To The Moon

1. Macro View: BCA Research on Tariffs, China, and What Comes Next 🧠

US futures jumped more than 2% after Trump agreed to a two-week ceasefire with Iran. Singapore, however, stayed quiet — daily market value slipped to S$1.43 billion.

But two names still stood out. One is an infrastructure trust offering nearly 8% yield while quietly moving into digital assets. The other is a commercial vehicle specialist capitalizing on Singapore's EV push.

Before diving into the stocks, here's what BCA Research has to say about the broader macro picture.

BCA sees the recent SCOTUS tariff ruling and Trump's follow-up 15% global tariff as only marginal relief for China. The effective tariff on Chinese goods drops from ~29% to roughly 24% — not enough to change existing rerouting strategies.

Their core views:

• China's growth will likely disappoint in the first half of 2026

• The upcoming fiscal plan from Beijing probably won't be enough — expect more reflation efforts by mid-year

• Neutral on A-shares, but overweight on offshore Chinese equities

• Europe and Switzerland are relative winners from the ruling; the UK lost ground

• The next phase of trade friction will shift toward national security, IP theft, and unfair trade practices — more targeted, less broad-based

Meanwhile, inside China, regulators are cracking down on "disorderly price competition" — price wars and below-cost bidding. Alibaba, Meituan, and JD.com have already been called in before.

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

3. Two SGX Stocks Smart Money Is Watching: KIT & Skylink Holdings

3.1 Keppel Infrastructure Trust (K7RU SG): High Yield Meets AI-Driven Infrastructure⚡

KIT has just celebrated a decade since the merger of K-Green Trust and CitySpring. Over that period, unitholders have seen a 96% total return.

Last year was no exception. Distributable income climbed 24.4% to S$249.5 million, while DPU held steady at 3.94 cents — good for an 8% yield based on year-end pricing. Total unitholder return for FY2025 alone came in at 17.2%.

What makes it interesting now:

KIT has been recycling capital actively. It sold off Philippine Coastal Storage (after growing EBITDA 80%+ since 2021) and part of Ventura, freeing up S$301 million to redeploy into higher-quality assets.

More importantly, it's moving into digital infrastructure — specifically subsea cables. The 46.7% stake in Global Marine Group taps into rising connectivity demand from AI and cloud computing. These contracts are long-term and predictable.

Segment performance (FY2025):

Valuation snapshot:

Takeaway: The valuation isn't cheap. But the yield is solid, and the cost-pass-through mechanisms in its contracts provide inflation protection. The digital pivot adds a growth kicker.

3.2 Skylink Holdings (XZB SG): A Quiet Bet on Singapore's EV Transition 🚛

Skylink runs an integrated platform across three areas: commercial vehicle leasing, hire-purchase financing, and engineering (repairs, maintenance, bodywork).

Recent updates suggest momentum is building.

What's moving the needle:

• Long-term lease contracts continue to roll in

• New financing loans are being originated at higher yields than the older, paid-off book

• EV adoption is accelerating — 43 new EV units deployed in the latest quarter (18 new contracts + 16 customer conversions)

• Enquiries are rising as diesel prices climb

• Bad debt remains below 0.5% — asset quality is strong

The CEO put it simply: rising fuel costs are pushing customers toward EVs faster than expected. And because most leases are long-term with a diversified SME customer base, revenue visibility is high.

Valuation snapshot:

Takeaway: The 95%+ upside implied by the consensus target is aggressive. But the underlying story — an integrated EV ecosystem benefiting from diesel prices and government green initiatives — has real legs.

Credits & Sources:

• Keppel Infrastructure Trust FY2025 Annual Report

• *Skylink Holdings business update (2H2026 / 4Q2026)*

• BCA Research

• SGX Fund Flow Data

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