To The Moon

While US markets extended gains on potential Iran talks, smart money in Singapore rotated aggressively last week.

Net institutional inflows hit S$33 million (vs. -S$121 million the prior week), according to SGX data.

Where did they go?

Not the usual REITs. Industrials saw the biggest net buys (+S$49.8m), followed by Energy (+S$3.3m), while Technology was dumped (-S$27.9m).

Two names stand out — one a shipping asset owner with a 20% cost advantage, the other a telco/ICT turnaround tripling its dividend.

Let's decode.

1. YZJ Maritime (BS6 SG): The "Asset Play" No One Is Talking About 🚢

Institutional angle: Yangzijiang Maritime is often seen as a builder. But their maritime leasing arm (YZJ Maritime) just quietly secured US$89.8m in vessel leases — 12 tankers + 1 AHTS vessel, tenure 1–8 years.

Why institutions are watching:

• 85 vessels in fleet (including newbuilds) → recurring income machine

• Net cash US$400.4m → no dilution risk

• Cost advantage: Builds at 20% below first-tier yards via second/third-tier partnerships

Valuation check:

Final view: This is a structural tonnage-mile story (geopolitics = longer routes = less available capacity). The leasing income provides downside protection. Watch for their disciplined capital cycle — they either pre-sell vessels for capital gains or charter them out.

2. Telechoice International (T41 SG): Turnaround + Share Buyback Signal 📱

What caught our eye: Telechoice's FY2025 results smashed expectations — revenue +36%, net profit +58%. Management just restarted share buybacks at $0.21 (350k shares), signaling confidence.

The numbers that matter:

All three divisions grew in profit. PCS (Personal Comms Solutions) was the star: +51% revenue to S$364.5m.

Three strategic pillars (from their annual report):

• Renew: Invest in systems, sharpen market focus

• Rebuild: U Mobile partnership, HONOR expansion in Singapore

• Transform: Digital infrastructure — they've submitted a proposal for a data centre in Malaysia

Valuation & Catalyst:

Final view: This is a small-cap turnaround with institutional appeal (the analyst disclosing a financial interest adds credibility). The data centre proposal is the wildcard — if awarded, re-rating likely.

3. Macro Corner: BCA Research's "Rotation Trade" (Not Recession) 🧠

BCA Research argues:

• Biggest AI winners = owners of scarce factors (land, natural resources)

• 10% market decline would reduce household wealth by ~0.9% of GDP → recession risk if investment also weakens

• But their MacroQuant model signals near-term upside → they favor "rotation trade" (Growth → Value, Cyclicals → Defensives) over "recession trade"

What this means for you: Stay long on Value & Cyclicals (like YZJ Maritime) and avoid crowded Growth names until yields stabilize.

4. Quick Tables: What Institutions Actually Did (SGX, Week of 30 Mar 2026)📊

5. Final Watchlist💡

Action: Add YZJ for value + income. Watch Telechoice for catalyst — if the Malaysia DC proposal is awarded, re-rate likely.

Credits & Sources:

• Data: Bloomberg, SGX Fund Flow Reports, BCA Research

• Disclaimer: This is not financial advice. Please do your own due diligence.