Author: sgwealthbuilder

Almost 5 years ago, I bought AEM and Mapletree Logistics Trust (MLT) shares at the same time. At that point of time, AEM was trading at a high of $5.22 while MLT share price was traded at $1.92. Fast forward 5 years, AEM shares went on a rampage to smash past a historic high of $10.40 on 29 May 2026. MLT shares? The counter had fallen off the cliff and has been on a state of perennial drunken stupor with no sight of recovery.

Some investors may argue that we should compare apple to apple. Fair enough. Let’s compare MLT with another S-REIT. From $1.92 to the current $1.20, MLT share price has plunged by a devastating 39% for the past 5 years. In comparison, CapitaLand Integrated Commercial Trust (CICT) shares increased by 11% in the same corresponding period. Given that both counters are heavyweights among the STI constituents, it is evident that MLT share price has underperformed significantly.

The declining MLT share price is truly frustrating and is largely due to poor financial performance as annual DPU consistently dropped from 9.011 cents in FY2022/23 to 7.262 cents in FY2025/26. Gross revenue has also dropped from $730 million to $708 million.

For most companies, geopolitical conflicts are bad due to economic uncertainties, supply chain disruptions and negative consumer sentiments. But for ST Engineering, being a defence contractor, war is good as it benefits from global demand for its products – ammunitions and armoured platforms. Year-to-date, ST Engineering share price surged 34% to reach $11.27.

The last time that I covered ST Engineering share price was in August 2019. Back then, the counter was trading around $4. Fast forward six years, few investors would have predicted that ST Engineering share price would rise by nearly 3-fold. After all, ST Engineering share price is known to be a very defensive stock with very low volatility. In fact, the 5-year beta is just 0.57 vis-à-vis DBS’ 1.17.

Due to the historically low volatility of ST Engineering share price, the explosive bull run for the past 2 years is indeed unusual. In this article, I will share my thoughts on the plausible factors for driving this structural change in ST Engineering share price.

As one of the two big boys in local aerospace MRO industry and being a strategic defence contractor in Singapore, ST Engineering’s bulk revenue come from its aerospace commercial and defence contracts.

Within a year, AEM’s share price rocketed by nearly 10 times. The meteoric rise of AEM shares certainly stunned the SGX market, as this sort of performance is usually reserved for US tech stocks and is almost unheard of on the SGX. The question now is whether AEM’s share price has fulfilled its true destiny to become one of the greatest tech stocks to grace the Singapore stock market.

Given the supersonic form of AEM’s share price, I have divested all my AEM shares. I am writing this article to note down my thought process and document some of the lessons I learned from investing in this epic stock.

On this blog, I have always maintained that on its day, AEM’s share price can be unbeatable. Conversely, when the tide turns against it, the counter can spiral out of control. On that note, this counter is really not for the faint-hearted.

Through my CPF account, I had invested in 10,000 AEM shares since 2022, having entered at a high of $5.22 in early 2022. That was a time when AEM’s business relied almost entirely on Intel for revenue. This business concentration in Intel created significant risks for AEM, especially as the US company struggled quite severely in the opening chapters of the generative AI race.

This cannot be real! In my last article on AEM share price on 29 March 2026, I wrote that the counter could soar to $6 in the following week. That didn’t happen until 24 April 2026 when AEM share price crossed $6.06. That was the week when AEM was in the Top Ten Institutional Net Buy List, with big boys buying $31 million worth of AEM shares.

In this blog, I have always maintained that on its day, AEM share price can be unbeatable. Conversely, when the tide goes against AEM share price, the counter can spiral out of control. On this note, this counter is really not for the faint-hearted.

In the last week of April, AEM share price continued its red-hot form to smash a historic high of $8 on 30 April. Since then, the counter went through some correction to reach the current $7.35. The correction is likely due to investors taking profit before the Labour Day long weekend.

