STI Slips 0.07% to 5,680.04 as Banks Rebound; Frasers L&C Leads REIT Retreat

Friday, 28 August 2026 · Longbridge Singapore

The Straits Times Index closed at 5,680.04 on Friday, down 4.08 points, or 0.07%, after touching an intraday high of 5,700.52 and finishing closer to the session's low of 5,673.55. Decliners outpaced advancers 17 to 8 among the benchmark's 30 constituents, with five names unchanged, as broad weakness across REITs offset a synchronized advance in all three local banks and a lead from Wilmar.

Friday's session opened against a firmer overnight backdrop, with Nvidia's record quarterly results lifting US technology shares after hours. Locally, DBS, OCBC and UOB all advanced together — up 0.66%, 0.55% and 0.34% respectively — breaking a two-session synchronized retreat that had run through Wednesday and Thursday. REIT-heavy names moved the other way, with Frasers Logistics & Commercial Trust leading decliners at 1.59% as CapitaLand Ascendas REIT, CapitaLand Integrated Commercial Trust and other trust names also eased. The offsetting moves left the index little changed, with attention turning to Fed Chair Kevin Warsh's Jackson Hole keynote later Friday.

Session Movers

Wilmar International (F34.SG, +1.06%) led the basket's advancers, still digesting an Aug. 14 first-half update showing net profit up 2.3% to $779.4 million on revenue up 17.2% to $49.36 billion, boosted by the consolidation of AWL Agri Business and higher prices. Feed & industrial products pre-tax profit surged 55% and food products profit rose 56%, while plantation and sugar milling profit fell 32% on weak sugar prices and impairment losses; the board approved a 5-cent-a-share interim dividend. The company also confirmed this month that a unit sold 50% stakes in two China-based Kellogg food ventures to Mars Wrigley for US$60 million. There was no fresh disclosure Friday. Consensus rates the stock Buy with a S$3.83 target, implying about 0.6% upside, with shares trading at 12.81 times earnings — cheaper than roughly 43% of the past year.

DBS (D05.SG, +0.66%) advanced after naming insider Kyle Tan managing director and head of global financial markets for its Hong Kong arm on Friday, succeeding Jeremy Kok, who moves to head group structuring for Singapore and North Asia trading, as the bank builds out its Greater China presence. The appointment followed Thursday's disclosure of a partnership with Stripe to expand cross-border payments across Asia. Shares trade at 3.06 times book, near the top of their five-year range and cheaper than only about 1.3% of the past five years; consensus rates the stock Buy with a S$76.73 target, implying roughly 0.8% upside.

OCBC (O39.SG, +0.55%) rose in step with the rest of the banking sector, with no stock-specific catalyst Friday. The most recent company news was its role as a joint lead manager on Frasers Property Treasury's S$150 million fixed-rate note issue priced Wednesday, alongside UOB Kay Hian's reaffirmed Buy rating on Tuesday. Shares trade at 2.17 times book, near the top of their five-year range and cheaper than less than 1% of the past five years; consensus rates the stock Buy with a S$31.27 target, implying about 0.6% upside.

Frasers Logistics & Commercial Trust (BUOU.SG, -1.59%) was the session's weakest constituent, extending broader REIT-sector softness with no fresh disclosure Friday. Its most recent business update, released July 30, showed positive third-quarter rental reversions of 8.2% led by the logistics and industrial segment, portfolio occupancy of 96.1% and a S$7.1 billion portfolio value, alongside the completed acquisition of four European logistics properties for a combined S$441.5 million; a day later it issued 5.35 million new units at S$0.99 to help settle S$7.04 million in management fees. Shares trade at 0.843 times book, cheaper than roughly 92% of the past year; consensus rates the stock Buy with a S$1.10 target, implying about 18% upside.

One point worth noting

Friday's breadth ran well ahead of the index move: decliners outpaced advancers 17 to 8, with five names unchanged, even as the STI finished just 0.07% lower. The gap was cushioned mainly by Wilmar, SGX and Yangzijiang Shipbuilding alongside the synchronized bank advance — a handful of large-cap gainers keeping the benchmark close to flat while the broader tape leaned negative, a pattern that has recurred through much of August.

