Positive earnings lift markets: Weekly Market Recap

“Have you ever owned a stock that became a multi-bagger, growing many times in value?”

That was one question from our event this week on finding growth in uncertain markets, and It is the kind of question every investor secretly wants to say yes to.

To be honest, my own portfolio these days looks less like “chase the next big winner”, and more like “collect dividends while I build Beansprout”.

That naturally brings me back to Singapore, a market many investors here have long looked to for dividends.

This week, DBS announced a first quarter dividend of S$0.81 per share, representing an annualised dividend yield of above 5.5%, which gave shareholders and the Singapore stock market something to cheer about.

We also speak with the Group CFO of ComfortDelGro in our latest podcast to understand how the company has grown from a Singapore taxi operator into a global transport business, and what this means for its 6% dividend yield.

With the upcoming T-bill yield expected to stay close to 1.4%, these payouts may look more interesting for investors growing their income pots.

But Singapore stocks may have more to offer beyond dividends. Even after the recent rally, there may still be growth opportunities developing. This week, we look at why the Singapore market may still be worth watching.

That is also why I think the choice does not have to be between growth and income. In our Four Pots of Wealth framework, income, growth and opportunities can each play different roles, so we do not have to sacrifice one for the other.

If you missed our event last week, join us for a live webinar on 6 May as we answer your questions on how to achieve growth and income with clarity.

Because growing wealth is not about chasing the highest returns, but building a portfolio that works for us.

Happy growing!

Gerald, Founder of Beansprout

⏰ This Week In Markets

📊 Positive earnings lift markets

What happened? 

US companies delivered a strong earnings season so far.

According to Bloomberg data, 315 S&P 500 companies have reported their first quarter results, with 81% beating earnings estimates.

The Magnificent 7 also largely reported strong earnings, and several continued to raise their capital expenditure guidance.

What does this mean?

Strong company earnings helped US stocks look past concerns about higher oil prices. Brent crude oil price reached the highest level in four years, after President Trump said he would extend the blockade on the Strait of Hormuz.

At the same time, the US Federal Reserve kept interest rates unchanged, as widely expected.

The Fed’s statement continued to point to a possible rate cut bias. However, policymakers appear increasingly cautious about cutting rates too quickly, as more officials opposed further rate cuts. 

Why should I care?

US stocks had a strong rebound in April. The S&P 500 gained more than 10% during the month, marking its best monthly performance since November 2020, and ended April at a fresh record high.

The rally was led by technology stocks, with the Nasdaq also closing at a record high. Alphabet was one of the standouts. Shares jumped after the Google parent pointed to strong demand for its artificial intelligence and cloud products.

In Singapore, the Straits Times Index (STI) declined for the week. However, losses were partly pared after DBS reported stronger than expected first quarter earnings, which helped to lift sentiment toward Singapore bank stocks.

🚗  Moving This Week

• DBS reported 1Q2026 net profit of S$2.93 billion, up 1% year on year, supported by strong wealth management performance. Earnings beat the S$2.88 billion Bloomberg consensus, while total income reached a record S$5.95 billion. DBS declared a Q1 dividend of S$0.81 per share, comprising S$0.66 ordinary dividend and S$0.15 capital return dividend. Read more here.
• ST Engineering secured S$4.8 billion in new contracts in 1Q 2026, supported by strong defence spending and resilient aerospace demand. About S$2.4 billion came from its defence and public security segment, while commercial aerospace contributed S$1.7 billion and urban solutions & satcom added S$700 million. Read more here
• City Developments CEO Sherman Kwek said the group’s ongoing strategic review is “timely” after last year’s internal disputes and challenges. CDL has appointed Teneo to help revamp its strategy and better communicate its value to investors. The review will be discussed at a board strategy meeting in May, with details expected by end-June. Read more here.
• CapitaLand Investment reported 1Q fee-related revenue of S$310 million, up 10% year on year, supported by stronger contributions from its fund management business. Total revenue stood at S$487 million, with fee-related business contributing 59%. This was partly offset by a 14% decline in real estate investment revenue to S$207 million, which made up the remaining 41%. Read more here.
• Wilmar reported 1Q net profit of US$265.6 million, down 22.8% year on year. Revenue rose 21.9% to US$19.8 billion, supported by higher sales volumes across its core segments, including food products and feed & industrial products. Read more here.
• CapitaLand Ascendas REIT’s portfolio occupancy eased to 90.5%, from 90.9% in the previous quarter. Australia saw the sharpest decline, down 1.4 percentage points to 93%, mainly due to a lease expiry at a Melbourne logistics property. Singapore occupancy also slipped 0.6 percentage points to 90.6%, as multi-tenant building occupancy fell to 88.2%. Read more here
• Mapletree Industrial Trust reported 4Q DPU of S$0.0309, down 8% from S$0.0336 a year earlier. Revenue fell 7.9% to S$163.8 million, mainly due to the loss of income from Singapore divestments, lease non-renewals in North America, and weaker US dollar and Japanese yen against the Singapore dollar. Read more here
• CapitaLand China Trust reported 1Q FY26 revenue at RMB 416.4 million, down 5.3% year-on-year. Excluding Yuhuating's contribution in 1Q25, same-store revenue declined by a modest 0.4% year-on-year, and net property income grew 1.3% year-on-year. Retail portfolio shopper traffic and tenant sales have improved. Read more here.
• CapitaLand India Trust reported 1Q FY26 net property income of S$53.4 million, decline by 3% year-on-year, due to depreciation in Indian Rupees. Fundamental remains strong with firm portfolio occupancy and robust rental revision. The portfolio achieved occupancy of 91% and a trailing 12-month rental reversion of +17%.  Read more here
• Elite UK REIT reported 1Q 2026 distributable income increase by 9.8% year-on-year to £5.3 million, attributed to contribution from newly acquired assets, lower interest expenses and reduced vacancy costs. Manager strengthened portfolio's income visibility and lease expiry profile. Read more here
• Sheng Siong reported 1Q net profit of S$43.4 million, up 12.6% year on year, while revenue rose 12.4% to S$452.8 million. The growth was driven by 12 new stores opened in FY2025 and stronger festive demand during Chinese New Year and Hari Raya. Read more here.
• Hong Leong Asia plans to raise about S$145 million through a placement of 50 million new shares at S$2.90 each. The placement price represents a 5.76% discount to the last traded VWAP, and will increase HLA’s issued share base by about 6.68%. Read more here.

Source: Bloomberg, CNBC, Business Times, Edge Singapore

💡 The Big Important Story

Why Singapore stocks are still worth looking at in 2026

Singapore stocks hit a record high as the STI crosses 5,000. Here’s why blue chip stocks and opportunities beyond them may still be worth looking at in 2026.

🤓 What we're looking out for next week

Key dates

• Monday, 4 May: CapitaLand Investment Limited, ComfortDelGro Corporation Limited, Frasers Centrepoint Trust, Sheng Siong Group ex-dividend
• Tuesday, 5 May: Frasers Logistics & Commercial Trust earnings, UOL, Venture, Seatirum ex-dividend
• Wednesday, 6 May: Mapletree Industrial Trust, Sembcorp Industries, Yangzijiang Shipbuilding ex-dividend, Beansprout webinar: How I invest with clarity
• Thursday, 7 May: SGX ex-dividend
• Friday, 8 May: OCBC Bank earnings, Mapletree Logistics Trust ex-dividend, US non-farm payroll data

Get the full list of stocks with upcoming dividends here. 

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