总部位于新加坡的资产管理公司Granite Asia已完成一只1.1亿美元的 人工智能首次公开募股基金的募 集，该基金专为星展集团的财富客户设立。星展集团和Granite Asia周一表示，此前双方签署了一项为 期三年的合作协议，旨在拓宽亚洲高增长公司的融资渠道。 ...

Market Overview - The Singapore market is experiencing significant momentum, with DBS Group Holdings Ltd trading at record highs near S$60 and Singapore Exchange Ltd surpassing a historic peak of S$19.20 [1] - The Straits Times Index has risen from 3,372 to nearly 5,000 over the past year, indicating strong market performance [1] Investment Strategies - **Avoid FOMO**: Investors are advised not to chase stocks that are hitting new highs, but rather to assess whether they are buying strong businesses or merely reacting to price increases [3] - **Reinvest Dividends**: Emphasizing the importance of reinvesting dividends from blue-chip stocks and REITs to benefit from compounding returns [5][6] - **Review Gearing**: Investors should regularly check the gearing ratio of their holdings, as companies with lower debt levels have more flexibility and resilience in changing market conditions [7][8] - **Dollar-Cost Averaging**: A consistent investment strategy, such as dollar-cost averaging, helps mitigate the emotional aspects of investing during market fluctuations [9][10] - **Long-Term Patience**: Maintaining investments during market volatility is crucial, as successful investing relies on time in the market rather than timing the market [11][12] Key Takeaway - The Year of the Red Fire Horse presents opportunities, but a disciplined approach focusing on reinvestment, balance sheet strength, and patience is essential for long-term investment success [13]

本文源自：金融界AI电报 星展集团研究部的Derek Tan在一份研究报告中称，Prime US REIT走强的运营表现预示着好转。该分析 师称，鉴于美国宏观经济状况改善和写字楼基本面好转，该REIT已度过最糟糕的时期。该REIT的出租 率预计将从2025上半财年约80%的水平，到2025财年底或2026第一财季升至90%左右，使其加权平均租 约到期年限达到4.7年，并提高收入可见度。WALE的改善以及从2025下半财年开始的新租约，预计将 在未来几年把物业净收入提高约20%。星展集团对该REIT的评级为买入，并将目标价调整为0.33美元； 该REIT股价下跌2.3%，报0.21美元。 ...

Core Insights - India is set to release new inflation figures based on a revised consumer price index (CPI), which may indicate heightened price pressures in the economy, potentially leading the central bank to maintain current interest rates [1][4] CPI Overhaul - The new CPI, scheduled for release on Thursday, will reflect updated spending patterns and will include data for 2025, facilitating easier comparisons [2] - The weighting of volatile items like food has been reduced to approximately 36.8% from nearly 50%, while new categories such as rural housing rentals and online shopping have been introduced [3] - The base year for the CPI has been updated from 2012 to 2024, which may result in an inflation reading of about 2.77% for January, compared to 1.33% in December based on the previous series [3] Central Bank Implications - Although inflation remains below the Reserve Bank of India's (RBI) target of 4%, the new figures could lead to a pause in rate cuts and an increase in bond yields [4] - The RBI's inflation forecasting model has faced scrutiny due to past overestimations, prompting discussions on whether to target an inflation measure that excludes food to reduce volatility [5] Market Reactions - The new CPI series is expected to enhance the effectiveness of the RBI's monetary policy and improve the speed of transmission [6] - Financial market participants are closely monitoring the CPI changes, as a higher inflation trajectory could keep borrowing costs elevated, affecting bond yields and equity valuations [6] Economic Context - The revised CPI aims to better reflect India's economic reality, considering the shift in consumer spending towards services and housing as incomes rise [7] - Core inflation, which excludes food and fuel, will see its weight increase to nearly 58% from 47.3%, making it more responsive to monetary policy [8] Future Data Releases - The government plans to publish GDP data on February 27 based on the new consumer spending patterns, which may show a significant upward revision in the economy's size, potentially positioning India to surpass Japan as the world's fourth-largest economy [9] Index Composition Changes - The CPI overhaul will replace outdated items with modern expenditures, including airfares and e-commerce sales, while also incorporating electricity prices and rural housing costs [10] - Free food items from government welfare programs will be excluded from the new CPI, which will also provide more detailed data potentially down to the item level [11] Market Expectations - The bond market is currently facing record debt supply, with benchmark 10-year bond yields reaching their highest level in over a year following the central bank's decision to hold rates [11] - Market expectations indicate a slight upward bias in the new CPI of around 30-50 basis points, with the RBI anticipated to maintain a long hold stance focused on proactive liquidity management [12]

