Core Viewpoint - Dividend investing in Singapore offers a pathway to financial independence and a reliable income stream for retirement through strategic portfolio management and reinvestment of dividends [1]. Group 1: Building a Portfolio - The first step in creating a reliable retirement income is to build a portfolio of dependable dividend-paying companies, focusing on their balance sheets, free cash flows, and growth indicators [2]. - A payout ratio between 40%-70% is ideal, indicating a balance between dividend payments and retained earnings for reinvestment [2]. - Companies with a history of increasing dividends, such as Parkway Life REIT, CapitaLand Integrated Commercial Trust, and DBS Group Holdings, are recommended for a strong dividend-focused portfolio [3]. Group 2: Reinvesting Dividends - Reinvesting dividends instead of cashing them out accelerates compounding, leading to increased future dividends from newly acquired shares [5]. - Compounding can transform modest yearly returns into significant wealth over time, and strategies like Dollar-Cost Averaging can be employed for reinvestment [6]. Group 3: Diversification - Diversifying income streams across various sectors reduces reliance on any single industry, helping to stabilize income during economic fluctuations [7]. - A balanced portfolio should include financial institutions like DBS and Oversea-Chinese Banking Corporation, REITs like Parkway Life REIT, and defensive consumer stocks such as Sheng Siong Group and SBS Transit [8]. Group 4: Transitioning to Income Mode - As retirement approaches, investors should shift from reinvesting dividends to withdrawing them for living expenses, while maintaining an emergency fund covering 12 to 24 months of expenses [9]. - A systematic withdrawal plan is essential to ensure continued compounding and a stable income stream during retirement [10]. Group 5: Financial Independence through Dividends - Dividend investing is a methodical approach to achieving financial independence, focusing on selecting reliable dividend payers, regular reinvestment, diversification, and strategic withdrawals [11].

此次股权变更为支持员工持股计划的实施。企查查显示，这三家有限合伙企业共有90人参与，占永赢基 金公司总员工数近四分之一，包括永赢基金董事长马宇晖、总经理芦特尔，以及高楠、李文宾、张璐等 多名基金经理；整体认缴出资规模约1亿元。 政策层面上，今年5月证监会发布《推动公募基金高质量发展行动方案》，明确支持基金公司依法实施 员工持股等长效激励措施，提升核心团队稳定性。永赢基金也是新政发布后，首家落地员工持股计划的 基金公司。 近日，永赢基金完成股权结构工商变更，新增上海稳进同赢企业管理中心（有限合伙）、上海锐进同赢 企业管理中心（有限合伙）及上海聚信同赢企业管理中心（有限合伙）三家股东，持股比例分别为 1.1739%、1.1696%、1.1665%，合计持有公司3.51%股权。 据了解，该部分股权源自其第二大股东股东新加坡华侨银行。变更完成后，永赢基金第一大股东仍为宁 波银行，持股比例为71.49%；新加坡华侨银行持股比例则从28.51%降至25%，后者也是宁波银行的重要 股东。 业绩层面上，据宁波银行财报披露，永赢基金今年上半年实现营业收入8.97亿元，同比增长42.16%；净 利润1.82亿元，同比大幅增长80 ...

Core Investment Strategy - The article emphasizes the importance of having a clear investment process rather than being overwhelmed by numerous options [2][16] - A five-step plan is proposed to guide investors in making informed decisions for 2026 [2] Step 1: Define Investment Goals - Investors should clarify their objectives, whether seeking steady dividends, long-term growth, or a combination of both [3] - Understanding goals simplifies the decision-making process and helps avoid chasing trends [3] Step 2: Asset Mix and Diversification - Investors need to determine their asset mix based on their goals, focusing on growth or income [4] - Diversification across industries is crucial to withstand varying market conditions, with a balanced portfolio including banks, industrial leaders, and REITs [5] Step 3: Core Singapore Stocks - Three Singapore companies are highlighted for their steady performance and reliable cash flow: - **Oversea-Chinese Banking Corporation Limited (OCBC)**: Offers a trailing dividend yield of 5.3%, with a net profit of S$1.98 billion in 3Q2025, up 9% quarter-on-quarter [7] - **Singapore Technologies Engineering Ltd (ST Engineering)**: Benefits from global defense demand and has an order book of S$32.6 billion, with revenue growth of 12.9% year-on-year [9] - **CapitaLand Integrated Commercial Trust (CICT)**: Singapore's largest REIT with a portfolio occupancy of 97.2% and an annualized yield of 5.2% [11] Step 4: Stay the Course and Reinvest Dividends - Investors are encouraged to hold onto strong businesses and reinvest dividends to compound their portfolio over time [13] Step 5: Quarterly Review and Focus on Fundamentals - A quarterly review of the portfolio is sufficient to stay on track, focusing on steady dividends and healthy earnings [14][15] - Maintaining a long-term perspective is essential for peace of mind in investing [15]

