m running a FREE Happy New Year 2026 Giveaway as a small gesture of appreciation (over 20 people have already joined in the fun!)

#Quick Tip: Get 25 points just by opening and funding a Longbridge/Webull Account!

If you’d like to take part, you can join the giveaway here:
👉 https://gleam.io/W75on/investkaki-giveaway

It’s simple to join, free to participate, and meant to help you discover tools and resources you might already be considering for the year ahead.

Looking Ahead

There’s more I’m excited to work on in 2026 - new content formats, deeper investing discussions, and a few projects I’ve been quietly planning.

Thank you for reading, for engaging, and for trusting me with your time this past year. InvestKaki exists because of you.

Wishing you and your family a healthy, fulfilling, and rewarding 2026.

Cheers,
James -throw-confetti-🎉- Yeo

P.S. You can also support me by clicking on the newsletter advert below, cheers!

Trusted by millions. Actually enjoyed by them too.

Morning Brew makes business news something you’ll actually look forward to — which is why over 4 million people read it every day.

Sure, the Brew’s take on the news is witty and sharp. But the games? Addictive. You might come for the crosswords and quizzes, but you’ll leave knowing the stories shaping your career and life.

Try Morning Brew’s newsletter for free — and join millions who keep up with the news because they want to, not because they have to.

Try it now

Dear Investing Kakis,

A Merry Christmas and Happy New Year 2026 to you all!🎄

As the year winds down, I wanted to do something special to thank you for being part of this community and to kickstart 2026 on a positive note.

So I’m excited to share that our Merry Christmas & Happy New Year 2026 Giveaway is now live!

👉 Join the giveaway here:
https://gleam.io/W75on/investkaki-giveaway

The giveaway runs from 22 December 2025 to 11 January 2026.

It’s designed to be simple, festive, and genuinely useful for investors who want better tools and resources going into the new year.

What You can Win

This Giveaway awards a total of 5 winners based on the number of valid action entries accumulated throughout the campaign:

1st Prize - SuperKakis Premium 1-Year Membership (US$399 value)
2nd Prize - Sharesight Standard 1-Year Membership (A$348 value)
Consolation Prizes – Three winners will each receive a S$100 Grab E-voucher

How the Giveaway Works

Winners are determined strictly by ranking the total number of valid action entries submitted during the Entry Period; and here’s what you need to do.

• Join the giveaway here.

• Complete simple actions (i.e. Subscribe to our Youtube channel) to earn entries.

• The more actions you complete, the higher your chances to win the prizes!

It’s straightforward and takes just a few minutes.

👉 Join the giveaway here:
https://gleam.io/W75on/investkaki-giveaway

Why am I Doing This?

As 2025 winds down, I’ve had the chance to slow down and reflect on how the year has gone for me personally.

I’m genuinely grateful for how things turned out - I landed a new stable role, managed to churn out more social media content consistently, and most importantly, got to travel and spend quality time with my family.

My (handsome) photo taken by my wife 😛

Because of that, I wanted to give something back to the community that’s supported me along the way - you.

This giveaway is my small way of saying thank you. It’s meant to be a light, fun way to discover useful platforms, stay engaged over the holidays, and head into 2026 with better investing habits.

👉 Join the giveaway here:
https://gleam.io/W75on/investkaki-giveaway

Thanks again for being part of the journey this year. Wishing you and your family a wonderful Christmas and a great start to 2026.

Cheers,
James

Disclaimer:
All investments involve risks and are not suitable for every investor. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Moving on, here are the news that shocked the world…

SpaceX IPO $TSLA ( ▼ 2.19% ) : Elon Musk is reportedly trying to list SpaceX, a space rocket company, next year with a potential valuation of US$1.5 trillion [Read More]

Lululemon $LULU ( ▼ 0.02% ) : Lululemon’s earnings exceeded expectations. Revenue grew by 7% driven by its international sales, while local sales lagged behind. [Read More]

Broadcom $AVGO ( ▼ 0.37% ) : Fresh off its Alphabet Gemini 3 news, Broadcom had a setback despit earnings exceeding expectations. Apparently, investors were not fond of its backlog orders and a possible AI bubble [Read More]

Coursera X Udemy $COUR ( ▼ 1.54% )  $UDMY ( ▼ 1.23% ): Coursera and Udemy is merging together to form the biggest online education platform valued at around US$2.5 billion [Read More]

Micron $MU ( ▼ 0.93% ) : Micron Technology’s earnings blew past expectations. Most of its AI chips are sold out as demand soars and the company projects a 40% annual growth in the market until 2028 [Read More]

7 Actionable Ways to Achieve a Comfortable Retirement

Your dream retirement isn’t going to fund itself—that’s what your portfolio is for.

