To The Moon

Singapore stocks rose this week, with the STI down 2.94%.

In terms of individual stocks, $First Resources(EB5.SI)$ rose 16%; $AEM SGD(AWX.SI)$ rose 12%; $ST Engineering(S63.SI)$ rose 10%; $Yanlord Land(Z25.SI)$ fell 15%; $PropNex(OYY.SI)$ fell 14%.

Market News

First Resources Posts 44.3% Rise in H2 Net Profit to US$204.7 Million

First Resources on Feb 27 posted a net profit of US$204.7 million for the second half ended Dec 31, 2025, a year-on-year rise of 44.3 per cent from US$141.8 million.

This came as profit from operations rose 47.8 per cent on the year to US$286 million for H2, from US$193.5 million.

Sales for the period were recorded at US$987.2 million, a jump of 69.8 per cent year on year from US$581.5 million.

The board is proposing a final dividend of S$0.102 per share. If approved by shareholders at the annual general meeting, it will be paid on May 15.

Including the interim dividend of S$0.045 per share paid in September 2025, this brings full-year ordinary dividends to S$0.147 per share.

Earnings per share stood at US$0.1321 for the half-year period, up from US$0.0916 for the previous corresponding period.

As Missiles Arc Across the Middle East, ST Engineering’s Share Price Gains in Tandem

In the immediate aftermath of Singapore Technologies Engineering’s (ST Engineering) FY2025 report card on Feb 27, the market was not quite able to form a consensus view. On the one hand, the company reported a lower bottom line, weighed down by an impairment charge on its long-struggling satcom unit. On the other hand, the company’s new orders momentum marched on to a high of $33.2 billion, all but guaranteeing earnings visibility — and steady dividends — three years out. Following an initial drop, the share price almost fully recovered by the end of the day, albeit with some hesitance.

Over the weekend, if there were investors with any lingering doubts, the surprise attack on Iran by the US and Israel surely helped make the decision. Even as broader markets turned jittery, ST Engineering’s share price, which has already doubled since the start of 2025, climbed to a new record of $11.18 before easing slightly to close at $10.38 on March 4.

The company’s commercial aerospace busi­ness, as one of the largest maintenance, repair and overhaul service providers in the world, posted stronger ebit and revenue growth. However, investors are more enamoured of its defence and public security business, which is set for stronger, more visible growth ahead, as rearmament by countries big and small becomes a common priority.

Analysts Downgrade PropNex on Expected Slowdown in Home Sales

Analysts have downgraded their calls on PropNex on forecasts that a moderation in residential sales for 2026 could impact earnings, after the real estate firm posted record performance for 2025 last week.

Phillip Securities on Monday (Mar 2) lowered its recommendation for PropNex to “accumulate” from “buy”, on expectations of a decline in new home sales in 2026, but raised its target price to S$2.08 from S$2.02.

Meanwhile, DBS on Monday downgraded its call on the firm to “hold” and lowered its target price to S$1.95 from S$2.15, using a sum-of-the-parts approach. The bank pointed to a “more measured earnings growth profile” moving forward following a share price rally of nearly 100 per cent in 2025.