In my view, the pull-back is healthy as no stock, regardless how good the business fundamentals, would rise linearly. Notwithstanding this, AEM share price is currently trading at a monstrous PE of 137. Obviously, the explosive form is caused by institutional funds trying to push up AEM share price.

Time flies! It has been nearly three years since my last deep dive into SIA on 14 June 2023. Back then, the carrier was soaring on a post-pandemic tailwind, with SIA share price peaking at $7.80 just two days later. Fast forward to April 2026, the landscape has changed dramatically with the Iran war causing fuel price to spike. While SIA continues to fly record passenger numbers, SIA share price has suffered volatile swings and a failure to reclaim those 2023 highs. In this article, I will share why SIA share price could be in trouble.

It is well-known that SIA has spent decades trying to enter India market through its joint venture with Tata, Vistara, since 2015. Following Tata’s acquisition of the state-owned Air India in early 2022, SIA and Tata agreed to merge Vistara into Air India. In my view, the deal is a double-edged sword. While India provides massive hinterland for SIA to grow, it also exposes SIA to significant risk.

As of this month, Air India has reported record losses (roughly S$3 billion for the 2025/26 financial year). Given SIA’s 25.1% stake in Air India, this represented an estimated loss of S$750 million for SIA. The SIA-Air India saga in 2026 is almost a perfect rhyme of the Singtel-Bharti Airtel crisis of 2019/2020.

Crisis? What crisis? In the aftermath of the Iran war, OCBC share price rubbished all talks of economic crisis by surging to an all-time high of $23 on 15 April 2026. Year-to-date, OCBC share price rocketed 23.2%, making the counter the best performing bank stock in SGX.

In my last article of 2025, I talked up the possibility of OCBC share price smashing past $30 in 2026, fuelled by its gigantic $2.5 billion capital return to shareholders. On the basis of the current form of OCBC share price, it seems that the counter might have a decent shot at hitting $30.

The explosive form of OCBC share price in the past 6 months certainly made many investors sit up as the bank stock is usually a laggard in comparison to DBS and UOB. For years, OCBC had a CET1 significantly higher than its peers (often hovering above 15- 16%) while MAS requires only around 6.5% to 11%. The high CET1 buffer gave investors the impression that OCBC is inefficient in its capital management.

With the $2.5 billion capital return, OCBC’s CET1 should decrease to about 14%, thereby reducing its massive pile of unutilized cash. The capital return consists of 2 components – special dividends and share buybacks.

Is this for real? For the past few weeks, I have been pinching myself to check if I am dreaming as AEM share price stormed back in an unbelievable manner. Within a year, AEM share price rocketed nearly 5-folds.  Year-to-date, the counter surged 160%.

Though I had conviction that this day will surely arrive, it still feels so unreal when it happened. This stock has given me so much heartbreaks and heart pains for the past 4 years. So you can imagine the bittersweet feeling when AEM share price returned to its swashbuckling form again. It really feels so surreal!

The explosive form of AEM shares price certainly caught the attention of the investment community as various analysts scrambled to revise new target prices for AEM. Personally, my investment in AEM is still in the red due to the fact that I had entered this counter at a high of $5.22 in 2022. However, given the robust form, I will not be surprised that AEM share price will surge past my breakeven investment level and hit $6 next week.

Apparently, the buoyant AEM share price is driven by institutional purchases. On 19 March 2026, the market went into tailspin when it emerged that JP Morgan became a substantial shareholder, having obtained 5.19% stake in AEM from open market purchases.

For Singtel investors, the view from the top must be surreal. As Singtel share price crossed the $5 mark in February 2026, many long-time holders found it almost unimaginable—especially given the significant challenges the telco has faced over the years. In this regard, I am not surprised to see die-hard fans pinching themselves. After a decade of underperforming, Singtel share price suddenly popped in 2025, to the amazement of most investors. Many of them must have thought that this day will not arrive, but it finally did.

