STI Rises 0.32% to 5,690.08 as Broad Advance Bypasses the Banks; SATS Extends Post-Earnings Slide

Friday, 21 August 2026 · Longbridge Singapore

The Straits Times Index closed at 5,690.08 on Friday, up 18.17 points, or 0.32%, after opening lower and touching a session low of 5,640.06 — briefly wiping out Thursday's gain — before rallying through the day to a high of 5,692.76 and finishing near that mark. Advancers outnumbered decliners 19 to 6 among the benchmark's 30 constituents, with five unchanged, as the rebound broadened out well beyond the handful of stocks that typically set the day's direction.

The advance was led by property developers, marine and offshore names, and agribusiness rather than the index's traditional heavyweights: City Developments, Seatrium, Wilmar and Yangzijiang Shipbuilding each added more than 1.2%, and real estate investment trusts including CapitaLand Ascendas REIT and Hongkong Land also joined the move. The three local banks, which have driven much of the index's daily swings through August, posted smaller gains of 0.21% to 0.77%, while Singtel, SATS and ST Engineering were the session's laggards.

Session Movers

City Developments (C09.SG, +1.73%) extended its recovery, continuing to digest the H1 2026 results disclosed Aug. 13 that showed net income surging roughly 249% to S$301.6 million on a 61% rise in revenue, driven by the property-development business and a turnaround at its hotels. DBS maintained a Buy rating on Aug. 14 with a S$12.00 target, above the Street's S$10.57 consensus target, which implies about 28% upside from current levels; gearing, however, climbed to 75% on land purchases, a point flagged alongside the results. The stock trades at 0.775 times book, roughly the midpoint of its one-year range.

ST Engineering (S63.SG, -1.57%) gave back a further slice of its post-earnings run-up, extending a pullback that has followed its Aug. 13 H1 results — net profit up 27.1% to S$512 million on revenue of S$6.57 billion, alongside a S$0.05 dividend. Phillip Securities and DBS both reiterated Buy ratings this month, at S$13.00 and S$12.40 targets respectively, but the stock's price-earnings ratio of 59.16 times sits above its own five-year range and cheaper than only about 9% of that period — a valuation stretch the market appears to still be working off.

Singtel (Z74.SG, -1.12%) retraced part of this week's advance, which had been driven by S&P Global's Aug. 19 upgrade of its credit rating to A+/A-1 and the Aug. 17 launch of GXS Bank's second credit card, built around Grab and Singtel spending with up to 10% GrabCoins cashback. No fresh company disclosure accompanied Friday's pullback. Shares trade at 20.5 times earnings, cheaper than roughly 39% of the past five years, with a consensus Buy rating and a S$5.32 target implying about 21% upside.

SATS (S58.SG, -1.21%) extended its slide a second session after Thursday's 13.63% plunge, which followed first-quarter FY2027 results showing net profit up 6% to S$75.1 million and revenue up 11.3% to S$1.68 billion, but an operating margin that slipped to 8% under Middle East-related and inflationary cost pressures. The consensus rating remains Strong Buy, with a S$5.03 target implying roughly 24% upside from current levels; the stock trades at 2.23 times book, close to its 10-year median.

One point worth noting

Friday's advance was broad but not led by the index's biggest names: the three local banks — DBS, OCBC and UOB — added between 0.21% and 0.77%, trailing gains of 1.2% or more at City Developments, Seatrium, Wilmar and Yangzijiang Shipbuilding. That is a reversal of the pattern that has driven much of August's daily swings, when bank-stock moves — often in one direction together, sometimes split two-and-one — have set the index's course; Friday marked one of the few sessions this month where broad participation, rather than the banks, did the work, with 19 of 30 constituents advancing against just six decliners.

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

STI收报5,690.08点涨0.32%，普涨行情绕开三大银行；新翔SATS延续财报后跌势

2026年8月21日星期五 · 长桥新加坡

海峡时报指数周五收报5,690.08点，涨18.17点，涨幅0.32%，早盘一度走低至全日低点5,640.06点——几乎抹平周四的涨幅——随后全天震荡走高，冲高至全日高点5,692.76点并收在高点附近。30只成分股中19只上涨、6只下跌、5只持平，涨家数明显超过跌家数，这轮反弹的参与面明显扩大，不再局限于往常主导当天方向的少数个股。

带动这轮上涨的主要是地产开发商、海事与离岸工程类股，以及农产品加工股，而非指数惯常的权重股：城市发展、胜科海事、丰益国际、扬子江船业涨幅均超过1.2%，凯德腾飞房产信托、香港置地等房地产信托亦同步上涨。8月以来多数交易日左右指数方向的三大本地银行股，本次涨幅相对温和，介于0.21%至0.77%之间，而新加坡电信、新翔（SATS）、新科工程则是当天表现最弱的个股。

个股焦点

城市发展（City Developments，C09.SG，+1.73%）延续反弹，市场仍在消化8月13日披露的2026年上半年业绩：净利润同比大增约249%至3.016亿新元，营收增长61%，主要受地产开发业务及酒店业务扭亏为盈带动。星展银行8月14日维持「买入」评级，目标价12.00新元，高于市场共识目标价10.57新元（隐含约28%上行空间）；不过受土地收购影响，负债比率升至75%，为业绩公布时市场关注的一点。该股目前市净率0.775倍，大致处于近一年区间中位。

