These Singapore Stocks Are at Multi-Year Highs: Buy, Hold or Sell?

Group 1: Market Overview - The Straits Times Index is at record highs, leading to mixed emotions among investors, including anxiety about potential crashes and fear of missing out on further gains [1] - High stock prices often reflect strong underlying business fundamentals, driven by sustained earnings growth, improved sentiment, or structural tailwinds [2] Group 2: Company Analysis - OCBC - Overseas-Chinese Banking Corporation Limited (OCBC) shares are trading above S$21, driven by better-than-expected earnings for the quarter ending September 30, 2025, marking five-quarter highs [3] - The earnings rebound is supported by strong contributions from its insurance arm, Great Eastern, and a robust wealth management segment [3][4] - OCBC maintains financial strength with ample capital buffers and low loan delinquency rates [4] Group 3: Company Analysis - Singtel - Singapore Telecommunications Limited (Singtel) shares are also at record highs, benefiting from strong earnings and successful execution of its digitalisation strategy [5] - Singtel's forward price-to-earnings (P/E) ratio is approximately 22 times, representing a 20% premium over its five-year historical average [5][6] - The positive investor sentiment towards Singtel's data centres and digitalisation initiatives has contributed to its elevated valuation [6] Group 4: Company Analysis - Seatrium - Seatrium Limited's share price has surged since mid-2024, reflecting a recovery in the offshore marine industry [8] - The company's operating leverage has improved significantly, with gross margin doubling and net margin tripling in the first half of 2025 [8] - Seatrium's operations are sensitive to global economic conditions, and while profitability has increased, it may reverse if the economy weakens [9] Group 5: Investment Strategy - Investors should assess whether the business is performing well and growing earnings before making buy or sell decisions at high prices [10] - Valuations should be compared to long-term fundamentals to determine if they are reasonable [10] - Consideration of portfolio concentration is important; if a position has become significant, partial selling may be prudent to mitigate risk [10][11]