This explosive rally of Singtel share price didn’t just break price records; it reshuffled the STI leadership. Singtel’s surging valuation saw the telco knock UOB off its long-held perch to become the third-largest company by market capitalization in Singapore.

Currently, Singtel is hot on the heels of second-placed OCBC, trailing by only a slight margin as it cements its comeback. This is indeed sweet revenge for Singtel investors as the telco used to be the leading light in STI until the banks usurped its throne 10 years ago.

From its IPO in 1993 all the way through the early 2010s, Singtel was almost always the #1 largest listed company in Singapore. In 2008, for example, its market cap was around $62 billion, comfortably ahead of the banks.

Could this be another fairytale of SGX like iFAST and AEM Holdings? Driven by the historic highs of gold price, CNMC Goldmine share price has been in a spectacular form, surging by an eye-popping 6-fold within a year. Year-to-date, CNMC Goldmine share price surged by a mighty 83%.

As gold spot price hit record levels in the past one year, interest in the precious metal increased among the investment community. Previously, I have covered SPRDR Gold ETF and e-commerce retailer, BullionStar. In this article, I will share my thoughts on a Catalist-listed gold mining company – CNMC Goldmine.

For background, CNMC Goldmine is a gold mining company that started operations in 2006 and are principally engaged in the exploration and mining of gold and the processing of mined ore into gold bars. Although the company is listed in Catalist and headquartered in Singapore, the key business activities are mainly in Kelantan, Malaysia. The company currently only has one active production mining site – Sokor Gold Field, which is their cash cow and flagship project.

CNMC Goldmine share price used to be trading at penny stock levels ($0.30 to $0.40) prior to early 2025. So those who have entered prior to 2025 would have made a killing as the counter became a multi-bagger for this group of discerning investors.

What a power rally! Following the release of the FY2025 full-year financial result, AEM share price turned on the style to stage a power rally – an increase of a mighty 44% within 2 days!

The superb form of AEM share price certainly caught the attention of the investment community. For far too long, this counter has lost its way big time due to its heavy reliance on key customer, Intel. Consequently, many investors had thrown in the towel, having lost all hope of a potential recovery of AEM share price. Indeed, AEM share price has yet to restore to all-conquering form nor its glory days till today. Hence, you can imagine the bitter-sweet feeling of existing shareholders as AEM share price soared 80% year-to-date.

The recent bullish form of AEM share price must have brought back fond memories for long-term investors as the stock used to enjoy similar stellar runs during the 2021 – 2022 period. Back then, driven by the demand surge for PCs due to the pandemic, AEM posted record revenue of $870 million and net profit of $127 million in 2022. Those good old days must be so surreal for investors.

AEM share price to explode in 2026?

After galloping to a record high of nearly $60 on 29 January 2026, it appears that the wheels came off the wagon for DBS Group Holdings share price as the counter subsequently fell to $56.90 in early February 2026. The punctured form of DBS Group Holdings share price came after the Singapore bank delivered a subpar financial result that saw net profit for 4QFY2025 decreasing 10% year-on-year to $2.36 billion. The weak result left investors wondered if the counter has peaked.

In this blog, I have always maintained that what goes up must come down. Any stocks that keep going up linearly without corrections are poised for bubble in the making. The recent crash of silver spot price is a classic example. In view of this, the recent correction of DBS Group Holdings share price should be considered healthy.

Looking back, my last article on DBS Group Holdings share price in 2024 was a tribute to former CEO Piyush Gupta. Back then, I had forecast that it would be difficult for the stock to reach $50 unless DBS listed its international transfers platform, Remit. Indeed, DBS Group Holdings share price did not reach $50 in 2024 nor did it list Remit.

Lightning struck twice for Wilmar share price! Troubles come in troops as the leading agribusiness group was rocked by a slew of court cases in Indonesia and China. The last time I covered Wilmar share price was in 2023. Back then, I wrote that the biggest risks for Wilmar stemmed from its exposure to foreign currency translations and crude palm oil (CPO) prices. What I did not foresee is the aspect of regulatory risk, something which dogged Wilmar in 2025.