Core Insights - The overhaul of the Consumer Price Index (CPI) reflects significant changes in spending patterns, with the weighting of volatile items like food reduced to approximately 36.8% from nearly 50% and new categories such as rural housing rentals and online shopping added [1][9] - The base year for the CPI has been updated from 2012 to 2024, which is expected to provide a more accurate representation of current economic conditions [1][9] - The median estimate from economists suggests that the January inflation reading could rise to about 2.77%, compared to 1.33% in December based on the previous CPI series [2][10] Monetary Policy Implications - The revised CPI is anticipated to enhance the effectiveness of the Reserve Bank of India's (RBI) monetary policy actions, potentially minimizing past policy errors associated with the older series [8][10] - The weight of core inflation, which excludes food and fuel, will increase to nearly 58% from 47.3%, making it more responsive to monetary policy [10] - Financial market participants are closely monitoring these changes, as a higher inflation trajectory may lead to elevated borrowing costs, influencing bond yields and equity valuations [8][10] Economic Context - The new CPI series is expected to better reflect India's economic reality, particularly as consumer spending has rapidly expanded, with rising incomes leading to decreased spending on food and increased spending on services and housing [9][10] - The government plans to publish GDP data based on the new consumer spending patterns, which may indicate a significant upward revision in the size of the economy, potentially positioning India to surpass Japan as the world's fourth-largest economy [11][12] - The CPI overhaul will replace outdated items in the index with more relevant categories, including airfares and e-commerce sales, while excluding free food items from government welfare programs [12][13]

Core Insights - Investing should focus on identifying great companies rather than merely seeking cheap stocks, as strong businesses tend to reward shareholders over time through compounding earnings [2][17] - Five beginner-friendly metrics can help investors identify quality companies worth holding for the long term [1][15] Group 1: Importance of Great Companies - Great companies, even if perceived as expensive, tend to provide better long-term returns compared to cheap stocks that may remain undervalued due to underlying business issues [2] - Strong businesses consistently grow cash flow, which is essential for building wealth over time [2] Group 2: Key Metrics for Evaluating Companies - **Metric 1: Consistent Revenue Growth** Ongoing demand for a company's products or services is indicated by consistent revenue growth, exemplified by Sheng Siong Group Ltd, which grew from S$764.4 million in FY2015 to S$1.43 billion in FY2024, with a 14.4% YoY increase in Q3 FY2025 [4][3] - **Metric 2: Healthy Profit Margins** Healthy profit margins reflect a firm's pricing power and cost control, with stable or improving margins signaling competitive strength [6][7] - **Metric 3: Strong Free Cash Flow** Free cash flow (FCF) is crucial for long-term value creation, allowing companies to pay dividends, reinvest, or reduce debt. A decline in FCF despite rising profits may indicate financial stress [8][9] - **Metric 4: A Solid Balance Sheet** A strong balance sheet, characterized by low net debt and healthy interest coverage, indicates financial well-being. For instance, VICOM Ltd had S$42 million in cash and no debt as of September 30, 2025 [10][11] - **Metric 5: Shareholder-Friendly Capital Allocation** Effective capital allocation by management, including sustainable dividends and wise reinvestment, significantly impacts long-term returns for investors [12][13] Group 3: Practical Application for Investors - Investors should create a checklist based on these five metrics to quickly identify worthy companies and avoid common mistakes [15] - Emphasis should be placed on free cash flow and balance sheet strength rather than solely chasing high yields [15]

