SATS, Venture and DBS in focus: Weekly Review with SIAS

What happened?

In this week’s Weekly Market Review in partnership with the Securities Investors Association Singapore (SIAS), we discuss the sharp pullback in US technology stocks despite stronger-than-expected economic data, rising bond yields, and changing expectations for US interest rates. We also examine the strong performance of SATS, Venture Corporation and DBS, as well as the technical outlook for the STI and major US indices.

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

Weekly Market Review

1:25 - Macro Update

• US markets experienced a sharp pullback on Friday, with the S&P 500 falling 2.6% and the NASDAQ declining 4.7%, as investors reacted to stronger-than-expected US employment data.
• Despite concerns about an economic slowdown earlier this year, the May non-farm payrolls report came in above expectations, while April payroll figures were revised upwards, highlighting the continued strength of the US economy.
• The stronger labour market has shifted market expectations away from interest rate cuts and towards the possibility of future rate hikes in 2027 if inflation remains elevated.
• US government bond yields rose sharply, with the 10-year Treasury yield climbing back above 4.5%, reaching its highest level in the past 12 months.
• The STI remained relatively resilient, posting a 0.3% gain for the week and continuing to trade above the 5,000 level despite weakness in US technology stocks.
• Among the stronger-performing Singapore stocks, SATS gained a further 3.6% after its recent results, while DBS, OCBC and UOB all reached new highs as investors became more positive on the outlook for bank net interest margins.
• On the weaker side, Jardine Matheson fell 5.5%, while Sichem declined 4.7% as oil prices moderated during the week.

STI Top Performers:

• SATS
• SIA
• Genting Singapore
• UOB
• OCBC

STI Worst Performers:

• ST Engineering
• Thai Beverage
• Wilmar International
• Seatrium
• Jardine Matheson

Companies in Focus: 

SATS (SGX: S58)

• SATS was one of the best-performing STI constituents in May, reaching a new 52-week high above S$4.00 following its strong FY2026 results.
• FY2026 revenue increased 9% year on year, while profit after tax rose 17% to S$285 million. The company also raised its total dividend per share to 7 cents from 5 cents previously.
• Fourth-quarter revenue grew 10% year on year, supported by higher cargo volumes, flight activity and growth across both its Gateway Services and Food Solutions businesses.
• Cargo remains a key growth driver, with SATS outperforming the industry benchmark for 10 consecutive quarters despite disruptions caused by tariffs and the Middle East conflict.
• At current levels, SATS trades at approximately 18.5 times earnings, supported by continued earnings recovery and improving operational performance.

Read also: 3 best-performing Singapore blue chip stocks in May 2026

Related Links:

• SATS (SGX:S58) latest valuation, share price and analysis
• SATS (SGX:S58) dividend history and dividend forecast

Venture Corporation (SGX: V03)

• Venture Corporation also reached a 52-week high in May, with the share price climbing from around S$15 earlier in the year to close to S$18.
• First-quarter revenue increased 2% year on year to S$629 million, while earnings per share rose 1% and net profit margins remained healthy at 9%.
• The company continued to demonstrate resilience despite ongoing trade tensions and cost pressures, supported by its diversified portfolio of businesses.
• Growth from Portfolio B helped offset weaker performance in Portfolio A, allowing the group to maintain overall revenue growth.
• Venture continues to appeal to income-focused investors, with FY2025 dividends increasing to 80 cents per share. At current levels, the stock trades at around 21 times earnings.

Read also: 3 best-performing Singapore blue chip stocks in May 2026

Related Links:

• Venture Corporation (SGX:V03) latest valuation, share price and analysis
• Venture Corporation (SGX:V03) dividend history and dividend forecast

DBS (SGX: D05)

• DBS reached a new all-time high above S$64 per share during the week after reporting stronger-than-expected first-quarter 2026 earnings.
• Profit before tax reached a new record high, while net profit increased 1% year on year and exceeded market expectations.
• Growth was driven primarily by higher non-interest income and record wealth management fee income, supported by rising assets under management.
• DBS announced a first-quarter dividend of 81 cents per share, comprising an ordinary dividend of 66 cents and a capital return dividend of 15 cents.
• At current levels, DBS trades at around 16 times earnings, above its historical average but supported by its attractive dividend yield and growing wealth management franchise.

Read also: DBS and OCBC hit record highs. How wealth management could support bank dividends

Read also: 3 best-performing Singapore blue chip stocks in May 2026

Related Links:

• DBS (SGX:D05) latest valuation, share price and analysis
• DBS (SGX:D05) dividend history and dividend forecast

Technical Analysis

Straits Times Index

• The STI remained relatively resilient despite weakness in US markets, although it pulled back below the 5,000 level in early Monday trading following Friday’s sell-off in US technology stocks.
• Immediate support is around 4,920, while resistance remains near the recent all-time high around 5,150.
• The RSI has fallen below the neutral 50 level, suggesting that the strong uptrend seen over the past month has moderated.
• The MACD has turned negative, indicating some near-term downside momentum. However, support from Singapore banks and energy-related stocks may help limit further declines.

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

Dow Jones Industrial Average

• The Dow Jones proved more resilient than the NASDAQ, benefiting from expectations that higher interest rates could support the earnings outlook for large financial institutions.
• Immediate resistance remains around the recent high of 51,660, while support is seen near 50,500.
• The broader uptrend remains intact, with the index continuing to trade above its key support levels.
• While short-term consolidation is possible, the Dow appears better positioned than technology-heavy indices if interest rates remain elevated.

S&P 500

• The S&P 500 pulled back sharply after reaching a fresh record high above 7,600, as investors reassessed expectations for future interest rate cuts.
• Immediate support is around 7,333, while resistance remains near the recent all-time high around 7,620.
• The RSI has slipped below the neutral 50 level, suggesting that momentum has weakened following the recent sell-off.
• The MACD has turned negative, reflecting growing downside pressure. However, the current pullback appears more consistent with consolidation than the start of a major market downturn.

Learn more about the S&P 500 index here.

Nasdaq Composite Index

• The NASDAQ was the hardest-hit major index last week, falling more than 4% as rising bond yields weighed on growth and technology stocks.
• Immediate support is around 25,700, while stronger support remains near the previous breakout zone around 24,000. Resistance is at the recent all-time high around 27,190.
• The RSI has dropped below the neutral 50 level, indicating increasing downside momentum following the sharp pullback.
• The MACD has turned decisively negative, suggesting that the NASDAQ may remain range-bound between 25,000 and 26,000 in the near term while investors reassess the interest rate outlook.

Learn more about the Nasdaq Composite index here.

What to look out for this week

Key dates

• Tuesday, 9 June: CMC Invest – 2H26 Market Outlook
• Wednesday, 10 June: Oracle earnings, US CPI (May)
• Friday, 12 June: US Consumer sentiment (Jun prelim)

Get the full list of stocks with upcoming earnings and upcoming dividends. 

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