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

STI收报5,680.04点跌0.07%，银行股止两连跌，星狮物流商产信托领跌REIT板块

2026年8月28日星期五 · 长桥新加坡

海峡时报指数周五收报5,680.04点，跌4.08点，跌幅0.07%，盘中一度冲高至全日高点5,700.52点，收盘价更接近全日低点5,673.55点。30只成分股中17只下跌、8只上涨、5只持平，REIT板块普遍走弱，但三大银行同步上涨、丰益国际领涨，令指数跌幅有限。

周五盘前市场消息面偏暖，英伟达公布创纪录季度业绩，带动隔夜美股科技股走强。本地方面，星展银行、华侨银行、大华银行三行同步上涨，涨幅分别为0.66%、0.55%、0.34%，结束了此前周三、周四连续两个交易日的同步下跌。REIT类股则走势相反，星狮物流商产信托领跌，跌1.59%，凯德腾飞房地产投资信托、凯德综合商业信托等多只REIT同样走低。涨跌互抵下指数波动有限，市场焦点转向美联储主席沃什（Kevin Warsh）周五晚将发表的杰克逊霍尔（Jackson Hole）主题演讲。

个股焦点

丰益国际（Wilmar International，F34.SG，+1.06%）领涨篮子成分股，市场仍在消化其8月14日公布的上半年业绩——净利润同比增长2.3%至7.794亿新元，营收同比增长17.2%至493.6亿新元，主要受并表AWL Agri Business及价格上涨带动。饲料及工业产品税前利润大增55%，食品产品利润增长56%，但种植园与糖业因糖价疲软及减值损失下滑32%；董事会批准每股5分的中期股息。公司本月还确认旗下子公司以6000万美元将中国两家Kellogg食品合资企业各50%股权出售给玛氏箭牌。当日并无新披露。共识评级「买入」，目标价3.83新元，隐含约0.6%上行空间，该股市盈率12.81倍，比过去一年约43%的时间更便宜。

星展银行（DBS，D05.SG，+0.66%）上涨，此前周五公布委任内部人士Kyle Tan出任香港子公司董事总经理兼环球金融市场主管，接替调任新加坡与北亚交易及集团架构主管的Jeremy Kok，为该行拓展大中华业务布局的最新动作。此前周四该行披露与Stripe合作扩展亚洲跨境支付业务。该股市净率3.06倍，接近近5年高位，仅比过去五年约1.3%的时间更便宜；共识评级「买入」，目标价76.73新元，隐含约0.8%上行空间。

华侨银行（OCBC，O39.SG，+0.55%）跟随银行板块整体上涨，当日并无个股层面催化剂。最近一则公司消息为其担任星狮地产旗下融资平台周三定价发行的1.5亿新元固息票据的联席主办行，另有大华继显周二重申「买入」评级。该股市净率2.17倍，接近近5年高位，仅比过去五年不到1%的时间更便宜；共识评级「买入」，目标价31.27新元，隐含约0.6%上行空间。

星狮物流商产信托（Frasers Logistics & Commercial Trust，BUOU.SG，-1.59%）是当天表现最弱的成分股，延续REIT板块整体疲软，当日并无新披露。其最近一次业务更新于7月30日发布，显示第三季租金重签正向调整8.2%，主要由物流与工业板块带动，投资组合出租率96.1%，组合价值71亿新元，另完成以合计4.415亿新元收购德国与荷兰四处物流物业；次日该信托以每单位0.99新元发行535万个新单位，用于支付704万新元的管理费。该股市净率0.843倍，比过去一年约92%的时间更便宜；共识评级「买入」，目标价1.10新元，隐含约18%上行空间。

一个值得注意的点

周五的市场广度明显领先于指数波动：30只成分股中17只下跌、8只上涨，5只持平，跌家数远超涨家数，而STI收盘仅下跌0.07%。指数跌幅有限主要靠丰益国际、新交所、扬子江船业及同步上涨的三大银行等少数权重股撑住——少数大盘股的涨势足以让指数维持接近持平，而大盘整体仍偏弱，这一广度与指数背离的格局在8月以来已多次出现。