Core Viewpoint - DBS Group Holdings Limited reported strong financial performance for the year 2025, with significant growth in net profit and total revenue, driven by various business segments and effective management strategies [1] Financial Performance - The total profit before tax for 2025 reached SGD 13.1 billion, with a net profit of SGD 11 billion and total revenue of SGD 22.9 billion, resulting in a return on equity of 16.2% [1] - Net interest income for 2025 was SGD 14.5 billion, primarily supported by balance sheet hedging operations and deposit growth, which offset declines in overnight rates and foreign exchange impacts [1] Business Segments - Wealth management services contributed to record-high service fee income and sales to treasury clients, while market trading income reached its highest level since 2021 [1] - The cost-to-income ratio remained stable at 40%, indicating effective cost management alongside revenue growth [1] Dividend Distribution - The board proposed a final ordinary share dividend of SGD 0.66 per share for Q4 2025, with a total annual dividend of SGD 3.06 per share, including SGD 2.46 per share in ordinary dividends and SGD 0.60 per share in capital return dividends, amounting to a total payout of SGD 8.68 billion [1]

Core Viewpoint - A weaker U.S. dollar and positive sentiment towards bank stocks have significantly benefited Singapore's DBS Group, resulting in a return of approximately 46% since the last update in March [1] Group 1: Company Performance - DBS Group's American Depositary Shares (ADSs) have experienced a notable increase, attributed to favorable market conditions [1] - The company is rated "Buy," indicating a positive outlook for long-term investment [1] Group 2: Investment Strategy - The investment approach emphasizes a long-term, buy-and-hold strategy, focusing on stocks that can consistently deliver high-quality earnings [1] - The preference is for stocks found in the dividend and income section, suggesting a focus on stable returns [1]

Core Viewpoint - DBS Group Holdings Limited reported a record pre-tax profit of SGD 13.1 billion for 2025, reflecting a slight increase over 2024 levels despite a challenging interest rate environment [1] Group 1: Financial Performance - Total income grew by 3% to a new high of SGD 22.9 billion, supported by strong deposit growth and effective hedging operations [1] - Net interest income saw a slight increase, offsetting pressures from significant interest rate declines and a stronger Singapore dollar [1] - The cost-to-income ratio remained stable at 40% [1] Group 2: Business Segments - Retail banking and wealth management income increased by 4% to SGD 10.5 billion, driven by strong growth in investment product sales and bancassurance [2] - Wealth management income reached a record high, with assets under management growing by 19% to SGD 488 billion, sufficient to counterbalance declines in deposit income due to lower interest rates [2] - Corporate and institutional banking revenue decreased by 3% to SGD 8.91 billion, impacted by lower interest rates despite growth in loan-related, investment banking, and transaction services fees [2] Group 3: Market Activity - Market trading income surged by 49% to SGD 1.37 billion, the highest level since 2021, benefiting from lower financing costs and a favorable trading environment [2] - The bank's CEO highlighted the ability to capture market opportunities and respond to client needs as key drivers of the strong annual performance [2]

Core Insights - DBS Group Holdings reported a record pre-tax profit of SGD 13.1 billion for the full year 2025 [1] - The bank's total income grew by 3% year-on-year to SGD 22.9 billion, driven by proactive hedging operations and record deposit growth [1] - Despite a challenging interest rate environment, net interest income saw a slight increase [1] - The bank's non-performing loan ratio remained stable at 1.0%, even after a cautious downgrade of a previously monitored real estate investment to non-performing status [1] - Tax expenses increased due to the implementation of a 15% global minimum tax rate, leading to a 3% decline in net profit to SGD 11 billion, with a return on equity of 16.2% and a tangible return on equity of 17.8% [1] Group Insights - The CEO of DBS Group emphasized the record pre-tax profit and return on equity, highlighting the bank's flexibility and adaptability despite adverse factors such as interest rates and tax burdens [2] - Wealth management business drove service fee income and sales to capital clients to new highs, with deposit growth reaching a record level [2] - The bank's ability to capture market opportunities and respond to client needs was identified as a key driver of its strong annual performance [2] - The CEO expressed confidence in the bank's robust business model and solid balance sheet, laying a strong foundation for growth in the coming year despite ongoing interest rate pressures and geopolitical tensions [2]