When generating income for a comfortable retirement, there are countless options to weigh. Muni bonds, dividends, REITs, Master Limited Partnerships—each comes with risk and oppor-tunity.

The Definitive Guide to Retirement Income from Fisher investments shows you ways you can position your portfolio to help you maintain or improve your lifestyle in retirement.

It also highlights common mistakes, such as tax mistakes, that can make a substantial differ-ence as you plan your well-deserved future.

Download your free copy today.

Here are the news covering the Asia market…

MetaX: MetaX’s IPO was hot. Share price rose by 700% from its listing price, as investors rush for a local Chinese AI chipmaker that is capable of supplying to the Chinese market. [Read More]

Keppel REIT: Keppel REIT is buying two data centres from Keppel Ltd for SG$50 million as it looks to shore up its data centre portfolio [Read More]

Capitaland Integrated: A consortium with Capitaland Integrated has submitted a SG$15 billion tender for a mixed-use commercial and residential site at Hougang Central [Read More]

F&N: Fraser & Neave is acquiring 4.6% share of Vinamik for SG$295 million from Jardine Cycle and Carriage. F&N is seeking to expand its dairy business in the region [Read More]

Super Bank: Super Bank, backed by Grab, has soared by 24% on its listing in the Jakarta Exchange. It plans to use the proceeds to develop new products and IT systems [Read More]

See below for our handpicked analyst reports:

This week, we are showcasing two excellent investment articles written by our SmallCapAsia writer, Augustine.

Firstly, dividend is the name of the game. But they are not just confined to large-cap companies. Here are small-cap Singaporean companies that are also delivering steady dividends.

3 SGX High Yield Small Cap Dividend Stocks to Watch - SmallCapAsia

Looking for SGX high yield small cap dividend stocks that offer strong passive income potential without relying only on large-cap blue chips or REITs? In Singapore, most dividend investors immediately turn to banks, REITs or government-linked companies for stability, but there are smaller gems that may offer attractive yields while still operating solid business models. […]

www.smallcapasia.com/3-sgx-high-yield-small-cap-dividend-stocks-to-watch

Secondly, something out of the box, or rather, got some good feng shui.

DBS Group - A Bazi Analysis - SmallCapAsia

A BaZi analysis of DBS Group, exploring whether Singapore’s biggest bank aligns with strong wealth luck, market cycles, and long-term investment potential.

www.smallcapasia.com/dbs-group-a-bazi-analysis

AI is still the name of the game.

And this week, Micron takes the cake.

Its earnings for 1Q 2026 was a blast.

• Revenue grew by 57% to US$13.6 billion.

• Profits almost tripled to US$5.2 billion.

Micron is now experiencing economies of scale where its profit margins are increasing.

• Operating profit margin increased from 25% in 1Q 2025 to 45% in 1Q 2026.

• This was driven by its higher margins in the cloud memory (55%), mobile & client (47%) and data centre (37%).

For the financial year of 2026, Micro has already secured pricing and volumes from its clients for its HDM chips. This marks a clear view on its revenue sources.

Meanwhile, it is increasing its capital expenditures to US$20 billion in 2026 to ramp up production for HBM chips.

• Despite that, the company projects that HBM will probably be in shortage, and hence, we could expect higher prices still.

Most of these are driven by AI demand, and Micron projects that the overall market could expand by 40% every year to reach US$100 billion by 2028.

Micron is currently trading at a low valuation of 23.4 times price-to-earnings ratio compared to the industry’s average of 36 times. Hence, analysts are expecting some upside from its undervaluation now.