新科工程（ST Engineering，S63.SG，-1.57%）延续财报后涨势的回吐，此前受8月13日公布的上半年业绩带动——净利润同比增长27.1%至5.12亿新元，营收达65.73亿新元，并宣布每股派息0.05新元。辉立证券与星展银行本月均重申「买入」评级，目标价分别为13.00新元与12.40新元，但该股目前市盈率59.16倍，已高于自身五年区间上限，比近五年仅约9%的时间更便宜——市场似乎仍在消化这一估值涨幅。

新加坡电信（Singtel，Z74.SG，-1.12%）回吐本周部分涨幅，此前涨势由标普全球8月19日将其信用评级上调至A+/A-1（展望稳定）及8月17日GXS银行推出第二张信用卡（主打Grab与新电信消费场景，最高10% GrabCoins返现）带动。周五的回落并无新公司披露。该股目前市盈率20.5倍，比过去五年约39%的时间更便宜，共识评级「买入」，目标价5.32新元，隐含约21%上行空间。

新翔（SATS，S58.SG，-1.21%）连续第二个交易日下跌，此前周四暴跌13.63%，因2027财年首季业绩显示净利润同比增长6%至7510万新元、营收增长11.3%至16.8亿新元，但受中东局势与通胀成本压力影响，营业利润率降至8%。共识评级仍为「强烈买入」，目标价5.03新元，隐含约24%上行空间；该股目前市净率2.23倍，接近其10年中位数水平。

一个值得注意的点

周五的普涨行情并非由指数权重最大的名字带动：星展、华侨银行、大华三大本地银行股涨幅介于0.21%至0.77%之间，落后于城市发展、胜科海事、丰益国际、扬子江船业等涨幅超过1.2%的个股。这与8月以来银行股（常常同向、有时二涨一跌）主导指数方向的模式形成反差——本月少见地出现了一个由参与面广度而非银行股驱动的交易日，30只成分股中19只上涨，仅6只下跌。

本文仅供参考，不构成任何投资建议。

STI收盤報5,690.08點漲0.32%，普漲行情繞開三大銀行；新翔SATS延續財報後跌勢

2026年8月21日星期五 · 長橋新加坡

海峽時報指數週五收盤報5,690.08點，漲18.17點，漲幅0.32%，早盤一度走低至全日低點5,640.06點——幾乎抹平週四的漲幅——隨後全天震盪走高，衝高至全日高點5,692.76點並收在高點附近。30檔成分股中19檔上漲、6檔下跌、5檔持平，漲家數明顯超過跌家數，這輪反彈的參與面明顯擴大，不再局限於往常主導當天走勢的少數個股。

帶動這輪上漲的主要是地產開發商、海事與離岸工程類股，以及農產品加工股，而非指數慣常的權重股：城市發展、勝科海事、豐益國際、揚子江船業漲幅均超過1.2%，凱德騰飛房產信託、香港置地等房地產信託亦同步上漲。8月以來多數交易日左右指數走勢的三大本地銀行股，本次漲幅相對溫和，介於0.21%至0.77%之間，而新加坡電信、新翔（SATS）、新科工程則是當天表現最弱的個股。

個股焦點

城市發展（City Developments，C09.SG，+1.73%）延續反彈，市場仍在消化8月13日揭露的2026年上半年業績：淨利潤按年大增約249%至3.016億新元，營收增長61%，主要受地產開發業務及酒店業務轉虧為盈帶動。星展銀行8月14日維持「買進」評等，目標價12.00新元，高於市場共識目標價10.57新元（隱含約28%上漲空間）；不過受土地收購影響，負債比率升至75%，為業績公布時市場關注的一點。該股目前股價淨值比0.775倍，大致處於近一年區間中位。

新科工程（ST Engineering，S63.SG，-1.57%）延續財報後漲勢的回吐，此前受8月13日公布的上半年業績帶動——淨利潤按年增長27.1%至5.12億新元，營收達65.73億新元，並宣布每股派息0.05新元。輝立證券與星展銀行本月均重申「買進」評等，目標價分別為13.00新元與12.40新元，但該股目前本益比59.16倍，已高於自身五年區間上限，比近五年僅約9%的時間更便宜——市場似乎仍在消化這一估值漲幅。

新加坡電信（Singtel，Z74.SG，-1.12%）回吐本週部分漲幅，此前漲勢由標普全球8月19日將其信用評等上調至A+/A-1（展望穩定）及8月17日GXS銀行推出第二張信用卡（主打Grab與新電信消費場景，最高10% GrabCoins回饋）帶動。週五的回落並無新公司揭露。該股目前本益比20.5倍，比過去五年約39%的時間更便宜，共識評等「買進」，目標價5.32新元，隱含約21%上漲空間。

新翔（SATS，S58.SG，-1.21%）連續第二個交易日下跌，此前週四暴跌13.63%，因2027財年首季業績顯示淨利潤按年增長6%至7,510萬新元、營收增長11.3%至16.8億新元，但受中東局勢與通膨成本壓力影響，營業利潤率降至8%。共識評等仍為「強力買進」，目標價5.03新元，隱含約24%上漲空間；該股目前股價淨值比2.23倍，接近其10年中位數水準。

一個值得注意的點

週五的普漲行情並非由指數權重最大的個股帶動：星展、華僑銀行、大華三大本地銀行股漲幅介於0.21%至0.77%之間，落後於城市發展、勝科海事、豐益國際、揚子江船業等漲幅超過1.2%的個股。這與8月以來銀行股（常常同向、有時二漲一跌）主導指數走勢的模式形成反差——本月罕見出現了一個由參與面廣度而非銀行股驅動的交易日，30檔成分股中19檔上漲，僅6檔下跌。

本文僅供參考，不構成任何投資建議。