STI Edges Down 0.08% to Close at 5,656.11 as DFI Retail Tumbles 8.5%, Hongkong Land Leads Gainers

Friday, 18 September 2026 · Longbridge Singapore

The Straits Times Index slipped 4.41 points, or 0.08%, to close at 5,656.11 on Friday, after trading between an intraday high of 5,661.82 and a low of 5,621.76. Decliners outnumbered advancers 17 to 7, with six constituents unchanged, as DFI Retail's 8.5% slide dwarfed every other move on the board; Hongkong Land and ST Engineering bucked the broader tilt to lead the gainers.

Asia-Pacific stock index futures rose broadly Friday on an overnight rebound in US stocks alongside declines in oil prices and US Treasury yields, with markets in Japan, South Korea and Australia opening higher as investors awaited the Bank of Japan's rate decision. Singapore did not follow the regional tone at the open: the Straits Times Index started 0.57% lower at 5,628.46, with the three local banks all trading down and ST Engineering already the session's biggest gainer. The index pared almost all of that opening decline through the day to finish just 0.08% lower, as OCBC turned positive to close up 0.32% even as DBS and UOB stayed in the red.

Session Movers

DFI Retail (D01.SG, -8.5%) fell to $3.12, by far the session's largest move in either direction and the sharpest in a run of unexplained slides that has dogged the stock since mid-September — 3.05% on 11 September, 3.09% on 16 September and 1.16% on 17 September. There was no fresh company disclosure Friday; the most recent items remain Thursday's sector note projecting a 10% compound annual profit growth rate through 2028 on rising public-housing supply and supermarket demand, and DBS's 9 September reiteration of a Buy rating and $5.00 target. The widening gap between price and target — the consensus Strong Buy rating's $5.04 target now implies more than 61% upside, versus roughly 48% just a day earlier — shows how far the stock has drifted from where analysts see fair value.

Hongkong Land (H78.SG, +2.61%) was the session's best performer, extending a recovery that picked up with Wednesday's 1.09% gain. Two JPMorgan notes published Friday argued that Hong Kong banks' lending rates are unlikely to fall further while rising HIBOR could squeeze developer margins, a dynamic the bank said should favour cash-rich, rental-heavy names — naming Hongkong Land alongside Swire Properties and CK Asset as preferred plays. The stock is also digesting Wednesday's disclosure that it is backing Hong Kong's 2026 Policy Address and pledging an active role in the Central district's renewal. It trades at 0.57 times book — cheaper than only about 25% of the past year — against a consensus Buy rating and a $10.20 target implying roughly 18% upside.

ST Engineering (S63.SG, +2.36%) added to Thursday's 0.79% gain after Goldman Sachs initiated coverage Friday with a Buy rating and a $13.20 target, forecasting a 20% net profit compound annual growth rate from 2025 to 2029; the stock touched an intraday gain of as much as 5% before easing, a call that contrasts with Morningstar's existing Hold rating on the name. The initiation extends a valuation debate running since the stock's mid-August earnings beat: it now trades at 55.56 times earnings, more than double its level five years ago and cheaper than only about 11% of the past five years, even as the broader consensus rating remains a Buy with an $11.66 target implying roughly 12% upside.

Singtel (Z74.SG, -1.58%) slipped even as its digital arm pushed further into AI: Singtel SWDA folded three products from Chinese AI developer MiniMax into its Singtel AI Pass subscription programme for students at no cost, a deal that helped lift MiniMax's Hong Kong-listed shares as much as 16% intraday. The decline extends a choppier stretch for the stock since Q1 FY27 results showed underlying profit up 21% even as headline net profit fell 72% on the absence of a year-earlier divestment gain; Thursday's disclosure that roughly 27% of new-telecom preference shareholders had already sold their shares ahead of the 18 November deadline remains the more direct overhang. It trades at 20.37 times earnings — cheaper than about 40% of the past five years — against a consensus Buy rating and a $5.34 target implying roughly 23% upside.

One point worth noting

Decliners outnumbered advancers 17 to 7 on Friday, but the index itself slipped just 0.08% — a gap explained almost entirely by one name. DFI Retail's 8.5% slide was more than three times the size of the day's next-largest move, Hongkong Land's 2.61% gain, yet it left the STI barely changed, underscoring how an outsized swing in a single constituent doesn't always show up in the headline index number. It also extended the stock's run of unexplained declines to a fourth session in a little over a week — 3.05%, 3.09%, 1.16% and now 8.5% — with Friday's drop by far the sharpest of the four and still no company disclosure to account for it.