Source: SimplyWallSt

Hope the above is fruitful for you all..

Cheers,
James Yeo

Moving on, here are the news that shocked the world…

Trump Bailout $SPX ( ▼ 0.56% ) : You know what they say? Create a problem, then sell a solution. Trump is preparing a US$12 billion bailout for farmers, after his tariffs decimated farming. [Read More]

Federal Reserve $SPX ( ▼ 0.56% ) : The Federal Reserve reduced interest rates by 25 bps to a range of 3.50% to 3.75% but officials are increasingly divided as Trump seeks to influence the Fed [Read More]

Paramount $PSKY ( ▼ 3.15% ) : Paramount wants to crash the Netflix-Warner Bros party. It has offered US$108 billion for Warner Bros, higher than Netflix’s offer of US$72 billion [Read More]

Nvidia $NVDA ( ▲ 0.16% )  : Trump has approved Nvidia’s sales of H200 chips to China, but wants 25% cut for its China sales. But China has not said anything about allowing this [Read More]

Costco $COST ( ▲ 0.54% ) : Costco once again exceeded expectations for 3Q 2025. U.S. consumers have been flocking to it as they look for value deals. [Read More]

Shoppers are adding to cart for the holidays

Over the next year, Roku predicts that 100% of the streaming audience will see ads. For growth marketers in 2026, CTV will remain an important “safe space” as AI creates widespread disruption in the search and social channels. Plus, easier access to self-serve CTV ad buying tools and targeting options will lead to a surge in locally-targeted streaming campaigns.

Read our guide to find out why growth marketers should make sure CTV is part of their 2026 media mix.

Learn more.

Here are the news covering the Asia market…

Baidu $BIDU ( ▲ 0.76% ): Baidu is considering whether to spin-off its AI chip unit, Kunlunxin (Beijing) Technology Co. Ltd for a listing on the market. [Read More]

Keppel REIT: Keppel REIT is acquiring one-third of Marina Bay Financial Centre Tower 3 for SG$938 million from HongKong Land Holdings [Read More]

OCBC: OCBC is investing in Green Esteel (controlling shareholder of BRC Asia) to develop a hot briquetted iron facility in Sabah that is worth US$1.5 billion [Read More]

Sembcorp: Sembcorp is acquiring Australian energy retailer, Alinta Energy for A$6.5 billion to expand its renewable energy capacity [Read More]

Toku: Toku, an AI-powered customer experience platform, has lodged a preliminary prospectus with SGX for a proposed listing on the Catalist board [Read More]

See below for our handpicked analyst reports:

The most powerful weapon in the world is compounding interest!

Instagram post

If you think the Warner Bros saga is over, think again.

Paramount Skydance (fresh off its recent merger) is crashing the Netflix-Warner Bros party by offering a much higher US$108 billion offer for Warner Bros.

• Netflix offered US$72 billion to acquire Warner Bros streaming and content side (excluding its traditional cable channels).

This is turning into a blockbuster saga. Both sides have been furiously bidding with each other for Warner Bros - whose fortunes have declined in recent years as revenue and margins decline with a lacklustre offering.

Warner Bros shareholders will be forced to look at this offer, as it represents about 40% higher than Netflix’s offer.

I have an inkling on why Paramount is doing this.

If Netflix does indeed manage to buy Warner Bros streaming segment (HBO Max), it will become the biggest streaming player in the U.S. market with a one-third market share.

Paramount Skydance is afraid of this as its recent merger did not go down well with some of its investors.

• It is after all, still making a big loss of US$6.2 billion in 2024.

However, this deal could change things up for the company.

Firstly, Warner Bros is still profitable and have many IPs that could boost the company’s outlook for the near-term.

Secondly, it could stem the rise of Netflix in the streaming industry while it figures out how to compete.

Regardless, if Paramount Skydance manages to outcompete Netflix in acquiring Warner Bros, this could open up a whole new ball game in the market.

SimplyWallSt’s analysts peg the company as being undervalued by 25%.

Source: SimplyWallSt

Hope the above is fruitful for you all..

Cheers,
James Yeo