Singtel and SIA in focus: Weekly Review with SIAS

What happened?  

In this week's Weekly Market Review in partnership with Securities Investors Association Singapore (SIAS), we discuss key developments in the global equity market alongside Singtel and SIA.

Watch the video to learn more about what we are looking out for this week. 

Weekly Market Review

2:09 - Macro Update 

• The S&P 500 remained flat, but NASDAQ declined 0.5% due to concerns about AI spending and overvaluation, while the STI reached new all-time highs driven by positive corporate earnings.

• Market expectations for a December rate cut have reversed significantly over the past month, from nearly 90% probability down to below 50%.

• The 10-year Treasury yield bounced back to 4.15% and the 1-year yield to 3.71%, both recovering from their late October lows.

• Singtel emerged as a top performer after reporting strong earnings, while REITs were among the worst performers, likely reflecting the impact of rising government bond yields on interest rate-sensitive sectors.
   

STI Top Performers:

• Jardine Matheson Holdings
• UOL Group
• Genting Singapore
• Singtel
• DFI Retail Group Holdings

STI Worst Performers:

• Keppel
• Keppel DC REIT
• Mapletree Logistics Trust
• DBS
• Venture Corporation

Singtel (SGX: Z74)

• Singtel's share price reached new all-time highs, driven by underlying profit growth of 14% to $1.35 billion for the first half of FY2026.

• Regional associates contributed significantly to growth with 12% YoY increase in profit after tax, primarily driven by India's Airtel (+68%) and Thailand's AIS.

• Singtel increased dividends with core interim at 6.4 cents and value realisation interim dividend at 1.8 cents. The core interim dividend represents a 78% payout ratio of H1 FY2026 underlying net profit. Singtel is also maintaining its S$2 billion share buyback program.

• The company upgraded FY26 guidance to high single digit to low double digit operating profit growth (from 13% H1 growth) and raised regional associates dividends expectation to $1.1 billion based on strong first-half performance.

Read our analysis of Singtel and other Singapore blue-chip stocks here.

Related Links:

• Singtel share price and share price target

• Singtel dividend forecast and dividend history

SIA (SGX: C6L)

• SIA reported mixed 1H FY2025-26 results with revenue up 2% YoY and operating profit remaining relatively flat.

• Net profit plunged 68% YoY to $239 million in the first half, primarily due to increased interest expenses and losses from associates.

• SIA announced a capital return plan reflecting improved financial position with debt-to-equity ratio declining to 0.7 times. This comprises a $0.10 per share special dividend package annually over three financial years totaling $900 million.

• The company declared an interim dividend of $0.05 and interim special dividend of $0.03, with a second tranche of $0.07 subject to shareholder approval at the 2026 AGM.

Related links:

• SIA share price and share price target

• SIA dividend forecast and dividend history

16:19 - Technical Analysis 

Straits Times Index (STI) 

• Singapore's earnings season concluded with STI reaching a new all-time high of 4,575 points last Thursday, with Bloomberg consensus estimate now targeting 4,780 points.

• Analysis shows resistance at the upper Bollinger Band at 4,582 points, with key support levels between 4,466 points (20-day moving average) and 4,394 points (50-day moving average).

• MACD indicator shows weakening uptrend momentum with convergence toward signal line, suggesting the rally may be at its tail end, though the index is likely to be range-bound supported by moving averages.

• RSI reading at 65 points remains healthy and supported by 14-day moving average at 64 points

Learn more about the Straits Times Index (STI) here.  

Dow Jones Industrial Average

• U.S. indices faced uncertainty from macroeconomic data blackout during the 43 days of government shutdown.

• Dow Jones index stabilised on Friday around the 20-day moving average at 47,296 points, with resistance of 48,431 points and upper Bollinger Band at 48,124 points, making the 48,000 level a strong resistance.

• Key support levels identified at 50-day moving average of 46,611 points and lower Bollinger Band at 46,467 points, while MACD turned negative indicating potential technical pullback toward these support levels.

• RSI declined from last Wednesday's 67 reading to just above 50

S&P 500 

• S&P 500 remained negative month-to-date after triggering key support levels, including the 50-day moving average at 6,704 points and lower Bollinger Band at 6,672 points.

• Technical analysis suggests a potential rebound toward the upper Bollinger Band at 6,916 points, though the index is expected to face headwinds.

• MACD turned negative over the past week indicating potential further downside, while RSI breached below the 50-point neutral mark signaling weaker uptrend momentum and possibility of additional pullback.

• For investors seeking entry opportunities, suggested levels include the lower Bollinger Band at 6,672 points or the 100-day moving average at 6,500 points.

Nasdaq Composite Index  

• Nasdaq Composite Index pulled back due to AI stock valuation concerns, with growth and tech stocks closing at 22,900 points above the 50-day moving average at 22,835 points and lower Bollinger Band at 22,595 points.

• Friday's close above both key support levels indicates the pullback is not severe, though this week's rebound will be depending on Wednesday's NVIDIA earnings announcement.

• MACD turned negative over the past week, while RSI dropped to 46 points, indicating downward pressure persists.

• Conservative entry points recommended at the 100-day moving average at 21,950 points for safer positioning, with the first support level at the lower Bollinger Band at 22,595 points.
   

What to look out for this week

• Tuesday 18 November 2025: Frasers Logs & Comm Trust ex-dividend

• Wednesday, 19 November 2025: NVIDIA Earnings

• Thursday, 20 November 2025: 6 Month T-Bill Auction, US FOMC Meeting Minutes, SATS, Singtel ex-dividend

• Friday, 21 November 2025: Singpost, ST Engineering ex-dividend

Get the full list of stocks with upcoming dividends here. 

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