Core Viewpoint - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article highlights that users may face access issues if they have an ad-blocker enabled [1] - It suggests disabling ad-blockers and refreshing the page to proceed [1]

Core Viewpoint - OCBC reported stable financial results for 3Q and 9M FY2025, with notable performance in net fee and commission income, despite a decline in net interest income due to a softening interest rate environment [4][14]. Financial Performance Summary 3Q FY2024 vs. 3Q FY2025 - Net Interest Income decreased by 8.5% to S$2,226 million, attributed to a 34 basis point contraction in net interest margin from 2.18% to 1.84% [5]. - Net Fee & Commission Income increased by 34.4% to S$683 million, driven by a record wealth management income, which rose by 38.0% to S$376 million [6]. - Total Income remained stable at S$3,796 million, a slight decrease of 0.2% year-on-year [4]. - Total Expenses rose by 3.8% to S$1,519 million [4]. - Net Profit Attributable to Shareholders was S$1,978 million, reflecting a marginal increase of 0.2% [4]. 9M FY2024 vs. 9M FY2025 - Net Interest Income fell by 6.1% to S$6,854 million, with a 29 basis point decline in net interest margin from 2.22% to 1.93% [8]. - Net Fee & Commission Income surged by 24.5% to S$1,809 million, with wealth management fees reaching a new high of S$923 million [9]. - Total Income decreased by 0.5% to S$10,998 million [8]. - Total Expenses increased by 3.4% to S$4,322 million, primarily due to higher staff costs and IT-related expenses [10]. - Net Profit Attributable to Shareholders decreased by 3.8% to S$5,677 million [8]. Key Financial Ratios - Net Interest Margin decreased from 1.92% in 2Q FY2025 to 1.84% in 3Q FY2025 [11]. - Return on Equity improved from 12.3% to 13.4% [11]. - Non-Performing Loans Ratio remained stable at 0.9% [11][12]. Management Commentary and Outlook - The CEO highlighted the resilience of OCBC's diversified banking, wealth management, and insurance franchise, noting strong customer activity and growth in assets under management [13]. - The company anticipates challenges from a complex external environment but is confident in its strong balance sheet and capital position to manage risks and support future growth [14].

Group 1: Oversea-Chinese Banking Corporation Ltd (OCBC) - Lower interest rates are expected to negatively impact OCBC's net interest margin (NIM) and profitability, with NIM declining from a high of 2.31% in 4Q2022 to 1.92% [2][3][4] - Net interest income (NII) for 2Q2025 was S$2.3 billion, accounting for 64.4% of total income, reflecting a 6% year-on-year decline [3][4] - An interim dividend of S$0.41 per share for 1H2025 was declared, representing a 6.8% decrease from S$0.44 in 1H2024, with a constant payout ratio of 50% [4] Group 2: Great Eastern Holdings (GE) - Great Eastern Holdings may experience earnings pressure due to lower interest rates affecting investment income from its financial assets [5][6] - For 1H2025, GE's net profit increased by 1% year-on-year to S$593.7 million, but profit from its insurance business declined by 8% to S$415.2 million [7][8] - New business embedded value (NBEV) surged 16% year-on-year to S$316.5 million, indicating potential future profit growth despite current challenges [8][9] Group 3: Singapore Airlines (SIA) - Singapore Airlines could face earnings pressure as lower rates may indicate slower global economic growth, impacting passenger demand and cargo volumes [10][11] - In 1QFY2025/2026, SIA reported revenue of S$4.8 billion, a 1.5% year-on-year increase, but operating profit declined by 14% to S$404.5 million due to increased competition and higher non-fuel costs [11] - SIA's total debt of S$11.5 billion may benefit from lower global rates through reduced financing costs during refinancing [12]