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

STI跌0.08%报5,656.11点，牛奶国际重挫8.5%、香港置地领涨

2026年9月18日星期五 · 长桥新加坡

海峡时报指数周五收跌4.41点，跌幅0.08%，报5,656.11点，盘中一度上探5,661.82点高位、下探5,621.76点低位。全场30只成分股中17只下跌、7只上涨、6只持平，跌多于涨；牛奶国际（DFI Retail）暴跌8.5%，跌幅远超全场其他个股的涨跌幅，香港置地与新科工程逆势领涨。

受美股隔夜反弹、油价与美国国债收益率同步走低带动，周五亚太股指期货普遍走高，日本、韩国、澳大利亚股市早盘走高，市场聚焦日本央行利率决议。新加坡市场开盘未跟随区域基调：海峡时报指数开盘即低开0.57%至5,628.46点，三大银行悉数走低，新科工程当时已是全场涨幅最大个股。盘中跌势大幅收窄，收盘仅微跌0.08%，三大银行中华侨银行（OCBC）转涨0.32%，星展、大华银行则仍收跌。

个股焦点

牛奶国际（DFI Retail，D01.SG，-8.5%）收报3.12新元，是当天全场涨跌幅度最大的个股，也是该股自9月中旬以来一系列无解释重挫中最猛烈的一次——此前9月11日跌3.05%、9月16日跌3.09%、9月17日跌1.16%。周五当天并无新公司披露，最新消息仍是周四一份行业报告预计其2025至2028财年利润复合年增长率达10%（受公共住房供应增加带动超市需求），以及星展银行9月9日重申「买入」评级、目标价5新元。现价与目标价的差距进一步拉大——共识「强烈买入」评级对应目标价5.04新元，现已隐含逾61%上行空间，高于一天前约48%的水平——显示股价已明显偏离分析师认定的合理估值。

香港置地（Hongkong Land，H78.SG，+2.61%）是当天表现最好的成分股，延续了周三+1.09%涨势后的回升。摩根大通周五发布的两份报告认为，香港银行最优惠贷款利率难以进一步下调，而HIBOR走高可能挤压地产商利润率，该行认为这将利好现金充裕、以租金收入为主的房企——将香港置地与太古地产、长江实业并列为首选股。该股同时继续消化周三披露的消息：香港置地表态支持香港2026年施政报告，承诺在中环重建中发挥积极作用。该股现价市净率0.57倍，仅比过去1年约25%的时间更便宜，共识评级「买入」、目标价10.20新元，隐含约18%上行空间。

新科工程（ST Engineering，S63.SG，+2.36%）延续周四+0.79%的涨势，高盛周五首次覆盖给予「买入」评级、目标价13.20新元，预计2025至2029年净利润复合年增长率达20%；股价盘中一度涨5%后收窄，评级与晨星维持的「持有」评级形成对比。此次首次覆盖延续了该股自8月中旬财报超预期以来的估值争议：现价市盈率55.56倍，较五年前水平高出逾一倍，仅比过去5年约11%的时间更便宜，而市场共识评级仍为「买入」、目标价11.66新元，隐含约12%上行空间。

新电信（Singtel，Z74.SG，-1.58%）下跌，尽管旗下数字业务在AI领域续有动作：Singtel SWDA将中国AI企业MiniMax旗下三款产品纳入面向学生的Singtel AI Pass订阅计划、免费提供，带动MiniMax港股股价盘中一度涨16%。该股跌势延续了此前的震荡走势：此前公布的2027财年首季业绩显示基础净利同比+21%，但因上年同期出售股权的一次性收益不再重现，账面净利同比大跌72%；周四披露的约27%新电信优先股股东已在11月18日出售截止日前卖出所持股份，仍是更直接的压力来源。该股现价市盈率20.37倍，仅比过去5年约40%的时间更便宜，共识评级「买入」、目标价5.34新元，隐含约23%上行空间。

一个值得注意的点

周五全场17只下跌、仅7只上涨，是近期跌涨比例最悬殊的一次，但指数本身仅微跌0.08%——差距几乎全部来自一只个股。牛奶国际8.5%的跌幅是当天次大波动（香港置地+2.61%涨幅）的逾三倍，却几乎未令指数收盘出现明显变动，说明单一成分股的剧烈波动未必会在指数层面显现。这也是该股一周多以来第四次出现无解释的重挫——此前分别跌3.05%、3.09%、1.16%，加上今天的8.5%——周五这次跌幅远超此前三次，且至今仍无公司层面的披露可以解释。

