While US markets extended gains on potential Iran talks, smart money in Singapore rotated aggressively last week.
Net institutional inflows hit S$33 million (vs. -S$121 million the prior week), according to SGX data.
Where did they go?
Not the usual REITs. Industrials saw the biggest net buys (+S$49.8m), followed by Energy (+S$3.3m), while Technology was dumped (-S$27.9m).
Two names stand out — one a shipping asset owner with a 20% cost advantage, the other a telco/ICT turnaround tripling its dividend.
Let's decode.
1. YZJ Maritime (BS6 SG): The "Asset Play" No One Is Talking About 🚢
Institutional angle: Yangzijiang Maritime is often seen as a builder. But their maritime leasing arm (YZJ Maritime) just quietly secured US$89.8m in vessel leases — 12 tankers + 1 AHTS vessel, tenure 1–8 years.
Why institutions are watching:
85 vessels in fleet (including newbuilds) → recurring income machine
Net cash US$400.4m → no dilution risk
Cost advantage: Builds at 20% below first-tier yards via second/third-tier partnerships
Valuation check:
Metric | YZJ Maritime |
Market Cap | S$2.3 billion |
Forward P/E | 13.8x |
P/B | 1.1x |
Trailing Dividend Yield | 0.80% |
Consensus Target Price | S$0.78 |
Upside to TP | 0.182 |
Final view: This is a structural tonnage-mile story (geopolitics = longer routes = less available capacity). The leasing income provides downside protection. Watch for their disciplined capital cycle — they either pre-sell vessels for capital gains or charter them out.
2. Telechoice International (T41 SG): Turnaround + Share Buyback Signal 📱
What caught our eye: Telechoice's FY2025 results smashed expectations — revenue +36%, net profit +58%. Management just restarted share buybacks at $0.21 (350k shares), signaling confidence.
The numbers that matter:
Metric | FY2025 | Change |
Revenue | S$518m | +36.2% YoY |
Net Profit | S$6.6m | +58% YoY |
Dividend | 0.45 cents | >3x FY2024 |
All three divisions grew in profit. PCS (Personal Comms Solutions) was the star: +51% revenue to S$364.5m.
Three strategic pillars (from their annual report):
Renew: Invest in systems, sharpen market focus
Rebuild: U Mobile partnership, HONOR expansion in Singapore
Transform: Digital infrastructure — they've submitted a proposal for a data centre in Malaysia
Valuation & Catalyst:
Metric | Value |
Market Cap | S$100m |
Forward P/E | ~12x (2026: 10x) |
Dividend Yield | ~2% (but growing) |
Consensus TP | S$0.28 (+27% upside) |
Insider action | Buyback at $0.21 — management thinks it's undervalued |
Final view: This is a small-cap turnaround with institutional appeal (the analyst disclosing a financial interest adds credibility). The data centre proposal is the wildcard — if awarded, re-rating likely.
3. Macro Corner: BCA Research's "Rotation Trade" (Not Recession) 🧠
BCA Research argues:
Biggest AI winners = owners of scarce factors (land, natural resources)
10% market decline would reduce household wealth by ~0.9% of GDP → recession risk if investment also weakens
But their MacroQuant model signals near-term upside → they favor "rotation trade" (Growth → Value, Cyclicals → Defensives) over "recession trade"
What this means for you: Stay long on Value & Cyclicals (like YZJ Maritime) and avoid crowded Growth names until yields stabilize.
4. Quick Tables: What Institutions Actually Did (SGX, Week of 30 Mar 2026)📊
5. Final Watchlist💡
Stock | Key Driver | Risk | Upside |
YZJ Maritime (BS6) | Asset leasing + cost advantage | Shipping cycle downturn | 18% |
Telechoice (T41) | Turnaround + data centre bid | Small-cap liquidity; bid not guaranteed | 27% |
Action: Add YZJ for value + income. Watch Telechoice for catalyst — if the Malaysia DC proposal is awarded, re-rate likely.
Credits & Sources:
Data: Bloomberg, SGX Fund Flow Reports, BCA Research
Disclaimer: This is not financial advice. Please do your own due diligence.
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