First thing first. I must clarify that Wilmar is one of my favourite SGX stocks. In 2020, I had invested in Wilmar and exited at a profit of $2,700 in early 2021. My lowest entry of Wilmar share price was $4.84 and I exited at $5.20. While I did not exit at the highest point of $5.60, I have no regrets selling my Wilmar stocks. In life, you can never sell at the highest point. Despite so, I would caution that due to the volatility of Wilmar share price, this stock is really not for the faint-hearted.

On 25 September 2025, Wilmar announced that the Indonesian Supreme Court has overturned the previous acquittals and its five subsidiaries were ordered to pay a fine of US$709 million over corrupt actions taken by these subsidiaries in 2021 during a shortage of cooking oil in the Indonesia.

Can Ms Jean Kam lead Mapletree Logistics Trust (MLT) out of dark Egypt? The past 5 years have been nothing short of a nightmare for unitholders as Mapletree Logistics Trust (MLT)’s unit price plunged nearly 50% from its peak in 2021. To rub salt into injury, the DPU subsequently also peaked in 2022. The high interest costs, strong Singapore dollar and weak China market had combined to cause the free-falling DPU. It certainly looked like Ms Jean Kam had her work cut out for her.

Ms Jean Kam took over as CEO only in July 2024 after spending 17 years with Mapletree Logistics Trust (MLT) Management. During her tenure, both the unit price and DPU have been dropping like flies. At one point, the unit price tanked to a 5-year low of $1.03 on 9 April 2025, sparking concerns among unitholders on the financial health of the S-REIT.

For background, Mapletree Logistics Trust (MLT) is an S-REIT that invests in a diversified portfolio of logistics real estate in Asia Pacific with the aim of providing its unitholders with a stable distribution stream. As at 29 August 2025, it has a portfolio of 174 properties in Singapore, Australia, China, Hong Kong SAR, India, Japan, Malaysia, South Korea and Vietnam and the total value of assets under management is $13.0 billion.

The view from the top of the mountain must be surreal. iFAST share price captured the imagination of Singapore investors yet again as the counter smashed to a record high of $10.40 in recent days. For the past one year, iFAST share price has surged by an incredible 42%.

Question now is whether iFAST share price is at the cusp of a rally or have reached the peak of Mount Everest. Investors could be forgiven for being sceptical at the sustainability of iFAST share price as the counter has enjoyed similar run in 2020 – 2021 period, only to crash spectacularly within a year. There are certainly similarities between the past and current rallies. And then, there are also things that have changed that could define whether iFAST share price could continue charging forward to hit a new high of $20.

For background, iFAST Corp is a global digital banking and wealth management platform, with assets under administration (AUA) of $20.0 billion. Incorporated in the year 2000 in Singapore, iFAST Corp is also present in Hong Kong, Malaysia, China and UK. The Group offers access to over 27,400 investment products including unit trusts (“funds”), bonds and Singapore Government Securities (“SGS”), stocks and exchange traded funds (“ETFs”), and insurance products.

What a swashbuckling form! Investors of CapitaLand Integrated Commercial Trust (CICT) must be feeling thrilled as CICT share smashed to a 5-year high of $2.40, making it one of the best performing S-REITs. The surging CICT share price is certainly impressive given the challenges brought forth by interest rate environment and strong Singapore dollar.

After investing in Mapletree Logistics Trust (MLT) since 2022, one of the biggest lessons learned for me is that past performance of a company is not indicative of future results. Prior to the US Fed interest rate hikes, MLT used to ride high with increasing share prices and distributions for years. However, its misadventure in China, coupled with the high interest rates and strong Singapore dollar, led to challenging times for this STI blue chip. As I am looking for another S-REIT to diversify my portfolio, the recent revival of CICT share price caught my eye.