本文仅供参考，不构成任何投资建议。

STI跌0.08%收盤報5,656.11點，牛奶國際重挫8.5%、香港置地領漲

2026年9月18日週五 · 長橋新加坡

海峽時報指數週五收跌4.41點，跌幅0.08%，報5,656.11點，盤中一度上探5,661.82點高點、下探5,621.76點低點。全場30檔成分股中17檔下跌、7檔上漲、6檔持平，跌多於漲；牛奶國際（DFI Retail）重挫8.5%，跌幅遠超全場其他個股的漲跌幅，香港置地與新科工程逆勢領漲。

受美股隔夜反彈、油價與美國公債收益率同步走低帶動，週五亞太股指期貨普遍走高，日本、韓國、澳洲股市早盤走高，市場聚焦日本央行利率決議。新加坡市場開盤未跟隨區域基調：海峽時報指數開盤即低開0.57%至5,628.46點，三大銀行悉數走低，新科工程當時已是全場漲幅最大個股。盤中跌勢大幅收窄，收盤僅微跌0.08%，三大銀行中華僑銀行（OCBC）轉漲0.32%，星展、大華銀行則仍收跌。

個股焦點

牛奶國際（DFI Retail，D01.SG，-8.5%）收報3.12新元，是當天全場漲跌幅度最大的個股，也是該股自9月中旬以來一系列無解釋重挫中最猛烈的一次——此前9月11日跌3.05%、9月16日跌3.09%、9月17日跌1.16%。週五當天並無新公司披露，最新消息仍是週四一份產業報告預期其2025至2028財年利潤複合年成長率達10%（受公共住宅供應增加帶動超市需求），以及星展銀行9月9日重申「買入」評等、目標價5新元。現價與目標價的差距進一步拉大——共識「強烈買入」評等對應目標價5.04新元，現已隱含逾61%上行空間，高於一天前約48%的水準——顯示股價已明顯偏離分析師認定的合理估值。

香港置地（Hongkong Land，H78.SG，+2.61%）是當天表現最好的成分股，延續了週三+1.09%漲勢後的回升。摩根大通週五發布的兩份報告認為，香港銀行最優惠貸款利率難以進一步下調，而HIBOR走高可能擠壓地產商利潤率，該行認為這將利好現金充裕、以租金收入為主的房企——將香港置地與太古地產、長江實業並列為首選股。該股同時繼續消化週三披露的消息：香港置地表態支持香港2026年施政報告，承諾在中環重建中發揮積極作用。該股現價市淨率0.57倍，僅比過去1年約25%的時間更便宜，共識評等「買入」、目標價10.20新元，隱含約18%上行空間。

新科工程（ST Engineering，S63.SG，+2.36%）延續週四+0.79%的漲勢，高盛週五首次覆蓋給予「買入」評等、目標價13.20新元，預期2025至2029年淨利潤複合年成長率達20%；股價盤中一度漲5%後收窄，評等與晨星維持的「持有」評等形成對比。此次首次覆蓋延續了該股自8月中旬財報超預期以來的估值爭議：現價本益比55.56倍，較五年前水準高出逾一倍，僅比過去5年約11%的時間更便宜，而市場共識評等仍為「買入」、目標價11.66新元，隱含約12%上行空間。

新電信（Singtel，Z74.SG，-1.58%）下跌，儘管旗下數位業務在AI領域續有動作：Singtel SWDA將中國AI企業MiniMax旗下三款產品納入面向學生的Singtel AI Pass訂閱計劃、免費提供，帶動MiniMax港股股價盤中一度漲16%。該股跌勢延續了此前的震盪走勢：此前公布的2027財年首季業績顯示基礎淨利同比+21%，但因上年同期出售股權的一次性收益不再重現，帳面淨利同比大跌72%；週四披露的約27%新電信優先股股東已在11月18日出售截止日前賣出所持股份，仍是更直接的壓力來源。該股現價本益比20.37倍，僅比過去5年約40%的時間更便宜，共識評等「買入」、目標價5.34新元，隱含約23%上行空間。

一個值得注意的點

週五全場17檔下跌、僅7檔上漲，是近期跌漲比例最懸殊的一次，但指數本身僅微跌0.08%——差距幾乎全部來自一檔個股。牛奶國際8.5%的跌幅是當天次大波動（香港置地+2.61%漲幅）的逾三倍，卻幾乎未令指數收盤出現明顯變動，說明單一成分股的劇烈波動未必會在指數層面顯現。這也是該股一週多以來第四次出現無解釋的重挫——此前分別跌3.05%、3.09%、1.16%，加上今天的8.5%——週五這次跌幅遠超此前三次，且至今仍無公司層面的披露可以解釋。

本文僅供參考，不構成任何投資建議。