STI Slips 0.74% to 5,671.05 as Keppel's Earnings Miss Outweighs Core Growth

Thursday, 30 July 2026 · Longbridge Singapore

The Straits Times Index closed at 5,671.05 on Thursday, down 42.14 points, or 0.74%, after ranging between 5,638.94 and 5,683.35 during the session. Declines outnumbered advances across the benchmark's 30 constituents, 14 lower against nine higher and seven unchanged, with Keppel and OCBC leading the session's losses.

The pullback followed a softer Wall Street session overnight, with sentiment weighed by renewed uncertainty over the path of US rates after Federal Reserve Chair Kevin Warsh held rates unchanged, a decision read as prioritising price stability over near-term easing. The three local banks did not move together, though: DBS eased 0.2% and UOB was little changed at -0.02%, while OCBC dropped 2.28%, a divergence a day after the trio had advanced in lockstep.

Session Movers

DFI Retail (D01.SG, +4.47%) was Thursday's best performer among the session's movers after swinging to a USD118 million interim profit for the first half of 2026, reversing a year-earlier loss, with underlying profit up 44% despite revenue slipping 6% to USD4.139 billion. It raised its interim dividend and lifted full-year guidance, while Mannings same-store sales in Hong Kong and Macau rose 5%. CGS International and DBS both reaffirmed Buy calls, at S$5.50 and S$5.00; consensus is Strong Buy with a target implying about 37% upside.

Keppel (BN4.SG, -4.33%) was the steepest decliner after reporting a 59% drop in first-half net profit to S$154.7 million, dragged by S$375 million of non-core losses tied to rig impairments and its M1 deal fallout. Core profit excluding those items rose 25% to S$530 million on revenue up 24.6% to S$3.8 billion, and the group held its interim dividend at S$0.15 a share while continuing a S$500 million buyback. Analysts kept a Buy rating and S$12.64 target, implying about 10% upside — the selloff centred on the headline miss, not underlying growth.

Singapore Airlines (C6L.SG, +1.06%) rose despite reporting its first-ever quarterly net loss, S$76 million, as a fuel-cost surge and losses from associate Air India offset record quarterly revenue of S$5.7 billion, up 19.3% year on year. DBS and Citi kept cautious Hold ratings on the miss and a stretched valuation, but the advance suggests other investors focused on revenue resilience and hedging, reversing Wednesday's 3.09% decline.

OCBC (O39.SG, -2.28%) declined more than either local bank peer, with no fresh company-specific news a day after unveiling its HELIOS AI onboarding platform on Wednesday.

One point worth noting

Thursday was not a banks-move-together session. DBS eased just 0.2% and UOB was effectively flat at -0.02%, while OCBC dropped 2.28% — a gap of more than two percentage points a day after the trio advanced in lockstep. OCBC's slide leaves it at 2.14 times book, near the top of its five-year range and pricier than either peer, a premium that likely made it the more natural release valve once banks came under pressure.

This recap is for informational purposes only and does not constitute investment advice.

STI收跌0.74%报5,671.05点，吉宝盈利下滑掩盖核心增长

2026年7月30日星期四 · 长桥新加坡

海峡时报指数周四收报5,671.05点，下跌42.14点，跌幅0.74%，全天交投区间5,638.94至5,683.35点。个股跌多涨少：30只成分股中14只下跌，9只上涨，7只持平，吉宝与华侨银行是当天领跌的两只权重股。

隔夜华尔街走软，美联储主席沃什（Kevin Warsh）决定维持利率不变，被市场解读为优先稳定物价而非近期降息，令市场对美国利率路径的不确定性升温，拖累区域市场情绪。不过三大银行股当天并未同步而动：星展仅微跌0.2%，大华银行近乎持平（-0.02%），华侨银行则大跌2.28%——这一分化出现在三行周三还同步上涨的次日。

个股焦点

牛奶国际（DFI Retail，D01.SG，+4.47%）是当天选定个股中表现最好的一只，公司2026年上半年扭亏为盈，录得1.18亿美元中期溢利，去年同期为亏损，基础溢利增长44%，尽管持续经营业务收入下滑6%至41.39亿美元。公司上调中期股息并调高全年展望，香港与澳门万宁同店销售增长5%。里昂证券（CGS International）与星展均维持「买入」评级，目标价分别为5.50及5.00新元；分析师共识评级为「强力买入」，目标价较现价高约37%。

吉宝（Keppel，BN4.SG，-4.33%）是当天跌幅最深的个股，公司公布上半年净利润同比下滑59%至1.547亿新元，主因钻井平台减值及M1交易相关的3.75亿新元非核心亏损。剔除该等一次性项目后，核心溢利同比增长25%至5.30亿新元，收入增长24.6%至38亿新元，公司维持每股0.15新元中期股息，并延续5亿新元回购计划。分析师维持「买入」评级，目标价12.64新元，隐含约10%上行空间——市场此次抛售似乎聚焦于净利润下滑的表面数字，而非核心业务的增长。