The last time that I covered CICT share price was in 2020. That was a period of turbulence for the S-REIT as it navigates the fallout from the devastating COVID-19. It was a particularly chaotic time to evaluate the value of CICT due to the merger of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT).

Did Keppel REIT bite off more than it can chew? After charging to a 3-year high of $1.10 on 28 November 2025, Keppel REIT share price fell off the cliff following its additional one-third stake of Marina Bay Financial Center (MBFC) Tower 3 from Hong Kong Land for a whopping $1.45 billion. To support the acquisition, Keppel REIT has launched a mega Equity Fund Raising (EFR) of $886.3 million.

Obviously, no S-Reit unitholders like EFR. In this context, it’s understandable that unitholders of Keppel REIT are boiling over the mega $886.3 million EFR. Imagine having 923 million of new units flooding the market. It will be a miracle if Keppel REIT share price does not dive on 19 January 2026, the day of the listing of the new units. To make matters worse, this mega EFR came right after the $113 million Private Placement in October 2025.

The new units are issued on the basis of 23 new units for every 100 existing units at an issue price of $0.96. Currently, Keppel REIT share price is being traded at $0.97. Following the listing of the new units, there may be a possibility of Keppel REIT share price falling below $0.90 due to short-term negative sentiments.

As the saying goes, make hay while the sun shines! In my last review of OCBC in May 2025, I had predicted that the resistance level to be $17.00 and that the counter should be able to hit $20 if it implements the “One OCBC Strategy” successfully. Year-to-date, OCBC share price has climbed about 19% (at the point of writing) and nearly hit a record of $20. On this account, let’s review the possibility of OCBC share price hitting the next milestone – $30.

Part of the bullish form of OCBC share price in 2025 could be attributed to its strategic moves on its insurance businesses – Hong Kong Life and Great Eastern. On 9 October 2025, OCBC sold its entire stake of 33.33% in Hong Kong Life to Yue Xiu Enterprises (Holdings) for $103 million.

Investors must be heaving a sigh of relief as Hong Kong Life posted a net loss of HK$484.1 million in 2023, narrowing the HK$504.9 million loss recorded in 2022. In cutting losses, OCBC demonstrated sensible risk management in its exposure to China, which is still in a state of protracted economic slump.

And then there is the Great Eastern takeover saga. The privatization of GEH would be a significant, yet a low-hanging fruit for the CEO Helen Wong.

As semiconductor titans like Nvidia and Micron continue their historic “giga cycle” through 2025, a critical debate has emerged: is the AI infrastructure boom a sustainable frontier or a bubble primed to burst? And what will be the implications for AEM share price in 2026?

With Big Tech funneling hundreds of billions into data centers, the stakes have never been higher for secondary players. For AEM Holdings, a leader in “Test Cell Solutions 2.0,” the coming year represents a pivotal inflection point. As chip complexity hits a fever pitch, we examine whether AEM is positioned to ride the next wave of AI growth or if it’s drifting toward a market correction.

Generative AI should be the most transformative technology since the invention of Internet. Even at its nascent stage, AI has already driven thousands of job cuts worldwide due to AI adoption across global companies. The general belief is that AI could replace many jobs and presents an attractive cost-cutting measure for many firms. Thus, the demand for AI will likely to continue surging in the short term.

Against the backdrop of the shift to AI technology, Micron Technology, one of the top 3 memory chipmakers, has delivered a stellar result for Q1 FY2026, with revenue surging to US$13.6 billion and income at US$6.2 billion.

What an explosive performance! Singtel share price smashed a record high of $4.90 on 14 November 2025. That was a record high for Singtel share price since 2005. One year ago, if you said Singtel will hit such record in 2025, investors would label you as crazy. But it did. Year-to-date, Singtel share price surged an incredible 50%, confounding plenty of critics.

Singtel used to be the leading light of SGX but a series of unfortunate events saw Singtel share price ceding leadership position to DBS more than a decade ago. Post pandemic, bank stocks continued to dominate SGX. However, the recent supersonic form of Singtel share price saw the counter stealing the limelight.