Group 1 - The core inflation expectations have been raised, maintaining hopes for the normalization of the Bank of Japan's policies [1] - The market will closely monitor Governor Ueda's press conference for any hints regarding the timing of the next interest rate hike [1]

Core Viewpoint - Oversea-Chinese Banking Corporation Limited (OVCHY) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is based on changes in earnings estimates, tracking EPS estimates from sell-side analysts through a consensus measure known as the Zacks Consensus Estimate [2]. - The recent upgrade reflects an improvement in the company's earnings outlook, which is expected to lead to increased buying pressure and a rise in stock price [4][6]. Impact of Earnings Estimate Revisions - There is a strong correlation between earnings estimate revisions and near-term stock price movements, making it beneficial for investors to track these revisions [7]. - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. Current Earnings Outlook for Oversea-Chinese Banking - For the fiscal year ending December 2025, the company is projected to earn $2.53 per share, with no year-over-year change expected [9]. - Over the past three months, the Zacks Consensus Estimate for Oversea-Chinese Banking has increased by 1.2%, indicating a positive trend in earnings estimates [9]. Zacks Rank System and Market Position - The Zacks rating system maintains a balanced distribution of "buy" and "sell" ratings across over 4,000 stocks, with only the top 20% receiving a "Strong Buy" or "Buy" rating [10][11]. - The upgrade to Zacks Rank 2 places Oversea-Chinese Banking in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [11].

Core Viewpoint - The report from OCBC highlights that despite escalating conflicts between Israel and Iran raising investor concerns, the overall market reaction remains measured without panic [1]. Market Reaction - The conflict marks the first large-scale public engagement between Israel and Iran, leading to worries about potential regional war [1]. - On the last Friday, gold prices increased by 1.5%, while the S&P 500 index saw a slight decline of 1%, indicating a moderate overall drop in the market [1]. Oil Price Concerns - A significant concern for the market is the potential impact of the conflict on oil prices, with oil prices rising sharply last Friday [1]. - There are fears that Iran may target the Strait of Hormuz, a crucial oil passage, with an Iranian commander stating that Tehran is evaluating the possibility of closing the strait [1]. - The Strait of Hormuz is vital, with approximately 20 million barrels of crude oil and petroleum products passing through daily, accounting for about 20% of global oil transport [1]. Analyst Skepticism - Analysts express skepticism regarding Iran's likelihood of closing the Strait of Hormuz, noting that China, which accounts for three-quarters of Iran's oil exports, may oppose such actions [2]. - Iran has previously made similar threats in 2011, 2012, and 2018 but has never followed through [2]. - While Iran may resort to attacking tankers or laying mines in the strait, there are concerns that such actions could provoke a strong response from the U.S. military stationed in Bahrain [2]. Market Outlook - If the conflict does not severely disrupt global oil supplies, market panic may gradually ease [3]. - OCBC advises investors to maintain a long-term perspective during market volatility and to consider increasing allocations in quality stocks and Asian investment-grade bonds to navigate uncertainty and seize potential buying opportunities [3].

Core Viewpoint - Singapore's OCBC Bank suggests that if the situation in Iran escalates into a larger regional conflict, Brent crude oil prices could exceed $100 per barrel and potentially reach $120 per barrel, indicating fragile risk sentiment in the market [1] Group 1: Geopolitical Impact on Oil Prices - The bank highlights the significant role of Iran in the global oil market, noting that additional sanctions on Iran and disruptions in the Strait of Hormuz trade route cannot be overlooked [1] - The ongoing geopolitical tensions present upward risks for oil prices, although the bank anticipates that prices may only be impacted in the short term [1] Group 2: Future Price Predictions - OCBC Bank's current forecast for 2025 indicates average prices of $63 per barrel for West Texas Intermediate (WTI) and $67 per barrel for Brent crude oil [1]