本文仅供参考，不构成任何投资建议。

STI收盤報5,680.04點跌0.07%，銀行股止兩連跌，星獅物流商產信託領跌REIT板塊

2026年8月28日星期五 · 長橋新加坡

海峽時報指數週五收盤報5,680.04點，跌4.08點，跌幅0.07%，盤中一度衝高至全日高點5,700.52點，收盤價更接近全日低點5,673.55點。30檔成分股中17檔下跌、8檔上漲、5檔持平，REIT板塊普遍走弱，但三大銀行同步上漲、豐益國際領漲，使指數跌幅有限。

週五盤前市場消息面偏暖，輝達（Nvidia）公布創紀錄季度業績，帶動隔夜美股科技股走強。本地方面，星展銀行、華僑銀行、大華銀行三行同步上漲，漲幅分別為0.66%、0.55%、0.34%，結束了此前週三、週四連續兩個交易日的同步下跌。REIT類股則走勢相反，星獅物流商產信託領跌，跌1.59%，凱德騰飛房地產投資信託、凱德綜合商業信託等多檔REIT同樣走低。漲跌互抵下指數波動有限，市場焦點轉向美聯儲主席沃許（Kevin Warsh）週五晚將發表的傑克森霍爾（Jackson Hole）主題演講。

個股焦點

豐益國際（Wilmar International，F34.SG，+1.06%）領漲籃子成分股，市場仍在消化其8月14日公布的上半年業績——淨利潤年增2.3%至7.794億新元，營收年增17.2%至493.6億新元，主要受併表AWL Agri Business及價格上漲帶動。飼料及工業產品稅前利潤大增55%，食品產品利潤成長56%，但種植園與糖業因糖價疲軟及減值損失下滑32%；董事會批准每股5分的中期股息。公司本月還確認旗下子公司以6000萬美元將中國兩家Kellogg食品合資企業各50%股權出售給瑪氏箭牌。當日並無新披露。共識評等「買進」，目標價3.83新元，隱含約0.6%上漲空間，該股本益比12.81倍，比過去一年約43%的時間更便宜。

星展銀行（DBS，D05.SG，+0.66%）上漲，此前週五公布委任內部人士Kyle Tan出任香港子公司董事總經理兼環球金融市場主管，接替調任新加坡與北亞交易及集團架構主管的Jeremy Kok，為該行拓展大中華業務佈局的最新動作。此前週四該行披露與Stripe合作擴展亞洲跨境支付業務。該股市淨率3.06倍，接近近5年高位，僅比過去五年約1.3%的時間更便宜；共識評等「買進」，目標價76.73新元，隱含約0.8%上漲空間。

華僑銀行（OCBC，O39.SG，+0.55%）跟隨銀行板塊整體上漲，當日並無個股層面催化劑。最近一則公司消息為其擔任星獅地產旗下融資平台週三定價發行的1.5億新元固息票據的聯席主辦行，另有大華繼顯週二重申「買進」評等。該股市淨率2.17倍，接近近5年高位，僅比過去五年不到1%的時間更便宜；共識評等「買進」，目標價31.27新元，隱含約0.6%上漲空間。

星獅物流商產信託（Frasers Logistics & Commercial Trust，BUOU.SG，-1.59%）是當天表現最弱的成分股，延續REIT板塊整體疲軟，當日並無新披露。其最近一次業務更新於7月30日發布，顯示第三季租金重簽正向調整8.2%，主要由物流與工業板塊帶動，投資組合出租率96.1%，組合價值71億新元，另完成以合計4.415億新元收購德國與荷蘭四處物流物業；隔日該信託以每單位0.99新元發行535萬個新單位，用於支付704萬新元的管理費。該股市淨率0.843倍，比過去一年約92%的時間更便宜；共識評等「買進」，目標價1.10新元，隱含約18%上漲空間。

一個值得注意的點

週五的市場廣度明顯領先於指數波動：30檔成分股中17檔下跌、8檔上漲，5檔持平，跌家數遠超漲家數，而STI收盤僅下跌0.07%。指數跌幅有限主要靠豐益國際、新交所、揚子江船業及同步上漲的三大銀行等少數權重股撐住——少數大盤股的漲勢足以讓指數維持接近持平，而大盤整體仍偏弱，這一廣度與指數背離的格局在8月以來已多次出現。

本文僅供參考，不構成任何投資建議。