I have been covering Singtel share price in my blog for 15 years and I am still slapping myself for missing the boat. Kudos to the CEO Yuen Kuan Moon for turning around Singtel. Successful turnarounds are so rare in Singapore corporate world that many naysayers have written off Singtel share price. However, Yuen Kuan Moon have silenced all critics as he navigates Singtel through choppy waters and makes Singtel great again. In the course of doing so, he has become another corporate legend like Piyush Gupta (former DBS CEO).

After investing in Mapletree Logistics Trust (MLT) since 2022, one of the biggest lessons learned for me is that past performance of a company is not indicative of future results. Prior to the US Fed interest rate hikes, MLT used to ride high with increasing share prices and distributions for years. However, its misadventure in China, coupled with the high interest rates and strong Singapore dollar, led to challenging times for this STI blue chip. As I am looking for another S-REIT to diversify my portfolio, the recent revival of Keppel REIT share price caught my attention.

Year-to-date, Keppel REIT share price surged by a whopping 18%, vis-à-vis the 2.33% increase for MLT. There are several tailwinds that led to the bullish Keppel REIT share price but the most critical factor should be that 78.5% of its portfolio value is based in Singapore. Its Singapore assets included Keppel Bay Tower, One Raffles Quay, Marina Bay Financial Centre and Ocean Financial Centre. Keppel REIT has a portfolio value of over $9 billion, comprising properties in Singapore; the key Australian cities of Sydney, Melbourne and Perth; Seoul, South Korea; as well as Tokyo, Japan.

I like Keppel REIT for its portfolio concentration in Singapore and nil exposure to China.

It’s the 3^rd quarter financial reporting season again as we enter the last quarter of 2025. I thought its timely to write an article on AEM share price given that the last update was way back in March 2025. Back then, under the former CEO Amy Leong, the narrative for AEM was all about business recovery and customer diversification. Since then, the narrative for AEM has turned sinister.

First of all, AEM stunned the market when it announced the resignation of former CEO Amy Leong on 27 July 2025. The news was indeed a bombshell for many investors as Amy Leong led AEM for just one year and many investors expected her tenure to last longer given her solid C-suite track record in FormFactor, a major supplier of Intel. Was she forced to resign? In the SGX filing, the reason for her departure was “board-led leadership realignment for growth”, instead of the usual reason such as “pursuing other interest”.

The abrupt resignation of Amy Leong knocked down AEM share price, which plunged from $1.70 in July to $1.40 in August. The halt in the decline of AEM share price was largely due to the release of 1HFY2025 financial result, which saw net profit jumped 284% year-on-year to $3.1 million.

Lifetime Membership A few months ago, I posted an article about Mapletree Logistics Trust share price, suggesting that I would adopt a “wait-and-see” approach. Boy, am I glad I done so. Just after that post, the counter took a nosedive, plummeting from the S1.20 to $1.03 on April 9, 2025. This was a clear warning sign that the counter was still in ICU. Talk about dodging a bullet!

The reason for the punctured form of Mapletree Logistics Trust share price? A relentless, nine-quarter streak of falling distribution per unit (DPU). The latest DPU of 1.812 cents was the lowest since the financial crisis of 2013-2014, a freakish reminder of the deep-seated issues plaguing this S-REIT.

But what’s really driving this decline? It’s not just one thing; it’s a perfect storm of headwinds that have been punishing MLT’s financial performance.

For background, Mapletree Logistics Trust (SGX: M44U) is an S-REIT that invests in a diversified portfolio of logistics real estate in Asia Pacific with the aim of providing its unitholders with a stable distribution stream. As at 29 August 2025, it has a portfolio of 175 properties in Singapore, Australia, China, Hong Kong SAR, India, Japan, Malaysia, South Korea and Vietnam and the total value of assets under management is $13.0 billion.