Reward 500 Tiger-coinsAs the Straits Times Index (STI) recently hit a new intraday high, market attention is now locked on two major Singapore blue chips reporting earnings on 5 Feb 2026: SGX Group and Keppel Ltd.
1) $SGX(S68.SI)$: High Valuation, Even Higher Expectations
SGX is set to report earnings on 5 Feb. As of 3 Feb 2026 (intraday), the stock traded at S$18.13, up +2.84%, with volume surging to 3.37M shares — significantly above its usual average.
The market is clearly positioning for a strong print.
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EPS (previous period): S$0.60
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Strong profitability: Gross margin at 74.31%, net margin at 47.28%
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Solid cash flow: Operating cash flow per share at S$0.81, comfortably supporting its S$0.39 dividend per share
Valuation & Risk
SGX is currently trading at a meaningful premium:
SGX P/E = 29.27 vs Sector Avg P/E = 14.28
While its ROE of 30.62% helps justify a near-30x earnings multiple, it also means the market has very little tolerance for an earnings miss.
Here are the key angles investors will likely focus on:
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Derivatives & data services revenue: Watch trading income trends and data services growth — both are critical to margin expansion.
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Cost & recurring revenue mix: The market will pay close attention to the share of recurring revenue driven by connectivity and data subscriptions.
2) $Keppel(BN4.SI)$: Can the Bifrost Cable Ignite Its Transformation Story?
Keppel is expected to report its full-year earnings before market open on 5 Feb. This is more than an earnings report — it’s a real test of its transition toward an asset-light model and its positioning as a digital infrastructure operator.
The Transformation Catalyst: AI Power & Infrastructure
Keppel has been actively reshaping its identity from a traditional conglomerate into an infrastructure asset management company, with a new spotlight on the Bifrost subsea cable system.
Keppel recently disclosed that it signed a Binding Term Sheet with a “global telecom company” to sell the 25-year long-term usage rights (IRU) for a pair of fibres in the Bifrost cable system.
While the company stated the transaction is not expected to have a material impact on earnings this financial year, it does validate Keppel’s ability to monetize strategic infrastructure assets.
With cloud demand accelerating and AI-driven capex expanding rapidly, data centres — and the connectivity layer that supports them (including subsea cables) — are increasingly becoming a core part of Keppel’s valuation narrative.
Earnings Pick
STI is strong, and both companies report on the same day — so let’s do a quick prediction challenge:
After the 5 Feb earnings release, which stock is more likely to hit a “post-earnings high”?
A) SGX (S68.SI) — earnings can still justify the premium 🚀
B) Keppel (BN4.SI) — AI infra / subsea cable narrative re-rates the stock 🔥
C) Both go up (STI momentum lifts all blue chips) 📈
D) Both pull back (already priced in, “sell the news”) 😵
💬Comment your choice + ONE short reason (even 10 words is enough!)
Example:
“A — volume spike shows strong positioning”
or “B — AI infra demand is the real multi-year story”
We’ll come back after earnings to recap the results and see who called it right.
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Each participant who guesses the correct closing price will share 500 Tiger Coins (evenly split).
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Comments
For $SGX(S68.SI)$ , expectations are undeniably high, but volume expansion ahead of earnings suggests positioning rather than distribution. As long as derivatives activity and data services show steady growth, the market may be willing to defend the premium valuation, at least in the near term.
For $Keppel(BN4.SI)$ , the AI infrastructure angle is gaining credibility. While Bifrost may not move near-term earnings, it reinforces the asset-light, digital infra story, and markets often re-rate on narrative validation before numbers fully show up. In a strong tape, both can make post-earnings highs — even if fundamentals drive them on different timelines.
@Tiger_SG @TigerStars @Tiger_comments @TigerClub
By pivoting from traditional assets into a high octane AI infrastructure powerhouse, Keppel is rewriting its entire DNA. With the Bifrost subsea cable narrative acting as a massive digital tailwind, Keppel is primed for a major re rating.
Keppel isn't just a Buy. It is a front row seat to the future of Singapore's digital economy & the bulls are already charging!😍😍😍🐂🐂🐂🌈🌈🌈💰💰💰
@Tiger_SG @Tiger_comments @TigerStars @TigerClub @CaptainTiger