DBS Insights Direct

Dear subscribers, Today we sign off from Telegram as we take steps to better safeguard our community against growing phishing and scam risks. As we post here for the last time, we want to thank this community for being with us through every update and insight shared here 🙏 While this is goodbye to Telegram, it’s not goodbye to you ☺️ Stay connected with DBS Insights Direct through our new WhatsApp channel for daily market updates and investment insights, and join us on Instagram for engaging visuals, videos, and bite-sized content to help you stay ahead. 👉 WhatsApp: https://whatsapp.com/channel/0029VbB8pVwBqbr6RJ9F9124 👉 Instagram: https://instagram.com/dbsinsightsdirect We look forward to bringing you even more insights, stories, and ideas on our new platforms 💡 🫶 DBS Insights Direct Team

Morning update ⏰ 🏦 China Banks: 9M25 results in line 3Q25 NIMs fell y/y as expected, but early signs of stabilisation are emerging alongside improving retail asset quality and fee income. Overall, 9M25 results look supportive for share prices, with dividend yields of 4.5-5.5%. Find out our top picks. https://go.dbs.com/3X2PjQ3 🛒 Sheng Siong: Solid boost from new stores and SG60 vouchers 9M25 revenue and earnings reached 76% and 78% of our full year projections, keeping SSG on track to meet expectations. With ample net cash and strong annual cash generation, the group is well placed to fund its SGD520mn distribution centre with minimal borrowings. Which other catalysts could lift growth ahead? https://go.dbs.com/4nuhT7S 🚨 Last day: We’ll stop posting on this channel today 31 Oct 2025. Make the switch now to Whatsapp and Instagram!

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Morning update ⏰ ☄️ China/Hong Kong: Potential US-China trade breakthrough to boost sentiment The Wall Street Journal reported that the US and China will discuss key issues at the upcoming presidential meeting in South Korea, including tariff cuts on fentanyl-linked products, delays to China’s rare-earth export controls, and talks on Blackwell processors. Could a potential easing in geopolitical tensions spark a rally in AI plays? https://go.dbs.com/3LzNVSt 🫨 A hawkish jolt even as the Fed cuts US Treasuries got a jolt as Fed Chair Powell delivered a hawkish cut. The surprise did not stem from the decision to cut the FFR by 25bps and to conclude QT (by 1 December), as such moves were widely expected. The surprise came from Powell’s comment that December’s cut was not a “forgone conclusion." Do we still see more cuts in this cycle? https://go.dbs.com/3Lcjd1P 🏙️ S-REITs: Benefits of lower rates starting to show in 3Q25 results The sector has risen 12.5% YTD, though near-term volatility may persist as markets reassess the pace of rate cuts. Still, we stay positive that a sustained easing cycle should lower funding costs and improve refinancing visibility. Which names could outperform as interest rates shift from headwinds to tailwinds? https://go.dbs.com/3LciA8t (Log in or sign up to view) 🗓️ D-1: We’ll stop posting on this channel from 31 Oct 2025. Make the switch now to Whatsapp and Instagram.

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Morning update ⏰ 🇸🇬 Equity Picks: Add a REIT, remove a retail stock from Dividends We add a REIT that remains among our alpha picks, supported by attractive 7.6% forward yields. Meanwhile, we remove a retail name that has already delivered about 68% total return, helped by SG60 vouchers and a record USD44.3cts special dividend. Find out who they are. https://go.dbs.com/4hvopK5 🥁 Mapletree Logistics Trust: Rhythm of resilience MLT delivered resilient results with 2QFY26 DPU of 1.815 cents, supported by steady organic growth across key markets. With China now seeing moderating negative reversions, the drag on DPUs is likely to be lifted soon. Find out why the outlook remains robust. https://go.dbs.com/47vWTry 🛢️China Aviation Oil: From cash-rich to shareholder-centric We are re-initiating coverage on this stock. Earnings are recovering as fuel markets normalise, while regional price gaps continue to support profitable trading. A strong balance sheet and growing focus on shareholder returns set the stage for a valuation re-rating. What is our target price? https://go.dbs.com/4odDliB 🗓️ D-2: We’ll stop posting on this channel from 31 Oct 2025. Make the switch now to Whatsapp and Instagram!

✈️ Disruptions up, demand resilient Over 8,000 US flights were delayed on Sunday as the 27-day government shutdown intensified air traffic staffing disruptions. While operations are being impacted, the earnings effect remains manageable at this stage, with demand and fares still resilient 🙌 Which two airlines do we favour for their lower reliance on the domestic market and stronger premium travel mix? 🗓️ D-3: We’ll stop posting on this channel from 31 Oct 2025. Make the switch now to Whatsapp and Instagram!

Morning update ⏰ 💨 IFAST: Earnings momentum accelerates iFAST delivered a robust 55% y/y jump in 3Q25 net profit to SGD26mn on the back of stronger wealth and pension contributions, in line with expectations. We anticipate an even stronger 4Q25, with key earnings drivers firmly in place. Have we changed our target price? https://go.dbs.com/3WrDOBx 💪 Firmer Asian currencies ahead? USD/JPY has eased from 153 as markets turn their focus to upcoming Fed and BOJ meetings, as well as Trump’s visit to Japan for trade and security talks. While a Fed cut is already priced in, the BOJ’s 30 Oct meeting could surprise, as economic outlook may turn more positive. This could lead to increased pricing of a BOJ rate hike and lift the JPY. How are the KRW, RMB and AUD faring? https://go.dbs.com/4oKQAax 🗓️ D-3: We’ll stop posting on this channel from 31 Oct 2025. Make the switch now to Whatsapp and Instagram!

⚽️ Football fever The popular Jiangsu Football League and regional football events are expected to lift beer consumption. Historically, major sporting events have driven measurable category uplifts, with football offering the longest and most localised impact given its extensive match schedule and fan engagement 🏟️ The shift in consumption patterns continue towards in-home drinking, while the fast growth in lower-tier cities is favourable for brewers with strong retail and regional reach. Who ranks first in our scorecard comparison? 🗓️ D-4: We’ll stop posting on this channel from 31 Oct 2025. Make the switch now to Whatsapp and Instagram!

Morning update ⏰ 🏠 Singapore Residential: CDL caps off three strong launch weekends For the third consecutive weekend, Singapore’s new residential launches saw brisk sales. CDL’s Zyon Grand sold 590 units or 84% of the project, at an average price of around SGD3,050psf. Find out our preferred pick in the sector and why it stands out. https://go.dbs.com/3WpJGvg 🍺 Thai Beverage: Potential mourning overhang Thailand has entered a national mourning period following the passing of Her Majesty Queen Sirikit on 24 October 2025. The government clarified that there is no ban on the private sector for entertainment activities, but encouraged activities to fit the mourning atmosphere. ThaiBev's operations are likely to remain stable. Find out why. https://go.dbs.com/4nuGeKN 🗓️ D-4: We’ll stop posting on this channel from 31 Oct 2025. Make the switch now to Whatsapp and Instagram!