新加坡航空（Singapore Airlines，C6L.SG，+1.06%）逆势上涨，尽管公司公布首季出现上市以来首次单季净亏损7,600万新元，燃油成本大增及联属公司印度航空（Air India）的亏损拖累业绩，但当季收入创纪录达57亿新元，同比增长19.3%。星展与花旗均维持审慎的「持有」评级，指业绩逊预期且估值偏高，但股价上涨显示部分投资者更看重收入韧性与对冲布局，一举扭转了周三下跌3.09%的走势。

华侨银行（OCBC，O39.SG，-2.28%）跌幅超过另两家本地银行，当天并无新的公司层面消息，此前一天该行刚推出智能体AI平台HELIOS。

一个值得注意的点

周四并非三大银行同步而动的一天。星展仅微跌0.2%，大华银行近乎持平（-0.02%），华侨银行却大跌2.28%——三者跌幅相差逾两个百分点，而就在前一交易日，三行还曾同步上涨。华侨银行目前市净率2.14倍，处于近5年区间高位，估值明显高于星展与大华银行，这一估值溢价或是银行股承压时它率先被抛售的原因。

本文仅供参考，不构成任何投资建议。

STI收跌0.74%報5,671.05點，吉寶獲利下滑掩蓋核心成長

2026年7月30日星期四 · 長橋新加坡

海峽時報指數週四收報5,671.05點，下跌42.14點，跌幅0.74%，全天交易區間5,638.94至5,683.35點。個股跌多漲少：30檔成分股中14檔下跌，9檔上漲，7檔持平，吉寶與華僑銀行是當天領跌的兩檔權重股。

隔夜華爾街走弱，聯準會主席沃什（Kevin Warsh）決定維持利率不變，被市場解讀為優先穩定物價而非近期降息，使市場對美國利率路徑的不確定性升溫，拖累區域市場情緒。不過三大銀行股當天並未同步而動：星展僅微跌0.2%，大華銀行近乎持平（-0.02%），華僑銀行則大跌2.28%——這樣的分化出現在三行週三還同步上漲的次日。

個股焦點

牛奶國際（DFI Retail，D01.SG，+4.47%）是當天選定個股中表現最好的一檔，公司2026年上半年轉虧為盈，錄得1.18億美元中期淨利，去年同期為虧損，基礎淨利成長44%，儘管持續經營業務收入下滑6%至41.39億美元。公司上調中期股息並調高全年展望，香港與澳門萬寧同店銷售成長5%。里昂證券（CGS International）與星展均維持「買進」評等，目標價分別為5.50及5.00新元；分析師共識評等為「強力買進」，目標價較現價高約37%。

吉寶（Keppel，BN4.SG，-4.33%）是當天跌幅最深的個股，公司公布上半年淨利年減59%至1.547億新元，主因鑽井平台減值及M1交易相關的3.75億新元非核心虧損。剔除該等一次性項目後，核心淨利年增25%至5.30億新元，營收成長24.6%至38億新元，公司維持每股0.15新元中期股息，並延續5億新元回購計畫。分析師維持「買進」評等，目標價12.64新元，隱含約10%上行空間——市場此次拋售似乎聚焦於淨利下滑的表面數字，而非核心業務的成長。

新加坡航空（Singapore Airlines，C6L.SG，+1.06%）逆勢上漲，儘管公司公布首季出現掛牌以來首次單季淨虧損7,600萬新元，燃油成本大增及聯屬公司印度航空（Air India）的虧損拖累業績，但當季營收創紀錄達57億新元，年增19.3%。星展與花旗均維持審慎的「持有」評等，指業績遜於預期且估值偏高，但股價上漲顯示部分投資人更看重營收韌性與避險布局，一舉扭轉了週三下跌3.09%的走勢。

華僑銀行（OCBC，O39.SG，-2.28%）跌幅超過另兩檔本地銀行股，當天並無新的公司層面消息，此前一天該行剛推出代理式AI平台HELIOS。

一個值得注意的點

週四並非三大銀行同步而動的一天。星展僅微跌0.2%，大華銀行近乎持平（-0.02%），華僑銀行卻大跌2.28%——三者跌幅相差逾兩個百分點，而就在前一交易日，三行還曾同步上漲。華僑銀行目前股價淨值比2.14倍，處於近5年區間高位，估值明顯高於星展與大華銀行，這項估值溢價或是銀行股承壓時它率先被拋售的原因。

本文僅供參考，不構成任何投資建議。